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Edge14 Aug 2026
Deutsche Qualität: The Story of Birkenstock
From an 18th-century German shoemaker to a global footwear brand, how Birkenstock turned an orthopedic insole into the world's most popular sandal.
StepStone Group
StepStone Group (STEP) investor relations material
StepStone Group Q1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2027 earnings summary6 Aug, 2026
Executive summary
Achieved record financial results in Q1 FY2027, with fee revenues up 27% year-over-year to $270.9 million, driven by strong fundraising, robust FEAUM growth, and higher average fee rates in evergreen products.
Adjusted net income per share rose 20% year-over-year to $0.48, with adjusted net income at $60.3 million.
Assets under management (AUM) reached $245.4 billion, up 23% year-over-year, and fee-earning AUM (FEAUM) grew 21% to $153.6 billion.
Declared a quarterly cash dividend of $0.33 per share, payable September 15, 2026, and repurchased $21 million in shares post-fiscal year-end.
Strategic focus on client retention, expansion, long-term growth initiatives, and selective M&A, including plans to buy in private wealth profits interest.
Financial highlights
Reported GAAP net loss of $115.8 million ($1.41 per share) for the quarter, primarily due to fair value changes related to private wealth profits interests.
Fee-related earnings (FRE) reached $105.6 million, up 30% year-over-year, with a 39% FRE margin.
Fee revenue totaled $271 million, up 27% year-over-year, driven by growth in fee-earning AUM.
Gross realized performance fees were $29.7 million, up 20% year-over-year.
Total revenues increased 4% year-over-year to $378.9 million, with management and advisory fees, net, rising 27% to $269.2 million.
Outlook and guidance
Management expects continued growth in FEAUM and fee revenues, supported by robust fundraising and deployment activity.
Expect continued strong annual inflows in private wealth, with SPRING fund subscriptions likely to normalize but remain healthy.
Anticipate a $1.5 billion managed account expiration next quarter, partially offsetting adjusted net income.
Commingled fund fee rates expected to remain flat in the near term, with potential for future increases as fundraising progresses.
Forward-looking statements caution about risks from market conditions, fundraising environment, and regulatory factors.
Drivers of commingled fund FEAUM outperformance
Explain the year-over-year Real Estate FEAUM drop
Plan to activate undeployed fee-earning capital
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Latest events from StepStone Group
- Virtual meeting to elect directors, ratify auditor, and approve executive pay on Sept 8, 2026.STEP
Proxy filing - Annual meeting to vote on directors, auditor, and executive pay amid strengthened governance.STEPProxy filing
- Record fundraising, strong fund performance, and new buyback program signal robust growth.STEP2026 RBC Capital Markets Global Financial Institutions Conference
- Record capital formation and expanding private wealth drive growth, with retirement as a key future focus.STEPMorgan Stanley US Financials Conference 2026
- AUM climbed 23% to $233.3B, fee revenues rose 21%, and higher dividends were declared.STEPQ4 2026
- Revenues surged 73% to $586.5M, with AUM at $220B and fee-earning AUM up 21%.STEPQ3 2026
- Record fundraising and product innovation drive growth, supported by global distribution.STEPBarclays 22nd Annual Global Financial Services Conference
- AUM hit $169.3B, adjusted net income per share rose 85%, and dividend increased to $0.24.STEPQ1 2025
- Strong global growth, product innovation, and strategic buy-ins drive accretive expansion.STEPMorgan Stanley US Financials, Payments & CRE Conference 2024
Next StepStone Group earnings date
Q2 20275 Nov, 2026
StepStone Group
Next StepStone Group earnings date
Q2 20275 Nov, 2026
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