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StepStone Group cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$458M in Q1 FY27 · −$439M over twelve months

Operating cash flow−$458M
Capital spending−$549K
Free cash flow−$458M

Analysis

In Q1 FY27, StepStone Group generated −$458M of operating cash flow and spent $549K on capital projects, leaving free cash flow of −$458M. That is $503M less than in Q1 FY26 ($45.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$437M; the largest uses were operating cash flow ($437M), dividends ($136M), buybacks ($27.9M); besides operations, cash came from other investing ($768M), other financing ($302M); the cash balance rose by $458M.

Operating cash flow was −$458M against net income of −$170M. The largest differences: stock-based pay +$293M, deferred taxes −$42.5M, employee-related liabilities +$34.8M.

Free cash flow

StepStone Group: free cash flow by quarterStepStone Group: free cash flow by quarter$52.4MQ2 FY25$27.0MQ3 FY25−$69.2MQ4 FY25$45.2MQ1 FY26$15.9MQ2 FY26$26.7MQ3 FY26−$24.0MQ4 FY26−$458MQ1 FY27
Operating cash flow less capital spending.
StepStone Group: operating cash flow against capital spendingStepStone Group: operating cash flow against capital spendingOperating cash flowCapital spending$53.7M$1.3MQ2 FY25$27.6M$566KQ3 FY25−$66.5M$2.7MQ4 FY25$46.3M$1.1MQ1 FY26$16.2M$331KQ2 FY26$27.2M$432KQ3 FY26−$23.2M$762KQ4 FY26−$458M$549KQ1 FY27
Latest (Q1 FY27): Operating cash flow −$458M, Capital spending $549K.

Capital allocation, year by year

StepStone Group: where the cash came from (up) and went (down), by fiscal yearStepStone Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $214MFY22: Net borrowing $65.0MFY22: Capital spending −$2.1MFY22: Acquisitions −$182MFY22: Dividends −$23.9M$279MFY22FY23: Operating cash flow $151MFY23: Net borrowing $35.0MFY23: Capital spending −$5.6MFY23: Dividends −$50.0M$186MFY23FY24: Operating cash flow $162MFY24: Net borrowing $50.0MFY24: Capital spending −$19.6MFY24: Dividends −$68.5M$212MFY24FY25: Operating cash flow $64.9MFY25: Net borrowing $125MFY25: Shares issued $2.5MFY25: Capital spending −$5.1MFY25: Dividends −$75.8M$192MFY25FY26: Operating cash flow $66.5MFY26: Shares issued $3.7MFY26: Capital spending −$2.6MFY26: Buybacks −$8.7MFY26: Dividends −$118M$70.2MFY26
Over these 5 years operating cash flow totalled $658M; the largest uses were dividends ($336M) and acquisitions ($182M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$703M
Debt$270M
Net cash$433M
Cash runway19 months

StepStone Group is burning cash: its operations consume cash, a free cash flow of −$439M a year at the current rate against $703M of cash and investments: a runway of about 19 months before any new financing.

Where the cash came from and went

StepStone Group: sources (+) and uses (−) of cash, Q1 FY27StepStone Group: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow−$458MCash drawn (+) / kept (−)$416MOther financing$117MDividends−$68.6MOther investing$22.0MBuybacks−$19.2MPartners−$9.6MExchange rates$1.1MCapital spending−$549K
StepStone Group: sources (+) and uses (−) of cash, TTM to Q1 FY27StepStone Group: sources (+) and uses (−) of cash, TTM to Q1 FY27Other investing$768MCash drawn (+) / kept (−)−$458MOperating cash flow−$437MOther financing$302MDividends−$136MBuybacks−$27.9MPartners−$9.6MCapital spending−$2.1MExchange rates$941K

From profit to cash

StepStone Group: net income to operating cash flow, Q1 FY27StepStone Group: net income to operating cash flow, Q1 FY27Net income−$170MDepreciation & amortization$11.4MStock-based pay$293MDeferred taxes−$42.5MGains on investments−$2.8MReceivables$23.6MEmployee-related liabilities$34.8MOperating cash flow−$458M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27−$458M−$549K−$19.2M−$68.6M——$416M−$458M
Q4 FY26−$23.2M−$762K—−$23.3M—$1.9M−$741M−$24.0M
Q3 FY26$27.2M−$432K—−$22.2M$75.0M—−$11.3M$26.7M
Q2 FY26$16.2M−$331K—−$22.0M——−$122M$15.9M
Q1 FY26$46.3M−$1.1M—−$50.3M——$45.1M$45.2M
Q4 FY25−$66.5M−$2.7M—−$18.3M$100M$1.4M−$10.3M−$69.2M
Q3 FY25$27.6M−$566K—−$17.5M——−$54.1M$27.0M
Q2 FY25$53.7M−$1.3M—−$16.3M——−$29.2M$52.4M

StepStone Group: income statement and cash flow

StepStone Group, Q2 FY27: revenue $773M (+70% year over year), operating margin 6.2%. The chart follows the revenue to costs, profit and cash.

StepStone Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.