Revenue performance exhibits extreme quarterly variance, with operating margins fluctuating wildly from a negative 59.0% in 2024Q2 to a positive 29.2% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 304.73M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 144.52M | 260.92M | 23.21M | 30.89M | -5.9M | 61.32M | 70.21M | 23.69M | 24M | 25.02M | 24.22M | 18.13M | 25.99M | 10.35M | 32.29M | 22.1M | 48.11M | 86.86M | 632.1M | 174.35M | 40.51M | 4.48M | 7.74M | -97 |
| Gross Margin % | 47.42% | 93.76% | 29.16% | 37.22% | -13.3% | 41.89% | 53.96% | 47.71% | 48.6% | 52.62% | 43.75% | 39.28% | 46.61% | 17.99% | 33.9% | 22.03% | 38.32% | 94.58% | 98.57% | 21.31% | 17.57% | 9.67% | 40.93% | - |
| Gross Profit Growth % | - | 1024.18% | -24.86% | 623.28% | -109.63% | -12.66% | 196.31% | -1.28% | -4.05% | 3.3% | 33.58% | -30.24% | 151.07% | -67.95% | 46.08% | -54.05% | -44.62% | -86.26% | 262.54% | 330.45% | 804.94% | -42.2% | 7983605.15% | - |
| Operating Expenses | 80.08M | 198.78M | 31.23M | 24.03M | 22.06M | 21.73M | 27.88M | 19.65M | 20.34M | 17.61M | 15.63M | 19.79M | 25.7M | 31.45M | 31.99M | 40.27M | 39.36M | 98.65M | 638.23M | 1.43B | 17.71M | 4.48M | 7.74M | 21.46K |
| OpEx % of Revenue | - | 71.43% | 39.24% | 28.96% | 49.7% | 14.84% | 21.43% | 39.57% | 41.19% | 37.05% | 28.24% | 42.87% | 46.1% | 54.69% | 33.59% | 40.14% | 31.35% | 107.43% | 99.53% | 175.18% | 7.68% | 9.67% | 40.93% | - |
| Selling, General & Admin | 22.29M | 14.09M | 21.04M | 9.3M | 13.23M | 11.05M | 9.78M | 9.65M | 11.45M | 10.07M | 8.91M | 11.89M | 12.96M | 19.23M | 19.24M | 26.01M | 22.67M | 70.52M | 53.12M | 17.32M | 10.08M | 2.29M | 2.86M | 0 |
| SG&A % of Revenue | - | 5.06% | 26.43% | 11.2% | 29.8% | 7.55% | 7.51% | 19.44% | 23.19% | 21.18% | 16.11% | 25.76% | 23.24% | 33.43% | 20.2% | 25.92% | 18.05% | 76.79% | 8.28% | 2.12% | 4.37% | 4.94% | 15.14% | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 64.43M | 62.14M | -8.02M | 6.86M | -27.96M | 39.59M | 42.33M | 4.04M | 3.66M | 7.4M | 8.59M | -1.66M | 288K | -21.1M | 295K | -18.16M | 8.74M | -11.79M | -6.14M | -1.26B | 22.8M | 0 | 0 | -21.56K |
| Operating Margin % | 21.14% | 22.33% | -10.08% | 8.27% | -63% | 27.05% | 32.53% | 8.14% | 7.41% | 15.57% | 15.51% | -3.6% | 0.52% | -36.69% | 0.31% | -18.11% | 6.96% | -12.84% | -0.96% | -153.87% | 9.89% | - | - | - |
| Operating Income Growth % | - | 874.54% | -216.94% | 124.54% | -170.63% | -6.46% | 947.46% | 10.44% | -50.57% | -13.79% | 616.92% | -676.74% | 101.36% | -7253.9% | 101.62% | -307.79% | 174.12% | -92.21% | 99.51% | -5622.62% | - | - | 100% | - |
| EBITDA | 65.19M | 62.87M | -7.47M | 7.42M | -27.41M | 39.96M | 42.66M | 4.36M | 3.92M | 7.65M | 8.88M | -928K | 1.39M | -19.7M | 1.6M | -15.93M | 11.1M | -9.25M | -2.11M | -1.25B | 25.56M | 2.98M | 1.13M | -4.79K |
| EBITDA Margin % | 21.39% | 22.59% | -9.38% | 8.95% | -61.74% | 27.3% | 32.79% | 8.78% | 7.94% | 16.09% | 16.04% | -2.01% | 2.5% | -34.25% | 1.68% | -15.87% | 8.84% | -10.07% | -0.33% | -152.81% | 11.09% | 6.43% | 5.97% | - |
| EBITDA Growth % | 1755.78% | 941.9% | -200.58% | 127.09% | -168.58% | -6.32% | 878.71% | 11.2% | -48.76% | -13.81% | 1056.57% | -166.71% | 107.06% | -1331.19% | 110.05% | -243.51% | 219.97% | -337.81% | 99.83% | -4991.71% | 758.55% | 163.68% | 23674.86% | - |
| D&A (Non-Cash Add-back) | 755K | 724K | 556K | 563K | 557K | 371K | 334K | 318K | 261K | 249K | 291K | 733K | 1.1M | 1.41M | 1.3M | 2.24M | 2.36M | 2.54M | 4.02M | 8.72M | 2.76M | 2.98M | 1.13M | 16.77K |
| EBIT | 47.46M | 45.38M | 2.04M | 22.47M | -48.89M | 77.73M | 39.48M | 3.68M | 3.69M | 7.4M | 8.59M | -1.66M | 315K | -19.29M | 1.08M | -11.9M | 18.15M | -6.82M | 3.01M | -1.26B | 22.8M | 0 | 0 | -21.56K |
| Net Interest Income | -5.76M | -5.88M | -5.82M | -6.53M | -4.98M | -7.23M | -9.59M | -7.58M | -8.49M | -6.18M | -4.74M | -3.92M | -4.4M | -4.19M | -3.73M | -5.98M | -7.69M | -4.97M | 548.81M | 118.31M | 33.31M | 11.57M | 8.39M | -97 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 557.95M | 745.94M | 221.43M | 46.36M | 18.23M | 0 |
| Interest Expense | 5.76M | 5.88M | 5.82M | 6.53M | 4.98M | 7.23M | 9.59M | 7.58M | 8.52M | 6.18M | 4.74M | 3.92M | 4.4M | 4.19M | 3.73M | 5.98M | 7.69M | 4.97M | 9.14M | 627.63M | 188.12M | 34.79M | 9.84M | 97 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 41.7M | 39.5M | 7.86M | 15.94M | -53.88M | 70.5M | 29.78M | -4.1M | -4.83M | 1.22M | 3.85M | -5.58M | -4.09M | -23.48M | 2.4M | -17.88M | 10.47M | -11.79M | -6.14M | -1.26B | 22.8M | 0 | 0 | -21.56K |
| Pretax Margin % | 13.68% | 14.19% | 9.87% | 19.21% | -121.38% | 48.16% | 22.89% | -8.25% | -9.78% | 2.57% | 6.96% | -12.1% | -7.33% | -40.83% | 2.52% | -17.82% | 8.34% | -12.84% | -0.96% | -153.87% | 9.89% | - | - | - |
| Income Tax | -953K | -632K | -329K | 5.54M | 4.79M | -3.54M | -8.67M | -523K | -841K | -1.21M | 422K | 85K | -414K | -3.56M | -615K | -1.15M | -749K | 9K | 2.05M | 2.33M | 766K | 0 | 0 | 0 |
| Effective Tax Rate % | -2.29% | -1.6% | -4.19% | 34.78% | -8.9% | -5.02% | -29.11% | 12.77% | 17.42% | -98.94% | 10.96% | -1.52% | 10.13% | 15.18% | -25.67% | 6.43% | -7.16% | -0.08% | -33.39% | -0.18% | 3.36% | - | - | 0% |
| Net Income | 15.59M | 14.43M | -129K | -5.11M | -13.39M | 11.81M | 14.21M | -2.05M | -2.46M | 2.06M | 2.27M | -4.08M | -2.58M | -13.32M | -968K | -9.39M | 7.59M | -11.71M | -6.93M | -1.26B | 22.03M | -4.74M | 644K | -21.56K |
| Net Margin % | 5.12% | 5.19% | -0.16% | -6.16% | -30.16% | 8.07% | 10.92% | -4.14% | -4.99% | 4.34% | 4.1% | -8.84% | -4.64% | -23.15% | -1.02% | -9.36% | 6.05% | -12.75% | -1.08% | -154.16% | 9.56% | -10.23% | 3.4% | - |
| Net Income Growth % | 955.4% | 11286.82% | 97.48% | 61.81% | -213.39% | -16.87% | 791.58% | 16.61% | -219.33% | -8.95% | 155.58% | -57.79% | 80.59% | -1275.83% | 89.69% | -223.61% | 164.89% | -69% | 99.45% | -5825.21% | 565.08% | -835.56% | 3086.74% | - |
| Net Income (Continuing) | 42.65M | 40.13M | 8.19M | 10.4M | -58.67M | 74.04M | 38.45M | -3.57M | -3.99M | 2.44M | 3.43M | -5.67M | -3.67M | -19.92M | -2.04M | -16.73M | 11.21M | -11.8M | -8.19M | -1.26B | 22.03M | -4.74M | 644K | -21.56K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 48.62M | 52.01M | 48.55M | 50.12M | 47.29M | 89.49M | 57.53M | 15.44M | 6.66M | 8.28M | 7.98M | 6.42M | 8.26M | 9.69M | 18.81M | 34.46M | 25.15M | 21.31M | 43.05M | 19.54M | 98.6M | 0 | 0 | 0 |
| EPS (Diluted) | 2.55 | 4.35 | -0.08 | -3.38 | -9.43 | 7.83 | 7.66 | -2.13 | -1.46 | 1.60 | 1.90 | -2.03 | -1.27 | -7.54 | -0.61 | -5.90 | 7.30 | -12.14 | -150.90 | -2248.40 | 148.00 | -45.00 | 7.00 | -0.18 |
| EPS Growth % | 1806.45% | 5544.31% | 97.64% | 64.16% | -220.43% | 2.22% | 459.62% | -45.89% | -191.25% | -15.79% | 193.6% | -59.84% | 83.16% | -1136.07% | 89.66% | -180.82% | 160.13% | 91.95% | 93.29% | -1619.19% | 428.89% | -742.86% | 3988.89% | - |
| EPS (Basic) | - | 8.33 | -0.08 | -3.38 | -9.43 | 9.95 | 12.56 | -3.14 | -1.46 | 1.71 | 1.90 | -2.76 | -1.72 | -10.79 | -0.90 | -8.83 | 7.30 | -12.14 | -150.90 | -2248.40 | 148.00 | -45.00 | 8.00 | -0.18 |
| Diluted Shares Outstanding | 6.11M | 5.98M | 5.68M | 1.51M | 1.42M | 1.54M | 1.54M | 1.68M | 1.68M | 2.59M | 1.76M | 2.01M | 2.03M | 1.77M | 1.6M | 1.59M | 1.57M | 963.9K | 959.05K | 560.99K | 104.83K | 105.27K | 83.97K | 122.12K |
| Basic Shares Outstanding | 1.82M | 1.73M | 1.61M | 1.51M | 1.42M | 1.19M | 1.13M | 1.14M | 1.13M | 1.21M | 1.22M | 1.48M | 1.5M | 1.23M | 1.07M | 1.06M | 1.04M | 963.9K | 959.05K | 560.99K | 104.83K | 105.27K | 83.77K | 122.12K |
| Dividend Payout Ratio | - | 14.77% | - | - | - | 5.68% | 0.19% | - | - | 47.72% | 42.08% | - | - | - | - | - | 13.73% | - | - | - | 118.46% | - | 105.59% | - |
Cyclical Revenue Volatility
As reported in recent financial statements, COHN's top-line performance exhibits extreme quarterly variance, with revenue swinging from $10.8 million in 2024Q2 to $102.7 million by 2025Q4, underscoring a business model heavily tethered to the unpredictable issuance windows of the SPAC and niche capital markets.
The dramatic fluctuations in revenue suggest that the firm's growth is not organic or recurring but rather episodic, driven by transactional successes in specialized financial instruments. Investors should interpret this trajectory as a reflection of market-timing dependency rather than a sustainable, long-term growth trend.
Based on the provided income statement data, COHN maintains a highly variable gross margin profile that peaked at 92.5% in 2026Q1, yet this rarely translates to the bottom line, as net margins have struggled to consistently exceed the mid-single-digit range over the last ten quarters.
The significant gap between gross and net profitability implies that the firm's operating structure is burdened by high fixed costs, likely related to specialized talent retention and regulatory compliance. This disparity suggests that even minor revenue contractions could lead to rapid bottom-line erosion, limiting the firm's operational flexibility.
According to historical filings, COHN's earnings quality appears compromised by significant stock-based compensation, which reached $16.9 million in 2025Q4, a figure that represents a substantial portion of the firm's quarterly net income and suggests potential dilution risks for existing shareholders during periods of high volatility.
The reliance on equity-based incentives to retain specialized staff may artificially inflate reported earnings by excluding non-cash expenses from core operational metrics. Analysts should monitor whether these compensation levels remain elevated, as they may indicate that the firm's true economic profitability is lower than the headline EPS suggests.
Data from the last ten quarters indicates that COHN's operating income is highly sensitive to revenue shifts, with operating margins swinging from a negative 59.0% in 2024Q2 to a positive 29.2% in 2025Q4, highlighting the inherent instability of the firm's current cost-to-revenue structure.
While the firm demonstrates an ability to scale during peak market activity, the inability to maintain positive operating margins during downturns suggests a lack of true operating leverage. This pattern implies that the firm's cost base is largely fixed, leaving it vulnerable to prolonged periods of market inactivity.
Quick answers to the most common questions about buying COHN stock.
Cohen & Company Inc. (COHN) is profitable, generating $14.4M in net income for the fiscal year ending 2025 with a net profit margin of 5.2%.
Cohen & Company Inc. (COHN) reported an operating income of $62.1M, resulting in an operating profit margin of 22.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Cohen & Company Inc. (COHN) generated $260.9M in gross profit for the year, representing a gross profit margin of 93.8%. This demonstrates the company's core pricing power and production efficiency.