StepStone Group posts $575.5 million Q2 net loss as revenue rises 67%
StepStone reported results for the quarter ended September 30, 2025, with total revenues up 67% to $454.2 million and management and advisory fees up 17% to $215.5 million. A GAAP net loss of $575.5 million, or $4.66 per share, compared with net income of $53.1 million a year earlier, reflecting equity-based compensation of $884.5 million, while adjusted net income rose 25% to $66.7 million.
Key points
- Total revenues were $454.2 million versus $271.7 million a year earlier; total performance fees were $238.7 million.
- GAAP net loss was $575.5 million, or $4.66 per share, versus net income of $53.1 million, or $0.26 per share; equity-based compensation was $884.5 million versus $37.3 million.
- Adjusted net income rose to $66.7 million, or $0.54 per share, from $53.6 million, or $0.45 per share; fee-related earnings were $78.6 million, up 9%.
- The board declared a quarterly dividend of $0.28 per share, up from $0.24, payable December 15, 2025, to holders of record on November 28, 2025.
The filing
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 November 06, 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.