StoneX Group (SNEX) SNEX Q4 Financial Results Summary
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StoneX Group Inc. (SNEX) Q4 2025 Financial Results Summary
Released on November 24, 2025, StoneX Group Inc. reported its financial results for fiscal fourth quarter and year ended September 30, 2025.
Key Financial Highlights
- Net Income:
- Quarterly: $85.7 million, up 12% from $76.7 million in Q4 2024.
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Fiscal Year: $305.9 million, up 17% from $260.8 million in 2024.
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Net Operating Revenues:
- Quarterly: $585.1 million, up 29% from $454.8 million in Q4 2024.
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Fiscal Year: $2,052.8 million, up 16% from $1,767.2 million in 2024.
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Earnings Per Share (EPS):
- Quarterly Diluted: $1.57, up 1% from $1.55 in Q4 2024.
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Fiscal Year: $5.89, up 11% from $5.31 in 2024.
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Return on Equity (ROE):
- Quarterly: 15.2%, down from 18.5% in Q4 2024.
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Fiscal Year: 15.6%, down from 16.9% in 2024.
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Operating Revenues by Segment for Q4:
- Commercial: $291.9 million, up 38%.
- Institutional: $771.7 million, up 39%.
- Self-Directed/Retail: $81.1 million, down 22%.
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Payments: $52.1 million, up 7%.
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Revenue Sources:
- Sales of physical commodities: $31,579 million, up 4%.
- Principal gains, net: $303.8 million, down 1%.
- Commission and clearing fees: $248.6 million, up 79%.
- Interest income: $524.4 million, up 31%.
Significant Updates and Developments
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StoneX reported record fiscal year results with strong contributions from equities trading and fixed income, partly attributed to the acquisitions of R.J. O’Brien and The Benchmark Company, LLC.
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Adjusted EBITDA for Q4 was $170.9 million, up 23% from $139.0 million in Q4 2024.
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The company faced $9.3 million in acquisition-related charges affecting quarterly results. This includes $8.0 million in investment banking fees and $1.3 million in bridge loan financing charges.
Shareholder Returns
- Quarterly Dividend: A three-for-two stock split was executed on March 21, 2025, increasing the number of outstanding shares. The reported earnings and share metrics reflect this split adjustment, without a recent quarterly dividend declared.
Balance Sheet Summary (As of September 30, 2025)
- Total Assets: $1,605.8 million in cash and equivalents, and $5,271 million in assets segregated under federal regulations.
- Liabilities: Notable increases in accounts payable at $888.8 million and a senior secured borrowing increase to $1,159 million.
- Equity: Stockholders’ equity grew to $2,377.4 million compared to $1,709.1 million a year ago.
Operational Metrics Overview
- Client Balances: Average client equity in listed derivatives surged to $11,321 million, up 71%.
- Listed Derivatives: Contracts rose to 66,331, a 15% increase year-over-year.
- Average Daily Volume (ADV) for Securities increased by 25%, reaching $9,471 million.
Closing Remarks
StoneX’s strategic focus on expanding product offerings is evident in its significant revenue growth across key segments. The successful integrations of recent acquisitions further position the company for continued growth in the competitive financial services landscape.
Further details and upcoming developments will be disclosed during the conference call scheduled for November 25, 2025. For additional information, stakeholders and interested parties are encouraged to refer to the company’s official website.
| Three Months Ended September 30, | % Change | Fiscal Year Ended September 30, | % Change | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||
| Revenues: | ||||||
| Sales of physical commodities | $31,579.0 | $30,247.2 | 4% | $128,462.6 | $96,586.2 | 33% |
| Principal gains, net | 303.8 | 308.4 | (1)% | 1,247.2 | 1,189.6 | 5% |
| Commission and clearing fees | 248.6 | 139.1 | 79% | 728.2 | 548.0 | 33% |
| Consulting, management, and account fees | 67.6 | 43.2 | 56% | 205.9 | 167.2 | 23% |
| Interest income | 524.4 | 401.1 | 31% | 1,734.3 | 1,396.8 | 24% |
| Total revenues | 32,723.4 | 31,139.0 | 5% | 132,378.2 | 99,887.8 | 33% |
| Cost of sales of physical commodities | 31,521.1 | 30,218.9 | 4% | 128,251.3 | 96,451.6 | 33% |
| Operating revenues | 1,202.3 | 920.1 | 31% | 4,126.9 | 3,436.2 | 20% |
| Transaction-based clearing expenses | 109.0 | 85.5 | 27% | 382.2 | 319.3 | 20% |
| Introducing broker commissions | 71.9 | 42.0 | 71% | 211.4 | 166.2 | 27% |
| Interest expense | 408.6 | 323.5 | 26% | 1,402.7 | 1,115.7 | 26% |
| Interest expense on corporate funding | 27.7 | 14.3 | 94% | 77.8 | 67.8 | 15% |
| Net operating revenues | 585.1 | 454.8 | 29% | 2,052.8 | 1,767.2 | 16% |
| Variable compensation and benefits | 183.2 | 120.3 | 52% | 607.1 | 506.5 | 20% |
| Net contribution | 401.9 | 334.5 | 20% | 1,445.7 | 1,260.7 | 15% |
| Fixed compensation and benefits | 137.6 | 112.1 | 23% | 500.6 | 435.9 | 15% |
| Trading systems and market information | 22.3 | 20.9 | 7% | 83.1 | 79.1 | 5% |
| Professional fees | 26.9 | 14.7 | 83% | 86.3 | 69.7 | 24% |
| Non-trading technology and support | 25.6 | 19.8 | 29% | 87.3 | 73.4 | 19% |
| Occupancy and equipment rental | 15.3 | 14.2 | 8% | 55.7 | 49.0 | 14% |
| Selling and marketing | 12.1 | 12.5 | (3)% | 50.5 | 52.6 | (4)% |
| Travel and business development | 9.6 | 7.3 | 32% | 33.0 | 28.4 | 16% |
| Communications | 2.9 | 2.1 | 38% | 9.3 | 8.5 | 9% |
| Depreciation and amortization | 21.3 | 17.3 | 23% | 67.5 | 53.1 | 27% |
| Bad debts, net of recoveries | 0.8 | 0.8 | —% | 3.1 | 0.6 | 417% |
| Other | 19.4 | 14.8 | 31% | 66.0 | 65.1 | 1% |
| Total fixed compensation and other | 293.8 | 236.5 | 24% | 1,042.4 | 915.4 | 14% |
| expenses | ||||||
| Other gains, net | 1.1 | 0.1 | n/m | 5.5 | 8.8 | (38)% |
| Income before tax | 109.2 | 98.1 | 11% | 408.8 | 354.1 | 15% |
| Income tax expense | 23.5 | 21.4 | 10% | 102.9 | 93.3 | 10% |
| Net income | $85.7 | $76.7 | 12% | $305.9 | $260.8 | 17% |
| Earnings per share:(1) | ||||||
| Basic | $1.67 | $1.61 | 4% | $6.22 | $5.49 | 13% |
| Diluted | $1.57 | $1.55 | 1% | $5.89 | $5.31 | 11% |
| Weighted-average number of | ||||||
| common shares | ||||||
| outstanding:(1) | 49,384,274 | 46,210,701 | 7% | 47,431,675 | 45,808,855 | 4% |
| Diluted | 52,569,233 | 47, |