StoneX Group Inc. Reports Fiscal 2025 Second Quarter Financial Results

Rhea-AI Summary

StoneX Group (SNEX) reported strong Q2 fiscal 2025 results with net operating revenues of $487.3M (up 15%) and net income of $71.7M (up 35%). The company achieved diluted EPS of $1.41, a 29% increase, and ROE of 15.7%. Key highlights include significant growth across segments, with Institutional revenue up 21% to $561.2M and Commercial revenue increasing 24% to $248.6M. The company announced plans to acquire R.J. O'Brien, the oldest U.S. futures brokerage, which generated approximately $766M in revenue and $170M in EBITDA in 2024. The acquisition is expected to close in H2 2025 and will add nearly $6B in client float and ~190M in annual listed derivative contract volumes. The company's performance was driven by increased market volatility and strong client acquisition, helping offset declining short-term interest rates. StoneX also completed a three-for-two stock dividend on March 21, 2025.

Positive

• Net income increased 35% to $71.7M
• Diluted EPS grew 29% to $1.41
• Strong revenue growth across key segments: Institutional +21%, Commercial +24%
• Strategic acquisition of R.J. O'Brien to add $766M revenue and $170M EBITDA
• Three-for-two stock dividend completed, enhancing shareholder value

Negative

• Self-Directed/Retail segment revenue declined 8% to $93.4M
• Interest expense increased 20% to $331.4M
• Declining short-term interest rates impacting interest income
• Payments segment showed minimal growth of 2%

Insights

Financial Analyst

StoneX reports strong Q2 with broad growth, 35% higher net income, and plans to acquire RJO, enhancing their derivatives market position.

StoneX Group's Q2 fiscal 2025 results showcase robust financial performance across multiple dimensions. Net operating revenues increased 15% to $487.3 million while net income jumped 35% to $71.7 million, resulting in diluted EPS of $1.41 (up 29% year-over-year). The company's return on equity improved to 15.7% from 14.0% in the prior year period.

The growth was impressively broad-based across business segments, with Commercial revenues up 24% and Institutional revenues rising 21%. Only the Self-Directed/Retail segment showed weakness with revenue declining 8% and segment income dropping 34%. Operational metrics reinforce this strength with listed derivatives volumes increasing 14%, securities average daily volume up 19%, and payments processing volume growing 20%.

A standout aspect of these results is StoneX's ability to adapt to changing market conditions. Despite facing headwinds from declining short-term interest rates, the company effectively leveraged increased market volatility and strong client acquisition to drive growth. This adaptability demonstrates the resilience of their diversified business model across varying market environments.

Strategically, StoneX announced a definitive agreement to acquire R.J. O'Brien (RJO), the oldest futures brokerage in the U.S. This acquisition, expected to close in second half of 2025, positions StoneX as a market leader in global derivatives. RJO brings $766 million in revenue, $170 million in EBITDA, and will add nearly $6 billion in client float along with approximately 190 million in annual listed derivative contract volumes.

The acquisition aligns with StoneX's business model of providing comprehensive financial services while expanding their derivatives footprint. Management explicitly notes expectations for enhanced margins, EPS and return on equity from this transaction, signaling confidence in the strategic and financial benefits of the combination.

Quarterly Net Operating Revenues of $487.3 million, up 15%  

Quarterly Net Income of $71.7 million, ROE of 15.7%

Quarterly Diluted EPS of $1.41 per share, up 29%

NEW YORK, May 07, 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 second quarter ended March 31, 2025.

Sean O’Connor, the Company’s Executive Vice-Chairman of the Board, stated, “Our fiscal second quarter marked a continuation of StoneX’s sustained growth and success, with net income and diluted EPS up, 35% and 29%, respectively, driven by solid performance across a wide range of our products and segments. We believe this broad-based strength in our financial performance speaks to the resilience and adaptability of our business model in an ever-changing marketplace.

Over the last several years, though we have benefited from a rising interest rate environment, volatility, a key driver of our business, has been generally muted. Since the beginning of this fiscal year, increased market volatility, coupled with our continued strong client acquisition and engagement, has helped offset the decline in short term interest rates. If a period of sustained volatility is ahead of us, we believe this will be yet another positive driver for the continued growth in our business.

We recently announced that we reached a definitive agreement to acquire R.J. O’Brien, the oldest futures brokerage in the U.S., which we believe positions us as a market leader in global derivatives. RJO brings an attractive financial profile to StoneX, having generated approximately $766 million in revenue and approximately $170 million in EBITDA during calendar 2024. This acquisition, which we anticipate will close in the second half of 2025, is expected to enhance our margins, EPS and return on equity with the addition of nearly $6 billion in client float and approximately 190 million in annual listed derivative contract volumes.”

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 March 31,										Six Months Ended March 31,
(Unaudited) (in millions, except share and per share amounts)		2025				2024			% Change			2025				2024			% Change
Revenues:
Sales of physical commodities	$	35,992.6			$	21,321.9			69%		$	63,043.7			$	40,142.8			57%
Principal gains, net		300.5				281.8			7%			609.4				575.6			6%
Commission and clearing fees		164.3				136.2			21%			313.6				265.9			18%
Consulting, management, and account fees		44.3				40.2			10%			92.1				78.7			17%
Interest income		389.0				326.0			19%			767.2				616.1			25%
Total revenues		36,890.7				22,106.1			67%			64,826.0				41,679.1			56%
Cost of sales of physical commodities		35,934.7				21,287.9			69%			62,925.7				40,076.7			57%
Operating revenues		956.0				818.2			17%			1,900.3				1,602.4			19%
Transaction-based clearing expenses		91.8				78.5			17%			178.3				152.8			17%
Introducing broker commissions		45.5				42.0			8%			89.8				81.1			11%
Interest expense		316.6				259.2			22%			622.8				495.2			26%
Interest expense on corporate funding		14.8				16.2			(9)%			30.0				29.4			2%
Net operating revenues		487.3				422.3			15%			979.4				843.9			16%
Compensation and other expenses:
Variable compensation and benefits		146.7				123.7			19%			280.0				245.6			14%
Fixed compensation and benefits		120.4				110.7			9%			239.6				206.9			16%
Trading systems and market information		19.5				19.4			1%			39.5				38.1			4%
Professional fees		16.5				19.3			(15)%			35.5				35.0			1%
Non-trading technology and support		20.9				18.0			16%			40.6				34.9			16%
Occupancy and equipment rental		13.1				13.6			(4)%			26.1				21.3			23%
Selling and marketing		13.4				15.6			(14)%			25.4				27.3			(7)%
Travel and business development		7.1				7.1			—%			15.5				14.2			9%
Communications		2.1				2.3			(9)%			4.2				4.5			(7)%
Depreciation and amortization		15.6				12.3			27%			31.3				23.5			33%
Bad debts (recoveries), net		0.1				(0.4	)		n/m			1.9				(0.7	)		n/m
Other		14.8				15.3			(3)%			31.5				32.2			(2)%
Total compensation and other expenses		390.2				356.9			9%			771.1				682.8			13%
Other gains		—				6.9			(100)%			5.7				6.9			(17)%
Income before tax		97.1				72.3			34%			214.0				168.0			27%
Income tax expense		25.4				19.2			32%			57.2				45.8			25%
Net income	$	71.7			$	53.1			35%		$	156.8			$	122.2			28%
Earnings per share:(1)
Basic	$	1.49			$	1.12			33%		$	3.26			$	2.59			26%
Diluted	$	1.41			$	1.09			29%		$	3.10			$	2.51			24%
Weighted-average number of common shares outstanding:(1)
Basic		46,789,431				45,710,784			2%			46,602,574				45,529,236			2%
Diluted		49,376,423				47,248,414			5%			48,981,445				47,060,608			4%
Return on equity (“ROE”)(1)		15.7	%			14.0	%					17.5	%			16.7	%
ROE on tangible book value(1)		16.5	%			14.8	%					18.3	%			17.7	%
n/m = not meaningful to present as a percentage

(1)		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.
(2)		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.

The following table presents our consolidated operating revenues by segment for the periods indicated.

	Three Months Ended March 31,										Six Months Ended March 31,
(in millions)		2025				2024			% Change			2025				2024			% Change
Segment operating revenues represented by:
Commercial	$	248.6			$	200.5			24%		$	480.9			$	398.9			21%
Institutional		561.2				463.4			21%			1,100.8				899.1			22%
Self-Directed/Retail		93.4				102.0			(8)%			217.5				194.5			12%
Payments		50.3				49.3			2%			108.4				109.9			(1)%
Corporate		16.7				14.4			16%			27.8				23.6			18%
Eliminations		(14.2	)			(11.4	)		25%			(35.1	)			(23.6	)		49%
Operating revenues	$	956.0			$	818.2			17%		$	1,900.3			$	1,602.4			19%

The following table presents our consolidated income by segment for the periods indicated.

	Three Months Ended March 31,										Six Months Ended March 31,
(in millions)		2025				2024			% Change			2025				2024			% Change
Segment income represented by:
Commercial	$	96.7			$	85.6			13%		$	198.9			$	172.8			15%
Institutional		86.5				61.3			41%			164.6				126.5			30%
Self-Directed/Retail		22.0				33.2			(34)%			78.9				61.9			27%
Payments		24.5				24.6			—%			58.6				59.6			(2)%
Total segment income	$	229.7			$	204.7			12%		$	501.0			$	420.8			19%
Reconciliation of segment income to income before tax:
Segment income	$	229.7			$	204.7			12%		$	501.0			$	420.8			19%
Net operating loss within Corporate (1)		(8.6	)			(12.8	)		(33)%			(29.7	)			(28.4	)		5%
Overhead costs and expenses		(124.0	)			(119.6	)		4%			(257.3	)			(224.4	)		15%
Income before tax	$	97.1			$	72.3			34%		$	214.0			$	168.0			27%

(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 March 31,										Six Months Ended March 31,
		2025				2024			% Change			2025				2024			% Change
Operating Revenues (in millions):
Listed derivatives	$	128.4			$	111.7			15%		$	240.2			$	220.9			9%
Over-the-counter (“OTC”) derivatives		60.3				53.0			14%			96.9				97.5			(1)%
Securities		426.7				340.7			25%			828.5				656.9			26%
FX/Contracts for difference (“CFD”) contracts		70.9				80.3			(12)%			169.5				154.9			9%
Payments		49.2				48.4			2%			106.0				107.8			(2)%
Physical contracts		72.6				45.9			58%			165.2				97.3			70%
Interest/fees earned on client balances		101.7				104.2			(2)%			209.3				202.6			3%
Other		43.7				31.0			41%			92.0				64.5			43%
Corporate		16.7				14.4			16%			27.8				23.6			18%
Eliminations		(14.2	)			(11.4	)		25%			(35.1	)			(23.6	)		49%
	$	956.0			$	818.2			17%		$	1,900.3			$	1,602.4			19%
Volumes and Other Select Data:
Listed derivatives (contracts, 000’s)		61,153				53,805			14%			114,333				104,563			9%
Listed derivatives, average rate per contract (“RPC”)(1)	$	2.02			$	1.98			2%		$	2.02			$	2.01			—%
Average client equity - listed derivatives (millions)	$	6,639			$	6,064			9%		$	6,630			$	6,117			8%
OTC derivatives (contracts, 000’s)		897				810			11%			1,756				1,625			8%
OTC derivatives, average RPC	$	68.35			$	65.66			4%		$	55.87			$	60.28			(7)%
Securities average daily volume (“ADV”) (millions)	$	8,915			$	7,473			19%		$	8,822			$	6,838			29%
Securities rate per million (“RPM”) (2)	$	279			$	239			17%		$	258			$	265			(3)%
Average money market/FDIC sweep client balances (millions)	$	1,283			$	1,047			23%		$	1,240			$	1,054			18%
FX/CFD contracts ADV (millions)	$	11,539			$	10,453			10%		$	11,613			$	10,685			9%
FX/CFD contracts RPM	$	97			$	120			(19)%		$	115			$	114			1%
Payments ADV (millions)	$	77			$	64			20%		$	81			$	69			17%
Payments RPM	$	10,526			$	12,327			(15)%		$	10,466			$	12,453			(16)%

(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 March 31,										Six Months Ended March 31,
(in millions)		2025				2024			% Change			2025				2024			% Change
Interest expense attributable to:
Trading activities:
Institutional dealer in fixed income securities	$	232.6			$	198.0			17%		$	456.2			$	370.1			23%
Securities borrowing		21.4				14.0			53%			43.4				28.6			52%
Client balances on deposit		31.1				31.4			(1)%			64.9				67.7			(4)%
Short-term financing facilities of subsidiaries and other direct interest of operating segments		31.5				15.8			99%			58.3				28.8			102%
		316.6				259.2			22%			622.8				495.2			26%
Corporate funding		14.8				16.2			(9)%			30.0				29.4			2%
Total interest expense	$	331.4			$	275.4			20%		$	652.8			$	524.6			24%

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. The increase in other direct interest expense attributable to operating segments principally resulted from an increase in the activities of our physical precious metals and commodities businesses.

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 March 31,										Six Months Ended March 31,
		2025				2024			% Change			2025				2024			% Change
Net Operating Revenues (in millions):
Listed derivatives	$	60.3			$	48.2			25%		$	110.2			$	98.6			12%
OTC derivatives		60.2				53.0			14%			96.8				97.4			(1)%
Securities		120.8				88.6			36%			222.6				184.5			21%
FX/CFD contracts		62.5				71.8			(13)%			152.8				138.0			11%
Payments		46.5				45.9			1%			100.7				102.9			(2)%
Physical contracts		48.6				36.8			32%			125.7				78.8			60%
Interest, net / fees earned on client balances		74.5				74.0			1%			151.9				137.0			11%
Other		22.5				16.8			34%			48.4				35.1			38%
Corporate		(8.6	)			(12.8	)		(33)%			(29.7	)			(28.4	)		5%
	$	487.3			$	422.3			15%		$	979.4			$	843.9			16%

Variable vs. Fixed Expenses
The table below sets forth our variable expenses and non-variable expenses as a percentage of total non-interest expenses for the periods indicated.

	Three Months Ended March 31,												Six Months Ended March 31,
(in millions)		2025			% of Total			2024			% of Total			2025			% of Total			2024			% of Total
Variable compensation and benefits	$	146.7			28%		$	123.7			26%		$	280.0			27%		$	245.6			27%
Transaction-based clearing expenses		91.8			17%			78.5			16%			178.3			17%			152.8			16%
Introducing broker commissions		45.5			9%			42.0			9%			89.8			9%			81.1			9%
Total variable expenses		284.0			54%			244.2			51%			548.1			53%			479.5			52%
Fixed compensation and benefits		120.4			23%			110.7			23%			239.6			23%			206.9			23%
Other fixed expenses		123.0			23%			122.9			26%			249.6			24%			231.0			25%
Bad debts (recoveries), net		0.1			—%			(0.4	)		—%			1.9			—%			(0.7	)		—%
Total non-variable expenses		243.5			46%			233.2			49%			491.1			47%			437.2			48%
Total non-interest expenses	$	527.5			100%		$	477.4			100%		$	1,039.2			100%		$	916.7			100%

Other Gains, net

The results of the six months ended March 31, 2025 included nonrecurring gains of $5.7 million resulting from proceeds received from class action settlements.

Segment Results

Our business activities are managed through four operating segments, including Commercial, Institutional, Self-Directed/Retail and Payments.

The tables below present the financial performance, a disaggregation of operating revenues, select operating data and metrics, and a disaggregation of net operating revenue used by management in evaluating the performance of our segments, for the periods indicated. Additional information on the performance of our segments will be included in our Quarterly Report on Form 10-Q to be filed with the SEC.
Commercial

	Three Months Ended March 31,										Six Months Ended March 31,
(in millions)		2025				2024			% Change			2025				2024			% Change
Revenues:
Sales of physical commodities	$	35,955.5			$	21,310.0			69%		$	62,989.2			$	40,119.5			57%
Principal gains, net		89.6				73.7			22%			156.8				150.8			4%
Commission and clearing fees		54.3				47.0			16%			103.0				91.3			13%
Consulting, management and account fees		6.6				7.1			(7)%			13.1				12.9			2%
Interest income		46.0				41.3			11%			98.9				82.6			20%
Total revenues		36,152.0				21,479.1			68%			63,361.0				40,457.1			57%
Cost of sales of physical commodities		35,903.4				21,278.6			69%			62,880.1				40,058.2			57%
Operating revenues		248.6				200.5			24%			480.9				398.9			21%
Transaction-based clearing expenses		19.1				16.9			13%			36.7				32.7			12%
Introducing broker commissions		13.1				10.9			20%			24.4				21.3			15%
Interest expense		23.1				8.5			172%			37.3				17.3			116%
Net operating revenues		193.3				164.2			18%			382.5				327.6			17%
Variable compensation and benefits		53.4				44.9			19%			96.9				81.9			18%
Net contribution		139.9				119.3			17%			285.6				245.7			16%
Fixed compensation and benefits		19.7				16.5			19%			36.7				32.0			15%
Other fixed expenses		23.8				24.0			(1)%			49.1				47.8			3%
Bad debts (recoveries), net		(0.3	)			0.1			n/m			0.9				—			n/m
Non-variable direct expenses		43.2				40.6			6%			86.7				79.8			9%
Other gain		—				6.9			(100)%			—				6.9			(100)%
Segment income		96.7				85.6			13%			198.9				172.8			15%
Allocation of overhead costs		9.9				8.9			11%			19.6				17.7			11%
Segment income, less allocation of overhead costs	$	86.8			$	76.7			13%		$	179.3			$	155.1			16%

	Three Months Ended March 31,										Six Months Ended March 31,
		2025				2024			% Change			2025				2024			% Change
Operating Revenues (in millions):
Listed derivatives	$	75.5			$	59.1			28%		$	137.7			$	118.5			16%
OTC derivatives		60.3				53.0			14%			96.9				97.5			(1)%
Physical contracts		71.4				43.9			63%			161.5				94.5			71%
Interest/fees earned on client balances		34.7				38.1			(9)%			71.3				75.3			(5)%
Other		6.7				6.4			5%			13.5				13.1			3%
	$	248.6			$	200.5			24%		$	480.9			$	398.9			21%
Volumes and Other Select Data:
Listed derivatives (contracts, 000’s)		11,434				9,635			19%			22,042				19,157			15%
Listed derivatives, average RPC (1)	$	6.35			$	5.91			7%		$	6.02			$	5.94			1%
Average client equity - listed derivatives (millions)	$	1,737			$	1,684			3%		$	1,732			$	1,692			2%
OTC derivatives (contracts, 000’s)		897				810			11%			1,756				1,625			8%
OTC derivatives, average RPC	$	68.35			$	65.66			4%		$	55.87			$	60.28			(7)%

(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 RPC.

	Three Months Ended March 31,										Six Months Ended March 31,
		2025				2024			% Change			2025				2024			% Change
Net Operating Revenues (in millions):
Listed derivatives	$	46.6			$	34.3			36%		$	83.9			$	71.1			18%
OTC derivatives		60.2				53.0			—%			96.8				97.4			(1)%
Physical contracts		47.6				35.0			36%			122.4				76.3			60%
Interest/fees earned on client balances		32.1				35.2			(9)%			65.9				69.5			(5)%
Other		6.8				6.7			1%			13.5				13.3			2%
	$	193.3			$	164.2			18%		$	382.5			$	327.6			17%

Institutional

	Three Months Ended March 31,										Six Months Ended March 31,
(in millions)		2025				2024			% Change			2025				2024			% Change
Revenues:
Sales of physical commodities	$	—			$	—			—%		$	—			$	—			—%
Principal gains, net		107.9				97.6			11%			216.5				200.8			8%
Commission and clearing fees		95.4				74.8			28%			181.1				148.1			22%
Consulting, management and account fees		20.5				17.7			16%			40.8				35.0			17%
Interest income		337.4				273.3			23%			662.4				515.2			29%
Total revenues		561.2				463.4			21%			1,100.8				899.1			22%
Cost of sales of physical commodities		—				—			—%			—				—			—%
Operating revenues		561.2				463.4			21%			1,100.8				899.1			22%
Transaction-based clearing expenses		67.1				56.0			20%			130.1				108.9			19%
Introducing broker commissions		7.2				8.0			(10)%			15.3				15.7			(3)%
Interest expense		295.9				249.6			19%			590.4				476.1			24%
Net operating revenues		191.0				149.8			28%			365.0				298.4			22%
Variable compensation and benefits		62.5				47.3			32%			118.7				95.7			24%
Net contribution		128.5				102.5			25%			246.3				202.7			22%
Fixed compensation and benefits		21.8				20.4			7%			40.4				36.8			10%
Other fixed expenses		20.3				22.2			(9)%			42.7				41.2			4%
Bad debts (recoveries), net		(0.1	)			(1.4	)		(93)%			(0.1	)			(1.8	)		(94)%
Non-variable direct expenses		42.0				41.2			2%			83.0				76.2			9%
Other gain		—				—			—%			1.3				—			n/m
Segment income		86.5				61.3			41%		$	164.6			$	126.5			30%
Allocation of overhead costs		15.1				13.3			14%			29.9				26.1			15%
Segment income, less allocation of overhead costs	$	71.4			$	48.0			49%		$	134.7			$	100.4			34%

	Three Months Ended March 31,										Six Months Ended March 31,
		2025				2024			% Change			2025				2024			% Change
Operating Revenues (in millions):
Listed derivatives	$	52.9			$	52.6			1%		$	102.5			$	102.4			—%
Securities		398.8				314.9			27%			772.3				608.5			27%
FX contracts		7.9				7.6			4%			17.5				15.6			12%
Interest/fees earned on client balances		66.4				65.4			2%			136.7				125.9			9%
Other		35.2				22.9			54%			71.8				46.7			54%
	$	561.2			$	463.4			21%		$	1,100.8			$	899.1			22%
Volumes and Other Select Data:
Listed derivatives (contracts, 000’s)		49,719				44,170			13%			92,291				85,406			8%
Listed derivatives, average RPC (1)	$	1.02			$	1.12			(9)%		$	1.07			$	1.12			(4)%
Average client equity - listed derivatives (millions)	$	4,902			$	4,380			12%		$	4,898			$	4,425			11%
Securities ADV (millions)	$	8,915			$	7,473			19%		$	8,822			$	6,838			29%
Securities RPM (2)	$	279			$	239			17%		$	258			$	265			(3)%
Average money market/FDIC sweep client balances (millions)	$	1,283			$	1,047			23%		$	1,240			$	1,054			18%
FX contracts ADV (millions)	$	2,948			$	4,065			(27)%		$	3,524			$	4,017			(12)%
FX contracts RPM	$	41			$	30			37%		$	38			$	32			19%

(1)		Give-up fees, related to contract execution for clients of other FCMs, are excluded from the calculation of listed derivatives, average RPC.
(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.

	Three Months Ended March 31,										Six Months Ended March 31,
		2025				2024			% Change			2025				2024			% Change
Net Operating Revenues (in millions):
Listed derivatives	$	13.7			$	13.9			(1)%		$	26.3			$	27.5			(4)%
Securities		114.5				82.8			38%			210.1				174.2			21%
FX contracts		7.1				6.6			8%			15.6				13.5			16%
Interest/fees earned on client balances		41.8				38.1			10%			84.7				66.1			28%
Other		13.9				8.4			65%			28.3				17.1			65%
	$	191.0			$	149.8			28%		$	365.0			$	298.4			22%

Self-Directed/Retail

	Three Months Ended March 31,										Six Months Ended March 31,
(in millions)		2025				2024			% Change			2025				2024			% Change
Revenues:
Sales of physical commodities	$	37.1			$	11.9			212%		$	54.5			$	23.3			134%
Principal gains, net		50.2				61.8			(19)%			129.7				117.4			10%
Commission and clearing fees		13.7				13.7			—%			27.2				24.9			9%
Consulting, management and account fees		16.0				13.9			15%			35.3				28.0			26%
Interest income		7.7				10.0			(23)%			16.4				19.4			(15)%
Total revenues		124.7				111.3			12%			263.1				213.0			24%
Cost of sales of physical commodities		31.3				9.3			237%			45.6				18.5			146%
Operating revenues		93.4				102.0			(8)%			217.5				194.5			12%
Transaction-based clearing expenses		3.2				3.5			(9)%			6.6				7.0			(6)%
Introducing broker commissions		24.2				22.4			8%			48.2				42.8			13%
Interest expense		2.0				1.8			11%			4.1				3.4			21%
Net operating revenues		64.0				74.3			(14)%			158.6				141.3			12%
Variable compensation and benefits		4.6				4.4			5%			7.6				8.8			(14)%
Net contribution		59.4				69.9			(15)%			151.0				132.5			14%
Fixed compensation and benefits		8.9				11.3			(21)%			18.3				21.6			(15)%
Other fixed expenses		27.9				25.4			10%			57.1				48.9			17%
Bad debts, net of recoveries		0.6				—			n/m			1.1				0.1			n/m
Non-variable direct expenses		37.4				36.7			2%			76.5				70.6			8%
Other gain		—				—			—%			4.4				—			n/m
Segment income		22.0				33.2			(34)%			78.9				61.9			27%
Allocation of overhead costs		12.7				12.0			6%			25.3				23.5			8%
Segment income, less allocation of overhead costs	$	9.3			$	21.2			(56)%		$	53.6			$	38.4			40%

	Three Months Ended March 31,										Six Months Ended March 31,
		2025				2024			% Change			2025				2024			% Change
Operating Revenues (in millions):
Securities	$	27.9			$	25.8			8%		$	56.2			$	48.4			16%
FX/CFD contracts		63.0				72.7			(13)%			152.0				139.3			9%
Physical contracts		1.2				2.0			(40)%			3.7				2.8			32%
Interest/fees earned on client balances		0.6				0.7			(14)%			1.3				1.4			(7)%
Other		0.7				0.8			(13)%			4.3				2.6			65%
	$	93.4			$	102.0			(8)%		$	217.5			$	194.5			12%
Volumes and Other Select Data:
FX/CFD contracts ADV (millions)	$	8,591			$	6,388			34%		$	8,089			$	6,668			21%
FX/CFD contracts RPM	$	116			$	177			(34)%		$	149			$	164			(9)%

	Three Months Ended March 31,										Six Months Ended March 31,
		2025				2024			% Change			2025				2024			% Change
Net Operating Revenues (in millions):
Securities	$	6.3			$	5.8			9%		$	12.5			$	10.3			21%
FX/CFD contracts		55.4				65.2			(15)%			137.2				124.5			10%
Physical contracts		1.0				1.8			(44)%			3.3				2.5			32%
Interest/fees earned on client balances		0.6				0.7			(14)%			1.3				1.4			(7)%
Other		0.7				0.8			(13)%			4.3				2.6			65%
	$	64.0			$	74.3			(14)%		$	158.6			$	141.3			12%

Payments

	Three Months Ended March 31,										Six Months Ended March 31,
(in millions)		2025				2024			% Change			2025				2024			% Change
Revenues:
Sales of physical commodities	$	—			$	—			—%		$	—			$	—			—%
Principal gains, net		47.7				46.5			3%			102.1				104.0			(2)%
Commission and clearing fees		1.6				1.4			14%			3.4				2.9			17%
Consulting, management, account fees		0.5				0.8			(38)%			1.8				1.7			6%
Interest income		0.5				0.6			(17)%			1.1				1.3			(15)%
Total revenues		50.3				49.3			2%			108.4				109.9			(1)%
Cost of sales of physical commodities		—				—			—%			—				—			—%
Operating revenues		50.3				49.3			2%			108.4				109.9			(1)%
Transaction-based clearing expenses		1.7				1.7			—%			3.5				3.5			—%
Introducing broker commissions		1.0				0.7			43%			1.9				1.3			46%
Interest expense		—				0.1			(100)%			—				0.1			(100)%
Net operating revenues		47.6				46.8			2%			103.0				105.0			(2)%
Variable compensation and benefits		8.8				9.5			(7)%			17.9				20.1			(11)%
Net contribution		38.8				37.3			4%			85.1				84.9			—%
Fixed compensation and benefits		7.4				7.3			1%			14.0				14.6			(4)%
Other fixed expenses		7.0				4.5			56%			12.5				9.7			29%
Bad debts, net of recoveries		(0.1	)			0.9			n/m			—				1.0			(100)%
Total non-variable direct expenses		14.3				12.7			13%			26.5				25.3			5%
Segment income		24.5				24.6			—%			58.6				59.6			(2)%
Allocation of overhead costs		5.7				5.2			10%			11.3				10.3			10%
Segment income, less allocation of overhead costs	$	18.8			$	19.4			(3)%		$	47.3			$	49.3			(4)%

	Three Months Ended March 31,										Six Months Ended March 31,
		2025				2024			% Change			2025				2024			% Change
Operating Revenues (in millions):
Payments	$	49.2			$	48.4			2%		$	106.0			$	107.8			(2)%
Other		1.1				0.9			22%			2.4				2.1			14%
	$	50.3			$	49.3			2%		$	108.4			$	109.9			(1)%
Volumes and Other Select Data:
Payments ADV (millions)	$	77			$	64			20%		$	81			$	69			17%
Payments RPM	$	10,526			$	12,327			(15)%		$	10,466			$	12,453			(16)%

	Three Months Ended March 31,										Six Months Ended March 31,
		2025				2024			% Change			2025				2024			% Change
Net Operating Revenues (in millions):
Payments	$	46.5			$	45.9			1%		$	100.7			$	102.9			(2)%
Other		1.1				0.9			22%			2.3				2.1			10%
	$	47.6			$	46.8			2%		$	103.0			$	105.0			(2)%

Overhead Costs and Expenses

We incur overhead costs and expenses, including certain shared services such as information technology, accounting and treasury, credit and risk, legal and compliance, and human resources and other activities. The following table provides information regarding overhead costs and expenses. The allocation of overhead costs to operating segments includes costs associated with compliance, technology, and credit and risk costs. The share of allocated costs is based on resources consumed by the relevant businesses. In addition, the allocation of human resources and occupancy costs is principally based on employee costs within the relevant businesses.

	Three Months Ended March 31,										Six Months Ended March 31,
(in millions)		2025				2024			% Change			2025				2024			% Change
Compensation and benefits:
Variable compensation and benefits	$	15.9			$	16.4			(3)%		$	36.1			$	35.8			1%
Fixed compensation and benefits		55.5				48.7			14%			116.5				89.3			30%
		71.4				65.1			10%			152.6				125.1			22%
Other expenses:
Occupancy and equipment rental		12.1				13.1			(8)%			24.2				20.4			19%
Non-trading technology and support		16.1				13.6			18%			31.4				26.6			18%
Professional fees		8.7				8.3			5%			17.4				15.8			10%
Depreciation and amortization		6.8				6.1			11%			13.2				11.6			14%
Communications		1.4				1.6			(13)%			2.9				3.2			(9)%
Selling and marketing		2.3				4.3			(47)%			3.2				5.6			(43)%
Trading systems and market information		1.8				1.5			20%			3.4				3.2			6%
Travel and business development		2.2				2.1			5%			4.8				3.8			26%
Other		1.2				3.9			(69)%			4.2				9.1			(54)%
		52.6				54.5			(3)%			104.7				99.3			5%
Overhead costs and expenses		124.0				119.6			4%			257.3				224.4			15%
Allocation of overhead costs		(43.4	)			(39.4	)		10%			(86.1	)			(77.6	)		11%
Overhead costs and expense, net of allocation to operating segments	$	80.6			$	80.2			—%		$	171.2			$	146.8			17%

Balance Sheet Summary

The following table below provides a summary of asset, liability and stockholders’ equity information for the periods indicated.

(Unaudited) (in millions, except for share and per share amounts)	March 31, 2025				September 30, 2024
Summary asset information:
Cash and cash equivalents	$	1,307.3			$	1,269.0
Cash, securities and other assets segregated under federal and other regulations	$	2,850.3			$	2,841.2
Securities purchased under agreements to resell	$	6,917.6			$	5,201.5
Securities borrowed	$	1,803.9			$	1,662.3
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	$	7,261.2			$	7,283.2
Receivables from clients, net and notes receivable, net	$	1,354.9			$	1,013.1
Financial instruments owned, at fair value	$	8,200.9			$	6,767.1
Physical commodities inventory, net	$	796.2			$	681.1
Property and equipment, net	$	146.3			$	143.1
Operating right of use assets	$	159.8			$	157.0
Goodwill and intangible assets, net	$	90.0			$	80.6
Other	$	394.5			$	367.1
Summary liability and stockholders’ equity information:
Accounts payable and other accrued liabilities	$	569.9			$	548.8
Operating lease liabilities	$	201.9			$	195.9
Payables to clients	$	10,712.6			$	10,345.9
Payables to broker-dealers, clearing organizations and counterparties	$	578.7			$	734.2
Payables to lenders under loans	$	340.9			$	338.8
Senior secured borrowings, net	$	543.6			$	543.1
Securities sold under agreements to repurchase	$	11,137.3			$	8,581.3
Securities loaned	$	1,509.9			$	1,615.9
Financial instruments sold, not yet purchased, at fair value	$	3,806.1			$	2,853.3
Stockholders’ equity	$	1,882.0			$	1,709.1
Common stock outstanding - shares		48,765,820				47,811,539
Net asset value per share	$	38.59			$	35.75

Conference Call & Web Cast

A conference call to discuss the Company’s financial results will be held tomorrow, Thursday, May 8, 2025 at 9:00 a.m. Eastern time. The call may also include discussion of Company developments, and forward-looking and other material information about business and financial matters. A live webcast of the conference call as well as additional information to review during the call will be made available in PDF form on-line on the Company’s corporate web site at https://register-conf.media-server.com/register/BIcee2351db2614b049aa108c318550f21 approximately ten minutes prior to the start time. Participants may preregister for the conference call here.

For those who cannot access the live broadcast, a replay of the call will be available at https://www.stonex.com.

About StoneX Group Inc.

StoneX Group Inc., through its subsidiaries, operates 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. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,700 employees serve more than 54,000 commercial, institutional, and payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as those pertaining to the Company’s financial condition, results of operations, business strategy, financial needs of the Company, the anticipated timing of the Company’s acquisition of R.J. O’Brien and the impact of the transaction. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words “believe,” “expect,” “anticipate,” “should,” “plan,” “will,” “may,” “could,” “intend,” “estimate,” “predict,” “potential,” “continue” or the negative of these terms and similar expressions, as they relate to StoneX Group Inc., are intended to identify forward-looking statements.

These forward-looking statements are largely based on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the Company. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of the Company, including adverse changes in economic, political and market conditions, including losses from our market-making and trading activities arising from counterparty failures, global trade policies and tariffs, the loss of key personnel, the impact of increasing competition, the impact of changes in government regulation, uncertainty concerning fiscal or monetary policies established by central banks and financial regulators, the possibility of liabilities arising from violations of foreign, United States (“U.S.”) federal and U.S. state securities laws, the impact of changes in technology in the securities and commodities trading industries, and other risks discussed in our filings with the SEC, including Part I, Item 1A of our Annual Report on Form 10-K for the year ended September 30, 2024. Although we believe that our forward-looking statements are based upon reasonable assumptions regarding our business and future market conditions, there can be no assurances that our actual results will not differ materially from any results expressed or implied by our forward-looking statements.

These forward-looking statements speak only as of the date of this press release. StoneX Group Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

StoneX Group Inc.

Investor inquiries:

Kevin Murphy
(212) 403 - 7296
kevin.murphy@stonex.com

SNEX-G

FAQ

What were StoneX (SNEX) key financial results for Q2 2025?

StoneX reported Q2 2025 net operating revenues of $487.3M (up 15%), net income of $71.7M (up 35%), and diluted EPS of $1.41 (up 29%), with ROE of 15.7%.

How will the R.J. O'Brien acquisition impact StoneX's business?

The acquisition will add approximately $766M in revenue, $170M in EBITDA, $6B in client float, and 190M annual listed derivative contracts. It's expected to enhance margins, EPS, and ROE when closed in H2 2025.

What was SNEX's segment performance in Q2 2025?

Institutional segment revenue grew 21% to $561.2M, Commercial increased 24% to $248.6M, while Self-Directed/Retail declined 8% to $93.4M, and Payments grew 2% to $50.3M.

What was the impact of StoneX's stock dividend in 2025?

StoneX completed a three-for-two stock dividend on March 21, 2025, for stockholders of record as of March 11, 2025, increasing the number of outstanding shares.

How is market volatility affecting StoneX's business performance?

Increased market volatility, combined with strong client acquisition and engagement, has helped offset the negative impact of declining short-term interest rates on the company's performance.