StoneX Group Inc. February 5 th, 2026 Disclaimer The StoneX Group Inc. group of companies provides financial services worldwide, including physical commodities, securities, exchange -traded and over-the-counter derivatives, risk management, global payments and foreign exchange products, through its subsidiaries, in accordance with applicable law in the jurisdictions where services are provided . References to over-the counter ("OTC") products or swaps are made on behalf of StoneX Markets LLC (SXM), a member ...

Group 1: Carter's (CRI) - Carter's is the largest marketer of branded apparel and related products for babies and young children in North America [1] - The Zacks Consensus Estimate for its current year earnings has increased by 5.9% over the last 60 days [1] - The company has a Zacks Rank 1 (Strong Buy) and a dividend yield of 2.8%, compared to the industry average of 2% [1] Group 2: Alps Electric (APELY) - Alps Electric is a Japan-based company engaged in the manufacture and sale of electronic components and audio equipment [2] - The Zacks Consensus Estimate for its current year earnings has increased by 6.9% over the last 60 days [2] - The company has a Zacks Rank 1 and a dividend yield of 1.7%, compared to the industry average of 0.0% [2] Group 3: The Goldman Sachs Group (GS) - Goldman Sachs is a leading global financial holding company providing investment banking, securities, investment management, and consumer banking services [3] - The Zacks Consensus Estimate for its current year earnings has increased by 4.8% over the last 60 days [3] - The company has a Zacks Rank 1 and a dividend yield of 1.7%, compared to the industry average of 0.9% [3]

Core Viewpoint - Morgan Stanley has seen a shift in its consensus price target, reflecting changing analyst sentiment and market conditions, with a current average price target of $190.8, indicating a positive outlook from analysts [1][6]. Financial Performance - The company reported a surge in profits during the fourth quarter, driven by rising demand for loans, which is expected to positively impact future earnings [2]. - Analysts anticipate a 6.8% year-over-year increase in fourth-quarter revenue, attributed to strong trading and investment banking gains [3][6]. Analyst Sentiment - The average price target for Morgan Stanley was $187 in the last quarter, showing a gradual increase in analyst expectations [3]. - A year ago, the average price target was $162.93, marking a significant increase of $27.87 over the year, driven by strategic initiatives and market performance [4]. Upcoming Earnings - Morgan Stanley is set to release its fourth-quarter earnings soon, with expectations of strong performance, and investors will closely watch this report to gauge the company's future prospects [5].

Core Viewpoint - Morgan Stanley is set to report its quarterly earnings on January 15, 2026, with an expected EPS of $2.43 and revenue of approximately $17.68 billion, reflecting a positive outlook for the company and the financial sector overall [1][2][5] Group 1: Earnings Estimates - Analysts project Morgan Stanley's EPS for the quarter ended December 2025 to be $2.43, marking a 9.5% increase from the previous year [2] - Over the past 30 days, analysts have revised the EPS estimate upward by 5.1%, indicating a positive reassessment of the company's performance [3][5] Group 2: Financial Ratios - The company's price-to-earnings (P/E) ratio is approximately 18.12, suggesting the price investors are willing to pay for each dollar of earnings [3][5] - Morgan Stanley's price-to-sales ratio stands at about 2.62, reflecting its market value relative to its revenue [4] - The debt-to-equity ratio is notably high at approximately 3.77, indicating a significant reliance on debt for growth [4][5] - The current ratio is low at around 0.26, suggesting potential challenges in covering short-term liabilities with short-term assets [4]

Core Viewpoint - The Bank of New York Mellon Corporation (BK) is expected to report strong earnings growth, driven by fee revenues and net interest income, with a focus on technology and AI investments [1][5]. Financial Performance - BK is projected to report a profit of $1.96 per share for Q4 2025, reflecting a 14% increase from $1.72 per share in the same quarter last year [2]. - For the full fiscal year 2025, analysts anticipate an EPS of $7.38, which is a 22.4% increase from $6.03 in fiscal 2024 [3]. - The EPS is expected to rise further to $8.11 in fiscal 2026, marking a 9.9% year-over-year growth [3]. Stock Performance - BK shares have increased by 44.8% over the past 52 weeks, outperforming the S&P 500 Index's 11.1% gains and the Financial Select Sector SPDR Fund's 11.3% returns [4]. - The average analyst price target for BK is $119.62, indicating a potential upside of 5.3% from current levels [7]. Growth Drivers - The company's growth is attributed to an increase in fee revenues and net interest income, particularly from its Security Services and Market and Wealth Services divisions [5]. - BK's investments in over 100 AI solutions are enhancing efficiency and client growth, with management expressing optimism about future opportunities in AI and digital assets [5]. Analyst Sentiment - Analysts maintain a "Moderate Buy" rating on BK stock, with nine out of 19 analysts recommending a "Strong Buy" and two suggesting a "Moderate Buy" [7].

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]