StoneX Group Inc. 10-Q Summary: Quarter Ended June 30, 2026
Business Context and Reporting Period
This is a Quarterly Report (Form 10-Q) for StoneX Group Inc. (SNEX) for the period ended June 30, 2026. StoneX operates as a global financial services network providing clearing, execution, and risk management services across commercial, institutional, self-directed/retail, and payments segments. The company completed a 3-for-2 stock split on July 17, 2026, and all share data in this filing has been retroactively adjusted.
Key Financial Metrics
| Metric | Three Months Ended June 30, 2026 | Nine Months Ended June 30, 2026 |
|---|---|---|
| Total Revenues | $40,193.0 million | $124,983.8 million |
| Operating Revenues | $1,468.0 million | $4,473.0 million |
| Net Operating Revenues | $719.7 million | $2,273.2 million |
| Net Income | $127.9 million | $441.2 million |
| Diluted EPS | $1.00 | $3.49 |
| Total Assets | $54,046.0 million | (Balance Sheet) |
| Stockholders' Equity | $2,844.0 million | (Balance Sheet) |
| Cash & Cash Equivalents | $2,194.3 million | (Balance Sheet) |
| Senior Secured Borrowings (Net) | $1,160.9 million | (Balance Sheet) |
| Adjusted EBITDA | $229.5 million | $777.3 million |
Material Changes vs. Prior Period
- Revenue Growth: Total revenues increased 15% quarter-over-quarter (QoQ) and 25% year-over-year (YoY) for the nine-month period. Operating revenues surged 43% QoQ and 53% YoY.
- Profitability: Net income doubled, rising 102% QoQ to $127.9 million and 100% YoY to $441.2 million for the nine months.
- Acquisition Impact: The acquisition of R.J. O'Brien (RJO), effective July 31, 2025, was a primary driver of growth, contributing $189.5 million in operating revenue for the quarter and $603.9 million for the nine months.
- Segment Performance:
- Commercial: Operating revenues increased 97% QoQ, driven by listed derivatives and physical precious metals.
- Institutional: Operating revenues increased 40% QoQ, driven by securities ADV and listed derivatives.
- Self-Directed/Retail: Operating revenues decreased 13% QoQ due to a decline in FX/CFD contract volumes.
- Payments: Operating revenues increased 13% QoQ.
- Expense Trends: Total compensation and other expenses increased 39% QoQ, largely due to variable compensation tied to revenue growth and fixed costs from recent acquisitions.
Guidance, Outlook, and Risks
- Management Commentary: Management highlighted strong client engagement and the successful integration of RJO and Benchmark acquisitions. The company noted a shift in volume mix, with growth in listed/OTC derivatives and securities offsetting declines in FX/CFD contracts.
- Capital Structure: The company issued $625 million in 6.875% Senior Secured Notes due 2032 in July 2025 to fund the RJO acquisition. As of June 30, 2026, the company had $1,760 million in committed credit facilities with $488 million outstanding.
- Legal Proceedings: The company resolved a FINRA arbitration with BTIG in March 2026, resulting in a net payment of $1.9 million. The SEC concluded its investigation with no enforcement action, but the company continues to cooperate with a DOJ subpoena related to the matter.
- Risks: Key risks include global geopolitical instability, potential new tariffs, market volatility affecting trading revenues, and counterparty credit risk. The company maintains strict margin and collateral monitoring to mitigate these risks.
Investor Verification Checklist
- Acquisition Integration: Verify the realization of synergies from the R.J. O'Brien and Benchmark acquisitions, specifically regarding cost savings and revenue cross-selling.
- FX/CFD Volume Trends: Monitor the Self-Directed/Retail segment for continued declines in FX/CFD volumes and the effectiveness of strategies to offset this with other product lines.
- Interest Rate Sensitivity: Assess the impact of interest rate fluctuations on the company's net interest income and the cost of its $1.16 billion in senior secured borrowings.
- Regulatory Capital: Confirm continued compliance with net capital requirements across key subsidiaries (StoneX Financial Inc., StoneX Financial Ltd, etc.) amidst market volatility.
- DOJ Investigation: Track the status of the ongoing DOJ subpoena related to the BTIG matter for potential future liabilities.