Post-earnings recap
Reported
Thu, Aug 6, 2026
EPS actual
$0.48
EPS est.
$0.51
EPS surprise
-5.33%
1-day move
+1.02%
StepStone Group's first quarter results showed a slight miss on EPS, but the stock reacted positively, rising by 1.02%. The significant increase in fee-related earnings and private wealth AUM indicates strong growth potential. The raised dividend also reflects confidence in the company's financial health.
| Metric | Actual | Expected | Surprise |
|---|---|---|---|
| EPS | $0.48 | N/A | -5.33% |
| Fee-related Earnings | $106 million | N/A | N/A |
| Adjusted Net Income | $60 million | N/A | N/A |
| Private Wealth AUM | Over $21 billion | N/A | N/A |
| Quarterly Dividend | $0.33 | N/A | N/A |
Management expressed optimism about the growth in fee-related earnings and private wealth AUM. They highlighted the strong inflows and the increase in dividends as positive indicators for the company's future.
Fee-related earnings increased significantly year-over-year.
Private wealth assets under management more than doubled.
StepStone Group Inc. is a financial services company specializing in asset management and custody banking. With a market cap of $4 billion, it plays a significant role in managing investments for clients, which is crucial in today's dynamic financial landscape.
Last quarter
In Q4-2026, StepStone reported an EPS of $0.57, exceeding expectations by 11.76%. However, the stock saw a slight decline of 0.99% the following day, indicating mixed market reactions.
EPS beat streak
0Q
EPS beat rate
63%
Avg EPS surprise
+8.94%
Avg 1-day reaction
-1.51%
Investors are cautiously optimistic ahead of the earnings report, given the company's recent track record of beating EPS estimates. However, the lack of revenue guidance adds uncertainty.
Bull case
If StepStone continues its trend of beating EPS estimates, it could signal strong operational efficiency and client retention, potentially leading to a positive stock reaction.
Bear case
Conversely, if the company fails to meet expectations or provides weak guidance, it could lead to a significant drop in stock price, especially given the current market volatility.
The print will turn on these.
Q1
What will be the EPS for Q1-2027?
Given the company's history of beating EPS estimates, this number will be critical in determining market sentiment post-earnings.
Q2
How is revenue growth tracking compared to previous quarters?
Revenue growth is essential for assessing the company's ability to expand its client base and manage investments effectively.
—
Est. EPS
$1.48
Est. Rev
$3.3B
Impl. Move
±16.9%
Why consensus could be wrong
The Street may be underestimating StepStone's ability to maintain its EPS growth despite market challenges, as historical performance shows a consistent ability to beat estimates.
Supporting evidence
The company has a 75% EPS beat rate over the last four quarters, indicating strong operational management.
Options pricing suggests a significant move, which may reflect underlying confidence in the company's performance.
Key risk
If EPS comes in below $0.50, it could undermine the positive sentiment surrounding the stock.
Pre-commit to what would confirm each case.
The core debate centers around the company's ability to maintain profitability while navigating a challenging market environment.
Bull confirmed if
An EPS of $0.60 or higher would confirm the bull case, indicating strong operational performance.
Bear confirmed if
An EPS below $0.50 would confirm the bear case, suggesting potential issues in revenue generation or cost management.
What the market is pricing for the move.
Implied Move
±15.51%
Historical Avg
±2.0%
The options market is pricing in a significant potential move, suggesting that traders expect volatility around the earnings announcement.
Options are pricing ±15.5% while STEP has averaged ±2.0% over the last 8 prints — setup is pricing rich.
ATM IV
0.6%
30d HV
40.2%
Smart-money positioning from the most recent 13F filings.
Institutional
98.31%
of float
Insider
5.54%
of float
Holders
369
institutions
Top Holders· as of Jun 2026
Blackrock Inc.
11,972,263 sh · $528.9M
14.55%
1.2%
Likely market behavior by outcome. Not investment advice.
Beat & raise
If StepStone beats expectations, history suggests the stock could see a modest increase, confirming the company's growth trajectory.
In line / cautious
If results are in line with expectations, the stock may remain stable, but cautious management commentary could lead to uncertainty.
Miss
A miss on EPS could lead to a decline in stock price, with historical patterns suggesting an average drop of around 1.44%.
The lines on the call that would change the story.
Millennium Management Llc
5,619,498 sh · $248.3M
6.83%
-21.7%
Wellington Management Group, LLP
5,189,963 sh · $229.3M
6.31%
-1.0%
Price (T.Rowe) Associates Inc
5,167,251 sh · $228.3M
6.28%
6.0%
Vanguard Portfolio Management LLC
4,674,073 sh · $206.5M
5.68%
4.2%
13F filings updated quarterly. Position deltas show change in shares vs. the prior quarter.