StoneX Group Inc., a global financial services network, reported record net operating revenues of $4.1 billion for the fiscal year ended September 30, 2025, representing a 20% increase from the previous year. The company's net income also saw a substantial rise, reaching $305.9 million, up 17% from the prior fiscal year.
The acquisition of RTS Investor Corp., the parent company for R.J. O’Brien global business ("RJO"), and The Benchmark Company, LLC ("Benchmark") significantly contributed to StoneX's financial performance. The purchase price for RJO was approximately $651.9 million in cash and the issuance of 3,085,554 shares of the company’s common stock, while the acquisition of Benchmark involved cash of approximately $57.1 million and additional contingent payments.
In terms of revenue capture on transactional volumes, StoneX experienced growth in various segments. Notably, the rate per contract ("RPC") on listed derivatives increased by 8%, primarily due to client mix and the acquisition of RJO. However, OTC derivatives RPC declined by 3% due to diminished commodity volatility. Interest and fee income earned on client balances increased by $45.7 million, driven by the acquisition of RJO, which contributed $50.0 million.
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 prior fiscal year. Non-variable expenses, excluding bad debts, increased by $124.5 million, including contributions from the acquired RJO and Benchmark businesses, as well as investment banking and M&A related professional fees related to the RJO acquisition.
StoneX's return on equity ("ROE") stood at 15.6% for the fiscal year ended September 30, 2025, compared to 16.9% in the previous year. The company calculates ROE on stated book value based on net income divided by the average stockholders’ equity, calculated based on average monthly equity amounts.
In terms of operating revenues, StoneX reported growth across various products and services. Listed derivatives, securities, and interest/fees earned on client balances were among the segments that experienced substantial increases, contributing to the overall positive financial performance.
The company's operating metrics also showed growth in listed derivatives contracts, average client equity, and average daily volume for securities. Additionally, StoneX reported an increase in average money market/FDIC sweep client balances, although there was a decline in FX/CFD contracts RPM and payments RPM.
StoneX's adjusted EBITDA for the fiscal year ended September 30, 2025, was $597.6 million, reflecting a 19% increase from the previous year.
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.
