StepStone Group Inc - Class A

StepStone Group delivered a strong fiscal second quarter for 2026, with non-GAAP adjusted earnings of $0.54 per share beating the $0.49 consensus estimate by 10.61%, while revenue of $454.23 million cleared expectations by a wide margin and rose 67.2% year-over-year. The standout driver was a surge in performance fees, which climbed to $238.74 million from $86.92 million in the prior-year period, fueling the top-line beat even as management and advisory fees grew a more measured 17% to $215.49 million. On an adjusted basis, revenues rose 35% to $282.34 million, and fee-related earnings grew 9% to $78.63 million. The GAAP picture was far less flattering, however, as $884.47 million in equity-based compensation expense drove a net loss of $575.49 million, compared to net income of $53.14 million a year ago. Assets under management reached approximately $209.10 billion, up 19% year-over-year, while the board raised its quarterly dividend to $0.28 per share, a 17% increase from the prior year, signaling confidence in the firm's capital position.