StepStone (STEP) Operating Expenses (2019 - 2025)
StepStone (STEP) posted Operating Expenses of $1.18 billion for fiscal Q2 2026 (quarter ended Sep 30, 2025), up 433.3% from $220.7 million a year earlier and up 178.0% from the prior quarter.
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Analysis
StepStone (STEP) Operating Expenses (2019 - 2025) Analysis & Trends
For the trailing twelve months through Sep 30, 2025, Operating Expenses at StepStone was $2.68 billion, up 313.7% year-over-year; for FY2025 (ended Mar 31, 2025), it came in at $1.44 billion, up 167.0% from FY2024.
- Annual Operating Expenses shows a five-year compound annual growth rate of 37.4% (FY2020 to FY2025).
- In prior fiscal years, StepStone's Operating Expenses was $539.86 million in FY2024, -$67.08 million in FY2023, $913.16 million in FY2022 (+98.7%) and $459.55 million in FY2021 (+56.0%).
- The fiscal Q2 2026 figure stands as the highest quarterly Operating Expenses in data going back to fiscal Q2 2020.
- On a year-over-year basis, Operating Expenses has increased in each of the last three quarters, with growth averaging 171.1% over the last seven quarters.
- The strongest year-over-year quarter for Operating Expenses in the past five years was fiscal Q2 2026, with growth of 433.3%; the weakest was fiscal Q3 2023, with a decline of 98.2%.
- According to Business Quant data, Operating Expenses for the three prior fiscal quarters was $423.32 million (Q1 2026), $383.6 million (Q4 2025) and $698.11 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 165.57 Bn | 111.92 Bn | - | 4.62 Bn |
| 2 | Spdr Gold Trust | 134.78 Bn | -423.22 Bn | - | 149.76 Mn |
| 3 | Blackstone | 85.82 Bn | 80.74 Bn | - | 2.38 Bn |
| 4 | Kkr | 83.68 Bn | 50.16 Bn | - | 5.41 Bn |
| 5 | Brookfield | 82.01 Bn | -83.38 Bn | 4.47 Bn | 14.94 Bn |
| 6 | Brookfield Asset Management | 71.83 Bn | 68.08 Bn | - | 659.00 Mn |
| 7 | Apollo Global Management | 68.53 Bn | 6.22 Bn | 10.56 Bn | 8.74 Bn |
| 8 | Wheaton Precious Metals | 61.44 Bn | 56.87 Bn | 687.86 Mn | 133.83 Mn |
| 9 | Franco Nevada | 47.81 Bn | 45.18 Bn | 451.00 Mn | 7.80 Mn |
| 10 | StepStone | 5.14 Bn | 4.44 Bn | - | - |
Historic Data
Download Data
Historic 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 |
API Access
StepStone Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=STEP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "STEP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=STEP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();