Short answer
StepStone Group Inc. (STEP) filed its fiscal 2025 10-K annual report with the SEC on May 23, 2025. It reported revenue of $1.2B (+65.1% year over year) and net income of −$180M.
FY2025 key financial metrics · XBRL
- Revenue
- $1.2B
- +65.1% YoY
- Net income
- −$180M
- −409.1% YoY
- EPS (diluted)
- −$2.52
- −376.9% YoY
- ROE
- -100.1%
- −118.0 pp YoY
- Operating cash flow
- $65M
- −59.8% YoY
Source: XBRL data from the StepStone Group Inc. (STEP) FY2025 10-K on SEC EDGAR. USD.
StepStone Group Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: investment management and advisory focused on private markets funds and advisory accounts
- Emphasis on managing risks from higher interest rates impacting credit availability and carried interest valuations (e.g., $75M loss on Legacy Greenspring carried interest in fiscal 2024)
- Strategic focus on securing access to competitive investment opportunities amid intense market competition for top-performing fund managers
- Heightened risk management due to client capital call defaults and elevated clawback/contingent repayment obligations under fund agreements
- Noteworthy impact of SVB collapse in March 2023 temporarily delaying client capital calls and increasing operational risks
Management Discussion & Analysis
- Management and advisory fees grew to $767M in fiscal 2025, a 27% CAGR from $235M in 2020
- Total committed capital $409.9B with net IRR 11.2% and net multiple 1.4x as of March 31, 2025
- Primaries segment: $325.9B committed, net IRR 10.8%; Secondaries best performer net IRR 14.4%, $28.4B committed
- Accrued carried interest allocations backlog $1,496M, 75% from vintages 2019 or prior
- $24.6B committed but undeployed capital to drive near-term fee growth; 95% client retention rate noted
- Large investments in platform infrastructure supporting operating margin improvement planned
- Management outlook emphasizes growth from existing clients, geographic expansion, private wealth channels, and data monetization
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