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StepStone Group (STEP) earnings and revenue breakdown
Latest: Q2 FY27 · 8-K filed Nov 5, 2026
Q2 FY27 Revenue up 70% year over year to $773M · 8¢ of every $1 of revenue kept as net profit · operating margin 6.2%
StepStone Group made $773M in Q2 FY27 (+70% Y/Y). Operating margin 6.2%, net earnings $65.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 8-K filed Nov 5, 2026 (preliminary, from the earnings release).
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What changed this quarter
Revenue was $773.1M in Q2 FY27, up 70% year over year and up 104% from the previous quarter.
Operating profit was $48.0M, a 6.2% margin (up 165.3 points year over year). Total costs fell 38% while revenue rose 70%. Net earnings were −$71.2M. The effective tax rate was -36.2%.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 FY27 | 8-K | Nov 5, 2026 | $773M | +70% | 6.2% | $65.4M | — |
| Q1 FY27 | 10-Q | Aug 7, 2026 | $379M | +4% | -54.1% | −$170M | −$458M |
| Q4 FY26 | 10-K | May 27, 2026 | $589M | +56% | -3.5% | $6.7M | −$23.2M |
| Q3 FY26 | 10-Q | Feb 5, 2026 | $587M | +73% | -37.7% | −$162M | $27.2M |
| Q2 FY26 | 10-Q | Nov 6, 2025 | $454M | +67% | -159.1% | −$575M | $16.2M |
| Q1 FY26 | 10-Q | Aug 7, 2025 | $364M | +95% | -16.2% | −$12.0M | $46.3M |
| Q4 FY25 | 10-K | May 23, 2025 | $378M | +6% | -1.6% | $13.2M | −$66.5M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About StepStone Group
We are a global private markets investment firm focused on providing customized investment solutions and advisory and data services to our clients. Our clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. We partner with our clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.
In its own words, from its 10-K, filed May 27, 2026.
StepStone Group against its Investment Advice peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +70% against the peers' median +6%. Operating margin: 6.2% against the peers' median 24.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| STEP StepStone Group | Q2 FY27 | $773M | +70% | 6.2% |
| KKR KKR | Q2 2026 | $5.7B | +12% | 24.0% |
| AMP Ameriprise Financial | Q3 2026 | $5.2B | +6% | 28.9% |
| APO Apollo Global Management | Q3 2026 | $4.7B | -52% | -30.9% |
| BX Blackstone | Q3 2026 | $3.1B | -0.8% | 46.9% |
| BEN Franklin Templeton | Q4 FY26 | $2.4B | +4% | 14.6% |
| TROW Price T Rowe Group | Q3 2026 | $2.0B | +6% | 38.4% |
| IVZ Invesco | Q3 2026 | $1.9B | +14% | 23.3% |
| BAM Brookfield Asset Management | Q2 2026 | $1.8B | +61% | 62.4% |
Source: StepStone Group 8-K on SEC EDGAR · CIK 1796022 · Investment Advice
13F: who owns STEP and who is buying
More on STEP
History
Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results