StepStone Group Inc.STEP
StepStone Group Inc. Revenue Disclosure
Revenues
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The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount:
| Year Ended March 31, | |||||||||||||||||
| Management and Advisory Fees, Net | 2026 | 2025 | 2024 | ||||||||||||||
Focused commingled funds(1) | $ | 547,764 | $ | 440,131 | $ | 295,927 | |||||||||||
| SMAs | 293,629 | 252,709 | 223,958 | ||||||||||||||
| Advisory and other services | 74,491 | 67,061 | 60,057 | ||||||||||||||
| Fund reimbursement revenues | 10,581 | 7,113 | 5,198 | ||||||||||||||
| Total management and advisory fees, net | $ | 926,465 | $ | 767,014 | $ | 585,140 | |||||||||||
(1)Includes income-based incentive fees of $22.8 million, $8.0 million and $1.4 million for the years ended March 31, 2026, 2025 and 2024, respectively.
| Year Ended March 31, | |||||||||||||||||
| Incentive Fees | 2026 | 2025 | 2024 | ||||||||||||||
| SMAs | $ | 10,269 | $ | 8,878 | $ | 16,294 | |||||||||||
| Focused commingled funds | 209,864 | 23,397 | 9,045 | ||||||||||||||
| Total incentive fees | $ | 220,133 | $ | 32,275 | $ | 25,339 | |||||||||||
| Year Ended March 31, | |||||||||||||||||
| Carried Interest Allocations | 2026 | 2025 | 2024 | ||||||||||||||
| SMAs | $ | 351,506 | $ | 171,801 | $ | 142,411 | |||||||||||
| Focused commingled funds | 356,788 | 129,399 | 33,898 | ||||||||||||||
| Total carried interest allocations | $ | 708,294 | $ | 301,200 | $ | 176,309 | |||||||||||
| Year Ended March 31, | |||||||||||||||||
| Legacy Greenspring Carried Interest Allocations | 2026 | 2025 | 2024 | ||||||||||||||
| SMAs | $ | 989 | $ | 37 | $ | 1,029 | |||||||||||
| Focused commingled funds | 137,722 | 74,304 | (76,186) | ||||||||||||||
Total legacy Greenspring carried interest allocations(1) | $ | 138,711 | $ | 74,341 | $ | (75,157) | |||||||||||
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(1)The years ended March 31, 2026, 2025, and 2024 reflect the net effect of gross realized carried interest allocations of $19.7 million, $63.1 million, and $59.7 million, respectively, and the reversal of such amounts in unrealized carried interest allocations for such periods.
See note 5 for a discussion of changes in carried interest allocations and legacy Greenspring carried interest allocations.
For the year ended March 31, 2026, the increase in incentive fees was primarily driven by higher incentive fees generated by StepStone’s Private Venture and Growth Fund due to strong returns in the 2025 calendar year and a higher asset base.
The Company derives revenues from clients located in both the United States and other countries. The table below presents the Company’s revenues by geographic location:
| Year Ended March 31, | |||||||||||||||||
Revenues(1) | 2026 | 2025 | 2024 | ||||||||||||||
| United States | $ | 1,071,746 | $ | 521,236 | $ | 191,373 | |||||||||||
| Non-U.S. countries | 921,857 | 653,594 | 520,258 | ||||||||||||||
| Total revenues | $ | 1,993,603 | $ | 1,174,830 | $ | 711,631 | |||||||||||
(1)Revenues are attributed to countries based on client location for SMAs and advisory and other services, or location of investment vehicle for focused commingled funds.
For the years ended March 31, 2026, 2025 and 2024, no individual client represented 10% or more of the Company’s net management and advisory fees. For the year ended March 31, 2026, two commingled funds each represented 10% or more of the Company’s incentive fees. For the year ended March 31, 2025, one commingled fund represented 10% or more of the Company’s incentive fees. For the year ended March 31, 2024, two SMAs and one commingled fund represented 10% or more of the Company’s incentive fees.
For the year ended March 31, 2026, the Company had management and advisory fee revenues attributable to the United States, which represented 10% or more of the Company’s net management and advisory fees. The Company had incentive fees attributable to the United States and Luxembourg, each of which represented 10% or more of the Company’s incentive fees. For the years ended March 31, 2025 and 2024, the Company had management and advisory fee revenues attributable to the United States and Cayman Islands, each of which represented 10% or more of the Company’s net management and advisory fees. For the year ended March 31, 2025, the Company had incentive fees attributable to the United States, which represented 10% or more of the Company’s incentive fees. For the year ended March 31, 2024, the Company had incentive fees attributable to Australia, the United States and Switzerland, each of which represented 10% or more of the Company’s incentive fees.
As of March 31, 2026 and 2025, the Company had $23.8 million and $26.8 million, respectively, of deferred revenues, which is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets. During the year ended March 31, 2026, the Company had recognized $4.5 million as revenue from amounts included in the deferred revenue balance as of March 31, 2025.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 27, 2026 | Showing above |
| 2025 | May 23, 2025 | |
| 2024 | May 24, 2024 | |
| 2023 | May 26, 2023 | |
| 2022 | May 31, 2022 | |
| 2021 | Jun 23, 2021 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.