Filing Flows › StepStone Group (STEP) › Q1 FY26
StepStone Group (STEP) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Aug 7, 2025
StepStone Group (STEP) reported revenue of $364M for the first quarter fiscal 2026 (Q1 FY26), +95% from a year earlier and -4% from the quarter before. Operating margin was -16.2%, net loss $12.0M (3.3% of revenue).
StepStone Group, Q1 FY26: revenue $364M (+95% year over year), operating margin -16.2%, net loss $12.0M, operating cash flow $46.3M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $364M | -4% | +95% |
| Operating profit | −$59.0M | — | — |
| Net earnings | −$12.0M | -191% | — |
| Operating cash flow | $46.3M | — | -8% |
| Free cash flow | $45.2M | — | -9% |
What changed
Revenue was $364.3M in Q1 FY26, up 95% year over year and down 4% from the previous quarter. Carried interest allocations was the largest line at 31% of revenue. Unrealized added $114.1M year over year, 64% of the total change. Total incentive fees declined 77%.
Operating costs exceeded revenue by $59.0M, an operating margin of -16.2%. Total costs grew 204% against revenue growth of 95%. The fastest-growing cost line was Other operating costs (+287%). The quarter ended with a net loss of $12.0M, after a profit of $13.2M the previous quarter. Non-operating items added $38.7M, -190% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $46.3M (down 8% year over year). Non-cash charges added back $11.4M of depreciation and amortization and $181.7M of share-based compensation. Working capital and other items used $134.8M. Capital expenditures of $1.1M left free cash flow of $45.2M.
Questions
What was StepStone Group's revenue in the first quarter fiscal 2026?
StepStone Group (STEP) reported revenue of $364M for the first quarter fiscal 2026 (Q1 FY26), +95% from a year earlier and -4% from the quarter before.
Was StepStone Group profitable in the first quarter fiscal 2026?
Operating loss was $59.0M (-16.2% of revenue) and net loss $12.0M.
Source: StepStone Group 10-Q on SEC EDGAR.