StepStone Group (STEP) FY2026 results: revenue $2.0 billion, up 69.7% on the year
StepStone Group Inc. (STEP) reported revenue of $2.0 billion for fiscal 2026, the year ended 31 March 2026, up 69.7% on the year before. Net income was -$536 million, and diluted earnings per share $-6.78. The figures are the company's own, from the 10-K it filed with the SEC on 27 May 2026.
Revenue
$2.0 billion
+69.7% on the year
FY2019FY2026
Operating margin
-51.3%
-22.7% a year earlier
FY2019FY2026
Net income
-$536 million
FY2019FY2026
Diluted EPS
-$6.78
FY2019FY2026
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 new, 1 kept.
Revenue rose with performance fees: Total revenues were $588.6 million in the quarter, up from $377.7 million a year earlier. Total performance fees were $328.7 million, against $164.3 million.
Quarter net income lower, full-year loss larger: Net income was $6.7 million in the quarter, against $13.2 million a year earlier. The fiscal year net loss was $743.3 million, against $172.8 million, with diluted EPS of $(6.78).
Fee-earning AUM rose 19% in year: Fee-earning AUM was $144.0 billion at March 31, 2026, up from $121.4 billion a year earlier and $138.6 billion at December 31, 2025. Separately managed accounts were $81.8 billion and focused commingled funds $62.2 billion.
Undeployed fee-earning capital up 63%: Undeployed fee-earning capital was $40.1 billion, up from $24.6 billion a year earlier and $32.7 billion at December 31, 2025.
Unrealized carry drove most performance fees: Unrealized carried interest allocations were $201.0 million in the quarter, against $21.2 million, and $539.7 million for the fiscal year. Realized carried interest allocations were $38.6 million, against $75.9 million.
$ 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
FY2026
FY2025
FY2024
On the year
Last 8 years
Operating cash flow
66.5
64.9
162
+2.4%
Capital expenditure
2.6
5.1
19.6
-48.6%
Free cash flow
63.9
59.8
142
+6.7%
Free cash flow margin
3.2%
5.1%
19.9%
Cash from investing
733
-43.5
-47.3
Cash from financing
37.4
87.5
-58.0
-57.2%
Depreciation and amortisation
45.7
45.5
47.6
+0.5%
Share-based compensation
1,618
650
39.4
+148.8%
Buybacks
8.7
0.0
0.0
Dividends paid
118
75.8
68.5
+55.3%
Dividend per share
$1.48
$1.08
$1.08
+37.0%
Diluted shares, weighted
79m
71m
67m
+11.1%
Balance sheet
$ million
FY2026
FY2025
FY2024
On the year
Last 8 years
Shareholders' equity
-414
179
324
Non-controlling interest
1,105
1,211
1,330
-8.8%
Debt
1,202
269
149
+346.3%
Other liabilities
4,870
2,927
1,985
+66.4%
Total liabilities and equity
6,763
4,587
3,789
+47.4%
Fixed assets
26.3
29.8
29.6
-11.7%
Goodwill
581
581
581
0.0%
Intangible assets
223
264
305
-15.5%
Cash and equivalents
1,119
290
182
+286.1%
Other assets
4,814
3,423
2,692
+40.6%
Total assets
6,763
4,587
3,789
+47.4%
10-K for the year ended 31 March 2026, filed 27 May 2026: the filing.