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

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

Core Viewpoint - The London-based bank is currently involved in a legal dispute where a unit is defending a claim from Herald Fund SPC regarding the restitution of securities and cash related to the Bernard L. Madoff Investment Securities LLC case [1] Group 1 - The bank's unit is actively defending against a lawsuit brought by Herald Fund SPC [1] - The lawsuit pertains to restitution claims involving securities and cash [1] - The case is linked to the infamous Bernard L. Madoff Investment Securities LLC [1]

Core Insights - Morgan Stanley reported earnings per share of $2.80, significantly exceeding the Zacks Consensus Estimate of $2.08 and marking a 49% increase from $1.88 in the same quarter last year [2][3][6] - The company's revenue reached $18.22 billion, surpassing the estimated $16.93 billion, indicating strong financial performance [2][6] - The bank's share price increased by 4.4% following the announcement of record third-quarter earnings, driven by strong results in trading, investment banking, and wealth management [3] Financial Performance - The earnings per share of $2.80 represents a notable increase of 49% compared to the previous year [3] - Revenue of $18.22 billion indicates robust financial performance, exceeding expectations [2][6] - The company's price-to-earnings (P/E) ratio is approximately 17.72, while the price-to-sales ratio stands at about 2.44, reflecting the market value relative to its earnings and sales [4] Operational Insights - The strong quarter was fueled by heightened trading activity and a resurgence in investment banking, particularly in mergers and IPOs [4] - Despite impressive earnings, the debt-to-equity ratio is high at 4.04, indicating significant use of debt to finance operations [5][6] - The current ratio is 0.45, suggesting potential liquidity concerns regarding the company's ability to cover short-term liabilities with its short-term assets [5]

Core Viewpoint - Morgan Stanley is expected to report strong quarterly earnings with an anticipated EPS of $2.07, reflecting a 10.1% increase from the previous year, driven by robust trading revenues and investment banking fees [1][2][6] Financial Performance - The projected revenue for the upcoming quarter is approximately $16.67 billion, indicating a growth of 6.5% compared to the previous year [1][2] - The investment banking division is expected to benefit from increased mergers and acquisitions activity and higher underwriting fees, contributing positively to the earnings report [3] Financial Metrics - The company has a price-to-earnings (P/E) ratio of 16.58, suggesting the market's valuation of its earnings [4][6] - The price-to-sales ratio stands at 2.28, reflecting the company's market value relative to its revenue [4] - Morgan Stanley's debt-to-equity ratio is notably high at 4.04, indicating a significant reliance on debt financing [5][6] - The current ratio is 0.45, suggesting potential liquidity challenges in covering short-term liabilities with current assets [5]

Core Insights - Cboe Global Markets, Inc. reported September trading volume statistics and provided guidance for revenue per contract/net revenue capture metrics for Q3 2025 [1] Trading Volume Statistics - The report includes an overview of September trading statistics and market share by business segment [1] - Specific volume data in select index products is highlighted [1] Revenue Metrics - The report details RPC/net revenue capture, which is reported on a one-month lag across business lines [1]

NEW YORK, Oct. 03, 2025 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Nutex Health Inc. (NASDAQ: NUTX) between August 8, 2024 and August 14, 2025, both dates inclusive (the “Class Period”), of the important October 21, 2025 lead plaintiff deadline. SO WHAT: If you purchased Nutex securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHA ...

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Nutex Health Inc. securities during the specified Class Period of the upcoming lead plaintiff deadline for a class action lawsuit [1][2]. Group 1: Class Action Details - The Class Period for the Nutex securities is from August 8, 2024, to August 14, 2025, and the lead plaintiff deadline is October 21, 2025 [1]. - Investors may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [1]. - A class action lawsuit has already been filed, and interested parties can join by contacting Rosen Law Firm [2][5]. Group 2: Legal Representation - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a proven track record in securities class actions [3]. - The firm has achieved significant settlements in the past, including the largest securities class action settlement against a Chinese company at the time [3]. - In 2019, Rosen Law Firm secured over $438 million for investors, showcasing its capability in handling such cases [3]. Group 3: Case Allegations - The lawsuit alleges that Nutex made false and misleading statements regarding its financial practices and internal controls [4]. - Specific claims include that Nutex engaged in fraudulent activities through a third-party vendor, HaloMD, which affected its revenue sustainability [4]. - The lawsuit also states that Nutex overstated its ability to remediate internal control weaknesses, leading to improper accounting of stock-based compensation obligations [4].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Nutex Health Inc. securities during the specified class period of the upcoming lead plaintiff deadline for a class action lawsuit [1][2]. Group 1: Class Action Details - Investors who purchased Nutex securities between August 8, 2024, and August 14, 2025, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the court to serve as lead plaintiff by October 21, 2025 [3][6]. - The Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions [4]. Group 2: Allegations Against Nutex - The lawsuit alleges that Nutex made false and misleading statements regarding its financial practices and internal controls, particularly concerning its relationship with HaloMD, a third-party vendor [5]. - Specific claims include that Nutex engaged in a scheme to defraud insurance companies, leading to unsustainable revenue and improper accounting of stock-based compensation obligations [5]. - The lawsuit asserts that these misrepresentations resulted in overstated business and financial prospects for Nutex, causing investor damages when the truth was revealed [5].