Growth Metrics

StepStone (STEP) EBITDA (2019 - 2025)

StepStone posted quarterly EBITDA of -$123.5 million for Q4 2025, up 56.96% year-on-year from -$78.7 million in Q4 2024, and up 81.6% on a QoQ basis from -$671.4 million in Q3 2025.

StepStone (STEP) has 7 years of EBITDA data on file, last reported at -$123.5 million in Q4 2025.

  • For the quarter ending Q4 2025, EBITDA rose 56.96% year-over-year to -$123.5 million; the trailing twelve-month figure through Dec 2025 stood at -$797.6 million (down 1030.41% YoY), and the FY2025 full-year result was -$209.3 million, down 202.25% from the prior year.
  • EBITDA for Q4 2025 stood at -$123.5 million, up from -$671.4 million in the prior quarter.
  • Across five years, EBITDA topped out at $162.9 million in Q1 2021 and bottomed at -$671.4 million in Q3 2025.
  • The 5-year median for EBITDA is $58.9 million (2023), against an average of -$6.1 million.
  • The widest annual swing landed in 2023, when EBITDA jumped 406.43%; it then plunged 1229.72% in 2024.
  • A 5-year view of EBITDA shows it stood at $142.6 million in 2021, then tumbled by 109.24% to -$13.2 million in 2022, then plunged by 63.78% to -$21.6 million in 2023, then slumped by 1229.72% to -$287.0 million in 2024, then surged by 56.96% to -$123.5 million in 2025.
  • The last three EBITDA figures came in at -$123.5 million (Q4 2025), -$671.4 million (Q3 2025), and -$15.8 million (Q2 2025), per Business Quant data.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) EBITDA (Qtr)
1 BlackRock 158.51 Bn 148.89 Bn - 2.81 Bn
2 Blackstone 92.68 Bn 91.63 Bn - 1.59 Bn
3 Kkr 84.94 Bn 132.45 Bn - 1.99 Bn
4 Brookfield Asset Management 77.34 Bn 77.68 Bn - 733.00 Mn
5 Apollo Global Management 76.27 Bn 95.00 Bn 5.04 Bn 79.00 Mn
6 State Street 44.42 Bn 18.75 Bn - 2.79 Bn
7 Ameriprise Financial 41.68 Bn 41.55 Bn 4.57 Bn 901.00 Mn
8 Northern Trust 31.21 Bn 31.21 Bn - 2.28 Bn
9 Ares Management 28.85 Bn 32.22 Bn - 363.68 Mn
10 StepStone 3.79 Bn 4.63 Bn - -123.51 Mn

Historic Data

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DateValue
Dec 31, 2025 -123.51 Mn
Sep 30, 2025 -671.40 Mn
Jun 30, 2025 -15.82 Mn
Mar 31, 2025 13.14 Mn
Dec 31, 2024 -286.95 Mn
Sep 30, 2024 61.40 Mn
Jun 30, 2024 57.83 Mn
Mar 31, 2024 97.16 Mn
Dec 31, 2023 -21.58 Mn
Sep 30, 2023 69.09 Mn
Jun 30, 2023 60.06 Mn
Mar 31, 2023 69.18 Mn
Dec 31, 2022 -13.18 Mn
Sep 30, 2022 -73.67 Mn
Jun 30, 2022 -19.60 Mn
Mar 31, 2022 116.32 Mn
Dec 31, 2021 142.62 Mn
Sep 30, 2021 113.81 Mn
Jun 30, 2021 140.95 Mn
Mar 31, 2021 162.87 Mn
Dec 31, 2020 116.96 Mn
Sep 30, 2020 114.52 Mn
Jun 30, 2020 -49.15 Mn
Mar 31, 2020 53.93 Mn
Dec 31, 2019 20.67 Mn
Sep 30, 2019 49.98 Mn