Q4 25 EPS
$0.68
BEAT +52.88%
Est. $0.44
Q4 25 Revenue
$377.7M
BEAT +64.68%
Est. $229.4M
vs S&P Since Q4 25
-60.9%
TRAILING MARKET
STEP -32.3% vs S&P +28.6%
Full Year 2025 Results
FY 25 EPS
$2.05
BEAT +13.15%
Est. $1.81
FY 25 Revenue
$1.17B
BEAT +30.39%
Est. $901.0M
Market Reaction
Did STEP Beat Earnings? Q4 2025 Results
StepStone Group delivered a standout fourth quarter for fiscal 2025, with non-GAAP adjusted net income per share of $0.68 beating the $0.44 consensus estimate by 54.55%, while GAAP total revenues of $377.73 million topped the $103.93 million consensu… Read more StepStone Group delivered a standout fourth quarter for fiscal 2025, with non-GAAP adjusted net income per share of $0.68 beating the $0.44 consensus estimate by 54.55%, while GAAP total revenues of $377.73 million topped the $103.93 million consensus by 263.45% and rose 5.9% year-over-year. The headline driver was a powerful acceleration in fee-related earnings, which climbed to $94.08 million from $50.90 million a year ago as fee revenues grew 40% to $214.66 million, and gross realized performance fees surged to $81.20 million from $23.55 million. On a GAAP basis, however, the firm reported a net loss attributable to StepStone Group of $18.51 million, or ($0.24) per diluted share, weighed down by a $32.50 million loss tied to a secondary transaction in one of its private wealth funds and equity-based compensation of $126.20 million. Assets under management expanded 21% to approximately $189.40 billion, with the Board declaring both a regular quarterly dividend of $0.24 per share and a supplemental dividend of $0.40 per share.
Key Takeaways
- • 40% year-over-year growth in fee revenues to $214.7 million
- • 245% increase in gross realized performance fees to $81.2 million
- • FRE margin expansion to 44% from 33% year-over-year
- • Fee-earning AUM grew 29% to $121.4 billion
- • AUM grew 21% to $189.4 billion
- • Strong contributions from focused commingled funds and separately managed accounts
STEP YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
STEP Revenue by Segment
With YoY comparisons, source: SEC Filings
STEP Earnings Trends
STEP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
STEP EPS Trend
Earnings per share: estimate vs actual
STEP Revenue Trend
Quarterly revenue: estimate vs actual
STEP Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $0.50 | $0.57 | +13.46% | $588.6M | +101.49% |
| FY Full Year | $2.09 | $2.16 | +3.29% | $1.99B | +57.83% |
| Q3 26 BEAT | $0.62 | $0.65 | +4.70% | $586.5M | +48.51% |
| Q2 26 BEAT | $0.49 | $0.54 | +10.61% | $454.2M | +66.90% |
| Q1 26 MISS | $0.43 | $0.40 | -5.95% | $364.3M | +52.77% |
| Q4 25 BEAT FY | $0.44 | $0.68 | +52.88% | $377.7M | +64.68% |
| FY Full Year | $1.81 | $2.05 | +13.15% | $1.17B | +30.39% |