StoneX Group Inc. (StoneX) has reported a record-breaking fiscal year ended September 30, 2025, with impressive financial performance across its operating segments. The company's total revenues surged by 33% to $132.4 billion, driven by robust growth in sales of physical commodities, principal gains, commission and clearing fees, and interest income. Operating revenues increased by 20% to $4.1 billion, indicating the strong underlying performance of the business.
StoneX's net income also reached a new high, climbing by 17% to $305.9 million, leading to diluted earnings per share of $5.89 for the fiscal year. The company attributes this success to its client-first approach, global financial services network, and a team of over 5,400 employees.
Key events during the fiscal year included the completion of the acquisition of R.J. O’Brien (RJO) and The Benchmark Company, LLC. The acquisition of RJO significantly strengthened StoneX's position as a leading Futures Commission Merchant (FCM) and expanded its client base, while the acquisition of Benchmark enhanced its offerings in equity and debt capital markets.
In terms of revenue capture on transactional volumes, StoneX experienced an increase in the rate per contract (RPC) on listed derivatives by 8%, a decline in OTC derivatives RPC by 3%, growth in securities rate per million (RPM) by 9%, a decline in FX/CFD RPM by 7%, and a decline in payments RPM by 11%.
Interest and fee income earned on client balances increased by $45.7 million, primarily driven by the acquisition of RJO, which contributed $50.0 million. However, interest expense on corporate funding also increased, primarily due to bridge loan interest expense and incremental interest expense associated with the senior secured notes issued related to the acquisition of RJO.
On the expense side, StoneX focused on maintaining its variable cost model and limiting the growth of non-variable expenses. Variable expenses accounted for 54% of total expenses, up from 52% in the previous fiscal year. Non-variable expenses, excluding bad debts, increased by $124.5 million, including expenses related to the acquired RJO and Benchmark businesses, as well as investment banking and M&A related professional fees related to the RJO acquisition.
The market has reacted to these announcements by moving the company's shares -0.42% to a price of $90.61. If you want to know more, read the company's complete 10-K report here.
