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Dec 31, 2025
StepStone Q3 2026 Earnings Report
StepStone Group reported its third quarter fiscal year 2026 results, showing significant growth in total revenues and performance fees, alongside an increase in assets under management and fee-earning AUM.
Key Takeaways
StepStone Group Inc. delivered strong financial results for the third quarter of fiscal year 2026, with total revenues reaching $586.5 million, a 73% increase from the previous year. The company reported a net loss of $162.4 million, but adjusted net income showed positive growth. Key business drivers like AUM and FEAUM also saw substantial increases.
Total revenues surged by 73% to $586.5 million in Q3 2026 compared to the same period last year.
Total performance fees increased by 134% to $346.6 million, driven by strong realized and unrealized carried interest allocations.
Net loss for the quarter was $162.4 million, a decrease from a net loss of $287.2 million in the prior year.
Assets under management (AUM) grew by 23% to $219.8 billion, and fee-earning AUM (FEAUM) increased by 21% to $138.6 billion.
Revenue by Segment
Forward Guidance
The company anticipates continued growth in its private markets investment solutions and advisory services, leveraging its global presence and diverse client base. Strategic initiatives are expected to drive further increases in AUM and FEAUM.
Positive Outlook
- Continued strong demand for private markets investment solutions.
- Expansion of client base, including high-net-worth and mass affluent individuals.
- Strategic partnerships and acquisitions to enhance service offerings.
- Growth in fee-earning capital through new commitments and activated investments.
- Diversified asset classes across private equity, infrastructure, private debt, and real estate to mitigate market risks.
Challenges Ahead
- Potential impact of global and domestic market volatility on investment valuations.
- Regulatory changes could affect business operations and financial results.
- Challenges in integrating acquired businesses successfully.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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