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SNEX

StoneX Group Inc.

SNEX

StoneX Group Inc. • NASDAQ
$90.61 ▼ -0.42% (-0.38)
Market Cap $4.73 B
52w High $106.98
52w Low $60.58
Dividend Yield 0%
P/E 15.38
Volume 157.54K
Outstanding Shares 52.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $32.723B ▼ $-354.4M ▼ $85.7M ▲ 0.262% ▲ $1.74 ▲ $608.2M ▲
Q3-2025 $34.829B ▼ $169.8M ▲ $63.4M ▼ 0.182% ▼ $1.29 ▼ $496.4M ▲
Q2-2025 $36.891B ▲ $160.2M ▼ $71.7M ▼ 0.194% ▼ $1.49 ▼ $451M ▼
Q1-2025 $27.935B ▼ $161.2M ▲ $85.1M ▲ 0.305% ▲ $1.77 ▲ $461.7M ▲
Q4-2024 $31.139B $30.4M $76.7M 0.246% $1.61 $458.3M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $1.606B ▲ $45.268B ▲ $42.891B ▲ $2.377B ▲
Q3-2025 $1.313B ▲ $34.266B ▲ $32.287B ▲ $1.979B ▲
Q2-2025 $1.307B ▼ $31.283B ▲ $29.401B ▲ $1.882B ▲
Q1-2025 $1.398B ▲ $29.585B ▲ $27.808B ▲ $1.777B ▲
Q4-2024 $1.269B $27.466B $25.757B $1.709B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $63.4M ▼ $1.491B ▲ $-16.2M ▲ $14.4M ▲ $1.5B ▲ $1.475B ▲
Q2-2025 $71.7M ▼ $-154.5M ▲ $-21.1M ▲ $-206.5M ▼ $-370.4M ▼ $-169.8M ▲
Q1-2025 $85.1M ▲ $-477.8M ▼ $-21.6M ▼ $188.2M ▲ $-329.6M ▼ $-491.4M ▼
Q4-2024 $76.7M ▲ $192.6M ▲ $-18.7M ▲ $113.8M ▲ $294.3M ▲ $175.9M ▲
Q3-2024 $61.9M $-622.1M $-18.9M $-382.8M $-1.033B $-640.5M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Asset Management
Asset Management
 $10.00M ▲$10.00M ▲$20.00M ▲$20.00M ▲
Clearing Service
Clearing Service
 $40.00M ▲$50.00M ▲$50.00M ▲$70.00M ▲
Client Account Fees
Client Account Fees
 $10.00M ▲$10.00M ▲$10.00M ▲$20.00M ▲
Consulting Management And Account Fees
Consulting Management And Account Fees
 $50.00M ▲$40.00M ▼$50.00M ▲$70.00M ▲
Insurance Annuity Trailing Commissions
Insurance Annuity Trailing Commissions
 $0 ▲$0 ▲$0 ▲$0 ▲
Mutual Fund Sales Based Commissions
Mutual Fund Sales Based Commissions
 $0 ▲$0 ▲$0 ▲$0 ▲
Mutual Fund Trailing Commissions
Mutual Fund Trailing Commissions
 $0 ▲$0 ▲$0 ▲$0 ▲
OTC Derivative Brokerage
OTC Derivative Brokerage
 $0 ▲$0 ▲$0 ▲$0 ▲
Other Commission And Clearing Fees
Other Commission And Clearing Fees
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼
Other Sales Based Commissions
Other Sales Based Commissions
 $0 ▲$0 ▲$0 ▲$0 ▲
Precious Metals Retail Sales
Precious Metals Retail Sales
 $470.00M ▲$610.00M ▲$640.00M ▲$420.00M ▼
Precious Metals Trading
Precious Metals Trading
 $25.52Bn ▲$34.23Bn ▲$32.10Bn ▼$29.97Bn ▼
Sales Based Commissions
Sales Based Commissions
 $90.00M ▲$90.00M ▲$100.00M ▲$200.00M ▲
Sweep Program Fees
Sweep Program Fees
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Trade Conversion Fees
Trade Conversion Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Trailing Commissions
Trailing Commissions
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Underwriting Fees
Underwriting Fees
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Variable Annuity
Variable Annuity
 $0 ▲$0 ▲$0 ▲$0 ▲
Advisory and Consulting Fees
Advisory and Consulting Fees
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼
Commission and Clearing Fees
Commission and Clearing Fees
 $150.00M ▲$160.00M ▲$170.00M ▲$0 ▼
Equities and Fixed Income Commissions
Equities and Fixed Income Commissions
 $20.00M ▲$10.00M ▼$20.00M ▲$0 ▼
ExchangeTraded Futures and Options
ExchangeTraded Futures and Options
 $60.00M ▲$70.00M ▲$70.00M ▲$0 ▼
Other Consulting Management and Account Fees
Other Consulting Management and Account Fees
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Income has grown solidly over the last few years, and profits have climbed along with it. Earnings per share have roughly doubled since the early part of the period, which suggests the core franchise is scaling well. Margins are still on the thin side, which is typical for a trading and brokerage-heavy financial firm, but they have improved as the company has grown. Operating profit has risen faster than gross profit, hinting at better cost control and efficiency. That said, this is still a capital-markets business, so results are exposed to swings in client activity, interest rates, and market volatility. The overall trend is positive, but investors should expect some earnings lumpiness from year to year rather than a perfectly smooth line.

Balance Sheet

Balance Sheet The balance sheet shows a business that has expanded meaningfully, with total assets steadily rising over the period. This reflects both growth in client activity and StoneX’s willingness to put more of its own balance sheet to work. Debt levels have also risen quite a bit and now sit well above the equity base, which means the company is meaningfully leveraged. That is common in this industry, but it does increase sensitivity to funding conditions and risk management discipline. On the positive side, equity has been built up over time, providing a larger capital cushion than in the past. Cash on hand has been relatively stable, suggesting the firm relies heavily on market funding and client balances rather than holding large idle cash reserves. Overall, it’s a growth-oriented balance sheet that works well when markets are functioning smoothly but depends on careful liquidity and risk controls.

Cash Flow

Cash Flow Cash flow has been more volatile than reported profits. A few years ago, operating cash flow was very strong, then swung negative in the middle of the period, and has recently turned positive again. This pattern is common for a trading-intensive financial firm, where changes in client balances, collateral, and trading positions can dominate year-to-year cash movements. Free cash flow follows a similar pattern: choppy, but currently positive. Importantly, the business does not require heavy spending on physical assets; capital expenditures are modest. Most investment likely goes into technology platforms, people, and acquisitions, which show up in other cash flow lines. The key takeaway is that StoneX can generate healthy cash in good conditions, but cash flows will not be as smooth or predictable as those of a simple fee-only business. Liquidity management and access to funding are therefore critical.

Competitive Edge

Competitive Edge StoneX occupies a strong, if less flashy, position in global capital markets. It is a behind-the-scenes operator that connects commercial, institutional, and retail clients to a very wide range of markets across asset classes. Its competitive edge comes from several layers working together: a diversified client base, deep expertise in physical commodities and logistics, broad exchange and over-the-counter access, and a mix of high-touch advisory service with sophisticated trading technology. The firm’s reach in commodities and derivatives, plus its ability to handle physical delivery and complex hedging, sets it apart from purely electronic or retail-focused brokers. Strategic acquisitions, such as the purchase of R.J. O’Brien’s business, add scale, more products, and new client relationships, reinforcing this position. The main competitive risks are intense rivalry from large global banks, low-cost electronic brokers, and fintech firms, as well as continuous regulatory and technology pressures. StoneX’s moat is real but must be actively maintained through service quality, product breadth, and ongoing innovation.

Innovation and R&D

Innovation and R&D Innovation at StoneX is mostly about technology, connectivity, and product design rather than traditional lab-style research. The company has built multiple proprietary platforms. StoneX One targets individual traders with a modern, low-cost interface, while StoneX Pro serves professionals with advanced tools, low-latency execution, and access to deep liquidity. StoneX Hedge automates grain merchandising and hedging, showing how the firm applies technology to very specific, real-world commodity problems. Beyond trading interfaces, StoneX has invested heavily in infrastructure that links clients to many derivatives exchanges and foreign exchange markets from a single access point. It is also pushing into digital assets through StoneX Digital, aiming to provide institutional-grade execution and custody, with plans to expand into more complex services like cross-asset lending. Future innovation priorities include deeper digital-asset capabilities, better use of data and analytics, more automation, and new products around sustainable finance. Successful integration of acquired platforms and teams is an important part of the innovation story, since those deals often bring in both new technology and new expertise.

Summary

StoneX today looks like a scaled, diversified financial services platform with solid growth in both revenue and earnings over the last several years. Its profitability profile has improved, but remains tied to the inherently cyclical nature of capital markets and client trading activity. The balance sheet reflects an expanding, leveraged franchise that uses its funding capacity and risk appetite to serve clients across many asset classes. This structure can be powerful in normal times but requires disciplined risk, liquidity, and funding management, especially as debt has grown faster than equity. Cash generation is uneven but generally supportive of the business model, with relatively light physical capital needs and more spending focused on technology and acquisitions. The firm’s real strengths lie in its broad market access, deep commodity expertise, high-touch client service, and a growing suite of proprietary, tech-enabled platforms. Going forward, StoneX’s story will likely hinge on its ability to keep integrating acquisitions, manage leverage and market risk, and continue innovating in digital platforms and products such as digital assets and ESG-related offerings, all while maintaining trust and service quality across its very diverse client base.

NEWS

November 17, 2025 · 5:46 PM UTC

StoneX Group Inc. to Announce 2025 Fiscal Fourth Quarter Earnings on November 24, 2025

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October 17, 2025 · 7:12 PM UTC

StoneX Expands Wealth Management Offering for Latin American Clients

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October 7, 2025 · 6:27 AM UTC

StoneX and Expana to Launch OTC Dairy Derivatives

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September 25, 2025 · 4:52 AM UTC

StoneX Payments and Hana Bank Deepen Partnership to Strengthen Cross-Border Payment Capabilities

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September 4, 2025 · 8:00 AM UTC

StoneX Acquires Right Corp, Expanding Global Trading Capabilities to Include Wholesale Meat Supply and Distribution

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