Record Q2 2026 lifts StoneX (NASDAQ: SNEX) EPS to $2.07 and ROE 26.5%
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
StoneX Group Inc. delivered record quarterly results for the fiscal 2026 second quarter ended March 31, 2026. Net operating revenues reached $829.1 million, up 70% year over year, while net income climbed to $174.3 million, an increase of 143%.
Diluted earnings per share were $2.07 versus $0.94 a year earlier, and return on equity rose to 26.5%. Growth was broad-based across Commercial, Institutional, Self-Directed/Retail and Payments segments, with especially strong gains in listed and OTC derivatives and physical contracts. Adjusted EBITDA was $296.9 million, up 115%.
Average client equity and trading volumes expanded sharply, aided by the R.J. O’Brien acquisition, which management says remains on track for substantial integration this fiscal year. Stockholders’ equity stood at $2.7 billion and net asset value per share was $34.16 as of March 31, 2026.
Positive
- Record earnings strength with net operating revenues of $829.1 million up 70%, net income of $174.3 million up 143%, diluted EPS of $2.07 up 120%, and Adjusted EBITDA of $296.9 million up 115% year over year.
Negative
- None.
Insights
StoneX posts broad-based record Q2 growth with sharply higher profitability.
StoneX Group Inc. reported record net operating revenues of $829.1 million, up 70% year over year, and net income of $174.3 million, up 143%. Growth came from listed and OTC derivatives, securities, physical commodities and higher interest/fee income on client balances.
Operating leverage was evident as net income and Adjusted EBITDA grew faster than revenues. Adjusted EBITDA reached $296.9 million, up 115%, while return on equity increased to 26.5% and ROE on tangible book to 37.0%. Variable expenses rose with activity, but margins expanded.
The R.J. O’Brien acquisition contributed significantly to listed derivatives volumes and client equity, supporting Commercial and Institutional segments. Balance sheet equity grew to $2.7 billion with net asset value per share at $34.16. Future filings for periods after March 31, 2026 will show whether this higher earnings level is sustainable as integration progresses.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net operating revenues: $829.1 million
Net income: $174.3 million
Diluted EPS: $2.07 per share
+5 more
8 metrics
Net operating revenues
$829.1 million
Three months ended March 31, 2026; up 70% year over year
Net income
$174.3 million
Three months ended March 31, 2026; up 143% year over year
Diluted EPS
$2.07 per share
Three months ended March 31, 2026; up 120% year over year
Return on equity
26.5%
Quarter ended March 31, 2026; up from 15.7% a year earlier
Adjusted EBITDA
$296.9 million
Three months ended March 31, 2026; up 115% year over year
Operating revenues
$1,566.8 million
Three months ended March 31, 2026; up 64% year over year
Stockholders’ equity
$2,699.3 million
As of March 31, 2026 balance sheet
Net asset value per share
$34.16
As of March 31, 2026; up from $30.37 at September 30, 2025
Key Terms
Adjusted EBITDA, listed derivatives, FX/CFD contracts, ROE on tangible book value, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA (in millions) (5) | $ | 296.9 | | | $ | 138.2 |"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
listed derivatives financial
"Listed derivatives (contracts, 000’s) (2) | 97,152 | | | 61,153 |"
FX/CFD contracts financial
"FX/Contracts for difference (“CFD”) contracts | 77.6 | | | 70.9 |"
ROE on tangible book value financial
"ROE on tangible book value (2) | 37.0 | % | | 16.5 | %"
securities RPM financial
"Securities rate per million (“RPM”) (4) | $ | 272 | | | $ | 279 |"
non-GAAP measure financial
"Adjusted EBITDA is a non-GAAP measure. See Appendix - Non-GAAP Financial Information"
A non-GAAP measure is a company-crafted financial metric that adjusts or excludes items from standard accounting numbers to highlight what management sees as the business’s core performance. Investors use these figures like a filtered photo to reveal trends or cash flow drivers that raw accounting totals might hide, but because companies decide which items to remove, these measures should be compared with standard statements to avoid being misled.
Earnings Snapshot
Net operating revenues: $829.1 million
Fiscal 2026 Q2 (quarter ended March 31, 2026)
Net operating revenues
$829.1 million
+70% YoY
Net income
$174.3 million
+143% YoY
Diluted EPS
$2.07
+120% YoY
Return on equity
26.5%
up from 15.7% prior-year quarter
Adjusted EBITDA
$296.9 million
+115% YoY
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
Form 8-K
_______________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 6, 2026
_______________
(Exact name of registrant as specified in its charter)
_______________
| (State of Incorporation) | (Commission File Number) | (IRS Employer ID No.) | ||||||||||||
(Address of principal executive offices, including Zip Code)
(Registrant’s telephone number, including area code)
_______________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to rule 14d-2(b) under the Exchange Act 17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition
On May 6, 2026, the StoneX Group Inc. (the “Company”) issued a press release on the subject of the Company's results of operations and financial condition for the fiscal quarter ended March 31, 2026.
The press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit No.
99.1 Press release dated May 6, 2026.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
Signature
Pursuant to the Requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto duly authorized.
| StoneX Group Inc. | |||||||||||
| (Registrant) | |||||||||||
| May 6, 2026 | /s/ WILLIAM J. DUNAWAY | ||||||||||
| (Date) | William J. Dunaway | ||||||||||
| Chief Financial Officer | |||||||||||
EXHIBIT 99.1
StoneX Group Inc. Reports Fiscal 2026 Second Quarter Financial Results | ||
Record Quarterly Net Operating Revenues of $829.1 million, up 70%
Record Quarterly Net Income of $174.3 million, Quarterly ROE of 26.5%
Quarterly Diluted EPS of $2.07 per share
NEW YORK – May 6, 2026 – StoneX Group Inc. (the “Company”; NASDAQ: SNEX), a leading financial services franchise connecting clients to global markets, today announced its financial results for the fiscal 2026 second quarter ended March 31, 2026.
“We are very pleased to deliver record results for our second quarter of fiscal 2026,” said Philip Smith, the Company’s Chief Executive Officer. “Building on our strong first quarter performance, this represented a highly successful first half of the fiscal year, in terms of both net operating revenues and net income.
This record quarter was driven by strong performances across all four operating segments, highlighting the depth and breadth of the product and service offerings within the unique StoneX ecosystem. Our unwavering commitment to servicing our clients’ business needs continues to drive the direction and growth of this company.
The integration of R.J. O’Brien remains on track to be substantially completed during the course of this fiscal year, and we remain confident in achieving our targeted synergies”, Smith added.
StoneX Group Inc. Summary Financials
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) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Sales of physical commodities | $ | 44,296.9 | $ | 35,992.6 | 23% | $ | 81,986.0 | $ | 63,043.7 | 30% | |||||||||||||||||||||||||
| Principal gains, net | 469.7 | 300.5 | 56% | 848.2 | 609.4 | 39% | |||||||||||||||||||||||||||||
| Commission and clearing fees | 347.5 | 164.3 | 112% | 652.5 | 313.6 | 108% | |||||||||||||||||||||||||||||
| Consulting, management, and account fees | 69.0 | 44.3 | 56% | 145.1 | 92.1 | 58% | |||||||||||||||||||||||||||||
| Interest income | 577.8 | 389.0 | 49% | 1,159.0 | 767.2 | 51% | |||||||||||||||||||||||||||||
| Total revenues | 45,760.9 | 36,890.7 | 24% | 84,790.8 | 64,826.0 | 31% | |||||||||||||||||||||||||||||
| Cost of sales of physical commodities | 44,194.1 | 35,934.7 | 23% | 81,785.8 | 62,925.7 | 30% | |||||||||||||||||||||||||||||
| Operating revenues | 1,566.8 | 956.0 | 64% | 3,005.0 | 1,900.3 | 58% | |||||||||||||||||||||||||||||
| Transaction-based clearing expenses | 152.7 | 91.8 | 66% | 285.3 | 178.3 | 60% | |||||||||||||||||||||||||||||
| Introducing broker commissions | 97.4 | 45.5 | 114% | 190.6 | 89.8 | 112% | |||||||||||||||||||||||||||||
| Interest expense | 461.1 | 316.6 | 46% | 922.8 | 622.8 | 48% | |||||||||||||||||||||||||||||
| Interest expense on corporate funding | 26.5 | 14.8 | 79% | 52.8 | 30.0 | 76% | |||||||||||||||||||||||||||||
| Net operating revenues | 829.1 | 487.3 | 70% | 1,553.5 | 979.4 | 59% | |||||||||||||||||||||||||||||
| Variable compensation and benefits | 248.5 | 146.7 | 69% | 464.4 | 280.0 | 66% | |||||||||||||||||||||||||||||
| Net contribution | 580.6 | 340.6 | 70% | 1,089.1 | 699.4 | 56% | |||||||||||||||||||||||||||||
| Fixed compensation and benefits | 158.7 | 120.4 | 32% | 298.7 | 239.6 | 25% | |||||||||||||||||||||||||||||
| Trading systems and market information | 25.8 | 19.5 | 32% | 50.8 | 39.5 | 29% | |||||||||||||||||||||||||||||
| Professional fees | 18.4 | 16.5 | 12% | 51.2 | 35.5 | 44% | |||||||||||||||||||||||||||||
| Non-trading technology and support | 28.4 | 20.9 | 36% | 55.0 | 40.6 | 35% | |||||||||||||||||||||||||||||
| Occupancy and equipment rental | 17.9 | 13.1 | 37% | 34.0 | 26.1 | 30% | |||||||||||||||||||||||||||||
| Selling and marketing | 14.0 | 13.4 | 4% | 28.1 | 25.4 | 11% | |||||||||||||||||||||||||||||
| Travel and business development | 16.8 | 7.1 | 137% | 28.6 | 15.5 | 85% | |||||||||||||||||||||||||||||
| Communications | 3.7 | 2.1 | 76% | 7.4 | 4.2 | 76% | |||||||||||||||||||||||||||||
| Depreciation and amortization | 26.9 | 15.6 | 72% | 51.9 | 31.3 | 66% | |||||||||||||||||||||||||||||
| Bad debts, net of recoveries | 12.4 | 0.1 | n/m | 13.6 | 1.9 | 616% | |||||||||||||||||||||||||||||
| Other | 27.8 | 14.8 | 88% | 54.7 | 31.5 | 74% | |||||||||||||||||||||||||||||
| Total fixed compensation and other expenses | 350.8 | 243.5 | 44% | 674.0 | 491.1 | 37% | |||||||||||||||||||||||||||||
| Other (losses) gains, net | (2.7) | — | n/m | (3.1) | 5.7 | n/m | |||||||||||||||||||||||||||||
| Income before tax | 227.1 | 97.1 | 134% | 412.0 | 214.0 | 93% | |||||||||||||||||||||||||||||
| Income tax expense | 52.8 | 25.4 | 108% | 98.7 | 57.2 | 73% | |||||||||||||||||||||||||||||
| Net income | $ | 174.3 | $ | 71.7 | 143% | $ | 313.3 | $ | 156.8 | 100% | |||||||||||||||||||||||||
Earnings per share:(1) | |||||||||||||||||||||||||||||||||||
| Basic | $ | 2.21 | $ | 0.99 | 123% | $ | 3.98 | $ | 2.17 | 83% | |||||||||||||||||||||||||
| Diluted | $ | 2.07 | $ | 0.94 | 120% | $ | 3.74 | $ | 2.07 | 81% | |||||||||||||||||||||||||
Weighted-average number of common shares outstanding:(1) | |||||||||||||||||||||||||||||||||||
| Basic | 76,498,598 | 70,184,147 | 9% | 76,174,376 | 69,903,861 | 9% | |||||||||||||||||||||||||||||
| Diluted | 81,456,531 | 74,064,635 | 10% | 80,956,862 | 73,472,168 | 10% | |||||||||||||||||||||||||||||
Return on equity (“ROE”)(2) | 26.5 | % | 15.7 | % | 24.5 | % | 17.5 | % | |||||||||||||||||||||||||||
ROE on tangible book value(2) | 37.0 | % | 16.5 | % | 34.7 | % | 18.3 | % | |||||||||||||||||||||||||||
n/m = not meaningful to present as a percentage | |||||||||||||||||||||||||||||||||||
| (1) | On March 20, 2026, the Company effected a three-for-two stock dividend to stockholders of record as of March 10, 2026. 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 the average stockholders’ equity, calculated based on average monthly total stockholders’ equity amounts. 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 March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Segment operating revenues represented by: | |||||||||||||||||||||||||||||||||||
| Commercial | $ | 537.6 | $ | 249.8 | 115% | $ | 965.0 | $ | 484.6 | 99% | |||||||||||||||||||||||||
| Institutional | 868.4 | 561.2 | 55% | 1,734.4 | 1,100.8 | 58% | |||||||||||||||||||||||||||||
| Self-Directed/Retail | 106.5 | 92.2 | 16% | 200.9 | 213.8 | (6)% | |||||||||||||||||||||||||||||
| Payments | 56.0 | 50.3 | 11% | 113.0 | 108.4 | 4% | |||||||||||||||||||||||||||||
Corporate | 19.8 | 16.7 | 19% | 31.9 | 27.8 | 15% | |||||||||||||||||||||||||||||
| Eliminations | (21.5) | (14.2) | 51% | (40.2) | (35.1) | 15% | |||||||||||||||||||||||||||||
| Operating revenues | $ | 1,566.8 | $ | 956.0 | 64% | $ | 3,005.0 | $ | 1,900.3 | 58% | |||||||||||||||||||||||||
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) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Segment income represented by: | |||||||||||||||||||||||||||||||||||
| Commercial | $ | 244.3 | $ | 97.2 | 151% | $ | 423.4 | $ | 201.3 | 110% | |||||||||||||||||||||||||
| Institutional | 120.9 | 86.5 | 40% | 260.2 | 164.6 | 58% | |||||||||||||||||||||||||||||
| Self-Directed/Retail | 30.2 | 21.5 | 40% | 48.5 | 76.5 | (37)% | |||||||||||||||||||||||||||||
| Payments | 31.8 | 24.5 | 30% | 65.7 | 58.6 | 12% | |||||||||||||||||||||||||||||
| Total segment income | $ | 427.2 | $ | 229.7 | 86% | $ | 797.8 | $ | 501.0 | 59% | |||||||||||||||||||||||||
| Reconciliation of segment income to income before tax: | |||||||||||||||||||||||||||||||||||
| Segment income | $ | 427.2 | $ | 229.7 | 86% | $ | 797.8 | $ | 501.0 | 59% | |||||||||||||||||||||||||
Net operating loss within Corporate (1) | (21.5) | (8.6) | 150% | (52.9) | (29.7) | 78% | |||||||||||||||||||||||||||||
| Overhead costs, net of shared services | (178.6) | (124.0) | 44% | (332.9) | (257.3) | 29% | |||||||||||||||||||||||||||||
| Income before tax | $ | 227.1 | $ | 97.1 | 134% | $ | 412.0 | $ | 214.0 | 93% | |||||||||||||||||||||||||
| (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, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Operating Revenues (in millions): | |||||||||||||||||||||||||||||||||||
| Listed derivatives | $ | 317.8 | $ | 128.4 | 148% | $ | 586.9 | $ | 240.2 | 144% | |||||||||||||||||||||||||
| Over-the-counter (“OTC”) derivatives | 119.1 | 60.3 | 98% | 182.2 | 96.9 | 88% | |||||||||||||||||||||||||||||
| Securities | 587.9 | 426.7 | 38% | 1,163.8 | 828.5 | 40% | |||||||||||||||||||||||||||||
| FX/Contracts for difference (“CFD”) contracts | 77.6 | 70.9 | 9% | 146.3 | 169.5 | (14)% | |||||||||||||||||||||||||||||
| Payments | 55.9 | 49.2 | 14% | 110.5 | 106.0 | 4% | |||||||||||||||||||||||||||||
| Physical contracts | 190.1 | 72.6 | 162% | 346.8 | 165.2 | 110% | |||||||||||||||||||||||||||||
| Interest/fees earned on client balances | 156.5 | 101.7 | 54% | 330.2 | 209.3 | 58% | |||||||||||||||||||||||||||||
Other (1) | 63.6 | 43.7 | 46% | 146.6 | 92.0 | 59% | |||||||||||||||||||||||||||||
Corporate | 19.8 | 16.7 | 19% | 31.9 | 27.8 | 15% | |||||||||||||||||||||||||||||
| Eliminations | (21.5) | (14.2) | 51% | (40.2) | (35.1) | 15% | |||||||||||||||||||||||||||||
| $ | 1,566.8 | $ | 956.0 | 64% | $ | 3,005.0 | $ | 1,900.3 | 58% | ||||||||||||||||||||||||||
| Volumes and Other Select Data: | |||||||||||||||||||||||||||||||||||
Listed derivatives (contracts, 000’s)(2) | 97,152 | 61,153 | 59% | 181,273 | 114,333 | 59% | |||||||||||||||||||||||||||||
Listed derivatives, average rate per contract (“RPC”)(3) | $ | 2.91 | $ | 2.02 | 44% | $ | 2.88 | $ | 2.02 | 43% | |||||||||||||||||||||||||
Average client equity - listed derivatives (millions)(2) | $ | 13,958 | $ | 6,639 | 110% | $ | 13,601 | $ | 6,630 | 105% | |||||||||||||||||||||||||
| OTC derivatives (contracts, 000’s) | 1,507 | 897 | 68% | 2,514 | 1,756 | 43% | |||||||||||||||||||||||||||||
| OTC derivatives, average RPC | $ | 79.89 | $ | 68.35 | 17% | $ | 73.35 | $ | 55.87 | 31% | |||||||||||||||||||||||||
| Securities average daily volume (“ADV”) (millions) | $ | 12,066 | $ | 8,915 | 35% | $ | 11,323 | $ | 8,822 | 28% | |||||||||||||||||||||||||
Securities rate per million (“RPM”)(4) | $ | 272 | $ | 279 | (3)% | $ | 295 | $ | 258 | 14% | |||||||||||||||||||||||||
| Average money market/FDIC sweep client balances (millions) | $ | 1,196 | $ | 1,283 | (7)% | $ | 1,228 | $ | 1,240 | (1)% | |||||||||||||||||||||||||
| FX/CFD contracts ADV (millions) | $ | 11,907 | $ | 11,539 | 3% | $ | 11,575 | $ | 11,613 | —% | |||||||||||||||||||||||||
| FX/CFD contracts RPM | $ | 103 | $ | 97 | 6% | $ | 98 | $ | 115 | (15)% | |||||||||||||||||||||||||
| Payments ADV (millions) | $ | 92 | $ | 77 | 19% | $ | 93 | $ | 81 | 15% | |||||||||||||||||||||||||
| Payments RPM | $ | 9,815 | $ | 10,526 | (7)% | $ | 9,589 | $ | 10,466 | (8)% | |||||||||||||||||||||||||
Adjusted EBITDA (in millions)(5) | $ | 296.9 | $ | 138.2 | 115% | $ | 547.8 | $ | 291.6 | 88% | |||||||||||||||||||||||||
| (1) | Other operating revenue primarily includes consulting, management and account fees related to prime services, investment banking and advisory services, as well as interest income associated with securities lending activities. | |||||||||||||
| (2) | The acquisition of the R.J. O’Brien global business (“RJO”), effective July 31, 2025, contributed 37.8 million and 68.7 million listed derivative contracts and $6.4 billion and $6.1 billion in average client equity for the three and six months ended March 31, 2026, respectively. | |||||||||||||
| (3) | 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. | |||||||||||||
| (4) | 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. | |||||||||||||
| (5) | Adjusted EBITDA is a non-GAAP measure. See Appendix - Non-GAAP Financial Information for further information. | |||||||||||||
Interest expense
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Interest expense attributable to: | |||||||||||||||||||||||||||||||||||
| Trading activities: | |||||||||||||||||||||||||||||||||||
| Institutional dealer in fixed income securities | $ | 364.1 | $ | 232.6 | 57 | % | $ | 717.8 | $ | 456.2 | 57 | % | |||||||||||||||||||||||
| Securities borrowing | 22.5 | 21.4 | 5 | % | 50.4 | 43.4 | 16 | % | |||||||||||||||||||||||||||
| Client balances on deposit | 57.8 | 31.1 | 86 | % | 119.0 | 64.9 | 83 | % | |||||||||||||||||||||||||||
| Short-term financing facilities of subsidiaries and other direct interest of operating segments | 16.7 | 31.5 | (47) | % | 35.6 | 58.3 | (39) | % | |||||||||||||||||||||||||||
| 461.1 | 316.6 | 46 | % | 922.8 | 622.8 | 48 | % | ||||||||||||||||||||||||||||
| Corporate funding | 26.5 | 14.8 | 79 | % | 52.8 | 30.0 | 76 | % | |||||||||||||||||||||||||||
| Total interest expense | $ | 487.6 | $ | 331.4 | 47 | % | $ | 975.6 | $ | 652.8 | 49 | % | |||||||||||||||||||||||
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 business activities of RJO added an incremental $26.5 million and $53.2 million of interest expense, with $23.6 million and $47.9 million attributable to client balances for the three and six months ended March 31, 2026.
The increase in interest expense attributable to corporate funding was principally due to the issuance of $625 million in aggregate principal amount of the Notes due 2032, which closed on July 8, 2025.
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, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Net Operating Revenues (in millions): | |||||||||||||||||||||||||||||||||||
| Listed derivatives | $ | 144.9 | $ | 60.3 | 140% | $ | 263.2 | $ | 110.2 | 139% | |||||||||||||||||||||||||
| OTC derivatives | 119.0 | 60.2 | 98% | 182.1 | 96.8 | 88% | |||||||||||||||||||||||||||||
| Securities | 157.7 | 120.8 | 31% | 315.2 | 222.6 | 42% | |||||||||||||||||||||||||||||
| FX/CFD contracts | 67.4 | 62.5 | 8% | 126.9 | 152.8 | (17)% | |||||||||||||||||||||||||||||
| Payments | 52.4 | 46.5 | 13% | 104.0 | 100.7 | 3% | |||||||||||||||||||||||||||||
| Physical contracts | 164.6 | 48.6 | 239% | 300.0 | 125.7 | 139% | |||||||||||||||||||||||||||||
| Interest, net / fees earned on client balances | 107.7 | 74.5 | 45% | 223.2 | 151.9 | 47% | |||||||||||||||||||||||||||||
Other (1) | 36.9 | 22.5 | 64% | 91.8 | 48.4 | 90% | |||||||||||||||||||||||||||||
| Corporate | (21.5) | (8.6) | 150% | (52.9) | (29.7) | 78% | |||||||||||||||||||||||||||||
| $ | 829.1 | $ | 487.3 | 70% | $ | 1,553.5 | $ | 979.4 | 59% | ||||||||||||||||||||||||||
(1) | Other net operating revenues primarily includes consulting, management and account fees related to prime services, investment banking and advisory services, as well as interest income, net of interest expense associated with securities lending activities and subordinated debt. | |||||||||||||
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) | 2026 | % of Total | 2025 | % of Total | 2026 | % of Total | 2025 | % of Total | |||||||||||||||||||||||||||||||||||||||
| Variable compensation and benefits | $ | 248.5 | 29% | $ | 146.7 | 28% | $ | 464.4 | 29% | $ | 280.0 | 27% | |||||||||||||||||||||||||||||||||||
| Transaction-based clearing expenses | 152.7 | 18% | 91.8 | 17% | 285.3 | 17% | 178.3 | 17% | |||||||||||||||||||||||||||||||||||||||
| Introducing broker commissions | 97.4 | 12% | 45.5 | 9% | 190.6 | 12% | 89.8 | 9% | |||||||||||||||||||||||||||||||||||||||
| Total variable expenses | 498.6 | 59% | 284.0 | 54% | 940.3 | 58% | 548.1 | 53% | |||||||||||||||||||||||||||||||||||||||
| Fixed compensation and benefits | 158.7 | 19% | 120.4 | 23% | 298.7 | 19% | 239.6 | 23% | |||||||||||||||||||||||||||||||||||||||
| Other fixed expenses | 179.7 | 21% | 123.0 | 23% | 361.7 | 22% | 249.6 | 24% | |||||||||||||||||||||||||||||||||||||||
| Bad debts, net of recoveries | 12.4 | 1% | 0.1 | —% | 13.6 | 1% | 1.9 | —% | |||||||||||||||||||||||||||||||||||||||
| Total non-variable expenses | 350.8 | 41% | 243.5 | 46% | 674.0 | 42% | 491.1 | 47% | |||||||||||||||||||||||||||||||||||||||
| Total non-interest expenses | $ | 849.4 | 100% | $ | 527.5 | 100% | $ | 1,614.3 | 100% | $ | 1,039.2 | 100% | |||||||||||||||||||||||||||||||||||
Other (Losses) Gains, net
The results of the three months ended March 31, 2026 included a $2.5 million charge on the abandonment of certain software license and capitalized internally developed expenditures, and an equity investment loss of $0.2 million.
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.
During the three month period ended September 30, 2025, our acquisition of RJO triggered a reassessment of the financial information reviewed by management. We determined the acquired business activities of RJO were similar to our existing businesses, and the reassessment confirmed the current composition of the Company’s operating segments, except for one change resulting in the combination of all physical trading capabilities in precious metals being reported within the Commercial segment. Previously, the Self-Directed/Retail segment contained a portion of our precious metals activities. All segment information has been revised to reflect all precious metals business within the Commercial segment retroactive to October 1, 2024.
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) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Sales of physical commodities | $ | 44,296.9 | $ | 35,992.6 | 23% | $ | 81,986.0 | $ | 63,043.7 | 30% | |||||||||||||||||||||||||
| Principal gains, net | 215.7 | 84.0 | 157% | 345.2 | 149.5 | 131% | |||||||||||||||||||||||||||||
| Commission and clearing fees | 121.9 | 54.3 | 124% | 233.8 | 103.0 | 127% | |||||||||||||||||||||||||||||
| Consulting, management and account fees | 11.6 | 7.5 | 55% | 20.2 | 14.7 | 37% | |||||||||||||||||||||||||||||
| Interest income | 85.7 | 46.1 | 86% | 165.6 | 99.4 | 67% | |||||||||||||||||||||||||||||
| Total revenues | 44,731.8 | 36,184.5 | 24% | 82,750.8 | 63,410.3 | 31% | |||||||||||||||||||||||||||||
| Cost of sales of physical commodities | 44,194.2 | 35,934.7 | 23% | 81,785.8 | 62,925.7 | 30% | |||||||||||||||||||||||||||||
| Operating revenues | 537.6 | 249.8 | 115% | 965.0 | 484.6 | 99% | |||||||||||||||||||||||||||||
| Transaction-based clearing expenses | 41.9 | 19.1 | 119% | 72.2 | 36.7 | 97% | |||||||||||||||||||||||||||||
| Introducing broker commissions | 51.7 | 13.1 | 295% | 101.6 | 24.4 | 316% | |||||||||||||||||||||||||||||
| Interest expense | 33.8 | 23.3 | 45% | 64.7 | 37.7 | 72% | |||||||||||||||||||||||||||||
| Net operating revenues | 410.2 | 194.3 | 111% | 726.5 | 385.8 | 88% | |||||||||||||||||||||||||||||
| Variable compensation and benefits | 95.1 | 53.4 | 78% | 176.2 | 97.1 | 81% | |||||||||||||||||||||||||||||
| Net contribution | 315.1 | 140.9 | 124% | 550.3 | 288.7 | 91% | |||||||||||||||||||||||||||||
| Fixed compensation and benefits | 24.5 | 19.8 | 24% | 47.0 | 36.9 | 27% | |||||||||||||||||||||||||||||
| Other fixed expenses | 35.9 | 24.2 | 48% | 68.5 | 49.6 | 38% | |||||||||||||||||||||||||||||
| Bad debts, net of recoveries | 10.4 | (0.3) | n/m | 11.4 | 0.9 | n/m | |||||||||||||||||||||||||||||
| Non-variable direct expenses | 70.8 | 43.7 | 62% | 126.9 | 87.4 | 45% | |||||||||||||||||||||||||||||
| Segment income | 244.3 | 97.2 | 151% | 423.4 | 201.3 | 110% | |||||||||||||||||||||||||||||
| Allocation of overhead costs | 12.4 | 9.9 | 25% | 24.0 | 19.6 | 22% | |||||||||||||||||||||||||||||
| Segment income, less allocation of overhead costs | $ | 231.9 | $ | 87.3 | 166% | $ | 399.4 | $ | 181.7 | 120% | |||||||||||||||||||||||||
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Operating Revenues (in millions): | |||||||||||||||||||||||||||||||||||
| Listed derivatives | $ | 159.8 | $ | 75.5 | 112% | $ | 293.7 | $ | 137.7 | 113% | |||||||||||||||||||||||||
| OTC derivatives | 119.1 | 60.3 | 98% | 182.2 | 96.9 | 88% | |||||||||||||||||||||||||||||
| Physical contracts | 190.1 | 72.6 | 162% | 346.8 | 165.2 | 110% | |||||||||||||||||||||||||||||
| Interest/fees earned on client balances | 62.7 | 34.7 | 81% | 127.3 | 71.3 | 79% | |||||||||||||||||||||||||||||
| Other | 5.9 | 6.7 | (12)% | 15.0 | 13.5 | 11% | |||||||||||||||||||||||||||||
| $ | 537.6 | $ | 249.8 | 115% | $ | 965.0 | $ | 484.6 | 99% | ||||||||||||||||||||||||||
| Volumes and Other Select Data: | |||||||||||||||||||||||||||||||||||
Listed derivatives (contracts, 000’s)(1) | 18,951 | 11,434 | 66% | 37,732 | 22,042 | 71% | |||||||||||||||||||||||||||||
Listed derivatives, average RPC(2) | $ | 8.03 | $ | 6.35 | 26% | $ | 7.45 | $ | 6.02 | 24% | |||||||||||||||||||||||||
Average client equity - listed derivatives (millions)(1) | $ | 4,279 | $ | 1,737 | 146% | $ | 4,149 | $ | 1,732 | 140% | |||||||||||||||||||||||||
| OTC derivatives (contracts, 000’s) | 1,507 | 897 | 68% | 2,514 | 1,756 | 43% | |||||||||||||||||||||||||||||
| OTC derivatives, average RPC | $ | 79.89 | $ | 68.35 | 17% | $ | 73.35 | $ | 55.87 | 31% | |||||||||||||||||||||||||
| (1) | The acquisition of RJO, effective July 31, 2025, contributed 5.1 million and 10.9 million listed derivative contracts and $2.1 billion and $2.2 billion in average client equity for the three and six months ended March 31, 2026, respectively. | |||||||||||||
| (2) | 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, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Net Operating Revenues (in millions): | |||||||||||||||||||||||||||||||||||
| Listed derivatives | $ | 70.8 | $ | 46.6 | 52% | $ | 129.0 | $ | 83.9 | 54% | |||||||||||||||||||||||||
| OTC derivatives | 119.0 | 60.2 | 98% | 182.1 | 96.8 | 88% | |||||||||||||||||||||||||||||
| Physical contracts | 164.6 | 48.6 | 239% | 300.0 | 125.7 | 139% | |||||||||||||||||||||||||||||
| Interest/fees earned on client balances | 51.2 | 32.1 | 60% | 101.8 | 65.9 | 54% | |||||||||||||||||||||||||||||
| Other | 4.6 | 6.8 | (32)% | 13.6 | 13.5 | 1% | |||||||||||||||||||||||||||||
| $ | 410.2 | $ | 194.3 | 111% | $ | 726.5 | $ | 385.8 | 88% | ||||||||||||||||||||||||||
Institutional
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Sales of physical commodities | $ | — | $ | — | —% | $ | — | $ | — | —% | |||||||||||||||||||||||||
| Principal gains, net | 126.9 | 107.9 | 18% | 266.5 | 216.5 | 23% | |||||||||||||||||||||||||||||
| Commission and clearing fees | 208.0 | 95.4 | 118% | 385.4 | 181.1 | 113% | |||||||||||||||||||||||||||||
| Consulting, management and account fees | 37.7 | 20.5 | 84% | 85.4 | 40.8 | 109% | |||||||||||||||||||||||||||||
| Interest income | 495.8 | 337.4 | 47% | 997.1 | 662.4 | 51% | |||||||||||||||||||||||||||||
| Total revenues | 868.4 | 561.2 | 55% | 1,734.4 | 1,100.8 | 58% | |||||||||||||||||||||||||||||
| Cost of sales of physical commodities | — | — | —% | — | — | —% | |||||||||||||||||||||||||||||
| Operating revenues | 868.4 | 561.2 | 55% | 1,734.4 | 1,100.8 | 58% | |||||||||||||||||||||||||||||
| Transaction-based clearing expenses | 102.3 | 67.1 | 52% | 197.6 | 130.1 | 52% | |||||||||||||||||||||||||||||
| Introducing broker commissions | 17.0 | 7.2 | 136% | 31.7 | 15.3 | 107% | |||||||||||||||||||||||||||||
| Interest expense | 433.6 | 295.9 | 47% | 865.4 | 590.4 | 47% | |||||||||||||||||||||||||||||
| Net operating revenues | 315.5 | 191.0 | 65% | 639.7 | 365.0 | 75% | |||||||||||||||||||||||||||||
| Variable compensation and benefits | 114.2 | 62.5 | 83% | 221.5 | 118.7 | 87% | |||||||||||||||||||||||||||||
| Net contribution | 201.3 | 128.5 | 57% | 418.2 | 246.3 | 70% | |||||||||||||||||||||||||||||
| Fixed compensation and benefits | 36.7 | 21.8 | 68% | 63.1 | 40.4 | 56% | |||||||||||||||||||||||||||||
| Other fixed expenses | 39.7 | 20.3 | 96% | 90.8 | 42.7 | 113% | |||||||||||||||||||||||||||||
| Bad debts, net of recoveries | 1.5 | (0.1) | n/m | 1.6 | (0.1) | n/m | |||||||||||||||||||||||||||||
| Non-variable direct expenses | 77.9 | 42.0 | 85% | 155.5 | 83.0 | 87% | |||||||||||||||||||||||||||||
| Other (loss) gain, net | (2.5) | — | n/m | (2.5) | 1.3 | n/m | |||||||||||||||||||||||||||||
| Segment income | 120.9 | 86.5 | 40% | $ | 260.2 | $ | 164.6 | 58% | |||||||||||||||||||||||||||
| Allocation of overhead costs | 15.0 | 15.1 | (1)% | 29.4 | 29.9 | (2)% | |||||||||||||||||||||||||||||
| Segment income, less allocation of overhead costs | $ | 105.9 | $ | 71.4 | 48% | $ | 230.8 | $ | 134.7 | 71% | |||||||||||||||||||||||||
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Operating Revenues (in millions): | |||||||||||||||||||||||||||||||||||
| Listed derivatives | $ | 158.0 | $ | 52.9 | 199% | $ | 293.2 | $ | 102.5 | 186% | |||||||||||||||||||||||||
| Securities | 553.6 | 398.8 | 39% | 1,098.0 | 772.3 | 42% | |||||||||||||||||||||||||||||
| FX contracts | 6.9 | 7.9 | (13)% | 13.8 | 17.5 | (21)% | |||||||||||||||||||||||||||||
| Interest/fees earned on client balances | 93.1 | 66.4 | 40% | 201.7 | 136.7 | 48% | |||||||||||||||||||||||||||||
| Other | 56.8 | 35.2 | 61% | 127.7 | 71.8 | 78% | |||||||||||||||||||||||||||||
| $ | 868.4 | $ | 561.2 | 55% | $ | 1,734.4 | $ | 1,100.8 | 58% | ||||||||||||||||||||||||||
| Volumes and Other Select Data: | |||||||||||||||||||||||||||||||||||
Listed derivatives (contracts, 000’s)(1) | 78,201 | 49,719 | 57% | 143,541 | 92,291 | 56% | |||||||||||||||||||||||||||||
Listed derivatives, average RPC(2) | $ | 1.67 | $ | 1.02 | 64% | $ | 1.68 | $ | 1.07 | 57% | |||||||||||||||||||||||||
Average client equity - listed derivatives (millions)(1) | $ | 9,679 | $ | 4,902 | 97% | $ | 9,452 | $ | 4,898 | 93% | |||||||||||||||||||||||||
| Securities ADV (millions) | $ | 12,066 | $ | 8,915 | 35% | $ | 11,323 | $ | 8,822 | 28% | |||||||||||||||||||||||||
Securities RPM(3) | $ | 272 | $ | 279 | (3)% | $ | 295 | $ | 258 | 14% | |||||||||||||||||||||||||
| Average money market/FDIC sweep client balances (millions) | $ | 1,196 | $ | 1,283 | (7)% | $ | 1,228 | $ | 1,240 | (1)% | |||||||||||||||||||||||||
| FX contracts ADV (millions) | $ | 3,068 | $ | 2,948 | 4% | $ | 2,844 | $ | 3,524 | (19)% | |||||||||||||||||||||||||
| FX contracts RPM | $ | 35 | $ | 41 | (15)% | $ | 37 | $ | 38 | (3)% | |||||||||||||||||||||||||
| (1) | The acquisition of RJO, effective July 31, 2025, contributed 32.7 million and 57.9 million listed derivative contracts and $4.2 billion and $3.9 billion in average client equity for the three and six months ended March 31, 2026, respectively. | |||||||||||||
| (2) | Give-up fees, related to contract execution for clients of other FCMs, are excluded from the calculation of listed derivatives, average RPC. | |||||||||||||
(3) | 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, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Net Operating Revenues (in millions): | |||||||||||||||||||||||||||||||||||
| Listed derivatives | $ | 74.1 | $ | 13.7 | 441% | $ | 134.2 | $ | 26.3 | 410% | |||||||||||||||||||||||||
| Securities | 147.8 | 114.5 | 29% | 298.3 | 210.1 | 42% | |||||||||||||||||||||||||||||
| FX contracts | 6.4 | 7.1 | (10)% | 12.7 | 15.6 | (19)% | |||||||||||||||||||||||||||||
| Interest/fees earned on client balances | 55.8 | 41.8 | 33% | 120.2 | 84.7 | 42% | |||||||||||||||||||||||||||||
| Other | 31.4 | 13.9 | 126% | 74.3 | 28.3 | 163% | |||||||||||||||||||||||||||||
| $ | 315.5 | $ | 191.0 | 65% | $ | 639.7 | $ | 365.0 | 75% | ||||||||||||||||||||||||||
Self-Directed/Retail
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Sales of physical commodities | $ | — | $ | — | —% | $ | — | $ | — | —% | |||||||||||||||||||||||||
| Principal gains, net | 65.1 | 55.8 | 17% | 120.5 | 137.0 | (12)% | |||||||||||||||||||||||||||||
| Commission and clearing fees | 16.3 | 13.7 | 19% | 30.5 | 27.2 | 12% | |||||||||||||||||||||||||||||
| Consulting, management and account fees | 17.3 | 15.1 | 15% | 34.6 | 33.7 | 3% | |||||||||||||||||||||||||||||
| Interest income | 7.8 | 7.6 | 3% | 15.3 | 15.9 | (4)% | |||||||||||||||||||||||||||||
| Total revenues | 106.5 | 92.2 | 16% | 200.9 | 213.8 | (6)% | |||||||||||||||||||||||||||||
| Cost of sales of physical commodities | — | — | —% | — | — | —% | |||||||||||||||||||||||||||||
| Operating revenues | 106.5 | 92.2 | 16% | 200.9 | 213.8 | (6)% | |||||||||||||||||||||||||||||
| Transaction-based clearing expenses | 4.5 | 3.2 | 41% | 8.1 | 6.6 | 23% | |||||||||||||||||||||||||||||
| Introducing broker commissions | 27.4 | 24.2 | 13% | 54.8 | 48.2 | 14% | |||||||||||||||||||||||||||||
| Interest expense | 2.2 | 1.8 | 22% | 4.3 | 3.7 | 16% | |||||||||||||||||||||||||||||
| Net operating revenues | 72.4 | 63.0 | 15% | 133.7 | 155.3 | (14)% | |||||||||||||||||||||||||||||
| Variable compensation and benefits | 4.3 | 4.6 | (7)% | 9.4 | 7.4 | 27% | |||||||||||||||||||||||||||||
| Net contribution | 68.1 | 58.4 | 17% | 124.3 | 147.9 | (16)% | |||||||||||||||||||||||||||||
| Fixed compensation and benefits | 8.6 | 8.8 | (2)% | 15.9 | 18.1 | (12)% | |||||||||||||||||||||||||||||
| Other fixed expenses | 28.8 | 27.5 | 5% | 59.3 | 56.6 | 5% | |||||||||||||||||||||||||||||
| Bad debts, net of recoveries | 0.5 | 0.6 | (17)% | 0.6 | 1.1 | (45)% | |||||||||||||||||||||||||||||
| Non-variable direct expenses | 37.9 | 36.9 | 3% | 75.8 | 75.8 | —% | |||||||||||||||||||||||||||||
| Other gain | — | — | —% | — | 4.4 | (100)% | |||||||||||||||||||||||||||||
| Segment income | 30.2 | 21.5 | 40% | 48.5 | 76.5 | (37)% | |||||||||||||||||||||||||||||
| Allocation of overhead costs | 16.1 | 12.7 | 27% | 30.9 | 25.3 | 22% | |||||||||||||||||||||||||||||
| Segment income, less allocation of overhead costs | $ | 14.1 | $ | 8.8 | 60% | $ | 17.6 | $ | 51.2 | (66)% | |||||||||||||||||||||||||
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Operating Revenues (in millions): | |||||||||||||||||||||||||||||||||||
| Securities | $ | 34.3 | $ | 27.9 | 23% | $ | 65.8 | $ | 56.2 | 17% | |||||||||||||||||||||||||
| FX/CFD contracts | 70.7 | 63.0 | 12% | 132.5 | 152.0 | (13)% | |||||||||||||||||||||||||||||
| Interest/fees earned on client balances | 0.7 | 0.6 | 17% | 1.2 | 1.3 | (8)% | |||||||||||||||||||||||||||||
| Other | 0.8 | 0.7 | 14% | 1.4 | 4.3 | (67)% | |||||||||||||||||||||||||||||
| $ | 106.5 | $ | 92.2 | 16% | $ | 200.9 | $ | 213.8 | (6)% | ||||||||||||||||||||||||||
| Volumes and Other Select Data: | |||||||||||||||||||||||||||||||||||
| FX/CFD contracts ADV (millions) | $ | 8,839 | $ | 8,591 | 3% | $ | 8,731 | $ | 8,089 | 8% | |||||||||||||||||||||||||
| FX/CFD contracts RPM | $ | 126 | $ | 116 | 9% | $ | 118 | $ | 149 | (21)% | |||||||||||||||||||||||||
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Net Operating Revenues (in millions): | |||||||||||||||||||||||||||||||||||
| Securities | $ | 9.9 | $ | 6.3 | 57% | $ | 16.9 | $ | 12.5 | 35% | |||||||||||||||||||||||||
| FX/CFD contracts | 61.0 | 55.4 | 10% | 114.2 | 137.2 | (17)% | |||||||||||||||||||||||||||||
| Interest/fees earned on client balances | 0.7 | 0.6 | 17% | 1.2 | 1.3 | (8)% | |||||||||||||||||||||||||||||
| Other | 0.8 | 0.7 | 14% | 1.4 | 4.3 | (67)% | |||||||||||||||||||||||||||||
| $ | 72.4 | $ | 63.0 | 15% | $ | 133.7 | $ | 155.3 | (14)% | ||||||||||||||||||||||||||
Payments
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Sales of physical commodities | $ | — | $ | — | —% | $ | — | $ | — | —% | |||||||||||||||||||||||||
| Principal gains, net | 53.2 | 47.7 | 12% | 107.0 | 102.1 | 5% | |||||||||||||||||||||||||||||
| Commission and clearing fees | 2.0 | 1.6 | 25% | 4.3 | 3.4 | 26% | |||||||||||||||||||||||||||||
| Consulting, management, account fees | 0.5 | 0.5 | —% | 1.1 | 1.8 | (39)% | |||||||||||||||||||||||||||||
| Interest income | 0.3 | 0.5 | (40)% | 0.6 | 1.1 | (45)% | |||||||||||||||||||||||||||||
| Total revenues | 56.0 | 50.3 | 11% | 113.0 | 108.4 | 4% | |||||||||||||||||||||||||||||
| Cost of sales of physical commodities | — | — | —% | — | — | —% | |||||||||||||||||||||||||||||
| Operating revenues | 56.0 | 50.3 | 11% | 113.0 | 108.4 | 4% | |||||||||||||||||||||||||||||
| Transaction-based clearing expenses | 2.2 | 1.7 | 29% | 4.2 | 3.5 | 20% | |||||||||||||||||||||||||||||
| Introducing broker commissions | 1.3 | 1.0 | 30% | 2.3 | 1.9 | 21% | |||||||||||||||||||||||||||||
| Interest expense | — | — | —% | — | — | —% | |||||||||||||||||||||||||||||
| Net operating revenues | 52.5 | 47.6 | 10% | 106.5 | 103.0 | 3% | |||||||||||||||||||||||||||||
| Variable compensation and benefits | 8.8 | 8.8 | —% | 17.4 | 17.9 | (3)% | |||||||||||||||||||||||||||||
| Net contribution | 43.7 | 38.8 | 13% | 89.1 | 85.1 | 5% | |||||||||||||||||||||||||||||
| Fixed compensation and benefits | 5.3 | 7.4 | (28)% | 10.2 | 14.0 | (27)% | |||||||||||||||||||||||||||||
| Other fixed expenses | 6.4 | 7.0 | (9)% | 12.6 | 12.5 | 1% | |||||||||||||||||||||||||||||
| Bad debts, net of recoveries | — | (0.1) | (100)% | — | — | —% | |||||||||||||||||||||||||||||
| Total non-variable direct expenses | 11.7 | 14.3 | (18)% | 22.8 | 26.5 | (14)% | |||||||||||||||||||||||||||||
| Other loss | (0.2) | — | n/m | (0.6) | — | n/m | |||||||||||||||||||||||||||||
| Segment income | 31.8 | 24.5 | 30% | 65.7 | 58.6 | 12% | |||||||||||||||||||||||||||||
| Allocation of overhead costs | 4.1 | 5.7 | (28)% | 8.1 | 11.3 | (28)% | |||||||||||||||||||||||||||||
| Segment income, less allocation of overhead costs | $ | 27.7 | $ | 18.8 | 47% | $ | 57.6 | $ | 47.3 | 22% | |||||||||||||||||||||||||
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Operating Revenues (in millions): | |||||||||||||||||||||||||||||||||||
| Payments | $ | 55.9 | $ | 49.2 | 14% | $ | 110.5 | $ | 106.0 | 4% | |||||||||||||||||||||||||
| Other | 0.1 | 1.1 | (91)% | 2.5 | 2.4 | 4% | |||||||||||||||||||||||||||||
| $ | 56.0 | $ | 50.3 | 11% | $ | 113.0 | $ | 108.4 | 4% | ||||||||||||||||||||||||||
| Volumes and Other Select Data: | |||||||||||||||||||||||||||||||||||
| Payments ADV (millions) | $ | 92 | $ | 77 | 19% | $ | 93 | $ | 81 | 15% | |||||||||||||||||||||||||
| Payments RPM | $ | 9,815 | $ | 10,526 | (7)% | $ | 9,589 | $ | 10,466 | (8)% | |||||||||||||||||||||||||
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Net Operating Revenues (in millions): | |||||||||||||||||||||||||||||||||||
| Payments | $ | 52.4 | $ | 46.5 | 13% | $ | 104.0 | $ | 100.7 | 3% | |||||||||||||||||||||||||
| Other | 0.1 | 1.1 | (91)% | 2.5 | 2.3 | 9% | |||||||||||||||||||||||||||||
| $ | 52.5 | $ | 47.6 | 10% | $ | 106.5 | $ | 103.0 | 3% | ||||||||||||||||||||||||||
Overhead Costs
We incur overhead costs, 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) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Compensation and benefits: | |||||||||||||||||||||||||||||||||||
| Variable compensation and benefits | $ | 26.1 | $ | 17.4 | 50% | $ | 39.9 | $ | 38.9 | 3% | |||||||||||||||||||||||||
| Fixed compensation and benefits | 83.6 | 62.6 | 34% | 162.5 | 130.2 | 25% | |||||||||||||||||||||||||||||
| 109.7 | 80.0 | 37% | 202.4 | 169.1 | 20% | ||||||||||||||||||||||||||||||
| Other expenses: | |||||||||||||||||||||||||||||||||||
| Occupancy and equipment rental | 16.2 | 12.1 | 34% | 29.8 | 24.2 | 23% | |||||||||||||||||||||||||||||
| Non-trading technology and support | 24.1 | 16.4 | 47% | 46.8 | 32.2 | 45% | |||||||||||||||||||||||||||||
| Professional fees | 11.3 | 8.7 | 30% | 24.2 | 17.6 | 38% | |||||||||||||||||||||||||||||
| Depreciation and amortization | 10.2 | 7.0 | 46% | 20.0 | 13.6 | 47% | |||||||||||||||||||||||||||||
| Communications | 2.5 | 1.4 | 79% | 5.1 | 2.9 | 76% | |||||||||||||||||||||||||||||
| Selling and marketing | 2.3 | 2.3 | —% | 5.9 | 3.2 | 84% | |||||||||||||||||||||||||||||
| Trading systems and market information | 6.6 | 3.5 | 89% | 12.3 | 7.7 | 60% | |||||||||||||||||||||||||||||
| Travel and business development | 10.6 | 2.4 | 342% | 15.1 | 5.2 | 190% | |||||||||||||||||||||||||||||
| Other | 10.1 | 5.1 | 98% | 18.4 | 11.9 | 55% | |||||||||||||||||||||||||||||
| 93.9 | 58.9 | 59% | 177.6 | 118.5 | 50% | ||||||||||||||||||||||||||||||
| Overhead costs, before shared services | 203.6 | 138.9 | 47% | 380.0 | 287.6 | 32% | |||||||||||||||||||||||||||||
| Shared services | (25.0) | (14.9) | 68% | (47.1) | (30.3) | 55% | |||||||||||||||||||||||||||||
| Overhead costs, net of shared services | 178.6 | 124.0 | 44% | 332.9 | 257.3 | 29% | |||||||||||||||||||||||||||||
| Allocation of overhead costs | (47.6) | (43.4) | 10% | (92.4) | (86.1) | 7% | |||||||||||||||||||||||||||||
| Overhead costs, net of shared services, net of allocation to operating segments | $ | 131.0 | $ | 80.6 | 63% | $ | 240.5 | $ | 171.2 | 40% | |||||||||||||||||||||||||
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, 2026 | September 30, 2025 | |||||||||
| Summary asset information: | |||||||||||
| Cash and cash equivalents | $ | 2,122.6 | $ | 1,605.8 | |||||||
| Cash, securities and other assets segregated under federal and other regulations | $ | 6,494.0 | $ | 5,271.0 | |||||||
| Securities purchased under agreements to resell | $ | 15,201.1 | $ | 10,325.4 | |||||||
| Securities borrowed | $ | 2,289.9 | $ | 2,743.1 | |||||||
| Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | $ | 12,095.0 | $ | 12,890.7 | |||||||
| Receivables from clients, net and notes receivable, net | $ | 1,401.1 | $ | 1,333.9 | |||||||
| Financial instruments owned, at fair value | $ | 11,261.9 | $ | 8,604.4 | |||||||
| Physical commodities inventory, net | $ | 1,038.8 | $ | 917.5 | |||||||
| Property and equipment, net | $ | 167.8 | $ | 166.6 | |||||||
| Operating right of use assets | $ | 169.3 | $ | 161.9 | |||||||
| Goodwill and intangible assets, net | $ | 743.8 | $ | 736.2 | |||||||
| Other | $ | 641.6 | $ | 511.5 | |||||||
| Summary liability and stockholders’ equity information: | |||||||||||
| Accounts payable and other accrued liabilities | $ | 1,014.6 | $ | 888.8 | |||||||
| Operating lease liabilities | $ | 219.3 | $ | 211.7 | |||||||
| Payables to clients | $ | 22,751.7 | $ | 19,864.1 | |||||||
| Payables to broker-dealers, clearing organizations and counterparties | $ | 1,779.7 | $ | 963.4 | |||||||
| Payables to lenders under loans | $ | 564.8 | $ | 782.0 | |||||||
| Senior secured borrowings, net | $ | 1,160.3 | $ | 1,159.0 | |||||||
| Securities sold under agreements to repurchase | $ | 17,374.5 | $ | 13,551.0 | |||||||
| Securities loaned | $ | 2,273.5 | $ | 2,550.8 | |||||||
| Financial instruments sold, not yet purchased, at fair value | $ | 3,789.2 | $ | 2,919.8 | |||||||
| Stockholders’ equity | $ | 2,699.3 | $ | 2,377.4 | |||||||
| Common stock outstanding - shares | 79,029,499 | 78,279,953 | |||||||||
| Net asset value per share | $ | 34.16 | $ | 30.37 | |||||||
Conference Call & Web Cast
A conference call to discuss the Company’s financial results will be held tomorrow, Thursday, May 7, 2026 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/BIa70a21fbe6604d6d83b5411e96afc61d 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 5,400 employees serve more than 80,000 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, impact of the R.J. O’Brien 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 statements about the benefits of our acquisition of RJO, including expected synergies and future financial and operating results, the plans, objectives, expectations and intentions of StoneX with respect to the acquisition, 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, 2025. 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.
Appendix - Non-GAAP Financial Information
The following table reconciles net income to EBITDA(1) and Adjusted EBITDA(1).
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||
| Net income | $ | 174.3 | $ | 71.7 | 143% | $ | 313.3 | $ | 156.8 | 100% | |||||||||||||||||||||||||
| Interest expense | 487.6 | 331.4 | 47% | 975.6 | 652.8 | 49% | |||||||||||||||||||||||||||||
| Depreciation and amortization | 26.9 | 15.6 | 72% | 51.9 | 31.3 | 66% | |||||||||||||||||||||||||||||
| Income tax expense | 52.8 | 25.4 | 108% | 98.7 | 57.2 | 73% | |||||||||||||||||||||||||||||
| EBITDA | 741.6 | 444.1 | 67% | 1,439.5 | 898.1 | 60% | |||||||||||||||||||||||||||||
| Amortization of share-based compensation | 13.7 | 10.7 | 28% | 28.0 | 22.0 | 27% | |||||||||||||||||||||||||||||
| Interest expense attributable to trading activities | (461.1) | (316.6) | 46% | (922.8) | (622.8) | 48% | |||||||||||||||||||||||||||||
| Other losses (gains), net | 2.7 | — | n/m | 3.1 | (5.7) | n/m | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 296.9 | $ | 138.2 | 115% | $ | 547.8 | $ | 291.6 | 88% | |||||||||||||||||||||||||
(1)EBITDA and Adjusted EBITDA are non-GAAP measures. | |||||||||||||||||||||||||||||||||||
EBITDA, a non-GAAP measure used to measure operating performance, is defined as net income plus interest expense, depreciation and amortization, and income tax expense. Adjusted EBITDA represents EBITDA plus amortization of share-based compensation and less interest expense attributable to trading activities, including the credit facilities of our subsidiaries, gain on acquisitions, acquisition-related expenses, and gain on class action settlements.
Each of the EBITDA-based measures described above is not a presentation made in accordance with GAAP and should not be considered as an alternative to net income or any other performance measures derived in accordance with GAAP as a measure of operating performance or to cash flows as a measure of liquidity. Additionally, each such measure is not intended to be a measure of free cash flows available for management’s discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. Such measures have limitations as analytical tools, and you should not consider any of such measures in isolation or as substitutes for our results as reported under GAAP. Management compensates for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Because not all companies use identical calculations, these EBITDA-based measures may not be comparable to other similarly titled measures of other companies.
The Company believes EBITDA is helpful in highlighting the business’s trends because EBITDA excludes the results of decisions that are outside the control of management and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. In addition, EBITDA provides more comparability between the historical operating results that reflect purchase accounting and the new capital structure.
StoneX Group Inc.
Investor inquiries:
Kevin Murphy
(212) 403 - 7296
kevin.murphy@stonex.com
SNEX-G
FAQ
How did StoneX Group Inc. (SNEX) perform in its fiscal 2026 Q2?
StoneX reported record net operating revenues of $829.1 million, up 70% year over year, and net income of $174.3 million, up 143%. Diluted EPS rose to $2.07 from $0.94, reflecting strong growth across Commercial, Institutional, Retail and Payments segments.
How did StoneX Group Inc. (SNEX) net operating revenues change year over year?
Net operating revenues reached $829.1 million for the quarter ended March 31, 2026, an increase of 70% from $487.3 million a year earlier. Growth was driven by listed and OTC derivatives, securities, physical contracts, payments and higher interest and fee income on client balances.
What return on equity did StoneX (SNEX) generate in fiscal 2026 Q2?
StoneX generated a quarterly return on equity of 26.5% for the period ended March 31, 2026, up from 15.7% a year earlier. Return on tangible book value was even higher at 37.0%, reflecting strong profitability relative to shareholder capital employed.
How significant was Adjusted EBITDA growth for StoneX Group Inc. (SNEX)?
Adjusted EBITDA was $296.9 million in the fiscal 2026 second quarter, up 115% from $138.2 million a year earlier. The company defines Adjusted EBITDA as EBITDA plus share-based compensation and certain adjustments, helping highlight underlying operating performance trends beyond GAAP net income.
How is the R.J. O’Brien acquisition affecting StoneX (SNEX) results?
Management stated that integrating the R.J. O’Brien global business remains on track to be substantially completed during this fiscal year. RJO contributed materially to growth in listed derivatives contracts and average client equity, supporting stronger Commercial and Institutional segment revenues and earnings.
What is StoneX Group Inc. (SNEX) balance sheet position as of March 31, 2026?
As of March 31, 2026, StoneX reported stockholders’ equity of $2.6993 billion and common stock outstanding of 79,029,499 shares. Net asset value per share was $34.16, up from $30.37 at September 30, 2025, alongside higher cash and segregated assets supporting client activities.