Q1 26 EPS
$0.40
MISS 5.95%
Est. $0.43
Q1 26 Revenue
$364.3M
BEAT +52.77%
Est. $238.4M
vs S&P Since Q1 26
-45.2%
TRAILING MARKET
STEP -28.1% vs S&P +17.0%
Market Reaction
Did STEP Beat Earnings? Q1 2026 Results
StepStone Group delivered a tale of two metrics in fiscal Q1 2026, posting revenue that nearly doubled year-over-year while falling short on per-share earnings. Total revenues surged 95.4% to $364.29 million, well ahead of the $238.45 million consens… Read more StepStone Group delivered a tale of two metrics in fiscal Q1 2026, posting revenue that nearly doubled year-over-year while falling short on per-share earnings. Total revenues surged 95.4% to $364.29 million, well ahead of the $238.45 million consensus, yet adjusted earnings per share of $0.40 came in below the $0.43 estimate by 5.95%, reflecting a 15% decline in adjusted net income to $48.53 million. The key driver of the divergence was the composition of revenues: a sharp spike in performance fees to $153.11 million, fueled largely by $88.88 million in unrealized carried interest, inflated the top line, while realized carried interest allocations fell 42% to $24.40 million, weighing on the non-GAAP figures that investors closely track. On a GAAP basis, the quarter produced a net loss of $12.01 million, as compensation and benefits ballooned to $380.40 million amid $188.72 million in equity-based compensation. Fee-earning AUM rose 27% to $127.22 billion, underscoring continued platform growth despite the near-term earnings pressure.
Key Takeaways
- • Management and advisory fees grew 19% year-over-year to $211.2 million
- • Fee-earning AUM increased 27% year-over-year to $127.2 billion
- • Total AUM grew 18% year-over-year to $199.3 billion
- • Fee-related earnings rose 13% to $81.2 million
- • Accrued carried interest allocations grew 19% to $1.585 billion
- • Strong growth across all asset classes in FEAUM: private debt +33%, infrastructure +28%, real estate +48%, private equity +21%
STEP YoY Financials
Q1 2026 vs Q1 2025, 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% |