The financials
StepStone Group Inc. by the numbers
StepStone Group Inc. (STEP) reported revenue of $589M in Q4 2026 (quarter ended Mar 31, 2026), up 56% from the same quarter a year earlier. That came with net loss of $7.8M. For the full year FY2026, revenue was $1.99B (+70% year on year) and net income −$536M. Its largest product in Jun 2026 was Performance Fees at $110M, 28% of the disclosed total, ahead of Management And Advisory Fees Net Separately Managed Accounts at 19%.
| Income statement | Q4 2026 | Q4 2025 | Change |
|---|---|---|---|
| Revenue | $589M | $378M | +56% |
| Operating income | −$20M | −$5.9M | n/a |
| Net income | −$7.8M | −$19M | n/a |
| Diluted EPS | −$0.06 | −$0.20 | n/a |
| Product | Revenue | Share |
|---|---|---|
| Performance Fees | $110M | 28% |
| Management And Advisory Fees Net Separately Managed Accounts | $75M | 19% |
| Carried Interest Allocation | $73M | 18% |
| Carried Interest Allocation Unrealized | $44M | 11% |
| Legacy Carried Interest Allocation | $37M | 9.4% |
| Carried Interest Allocation Realized | $29M | 7.2% |
| Management And Advisory Fees Net Advisory And Other Services | $19M | 4.9% |
| Income Based Incentive Fees | $7.0M | 1.8% |
| Management And Advisory Fees Net Fund Reimbursement | $3.6M | 0.9% |
Business Segments
Revenue split by product segment, from SEC XBRL filings.
Latest period: Jun 2026Total $397.3M (-61%)
Management And Advisory Fees Net Fund Reimbursement grew +65% year on yearIncentive Fees -100% year on year
Segment Latestquarter on quarteryear on year
- Performance Fees$109.7M$109.7MQoQ -67%year on year -28%-67%-28%
- Management And Advisory Fees Net Separately Managed Accounts$75.3M$75.3MQoQ -1.4%year on year +7.0%-1.4%+7.0%
- Carried Interest Allocation$72.5M$72.5MQoQ -70%year on year -36%-70%-36%
- Carried Interest Allocation Unrealized$44.0M$44.0MQoQ -78%year on year -51%-78%-51%
- Legacy Carried Interest Allocation$37.2M$37.2MQoQ -55%year on year -6.2%-55%-6.2%
- Carried Interest Allocation Realized$28.6M$28.6MQoQ -26%year on year +17%-26%+17%
- Management And Advisory Fees Net Advisory And Other Services$19.5M$19.5MQoQ -2.7%year on year -2.4%-2.7%-2.4%
- Income Based Incentive Fees$7.0M$7.0MQoQ -1.4%year on year +59%-1.4%+59%
- Management And Advisory Fees Net Fund Reimbursement$3.6M$3.6MQoQ +17%year on year +65%+17%+65%
- Incentive Fees Focused Commingled Funds$0.00$0.00QoQ -100%year on year -100%-100%-100%
- Incentive Fees$0.00$0.00QoQ -100%year on year -100%-100%-100%
- Incentive Fees Separately Managed Accounts$0.00$0.00QoQ -100%year on year --100%-