Jun 2026 (Q1 FY27) — Aug 6, 2026
StepStone Group Q1 FY27 — Strong FRE Growth and Record Private Wealth Inflows
Read the full callStepStone Group (STEP) earnings
- Jun 2026
- Jun 2026 (Q1 FY27)
- Mar 2026
StepStone Group earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 379 | +4.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | -116 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
14 of 15 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cash compensation - seasonal step-up (Q1 FY27 merit increases) | We expect a seasonal step-up in compensation next quarter as merit increases take effect at the start of our new fiscal year | Mar 2026 | Adjusted cash-based compensation was $117 million. This is up from last quarter's $111 million. The increase reflected the impact of our annual merit increase, which took effect April 1, as well as headcount growth. | Achieved |
| Blended commingled fund fee rate - no observable net pressure from PE secondaries repricing | we do not anticipate observable pressure as continued growth in our private wealth funds should more than offset this impact | Mar 2026 | That's exactly what you're seeing right now as we raise capital and we activated the secondaries funds in June, you're going to see a little bit of fee pressure just from the lower fee rate, offset by growth in Private Wealth assets. | On Track |
| G&A expense - seasonal step-up (Venture Capital conference, February) | G&A will remain seasonally high in our fiscal fourth quarter, driven by a venture capital conference in February | Sep 2025 | General and administrative expenses were $38 million, down $2 million from last quarter and up $6 million from last year's fiscal 4Q. The sequential decline was primarily due to timing of client events, marketing and travel-related expenses. | Missed |
1 of StepStone Group Inc.'s 29 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 26 more targets are in the full ledger.
Claimed
- Fee-related earnings (FRE) grew 30% year-over-year to $106 million, with a 39% FRE margin.
- Adjusted net income increased to $60 million, or $0.48 per share, up from $49 million or $0.40 per share in the prior year.
- Private Wealth platform achieved record subscriptions of $2.8 billion, with total assets surpassing $21 billion, more than doubling year-over-year.
- Gross AUM additions reached $40 billion over the last 12 months, the best 12-month period ever for the company.
- Quarterly dividend raised by 18% from $0.28 to $0.33 per share, reflecting sustainable earnings growth.
Qualified
- GAAP net loss attributable to StepStone Group, Inc. was $116 million or $1.41 per share, primarily due to the change in fair value of the Private Wealth profits interest buy-in.
- A managed account expiration of roughly $1.5 billion is anticipated next quarter, which will impact fee-earning AUM.
- The blended management fee rate of 65 basis points over the last 12 months remained consistent with FY25, as favorable mix shift was offset by moderation in retroactive fees and fee pressure from lower-fee secondaries funds.
Price
$42.18 +1.30% · +$0.54
Performance −31.5% 1Y
1Y: $61.58 on 17 Oct 2025 → $42.18. High $76.27 (16 Jan 2026), low $39.54 (26 Jun 2026).
- Previous close
- $41.64
- 52-week range
- $39.54 – $76.27
- One year
- −30.77%
Overview
- Symbol
- STEP
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
14 of 15 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cash compensation - seasonal step-up (Q1 FY27 merit increases) | We expect a seasonal step-up in compensation next quarter as merit increases take effect at the start of our new fiscal year | Mar 2026 | Adjusted cash-based compensation was $117 million. This is up from last quarter's $111 million. The increase reflected the impact of our annual merit increase, which took effect April 1, as well as headcount growth. | Achieved |
| Blended commingled fund fee rate - no observable net pressure from PE secondaries repricing | we do not anticipate observable pressure as continued growth in our private wealth funds should more than offset this impact | Mar 2026 | That's exactly what you're seeing right now as we raise capital and we activated the secondaries funds in June, you're going to see a little bit of fee pressure just from the lower fee rate, offset by growth in Private Wealth assets. | On Track |
| G&A expense - seasonal step-up (Venture Capital conference, February) | G&A will remain seasonally high in our fiscal fourth quarter, driven by a venture capital conference in February | Sep 2025 | General and administrative expenses were $38 million, down $2 million from last quarter and up $6 million from last year's fiscal 4Q. The sequential decline was primarily due to timing of client events, marketing and travel-related expenses. | Missed |
Claimed
- Fee-related earnings (FRE) grew 30% year-over-year to $106 million, with a 39% FRE margin.
- Adjusted net income increased to $60 million, or $0.48 per share, up from $49 million or $0.40 per share in the prior year.
- Private Wealth platform achieved record subscriptions of $2.8 billion, with total assets surpassing $21 billion, more than doubling year-over-year.
- Gross AUM additions reached $40 billion over the last 12 months, the best 12-month period ever for the company.
- Quarterly dividend raised by 18% from $0.28 to $0.33 per share, reflecting sustainable earnings growth.
Qualified
- GAAP net loss attributable to StepStone Group, Inc. was $116 million or $1.41 per share, primarily due to the change in fair value of the Private Wealth profits interest buy-in.
- A managed account expiration of roughly $1.5 billion is anticipated next quarter, which will impact fee-earning AUM.
- The blended management fee rate of 65 basis points over the last 12 months remained consistent with FY25, as favorable mix shift was offset by moderation in retroactive fees and fee pressure from lower-fee secondaries funds.
The full ledger
Open StepStone Group Inc.’s full ledger
A free account opens 5 company ledgers a month. All 29 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q4 FY26) — May 20, 2026
StepStone Group Inc. Q4 FY26 — Record Fee-Related Earnings and Fundraising
Read the full callEvery analysed call
StepStone Group earnings calls (STEP)
Financials
What the filings say
Net profit, year on year: −201% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 272 | 339 | 378 | 364 | 454 | 587 | 589 | 379 |
| Expenses | 221 | 698 | 384 | 423 | 1,177 | 808 | 609 | 584 |
| Other income | 7 | 14 | 16 | 39 | 47 | 27 | 20 | 5 |
| Interest | 4 | 3 | 3 | 5 | 4 | 5 | 4 | 4 |
| Profit before tax | 58 | -345 | 10 | -20 | -676 | -195 | -0 | -200 |
| Tax rate | 8.2% | 16.7% | −32.2% | 41.0% | 14.8% | 16.6% | 2036.0% | 14.9% |
| Net profit | 18 | -192 | -19 | -38 | -366 | -123 | -8 | -116 |
| EPS ($ per share) | 0.26 | -2.61 | — | -0.49 | -4.66 | -1.55 | — | -1.41 |
| Line item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Reserves | — | 0 | 60 | 230 | 160 | 14 | -243 | -897 |
| Total liabilities | — | 444 | 661 | 2,364 | 1,844 | 1,916 | 2,812 | 5,877 |
| Fixed assets | — | 11 | 10 | 13 | 16 | 30 | 30 | 26 |
| Total assets | — | 681 | 1,321 | 4,188 | 3,497 | 3,789 | 4,587 | 6,763 |
| Line item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 51 | 66 | 149 | 214 | 151 | 162 | 65 | 66 |
| Cash from investing | -62 | 36 | -11 | -210 | -31 | -47 | -43 | 733 |
| Cash from financing | -56 | -52 | -45 | -70 | -108 | -58 | 87 | 37 |
| Net cash flow | -66 | 49 | 94 | -66 | 12 | 53 | 107 | 829 |
| Capital expenditure | -3 | -1 | -1 | -2 | -6 | -20 | -5 | -3 |
| Free cash flow | 48 | 65 | 148 | 212 | 146 | 142 | 60 | 64 |
STEP revenue by segment
| Segment | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Management and Advisory Fees Net Focused Commingled Funds | 39% | 31% | 33% | 33% | 28% | 24% | 27% | 45% | +44.0% |
| Management and Advisory Fees Net Separately Managed Accounts | 23% | 20% | 18% | 19% | 16% | 13% | 13% | 20% | +7.0% |
| Management and Advisory Fees Net Advisory and Other Services | 5% | 5% | 5% | 5% | 4% | 3% | 3% | 5% | -2.4% |
| Income Based Incentive Fees | <1% | 1% | — | 1% | 1% | 1% | 1% | 2% | +59.1% |
| Management and Advisory Fees Net Fund Reimbursement Revenues | <1% | 1% | 1% | 1% | <1% | 1% | 1% | 1% | +64.7% |
| Incentive Fees Separately Managed Accounts | 1% | 0% | 1% | 0% | 1% | 0% | 1% | 0% | — |
| Incentive Fees | 1% | 7% | 2% | <1% | 1% | 35% | 1% | 0% | -100.0% |
| Incentive Fees Focused Commingled Funds | <1% | 7% | <1% | <1% | <1% | 35% | <1% | 0% | -100.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
STEP operating KPIs by quarter
| KPI | Mar 2026 Q4 FY26 | Jun 2026 Q1 FY27 | Change vs prior quarter |
|---|---|---|---|
| Gross AUM additions | $13.5B+During the quarter, we generated over $13.5 billion in gross additions including $7 billion of managed account additions and over $6.5 billion of commingled fund inflows.Source: earnings call transcript | $10B+During the quarter, we generated over $10 billion in gross additions, including approximately $4.5 billion of managed account additions and $5.5 billion of commingled fund inflows.Source: earnings call transcript | — |
| Gross AUM additions Managed accounts | $7BDuring the quarter, we generated over $13.5 billion in gross additions including $7 billion of managed account additions and over $6.5 billion of commingled fund inflows.Source: earnings call transcript | ~$4.5BDuring the quarter, we generated over $10 billion in gross additions, including approximately $4.5 billion of managed account additions and $5.5 billion of commingled fund inflows.Source: earnings call transcript | — |
| Gross AUM additions Commingled funds | $6.5B+During the quarter, we generated over $13.5 billion in gross additions including $7 billion of managed account additions and over $6.5 billion of commingled fund inflows.Source: earnings call transcript | $5.5BDuring the quarter, we generated over $10 billion in gross additions, including approximately $4.5 billion of managed account additions and $5.5 billion of commingled fund inflows.Source: earnings call transcript | — |
| Assets under management (AUM) Private wealth suite | <$18BWe generated over $2.3 billion of subscriptions in our private wealth suite of offerings, growing the platform of nearly $18 billion as of the end of the quarter.Source: earnings call transcript | $21B+We generated $2.8 billion of subscriptions in our Private Wealth suite of offerings, growing the platform to over $21 billion as of the end of the quarter.Source: earnings call transcript | — |
| Fee-earning AUM plus undeployed fee-earning capital | $184B+The combination of feeding assets plus UF grew to over $184 billion, which is up more than $12 billion sequentially and is up over $38 billion from a year ago, our strongest year of growth in our history.Source: earnings call transcript | ~$193BThe combination of fee-earning assets plus UFEC grew to approximately $193 billion, which is up $9 billion sequentially and is up $37 billion from a year ago.Source: earnings call transcript | — |
| Undeployed fee-earning capital | ~$40BFor the quarter, we increased fee earning assets by nearly $5.5 billion, and we increased our undeployed fee-earning capital, or UFC, by $7 billion to roughly $40 billion, our highest level ever.Source: earnings call transcript | $39B+Even with these large activations and steady managed account deployment, we maintained a healthy balance in our undeployed fee-earning capital, or UFEC, of over $39 billion as strong fundraising in managed accounts and the first close of our venture capital secondaries fund helped to replenish the UFEC balance.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q1 FY2027 · share of revenue
- US 74% ↑ 38 pt
- Non Us 26% ↓ 38 pt
As STEP cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
45 filings between Oct 27, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
$5.59M
5 purchases by 2 insiders
Sales
$38.09M
22 sales by 3 insiders
86% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 14
- Award — granted as compensation
- 2
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 conversion, 1 disposition to issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Fernandez Jose A | — | $22.73M | Jun 3, 2026 |
| McCabe Michael I | $5.02M | $12.71M | Jun 11, 2026 |
| Hart Scott W | — | $2.65M | Jan 26, 2026 |
| Mitchell Steven R | $565.8K | — | Feb 23, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | Park David Y Chief Financial Officer | Award | 70 | $2.6K |
| Sep 8, 2026 | Mitchell Steven R Director | Award | 4,828 | $245.0K |
| Sep 8, 2026 | Raymond Anne L Director | Award | 5,124 | $260.0K |
| Sep 8, 2026 | Brown Valerie Gay Director | Award | 5,518 | $280.0K |
| Sep 8, 2026 | Hoffmeister David F Director | Award | 5,616 | $285.0K |
| Jun 11, 2026 | McCabe Michael I Head of Strategy | Purchase | 96,887 | $4.04M |
| Jun 11, 2026 | McCabe Michael I Head of Strategy | Purchase | 23,113 | $980.9K |
| Jun 3, 2026 | Fernandez Jose A Co-Chief Operating Officer | Sale 10b5-1 plan | 2,290 | $97.6K |
| Jun 2, 2026 | Fernandez Jose A Co-Chief Operating Officer | Sale 10b5-1 plan | 85,200 | $3.95M |
| Jun 2, 2026 | Fernandez Jose A Co-Chief Operating Officer | Sale 10b5-1 plan | 14,800 | $700.5K |
| Jun 1, 2026 | Fernandez Jose A Co-Chief Operating Officer | Sale 10b5-1 plan | 3,383 | $171.1K |
| Jun 1, 2026 | Fernandez Jose A Co-Chief Operating Officer | Sale 10b5-1 plan | 56,176 | $2.73M |
| Jun 1, 2026 | Fernandez Jose A Co-Chief Operating Officer | Sale 10b5-1 plan | 28,324 | $1.36M |
| Jun 1, 2026 | Fernandez Jose A Co-Chief Operating Officer | Sale 10b5-1 plan | 12,117 | $603.2K |
| Mar 31, 2026 | Fernandez Jose A Co-Chief Operating Officer | Conversion | 200,000 | — |
| Mar 31, 2026 | Park David Y Chief Financial Officer | Award | 64 | — |
| Mar 31, 2026 | Fernandez Jose A Co-Chief Operating Officer | Disposition to issuer | 200,000 | $200 |
| Mar 13, 2026 | Keck Thomas Director | Award | 7,152 | — |
| Mar 13, 2026 | Hart Scott W Chief Executive Officer | Award | 27,722 | — |
| Mar 13, 2026 | Fernandez Jose A Co-Chief Operating Officer | Award | 7,152 | — |
| Mar 13, 2026 | Keathley Anthony Chief Accounting Officer | Award | 1,612 | — |
| Mar 13, 2026 | McCabe Michael I Head of Strategy | Award | 7,152 | — |
| Mar 13, 2026 | Park David Y Chief Financial Officer | Award | 22,178 | — |
| Mar 13, 2026 | Park David Y Chief Financial Officer | Award | 9,814 | — |
| Mar 13, 2026 | Ment Jason P President & Co-COO | Award | 15,525 | — |
| Feb 23, 2026 | Mitchell Steven R Director | Purchase | 1,200 | $53.6K |
| Feb 23, 2026 | Mitchell Steven R Director | Purchase | 11,507 | $508.4K |
| Feb 23, 2026 | Mitchell Steven R Director | Purchase | 86 | $3.8K |
| Feb 14, 2026 | Keathley Anthony Chief Accounting Officer | Tax withheld | 296 | $16.8K |
| Feb 14, 2026 | Park David Y Chief Financial Officer | Tax withheld | 3,480 | $197.5K |
| Jan 26, 2026 | Hart Scott W Chief Executive Officer | Sale 10b5-1 plan | 4,616 | $332.3K |
| Jan 26, 2026 | Hart Scott W Chief Executive Officer | Sale 10b5-1 plan | 5,384 | $392.9K |
| Dec 26, 2025 | Hart Scott W Chief Executive Officer | Sale 10b5-1 plan | 10,000 | $661.7K |
| Dec 10, 2025 | McCabe Michael I Head of Strategy | Sale | 74,214 | $4.91M |
| Dec 10, 2025 | McCabe Michael I Head of Strategy | Sale | 9,300 | $621.4K |
| Dec 10, 2025 | McCabe Michael I Head of Strategy | Sale | 108,538 | $7.18M |
| Nov 25, 2025 | Hart Scott W Chief Executive Officer | Sale 10b5-1 plan | 10,000 | $617.0K |
| Nov 13, 2025 | Fernandez Jose A Co-Chief Operating Officer | Sale 10b5-1 plan | 14,958 | $938.6K |
| Nov 13, 2025 | Fernandez Jose A Co-Chief Operating Officer | Sale 10b5-1 plan | 55,444 | $3.45M |
| Nov 12, 2025 | Fernandez Jose A Co-Chief Operating Officer | Sale 10b5-1 plan | 6,020 | $380.3K |
| Nov 12, 2025 | Fernandez Jose A Co-Chief Operating Officer | Sale 10b5-1 plan | 57,798 | $3.62M |
| Nov 12, 2025 | Fernandez Jose A Co-Chief Operating Officer | Sale 10b5-1 plan | 6,586 | $406.6K |
| Nov 11, 2025 | Fernandez Jose A Co-Chief Operating Officer | Sale 10b5-1 plan | 200 | $12.4K |
| Nov 11, 2025 | Fernandez Jose A Co-Chief Operating Officer | Sale 10b5-1 plan | 70,204 | $4.31M |
| Oct 27, 2025 | Hart Scott W Chief Executive Officer | Sale 10b5-1 plan | 10,000 | $643.4K |
| Oct 1, 2025 | Park David Y Chief Financial Officer | Award | 109 | $5.0K |
| Sep 30, 2025 | Fernandez Jose A Co-Chief Operating Officer | Disposition to issuer | 200,000 | $200 |
| Sep 30, 2025 | Fernandez Jose A Co-Chief Operating Officer | Conversion | 200,000 | — |
| Sep 30, 2025 | Keck Thomas Director | Gift | 30,623 | $0 |
| Sep 30, 2025 | Keck Thomas Director | Gift | 30,623 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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