StepStone Group Inc. reported its financial results for the fourth quarter and full fiscal year ended March 31, 2025. For Q4 FY25, total revenues increased 6% year-over-year to $377.7 million, while full-year FY25 total revenues surged 65% to $1.17 billion.
Despite a GAAP net loss attributable to StepStone Group Inc. of $(18.5) million for Q4 FY25 and $(179.6) million for FY25, the firm demonstrated strong non-GAAP performance. Q4 FY25 Fee-Related Earnings (FRE) grew 85% to $94.1 million, with a FRE margin of 44%. Full-year FRE increased 64% to $312.2 million, achieving a 41% margin.
Adjusted Net Income (ANI) per share for Q4 FY25 rose 106% to $0.68, and for FY25, it increased 69% to $2.05. As of March 31, 2025, Assets Under Management (AUM) reached $189.4 billion, up 21% year-over-year, and Fee-Earning AUM (FEAUM) grew 29% to $121.4 billion.
The Board of Directors declared a quarterly cash dividend of $0.24 per share and a supplemental cash dividend of $0.40 per share, both payable on June 30, 2025. This reflects confidence in the firm's recurring fee-related earnings and its commitment to shareholder returns.
StepStone's private wealth platform assets grew to $8.2 billion in AUM. The firm also raised $21 billion in new capital for separately managed accounts and $10 billion for commingled funds over the last twelve months, indicating robust fundraising momentum. The second tranche of its non-controlling interest (NCI) buy-in is expected to close in Q1 FY2026, further streamlining ownership and enhancing earnings accretion.
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