EarningsQ1 2027 Earnings Report
MX:STEP Q1 2027 EPS Results
Actual EPS$8.11
Consensus EPS$8.51
Beat/MissMissed by -$0.41
One Year Ago EPS$6.76
MX:STEP Q1 2027 Revenue Results
Actual Revenue$7.01B
Expected Revenue$5.23B
Beat/MissBeat by +$1.78B
YoY Revenue Growth+13.20%
Earnings Announcement Details
QuarterQ1 2027
Date08/06/2026
TimeAfter Close
Conference CallThursday, August 6, 2026
MX:STEP Upcoming Earnings
StepStone Group's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q1 2027 Earnings Call Audio
MX:STEP Q1 2027 Earnings Call
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Q1 2027 Earnings Slide Deck
Q1 2027 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted robust growth in core operating metrics — fee revenue (+27% YoY), fee-related earnings (+30% YoY), record fundraising, strong Private Wealth momentum, meaningful accrued carry, and capital returns (dividend increase and buybacks). Offsetting items include a GAAP net loss driven by accounting for the Private Wealth buy-in, near-term fee-rate pressure from changed secondaries fee structures, expense increases, the timing variability of performance fees, and complexity/capital requirements associated with the upcoming Private Wealth buy-in. On balance, the positives — durable FRE growth, strong fundraising and product performance, and a mature accrued carry backlog — materially outweigh the near-term accounting and execution complexities.Company Guidance
Strong Fee-Related Earnings Growth
Fee-related earnings of $106 million, up 30% year-over-year; core FRE excluding retroactive fees $105 million, up 33% YoY. FRE margin remained healthy at 39% for the quarter.
Revenue and Adjusted Earnings Improvement
Fee revenue of $271 million, up 27% YoY. Adjusted net income of $60 million or $0.48 per share, up from $49 million or $0.40 per share in the prior year quarter.
Exceptional Fundraising and AUM Growth
Generated $10 billion of gross inflows in the quarter; nearly $40 billion of gross AUM additions over the last 12 months (best 12-month period ever). Fee-earning assets plus undeployed fee-earning capital (UFEC) grew to ~$193 billion, up $9 billion sequentially and $37 billion year-over-year.
Private Wealth Momentum
Private Wealth subscriptions hit a record $2.8 billion in the quarter; total Private Wealth assets surpassed $21 billion (more than doubled NAV over the last year). SPRING drove ~$1.7 billion of these inflows.
SPRING Performance
SPRING delivered strong calendar-year-to-date performance of 23% net returns through the first half of the calendar year, supporting a pipeline of future Private Wealth incentive fees that will crystallize at year end.
Run-Rate Metrics and Capital Returns
Company is generating run-rate management and advisory fees of over $1 billion annually and run-rate FRE well over $400 million per year. Quarterly dividend increased 18% from $0.28 to $0.33 per share; $30 million of buybacks completed (over 710,000 shares) toward a $100 million authorization.
Accrued Carry and Realization Potential
Net accrued carry finished at $935 million, up 19% YoY, with over 70% tied to programs older than five years — indicating a relatively mature, harvestable backlog of performance-based economics.
Healthy Liquidity/Pipeline (UFEC)
UFEC remains over $39 billion, supporting future fee-earning AUM growth; activations and managed account deployment combined with replenishment kept UFEC healthy despite large activations during the quarter.
MX:STEP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed