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StepStone Group (STEP) investor relations material
StepStone Group Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Nov, 2025
Executive summary
Assets under management (AUM) reached $209.1 billion, up 19% year-over-year, with fee-earning AUM (FEAUM) at $132.8 billion, reflecting strong growth in both SMAs and commingled funds.
Total revenues for the quarter ended September 30, 2025, increased 67% year-over-year to $454.2 million, driven by higher carried interest allocations, management and advisory fees, and incentive fees.
Net loss attributable to the company was $366.1 million for the quarter, primarily due to a significant increase in equity-based compensation expense related to the private wealth subsidiary.
Declared a quarterly cash dividend of $0.28 per share, payable December 15, 2025.
Record Private Wealth subscriptions of $2.4 billion and robust institutional fundraising supported AUM and FEAUM growth.
Financial highlights
GAAP total revenues for the quarter were $454.2 million, up 67% year-over-year; net loss attributable to the company was $366.1 million ($4.66 per share).
Adjusted net income (ANI) for the quarter was $66.7 million ($0.54 per share), up 25% year-over-year.
Fee-related earnings (FRE) were $78.6 million for the quarter, up 9% year-over-year, with a FRE margin of 36%.
Fee revenues reached $217.5 million for the quarter, up 17% year-over-year.
Carried interest allocation revenues surged 196% (excluding reversals) to $206.7 million.
Outlook and guidance
Management expects continued growth in FEAUM and management fees, supported by robust client demand, new fund launches, and international partnerships.
StepX subscriptions expected to moderate after initial surge; future inflows anticipated from new partnerships, notably with Aviva in the UK.
G&A expenses expected to rise in the next two quarters due to major conferences.
No significant impact is expected from the ongoing U.S. government shutdown or recent tax law changes for the fiscal year ending March 31, 2026.
Management highlighted risks related to market conditions, execution of growth strategies, and regulatory factors.
Private Wealth growth drivers beyond new products?
Path to commercializing new data/tech indices?
Sustaining deal flow with growing AUM?
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Next StepStone Group earnings date
Q3 20265 Feb, 2026
Next StepStone Group earnings date
Q3 20265 Feb, 2026
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StepStone Group Inc. is an investment firm specializing in direct, fund of funds, secondary direct, and secondary indirect investments in private equity funds. It also offers portfolio management and analytics services to limited partners, pension plans, endowments and institutions, financial advisers, and trusts.
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