StepStone (STEP) Operating Expenses (2019 - 2025)
StepStone's (STEP) quarterly Operating Expenses came in at $1.2 billion in Q3 2025, up 433.3% YoY from $220.7 million in Q3 2024, and up 178.04% on a QoQ basis from $423.3 million in Q2 2025.
StepStone (STEP) Operating Expenses (2019 - 2025) Analysis & Trends
StepStone (STEP) has 7 years of Operating Expenses data on file, last reported at $1.2 billion in Q3 2025.
- Quarterly Operating Expenses rose 433.3% year-over-year to $1.2 billion in Q3 2025, while the trailing twelve-month figure through Dec 2025 was $2.0 billion (up 49.48% YoY) and the FY2025 annual result came in at $1.4 billion, up 167.04% from the prior year.
- Operating Expenses rose to $1.2 billion in Q3 2025, from $423.3 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $1.2 billion in Q3 2025 to a low of -$104.2 million in Q3 2022.
- A 5-year average of $243.8 million and a median of $173.7 million in 2021 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2022 — Operating Expenses tumbled 160.06% — and 2024, when it jumped 3544.89%.
- Tracing STEP's Operating Expenses over 5 years: stood at $292.7 million in 2021, then sank by 98.21% to $5.2 million in 2022, then jumped by 264.96% to $19.2 million in 2023, then jumped by 3544.89% to $698.1 million in 2024, then surged by 68.6% to $1.2 billion in 2025.
- The last three Operating Expenses figures came in at $1.2 billion (Q3 2025), $423.3 million (Q2 2025), and $383.6 million (Q1 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 4.62 Bn |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | 2.38 Bn |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | 5.41 Bn |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | 14.94 Bn |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | 659.00 Mn |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 8.74 Bn |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | 2.66 Bn |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 3.50 Bn |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | 1.64 Bn |
| 10 | StepStone | 3.89 Bn | 2.98 Bn | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Sep 30, 2025 | 1.18 Bn |
| Jun 30, 2025 | 423.32 Mn |
| Mar 31, 2025 | 383.60 Mn |
| Dec 31, 2024 | 698.11 Mn |
| Sep 30, 2024 | 220.70 Mn |
| Jun 30, 2024 | 139.25 Mn |
| Mar 31, 2024 | 269.19 Mn |
| Dec 31, 2023 | 19.15 Mn |
| Sep 30, 2023 | 130.33 Mn |
| Jun 30, 2023 | 121.20 Mn |
| Mar 31, 2023 | 100.24 Mn |
| Dec 31, 2022 | 5.25 Mn |
| Sep 30, 2022 | -104.15 Mn |
| Jun 30, 2022 | -68.42 Mn |
| Mar 31, 2022 | 273.31 Mn |
| Dec 31, 2021 | 292.73 Mn |
| Sep 30, 2021 | 173.40 Mn |
| Jun 30, 2021 | 173.72 Mn |
| Mar 31, 2021 | 205.12 Mn |
| Dec 31, 2020 | 136.43 Mn |