StoneX Group Inc., a global financial services network, reported its latest 10-K filing for the fiscal year ended September 30, 2025. The company's annual report highlights several key financial and operational developments, providing a comprehensive overview of its performance.
StoneX completed the acquisition of RTS Investor Corp., which included R.J. O’Brien & Associates, LLC, and selected affiliates, for approximately $651.9 million in cash and the issuance of 3,085,554 shares of the company's common stock. Additionally, the company issued $625.0 million in aggregate principal amount of Senior Secured Notes due 2032 to fund the acquisition.
The acquisition of The Benchmark Company, LLC was also finalized, with a purchase price consideration of approximately $57.1 million in cash and four annual contingent payments, valued together at $25.3 million.
Despite experiencing generally diminished commodity volatility and declining short-term interest rates, StoneX achieved record net operating revenues, which increased by 16% to $2,052.8 million in fiscal 2025. The company reported a 17% increase in net income, reaching $305.9 million for the same period.
The operating revenues were primarily driven by growth in segment income across all operating segments, with the Institutional segment's income increasing by 45%. StoneX also experienced an increase in transaction volumes across all product offerings.
In terms of revenue capture on transactional volumes, StoneX reported the following changes compared to the prior fiscal year: Rate per contract (“RPC”) on listed derivatives increased by 8% OTC derivatives RPC declined by 3% Securities rate per million (“RPM”) grew by 9% FX/CFD RPM declined by 7% * Payments RPM decreased by 11%
Interest and fee income earned on client balances increased by $45.7 million, driven by the acquisition of RJO, and partially offset by the decline in short-term interest rates. StoneX also saw a 25% increase in average client equity and a 21% increase in average money market/FDIC sweep client balances.
Interest expense on corporate funding increased by $10.0 million, primarily due to bridge loan interest expense and the incremental interest expense associated with the senior secured notes issued related to the acquisition of RJO.
StoneX continued to focus on maintaining its variable cost model and limiting the growth of non-variable expenses. Variable expenses were 54% of total expenses in fiscal 2025, compared to 52% in fiscal 2024. Non-variable expenses, excluding bad debts, increased by $124.5 million.
The company's diluted earnings per share was $5.89 for fiscal 2025, compared to $5.31 in fiscal 2024. StoneX reported a return on equity (“ROE”) of 15.6% for fiscal 2025, compared to 16.9% in fiscal 2024 and 19.5% in fiscal 2023.
As a result of these announcements, the company's shares have moved -0.42% on the market, and are now trading at a price of $90.61. If you want to know more, read the company's complete 10-K report here.
