Stepstone Group, Inc. (STEP)
NASDAQ:STEP
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Earnings Data
Report Date
Aug 06, 2026After Close (Confirmed)
Period Ending
2027 (Q1)Consensus EPS Forecast
0.54Last Year’s EPS
0.4Same Quarter Last Year
Strong Buy
Based on 6 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple record operating achievements — highest-ever quarterly fee-related earnings, record fundraising ($14B quarter and $38B year), strong private wealth and credit flows, margin expansion and a sizable pipeline of undeployed capital — demonstrating robust demand and operating leverage. Offsetting items include a GAAP net loss driven by an accounting fair-value adjustment, lower performance-related earnings and softer realized performance fees due to subdued exit markets, some revenue volatility from retroactive fees, and deployment/timing risk associated with a record $40B of undeployed capital. On balance, the highlights (scaleable fee growth, margin expansion, record fundraising and product momentum) materially outweigh the lowlights, which are mostly timing, accounting-driven or execution/market-cycle risks.Company Guidance
Record Fee-Related Earnings
Generated fee-related earnings (FRE) of $105 million in fiscal Q4, up 12% year-over-year; core FRE of $101 million (excluding retroactive fees) was up 28% YoY. FRE margin was 40% for the quarter (core and reported).
Record Fundraising and AUM Additions
Record quarter of nearly $14 billion in capital formation and best fiscal year ever with $38 billion of gross AUM additions over the past 12 months.
Private Wealth Subscription Strength
Private Wealth net subscriptions of $2.3 billion in the quarter with total reductions of approx. $300 million (<2% of NAV); March and April recorded over $800 million in subscriptions each month.
Strong Venture Product Performance and Flows
Spring venture fund attracted $1.2 billion in subscriptions in the quarter and delivered 11% year-to-date performance through April (following 39% in 2025).
Private Debt Institutional Demand
Raised approximately $3 billion of new private debt capital in the quarter across managed accounts and commingled funds, with a balanced mix of structures and strong flows into opportunistic lending, direct lending, Evergreen BDC and credit interval funds.
Material Growth in Fee-Earning and Undeployed Capital
Increased fee-earning assets by nearly $5.5 billion in the quarter and grew Undeployed Fee-Earning Capital (UFC) by $7 billion to roughly $40 billion (highest level ever). Combined feeding assets plus UFC grew to over $184 billion, up $12 billion sequentially and $38 billion year-over-year (21% annual organic growth since fiscal 2021).
Revenue and Margin Expansion
Fee revenues of $260 million in the quarter, up 21% YoY (29% YoY excluding retroactive fees). Full-year core FRE margin of 38%, up more than 600 basis points vs two years ago; quarterly core FRE margin up 280 bps sequentially.
Capital Return and Share Buyback Actions
Board declared a $0.55 per share supplemental dividend (on top of base quarterly dividend $0.28) and full-year dividends of $1.67 per share, up 23% YoY. Announced $100 million repurchase authorization and executed ~$9 million of buybacks (≈200,000 shares at $44.77 average).
Monetization of Data & Technology
Expanded data/tech monetization with partnerships: private market indices with FTSE Russell, private credit benchmarking with Kroll, and a deal-level performance product with PitchBook. Early-stage monetization expected to be modest but accretive to FRE margin (no material incremental expenses).
Disciplined Compensation and Cost Management
Adjusted cash-based compensation $111 million with a cash compensation ratio of 43% (down from ~45% in prior quarters). G&A was $38 million and equity-based compensation expected ~ $6–7 million per quarter in FY27.
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 |
|---|---|---|---|
May 20, 2026 | $52.00 | ― | ― |
Feb 05, 2026 | $58.82 | $62.06 | +5.51% |
Nov 06, 2025 | $61.59 | $60.50 | -1.77% |
Aug 07, 2025 | $56.60 | $57.60 | +1.77% |
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 Aug 06, 2026, After Close (Confirmed).
What is Stepstone Group, Inc. (STEP) earnings time?
Stepstone Group, Inc. (STEP) earnings time is at Aug 06, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is STEP EPS forecast?
STEP EPS forecast for the fiscal quarter 2027 (Q1) is 0.54.