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Stepstone Group, Inc. (STEP)
NASDAQ:STEP
Earnings Data
Report Date
May 21, 2026After Close (Confirmed)
Period Ending
2026 (Q4)Consensus EPS Forecast
0.52Last Year’s EPS
0.68Same Quarter Last Year
Moderate Buy
Based on 6 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted multiple strong operational and financial achievements: record fundraising, robust fee-related earnings growth (core FRE +35% YoY), materially higher adjusted net income (+~51%), large incentive fee generation driven by standout Spring performance, and growth in fee-earning AUM and undeployed fee-earning capital. Key risks and drag items were acknowledged, including a GAAP net loss driven by the profits-interest buy-in accounting, a drop in retroactive fees that modestly reduced blended fee rates, realizations that remain below long-term trends, seasonal G&A increases, and concentrated software/AI exposure that presents disruption risk. On balance, the positive growth in recurring fee earnings, fundraising momentum, mature accrued carry, and the size of performance-related revenues outweigh the acknowledged headwinds and risks.Company Guidance
Strong Fee-Related Earnings Growth
Fee-related earnings (FRE) of $89 million, up 20% year-over-year; core FRE (ex-retroactive fees) $88 million, up 35% year-over-year. FRE margin was 37% for the quarter (roughly +1 percentage point sequentially).
Record Fundraising and AUM Additions
Generated over $8 billion of gross AUM additions in the quarter and over $34 billion for the calendar year — the firm's best twelve-month period ever for fundraising; fee-earning assets plus undeployed fee-earning capital (UFEC) grew to over $171 billion, up >$8 billion sequentially and >$35 billion year-over-year.
Private Wealth Momentum
Private wealth platform grew to $15 billion with over $2.2 billion in new subscriptions during the quarter (management commentary: comfortably generating >$2 billion in private wealth subscriptions each quarter). Evergreen BDC S Credex grew to nearly $2 billion in net assets.
Material Increase in Fee Revenues and Adjusted Net Income
Fee revenues of $241 million, up 26% year-over-year (32% growth ex-retroactive fees). Adjusted net income of $80 million ($0.65 per share), up from $53 million ($0.44 per share) a year ago (adjusted net income per share +~48%; adjusted net income +~51%).
Exceptional Performance from Spring
Spring delivered 39% performance for the year with total NAV of $5.5 billion (more than tripled over the year). Spring-related incentive activity drove over $200 million of gross incentive fees this year; approximately $25 million of the quarter's Spring incentive fees flowed to pretax adjusted net income.
Growing Pipeline of Fee-Earning Vehicles
Multiple funds in market or coming to market (private equity co-investment, private equity secondaries, infrastructure co-investment second vintage, venture capital secondaries, special situation real estate secondaries, multi-strategy growth equity). Prior vintages represent >$16 billion of capital; infrastructure co-invest vintage had a >$600 million close this quarter.
Improving Accrued Carry and Harvest Readiness
Net accrued carry of $875 million, up 4% from last quarter; ~65% of net accrued carry tied to programs older than five years (indicating a relatively mature accrual profile and readiness to harvest).
Strong Organic Growth Trend
Combination of fee-earning assets and UFEC growth implies a ~20% annual organic growth rate since fiscal 2021 (management commentary highlighted this as the firm's strongest one-year growth in history).
STEP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
STEP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 05, 2026 | $59.17 | $62.43 | +5.51% |
Nov 06, 2025 | $61.96 | $60.87 | -1.76% |
Aug 07, 2025 | $56.94 | $57.95 | +1.77% |
May 22, 2025 | $55.57 | $57.54 | +3.55% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Stepstone Group, Inc. (STEP) report earnings?
Stepstone Group, Inc. (STEP) is schdueled to report earning on May 21, 2026, After Close (Confirmed).
What is Stepstone Group, Inc. (STEP) earnings time?
Stepstone Group, Inc. (STEP) earnings time is at May 21, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is STEP EPS forecast?
STEP EPS forecast for the fiscal quarter 2026 (Q4) is 0.52.