Filing Flows › StepStone Group (STEP) › Q1 FY27
StepStone Group (STEP) Q1 FY27 earnings results (first quarter fiscal 2027)
10-Q filed Aug 7, 2026
StepStone Group (STEP) reported revenue of $379M for the first quarter fiscal 2027 (Q1 FY27), +4% from a year earlier and -36% from the quarter before. Operating margin was -54.1%, net loss $170M (45.0% of revenue).
StepStone Group, Q1 FY27: revenue $379M (+4% year over year), operating margin -54.1%, net loss $170M, operating cash flow −$458M. The chart follows the revenue to costs, profit and cash.
| Q1 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $379M | -36% | +4% |
| Operating profit | −$205M | — | — |
| Net earnings | −$170M | -2658% | — |
| Operating cash flow | −$458M | — | -1089% |
What changed
Revenue was $378.9M in Q1 FY27, up 4% year over year and down 36% from the previous quarter. Performance fees was the largest line at 29% of revenue. SMAs added $4.9M year over year (up 7%), 34% of the total change. Unrealized declined 51%.
Operating costs exceeded revenue by $204.8M, an operating margin of -54.1%. Total costs grew 38% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+39%). The quarter ended with a net loss of $170.4M, after a profit of $6.7M the previous quarter. Minority interests bore $54.5M of it: to shareholders the quarter was a loss of $115.8M.
Operating cash flow was −$457.5M. Non-cash charges added back $11.4M of depreciation and amortization and $292.8M of share-based compensation. Working capital and other items used $591.3M. Capital expenditures of $549K exceeded it, leaving free cash flow of −$458.1M.
Questions
What was StepStone Group's revenue in the first quarter fiscal 2027?
StepStone Group (STEP) reported revenue of $379M for the first quarter fiscal 2027 (Q1 FY27), +4% from a year earlier and -36% from the quarter before.
Was StepStone Group profitable in the first quarter fiscal 2027?
Operating loss was $205M (-54.1% of revenue) and net loss $170M.
Source: StepStone Group 10-Q on SEC EDGAR.