Q2 2026 StepStone Group Inc Earnings Call Transcript

Nov 6, 2025 / 10:00 PM GMT

Release Date Price: $62.24 (-0.69%)

Transcript 10-Q8-K

Key Points

Positve

StepStone Group Inc (STEP) reported a 34% year-over-year growth in core fee-related earnings, reaching $78 million.
The company achieved a record quarter of subscriptions within its private wealth platform, generating $2.4 billion in new subscriptions.
StepStone Group Inc (STEP) successfully launched StepX, a pure play private equity interval fund, which saw over $700 million in gross subscriptions in the first 30 days.
The company expanded its international presence by opening new offices in the Netherlands, Spain, South Korea, and Saudi Arabia.
StepStone Group Inc (STEP) announced a partnership with Aviva, becoming one of five specialist managers in its UK trust-based pension scheme, enhancing its reputation in private markets for retirement savings.

Negative

StepStone Group Inc (STEP) reported a GAAP net loss of $366 million, or $4.66 per share, for the quarter.
The company's GAAP loss was significantly larger than prior periods due to the progress of its private wealth platform.
Fee-related earnings declined slightly sequentially, primarily due to lower retroactive fees and lower advisory fees.
General and administrative expenses increased by $2 million from the previous quarter, driven by higher travel, IT, and other general operating expenses.
The company anticipates a pullback in quarterly subscriptions following the initial surge from the launch of StepX.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

STEP.OQ - StepStone Group Inc
Q2 2026 StepStone Group Inc Earnings Call
Nov 06, 2025 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello and welcome to Stepstone Group's Q2 2026 earnings conference call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press 11 again.

Please be advised that today's conference is being recorded.

I would now like to hand the conference over to Seth W, head of investor relations. Please go ahead.

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Unidentified_2 [2]
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