NASDAQ$STEP

StepStone Group LP · Q3 2026 earnings

Q3 2026 earnings · · After market close · Investor relations

Briefing

StepStone Group reported Q3 2026, revenue of $586.5M, net loss of $123.5M, diluted EPS of $-1.55.

For Q3 2026, StepStone Group reported revenue of $586.5M, a net loss of $123.5M, diluted EPS was $-1.55. Management discusses segment performance, capital allocation, and outlook in the earnings release.

  • Revenue $586.5M.
  • Net loss $123.5M.
  • Diluted EPS $-1.55.

Headline financials

Total Revenue

$587M

Previous: $339M+73.0%
EPS (adj)

-$1.55

Previous: $0.44-452.3%
Pre-tax Adjusted Net Income

$103M

Previous: $67.8M+51.6%
Adjusted revenues

$495M

Previous: $244M+102.7%
Fee-earning AUM

$139B

Previous: $114B+21.4%
Management and advisory fees, net

$240M

Previous: $191M+25.7%
Fee-related earnings

$89.2M

Previous: $74.1M+20.4%
FRE margin

37.0%

Previous: 39.0%-5.1%
Gross realized performance fees

$253M

Previous: $52.1M+386.6%
Performance fee-related earnings

$131M

No prior period
Total capital responsibility

$811B

Previous: $698B+16.2%
Assets under advisement

$591B

Previous: $519B+14.0%
Assets under management

$220B

Previous: $179B+22.7%
Undeployed fee-earning capital

$32.7B

Previous: $21.7B+50.7%
Capital Expenditures

-$1.86M

Previous: -$2.44M+23.7%
Free Cash Flow

$87.8M

No prior period
Net Income

-$123M

Previous: -$287M+57.0%
Operating Income

$526M

Previous: -$359M+246.4%
Gross Profit

$587M

No prior period
Total Assets

$5.24B

No prior period

Revenue & EPS history

StepStone · Revenue · Quarterly

$587M

Q3 2026+73%vs Q3 2025
Beat estimate in 12 of 15 quarters(80%)
ActualEstimate

Revenue by segment

StepStone · $260M total across 4 segments · Q4 2026

  • Focused commingled funds
    $161M
  • Separately managed accounts
    $76.3M
  • Advisory and other services
    $20M
  • Fund reimbursement revenues
    $3.18M

Forward guidance

The release discusses StepStone Group's outlook for upcoming periods, including capital allocation, operating priorities, and market risks, without relying solely on numeric EPS bridges.

Tailwinds

  • StepStone Group cites operational execution and demand trends supporting the outlook.
  • Balance sheet and liquidity actions aim to fund growth and returns.

Headwinds

  • GAAP profitability remained under pressure in Q3 2026.
  • Macro, pricing, and input-cost volatility could pressure margins.
  • Segment mix and one-time items may affect quarter-to-quarter comparability.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q3 2026

Historical avgQ3 2026

+2.4%

Avg return

Earnings day

+2.4%

Avg return

5 days after

-2.1%

Avg return

30 days after

74%

17 / 23 earnings

Positive

+11.0%

Q4 2024

Best reaction

-7.0%

Q2 2024

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q4 2026+5.4%+1.2%-13.0%
Q3 2026+5.5%+0.2%-22.8%
Q2 2026-1.6%+0.9%+1.0%
Q1 2026+1.8%+8.6%+6.0%
Q4 2025+3.5%+6.3%-6.5%
Q3 2025+0.8%-6.5%-18.3%
Q2 2025+2.9%+2.9%-8.9%
Q1 2025+11.0%+12.4%+16.6%
Q4 2024+11.0%+18.3%+15.9%
Q3 2024+7.5%+2.5%-0.2%
Q2 2024-7.0%-9.3%-12.4%
Q1 2024+4.5%+1.8%+8.9%
Q4 2023-5.1%-2.8%+3.5%
Q3 2023-2.9%-5.0%-22.6%
Q2 2023+1.0%+0.3%+2.6%
Q1 2023-0.5%-2.1%-5.1%
Q4 2022+2.2%-0.2%+2.4%
Q3 2022+4.3%+1.1%-6.7%
Q2 2022+4.7%+11.7%-8.6%
Q1 2022-5.4%-1.8%-1.3%
Q4 2021+4.8%+8.0%+21.7%
Q3 2021+6.0%+4.1%-15.2%
Q2 2021+1.5%+3.6%+14.3%
Q1 2021
Q4 2020
Q3 2020
Q2 2020
Q1 2020

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