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Financials · STEP

StepStone Group Inc. (STEP) financials

For the twelve months ended Sep 30, 2026, StepStone Group Inc. reported $2.33B of revenue and -$318.27M of net income.

Revenue, TTM
$2.33B
Revenue growth, YoY
+51.6%
Net income, TTM
-$318.27M
Net margin
-13.7%
Free cash flow, TTM
-$817.62M
EPS, diluted, TTM
-$3.91
Cash
$802.54M
P/S
2.55
Market cap
$5.93B
Annual revenue$1.99B
FY2019FY2026
Annual net income-$535.81M
FY2019FY2026
Annual free cash flow$63.86M
FY2019FY2026

STEP revenue and earnings growth

STEP revenueQ2 2027$773.14M

Quarter YoY
+70.2%
QoQ
+104.1%
FY YoY
+69.7%
5Y CAGR
+20.4%

STEP revenue was $773.14M in fiscal Q2 2027 (ended Sep 30, 2026), up 70.2% from a year earlier and up 104.1% from the prior quarter. For the full fiscal 2026 it was $1.99B, up 69.7% from fiscal 2025. Compound annual growth was +20.4% over 5 years. Fiscal 2026 is the highest of the 8 fiscal years on file.

STEP net incomeQ2 2027-$71.22M

STEP net income was -$71.22M in fiscal Q2 2027 (ended Sep 30, 2026), compared with -$366.14M a year earlier. For the full fiscal 2026 it was -$535.81M, compared with -$179.56M in fiscal 2025.

STEP EPSQ2 2027-$0.87

STEP diluted EPS was -$0.87 in fiscal Q2 2027 (ended Sep 30, 2026), compared with -$4.66 a year earlier. For the full fiscal 2026 it was -$6.78, compared with -$2.52 in fiscal 2025.

STEP free cash flowQ2 2027-$362.33M

FY YoY
+6.7%
5Y CAGR
-15.5%

STEP free cash flow was -$362.33M in fiscal Q2 2027 (ended Sep 30, 2026), compared with $15.91M a year earlier. For the full fiscal 2026 it was $63.86M, up 6.7% from fiscal 2025. Compound annual growth was -15.5% over 5 years. It rose in 4 of the last 7 fiscal years.

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Income statement

Income statement
Line item
FY2026
Mar 31, 2026
FY2025
Mar 31, 2025
FY2024
Mar 31, 2024
FY2023
Mar 31, 2023
FY2022
Mar 31, 2022
FY2021
Mar 31, 2021
FY2020
Mar 31, 2020
FY2019
Mar 31, 2019
Revenue$1.99B$1.17B$711.63M-$67.57M$1.37B$787.72M$446.61M$256.27M
Selling, general and admin$187.25M$177.35M$167.32M$147.16M$110.47M$48.48M$52.36M$48.30M
Interest expense$18.50M$12.70M$9.33M$4.19M$1.11M$7.36M$10.21M$10.26M
Pre-tax income-$891.17M-$222.03M$195.40M-$41.45M$512.58M$337.85M$148.74M$61.60M
Income tax-$147.89M-$49.21M$27.58M$3.82M$28.30M$23.26M$3.96M$1.64M
Net income-$535.81M-$179.56M$58.09M-$18.40M$193.88M$62.63M$0$0
EPS, basic-$6.78-$2.52$0.91-$0.30$3.89$2.11--
EPS, diluted-$6.78-$2.52$0.91-$0.30$3.84$2.06--
Diluted shares79.0M71.1M66.5M61.9M53.6M33.3M--

Balance sheet

Balance sheet
Line item
FY2026
Mar 31, 2026
FY2025
Mar 31, 2025
FY2024
Mar 31, 2024
FY2023
Mar 31, 2023
FY2022
Mar 31, 2022
FY2021
Mar 31, 2021
FY2020
Mar 31, 2020
FY2019
Mar 31, 2019
Cash and equivalents$1.12B$289.80M$182.31M$129.52M$117.45M$183.86M$89.94M$40.62M
Goodwill$580.54M$580.54M$580.54M$580.54M$580.54M$6.79M$6.79M-
Total assets$6.76B$4.59B$3.79B$3.50B$4.19B$1.32B$680.83M-
Total debt-$269.27M$148.82M$98.35M$62.88M$0$143.14M-
Total liabilities$5.88B$2.81B$1.92B$1.84B$2.36B$661.08M$443.86M-
Shareholders' equity-$413.56M$1.39B$1.65B$1.63B$1.82B$659.69M--

Cash flow

Cash flow
Line item
FY2026
Mar 31, 2026
FY2025
Mar 31, 2025
FY2024
Mar 31, 2024
FY2023
Mar 31, 2023
FY2022
Mar 31, 2022
FY2021
Mar 31, 2021
FY2020
Mar 31, 2020
FY2019
Mar 31, 2019
Operating cash flow$66.48M$64.93M$161.52M$151.18M$214.28M$149.30M$65.93M$51.45M
Capital expenditures$2.62M$5.10M$19.61M$5.63M$2.10M$1.26M$837.0K$3.04M
Free cash flow$63.86M$59.83M$141.91M$145.56M$212.18M$148.04M$65.09M$48.41M
Investing cash flow$732.88M-$43.48M-$47.35M-$30.81M-$210.24M-$11.17M$35.81M-$61.89M
Financing cash flow$37.44M$87.48M-$57.98M-$108.02M-$70.44M-$45.31M-$52.17M-$55.52M
Dividends paid$117.76M$75.84M$68.47M$49.97M$23.87M$2.05M$0$0
Share repurchases$8.71M$0$0-----
Stock-based compensation$1.62B$650.13M$39.45M$24.94M$14.00M$7.90M$1.92M$1.73M
Depreciation and amortization$45.73M$45.49M$47.59M$47.44M$26.98M$5.50M$7.08M$7.88M

Key ratios

Key ratios
Line item
FY2026
Mar 31, 2026
FY2025
Mar 31, 2025
FY2024
Mar 31, 2024
FY2023
Mar 31, 2023
FY2022
Mar 31, 2022
FY2021
Mar 31, 2021
FY2020
Mar 31, 2020
FY2019
Mar 31, 2019
Revenue growth, YoY69.7%65.1%--104.9%73.4%76.4%74.3%-
Net income growth, YoY----209.6%---
Net margin-26.9%-15.3%8.2%-14.2%8.0%0.0%0.0%
Free cash flow margin3.2%5.1%19.9%-15.5%18.8%14.6%18.9%
Return on equity--12.9%3.5%-1.1%10.6%9.5%--
Return on assets-7.9%-3.9%1.5%-0.5%4.6%4.7%0.0%-
Debt to equity-0.190.090.060.030.00--

Source: XBRL data StepStone Group Inc. files with the SEC, latest filing dated Nov 9, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

STEP peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
STEP$2.33B+51.6%-$318.27M-13.7%$5.93B
BX$16.08B+22.1%$3.56B22.1%$93.11B
KKR$20.35B+19.8%$3.41B16.8%$88.05B
APO$30.82B+12.2%-$918.00M-3.0%$72.15B
ARES$5.76B+7.6%$432.80M7.5%$46.10B
AMP$20.14B+8.8%$4.16B20.7%$44.99B
TROW$7.70B+6.9%$2.19B28.4%$23.64B
TPG$5.17B+21.6%$268.72M5.2%$18.89B

STEP FAQ

8 questions
  • What is STEP revenue?
    StepStone Group Inc. (STEP) reported $2.33B of revenue for the twelve months ended Sep 30, 2026. That is up 51.6% from the year before. Revenue for fiscal 2026 was $1.99B.
  • Is STEP profitable?
    No. StepStone Group Inc. reported a net loss of $318.27M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does STEP have?
    StepStone Group Inc. reported $802.54M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is STEP revenue growing?
    StepStone Group Inc.'s revenue changed +69.7% in fiscal 2026, to $1.99B. Its compound annual growth rate was +20.4% over 5 years.
  • What is STEP free cash flow?
    StepStone Group Inc. generated -$817.62M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$814.11M less capital expenditures.
  • What is STEP earnings per share?
    Diluted earnings per share were -$3.91 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did STEP last report financial results?
    The latest statements here come from StepStone Group Inc.'s 10-Q filed on Nov 9, 2026, covering the period ended Sep 30, 2026.
  • Where does this STEP financial data come from?
    Quantisnow builds these statements from the structured XBRL data StepStone Group Inc. files with the SEC. It is provided for information only and is not investment advice.