Filing Flows › StepStone Group (STEP) › Q3 FY26
StepStone Group (STEP) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Feb 5, 2026
StepStone Group (STEP) reported revenue of $587M for the third quarter fiscal 2026 (Q3 FY26), +73% from a year earlier and +29% from the quarter before. Operating margin was -37.7%, net loss $162M (27.7% of revenue).
StepStone Group, Q3 FY26: revenue $587M (+73% year over year), operating margin -37.7%, net loss $162M, operating cash flow $27.2M. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $587M | +29% | +73% |
| Operating profit | −$221M | — | — |
| Net earnings | −$162M | — | — |
| Operating cash flow | $27.2M | +67% | -2% |
| Free cash flow | $26.7M | +68% | -1% |
What changed
Revenue was $586.5M in Q3 FY26, up 73% year over year and up 29% from the previous quarter. Total incentive fees was the largest line at 35% of revenue. Total incentive fees added $185.6M year over year (up 830%), 75% of the total change.
Operating costs exceeded revenue by $221.3M, an operating margin of -37.7%. Total costs grew 16% against revenue growth of 73%. The fastest-growing cost line was General & admin (+17%). The quarter ended with a net loss of $162.4M, narrower than the previous quarter's $575.5M loss. Minority interests bore $39.0M of it: to shareholders the quarter was a loss of $123.5M.
Operating cash flow was $27.2M (down 2% year over year). Non-cash charges added back $11.4M of depreciation and amortization and $380.4M of share-based compensation. Working capital and other items used $202.2M. Capital expenditures of $432K left free cash flow of $26.7M.
Questions
What was StepStone Group's revenue in the third quarter fiscal 2026?
StepStone Group (STEP) reported revenue of $587M for the third quarter fiscal 2026 (Q3 FY26), +73% from a year earlier and +29% from the quarter before.
Was StepStone Group profitable in the third quarter fiscal 2026?
Operating loss was $221M (-37.7% of revenue) and net loss $162M.
Source: StepStone Group 10-Q on SEC EDGAR.