Portable machine for doing stair climbing exercises which has a base movable between horizontal and upright positions, a wheel mounted on the base for rolling engagement with the floor when the base is in the upright position, a first step movable between an operative position beside the base and a storage position within the base, a second step surmounted on the base, and a post pivotally attached to the base for movement between a supporting position generally perpendicular to the base and a handle position generally parallel to the base.