StepStone Group (STEP) FY2025 results: revenue $1.2 billion, up 65.1% on the year
StepStone Group Inc. (STEP) reported revenue of $1.2 billion for fiscal 2025, the year ended 31 March 2025, up 65.1% on the year before. Net income was -$180 million, and diluted earnings per share $-2.52. The figures are the company's own, from the 10-K it filed with the SEC on 23 May 2025.
Revenue
$1.2 billion
+65.1% on the year
FY2019FY2025
Operating margin
-22.7%
24.1% a year earlier
FY2019FY2025
Net income
-$180 million
FY2019FY2025
Diluted EPS
-$2.52
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
64.9
162
151
-59.8%
Capital expenditure
5.1
19.6
5.6
-74.0%
Free cash flow
59.8
142
146
-57.8%
Free cash flow margin
5.1%
19.9%
n/a
Cash from investing
-43.5
-47.3
-30.8
Cash from financing
87.5
-58.0
-108
Depreciation and amortisation
45.5
47.6
47.4
-4.4%
Share-based compensation
650
39.4
24.9
+1,548.1%
Buybacks
0.0
0.0
n/a
Dividends paid
75.8
68.5
50.0
+10.8%
Dividend per share
$1.08
$1.08
$0.80
0.0%
Diluted shares, weighted
71m
67m
62m
+6.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
179
324
772
-44.7%
Non-controlling interest
1,211
1,330
857
-9.0%
Redeemable equity
n/a
n/a
24.5
Debt
269
149
98.4
+80.9%
Other liabilities
2,927
1,985
1,746
+47.4%
Total liabilities and equity
4,587
3,789
3,497
+21.1%
Fixed assets
29.8
29.6
15.8
+0.8%
Goodwill
581
581
581
0.0%
Intangible assets
264
305
355
-13.4%
Cash and equivalents
290
182
130
+59.0%
Other assets
3,423
2,692
2,417
+27.2%
Total assets
4,587
3,789
3,497
+21.1%
10-K for the year ended 31 March 2025, filed 23 May 2025: the filing.