Core Insights - The Benchmark Company is hosting its inaugural Nuclear Innovation Summit on September 16-17, 2025, at the Oak Ridge Conference Center, aimed at connecting nuclear energy companies with institutional investors [1][6]. Industry Overview - Oak Ridge, historically significant for its role in the Manhattan Project, continues to be a leader in nuclear innovation and research, housing the Oak Ridge National Laboratory (ORNL) which focuses on advancements in energy, defense, and medical isotopes [2]. Event Details - The summit will feature keynote speaker Jonathan Ford, Executive Director of Energy Development for Indiana, who will discuss the state's energy strategy and innovation [3]. - Day 1 will include panel discussions, company presentations, and one-on-one investor meetings with senior executives and government representatives discussing market dynamics and regulatory frameworks [4]. - Day 2 will offer attendees a tour of the Oak Ridge National Laboratory facilities, with insights from the GAIN Deputy Director [5]. Participating Companies - Notable companies participating in the summit include Deep Isolation Nuclear, Inc., Energy Fuels Inc., First American Nuclear Co., and others, highlighting a diverse representation from the nuclear energy sector [6]. Company Background - The Benchmark Company, a subsidiary of StoneX Group Inc., is focused on institutional research, sales trading, and investment banking, aiming to support corporate clients through capital raising and strategic advisory services [7].

Group 1 - StoneX Commodity Solutions has completed the acquisition of Right Corporation, enhancing its global trading capabilities and market reach [1][2] - The acquisition allows Right Corporation to leverage StoneX's resources for growth and improve pricing services through its OTC swap desk [2][4] - Right Corporation, founded in 2000, specializes in trading and logistics for independent meat packing operations and will continue under the leadership of Leslie Wright [3][8] Group 2 - The acquisition is expected to expand Right Corporation's international reach, adding sourcing opportunities from Brazil, Argentina, Australia, and New Zealand [4][5] - Clients of Right Corporation will benefit from StoneX's extensive product offerings, including OTC and physical commodities hedging, financing solutions, and logistics support [5][6] - StoneX Group Inc. operates a global financial services network, serving over 54,000 commercial and institutional clients across more than 80 offices worldwide [6][7]

Core Insights - StoneX Group Inc. has announced a strategic partnership with Bank Mendes Gans to enhance cross-border payment capabilities in thinly traded currencies [1][2] - The collaboration will leverage StoneX Payments' technology and expertise to improve BMG's payment infrastructure and liquidity management services [2][4] Company Overview - StoneX Group Inc. operates a global financial services network, providing digital platforms, clearing and execution services, and market risk management solutions [5] - The company serves over 54,000 commercial and institutional clients, with more than 400,000 retail accounts across 40 offices worldwide [5] Partnership Details - The partnership will enable BMG to process international payments in over 140 currencies across 180 countries, utilizing StoneX Payments' API-driven platform [2][3] - StoneX Payments' infrastructure will facilitate faster settlement times, payment data validation, and competitive foreign exchange rates, addressing inefficiencies in traditional banking systems [3][4] Strategic Impact - The collaboration is expected to broaden BMG's liquidity management capabilities and enhance the flexibility and transparency of international transactions [4] - The partnership will also introduce new currency corridors and expand BMG's reach into underserved and emerging markets [3]

Core Insights - The article discusses the author's background and experience in journalism and the financial sector, emphasizing a decade of reporting experience and a focus on economic issues [3]. Group 1 - The author has a diploma in journalism from Lethbridge College and has over ten years of reporting experience [3]. - The author has covered territorial and federal politics in Nunavut, Canada, showcasing a diverse reporting background [3]. - Since 2007, the author has worked exclusively within the financial sector, starting with the Canadian Economic Press [3].

Filing Information [Form 10-Q Details](index=1&type=section&id=Form%2010-Q%20Details) This section provides key administrative details of the Form 10-Q filing for StoneX Group Inc., including the filing period and outstanding common stock - StoneX Group Inc. is a **large accelerated filer**[4](index=4&type=chunk) Filing Details | Metric | Value | | :--- | :--- | | Filing Period Ended | June 30, 2025 | | Commission File Number | 000-23554 | | Trading Symbol | SNEX | | Common Stock Outstanding (as of Aug 4, 2025) | 52,164,564 shares | Table of Contents [Report Structure](index=3&type=section&id=Report%20Structure) This section outlines the comprehensive structure of the Form 10-Q, detailing its main parts and specific financial and other information items - The report is structured into two main parts: Part I for Financial Information and Part II for Other Information[7](index=7&type=chunk) - Key sections include Financial Statements, MD&A, Market Risk, Legal Proceedings, Risk Factors, and Exhibits[7](index=7&type=chunk) Part I. FINANCIAL INFORMATION This part presents the unaudited financial statements, management's analysis of financial condition, market risk disclosures, and controls and procedures [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for StoneX Group Inc., including the Balance Sheets, Income Statements, Statements of Comprehensive Income, Statements of Cash Flows, and Statements of Stockholders' Equity, along with detailed notes explaining the basis of presentation, significant accounting policies, and specific financial instrument details [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's unaudited condensed consolidated balance sheets, detailing assets, liabilities, and stockholders' equity Balance Sheet Summary | Metric (in millions) | June 30, 2025 | September 30, 2024 | Change ($) | Change (%) | | :------------------------------------------------ | :------------ | :----------------- | :--------- | :--------- | | **Assets** | | | | | | Total assets | $34,265.6 | $27,466.3 | $6,799.3 | 24.79% | | Cash and cash equivalents | $1,313.1 | $1,269.0 | $44.1 | 3.47% | | Securities purchased under agreements to resell | $8,159.3 | $5,201.5 | $2,957.8 | 56.86% | | Financial instruments owned, at fair value | $8,973.9 | $6,767.1 | $2,206.8 | 32.61% | | **Liabilities** | | | | | | Total liabilities | $32,286.8 | $25,757.2 | $6,529.6 | 25.35% | | Payables to clients | $10,956.8 | $10,345.9 | $610.9 | 5.90% | | Securities sold under agreements to repurchase | $13,375.4 | $8,581.3 | $4,794.1 | 55.87% | | Financial instruments sold, not yet purchased, at fair value | $3,707.7 | $2,853.3 | $854.4 | 29.94% | | **Stockholders' Equity** | | | | | | Total equity | $1,978.8 | $1,709.1 | $269.7 | 15.78% | [Condensed Consolidated Income Statements](index=5&type=section&id=Condensed%20Consolidated%20Income%20Statements) This section provides the unaudited condensed consolidated income statements, outlining total revenues, operating revenues, net income, and earnings per share Income Statement Summary | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------- | :------------- | | Total revenues | $34,828.8 | $27,069.7 | $7,759.1 | 28.66% | | Operating revenues | $1,024.3 | $913.7 | $110.6 | 12.10% | | Net operating revenues | $488.3 | $468.5 | $19.8 | 4.23% | | Net income | $63.4 | $61.9 | $1.5 | 2.42% | | Basic EPS | $1.29 | $1.30 | $(0.01) | -0.77% | | Diluted EPS | $1.22 | $1.25 | $(0.03) | -2.40% | <br> | Metric (in millions) | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :------------------------------ | :------------------------------ | :------------- | :------------- | | Total revenues | $99,654.8 | $68,748.8 | $30,906.0 | 44.96% | | Operating revenues | $2,924.6 | $2,516.1 | $408.5 | 16.23% | | Net operating revenues | $1,467.7 | $1,312.4 | $155.3 | 11.83% | | Net income | $220.2 | $184.1 | $36.1 | 19.61% | | Basic EPS | $4.55 | $3.89 | $0.66 | 16.97% | | Diluted EPS | $4.32 | $3.76 | $0.56 | 14.89% | [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) This section presents the unaudited condensed consolidated statements of comprehensive income, including net income and other comprehensive gains or losses Comprehensive Income Summary | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------- | :------------- | | Net income | $63.4 | $61.9 | $1.5 | 2.42% | | Total other comprehensive gain/(loss), net of tax | $17.6 | $(7.9) | $25.5 | -322.78% | | Comprehensive income | $81.0 | $54.0 | $27.0 | 50.00% | <br> | Metric (in millions) | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :------------------------------ | :------------------------------ | :------------- | :------------- | | Net income | $220.2 | $184.1 | $36.1 | 19.61% | | Total other comprehensive gain/(loss), net of tax | $11.0 | $14.3 | $(3.3) | -23.08% | | Comprehensive income | $231.2 | $198.4 | $32.8 | 16.53% | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the unaudited condensed consolidated statements of cash flows, showing cash generated or used in operating, investing, and financing activities Cash Flow Summary | Metric (in millions) | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :------------------------------ | :------------------------------ | :------------- | :------------- | | Net cash provided by operating activities | $858.9 | $314.3 | $544.6 | 173.26% | | Net cash used in investing activities | $(58.9) | $(45.0) | $(13.9) | 30.89% | | Net cash (used in)/provided by financing activities | $(3.9) | $74.2 | $(78.1) | -105.26% | | Net increase in cash, segregated cash, cash equivalents, and segregated cash equivalents | $800.5 | $336.6 | $463.9 | 137.82% | | Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period | $7,473.1 | $6,378.3 | $1,094.8 | 17.16% | - Cash, segregated cash, cash equivalents, and segregated cash equivalents increased by **$800.5 million**, reaching **$7,473.1 million** as of June 30, 2025[328](index=328&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) This section outlines the unaudited condensed consolidated statements of stockholders' equity, detailing changes in common stock, retained earnings, and total equity Stockholders' Equity Summary | Metric (in millions) | June 30, 2025 | September 30, 2024 | Change ($) | Change (%) | | :-------------------------------- | :------------ | :----------------- | :--------- | :--------- | | Common stock | $0.5 | $0.5 | $0.0 | 0.00% | | Additional paid-in-capital | $452.7 | $414.2 | $38.5 | 9.30% | | Retained earnings | $1,609.1 | $1,388.9 | $220.2 | 15.85% | | Accumulated other comprehensive loss, net | $(14.2) | $(25.2) | $11.0 | -43.65% | | Total equity | $1,978.8 | $1,709.1 | $269.7 | 15.78% | - Total equity increased by **$269.7 million** to **$1,978.8 million** as of June 30, 2025, primarily driven by an increase in retained earnings and additional paid-in-capital[23](index=23&type=chunk) [Note 1 – Basis of Presentation and Consolidation and Accounting Standards Adopted](index=11&type=section&id=Note%201%20%E2%80%93%20Basis%20of%20Presentation%20and%20Consolidation%20and%20Accounting%20Standards%20Adopted) This note describes the basis of financial statement presentation, consolidation principles, and the impact of a recent stock split, confirming no new accounting standards were adopted - StoneX Group Inc. is a global financial services network connecting clients to the global market ecosystem through digital platforms, clearing, execution, and expertise[25](index=25&type=chunk) - The company completed a **3-for-2 common stock split** on March 21, 2025, retroactively adjusting all share and per share amounts[32](index=32&type=chunk) - No new accounting standards were adopted during the three and nine months ended June 30, 2025[33](index=33&type=chunk) [Note 2 – Earnings per Share](index=12&type=section&id=Note%202%E2%80%93%20Earnings%20per%20Share) This note explains the company's earnings per share calculation method, including participating securities, and provides detailed EPS metrics - The company uses the two-class method for EPS calculation, including unvested share-based payment awards with non-forfeitable dividends as participating securities[34](index=34&type=chunk) Earnings per Share Data | Metric (in millions, except share amounts) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :----------------------------------------- | :------------------------------- | :------------------------------- | | Net income allocated to common stockholders | $61.0 | $59.7 | | Diluted weighted-average common shares | 49,952,164 | 47,614,548 | <br> | Metric (in millions, except share amounts) | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :----------------------------------------- | :------------------------------ | :------------------------------ | | Net income allocated to common stockholders | $212.9 | $177.6 | | Diluted weighted-average common shares | 49,302,730 | 47,231,055 | [Note 3 – Assets and Liabilities, at Fair Value](index=12&type=section&id=Note%203%E2%80%93%20Assets%20and%20Liabilities,%20at%20Fair%20Value) This note details the fair value measurements of assets and liabilities, categorizing them into levels based on input observability and discussing short-term instrument valuation - Fair value measurements are categorized into **Level 1** (quoted prices in active markets), **Level 2** (observable inputs other than Level 1), and **Level 3** (unobservable inputs)[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) Fair Value of Assets and Liabilities | Asset/Liability (in millions) | June 30, 2025 Total Fair Value | September 30, 2024 Total Fair Value | | :------------------------------------------------ | :----------------------------- | :-------------------------------- | | **Assets at Fair Value** | | | | Financial instruments owned | $8,973.9 | $6,767.1 | | Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | $3,250.6 | $3,287.5 | | Physical commodities inventory | $397.0 | $376.6 | | Total assets at fair value | $12,711.0 | $10,523.8 | | **Liabilities at Fair Value** | | | | Financial instruments sold, not yet purchased | $3,707.7 | $2,853.3 | | Total liabilities at fair value | $3,472.6 | $3,120.1 | - Short-term financial instruments like cash, segregated cash, and repurchase/resell agreements are recorded at amounts approximating fair value due to their short-term nature and collateralization[65](index=65&type=chunk) [Note 4 – Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk](index=17&type=section&id=Note%204%E2%80%93%20Financial%20Instruments%20with%20Off-Balance%20Sheet%20Risk%20and%20Concentrations%20of%20Credit%20Risk) This note discusses the company's exposure to off-balance sheet risk from financial instruments and derivatives, along with its strategies for managing credit risk - The company is exposed to off-balance sheet risk through financial instruments sold, not yet purchased, and derivative products used for client needs and risk mitigation[69](index=69&type=chunk)[70](index=70&type=chunk) Derivative Contract Fair Values | Derivative Type (in millions) | June 30, 2025 Assets | June 30, 2025 Liabilities | September 30, 2024 Assets | September 30, 2024 Liabilities | | :-------------------------------- | :------------------- | :---------------------- | :------------------------ | :------------------------- | | Exchange-traded commodity derivatives | $1,834.2 | $1,876.6 | $1,383.1 | $1,415.7 | | OTC commodity derivatives | $2,702.0 | $2,576.3 | $1,967.9 | $1,924.3 | | Gross fair value of derivative contracts | $6,732.4 | $6,629.6 | $7,235.9 | $7,144.1 | | Impact of netting and collateral | $(6,689.8) | $(6,659.6) | $(6,670.6) | $(6,614.6) | - The company manages credit risk by establishing credit/position limits, monitoring collateral daily, and utilizing master netting agreements[81](index=81&type=chunk)[82](index=82&type=chunk) [Note 5 – Allowance for Doubtful Accounts](index=21&type=section&id=Note%205%E2%80%93%20Allowance%20for%20Doubtful%20Accounts) This note provides details on the allowance for doubtful accounts for both broker-dealers and clients, including changes over the period Allowance for Doubtful Accounts | Metric (in millions) | June 30, 2025 | September 30, 2024 | | :-------------------------------- | :------------ | :----------------- | | Allowance for doubtful accounts (broker-dealers) | $0.1 | $0.0 | | Allowance for doubtful accounts (clients) | $54.0 | $51.9 | <br> | Metric (in millions) | Nine Months Ended June 30, 2025 | | :-------------------------------- | :------------------------------ | | Balance as of September 30, 2024 | $51.9 | | Provision for bad debts | $2.0 | | Other | $0.2 | | Balance as of June 30, 2025 | $54.1 | [Note 6 – Physical Commodities Inventory](index=22&type=section&id=Note%206%E2%80%93%20Physical%20Commodities%20Inventory) This note details the composition and changes in physical commodities inventory, including agriculture, energy, and precious metals Physical Commodities Inventory | Inventory Type (in millions) | June 30, 2025 | September 30, 2024 | | :-------------------------------- | :------------ | :----------------- | | Physical agriculture and energy | $181.0 | $169.0 | | Precious metals - held by broker-dealer subsidiary | $216.0 | $207.6 | | Precious metals - held by non-broker-dealer subsidiaries | $308.4 | $304.5 | | Total Physical commodities inventory, net | $705.4 | $681.1 | - Physical commodities inventory increased to **$705.4 million** as of June 30, 2025, from **$681.1 million** at September 30, 2024, with precious metals held by non-broker-dealer subsidiaries being the largest component[86](index=86&type=chunk) [Note 7 – Goodwill](index=22&type=section&id=Note%207%E2%80%93%20Goodwill) This note presents the goodwill allocated across the company's operating segments and its changes over the reporting period Goodwill by Segment | Segment (in millions) | June 30, 2025 | September 30, 2024 | | :-------------------- | :------------ | :----------------- | | Commercial | $38.1 | $33.3 | | Institutional | $11.8 | $9.8 | | Self-Directed/Retail | $7.9 | $7.9 | | Payments | $10.0 | $10.0 | | Total Goodwill | $67.8 | $61.0 | - Total goodwill increased to **$67.8 million** as of June 30, 2025, from **$61.0 million** at September 30, 2024, with increases primarily in the Commercial and Institutional segments[87](index=87&type=chunk) [Note 8 – Intangible Assets](index=22&type=section&id=Note%208%E2%80%93%20Intangible%20Assets) This note provides details on the company's intangible assets, distinguishing between those subject to and not subject to amortization, and related expenses Intangible Assets Summary | Intangible Asset Class (in millions) | June 30, 2025 Net Amount | September 30, 2024 Net Amount | | :----------------------------------- | :----------------------- | :-------------------------- | | Intangible assets subject to amortization | $15.1 | $13.8 | | Intangible assets not subject to amortization | $6.0 | $5.8 | | Total intangible assets | $21.1 | $19.6 | <br> | Metric (in millions) | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :------------------- | :------------------------------ | :------------------------------ | | Amortization expense | $3.6 | $6.0 | | Fully amortized assets written off | $16.2 | — | - Total net intangible assets increased to **$21.1 million** as of June 30, 2025[88](index=88&type=chunk) - The company wrote off **$16.2 million** of fully amortized intangible assets during the nine months ended June 30, 2025[89](index=89&type=chunk) [Note 9 – Credit Facilities](index=23&type=section&id=Note%209%E2%80%93%20Credit%20Facilities) This note outlines the company's credit facilities and outstanding borrowings, including committed and uncommitted lines, and recent senior secured note issuances - The company has committed credit facilities totaling **$1,355.0 million**, with **$232.0 million** outstanding as of June 30, 2025[91](index=91&type=chunk)[95](index=95&type=chunk) - On July 8, 2025, the company issued **$625 million** in **6.875% Senior Secured Notes due 2032** to fund the R.J. O'Brien acquisition[95](index=95&type=chunk) Outstanding Borrowings | Facility Type (in millions) | June 30, 2025 Outstanding | September 30, 2024 Outstanding | | :-------------------------------- | :------------------------ | :----------------------------- | | Committed Credit Facilities | $232.0 | $227.0 | | Uncommitted Credit Facilities | $114.2 | $104.9 | | Note Payable to Bank | $6.5 | $6.9 | | Senior Secured Notes due 2031 | $543.9 | $543.1 | | Total outstanding borrowings | $896.6 | $881.9 | [Note 10 – Securities and Commodity Financing Transactions](index=24&type=section&id=Note%2010%E2%80%93%20Securities%20and%20Commodity%20Financing%20Transactions) This note details the company's securities and commodity financing transactions, including repurchase agreements, securities lending, and collateral pledged - Repurchase agreements and securities borrowing/lending are recorded at cost, approximating fair value due to their short-term nature and collateralization[99](index=99&type=chunk) Secured Financing and Collateral Pledged | Secured Financing (in millions) | June 30, 2025 Total | September 30, 2024 Total | | :-------------------------------- | :------------------ | :----------------------- | | Securities sold under agreements to repurchase | $24,590.6 | $16,527.9 | | Securities loaned | $2,032.1 | $1,615.9 | | Gross amount of secured financing | $26,622.7 | $18,143.8 | <br> | Collateral Pledged (in millions) | June 30, 2025 | September 30, 2024 | | :------------------------------- | :------------ | :----------------- | | U.S. Treasury obligations | $13,609.9 | $9,673.7 | | Agency mortgage-backed obligations | $7,944.7 | $5,079.6 | | Equity securities (for securities loaned) | $2,032.1 | $1,615.9 | - The company receives and repledges securities as collateral under various agreements to cover short positions, obtain financing, and meet counterparty needs[102](index=102&type=chunk) [Note 11 – Commitments and Contingencies](index=26&type=section&id=Note%2011%E2%80%93%20Commitments%20and%20Contingencies) This note describes the company's involvement in legal actions and other commitments, assessing potential financial exposures and accruals - The company is involved in various legal actions, including a civil complaint by BTIG and related subpoenas from the DOJ and SEC, which it intends to vigorously defend[104](index=104&type=chunk)[105](index=105&type=chunk) - Loss contingency accruals are not material, and possible exposure in excess of accrued amounts is not expected to be material to earnings, financial position, or liquidity[106](index=106&type=chunk) [Note 12 – Accumulated Other Comprehensive Loss, Net](index=26&type=section&id=Note%2012%E2%80%93%20Accumulated%20Other%20Comprehensive%20Loss,%20Net) This note details the components of accumulated other comprehensive loss, net, and the factors contributing to its change over the period Accumulated Other Comprehensive Loss Components | Component (in millions) | Balances as of September 30, 2024 | Other comprehensive gains, net of tax | Balances as of June 30, 2025 | | :---------------------- | :-------------------------------- | :------------------------------------ | :--------------------------- | | Foreign Currency Translation Adjustment | $(31.3) | $5.0 | $(26.3) | | Pension Benefits Adjustment | $(1.2) | — | $(1.2) | | Cash Flow Hedge | $7.3 | $6.0 | $13.3 | | Accumulated Other Comprehensive Loss, net | $(25.2) | $11.0 | $(14.2) | - Accumulated other comprehensive loss, net, improved from **$(25.2) million** to **$(14.2) million**, primarily due to foreign currency translation adjustments and cash flow hedge gains[108](index=108&type=chunk) [Note 13 – Revenue from Contracts with Clients](index=26&type=section&id=Note%2013%E2%80%93%20Revenue%20from%20Contracts%20with%20Clients) This note explains the company's revenue recognition policies for contracts with clients and provides a breakdown of revenue by source - Revenue from contracts with clients is recognized when control of promised goods or services is transferred, with the company acting as principal or agent depending on control over the good/service[110](index=110&type=chunk) Revenue from Contracts with Clients and Other Sources | Revenue Source (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------- | :------------- | | Total revenues from contracts with clients | $851.2 | $571.8 | $279.4 | 48.86% | | Total other sources of revenues | $33,977.6 | $26,400.9 | $7,500.7 | 28.41% | | Total revenues | $34,828.8 | $27,069.7 | $7,759.1 | 28.66% | <br> | Revenue Source (in millions) | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :------------------------------ | :------------------------------ | :------------- | :------------- | | Total revenues from contracts with clients | $2,334.7 | $1,708.4 | $626.3 | 36.66% | | Total other sources of revenues | $97,320.1 | $67,040.4 | $30,279.7 | 45.17% | | Total revenues | $99,654.8 | $68,748.8 | $30,906.0 | 44.96% | - The substantial majority of performance obligations for client contracts are satisfied at a point in time[114](index=114&type=chunk) [Note 14 – Other Expenses](index=29&type=section&id=Note%2014%E2%80%93%20Other%20Expenses) This note provides a detailed breakdown of other operating expenses, including non-income taxes, insurance, and employee-related costs Other Expenses Summary | Expense Type (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | YoY Change ($) | YoY Change (%) | | :------------------------- | :------------------------------- | :------------------------------- | :------------- | :------------- | | Non-income taxes | $3.5 | $2.6 | $0.9 | 34.62% | | Insurance | $2.8 | $2.8 | $0.0 | 0.00% | | Employee related expenses | $1.6 | $1.8 | $(0.2) | -11.11% | | Other direct business expenses | $4.6 | $3.8 | $0.8 | 21.05% | | Total other expenses | $15.1 | $18.1 | $(3.0) | -16.57% | <br> | Expense Type (in millions) | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | YoY Change ($) | YoY Change (%) | | :------------------------- | :------------------------------ | :------------------------------ | :------------- | :------------- | | Non-income taxes | $8.8 | $7.9 | $0.9 | 11.39% | | Insurance | $9.0 | $8.9 | $0.1 | 1.12% | | Employee related expenses | $5.2 | $5.4 | $(0.2) | -3.70% | | Other direct business expenses | $12.5 | $11.7 | $0.8 | 6.84% | | Total other expenses | $46.6 | $50.3 | $(3.7) | -7.36% | [Note 15 – Income Taxes](index=29&type=section&id=Note%2015%E2%80%93%20Income%20Taxes) This note discusses the company's income tax expense and effective tax rates, including the impact of U.S. state and local taxes and global minimum tax proposals - The effective tax rate for the three months ended June 30, 2025, was **26%**, down from **30%** in the prior year, primarily due to U.S. state and local taxes, GILTI, and foreign earnings taxed at higher rates[122](index=122&type=chunk)[123](index=123&type=chunk) - Pillar Two proposals for a global corporate minimum tax rate of **fifteen percent** became effective for the company on October 1, 2024, but are not expected to have a material impact for fiscal 2025[121](index=121&type=chunk) Income Tax Metrics | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :------------------- | :------------------------------- | :------------------------------- | | Income tax expense | $22.2 | $26.1 | | Effective tax rate | 26% | 30% | <br> | Metric (in millions) | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :------------------- | :------------------------------ | :------------------------------ | | Income tax expense | $79.4 | $71.9 | | Effective tax rate | 27% | 28% | [Note 16 – Regulatory Capital Requirements](index=30&type=section&id=Note%2016%E2%80%93%20Regulatory%20Capital%20Requirements) This note outlines the regulatory capital requirements for the company's subsidiaries and confirms their compliance with local regulations - The company's subsidiaries are subject to significant governmental regulation and minimum capital requirements in various jurisdictions[124](index=124&type=chunk) Regulatory Capital Compliance | Subsidiary | Regulatory Authority | Actual Capital (in millions) | Minimum Requirement (in millions) | | :-------------------------- | :------------------- | :--------------------------- | :-------------------------------- | | StoneX Financial Inc. | SEC and CFTC | $490.7 | $297.8 | | StoneX Financial Ltd. | FCA | $560.4 | $471.1 | | Gain Capital Group, LLC | CFTC and NFA | $69.0 | $29.7 | | StoneX Financial Pte. Ltd. | MAS | $118.1 | $26.9 | | StoneX Markets LLC | CFTC and NFA | $252.6 | $150.1 | - All subsidiaries were in compliance with their local regulatory requirements as of June 30, 2025[125](index=125&type=chunk) [Note 17 – Acquisitions](index=30&type=section&id=Note%2017%E2%80%93%20Acquisitions) This note details recent and post-period acquisitions, including JBR Recovery, Octo Finances, R.J. O'Brien, and The Benchmark Company, and their strategic impact - On October 1, 2024, StoneX Metals Limited acquired JBR Recovery Limited's recycling and refining business for **$8.0 million cash** and **$12.6 million in silver bullion**, enhancing supply chain integration and generating **$4.8 million** in Goodwill[127](index=127&type=chunk)[128](index=128&type=chunk) - On January 31, 2025, the company acquired Octo Finances SA, a fixed income broker, for **$7.5 million cash**, expanding its European fixed income offerings and generating **$2.1 million** in Goodwill[129](index=129&type=chunk)[130](index=130&type=chunk) - Post-period, on July 31, 2025, StoneX closed the acquisitions of R.J. O'Brien for approximately **$610.6 million cash** and **3,085,554 shares of common stock**, and The Benchmark Company, LLC for approximately **$57.1 million cash** and up to **$35.0 million** in contingent payments, significantly strengthening its FCM position and equity/debt capital markets offerings[131](index=131&type=chunk)[132](index=132&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) [Note 18 – Segment Analysis](index=31&type=section&id=Note%2018%E2%80%93%20Segment%20Analysis) This note provides an analysis of the company's financial performance across its Commercial, Institutional, Self-Directed/Retail, and Payments segments - The company operates through four reportable segments: Commercial, Institutional, Self-Directed/Retail, and Payments, based on client nature[136](index=136&type=chunk)[140](index=140&type=chunk) - Key performance measures include total revenues, operating revenues, net operating revenues, net contribution, and segment income[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) Operating Revenues by Segment | Segment (in millions) | Three Months Ended June 30, 2025 Operating Revenues | Three Months Ended June 30, 2024 Operating Revenues | Nine Months Ended June 30, 2025 Operating Revenues | Nine Months Ended June 30, 2024 Operating Revenues | | :-------------------- | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Commercial | $225.8 | $262.2 | $706.7 | $661.1 | | Institutional | $626.0 | $508.9 | $1,726.8 | $1,408.0 | | Self-Directed/Retail | $114.2 | $96.2 | $331.7 | $290.7 | | Payments | $53.3 | $51.1 | $161.7 | $161.0 | | Corporate | $15.7 | $8.3 | $43.5 | $31.9 | | Total | $1,024.3 | $913.7 | $2,924.6 | $2,516.1 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations, highlighting recent events, executive summary, detailed revenue and expense analysis, segment performance, liquidity, and capital resources [Overview](index=34&type=section&id=Overview) This section provides an overview of StoneX Group Inc.'s global financial services network, its operational infrastructure, and its client-based operating segments - StoneX Group Inc. operates a global financial services network, connecting companies, organizations, traders, and investors to the global market ecosystem[152](index=152&type=chunk) - The company's business is supported by a global infrastructure of regulated operating subsidiaries, advanced technology platforms, and over **4,700 employees**[152](index=152&type=chunk) - The company reports three operating segments based on client type (commercial, institutional, self-directed/retail) and a fourth segment for its payments business[153](index=153&type=chunk) [Recent Events](index=34&type=section&id=Recent%20Events) This section highlights significant recent corporate events, including major acquisitions and a common stock split, and their strategic implications - The acquisition of R.J. O'Brien closed on July 31, 2025, for approximately **$610.6 million cash** and **3,085,554 shares of common stock**, significantly strengthening the company's FCM position[154](index=154&type=chunk) - The acquisition of The Benchmark Company, LLC also closed on July 31, 2025, for approximately **$57.1 million cash** and up to **$35.0 million** in contingent payments, enhancing equity and debt capital markets offerings[156](index=156&type=chunk) - A **3-for-2 common stock split** was completed on March 21, 2025, retroactively adjusting all share and per share amounts[158](index=158&type=chunk) [Executive Summary](index=35&type=section&id=Executive%20Summary) This section provides a high-level summary of the company's financial performance, including net operating revenues, net income, and segment income changes - Net operating revenues grew **4%** in Q3 fiscal 2025, despite declines in the Commercial segment due to diminished commodity volatility and heightened interest expense[159](index=159&type=chunk) - Overall segment income decreased by **$6.8 million**, with a **$45.5 million** decline in Commercial segment partially offset by increases in Institutional (**$25.2 million**) and Self-Directed/Retail (**$13.6 million**) segments[161](index=161&type=chunk) Executive Summary Financials | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------- | :------------- | | Net operating revenues | $488.3 million | $468.5 million | $19.8 million | 4% | | Net income | $63.4 million | $61.9 million | $1.5 million | 2% | | Diluted EPS | $1.22 | $1.25 | $(0.03) | -2.4% | | Variable expenses as % of total expenses | 53% | 52% | 1% | - | | Non-variable expenses (excl. bad debts) increase | $15.9 million | - | - | - | [Selected Summary Financial Information](index=36&type=section&id=Selected%20Summary%20Financial%20Information) This section presents key summary financial information, including sales, principal gains, commission and clearing fees, interest income, and overall financial results Summary Financials | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :------- | | Sales of physical commodities | $33,839.9 | $26,196.2 | 29% | | Principal gains, net | $334.0 | $305.6 | 9% | | Commission and clearing fees | $166.0 | $143.0 | 16% | | Interest income | $442.7 | $379.6 | 17% | | Operating revenues | $1,024.3 | $913.7 | 12% | | Net operating revenues | $488.3 | $468.5 | 4% | | Net income | $63.4 | $61.9 | 2% | | Total assets | $34,265.6 | $25,930.8 | 32% | | Stockholders' equity | $1,978.8 | $1,607.8 | 23% | - Operating revenues increased **12%** for the three months ended June 30, 2025, and **16%** for the nine months ended June 30, 2025, compared to the prior year periods[167](index=167&type=chunk) [Operating Revenues](index=37&type=section&id=Operating%20Revenues) This section details the composition and drivers of operating revenues, including listed and OTC derivatives, securities, FX/CFD contracts, and interest income Operating Revenues by Source and Volume/Rate Metrics | Revenue Source (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :------- | | Listed derivatives | $126.4 | $130.5 | (3)% | | OTC derivatives | $58.9 | $66.2 | (11)% | | Securities | $485.7 | $374.0 | 30% | | FX / Contracts For Difference ("CFD") contracts | $87.4 | $76.5 | 14% | | Payments | $52.3 | $50.0 | 5% | | Physical contracts | $55.9 | $67.3 | (17)% | | Interest / fees earned on client balances | $102.9 | $115.9 | (11)% | <br> | Volume/Rate Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :------- | | Listed derivatives (contracts, 000's) | 56,759 | 52,736 | 8% | | Listed derivatives, average rate per contract | $2.13 | $2.39 | (11)% | | Securities average daily volume ("ADV") (millions) | $9,219 | $7,358 | 25% | | Securities rate per million ("RPM") | $276 | $239 | 15% | | Payments ADV (millions) | $80 | $69 | 16% | | Payments RPM | $10,614 | $11,264 | (6)% | - Operating revenues increased **12%** to **$1,024.3 million** for the three months ended June 30, 2025, primarily driven by a **30% increase** in securities transactions operating revenues due to higher ADV and RPM[171](index=171&type=chunk)[173](index=173&type=chunk) - Interest and fee income earned on client balances declined **$13.0 million** due to lower short-term interest rates, despite increases in average client equity and money market/FDIC sweep client balances[176](index=176&type=chunk) [Interest and Transactional Expenses](index=39&type=section&id=Interest%20and%20Transactional%20Expenses) This section analyzes interest and transactional expenses, including clearing expenses, commissions, and interest expense from trading activities and corporate funding Interest and Transactional Expenses Summary | Expense Type (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :------- | | Transaction-based clearing expenses | $94.9 | $81.0 | 17% | | Introducing broker commissions | $49.7 | $43.1 | 15% | | Interest expense (trading activities) | $371.3 | $297.0 | 25% | | Interest expense (corporate funding) | $20.1 | $24.1 | (17)% | | Total interest expense | $391.4 | $321.1 | 22% | <br> | Expense Type (in millions) | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------ | :------------------------------ | :------- | | Transaction-based clearing expenses | $273.2 | $233.8 | 17% | | Introducing broker commissions | $139.5 | $124.2 | 12% | | Interest expense (trading activities) | $994.1 | $792.2 | 25% | | Interest expense (corporate funding) | $50.1 | $53.5 | (6)% | | Total interest expense | $1,044.2 | $845.7 | 23% | - Interest expense attributable to trading activities increased **25%** for both the three and nine months ended June 30, 2025, primarily due to growth in security repo and securities lending businesses[186](index=186&type=chunk)[191](index=191&type=chunk) - Corporate funding interest expense for the three and nine months ended June 30, 2025, included bridge loan financing fees related to the amendment of the revolving credit facility and the issuance of Notes due 2032[187](index=187&type=chunk)[192](index=192&type=chunk) [Net Operating Revenues](index=41&type=section&id=Net%20Operating%20Revenues) This section provides an analysis of net operating revenues, detailing contributions from various business lines and their respective changes - Net operating revenues increased **4%** to **$488.3 million** for the three months ended June 30, 2025, and **12%** to **$1,467.7 million** for the nine months ended June 30, 2025[195](index=195&type=chunk) Net Operating Revenues by Source | Revenue Source (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :------- | | Listed derivatives | $56.9 | $65.3 | (13)% | | OTC derivatives | $58.8 | $66.2 | (11)% | | Securities | $125.5 | $86.2 | 46% | | FX/CFD contracts | $77.4 | $67.6 | 14% | | Payments | $49.1 | $47.5 | 3% | | Physical contracts | $33.3 | $55.8 | (40)% | | Interest, net / fees earned on client balances | $73.9 | $86.4 | (14)% | | Corporate | $(10.9) | $(26.9) | (59)% | | Total Net Operating Revenues | $488.3 | $468.5 | 4% | - Securities net operating revenues showed significant growth (**46% YoY** for Q3), while physical contracts experienced a substantial decline (**40% YoY** for Q3)[195](index=195&type=chunk) [Compensation and Other Expenses](index=41&type=section&id=Compensation%20and%20Other%20Expenses) This section details compensation and other operating expenses, including variable and fixed compensation, professional fees, and depreciation and amortization Compensation and Other Expenses Summary | Expense Type (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :------- | | Variable compensation and benefits | $143.9 | $140.6 | 2% | | Fixed compensation and benefits | $123.4 | $116.9 | 6% | | Total compensation and benefits | $267.3 | $257.5 | 4% | | Professional fees | $23.9 | $20.0 | 20% | | Depreciation and amortization | $14.9 | $12.3 | 21% | | Total compensation and other expenses | $401.4 | $382.3 | 5% | <br> | Expense Type (in millions) | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------ | :------------------------------ | :------- | | Variable compensation and benefits | $423.9 | $386.2 | 10% | | Fixed compensation and benefits | $363.0 | $323.8 | 12% | | Total compensation and benefits | $786.9 | $710.0 | 11% | | Non-trading technology and support | $61.7 | $53.6 | 15% | | Depreciation and amortization | $46.2 | $35.8 | 29% | | Total compensation and other expenses | $1,172.5 | $1,065.1 | 10% | - Total compensation and other expenses increased **5%** for the three months and **10%** for the nine months ended June 30, 2025, driven by higher fixed compensation, professional fees, and depreciation/amortization[198](index=198&type=chunk)[207](index=207&type=chunk) - Professional fees increased **$3.9 million (20%)** in Q3 2025, primarily due to legal fees related to acquisitions and ongoing litigation[202](index=202&type=chunk) [Variable vs. Fixed Expenses](index=44&type=section&id=Variable%20vs.%20Fixed%20Expenses) This section examines the company's expense structure, distinguishing between variable and non-variable components as a percentage of total non-interest expenses Non-Interest Expenses by Type | Expense Type (in millions) | Three Months Ended June 30, 2025 | % of Total | Three Months Ended June 30, 2024 | % of Total | | :-------------------------------- | :------------------------------- | :--------- | :------------------------------- | :--------- | | Total variable expenses | $288.5 | 53% | $264.7 | 52% | | Total non-variable expenses | $257.5 | 47% | $241.7 | 48% | | Total non-interest expenses | $546.0 | 100% | $506.4 | 100% | <br> | Expense Type (in millions) | Nine Months Ended June 30, 2025 | % of Total | Nine Months Ended June 30, 2024 | % of Total | | :-------------------------------- | :------------------------------ | :--------- | :------------------------------ | :--------- | | Total variable expenses | $836.6 | 53% | $744.2 | 52% | | Total non-variable expenses | $748.6 | 47% | $678.9 | 48% | | Total non-interest expenses | $1,585.2 | 100% | $1,423.1 | 100% | - Variable expenses constituted **53%** of total non-interest expenses for both the three and nine months ended June 30, 2025, reflecting the company's focus on a variable cost model[219](index=219&type=chunk) [Segment Information](index=45&type=section&id=Segment%20Information) The company's operating segments are Commercial, Institutional, Self-Directed/Retail, and Payments, with segment income being the primary measure of segment profit or loss[220](index=220&type=chunk)[226](index=226&type=chunk) [Total Segment Results](index=46&type=section&id=Total%20Segment%20Results) This section summarizes the overall financial performance of all operating segments, including operating revenues, net operating revenues, and segment income Total Segment Performance | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :------- | | Operating revenues | $1,019.3 | $918.4 | 11% | | Net operating revenues | $499.2 | $495.4 | 1% | | Net contribution | $378.4 | $377.3 | 0% | | Segment income | $236.9 | $243.7 | (3)% | <br> | Metric (in millions) | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------ | :------------------------------ | :------- | | Operating revenues | $2,926.9 | $2,520.8 | 16% | | Net operating revenues | $1,508.3 | $1,367.7 | 10% | | Net contribution | $1,146.4 | $1,043.1 | 10% | | Segment income | $737.9 | $664.5 | 11% | - Total segment operating revenues increased **11%** for the three months and **16%** for the nine months ended June 30, 2025[228](index=228&type=chunk) [Commercial Segment](index=46&type=section&id=Commercial%20Segment) This section analyzes the Commercial segment's financial performance, highlighting changes in operating revenues, segment income, and key drivers like listed derivatives and interest expense - Commercial segment operating revenues decreased **14%** to **$225.8 million** in Q3 2025, primarily due to a **26% decrease** in listed derivatives average rate per contract and a **20% decline** in physical contracts operating revenues[232](index=232&type=chunk)[233](index=233&type=chunk)[235](index=235&type=chunk) - Segment income for Commercial decreased **36%** to **$80.2 million** in Q3 2025, largely due to lower operating revenues and a **111% increase** in interest expense, particularly in precious metals[236](index=236&type=chunk)[238](index=238&type=chunk) Commercial Segment Performance | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :------- | | Operating revenues | $225.8 | $262.2 | (14)% | | Net operating revenues | $168.3 | $220.5 | (24)% | | Segment income | $80.2 | $125.7 | (36)% | | Listed derivatives, average rate per contract | $5.33 | $7.21 | (26)% | | Interest expense | $23.2 | $11.0 | 111% | [Institutional Segment](index=50&type=section&id=Institutional%20Segment) This section reviews the Institutional segment's financial results, focusing on operating revenues, segment income, and the performance of securities transactions - Institutional segment operating revenues increased **23%** to **$626.0 million** in Q3 2025, driven by a **31% increase** in securities transactions operating revenues due to higher ADV and RPM[251](index=251&type=chunk)[252](index=252&type=chunk) - Segment income for Institutional increased **41%** to **$87.4 million** in Q3 2025, primarily due to the increase in net operating revenues[256](index=256&type=chunk) Institutional Segment Performance | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :------- | | Operating revenues | $626.0 | $508.9 | 23% | | Net operating revenues | $200.1 | $157.7 | 27% | | Segment income | $87.4 | $62.2 | 41% | | Securities ADV (millions) | $9,219 | $7,358 | 25% | | Securities RPM | $276 | $239 | 15% | [Self-Directed/Retail Segment](index=53&type=section&id=Self-Directed%2FRetail%20Segment) This section examines the Self-Directed/Retail segment's performance, detailing operating revenues, segment income, and the impact of FX/CFD contracts - Self-Directed/Retail operating revenues increased **19%** to **$114.2 million** in Q3 2025, mainly due to a **18% increase** in FX/CFD contracts operating revenues driven by higher ADV[270](index=270&type=chunk)[271](index=271&type=chunk) - Segment income for Self-Directed/Retail increased **49%** to **$41.2 million** in Q3 2025, benefiting from increased net operating revenues and a decrease in non-variable expenses[273](index=273&type=chunk) Self-Directed/Retail Segment Performance | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :------- | | Operating revenues | $114.2 | $96.2 | 19% | | Net operating revenues | $80.6 | $68.5 | 18% | | Segment income | $41.2 | $27.6 | 49% | | FX/CFD contracts ADV (millions) | $9,277 | $6,904 | 34% | | FX/CFD contracts RPM | $133 | $152 | (13)% | [Payments Segment](index=55&type=section&id=Payments%20Segment) This section provides an overview of the Payments segment's financial outcomes, including operating revenues, segment income, and key volume and rate metrics - Payments segment operating revenues increased **4%** to **$53.3 million** in Q3 2025, driven by a **16% increase** in ADV, partially offset by a **6% decline** in RPM[283](index=283&type=chunk) - Segment income for Payments remained relatively flat at **$28.1 million** in Q3 2025, as revenue increases were offset by higher transaction-based clearing expenses, introducing broker commissions, and non-variable direct expenses[285](index=285&type=chunk) Payments Segment Performance | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :------- | | Operating revenues | $53.3 | $51.1 | 4% | | Net operating revenues | $50.2 | $48.7 | 3% | | Segment income | $28.1 | $28.2 | (0)% | | Payments ADV (millions) | $80 | $69 | 16% | | Payments RPM | $10,614 | $11,264 | (6)% | [Overhead Costs and Expenses](index=57&type=section&id=Overhead%20Costs%20and%20Expenses) This section analyzes overhead costs and expenses, detailing increases driven by compensation, technology, and professional fees related to corporate activities - Overhead costs and expenses increased **9%** to **$140.4 million** in Q3 2025, driven by higher non-variable compensation due to IT personnel reorganization and increased headcount in support departments[292](index=292&type=chunk)[293](index=293&type=chunk) - Professional fees within overhead increased **$3.1 million**, primarily due to corporate merger and acquisition activity[294](index=294&type=chunk) Overhead Costs and Expenses Summary | Expense Type (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :------- | | Total compensation and benefits | $78.6 | $73.6 | 7% | | Non-trading technology and support | $17.0 | $14.3 | 19% | | Professional fees | $11.2 | $8.1 | 38% | | Overhead costs and expenses | $140.4 | $128.8 | 9% | | Allocation of overhead costs | $(43.0) | $(39.2) | 10% | | Overhead costs and expense, net of allocation | $97.4 | $89.6 | 9% | [Liquidity, Financial Condition and Capital Resources](index=58&type=section&id=Liquidity,%20Financial%20Condition%20and%20Capital%20Resources) This section discusses the company's liquidity position, financial condition, and capital resources, including regulatory constraints and debt structure - The company maintains strong liquidity, with approximately **97%** of assets consisting of highly liquid instruments, and believes cash flows from operations and available credit facilities will meet future liquidity needs[308](index=308&type=chunk)[317](index=317&type=chunk)[335](index=335&type=chunk) - Regulatory requirements limit funds available for dividends from operating subsidiaries, but this has no current or expected future impact on the company's ability to meet cash obligations[305](index=305&type=chunk)[316](index=316&type=chunk) - As of June 30, 2025, total equity was **$1,978.8 million**, with **$352.7 million** in outstanding loans and **$543.9 million** in senior secured notes[307](index=307&type=chunk) [Commitments and Contingencies](index=62&type=section&id=Commitments%20and%20Contingencies) This section refers to Note 11 for detailed information regarding the company's commitments and contingent liabilities - Information regarding commitments and contingent liabilities is detailed in Note 11 to the Condensed Consolidated Financial Statements[336](index=336&type=chunk) [Off Balance Sheet Arrangements](index=62&type=section&id=Off%20Balance%20Sheet%20Arrangements) This section describes the company's off-balance sheet arrangements, primarily related to derivative financial instruments and associated credit and market risks - The company is exposed to off-balance sheet market risk through derivative financial instruments (futures, forwards, options, swaps) and short positions, which are managed through various risk mitigation techniques[337](index=337&type=chunk)[342](index=342&type=chunk) - Credit risk from client and counterparty non-performance in margin-based transactions is managed by requiring margin deposits, monitoring collateral, and utilizing netting agreements[338](index=338&type=chunk)[343](index=343&type=chunk) - The company's liability under exchange guaranty obligations is not quantifiable but is deemed remote by management[344](index=344&type=chunk) [Effects of Inflation](index=63&type=section&id=Effects%20of%20Inflation) This section discusses the potential impacts of inflation on the company's expenses and financial markets, including interest rate effects - Inflation may increase expenses (compensation, clearing, occupancy) which may not be readily recoverable, potentially impacting financial results[345](index=345&type=chunk) - While heightened interest rates are generally favorable, inflation-driven interest rate changes could adversely affect financial markets and asset values[345](index=345&type=chunk) [One Big Beautiful Bill Act ("OBBBA")](index=64&type=section&id=One%20Big%20Beautiful%20Bill%20Act%20(%22OBBBA%22)) This section addresses the company's evaluation of the One Big Beautiful Bill Act (OBBBA) and its expected non-material impact on financial position - The company is evaluating the potential impacts of the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, but does not expect a material impact on its financial position or operations at this time[346](index=346&type=chunk) [Critical Accounting Policies](index=64&type=section&id=Critical%20Accounting%20Policies) This section confirms no material changes to the company's critical accounting policies, which are detailed in its most recent Annual Report on Form 10-K - There have been no material changes to the company's critical accounting policies, which are discussed in the most recent Annual Report on Form 10-K[347](index=347&type=chunk) [Other Accounting Policies](index=64&type=section&id=Other%20Accounting%20Policies) This section refers to Note 1 of the Consolidated Financial Statements in the Annual Report on Form 10-K for significant accounting policies - Note 1 to the Consolidated Financial Statements in the most recent Annual Report on Form 10-K includes the company's significant accounting policies, with no material changes[348](index=348&type=chunk) [Accounting Development Updates](index=64&type=section&id=Accounting%20Development%20Updates) This section provides updates on recent accounting pronouncements, including ASUs related to income statement expenses, income tax disclosures, and reportable segment disclosures - The FASB issued ASU 2024-03 (Disaggregation of Income Statement Expenses), effective for fiscal year ending September 30, 2027, requiring enhanced expense disclosures[349](index=349&type=chunk) - ASU 2023-09 (Improvements to Income Tax Disclosures) was issued, effective for fiscal year ending September 30, 2026, requiring additional income tax rate reconciliation and disaggregation of taxes paid[350](index=350&type=chunk) - ASU 2023-07 (Improvements to Reportable Segment Disclosures) was issued, effective for fiscal year ending September 30, 2025, requiring disclosure of significant segment expenses and CODM information, with no material impact expected[351](index=351&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=64&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section details the company's exposure to various market risks, including credit risk, general market risk, interest rate risk, and foreign currency risk, along with the strategies and techniques employed to mitigate these exposures [Credit Risk](index=64&type=section&id=Credit%20Risk) This section refers to Note 4 of the condensed consolidated financial statements for detailed information on credit risk exposures - Information regarding credit risk is further detailed in Note 4 to the condensed consolidated financial statements[352](index=352&type=chunk) [Market Risk](index=64&type=section&id=Market%20Risk) This section outlines the company's exposure to market risk from trading activities and its strategies for mitigation through diversification and position limits - The company's market-making and trading activities expose its capital to significant risks from price movements, volatility, and liquidity changes[353](index=353&type=chunk) - Market risk is mitigated through diversification, position limits, capital allocation based on estimated risks, and daily monitoring of positions and profitability[355](index=355&type=chunk) - The company does not initiate market positions for its own account in anticipation of future price movements, focusing on managing net exposure from client transactions[356](index=356&type=chunk) [Interest Rate Risk](index=66&type=section&id=Interest%20Rate%20Risk) This section details the company's exposure to interest rate risk, including its impact on financial instrument values and net income, and the composition of its debt - The company is exposed to interest rate risk from changes affecting financial instrument values and interest income, particularly in its fixed income securities business and client deposits[362](index=362&type=chunk)[363](index=363&type=chunk) - An immediate **25 basis point decrease** in short-term interest rates is estimated to result in approximately **$6.8 million** less in annual net income[364](index=364&type=chunk) - As of June 30, 2025, **$352.7 million** of outstanding principal debt was variable-rate, and **$550.0 million** was fixed-rate long-term debt[365](index=365&type=chunk) [Foreign Currency Risk](index=67&type=section&id=Foreign%20Currency%20Risk) This section describes the company's foreign currency risk arising from exchange rate fluctuations and its use of derivatives for hedging purposes - Currency risk arises from fluctuations in foreign exchange rates impacting earnings and assets, as entities hold assets and liabilities in various currencies[366](index=366&type=chunk) - The company uses foreign currency derivatives, such as forward contracts, to hedge against volatility in exchange rates for non-USD expenditures, though these hedges may not always be successful[366](index=366&type=chunk) [Item 4. Controls and Procedures](index=67&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, providing reasonable assurance that objectives were met. No material changes to internal controls over financial reporting occurred during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2025[367](index=367&type=chunk) - Internal controls, despite inherent limitations like human error, are designed to provide reasonable assurance of meeting objectives[368](index=368&type=chunk) - No material changes to internal controls over financial reporting occurred during the quarter ended June 30, 2025[369](index=369&type=chunk) Part II. OTHER INFORMATION This part covers legal proceedings, risk factors, equity security sales, other disclosures, and a list of filed exhibits [Item 1. Legal Proceedings](index=67&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 11, 'Commitments and Contingencies,' in the Condensed Consolidated Financial Statements for information regarding legal proceedings the company is currently involved in - Details on legal proceedings are provided in Note 11, 'Commitments and Contingencies,' of the financial statements[370](index=370&type=chunk) [Item 1A. Risk Factors](index=67&type=section&id=Item%201A.%20Risk%20Factors) This section directs readers to Part I, Item 1A of the company's Annual Report on Form 10-K for a comprehensive discussion of risks affecting the company, noting that additional unknown or non-material risks could also adversely affect future business - Information regarding risks affecting the company is available in Part I, Item 1A of the Annual Report on Form 10-K for the fiscal year ended September 30, 2024[371](index=371&type=chunk) - The company acknowledges that additional unknown or currently non-material risks could adversely affect its business, financial condition, and operating results in the future[371](index=371&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=68&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company's Board of Directors authorized a stock repurchase plan for up to 2.3 million shares, commencing October 1, 2024, and ending September 30, 2025. During Q3 2025, the company repurchased 25,480 shares at an average price of $88.40 - The Board authorized a stock repurchase plan for up to **2.3 million shares**, effective from October 1, 2024, to September 30, 2025[372](index=372&type=chunk) Stock Repurchases | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :------------------------------ | :----------------------------- | :--------------------------- | | April 1, 2025 to April 30, 2025 | 25,386 | $88.41 | | May 1, 2025 to May 31, 2025 | — | — | | June 1, 2025 to June 30, 2025 | 94 | $84.66 | | Total (Q3 2025) | 25,480 | $88.40 | - Shares were also withheld to cover taxes on vesting of equity awards as part of the 'withhold to cover' method[373](index=373&type=chunk) [Item 5. Other Information](index=68&type=section&id=Item%205.%20Other%20Information) During the three months ended June 30, 2025, no directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted or terminated by directors or officers during Q3 2025[374](index=374&type=chunk) [Item 6. Exhibits](index=69&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including merger agreements, indentures for senior secured notes, restatement agreements for credit facilities, and certifications from the Chief Executive Officer and Chief Financial Officer - Exhibits include the Agreement and Plan of Merger for R.J. O'Brien, Indentures for Senior Secured Notes due 2032, and Restatement Agreement for the Amended and Restated Credit Agreement[375](index=375&type=chunk) - Certifications from the CEO and CFO (pursuant to Rule 13a-14(a) and 18 U.S.C. Section 1350) are also filed as exhibits[375](index=375&type=chunk) Signatures This section contains the official executive signatures for the Form 10-Q, confirming its submission [Executive Signatures](index=70&type=section&id=Executive%20Signatures) The report is duly signed on behalf of StoneX Group Inc. by Philip A. Smith, Chief Executive Officer, and William J. Dunaway, Chief Financial Officer, both dated August 6, 2025 - The Form 10-Q is signed by Philip A. Smith, Chief Executive Officer, and William J. Dunaway, Chief Financial Officer[378](index=378&type=chunk) - The signatures are dated August 6, 2025[378](index=378&type=chunk)

Financial Data and Key Metrics Changes - The third quarter net income was $63.4 million, with diluted earnings per share (EPS) of $1.22, reflecting a 2% growth in net income but a 2% decline in diluted EPS compared to the prior year due to additional shares outstanding [5][42] - Operating revenues reached $1.024 billion, up 12% year-over-year and 7% sequentially [5][6] - Return on equity (ROE) was 13.1%, with a 49% increase in book value over the last two years [5] Business Line Data and Key Metrics Changes - The securities segment saw a 30% increase in operating revenues, driven by a 25% increase in volumes and a 15% increase in rate per million [10] - Payments revenues increased by 5% year-over-year and 6% sequentially [10] - The commercial segment's net operating revenues declined by 24%, primarily due to a 44% drop in physical contracts [12][14] - The institutional segment achieved record net operating revenues and segment income, with growth of 27% and 41% respectively [13] Market Data and Key Metrics Changes - Interest and fee income on client balances decreased by 11% year-over-year, primarily due to lower short-term interest rates [11] - Average daily volume in FX CFD contracts increased by 34%, contributing to the self-directed retail segment's 18% increase in net operating revenues [14][15] Company Strategy and Development Direction - The company closed the RJO and Benchmark acquisitions, which are expected to be transformational and position the company as a market leader in global derivatives [17][18] - The integration of RJO is anticipated to enhance earnings and margins, with a focus on realizing synergies within the next 3 to 12 months [22][73] - The company aims to expand its custody and clearing capabilities, including digital asset custody, to meet evolving client needs [30][40] Management's Comments on Operating Environment and Future Outlook - Management noted that the commercial segment faced challenges due to tariff uncertainties and diminished volatility, impacting client activity [48][49] - The company remains optimistic about the growth trajectory following the acquisitions, expecting to capitalize on industry transformations driven by regulatory changes [43][44] - Management emphasized the importance of maintaining a strong client-centric approach amid ongoing market volatility [77][80] Other Important Information - The company reported a trailing twelve months net income of $296.9 million, up 26%, with an EPS of $5.87 [8] - The company has a robust balance sheet and diverse offerings, which are expected to support long-term growth [44] Q&A Session Summary Question: Can you elaborate on the weakness in the commercial segment? - Management indicated that the weakness was primarily due to tariff uncertainties and lack of volatility in the agricultural sector, which affected trading volumes [48][49] Question: Any updates on revenue synergies for RJO now that it's closed? - Management stated that while it is difficult to quantify revenue synergies immediately, they believe the potential is significant, particularly in the commercial segment [55][56] Question: What are the longer-term plans for the retail segment? - Management outlined plans to expand the retail segment into a multi-asset class offering, with infrastructure improvements expected to be completed by the end of the fiscal year [61][65] Question: What should we expect from the integration of RJ O'Brien? - Management plans to provide updates on synergy realization, with a focus on international integration expected to yield quick wins [70][73]

Financial Overview - The third quarter net income was $63.4 million, with diluted earnings per share (EPS) of $1.22, reflecting a 2% growth in net income but a 2% decline in diluted EPS compared to the prior year due to additional shares outstanding [5][44] - Operating revenues reached $1.024 billion, up 12% year-over-year and 7% sequentially [5][6] - Total compensation and other expenses increased by 5% year-over-year and 3% sequentially, with fixed compensation and related costs up 6% year-over-year [6][7] - The trailing twelve months results showed operating revenues up 17%, net income up 26%, and EPS of $5.87, with a return on equity (ROE) of 16.6% [8] Business Line Performance - Growth was observed in securities, payments, and FX CFDs, while declines were noted in listed and OTC derivatives, physical contracts, and interest and fee income on client balances [8][9] - Operating revenues from physical contracts decreased by 17% year-over-year, primarily due to tariff-related uncertainties [9][10] - Securities operating revenues increased by 30%, driven by a 25% increase in volumes and a 15% rise in rate per million [10][11] - The commercial segment's net operating revenues declined by 24%, primarily due to a 44% drop in physical contracts [12][13] - The institutional segment saw record net operating revenues and segment income growth of 27% and 41% respectively [13][14] - The self-directed retail segment's net operating revenues increased by 18%, with segment income up 49% [14][15] Market Data - Interest and fee income on client balances decreased by 11% year-over-year, primarily due to lower short-term interest rates [11][12] - Average daily volume in FX CFD contracts increased by 34%, contributing to the growth in the self-directed retail segment [15][16] Company Strategy and Industry Competition - The company closed the RJO and Benchmark acquisitions, which are expected to be transformational and position the company as a market leader in global derivatives [18][19] - The RJO acquisition is anticipated to enhance earnings and margins, with a focus on integrating capabilities and expanding market reach [19][22] - The Benchmark acquisition is expected to provide robust sales and trading platforms, enhancing the company's investment banking capabilities [25][26] Management Commentary on Operating Environment and Future Outlook - Management noted that the commercial segment faced challenges due to tariff uncertainties and diminished volatility in key agricultural markets [50][51] - The company remains optimistic about the potential revenue synergies from the RJO acquisition, particularly in the commercial segment [56][58] - Management highlighted the ongoing uncertainty in the macro environment but noted that volatility can be beneficial for trading activities [78][79] Other Important Information - The company is focused on expanding its custody and clearing capabilities, including launching digital asset custody solutions [31][34] - The company reported a 27% year-over-year increase in correspondent clearing balances, indicating strong growth across major business lines [33][36] Q&A Session Summary Question: Can you provide more detail on the weakness in the commercial segment? - Management attributed the weakness to tariff uncertainty and lack of volatility in the agricultural sector, impacting trading volumes and revenue capture [50][51][52] Question: Any updates on revenue synergies for RJO now that it's closed? - Management indicated that while it is difficult to quantify revenue synergies immediately, they believe the potential is significant, particularly in the commercial segment [56][58] Question: What are the longer-term plans for the retail segment? - Management discussed plans to expand the retail segment beyond FX trading, focusing on a multi-asset class offering [63][66] Question: What are the priorities for the integration of RJ O'Brien? - Management outlined a focus on realizing synergies quickly, particularly on the international side, while ensuring a seamless integration process for U.S. operations [72][75] Question: Are there any changes in behavior from large financial institutions? - Management noted no significant changes in behavior from banks regarding investment in the FCM business, indicating a continued focus on other strategic priorities [84][85]

Financial Performance - Q3 2025 - StoneX Group Inc's operating revenues reached $1,024.3 million, a 12% increase compared to the previous year's fiscal Q3[9] - Net income increased by 2% to $63.4 million[9] - Diluted EPS decreased by 2% to $1.22[9] - Return on Equity (ROE) was 13.1%[9] Financial Performance - Trailing Twelve Months (TTM) - Operating revenues for the trailing twelve months reached $3,844.7 million, up 17%[9] - Net income for the trailing twelve months increased by 26% to $296.9 million[9] - Diluted EPS for the trailing twelve months increased by 22% to $5.87[9] - Return on Equity (ROE) was 16.6%[9] Segment Performance - Q3 2025 - Commercial segment net operating revenue was $221 million, a decrease of 24%[20] - Institutional segment net operating revenue was $200 million, an increase of 27%[20] Acquisition and Strategy - StoneX completed the acquisition of R.J O'Brien (RJO) on July 31st, 2025, which is expected to add approximately $6 billion in client float and 190 million in listed contract volumes[32]

Core Insights - StoneX Group Inc. reported quarterly earnings of $1.22 per share, missing the Zacks Consensus Estimate of $1.39 per share, representing an earnings surprise of -12.23% [1] - The company posted revenues of $1.02 billion for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 10.96%, compared to $913.7 million in the same quarter last year [2] - StoneX Group shares have increased approximately 50.4% year-to-date, significantly outperforming the S&P 500's gain of 7.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.42 on revenues of $910.6 million, and for the current fiscal year, it is $5.90 on revenues of $3.81 billion [7] - The estimate revisions trend for StoneX Group was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Financial - Miscellaneous Services industry, to which StoneX Group belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

[Financial Highlights and Executive Summary](index=1&type=section&id=StoneX%20Group%20Inc.%20Reports%20Fiscal%202025%20Third%20Quarter%20Financial%20Results) [Q3 FY2025 Financial Highlights](index=1&type=section&id=Q3%20FY2025%20Financial%20Highlights) StoneX Group reported a **4%** year-over-year increase in quarterly **net operating revenues** to **$488.3 million** and a **2%** rise in **net income** to **$63.4 million** for the third quarter of fiscal 2025. **Diluted EPS** was **$1.22**, a slight decrease from the prior year, partly due to **$8.9 million** in **acquisition-related charges** Q3 FY2025 Key Financial Metrics | Metric | Q3 FY2025 | Change vs. Q3 FY2024 | | :--- | :--- | :--- | | Net Operating Revenues | $488.3 million | +4% | | Net Income | $63.4 million | +2% | | Diluted EPS | $1.22 | -2% | | Return on Equity (ROE) | 13.1% | -2.6 p.p. | - The quarter's results were impacted by **$8.9 million** in **acquisition-related charges**, which reduced **diluted EPS** by approximately **$0.12**. These charges included **$6.5 million** in **bridge loan financing fees** and **$2.4 million** in **professional fees**[2](index=2&type=chunk) [Executive Commentary and Strategic Developments](index=1&type=section&id=Executive%20Commentary%20and%20Strategic%20Developments) The Executive Vice-Chairman highlighted the company's diversified business model, where strong growth in the Institutional and Self-Directed/Retail segments offset declines in the Commercial segment caused by lower commodity volatility. The company successfully closed the acquisitions of R.J. O'Brien and The Benchmark Company, LLC post-quarter end, which is expected to significantly enhance its global derivatives and capital markets offerings - The company's diversified business model showed resilience, with strong performance in the **Institutional** (notably equities) and **Self-Directed/Retail** segments compensating for weakness in **Commercial** businesses[2](index=2&type=chunk) - On July 31, 2025, the company closed the acquisitions of **R.J. O'Brien** and **The Benchmark Company, LLC**[3](index=3&type=chunk) - **R.J. O'Brien** is positioned to make **StoneX** a **market leader** in global derivatives, having generated approximately **$766 million** in **revenue** and **$170 million** in **EBITDA** in calendar 2024[3](index=3&type=chunk) - **The Benchmark Company, LLC** acquisition enhances the **capital markets offering** with a full-service investment banking firm, expanding the client base and capabilities[3](index=3&type=chunk) [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Financial%20Performance) [Consolidated Financial Statements Summary](index=2&type=section&id=StoneX%20Group%20Inc.%20Summary%20Financials) For the third quarter of FY2025, total revenues grew **29%** YoY to **$34.8 billion**, driven by a significant increase in sales of physical commodities. **Net operating revenues** rose **4%** to **$488.3 million**. **Net income** increased by **2%** to **$63.4 million**, while **diluted EPS** decreased slightly by **2%** to **$1.22**. For the nine months ended June 30, 2025, **net income** grew **20%** to **$220.2 million** Consolidated Financial Results (in millions, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $34,828.8 | $27,069.7 | 29% | | Net Operating Revenues | $488.3 | $468.5 | 4% | | Income Before Tax | $85.6 | $88.0 | (3)% | | Net Income | $63.4 | $61.9 | 2% | | Diluted EPS | $1.22 | $1.25 | (2)% | | Metric | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $99,654.8 | $68,748.8 | 45% | | Net Operating Revenues | $1,467.7 | $1,312.4 | 12% | | Income Before Tax | $299.6 | $256.0 | 17% | | Net Income | $220.2 | $184.1 | 20% | | Diluted EPS | $4.32 | $3.76 | 15% | [Net Operating Revenues Analysis](index=4&type=section&id=Net%20Operating%20Revenues) Consolidated **net operating revenues** increased **4%** YoY to **$488.3 million** in Q3. This growth was primarily driven by a **46%** surge in **Securities** revenues. However, this was partially offset by significant declines in **Physical Contracts** (**-40%**), **Listed Derivatives** (**-13%**), and **OTC Derivatives** (**-11%**), reflecting reduced commodity market volatility Net Operating Revenues by Product (in millions) | Product | Q3 2025 | Q3 2024 | % Change | | :--- | :--- | :--- | :--- | | Securities | $125.5 | $86.2 | 46% | | FX/CFD contracts | $77.4 | $67.6 | 14% | | Physical contracts | $33.3 | $55.8 | (40)% | | Listed derivatives | $56.9 | $65.3 | (13)% | | OTC derivatives | $58.8 | $66.2 | (11)% | | Interest, net / fees | $73.9 | $86.4 | (14)% | | **Total** | **$488.3** | **$468.5** | **4%** | [Interest Expense Analysis](index=4&type=section&id=Interest%20expense) Total interest expense for Q3 FY2025 rose **22%** YoY to **$391.4 million**. The increase was mainly due to a **25%** rise in interest expense from trading activities, particularly in fixed income securities and securities borrowing, reflecting growth in those businesses. Corporate funding interest expense included a one-time **$6.5 million** fee for bridge loan financing related to the R.J. O'Brien acquisition - Interest expense from trading activities increased **25%** YoY to **$371.3 million**, driven by growth in the **security repo** and **securities lending businesses**[14](index=14&type=chunk) - Corporate funding interest expense for the quarter included **$6.5 million** in **bridge loan financing fees** related to the **R.J. O'Brien** acquisition[15](index=15&type=chunk) [Expense Structure (Variable vs. Fixed)](index=5&type=section&id=Variable%20vs.%20Fixed%20Expenses) The company's expense structure remained consistent year-over-year. In Q3 FY2025, **total non-interest expenses** were **$546.0 million**, with **variable expenses** comprising **53%** and **non-variable expenses** making up **47%**. This is a similar split to the prior-year quarter Expense Structure Breakdown - Q3 2025 vs Q3 2024 (in millions) | Expense Type | Q3 2025 | % of Total | Q3 2024 | % of Total | | :--- | :--- | :--- | :--- | :--- | | Total variable expenses | $288.5 | 53% | $264.7 | 52% | | Total non-variable expenses | $257.5 | 47% | $241.7 | 48% | | **Total non-interest expenses** | **$546.0** | **100%** | **$506.4** | **100%** | [Balance Sheet Summary](index=11&type=section&id=Balance%20Sheet%20Summary) As of June 30, 2025, **StoneX** reported **total stockholders' equity** of **$1.98 billion**, an increase from **$1.71 billion** at the end of fiscal year 2024. Key assets such as 'Securities purchased under agreements to resell' and 'Financial instruments owned' saw significant increases. **Net asset value per share** grew to **$40.36** from **$35.75** over the same period Key Balance Sheet Items (in millions) | Item | June 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,313.1 | $1,269.0 | | Securities purchased under agreements to resell | $8,159.3 | $5,201.5 | | Financial instruments owned, at fair value | $8,973.9 | $6,767.1 | | Securities sold under agreements to repurchase | $13,375.4 | $8,581.3 | | Stockholders' equity | $1,978.8 | $1,709.1 | - **Net asset value per share** increased to **$40.36** as of June 30, 2025, compared to **$35.75** as of September 30, 2024[33](index=33&type=chunk) [Segment Performance Analysis](index=5&type=section&id=Segment%20Results) [Commercial Segment](index=6&type=section&id=Commercial) The **Commercial** segment experienced a significant downturn in Q3, with **segment income** falling **36%** YoY to **$80.2 million**. This was driven by a **24%** decrease in **net operating revenues** to **$168.3 million**, primarily due to lower performance in physical contracts (**-44%**) and derivatives, reflecting diminished commodity market volatility Commercial Segment Performance (in millions) | Metric | Q3 2025 | Q3 2024 | % Change | | :--- | :--- | :--- | :--- | | Operating Revenues | $225.8 | $262.2 | (14)% | | Net Operating Revenues | $168.3 | $220.5 | (24)% | | Segment Income | $80.2 | $125.7 | (36)% | - **Net operating revenues** from **Physical contracts** fell **44%** YoY, and **Listed Derivatives** fell **18%** YoY, contributing to the segment's decline[24](index=24&type=chunk) [Institutional Segment](index=7&type=section&id=Institutional) The **Institutional** segment delivered strong results, with **segment income** increasing **41%** YoY to **$87.4 million**. This growth was fueled by a **27%** rise in **net operating revenues** to **$200.1 million**. The standout performer was **Securities**, where **net operating revenues** surged **48%** YoY, driven by a **25%** increase in **average daily volume** and a **15%** rise in **rate per million** Institutional Segment Performance (in millions) | Metric | Q3 2025 | Q3 2024 | % Change | | :--- | :--- | :--- | :--- | | Operating Revenues | $626.0 | $508.9 | 23% | | Net Operating Revenues | $200.1 | $157.7 | 27% | | Segment Income | $87.4 | $62.2 | 41% | - **Securities net operating revenues** grew **48%** YoY to **$119.8 million**, supported by a **25%** increase in **average daily volume**[25](index=25&type=chunk)[27](index=27&type=chunk) [Self-Directed/Retail Segment](index=8&type=section&id=Self-Directed/Retail) The **Self-Directed/Retail** segment showed robust growth, with **segment income** jumping **49%** YoY to **$41.2 million**. **Net operating revenues** increased **18%** to **$80.6 million**, primarily driven by a **17%** rise in **net operating revenues** from **FX/CFD contracts**, which benefited from a **34%** increase in **average daily volume** Self-Directed/Retail Segment Performance (in millions) | Metric | Q3 2025 | Q3 2024 | % Change | | :--- | :--- | :--- | :--- | | Operating Revenues | $114.2 | $96.2 | 19% | | Net Operating Revenues | $80.6 | $68.5 | 18% | | Segment Income | $41.2 | $27.6 | 49% | - **FX/CFD contracts net operating revenues** grew **17%** to **$70.2 million**, as **average daily volume** increased **34%** YoY[28](index=28&type=chunk) [Payments Segment](index=9&type=section&id=Payments) The **Payments** segment delivered a stable performance in Q3, with **segment income** remaining flat YoY at **$28.1 million**. **Net operating revenues** saw a modest **3%** increase to **$50.2 million**. While the **average daily volume** of payments increased by **16%**, the **rate per million (RPM)** decreased by **6%**, resulting in steady overall results Payments Segment Performance (in millions) | Metric | Q3 2025 | Q3 2024 | % Change | | :--- | :--- | :--- | :--- | | Operating Revenues | $53.3 | $51.1 | 4% | | Net Operating Revenues | $50.2 | $48.7 | 3% | | Segment Income | $28.1 | $28.2 | 0% | - **Payments average daily volume (ADV)** increased **16%** YoY, but this was offset by a **6%** decrease in **rate per million (RPM)**[29](index=29&type=chunk) [Overhead Costs and Expenses](index=10&type=section&id=Overhead%20Costs%20and%20Expenses) Total **overhead costs and expenses** increased by **9%** YoY to **$140.4 million** in Q3. The rise was primarily driven by a **7%** increase in **compensation and benefits** and a **12%** increase in **other expenses**. Notably, **professional fees** rose **38%** and **non-trading technology support costs** increased **19%**. After allocating **$43.0 million** to operating segments, net overhead costs were **$97.4 million** Overhead Costs Breakdown (in millions) | Expense Category | Q3 2025 | Q3 2024 | % Change | | :--- | :--- | :--- | :--- | | Compensation and benefits | $78.6 | $73.6 | 7% | | Other expenses | $61.8 | $55.2 | 12% | | **Total Overhead Costs** | **$140.4** | **$128.8** | **9%** | - Significant drivers of the increase in 'Other expenses' were **Professional fees** (**+38%**) and **Non-trading technology and support** (**+19%**)[31](index=31&type=chunk) [Other Information](index=12&type=section&id=Other%20Information) [Conference Call & Web Cast](index=12&type=section&id=Conference%20Call%20%26%20Web%20Cast) The company will host a conference call and webcast on Wednesday, August 6, 2025, at **9:00 a.m. Eastern time** to discuss the financial results. A live webcast and replay will be available on the company's corporate website - A conference call to discuss financial results is scheduled for August 6, 2025, at **9:00 a.m. Eastern time**[34](index=34&type=chunk) [About StoneX Group Inc.](index=12&type=section&id=About%20StoneX%20Group%20Inc.) **StoneX Group Inc.** is a **Fortune-500 company** financial services company headquartered in New York City. It operates a global network connecting clients to the market ecosystem through digital platforms and expert services. With over **4,700 employees** in more than 80 offices, the company serves over **54,000 commercial, institutional, and payments clients**, and over **400,000 retail accounts** worldwide - **StoneX** is a **Fortune-500 company** with over **4,700 employees** serving more than **54,000 commercial, institutional, and payments clients**, and over **400,000 retail accounts** globally[36](index=36&type=chunk) [Forward-Looking Statements](index=12&type=section&id=Forward%20Looking%20Statements) This press release contains forward-looking statements regarding the company's financial condition, business strategy, and the anticipated impact of its recent acquisitions. These statements are based on current expectations and are subject to known and unknown risks and uncertainties, including market conditions, competition, and regulatory changes. The company claims safe harbor protection for these statements under the Private Securities Litigation Reform Act of 1995 - The report includes forward-looking statements concerning financial condition, business strategy, and the impact of acquisitions like **R.J. O'Brien**[37](index=37&type=chunk) - These statements involve risks and uncertainties, and the company cautions readers not to place undue reliance on them, claiming protection under the safe harbor provisions of the **Private Securities Litigation Reform Act of 1995**[38](index=38&type=chunk)[39](index=39&type=chunk)