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Mar 31
StepStone Q4 2025 Earnings Report
StepStone reported its Q4 2025 results with strong adjusted revenue growth and higher fee-related earnings.
Key Takeaways
StepStone delivered solid performance in Q4 2025, achieving $295.86 million in adjusted revenue and $80.6 million in adjusted net income. Growth in fee-earning AUM and realized performance fees supported a strong quarter despite a GAAP net income loss.
StepStone
StepStone
StepStone Revenue by Segment
Forward Guidance
StepStone did not provide explicit forward guidance, but emphasized continued growth in fee-earning capital and private market expansion.
Positive Outlook
- Adjusted revenue up significantly YoY
- FEAUM growth of 29% supports recurring income
- Performance fee-related earnings climbed to $41.5M
- Adjusted net income increased to $80.6M
- Assets under management rose to $189B
Challenges Ahead
- GAAP EPS remained negative due to non-cash charges
- Equity-based compensation surged to $126.2M
- Total GAAP performance fees declined YoY
- Volatility from legacy Greenspring impacts
- No specific revenue or earnings guidance given