STEP (STEP) revenue breakdown
By product, Management and advisory fees, net is the largest at 46% of fiscal 2026 revenue; Total incentive fees grew fastest, 109% a year over 4 years.
By region, United States is the largest at 54% of fiscal 2026 revenue, growing 43% a year over 7 years.
Revenue by product
Fiscal years, as STEP reports them in its 10-K filings; fiscal 2026 total $2.0B.
| Products | 2022 | 2023 | 2024 | 2025 | 2026 | Share |
|---|---|---|---|---|---|---|
| Management and advisory fees, net | $380M | $497M | $585M | $767M | $926M | 46% |
| Unrealized | $586M | -$253M | $127M | $142M | $540M | 27% |
| Total incentive fees | $12M | $10M | $25M | $32M | $220M | 11% |
| Realized | $201M | $131M | $49M | $160M | $169M | 8% |
| Legacy Greenspring Carried Interest Allocations | $187M | -$452M | -$75M | $74M | $139M | 7% |
Revenue by region
Fiscal years, as STEP reports them in its 10-K filings; fiscal 2026 total $2.0B.
| Regions | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Share |
|---|---|---|---|---|---|---|---|---|---|
| United States | $89M | $109M | $167M | $428M | -$238M | $191M | $521M | $1.1B | 54% |
| Non-U.S. countries | $167M | $338M | $621M | $937M | $171M | $520M | $654M | $922M | 46% |
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Where does STEP make its money?
In fiscal 2026, by product: Management and advisory fees, net $926M, Unrealized $540M, Total incentive fees $220M, Realized $169M, Legacy Greenspring Carried Interest Allocations $139M.
From STEP's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.