Filing Flows › StepStone Group (STEP) › Q4 FY25
StepStone Group (STEP) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed May 23, 2025
StepStone Group (STEP) reported revenue of $378M for the fourth quarter fiscal 2025 (Q4 FY25), +6% from a year earlier and +11% from the quarter before. Operating margin was -1.6%, net earnings $13.2M (3.5% of revenue).
StepStone Group, Q4 FY25: revenue $378M (+6% year over year), operating margin -1.6%, net earnings $13.2M, operating cash flow −$66.5M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $378M | +11% | +6% |
| Operating profit | −$5.9M | — | — |
| Net earnings | $13.2M | — | — |
| Operating cash flow | −$66.5M | — | — |
What changed
Revenue was $377.7M in Q4 FY25, up 6% year over year and up 11% from the previous quarter. Focused commingled funds was the largest line at 33% of revenue.
Operating costs exceeded revenue by $5.9M, an operating margin of -1.6%. Total costs grew 43% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+58%). Net earnings were −$18.5M. The effective tax rate was -32.2%. Non-operating items added $15.8M, 159% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$66.5M. Non-cash charges added back $11.4M of depreciation and amortization and $120.3M of share-based compensation. Working capital and other items used $211.4M. Capital expenditures of $2.7M exceeded it, leaving free cash flow of −$69.2M.
Questions
What was StepStone Group's revenue in the fourth quarter fiscal 2025?
StepStone Group (STEP) reported revenue of $378M for the fourth quarter fiscal 2025 (Q4 FY25), +6% from a year earlier and +11% from the quarter before.
Was StepStone Group profitable in the fourth quarter fiscal 2025?
Operating loss was $5.9M (-1.6% of revenue) and net earnings $13.2M.
Source: StepStone Group 10-K on SEC EDGAR.