StoneX Group Inc.

What they do

StoneX operates a vertically integrated financial services platform connecting clients to over 40 derivatives exchanges, 180 foreign exchange markets, and 18,000 OTC markets. It earns commissions, spreads, interest on client balances, and consulting fees from more than 80,000 commercial, institutional, and payments clients plus over 400,000 self-directed/retail accounts. The company reports four segments: commercial, institutional, self-directed/retail, and payments, supported by regulated subsidiaries and technology platforms.

Revenue drivers

• Sales of physical commodities — Largest revenue line; for the nine months ended June 30, 2026, totaled $120.8 billion, up 25% year-over-year.
• Principal gains, net — Includes trading gains; $1.25 billion for the nine months ended June 30, 2026, up 33% from prior year.
• Commission and clearing fees — Doubled to $984.5 million for the nine months ended June 30, 2026, driven by the RJO acquisition and higher volumes.
• Interest income — Rose 47% to $1.77 billion in the nine-month period, reflecting higher client balances and rates; interest expense increased 42%.

Recent performance

In the fiscal 2026 third quarter (ended June 30, 2026), StoneX reported net operating revenues of $719.7 million, up 47% year-over-year, and net income of $127.9 million, double the prior year's $63.4 million. Diluted EPS was $1.00 for the quarter; for the nine months, net income was $441.2 million on net operating revenues of $2.27 billion. The company highlighted double-digit growth in Commercial, Institutional and Payments segments, and noted ROE of 18.4% for the quarter. Recent quarterly revenue figures in XBRL show significant fluctuation, with $130.04B in the September 2025 quarter and $815.1M in June 2026, reflecting the mix of physical commodity sales and other revenues.

Strategy

StoneX aims to expand its global footprint and client base by targeting new geographies and broadening services in existing markets, leveraging its digital platforms and marketing partnerships. The company completed the acquisition of R.J. O'Brien (RJO) in July 2025 for ~$651.9 million cash plus stock, assuming $125.7 million of debt, strengthening its position as a leading non-bank futures commission merchant. Management emphasizes centralized capital allocation, risk management, and variable cost control while pursuing small-to-medium acquisitions that add clients or capabilities. The integration of RJO is expected to add introducing brokers and expand market access.

Risks

• Market volatility and trading volumes — Revenues and profitability depend on commodity, securities, and FX price volatility; stagnant markets could reduce trading volumes and results.
• Interest rate changes — Net interest income is sensitive to interest rate movements, which affect both interest income on client balances and interest expense.
• Macroeconomic and geopolitical instability — Tariffs, inflation, recession, supply chain issues, and geopolitical conflicts could reduce trading volumes and increase operating costs.
• Acquisition integration risks — The RJO acquisition may not achieve expected synergies or client retention, and integration could disrupt operations.

Outlook

Management sees continued double-digit growth potential across Commercial, Institutional and Payments segments, and expects benefits from the RJO integration to strengthen market position. They caution that global instability, tariffs, and market conditions make future results difficult to predict and could affect comparability. The company completed a 3-for-2 stock split in July 2026, which may be seen as a confidence signal for future operations.