Filing Flows › StepStone Group (STEP) › Q2 FY26
StepStone Group (STEP) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Nov 6, 2025
StepStone Group (STEP) reported revenue of $454M for the second quarter fiscal 2026 (Q2 FY26), +67% from a year earlier and +25% from the quarter before. Operating margin was -159.1%, net loss $575M (126.7% of revenue).
StepStone Group, Q2 FY26: revenue $454M (+67% year over year), operating margin -159.1%, net loss $575M, operating cash flow $16.2M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $454M | +25% | +67% |
| Operating profit | −$723M | — | — |
| Net earnings | −$575M | — | — |
| Operating cash flow | $16.2M | -65% | -70% |
| Free cash flow | $15.9M | -65% | -70% |
What changed
Revenue was $454.2M in Q2 FY26, up 67% year over year and up 25% from the previous quarter. Unrealized was the largest line at 33% of revenue. Unrealized added $95.6M year over year (up 183%), 52% of the total change. Focused commingled funds declined 82%.
Operating costs exceeded revenue by $722.8M, an operating margin of -159.1%. Total costs grew 433% against revenue growth of 67%. The fastest-growing cost line was Other operating costs (+563%). The quarter ended with a net loss of $575.5M, wider than the previous quarter's $12.0M loss. Minority interests bore $209.3M of it: to shareholders the quarter was a loss of $366.1M.
Operating cash flow was $16.2M (down 70% year over year). Non-cash charges added back $11.5M of depreciation and amortization and $875.5M of share-based compensation. Working capital and other items used $295.2M. Capital expenditures of $331K left free cash flow of $15.9M.
Questions
What was StepStone Group's revenue in the second quarter fiscal 2026?
StepStone Group (STEP) reported revenue of $454M for the second quarter fiscal 2026 (Q2 FY26), +67% from a year earlier and +25% from the quarter before.
Was StepStone Group profitable in the second quarter fiscal 2026?
Operating loss was $723M (-159.1% of revenue) and net loss $575M.
Source: StepStone Group 10-Q on SEC EDGAR.