Record Quarterly Net Income of $139.0 million, Quarterly ROE of 22.5%
Quarterly Diluted EPS of $2.50 per share
Announces a Three-for-Two Stock Split
NEW YORK, Feb. 04, 2026 (GLOBE NEWSWIRE) -- 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 first quarter ended December 31, 2025.
Philip Smith, the Company's Chief Executive Officer, stated, "We are very pleased to announce our results for the first fiscal quarter of the year, a quarter which marked another record, in terms of both net operating revenues and net income for StoneX. This record quarter was driven by strong performances in both our Commercial and Institutional segments, in particular our Global Metals and Securities businesses, as well as our first full quarter with the acquired RJO and Benchmark businesses.
Our sole strategic objective continues to be building out a unique ecosystem, offering extensive depth and breadth of products and geographical reach to our global client base. Our ecosystem has allowed us to benefit from increased client demand and activity when markets are active, as we have seen in our first fiscal quarter of 2026. We believe our unwavering commitment to delivering exceptional client coverage and service will hold us in good stead, both today and in the future." Mr. 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 December 31,
(Unaudited) (in millions, except share and per share amounts)
2025
2024
%Change
Revenues:
Sales of physical commodities
$
37,689.1
$
27,051.1
39
%
Principal gains, net
378.5
308.9
23
%
Commission and clearing fees
305.0
149.3
104
%
Consulting, management, and account fees
76.1
47.8
59
%
Interest income
581.2
378.2
54
%
Total revenues
39,029.9
27,935.3
40
%
Cost of sales of physical commodities
37,591.7
26,991.0
39
%
Operating revenues
1,438.2
944.3
52
%
Transaction-based clearing expenses
132.6
86.5
53
%
Introducing broker commissions
93.2
44.3
110
%
Interest expense
461.7
306.2
51
%
Interest expense on corporate funding
26.3
15.2
73
%
Net operating revenues
724.4
492.1
47
%
Variable compensation and benefits
215.9
133.3
62
%
Net contribution
508.5
358.8
42
%
Fixed compensation and benefits
140.0
119.2
17
%
Trading systems and market information
25.0
20.0
25
%
Professional fees
32.8
19.0
73
%
Non-trading technology and support
26.6
19.7
35
%
Occupancy and equipment rental
16.1
13.0
24
%
Selling and marketing
14.1
12.0
18
%
Travel and business development
11.8
8.4
40
%
Communications
3.7
2.1
76
%
Depreciation and amortization
25.0
15.7
59
%
Bad debts, net of recoveries
1.2
1.8
(33
)%
Other
26.9
16.7
61
%
Total fixed compensation and other expenses
323.2
247.6
31
%
Other (losses) gains, net
(0.4
)
5.7
n/m
Income before tax
184.9
116.9
58
%
Income tax expense
45.9
31.8
44
%
Net income
$
139.0
$
85.1
63
%
Earnings per share:(1)
Basic
$
2.66
$
1.77
50
%
Diluted
$
2.50
$
1.69
48
%
Weighted-average number of common shares outstanding:(1)
Basic
50,569,386
46,464,063
9
%
Diluted
53,654,586
48,667,158
10
%
Return on equity ("ROE")(2)
22.5
%
19.5
%
ROE on tangible book value(2)
32.4
%
20.5
%
n/m = not meaningful to present as a percentage
(1)
On March 21, 2025, the Company effected a three-for-two stock dividend to stockholders of record as of March 11, 2025. The stock split increased the number of shares of common stock outstanding. All share and per share amounts have been retroactively adjusted for the stock split.
(2)
The Company calculates ROE on stated book value based on net income divided by 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 December 31,
(in millions)
2025
2024
% Change
Segment operating revenues represented by:
Commercial
$
427.4
$
234.8
82
%
Institutional
866.0
539.6
60
%
Self-Directed/Retail
94.4
121.6
(22
)%
Payments
57.0
58.1
(2
)%
Corporate
12.1
11.1
9
%
Eliminations
(18.7
)
(20.9
)
(11
)%
Operating revenues
$
1,438.2
$
944.3
52
%
The following table presents our consolidated income by segment for the periods indicated.
Three Months Ended December 31,
(in millions)
2025
2024
% Change
Segment income represented by:
Commercial
$
179.1
$
104.1
72
%
Institutional
139.3
78.1
78
%
Self-Directed/Retail
18.3
55.0
(67
)%
Payments
33.9
34.1
(1
)%
Total segment income
$
370.6
$
271.3
37
%
Reconciliation of segment income to income before tax:
Segment income
$
370.6
$
271.3
37
%
Net operating loss within Corporate(1)
(31.4
)
(21.1
)
49
%
Overhead costs, net of shared services
(154.3
)
(133.3
)
16
%
Income before tax
$
184.9
$
116.9
58
%
(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 December 31,
2025
2024
% Change
Operating Revenues (in millions):
Listed derivatives
$
269.1
$
111.8
141
%
Over-the-counter ("OTC") derivatives
63.1
36.6
72
%
Securities
575.9
401.8
43
%
FX/Contracts for difference ("CFD") contracts
68.7
98.6
(30
)%
Payments
54.6
56.8
(4
)%
Physical contracts
156.7
92.6
69
%
Interest/fees earned on client balances
173.7
107.6
61
%
Other(1)
83.0
48.3
72
%
Corporate
12.1
11.1
9
%
Eliminations
(18.7
)
(20.9
)
(11
)%
$
1,438.2
$
944.3
52
%
Volumes and Other Select Data:
Listed derivatives (contracts, 000's)(2)
84,120
53,180
58
%
Listed derivatives, average rate per contract ("RPC")(3)
$
2.84
$
2.03
40
%
Average client equity - listed derivatives (millions)(2)
$
13,244
$
6,620
100
%
OTC derivatives (contracts, 000's)
1,007
859
17
%
OTC derivatives, average RPC
$
63.55
$
42.84
48
%
Securities average daily volume ("ADV") (millions)
$
10,615
$
8,733
22
%
Securities rate per million ("RPM")(4)
$
320
$
237
35
%
Average money market/FDIC sweep client balances (millions)
$
1,259
$
1,197
5
%
FX/CFD contracts ADV (millions)
$
11,253
$
11,685
(4
)%
FX/CFD contracts RPM
$
93
$
133
(30
)%
Payments ADV (millions)
$
93
$
84
11
%
Payments RPM
$
9,377
$
10,414
(10
)%
Adjusted EBITDA (in millions)(5)
$
250.9
$
153.4
64
%
(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 RJO, effective July 31, 2025, contributed 30.9 million listed derivative contracts and $5.8 billion in average client equity for the three months ended December 31, 2025.
(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 December 31,
(in millions)
2025
2024
% Change
Interest expense attributable to:
Trading activities:
Institutional dealer in fixed income securities
$
353.7
$
223.6
58
%
Securities borrowing
27.9
22.0
