Management & Advisory Fees, Net was StepStone’s largest product and service line in fiscal 2025, bringing in $767.01M of $1.17B (65%).
| Product and Service | FY 2022 | FY 2024 | FY 2025 |
|---|---|---|---|
| Management & Advisory Fees, Net | $380.26M | $585.14M | $767.01M |
| Unrealized | $585.85M | $126.91M | $141.55M |
| Realized | $200.72M | $49.40M | $159.65M |
| Legacy Greenspring Carried Interest Allocations | $187.11M | -$75.16M | $74.34M |
| Total Incentive Fees | — | $25.34M | $32.28M |
| Incentive Fees | $11.59M | — | — |
| Total | $1.37B | $711.63M | $1.17B |
StepStone brought in $1.17B from its five product and service lines in fiscal 2025, the year ended March 31, 2025. That was up 65.1% from $711.63M in fiscal 2024. Management & Advisory Fees, Net was the largest at $767.01M (65.3%), ahead of Realized at $159.65M (13.6%) and Unrealized at $141.55M (12.0%). The other two lines brought in $106.62M combined.
Compared with fiscal 2024, Realized grew fastest, up 223.2% to $159.65M. Every line above 2% of revenue grew.
StepStone began breaking out Total Incentive Fees in fiscal 2024, when it brought in $25.34M. StepStone stopped reporting Incentive Fees as a separate line after fiscal 2022, when it brought in $11.59M.
Non-U.S. Countries was StepStone’s largest region in fiscal 2025, bringing in $653.59M of $1.17B (56%).
| Geography | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Non-U.S. Countries | $937.24M | $520.26M | $653.59M | |||
| United States | $428.28M | $191.37M | $521.24M | |||
| Total | $1.37B | $711.63M | $1.17B |
StepStone brought in $1.17B from its two regions in fiscal 2025, the year ended March 31, 2025. That was up 65.1% from $711.63M in fiscal 2024. Non-U.S. Countries was the largest at $653.59M (55.6%), ahead of United States at $521.24M (44.4%).
Compared with fiscal 2024, United States grew 172.4% to $521.24M and Non-U.S. Countries grew 25.6% to $653.59M. From fiscal 2022 to 2025, combined revenue from these regions fell from $1.37B to $1.17B, a compound annual decline of 4.9%. Non-U.S. Countries' share of the total fell from 68.6% to 55.6%.
StepStone (STEP) reports its revenue by product and service and by geography. In fiscal 2025, Management & Advisory Fees, Net was its largest product and service line, bringing in $767.01M (65.3% of the total), followed by Realized at $159.65M (13.6%).
Management & Advisory Fees, Net was StepStone's largest product and service line in fiscal 2025, bringing in $767.01M, or 65.3% of the $1.17B total across its five product and service lines.
Non-U.S. Countries was StepStone's largest region in fiscal 2025, bringing in $653.59M, or 55.6% of the $1.17B total across its two regions.
Among StepStone's product and service lines that make up at least 2% of revenue, Realized grew fastest in fiscal 2025, up 223.2% from $49.40M to $159.65M.
Every figure comes from StepStone's annual financial filings, as reported. Each line keeps the name StepStone gives it, and years follow its fiscal calendar.
StepStone's revenue by product and service goes back to fiscal 2022, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.