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StoneX Group (NASDAQ: SNEX) net income doubles in fiscal Q3 2026

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

StoneX Group Inc. reported strong results for the fiscal 2026 third quarter ended June 30, 2026. Net operating revenues were $719.7 million, up 47% from $488.3 million. Net income doubled to $127.9 million from $63.4 million, with diluted EPS rising to $1.00 from $0.54.

Return on equity reached 18.4% versus 13.1%, and Adjusted EBITDA increased 70% to $229.5 million. Commercial and Institutional segments drove growth, with operating revenues up 97% and 40% respectively, supported by the R.J. O’Brien acquisition. Self-Directed/Retail FX/CFD activity softened, with segment net operating revenues down 17%.

For the nine months ended June 30, 2026, net operating revenues rose 55% to $2,273.2 million and net income reached $441.2 million, up 100%. Stockholders’ equity was $2,844.0 million at June 30, 2026, with net asset value per share of $23.70.

Positive

  • Quarterly net income more than doubled to $127.9 million, with diluted EPS up 85% to $1.00, indicating very strong profitability growth versus the prior-year quarter.
  • Net operating revenues grew 47% in the quarter to $719.7 million and 55% year-to-date to $2,273.2 million, reflecting broad-based expansion.
  • Return on equity improved to 18.4% for the quarter and ROE on tangible book value reached 25.0%, while quarterly Adjusted EBITDA rose 70% to $229.5 million.
  • Commercial segment operating revenues nearly doubled to $452.2 million and segment income more than doubled to $181.4 million, with Institutional segment income up 49% to $129.9 million.

Negative

  • Self-Directed/Retail performance weakened, with quarterly net operating revenues down 17% to $64.4 million and segment income down 36% to $24.9 million, driven largely by lower FX/CFD contract activity.

Insights

Analyzing...

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.
Net operating revenues Q3 2026 $719.7 million Quarterly net operating revenues for the three months ended June 30, 2026; up 47% year-over-year
Net income Q3 2026 $127.9 million Net income for the three months ended June 30, 2026; up 102% from $63.4 million
Diluted EPS Q3 2026 $1.00 per share Diluted earnings per share for the quarter versus $0.54 in the prior-year period; 85% increase
Adjusted EBITDA Q3 2026 229.5 million Adjusted EBITDA in millions for the three months ended June 30, 2026; up 70% from 135.1 million
Return on equity Q3 2026 18.4% Quarterly ROE compared with 13.1% for the three months ended June 30, 2025
Nine-month net operating revenues $2,273.2 million Net operating revenues for the nine months ended June 30, 2026; up 55% from 1,467.7 million
Stockholders’ equity $2,844.0 million Stockholders’ equity as of June 30, 2026, versus $2,377.4 million at September 30, 2025
Net asset value per share $23.70 Net asset value per share at June 30, 2026, compared with $20.25 at September 30, 2025
net operating revenues financial
"Quarterly Net Operating Revenues of $719.7 million, up 47%"
return on equity financial
"Return on equity (“ROE”) (2) | 18.4 % | | 13.1 %"
Return on equity shows how effectively a company uses its shareholders' money to generate profit. It is calculated by dividing the company's net profit by its shareholders' equity, indicating how much profit is earned for each dollar invested by owners. Higher return on equity suggests the company is good at turning investments into earnings, which can be an important factor for investors assessing its profitability and efficiency.
Adjusted EBITDA financial
"Adjusted EBITDA (in millions) (5) | $ | 229.5 | | $ | 135.1"
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.
rate per contract financial
"Listed derivatives, average rate per contract (“RPC”) (3)"
Rate per contract is the amount charged or paid for a single contract in a financial transaction, such as an options or futures contract, or an insurance policy. It matters to investors because it determines the per-unit cost or revenue of trading or holding that instrument—like the price tag on one item in a bulk purchase—so multiplying it by the number of contracts gives the total fee, premium or payout exposure.
securities sold under agreements to repurchase financial
"Securities sold under agreements to repurchase | $ | 17,996.1"
A short-term financing arrangement in which a holder sells securities (usually government or corporate bonds) to another party with a firm promise to repurchase the same securities at a set later date and slightly higher price; it operates like a collateralized loan. Investors watch these transactions because they affect market liquidity and short-term interest rates, signal funding stress or cash needs, and carry counterparty and valuation implications for money-market and fixed-income holdings.
securities lending financial
"interest income associated with securities lending activities"
Securities lending is when an owner of stocks or bonds temporarily loans them to another party, usually so the borrower can sell them short or meet settlement needs; the lender receives a fee and typically some form of security in return. Investors should care because lending can generate extra income on holdings and affects market liquidity and short-selling activity, much like renting out a spare room brings income while someone else uses the space.
Net operating revenues $719.7 million up 47% from $488.3 million for the three months ended June 30, 2025
Net income $127.9 million up 102% from $63.4 million for the three months ended June 30, 2025
Diluted EPS $1.00 up 85% from $0.54 for the three months ended June 30, 2025
Return on equity 18.4% compared with 13.1% for the three months ended June 30, 2025
Adjusted EBITDA $229.5 million up 70% from $135.1 million for the three months ended June 30, 2025

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FAQ

How did StoneX Group (SNEX) perform in fiscal Q3 2026?
StoneX Group delivered strong fiscal Q3 2026 results, with net operating revenues of $719.7 million, up 47%, and net income of $127.9 million, up 102%. Diluted EPS rose to $1.00 from $0.54 for the three months ended June 30, 2025.

What were the main revenue drivers for StoneX Group (SNEX) in Q3 2026?
Growth was led by the Commercial and Institutional segments. Commercial operating revenues rose 97% to $452.2 million, while Institutional operating revenues increased 40% to $875.3 million, supported by higher listed derivatives, securities, physical contracts, and interest/fees on client balances.

How profitable was StoneX Group (SNEX) in Q3 2026 in terms of ROE and EBITDA?
Quarterly return on equity was 18.4%, up from 13.1%, and ROE on tangible book value reached 25.0%. Adjusted EBITDA, a key non-GAAP metric, increased 70% to $229.5 million, while EBITDA totaled $697.6 million for the quarter ended June 30, 2026.

How did StoneX Group (SNEX)'s Self-Directed/Retail segment perform in Q3 2026?
The Self-Directed/Retail segment softened, with operating revenues down 13% to $96.3 million and net operating revenues down 17% to $64.4 million. Segment income declined 36% to $24.9 million, mainly due to reduced FX/CFD contract activity despite modest growth in securities revenues.

What balance sheet metrics did StoneX Group (SNEX) report as of June 30, 2026?
As of June 30, 2026, StoneX reported cash and cash equivalents of $2,194.3 million, stockholders’ equity of $2,844.0 million, and common stock outstanding of 119,995,698 shares. Net asset value per share increased to $23.70, up from $20.25 at September 30, 2025.

How did StoneX Group (SNEX)'s non-GAAP metrics trend in Q3 2026?
EBITDA rose to $697.6 million from $491.9 million, while Adjusted EBITDA grew 70% to $229.5 million from $135.1 million. These measures add back interest, taxes, depreciation, amortization, and certain other items to highlight underlying operating performance.

What impact did the R.J. O’Brien acquisition have on StoneX Group (SNEX) metrics?
Management noted benefits from the integration of the R.J. O’Brien acquisition, including added listed derivatives volumes and client equity. RJO contributed 32.0 million listed derivative contracts and $6.6 billion of average client equity in Q3 2026 across StoneX’s listed derivatives businesses.
0000913760false00009137602026-08-052026-08-05

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): August 5, 2026
_______________
StoneX Group Inc.
(Exact name of registrant as specified in its charter)
_______________
Delaware000-2355459-2921318
(State of Incorporation)(Commission File Number)(IRS Employer ID No.)
230 Park Ave, 10th Floor
New York, NY 10169
(Address of principal executive offices, including Zip Code)
(212) 485-3500
(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 ClassTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valueSNEXThe Nasdaq Stock Market LLC
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 August 5, 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 June 30, 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 August 5, 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)
August 5, 2026/s/ WILLIAM J. DUNAWAY
(Date)William J. Dunaway
Chief Financial Officer



EXHIBIT 99.1
stonex_170x40-01.jpg



StoneX Group Inc. Reports Fiscal 2026 Third Quarter Financial Results

Quarterly Net Operating Revenues of $719.7 million, up 47%
Quarterly Net Income of $127.9 million, Quarterly ROE of 18.4%
Quarterly Diluted EPS of $1.00 per share


NEW YORK – August 5, 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 third quarter ended June 30, 2026.
“We are pleased to report another strong quarter of year-over-year growth in the third quarter of fiscal 2026,” said Philip Smith, the Company’s Chief Executive Officer. “We continue to deliver double-digit growth in our Commercial, Institutional and Payments segments, reflecting the increasing value of the StoneX ecosystem to our expanding client base. We are also beginning to realize the benefits of the successful integration of the R.J. O’Brien acquisition, further strengthening our market position and establishing StoneX as the largest non-bank FCM,” continued Mr. Smith. “We believe the depth and breadth of our ecosystem continues to position us for growth and we remain focused on providing our clients with best-in-class service and execution,” Mr. Smith concluded.




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 June 30,Nine Months Ended June 30,
(Unaudited) (in millions, except share and per share amounts)20262025 %
Change		20262025 %
Change
Revenues:
Sales of physical commodities$38,772.3 $33,839.9 15%$120,758.3 $96,883.6 25%
Principal gains, net404.8 334.0 21%1,253.0 943.4 33%
Commission and clearing fees332.0 166.0 100%984.5 479.6 105%
Consulting, management, and account fees69.6 46.2 51%214.7 138.3 55%
Interest income614.3 442.7 39%1,773.3 1,209.9 47%
Total revenues40,193.0 34,828.8 15%124,983.8 99,654.8 25%
Cost of sales of physical commodities38,725.0 33,804.5 15%120,510.8 96,730.2 25%
Operating revenues1,468.0 1,024.3 43%4,473.0 2,924.6 53%
Transaction-based clearing expenses144.3 94.9 52%429.6 273.2 57%
Introducing broker commissions93.1 49.7 87%283.7 139.5 103%
Interest expense484.1 371.3 30%1,406.9 994.1 42%
Interest expense on corporate funding26.8 20.1 33%79.6 50.1 59%
Net operating revenues719.7 488.3 47%2,273.2 1,467.7 55%
Variable compensation and benefits244.0 143.9 70%708.4 423.9 67%
Net contribution475.7 344.4 38%1,564.8 1,043.8 50%
Fixed compensation and benefits149.8 123.4 21%448.5 363.0 24%
Trading systems and market information25.7 21.3 21%76.5 60.8 26%
Professional fees5.9 23.9 (75)%57.1 59.4 (4)%
Non-trading technology and support30.1 21.1 43%85.1 61.7 38%
Occupancy and equipment rental16.3 14.3 14%50.3 40.4 25%
Selling and marketing16.6 13.0 28%44.7 38.4 16%
Travel and business development10.9 7.9 38%39.5 23.4 69%
Communications3.3 2.2 50%10.7 6.4 67%
Depreciation and amortization26.9 14.9 81%78.8 46.2 71%
Bad debts, net of recoveries(1.0)0.4 n/m12.6 2.3 448%
Other29.7 15.1 97%84.4 46.6 81%
Total fixed compensation and other expenses314.2 257.5 22%988.2 748.6 32%
Other (losses) gains, net(1.7)(1.3)n/m(4.8)4.4 n/m
Income before tax159.8 85.6 87%571.8 299.6 91%
Income tax expense31.9 22.2 44%130.6 79.4 64%
Net income$127.9 $63.4 102%$441.2 $220.2 100%
Earnings per share:(1)
Basic$1.07 $0.57 88%$3.72 $2.02 84%
Diluted$1.00 $0.54 85%$3.49 $1.92 82%
Weighted-average number of common shares outstanding:(1)
Basic115,856,734106,010,5929%114,793,795105,240,7269%
Diluted124,482,194112,392,36811%122,666,708110,931,14211%
Return on equity (“ROE”)(2)
18.4 %13.1 %22.3 %15.9 %
ROE on tangible book value(2)
25.0 %13.8 %31.2 %16.7 %
n/m = not meaningful to present as a percentage
(1)On July 17, 2026 and March 20, 2026, the Company effected three-for-two stock dividends to stockholders of record as of July 7, 2026 and March 10, 2026, respectively. The stock splits increased the number of shares of common stock outstanding. All share and per share amounts have been retroactively adjusted for the stock splits.
(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 June 30,Nine Months Ended June 30,
(in millions)20262025 % Change20262025% Change
Segment operating revenues represented by:
Commercial$452.2 $229.3 97%$1,417.2 $713.9 99%
Institutional875.3 626.0 40%2,609.7 1,726.8 51%
Self-Directed/Retail96.3 110.7 (13)%297.2 324.5 (8)%
Payments60.3 53.3 13%173.3 161.7 7%
Corporate
2.8 15.7 (82)%34.7 43.5 (20)%
Eliminations(18.9)(10.7)77%(59.1)(45.8)29%
Operating revenues$1,468.0 $1,024.3 43%$4,473.0 $2,924.6 53%

The following table presents our consolidated income by segment for the periods indicated.
Three Months Ended June 30,Nine Months Ended June 30,
(in millions)20262025 % Change20262025% Change
Segment income represented by:
Commercial$181.4 $82.7 119%$604.8 $284.0 113%
Institutional129.9 87.4 49%390.1 252.0 55%
Self-Directed/Retail24.9 38.7 (36)%73.4 115.2 (36)%
Payments34.4 28.1 22%100.1 86.7 15%
Total segment income$370.6 $236.9 56%$1,168.4 $737.9 58%
Reconciliation of segment income to income before tax:
Segment income$370.6 $236.9 56%$1,168.4 $737.9 58%
Net operating loss within Corporate (1)
(39.8)(10.9)265%(92.7)(40.6)128%
Overhead costs, net of shared services(169.5)(140.4)21%(502.4)(397.7)26%
Other loss(1.5)— n/m(1.5)— n/m
Income before tax$159.8 $85.6 87%$571.8 $299.6 91%
(1)Includes interest expense on corporate funding.




Key Operating Metrics
The tables below present operating revenues disaggregated across the key products we provide to our clients and select operating data and metrics used by management in evaluating our performance, for the periods indicated.
Three Months Ended June 30,Nine Months Ended June 30,
20262025% Change20262025% Change
Operating Revenues (in millions):
Listed derivatives$284.3 $126.4 125%$871.2 $366.6 138%
Over-the-counter (“OTC”) derivatives101.8 58.9 73%284.0 155.8 82%
Securities604.2 485.7 24%1,768.0 1,314.2 35%
FX/Contracts for difference (“CFD”) contracts70.9 87.4 (19)%217.2 256.9 (15)%
Payments59.1 52.3 13%169.6 158.3 7%
Physical contracts115.4 55.9 106%462.2 221.1 109%
Interest/fees earned on client balances169.0 102.9 64%499.2 312.2 60%
Other (1)
79.4 49.8 59%226.0 141.8 59%
Corporate
2.8 15.7 (82)%34.7 43.5 (20)%
Eliminations(18.9)(10.7)77%(59.1)(45.8)29%
$1,468.0 $1,024.3 43%$4,473.0 $2,924.6 53%
Volumes and Other Select Data:
Listed derivatives (contracts, 000’s)(2)
97,944 56,759 73%279,217 171,092 63%
Listed derivatives, average rate per contract (“RPC”)(3)
$2.61 $2.13 23%$2.78 $2.06 35%
Average client equity - listed derivatives (millions)(2)
$15,007 $6,558 129%$14,069 $6,606 113%
OTC derivatives (contracts, 000’s)1,924 1,018 89%4,438 2,774 60%
OTC derivatives, average RPC$53.50 $58.06 (8)%$64.74 $56.68 14%
Securities average daily volume (“ADV”) (millions)$12,263 $9,219 33%$11,635 $8,953 30%
Securities rate per million (“RPM”)(4)
$302 $276 9%$297 $264 13%
Average money market/FDIC sweep client balances (millions)$1,181 $1,208 (2)%$1,212 $1,229 (1)%
FX/CFD contracts ADV (millions)$10,780 $12,190 (12)%$11,310 $11,805 (4)%
FX/CFD contracts RPM $102 $111 (8)%$99 $114 (13)%
Payments ADV (millions)$96 $80 20%$94 $81 16%
Payments RPM$9,915 $10,614 (7)%$9,700 $10,515 (8)%
Adjusted EBITDA (in millions)(5)
$229.5 $135.1 70%$777.3 $426.7 82%
(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 32.0 million and 100.8 million listed derivative contracts and $6.6 billion and $6.3 billion in average client equity for the three and nine months ended June 30, 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 June 30,Nine Months Ended June 30,
(in millions)20262025% Change20262025% Change
Interest expense attributable to:
Trading activities:
Institutional dealer in fixed income securities$365.3 $295.5 24 %$1,083.1 $751.7 44 %
Securities borrowing29.2 25.0 17 %79.6 68.4 16 %
Client balances on deposit63.5 34.8 82 %182.5 99.7 83 %
Short-term financing facilities of subsidiaries and other direct interest of operating segments26.1 16.0 63 %61.7 74.3 (17)%
484.1 371.3 30 %1,406.9 994.1 42 %
Corporate funding26.8 20.1 33 %79.6 50.1 59 %
Total interest expense$510.9 $391.4 31 %$1,486.5 $1,044.2 42 %
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 $27.4 million and $80.5 million of interest expense, with $25.1 million and $73.0 million attributable to client balances for the three and nine months ended June 30, 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 three and nine months ended June 30, 2025 included $6.5 million of bridge loan financing fees related to the June 2025 renewal of the corporate revolving credit facility and the issuance of the Notes due 2032.
The table below presents a disaggregation of consolidated net operating revenues used by management in evaluating our performance, for the periods indicated:
Three Months Ended June 30,Nine Months Ended June 30,
20262025% Change20262025% Change
Net Operating Revenues (in millions):
Listed derivatives$121.2 $56.9 113%$384.4 $167.1 130%
OTC derivatives101.9 58.8 73%284.0 155.6 83%
Securities171.3 125.5 36%486.5 348.1 40%
FX/CFD contracts62.4 77.4 (19)%189.3 230.2 (18)%
Payments55.1 49.1 12%159.1 149.8 6%
Physical contracts87.4 33.3 162%387.4 159.0 144%
Interest, net / fees earned on client balances111.9 73.9 51%335.1 225.8 48%
Other (1)
48.3 24.3 99%140.1 72.7 93%
Corporate(39.8)(10.9)265%(92.7)(40.6)128%
$719.7 $488.3 47%$2,273.2 $1,467.7 55%
(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 June 30,Nine Months Ended June 30,
(in millions)2026% of
Total		2025% of
Total		2026% of
Total		2025% of
Total
Variable compensation and benefits$244.0 30%$143.9 26%$708.4 29%$423.9 27%
Transaction-based clearing expenses144.3 18%94.9 18%429.6 17%273.2 17%
Introducing broker commissions93.1 12%49.7 9%283.7 12%139.5 9%
Total variable expenses481.4 60%288.5 53%1,421.7 58%836.6 53%
Fixed compensation and benefits149.8 19%123.4 23%448.5 19%363.0 23%
Other fixed expenses165.4 21%133.7 24%527.1 22%383.3 24%
Bad debts, net of recoveries(1.0)—%0.4 —%12.6 1%2.3 —%
Total non-variable expenses314.2 40%257.5 47%988.2 42%748.6 47%
Total non-interest expenses$795.6 100%$546.0 100%$2,409.9 100%$1,585.2 100%


Other (Losses) Gains, net
The results of the three months ended June 30, 2026 included a $1.5 million charge on the abandonment of certain capitalized expenditures and an equity investment loss of $0.2 million. The results of the three months ended June 30, 2025 included a $2.3 million loss on disposal of certain capitalized hardware expenditures, partially offset by a gain of $1.0 million resulting from proceeds received from a class action settlement.
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 June 30,Nine Months Ended June 30,
(in millions)20262025% Change20262025% Change
Revenues:
Sales of physical commodities$38,772.3 $33,839.9 15%$120,758.3 $96,883.6 25%
Principal gains, net178.0 88.8 100%523.2 238.3 120%
Commission and clearing fees125.6 55.1 128%359.4 158.1 127%
Consulting, management and account fees8.4 7.1 18%28.6 21.8 31%
Interest income92.9 42.9 117%258.5 142.3 82%
Total revenues39,177.2 34,033.8 15%121,928.0 97,444.1 25%
Cost of sales of physical commodities38,725.0 33,804.5 15%120,510.8 96,730.2 25%
Operating revenues452.2 229.3 97%1,417.2 713.9 99%
Transaction-based clearing expenses36.5 21.5 70%108.7 58.2 87%
Introducing broker commissions51.8 12.8 305%153.4 37.2 312%
Interest expense37.5 23.5 60%102.2 61.2 67%
Net operating revenues326.4 171.5 90%1,052.9 557.3 89%
Variable compensation and benefits80.6 44.5 81%256.8 141.6 81%
Net contribution245.8 127.0 94%796.1 415.7 92%
Fixed compensation and benefits24.4 19.9 23%71.4 56.8 26%
Other fixed expenses41.3 25.4 63%109.8 75.0 46%
Bad debts, net of recoveries(1.3)— n/m10.1 0.9 n/m
Non-variable direct expenses64.4 45.3 42%191.3 132.7 44%
Other gains— 1.0 (100)%— 1.0 (100)%
Segment income181.4 82.7 119%604.8 284.0 113%
Allocation of overhead costs12.4 9.9 25%36.4 29.5 23%
Segment income, less allocation of overhead costs$169.0 $72.8 132%$568.4 $254.5 123%
Three Months Ended June 30,Nine Months Ended June 30,
20262025% Change20262025% Change
Operating Revenues (in millions):
Listed derivatives$152.5 $72.7 110%$446.2 $210.4 112%
OTC derivatives101.8 58.9 73%284.0 155.8 82%
Physical contracts115.4 55.9 106%462.2 221.1 109%
Interest/fees earned on client balances75.7 35.4 114%203.0 106.7 90%
Other6.8 6.4 6%21.8 19.9 10%
$452.2 $229.3 97%$1,417.2 $713.9 99%
Volumes and Other Select Data:
Listed derivatives (contracts, 000’s)(1)
17,911 13,081 37%55,643 35,124 58%
Listed derivatives, average RPC(2)
$8.18 $5.33 53%$7.69 $5.77 33%
Average client equity - listed derivatives (millions)(1)
$4,544 $1,734 162%$4,281 $1,732 147%
OTC derivatives (contracts, 000’s)1,924 1,018 89%4,438 2,774 60%
OTC derivatives, average RPC$53.50 $58.06 (8)%$64.74 $56.68 14%
(1)
The acquisition of RJO, effective July 31, 2025, contributed 5.0 million and 15.9 million listed derivative contracts and $2.1 billion and $2.1 billion in average client equity for the three and nine months ended June 30, 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 June 30,Nine Months Ended June 30,
20262025% Change20262025% Change
Net Operating Revenues (in millions):
Listed derivatives$68.6 $42.3 62%$197.6 $126.2 57%
OTC derivatives101.9 58.8 73%284.0 155.6 83%
Physical contracts87.4 33.3 162%387.4 159.0 144%
Interest/fees earned on client balances62.4 30.7 103%164.2 96.6 70%
Other6.1 6.4 (5)%19.7 19.9 (1)%
$326.4 $171.5 90%$1,052.9 $557.3 89%


Institutional
Three Months Ended June 30,Nine Months Ended June 30,
(in millions)20262025% Change20262025% Change
Revenues:
Sales of physical commodities$— $— —%$— $— —%
Principal gains, net119.7 115.6 4%386.2 332.1 16%
Commission and clearing fees192.7 97.2 98%578.1 278.3 108%
Consulting, management and account fees43.5 20.6 111%128.9 61.4 110%
Interest income519.4 392.6 32%1,516.5 1,055.0 44%
Total revenues875.3 626.0 40%2,609.7 1,726.8 51%
Cost of sales of physical commodities— — —%— — —%
Operating revenues875.3 626.0 40%2,609.7 1,726.8 51%
Transaction-based clearing expenses101.0 67.5 50%298.6 197.6 51%
Introducing broker commissions15.0 7.8 92%46.7 23.1 102%
Interest expense447.0 350.6 27%1,312.4 941.0 39%
Net operating revenues312.3 200.1 56%952.0 565.1 68%
Variable compensation and benefits119.8 63.7 88%341.3 182.4 87%
Net contribution192.5 136.4 41%610.7 382.7 60%
Fixed compensation and benefits31.7 21.6 47%94.8 62.0 53%
Other fixed expenses30.6 25.1 22%121.4 67.8 79%
Bad debts, net of recoveries0.3 — n/m1.9 (0.1)n/m
Non-variable direct expenses62.6 46.7 34%218.1 129.7 68%
Other losses— (2.3)(100)%(2.5)(1.0)150%
Segment income129.9 87.4 49%$390.1 $252.0 55%
Allocation of overhead costs15.2 14.9 2%44.6 44.8 —%
Segment income, less allocation of overhead costs$114.7 $72.5 58%$345.5 $207.2 67%
Three Months Ended June 30,Nine Months Ended June 30,
20262025% Change20262025% Change
Operating Revenues (in millions):
Listed derivatives$131.8 $53.7 145%$425.0 $156.2 172%
Securities573.8 456.1 26%1,671.8 1,228.4 36%
FX contracts6.2 7.8 (21)%20.0 25.3 (21)%
Interest/fees earned on client balances92.6 67.0 38%294.3 203.7 44%
Other70.9 41.4 71%198.6 113.2 75%
$875.3 $626.0 40%$2,609.7 $1,726.8 51%
Volumes and Other Select Data:
Listed derivatives (contracts, 000’s)(1)
80,034 43,678 83%223,574 135,969 64%
Listed derivatives, average RPC(2)
$1.36 $1.17 16%$1.56 $1.10 42%
Average client equity - listed derivatives (millions)(1)
$10,462 $4,825 117%$9,789 $4,874 101%
Securities ADV (millions)$12,263 $9,219 33%$11,635 $8,953 30%
Securities RPM(3)
$302 $276 9%$297 $264 13%
Average money market/FDIC sweep client balances (millions)$1,181 $1,208 (2)%$1,212 $1,229 (1)%
FX contracts ADV (millions)$3,975 $2,913 36%$3,221 $3,320 (3)%
FX contracts RPM$25 $41 (39)%$32 $39 (18)%
(1)
The acquisition of RJO, effective July 31, 2025, contributed 27.0 million and 84.9 million listed derivative contracts and $4.5 billion and $4.1 billion in average client equity for the three and nine months ended June 30, 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 June 30,Nine Months Ended June 30,
20262025% Change20262025% Change
Net Operating Revenues (in millions):
Listed derivatives$52.6 $14.6 260%$186.8 $40.9 357%
Securities164.8 119.8 38%463.1 329.9 40%
FX contracts5.6 7.2 (22)%18.3 22.8 (20)%
Interest/fees earned on client balances48.9 42.7 15%169.1 127.4 33%
Other40.4 15.8 156%114.7 44.1 160%
$312.3 $200.1 56%$952.0 $565.1 68%


Self-Directed/Retail
Three Months Ended June 30,Nine Months Ended June 30,
(in millions)20262025% Change20262025% Change
Revenues:
Sales of physical commodities$— $— —%$— $— —%
Principal gains, net59.6 72.1 (17)%180.1 209.1 (14)%
Commission and clearing fees13.8 12.6 10%44.3 39.8 11%
Consulting, management and account fees15.9 17.6 (10)%50.5 51.3 (2)%
Interest income7.0 8.4 (17)%22.3 24.3 (8)%
Total revenues96.3 110.7 (13)%297.2 324.5 (8)%
Cost of sales of physical commodities— — —%— — —%
Operating revenues96.3 110.7 (13)%297.2 324.5 (8)%
Transaction-based clearing expenses3.3 3.6 (8)%11.4 10.2 12%
Introducing broker commissions26.7 27.9 (4)%81.5 76.1 7%
Interest expense1.9 1.8 6%6.2 5.5 13%
Net operating revenues64.4 77.4 (17)%198.1 232.7 (15)%
Variable compensation and benefits4.8 3.7 30%14.2 11.1 28%
Net contribution59.6 73.7 (19)%183.9 221.6 (17)%
Fixed compensation and benefits8.6 8.0 8%24.5 26.1 (6)%
Other fixed expenses26.1 26.6 (2)%85.4 83.2 3%
Bad debts, net of recoveries— 0.4 (100)%0.6 1.5 (60)%
Non-variable direct expenses34.7 35.0 (1)%110.5 110.8 —%
Other gain— — —%— 4.4 (100)%
Segment income24.9 38.7 (36)%73.4 115.2 (36)%
Allocation of overhead costs15.1 12.6 20%46.0 37.9 21%
Segment income, less allocation of overhead costs$9.8 $26.1 (62)%$27.4 $77.3 (65)%
Three Months Ended June 30,Nine Months Ended June 30,
20262025% Change20262025% Change
Operating Revenues (in millions):
Securities$30.4 $29.6 3%$96.2 $85.8 12%
FX/CFD contracts64.7 79.6 (19)%197.2 231.6 (15)%
Interest/fees earned on client balances0.7 0.5 40%1.9 1.8 6%
Other0.5 1.0 (50)%1.9 5.3 (64)%
$96.3 $110.7 (13)%$297.2 $324.5 (8)%
Volumes and Other Select Data:
FX/CFD contracts ADV (millions)$6,805 $9,277 (27)%$8,089 $8,485 (5)%
FX/CFD contracts RPM$147 $133 11%$126 $143 (12)%

Three Months Ended June 30,Nine Months Ended June 30,
20262025% Change20262025% Change
Net Operating Revenues (in millions):
Securities$6.5 $5.7 14%$23.4 $18.2 29%
FX/CFD contracts56.8 70.2 (19)%171.0 207.4 (18)%
Interest/fees earned on client balances0.6 0.5 20%1.8 1.8 —%
Other0.5 1.0 (50)%1.9 5.3 (64)%
$64.4 $77.4 (17)%$198.1 $232.7 (15)%


Payments
Three Months Ended June 30,Nine Months Ended June 30,
(in millions)20262025% Change20262025% Change
Revenues:
Sales of physical commodities$— $— —%$— $— —%
Principal gains, net56.7 51.1 11%163.7 153.2 7%
Commission and clearing fees2.3 1.8 28%6.6 5.2 27%
Consulting, management, account fees0.9 0.1 800%2.0 1.9 5%
Interest income0.4 0.3 33%1.0 1.4 (29)%
Total revenues60.3 53.3 13%173.3 161.7 7%
Cost of sales of physical commodities— — —%— — —%
Operating revenues60.3 53.3 13%173.3 161.7 7%
Transaction-based clearing expenses2.5 1.9 32%6.7 5.4 24%
Introducing broker commissions1.3 1.2 8%3.6 3.1 16%
Interest expense0.1 — n/m0.1 — n/m
Net operating revenues56.4 50.2 12%162.9 153.2 6%
Variable compensation and benefits9.4 8.9 6%26.8 26.8 —%
Net contribution47.0 41.3 14%136.1 126.4 8%
Fixed compensation and benefits4.6 7.1 (35)%14.8 21.1 (30)%
Other fixed expenses7.8 6.1 28%20.4 18.6 10%
Bad debts, net of recoveries— — —%— — —%
Total non-variable direct expenses12.4 13.2 (6)%35.2 39.7 (11)%
Other loss(0.2)— n/m(0.8)— n/m
Segment income34.4 28.1 22%100.1 86.7 15%
Allocation of overhead costs4.1 5.6 (27)%12.2 16.9 (28)%
Segment income, less allocation of overhead costs$30.3 $22.5 35%$87.9 $69.8 26%
Three Months Ended June 30,Nine Months Ended June 30,
20262025% Change20262025% Change
Operating Revenues (in millions):
Payments$59.1 $52.3 13%$169.6 $158.3 7%
Other1.2 1.0 20%3.7 3.4 9%
$60.3 $53.3 13%$173.3 $161.7 7%
Volumes and Other Select Data:
Payments ADV (millions)$96 $80 20%$94 $81 16%
Payments RPM$9,915 $10,614 (7)%$9,700 $10,515 (8)%
Three Months Ended June 30,Nine Months Ended June 30,
20262025% Change20262025% Change
Net Operating Revenues (in millions):
Payments$55.1 $49.1 12%$159.1 $149.8 6%
Other1.3 1.1 18%3.8 3.4 12%
$56.4 $50.2 12%$162.9 $153.2 6%


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 June 30,Nine Months Ended June 30,
(in millions)20262025% Change20262025% Change
Compensation and benefits:
Variable compensation and benefits$29.4 $23.1 27%$69.3 $62.0 12%
Fixed compensation and benefits80.5 66.8 21%243.0 197.0 23%
109.9 89.9 22%312.3 259.0 21%
Other expenses:
Occupancy and equipment rental14.2 12.7 12%44.0 36.9 19%
Non-trading technology and support25.7 17.3 49%72.5 49.5 46%
Professional fees11.6 11.3 3%35.8 28.9 24%
Depreciation and amortization11.2 7.3 53%31.2 20.9 49%
Communications2.4 1.5 60%7.5 4.4 70%
Selling and marketing3.8 1.9 100%9.7 5.1 90%
Trading systems and market information5.9 5.1 16%18.2 12.8 42%
Travel and business development4.0 3.0 33%19.1 8.2 133%
Other9.6 7.9 22%28.0 19.8 41%
88.4 68.0 30%266.0 186.5 43%
Overhead costs, before shared services198.3 157.9 26%578.3 445.5 30%
Shared services(28.8)(17.5)65%(75.9)(47.8)59%
Overhead costs, net of shared services169.5 140.4 21%502.4 397.7 26%
Allocation of overhead costs(46.8)(43.0)9%(139.2)(129.1)8%
Overhead costs, net of shared services, net of allocation to operating segments$122.7 $97.4 26%$363.2 $268.6 35%



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)June 30, 2026September 30, 2025
Summary asset information:
Cash and cash equivalents$2,194.3 $1,605.8 
Cash, securities and other assets segregated under federal and other regulations$6,270.6 $5,271.0 
Securities purchased under agreements to resell$15,820.5 $10,325.4 
Securities borrowed$3,007.2 $2,743.1 
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net$11,382.1 $12,890.7 
Receivables from clients, net and notes receivable, net$1,329.2 $1,333.9 
Financial instruments owned, at fair value$11,135.0 $8,604.4 
Physical commodities inventory, net$1,165.5 $917.5 
Property and equipment, net$165.7 $166.6 
Operating right of use assets$176.9 $161.9 
Goodwill and intangible assets, net$735.0 $736.2 
Other$664.0 $511.5 
Summary liability and stockholders’ equity information:
Accounts payable and other accrued liabilities$1,022.2 $888.8 
Operating lease liabilities$226.1 $211.7 
Payables to clients$21,161.0 $19,864.1 
Payables to broker-dealers, clearing organizations and counterparties$2,222.0 $963.4 
Payables to lenders under loans$660.7 $782.0 
Senior secured borrowings, net$1,160.9 $1,159.0 
Securities sold under agreements to repurchase$17,996.1 $13,551.0 
Securities loaned$2,955.7 $2,550.8 
Financial instruments sold, not yet purchased, at fair value$3,797.3 $2,919.8 
Stockholders’ equity$2,844.0 $2,377.4 
Common stock outstanding - shares119,995,698 117,419,470 
Net asset value per share$23.70 $20.25 



Conference Call & Web Cast
A conference call to discuss the Company’s financial results will be held tomorrow, Thursday, August 6, 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/BI082a743921f5404c91827f24dc2c4996 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 5,200 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 June 30,Nine Months Ended June 30,
20262025% Change20262025% Change
(in millions)
Net income$127.9 $63.4 102%$441.2 $220.2 100%
Interest expense510.9 391.4 31%1,486.5 1,044.2 42%
Depreciation and amortization26.9 14.9 81%78.8 46.2 71%
Income tax expense31.9 22.2 44%130.6 79.4 64%
EBITDA697.6 491.9 42%2,137.1 1,390.0 54%
Amortization of share-based compensation14.3 13.2 8%42.3 35.2 20%
Interest expense attributable to trading activities(484.1)(371.3)30%(1,406.9)(994.1)42%
Other losses (gains), net1.7 1.3 31%4.8 (4.4)n/m
Adjusted EBITDA$229.5 $135.1 70%$777.3 $426.7 82%
(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




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