STEPSTONE GROUP INC.
Cash Flow Statement
| Line Item | Jun 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Dec 2023 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-115.8M | $-123.5M | $-366.1M | $-38.4M | $-192.0M | $17.6M | $13.3M | $-20.2M |
| Depreciation & Amortization | $11.4M | — | — | $11.4M | — | — | $11.3M | — |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $10.2M | $10.2M | $10.2M | $10.2M | $10.3M | $10.3M | $10.3M | $10.7M |
| Stock-Based Compensation | $292.8M | — | — | $181.7M | — | — | $18.5M | — |
| Net Cash from Operating Activities | $-457.5M | — | — | $46.3M | — | — | $50.2M | — |
| Investing Activities | ||||||||
| Capital Expenditures | $549.0K | — | — | $1.1M | — | — | $575.0K | — |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $21.4M | — | — | $-11.8M | — | — | $-13.2M | — |
| Financing Activities | ||||||||
| Dividends Paid | $68.6M | — | — | $50.3M | — | — | $23.8M | — |
| Stock Repurchases | $19.2M | — | — | $0 | — | — | — | — |
| Net Cash from Financing Activities | $19.1M | — | — | $-72.2M | — | — | $-22.9M | — |
| Net Change in Cash | $-415.9M | — | — | $-45.1M | — | — | $13.9M | — |
| Free Cash Flow | $-458.1M | — | — | $45.2M | — | — | $49.6M | — |
Plant trees that other men will sit under.