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Financial Data and Key Metrics Changes - Fourth quarter net income reached a record $85.7 million, representing a 12% growth year-over-year, while diluted earnings per share (EPS) grew by only 1% due to an increase in shares outstanding from the acquisition of RJ O'Brien [2][3] - Operating revenues exceeded $1.2 billion, up 31% compared to the previous year and 17% sequentially [3] - Full fiscal year net income was a record $305.9 million, up 17%, with an EPS of $5.89 and a return on equity (ROE) of 15.6% [4][23] Business Line Data and Key Metrics Changes - Transactional volumes increased across all product offerings except for FXCFDs, with operating revenues from listed contracts rising by 76% year-over-year, driven by the acquisition of RJO [5][6] - Operating revenues from OTC derivatives increased by 27% year-over-year but declined by 1% sequentially [5] - The self-directed retail segment saw a decline in net operating revenues by 35% and segment income by 51%, primarily due to a decrease in average daily volumes [7] Market Data and Key Metrics Changes - Interest and fee income on client balances increased by $52 million or 46% year-over-year, with the acquisition of RJO contributing $50 million [5] - Average client equity increased by 71% and average money market FDIC sweep client balances rose by 25% [5] - The payments segment's net operating revenues increased by 8% year-over-year but decreased by 3% sequentially [5] Company Strategy and Development Direction - The company has been active in M&A, completing six transactions in 2025, including the transformational acquisition of RJ O'Brien, which positions the company as the largest non-bank FCM in the U.S. [8][11] - The strategy focuses on organic growth and leveraging acquisitions to enhance product offerings and market share [8][9] - The company aims to achieve significant cost and capital synergies from the RJO acquisition, estimating $50 million in annual run rate cost synergies [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the transformative potential of the RJO acquisition, highlighting strong client growth and integration progress [15][22] - The company anticipates that the combination of acquisitions and organic growth will drive results for 2026 [23] - Management noted that the overall attrition of clients post-acquisition has been limited, indicating successful integration efforts [22] Other Important Information - The company reported a notable increase in client assets under custody, contributing to a stable and predictable income stream [23] - The company has made significant enhancements to its product offerings, including the build-out of a metals vault and improvements in digital asset services [13][14] Q&A Session Summary Question: How are early cross-selling efforts with RJO clients going? - Management indicated that cross-selling efforts are progressing well, with significant interest from RJO clients in new products, although tracking revenue synergies remains challenging [25][26] Question: Did precious metals trading improve after gold was exempted from tariffs? - Management noted that the precious metals business faced challenges due to low volatility and tariff disruptions but has shown improvement in the current quarter [28] Question: What drove the increase in RPC for listed derivatives? - The increase was attributed to the introduction of the RJO business, which had higher average rates per contract compared to the company's previous offerings [30]

Financial Data and Key Metrics Changes - Fourth quarter net income reached a record $85.7 million, representing a 12% growth year-over-year, while diluted earnings per share (EPS) grew by only 1% due to an increase in shares outstanding from the acquisition of RJ O'Brien [2][3] - Operating revenues exceeded $1.2 billion, up 31% compared to the previous year and 17% sequentially [3] - Net income for the full fiscal year was a record $305.9 million, up 17%, with an EPS of $5.89 and a return on equity (ROE) of 15.6% [4][22] Business Line Data and Key Metrics Changes - Operating revenues from listed contracts increased by 76% year-over-year, driven by the acquisition of RJO, contributing $89.5 million [5] - OTC derivatives revenues grew by 27% year-over-year but declined by 1% sequentially [5] - Payments revenues increased by 8% year-over-year but decreased by 3% sequentially, primarily due to a decline in rate per million [5] Market Data and Key Metrics Changes - Average client equity increased by 71% year-over-year, with the acquisition of RJO contributing significantly to this growth [5] - FXCFD revenues declined by 34% year-over-year, attributed to low volatility in FX markets [5] - The institutional segment saw record net operating revenues and segment income growth of 67% and 73%, respectively, largely due to the RJO acquisition [6] Company Strategy and Development Direction - The company has been active in M&A, completing six transactions in 2025, including the transformational acquisition of RJ O'Brien, which positions the company as the largest non-bank FCM in the U.S. [8][11] - The strategy focuses on being opportunistic in acquisitions while ensuring they are accretive to the company's ecosystem and shareholder value [9][10] - The integration of RJO is expected to yield significant cost and capital synergies, with a target of $50 million in annual run rate cost synergies [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential stemming from the RJO acquisition and the overall market dynamics, including the withdrawal of banks and consolidation of smaller firms [8][22] - The company anticipates that the integration of RJO will enhance its product offerings and client base, driving future revenue growth [17][21] - Management remains focused on executing with discipline and precision, emphasizing the importance of collaboration between leadership teams [21][22] Other Important Information - The company recorded pre-tax acquisition-related charges of approximately $9.3 million in the current quarter, impacting diluted EPS by about $0.13 [2][4] - The company has made significant enhancements to its product offerings, including the build-out of a metals vault and improvements in digital asset services [13][14] Q&A Session Summary Question: How are early cross-selling efforts with RJO clients going? - Management indicated that early cross-selling efforts are progressing well, with significant interest from RJO clients in new products, although tracking revenue synergies remains challenging [25][26] Question: Did precious metals trading improve after gold was exempted from tariffs? - Management noted that while the precious metals business faced challenges due to market dislocation, conditions have improved, and they expect a positive trend moving forward [28][29] Question: What drove the increase in RPC for listed derivatives? - The increase in RPC was attributed to the introduction of the RJO business, which had higher average rates per contract compared to the company's previous offerings [30][31]

Financial Data and Key Metrics Changes - Fourth quarter net income reached a record $85.7 million, representing a 12% growth year-over-year, while diluted earnings per share (EPS) grew by only 1% due to an increase in shares outstanding from the acquisition of RJ O'Brien [5] - Operating revenues exceeded $1.2 billion, up 31% compared to the previous year, and up 17% from the preceding quarter [6] - Full fiscal year net income was a record $305.9 million, up 17%, with an EPS of $5.89 and a return on equity (ROE) of 15.6%, surpassing the 15% target [8][50] Business Line Data and Key Metrics Changes - Transactional volumes increased across all product offerings except for FXCFDs, with operating revenues from listed contracts rising by 76% year-over-year, primarily due to the acquisition of RJO [9] - Operating revenues from OTC derivatives increased by 27% year-over-year but declined by 1% from the previous quarter [10] - The self-directed retail segment saw a decline in net operating revenues by 35% and segment income down 51%, attributed to a 4% decline in average daily volumes and a 31% decline in rate per million [15] Market Data and Key Metrics Changes - Interest and fee income on client balances increased by $52 million or 46% year-over-year, with the acquisition of RJO contributing $50 million [11] - Average client equity increased by 71%, while average money market FDIC sweep client balances rose by 25% [11] - FXCFD revenues decreased by 34% year-over-year due to a 7% decline in average daily volume and a 32% decline in rate per million, primarily from low volatility in FX markets [10] Company Strategy and Development Direction - The company has been active in M&A, completing six transactions in 2025, including the transformational acquisition of RJ O'Brien, which positions the company as the largest non-bank FCM in the U.S. [19][24] - The strategy focuses on being disciplined in acquisitions, ensuring they are accretive to the ecosystem and enhance market share [20][21] - The company aims to leverage its expanded capabilities and client base to drive organic growth alongside its acquisitions [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong growth despite challenges, highlighting the importance of the RJO acquisition in driving future performance [50] - The integration of RJO is expected to create significant value, with a focus on expanding product offerings and achieving cost synergies [41][48] - Management remains optimistic about long-term growth, supported by a strong balance sheet and diverse offerings [50] Other Important Information - The company recorded pre-tax acquisition-related charges of approximately $9.3 million in the current quarter, impacting diluted EPS by about $0.13 [5] - The company anticipates achieving $50 million in annual run-rate cost synergies from the RJO acquisition within 24 months [41][44] Q&A Session Summary Question: How are early cross-selling efforts with RJO clients going? - Management noted that early cross-selling efforts are progressing well, with significant interest from RJO in learning about new products, and some transactions have already occurred [51][52] Question: Did precious metals trading improve after gold was exempted from tariffs? - Management indicated that while there were challenges in the previous quarter due to low volatility and tariff disruptions, the situation has improved, and they expect a positive trend moving forward [56][59] Question: What drove the increase in RPC for listed derivatives? - The increase was attributed to the introduction of the RJO business, which had higher average rates per contract compared to the company's previous offerings [60]

Financial Performance - StoneX's Q4 2025 operating revenues increased by 31% to $1,202.3 million[11] - Net income for Q4 2025 rose by 12% to $85.7 million[11] - Full fiscal year 2025 operating revenues grew by 20% to $4,126.9 million[11] - Full fiscal year 2025 net income increased by 17% to $305.9 million[11] - Book value per share increased by 27% to $45.56[14] Acquisitions and Integration - RJO/Benchmark acquisitions added $32.4 million to total fixed compensation and other expenses[14] - Net operating revenue from RJO was $69.6 million, and from Benchmark was $11.0 million[14] - Pre-tax income from RJO was $22.1 million, and from Benchmark was $2.4 million[14] - RJO held $6.3 billion in client segregated/secured assets[43] Client Balances - Q4 2025 average client equity plus MMF/FDIC sweep was approximately $12.6 billion, a 65% increase compared to Q4 2024[14]

Financial Performance - StoneX Group Inc. reported a record net income of $305.9 million for fiscal year 2025, representing a 17% increase year-over-year[1] - Quarterly net operating revenues reached $585.1 million, up 29% compared to the same quarter last year[1] - The company achieved a record quarterly net income of $85.7 million, with a quarterly return on equity (ROE) of 15.2%[1] - Diluted earnings per share (EPS) for the quarter was $1.57, while the fiscal year EPS was $5.89, reflecting increases of 1% and 11% respectively[1] - The company experienced a 12% increase in quarterly net income despite $9.3 million in acquisition-related charges, which reduced diluted EPS by approximately $0.13[2] - Total revenues for the fiscal year increased by 33% to $132.4 billion, driven by significant growth in sales of physical commodities and interest income[5] - Net operating revenues for the fiscal year ended September 30, 2025, increased by 36% to $856.9 million from $630.4 million in 2024[34] - For the three months ended September 30, 2025, total revenues reached $31,813.0 million, a 5% increase from $30,430.3 million in the same period of 2024[29] Revenue Growth - The commercial segment's operating revenues grew by 38% to $291.9 million for the quarter, while institutional revenues increased by 39% to $771.7 million[8] - Operating revenues increased by $282.2 million, or 31%, to $1,202.3 million for the three months ended September 30, 2025, compared to $920.1 million for the same period in 2024[14] - Operating revenues from securities transactions rose by $107.6 million, driven by a 25% increase in average daily volume (ADV) and a 23% increase in securities rate per million (RPM)[16] - Interest income increased by 39% to $66.5 million for the three months ended September 30, 2025, compared to $47.9 million in 2024[29] - Total revenues for the three months ended September 30, 2025, increased by 39% to $771.7 million compared to $554.1 million in 2024[32] Acquisitions and Strategic Initiatives - The company closed acquisitions of R.J. O'Brien and The Benchmark Company, LLC, which are expected to enhance product offerings and client service[2][3] - The acquisition of RJO contributed $141.0 million in operating revenues, with listed derivatives revenues increasing by $89.4 million primarily due to this acquisition[15] - The acquisition of RJO contributed an additional 15.9 million listed derivative contracts in the fiscal year ended September 30, 2025[32] - The company plans to continue expanding its product capabilities and geographic reach to drive shareholder value[3] Expenses and Liabilities - Total interest expense increased by 29% to $436.3 million for the three months ended September 30, 2025, compared to $337.8 million in 2024[20] - The total non-interest expenses for the three months ended September 30, 2025, were $657.9 million, up from $484.3 million in 2024[24] - The company’s total liabilities increased to $19,864.1 million in 2025, up from $10,345.9 million in 2024, representing a 92% increase[40] - Interest expense for the fiscal year ended September 30, 2025, rose by 25% to $1,480.5 million from $1,183.5 million in 2024[47] Client and Segment Performance - Average client equity for listed derivatives increased by 71% to $11,321 million for the three months ended September 30, 2025[19] - Segment income for the institutional segment surged by 73% to $133.8 million for the quarter, contributing to a total segment income increase of 31%[9] - The company reported a segment income of $111.4 million for the three months ended September 30, 2025, a 25% increase from $89.2 million in 2024[29] - The company reported a 91% increase in consulting, management, and account fees, reaching $38.4 million for the three months ended September 30, 2025, up from $20.1 million in 2024[32] Future Outlook - The company plans to discuss future developments and financial matters in a conference call scheduled for November 25, 2025[41] - The company plans to include additional segment performance information in its Annual Report on Form 10-K to be filed with the SEC[28]

Core Insights - StoneX Group Inc. reported record fiscal year results with net income of $305.9 million, a 17% increase year-over-year, and quarterly net operating revenues of $585.1 million, up 29% [1][2] - The company achieved a record quarterly net income of $85.7 million, with a quarterly return on equity (ROE) of 15.2% [1][2] - The strong performance was attributed to growth in equities trading, prime brokerage, and fixed income, alongside the successful acquisitions of R.J. O'Brien and The Benchmark Company, LLC [2][3] Financial Performance - For the fiscal year ended September 30, 2025, total revenues reached $132.4 billion, a 33% increase from $99.9 billion in the previous year [5] - Quarterly net operating revenues increased to $585.1 million from $454.8 million, marking a 29% rise [26] - The company reported a diluted earnings per share (EPS) of $1.57 for the quarter and $5.89 for the fiscal year, reflecting increases of 1% and 11% respectively [1][5] Revenue Breakdown - Operating revenues from listed derivatives increased by 76% to $207.6 million for the quarter, driven by the acquisition of R.J. O'Brien [13][17] - Securities transactions saw a revenue increase of 26% to $519.4 million, supported by a 25% rise in average daily volume [19][20] - Operating revenues from physical contracts rose by 24% to $65.9 million, primarily due to increased agricultural and energy revenues [21] Segment Performance - The Commercial segment reported revenues of $31.8 billion for the fiscal year, a 33% increase, while the Institutional segment's revenues grew by 27% to $2.5 billion [33] - The Self-Directed/Retail segment experienced a decline in quarterly revenues by 22% to $81.1 million, although it saw a slight annual increase of 4% [9][10] - Payments segment revenues increased by 7% to $52.1 million for the quarter, with a 2% annual growth [9][10] Cost and Expense Analysis - Total interest expense for the quarter was $436.3 million, a 29% increase from the previous year, primarily due to growth in the securities repo and lending businesses [23][24] - Variable compensation and benefits increased by 52% to $183.2 million for the quarter, reflecting the company's growth [27] - Total non-variable expenses were reported at $293.8 million, accounting for 45% of total expenses, compared to 49% in the previous year [27] Strategic Outlook - The company aims to enhance its product offerings and client base through the integration of recent acquisitions, focusing on expanding geographic reach and maintaining high client service standards [3][2] - The acquisition of R.J. O'Brien is expected to significantly contribute to future revenue growth, with an incremental $5.6 billion in average client equity post-acquisition [22][17]

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Core Viewpoint - US stock markets are experiencing a decline despite positive business news, indicating persistent investor concerns, particularly regarding AI valuations and economic uncertainty [3][4][5]. Market Performance - The S&P 500 fell by 1.6%, the Dow Jones Industrial Average dropped by 0.8%, and the Nasdaq decreased by over 2% [4]. - Nvidia's shares, which initially surged, fell by more than 3% [4]. AI Market Concerns - There are ongoing fears of an AI bubble, despite Nvidia's strong performance and reassurances from its CEO regarding AI valuations [6][7]. - Alphabet's CEO highlighted "irrationality" in the current AI boom, reflecting broader market apprehensions [7]. Economic Indicators - The recent job report showed an addition of 119,000 jobs in September, more than double analysts' expectations, but the unemployment rate increased from 4.3% to 4.4% [11]. - Analysts express uncertainty about the Federal Reserve's interest rate decisions, with mixed economic data complicating the outlook [10][11]. Investment Sentiment - Investors are cautious as they navigate economic uncertainties and potential inflation, which could affect interest rates [9][10]. - Analysts suggest that continued AI adoption and lower interest rates are crucial for sustaining stock market growth [12].

Core Points - StoneX Group Inc. will release its fiscal 2025 fourth quarter results on November 24, 2025, after market close [1] - A conference call to discuss the results is scheduled for November 25, 2025, at 9:00 a.m. ET [1] Company Overview - StoneX Group Inc. operates a global financial services network, connecting various market participants through digital platforms and execution services [3] - The company is headquartered in New York City, listed on the Nasdaq Global Select Market, and employs over 5,400 staff [3] - StoneX serves more than 54,000 commercial and institutional clients, along with over 400,000 self-directed retail accounts across six continents [3]