StoneX Group Inc. has reported its latest 10-K, revealing a substantial increase in net operating revenues and net income for the fiscal year ended September 30, 2025. The company achieved record net operating revenues, up 16%, and net income, up 17%, despite experiencing generally diminished commodity volatility, declining short-term interest rates, and heightened interest expense and logistical charges in precious metals activities related to tariff-related disruptions.
The company's total revenues for the fiscal year ended September 30, 2025, amounted to $132,378.2 million, a 33% increase from the previous year. Operating revenues, which deduct the cost of sales of physical commodities from total revenues, amounted to $4,126.9 million, a 20% increase from the prior year.
StoneX's operating segments are based primarily on the nature of the clients served—commercial, institutional, and self-directed/retail—along with a payments business segment. The company operates a global financial services network, connecting clients to over 40 derivatives exchanges, 180 foreign exchange markets, most global securities exchanges, and over 18,000 over-the-counter markets.
Notable events during the fiscal year included the completion of the acquisition of RTS Investor Corp., the parent company for the R.J. O’Brien global business, and the completion of the acquisition of The Benchmark Company, LLC. These acquisitions significantly strengthened StoneX's position as a leading FCM, enhanced its role as an essential part of the global financial market structure, and expanded its client base.
In terms of financial performance, StoneX reported a 16% increase in net operating revenues, reaching $2,052.8 million for the fiscal year ended September 30, 2025. The company achieved growth in segment income across all operating segments, with a 45% increase in the segment income of the Institutional segment, driven by strong performances in equity trading and prime brokerage, as well as in listed derivatives.
The company reported an increase in transaction volumes across all product offerings, as well as growth in average client equity and average money market/FDIC sweep client balances compared to the prior year. Notably, 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 were 54% of total expenses in the fiscal year ended September 30, 2025, compared to 52% in the prior 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.
Net income increased by $45.1 million to $305.9 million for the fiscal year ended September 30, 2025, with diluted earnings per share at $5.89 compared to $5.31 in the prior fiscal year.
The company reported a return on equity (ROE) of 15.6% for the fiscal year ended September 30, 2025, compared to 16.9% for the prior year.
StoneX provided detailed financial information, including operating revenues by product, volumes, and select operating data and metrics used by management in evaluating performance.
The company's financial report provides a comprehensive overview of its performance, strategic acquisitions, and key financial metrics for the fiscal year ended September 30, 2025. Following these announcements, the company's shares moved -0.42%, 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.
