StoneX Group Inc. Reports Fiscal 2025 Third Quarter Financial Results
Quarterly Net Operating Revenues of $488.3 million, up 4%
Quarterly Net Income of $63.4 million, Quarterly ROE of 13.1%, YTD ROE of 15.9%
Quarterly Diluted EPS of $1.22 per share
NEW YORK, Aug. 05, 2025 (GLOBE NEWSWIRE) -- StoneX Group Inc. ((the "Company", NASDAQ:SNEX), a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise, today announced its financial results for the fiscal year 2025 third quarter ended June 30, 2025.
Sean O'Connor, the Company's Executive Vice-Chairman of the Board, stated, "The diversity of our business model was on display in our third quarter results, as significant growth in our Institutional segment net operating revenues, most notably in equity markets, combined with a strong performance in our Self-Directed/Retail segment, more than offset declines in our Commercial businesses due to diminished commodity volatility and tariff related uncertainty. This resulted in modest growth in net income versus the prior year despite $8.9 million in acquisition-related charges in the current quarter, including $6.5 million in bridge loan financing charges and $2.4 million in professional fees, which combined equated to a reduction of approximately $0.12 in diluted EPS for the quarter.
We were excited to announce the closing of the acquisitions of R.J. O'Brien and The Benchmark Company, LLC on July 31, 2025. R.J. O'Brien, the oldest futures brokerage in the U.S., brings an attractive financial profile, having generated approximately $766 million in revenue and approximately $170 million in EBITDA during calendar 2024 and we believe positions us as a market leader in global derivatives. The Benchmark Company, LLC, enhances our capital markets offering, adding a full-service investment banking firm with a robust sales and trading platform, award-winning equity research, and a highly experienced investment banking team, while further expanding our client base.
We believe that the ability to offer our expansive range of products to this newly acquired client base, as well as offering these expanded capabilities to our existing clients, positions us well to continue to drive results for our shareholders in the future."
StoneX Group Inc. Summary Financials
Condensed consolidated financial statements for the Company will be included in our Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission (the "SEC"). Upon filing, the Quarterly Report on Form 10-Q will also be made available on the Company's website at www.stonex.com.
Three Months Ended June 30,
Nine Months Ended June 30,
(Unaudited) (in millions, except share and per share amounts)
2025
2024
% Change
2025
2024
% Change
Revenues:
Sales of physical commodities
$
33,839.9
$
26,196.2
29
%
$
96,883.6
$
66,339.0
46
%
Principal gains, net
334.0
305.6
9
%
943.4
881.2
7
%
Commission and clearing fees
166.0
143.0
16
%
479.6
408.9
17
%
Consulting, management, and account fees
46.2
45.3
2
%
138.3
124.0
12
%
Interest income
442.7
379.6
17
%
1,209.9
995.7
22
%
Total revenues
34,828.8
27,069.7
29
%
99,654.8
68,748.8
45
%
Cost of sales of physical commodities
33,804.5
26,156.0
29
%
96,730.2
66,232.7
46
%
Operating revenues
1,024.3
913.7
12
%
2,924.6
2,516.1
16
%
Transaction-based clearing expenses
94.9
81.0
17
%
273.2
233.8
17
%
Introducing broker commissions
49.7
43.1
15
%
139.5
124.2
12
%
Interest expense
371.3
297.0
25
%
994.1
792.2
25
%
Interest expense on corporate funding
20.1
24.1
(17
)%
50.1
53.5
(6
)%
Net operating revenues
488.3
468.5
4
%
1,467.7
1,312.4
12
%
Compensation and other expenses:
Variable compensation and benefits
143.9
140.6
2
%
423.9
386.2
10
%
Fixed compensation and benefits
123.4
116.9
6
%
363.0
323.8
12
%
Trading systems and market information
21.3
20.1
6
%
60.8
58.2
4
%
Professional fees
23.9
20.0
20
%
59.4
55.0
8
%
Non-trading technology and support
21.1
18.7
13
%
61.7
53.6
15
%
Occupancy and equipment rental
14.3
13.5
6
%
40.4
34.8
16
%
Selling and marketing
13.0
12.8
2
%
38.4
40.1
(4
)%
Travel and business development
7.9
6.9
14
%
23.4
21.1
11
%
Communications
2.2
1.9
16
%
6.4
6.4
—
%
Depreciation and amortization
14.9
12.3
21
%
46.2
35.8
29
%
Bad debts (recoveries), net
0.4
0.5
(20
)%
2.3
(0.2
)
n/m
Other
15.1
18.1
(17
)%
46.6
50.3
(7
)%
Total compensation and other expenses
401.4
382.3
5
%
1,172.5
1,065.1
10
%
Other (loss) gains, net
(1.3
)
1.8
n/m
4.4
8.7
(49
)%
Income before tax
85.6
88.0
(3
)%
299.6
256.0
17
%
Income tax expense
22.2
26.1
(15
)%
79.4
71.9
10
%
Net income
$
63.4
$
61.9
2
%
$
220.2
$
184.1
20
%
Earnings per share:(1)
Basic
$
1.29
$
1.30
(1
)%
$
4.55
$
3.89
17
%
Diluted
$
1.22
$
1.25
(2
)%
$
4.32
$
3.76
15
%
Weighted-average number of common shares outstanding:(1)
Basic
47,115,819
45,964,905
3
%
46,773,656
45,673,929
2
%
Diluted
49,952,164
47,614,548
5
%
49,302,730
47,231,055
4
%
Return on equity ("ROE")(2)
13.1
%
15.7
%
15.9
%
16.4
%
ROE on tangible book value(2)
13.8
%
16.5
%
16.7
%
17.4
%
n/m = not meaningful to present as a percentage
(1)
On March 21, 2025, the Company effected a three-for-two stock dividend to stockholders of record as of March 11, 2025. The stock split increased the number of shares of common stock outstanding. All share and per share amounts have been retroactively adjusted for the stock split.
(2)
The Company calculates ROE on stated book value based on net income divided by average stockholders' equity. For the calculation of ROE on tangible book value, the amount of goodwill and intangibles, net is excluded from stockholders' equity.
The following table presents our consolidated operating revenues by segment for the periods indicated.
Three Months Ended June 30,
Nine Months Ended June 30,
(in millions)
2025
2024
% Change
2025
2024
% Change
Segment operating revenues represented by:
Commercial
$
225.8
$
262.2
(14
)%
$
706.7
$
661.1
7
%
Institutional
626.0
508.9
23
%
1,726.8
1,408.0
23
%
Self-Directed/Retail
114.2
96.2
19
%
331.7
290.7
14
%
Payments
53.3
51.1
4
%
161.7
161.0
—
%
Corporate
15.7
8.3
89
%
43.5
31.9
36
%
Eliminations
(10.7
)
(13.0
)
(18
)%
(45.8
)
(36.6
)
25
%
Operating revenues
$
1,024.3
$
913.7
12
%
$
2,924.6
$
2,516.1
16
%
The following table presents our consolidated income by segment for the periods indicated.
Three Months Ended June 30,
Nine Months Ended June 30,
(in millions)
2025
2024
% Change
2025
2024
% Change
Segment income represented by:
Commercial
$
80.2
$
125.7
(36
)%
$
279.1
$
298.5
(6
)%
Institutional
87.4
62.2
41
%
252.0
188.7
34
%
Self-Directed/Retail
41.2
27.6
49
%
120.1
89.5
34
%
Payments
28.1
28.2
—
%
86.7
87.8
(1
)%
Total segment income
$
236.9
$
243.7
(3
)%
$
737.9
$
664.5
11
%
Reconciliation of segment income to income before tax:
Segment income
$
236.9
$
243.7
(3
)%
$
737.9
$
664.5
11
%
Net operating loss within Corporate (1)
(10.9
)
(26.9
)
(59
)%
(40.6
)
(55.3
)
(27
)%
Overhead costs and expenses
(140.4
)
(128.8
)
9
%
(397.7
)
(353.2
)
13
%
Income before tax
$
85.6
$
88.0
(3
)%
$
299.6
$
256.0
17
%
(1)
Includes interest expense on corporate funding.
Key Operating Metrics
The tables below present operating revenues disaggregated across the key products we provide to our clients and select operating data and metrics used by management in evaluating our performance, for the periods indicated.
Three Months Ended June 30,
Nine Months Ended June 30,
2025
2024
% Change
2025
2024
% Change
Operating Revenues (in millions):
Listed derivatives
$
126.4
$
130.5
(3
)%
$
366.6
$
351.4
4
%
Over-the-counter ("OTC") derivatives
58.9
66.2
(11
)%
155.8
163.7
(5
)%
Securities
485.7
374.0
30
%
1,314.2
1,030.9
27
%
FX/Contracts for difference ("CFD") contracts
87.4
76.5
14
%
256.9
231.4
11
%
Payments
52.3
50.0
5
%
158.3
157.8
—
%
Physical contracts
55.9
67.3
(17
)%
221.1
164.6
34
%
Interest/fees earned on client balances
102.9
115.9
(11
)%
312.2
318.5
(2
)%
Other
49.8
38.0
31
%
141.8
102.5
38
%
Corporate
15.7
8.3
89
%
43.5
31.9
36
%
Eliminations
(10.7
)
(13.0
)
(18
)%
(45.8
)
(36.6
)
25
%
$
1,024.3
$
913.7
12
%
$
2,924.6
$
2,516.1
16
%
Volumes and Other Select Data:
Listed derivatives (contracts, 000's)
56,759
52,736
8
%
171,092
157,299
9
%
Listed derivatives, average rate per contract ("RPC")(1)
$
2.13
$
2.39
(11
)%
$
2.06
$
2.13
(3
)%
Average client equity - listed derivatives (millions)
$
6,558
$
5,957
10
%
$
6,606
$
6,063
9
%
OTC derivatives (contracts, 000's)
1,018
959
6
%
2,774
2,584
7
%
OTC derivatives, average RPC
$
58.06
$
69.03
(16
)%
$
56.68
$
63.53
(11
)%
Securities average daily volume ("ADV") (millions)
$
9,219
$
7,358
25
%
$
8,953
$
7,013
28
%
Securities rate per million ("RPM") (2)
$
276
$
239
15
%
$
264
$
256
3
%
Average money market/FDIC sweep client balances (millions)
$
1,208
$
968
25
%
$
1,229
$
1,025
20
%
FX/CFD contracts ADV (millions)
$
12,190
$
10,861
12
%
$
11,805
$
10,744
10
%
FX/CFD contracts RPM
$
111
$
111
—
%
$
114
$
113
1
%
Payments ADV (millions)
$
80
$
69
16
%
$
81
$
69
17
%
Payments RPM
$
10,614
$
11,264
(6
)%
$
10,515
$
12,053
(13
)%
(1)
Give-up fee revenues, related to contract execution for clients of other FCMs, as well as cash and voice brokerage revenues are excluded from the calculation of listed derivatives, average rate per contract.
(2)
Interest expense associated with our fixed income activities is deducted from operating revenues in the calculation of Securities RPM while interest income related to securities lending is excluded.
Interest expense
Three Months Ended June 30,
Nine Months Ended June 30,
(in millions)
2025
2024
% Change
2025
2024
% Change
Interest expense attributable to:
Trading activities:
Institutional dealer in fixed income securities
$
295.5
$
229.1
29
%
$
751.7
$
599.2
25
%
Securities borrowing
25.0
16.6
51
%
68.4
45.2
51
%
Client balances on deposit
34.8
31.7
10
%
99.7
99.4
—
%
Short-term financing facilities of subsidiaries and other direct interest of operating segments
16.0
19.6
(18
)%
74.3
48.4
54
%
371.3
297.0
25
%
994.1
792.2
25
%
Corporate funding
20.1
24.1
(17
)%
50.1
53.5
(6
)%
Total interest expense
$
391.4
$
321.1
22
%
$
1,044.2
$
845.7
23
%
The increase in interest expense attributable to fixed income securities and securities borrowing was principally due to the growth in the size of the security repo and securities lending businesses.
During the three months ended June 30, 2025, interest expense attributable to corporate funding included $6.5 million of bridge loan financing fees related to the amendment of our revolving credit facility and the issuance of the Senior Secured Notes due 2032, which closed on July 8, 2025, both of which were done in conjunction with the acquisition of R.J. O'Brien, which closed on July 31, 2025.
During the three months ended June 30, 2024, interest expense attributable to corporate funding included incremental interest from our March 1, 2024 issuance of the Senior Secured Notes due 2031. While funds from the issuance of the Senior Secured Notes due 2031 were used to redeem the Senior Secured Notes due 2025, the redemption did not occur until June 17, 2024, in order to allow us to redeem those notes at par. At the redemption of the Senior Secured Notes due 2025, we also recognized a $3.7 million loss on the extinguishment of debt related to the write-off of unamortized original issue discount and deferred financing costs.
Net Operating Revenues
The table below presents a disaggregation of consolidated net operating revenues used by management in evaluating our performance, for the periods indicated:
Three Months Ended June 30,
Nine Months Ended June 30,
2025
2024
% Change
2025
2024
% Change
Net Operating Revenues (in millions):
Listed derivatives
$
56.9
$
65.3
(13
)%
