StoneX Group Inc., a global financial services network, reported its fiscal year 2025 results in its latest 10-K filing. 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, heightened interest expense, and logistical charges in its precious metals activities related to tariff-related disruptions.
StoneX completed the acquisition of R.J. O’Brien, including R.J. O’Brien & Associates, LLC, and selected affiliates. The purchase price consideration was paid in a combination of cash of approximately $651.9 million and the issuance of 3,085,554 shares of the Company’s common stock. Additionally, StoneX issued $625.0 million in aggregate principal amount of Senior Secured Notes due 2032, which were used to fund the cash portion of the purchase price and to pay related fees and expenses.
The company also completed the acquisition of The Benchmark Company, LLC, a full-service investment banking firm, for a purchase price consideration of cash of approximately $57.1 million and four annual contingent payments, each capped at $7.0 million, plus a final contingent payment for any excess above the annual caps over the four year period following the close, valued together at $25.3 million.
StoneX reported that its total revenues, as reported, combine gross revenues for the physical commodities business and net revenues for all other businesses. Operating revenues increased by 16% to $4,126.9 million in fiscal year 2025, compared to $3,436.2 million in fiscal year 2024. The company's net income increased by 17% to $305.9 million in fiscal year 2025.
The company's operating revenues were disaggregated across key products, with listed derivatives, securities, and interest/fees earned on client balances showing significant increases. Listed derivatives' average RPC increased by 8%, while OTC derivatives' average RPC declined by 3%. The company also reported growth in average client equity and average money market/FDIC sweep client balances.
StoneX's adjusted EBITDA increased by 19% to $597.6 million in fiscal year 2025. The company continued to focus on maintaining its variable cost model and limiting the growth of its non-variable expenses. Variable expenses were 54% of total expenses, up from 52% in the previous fiscal year. Non-variable expenses, excluding bad debts, increased by $124.5 million.
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.
