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AI brief of an SEC Form 8-K · StepStone (STEP)

StepStone swings to $179.6 million FY2025 GAAP loss as revenue rises 65%

Mixed Impact 4 of 5 earnings Written later

StepStone Group reported fourth-quarter and full fiscal 2025 results for the period ended March 31, 2025, and declared a $0.24 quarterly dividend plus a $0.40 supplemental dividend. Revenue grew in both periods, but GAAP results weakened: the company posted a net loss attributable to StepStone of $179.6 million for the year, compared with net income of $58.1 million a year earlier. Adjusted net income per share rose, which the company highlights as a measure of core operating performance.

Key points

  • Full-year total revenues were $1.17 billion, up 65% from $711.6 million; full-year GAAP diluted loss per share was $2.52, versus $0.91 of income in fiscal 2024.
  • Fourth-quarter total revenues were $377.7 million, up from $356.8 million; net loss attributable to StepStone was $18.5 million, versus $30.8 million of net income a year earlier.
  • Fourth-quarter adjusted net income per share was $0.68, up from $0.33; fee-related earnings were $94.1 million, up from $50.9 million.
  • Dividends are payable June 30, 2025, to holders of record as of June 13, 2025.

The filing

CompanyStepStone (STEP)
Form8-K, current report
Filed with the SECMay 22, 2025, 4:06 PM ET
Accession number0001796022-25-000038

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:01 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 22, 2025.

Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.