Record Quarterly Net Income of $174.3 million, Quarterly ROE of 26.5%
Quarterly Diluted EPS of $2.07 per share
NEW YORK, May 06, 2026 (GLOBE NEWSWIRE) -- StoneX Group Inc. ((the "Company", NASDAQ:SNEX), a leading financial services franchise connecting clients to global markets, today announced its financial results for the fiscal 2026 second quarter ended March 31, 2026.
"We are very pleased to deliver record results for our second quarter of fiscal 2026," said Philip Smith, the Company's Chief Executive Officer. "Building on our strong first quarter performance, this represented a highly successful first half of the fiscal year, in terms of both net operating revenues and net income.
This record quarter was driven by strong performances across all four operating segments, highlighting the depth and breadth of the product and service offerings within the unique StoneX ecosystem. Our unwavering commitment to servicing our clients' business needs continues to drive the direction and growth of this company.
The integration of R.J. O'Brien remains on track to be substantially completed during the course of this fiscal year, and we remain confident in achieving our targeted synergies," Smith added.
StoneX Group Inc. Summary Financials
Consolidated financial statements for the Company will be included in our Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission (the "SEC"). Upon filing, the Quarterly Report on Form 10-Q will also be made available on the Company's website at www.stonex.com.
Three Months Ended March 31,
Six Months Ended March 31,
(Unaudited) (in millions, except share and per share amounts)
2026
2025
% Change
2026
2025
% Change
Revenues:
Sales of physical commodities
$
44,296.9
$
35,992.6
23
%
$
81,986.0
$
63,043.7
30
%
Principal gains, net
469.7
300.5
56
%
848.2
609.4
39
%
Commission and clearing fees
347.5
164.3
112
%
652.5
313.6
108
%
Consulting, management, and account fees
69.0
44.3
56
%
145.1
92.1
58
%
Interest income
577.8
389.0
49
%
1,159.0
767.2
51
%
Total revenues
45,760.9
36,890.7
24
%
84,790.8
64,826.0
31
%
Cost of sales of physical commodities
44,194.1
35,934.7
23
%
81,785.8
62,925.7
30
%
Operating revenues
1,566.8
956.0
64
%
3,005.0
1,900.3
58
%
Transaction-based clearing expenses
152.7
91.8
66
%
285.3
178.3
60
%
Introducing broker commissions
97.4
45.5
114
%
190.6
89.8
112
%
Interest expense
461.1
316.6
46
%
922.8
622.8
48
%
Interest expense on corporate funding
26.5
14.8
79
%
52.8
30.0
76
%
Net operating revenues
829.1
487.3
70
%
1,553.5
979.4
59
%
Variable compensation and benefits
248.5
146.7
69
%
464.4
280.0
66
%
Net contribution
580.6
340.6
70
%
1,089.1
699.4
56
%
Fixed compensation and benefits
158.7
120.4
32
%
298.7
239.6
25
%
Trading systems and market information
25.8
19.5
32
%
50.8
39.5
29
%
Professional fees
18.4
16.5
12
%
51.2
35.5
44
%
Non-trading technology and support
28.4
20.9
36
%
55.0
40.6
35
%
Occupancy and equipment rental
17.9
13.1
37
%
34.0
26.1
30
%
Selling and marketing
14.0
13.4
4
%
28.1
25.4
11
%
Travel and business development
16.8
7.1
137
%
28.6
15.5
85
%
Communications
3.7
2.1
76
%
7.4
4.2
76
%
Depreciation and amortization
26.9
15.6
72
%
51.9
31.3
66
%
Bad debts, net of recoveries
12.4
0.1
n/m
13.6
1.9
616
%
Other
27.8
14.8
88
%
54.7
31.5
74
%
Total fixed compensation and other expenses
350.8
243.5
44
%
674.0
491.1
37
%
Other (losses) gains, net
(2.7
)
—
n/m
(3.1
)
5.7
n/m
Income before tax
227.1
97.1
134
%
412.0
214.0
93
%
Income tax expense
52.8
25.4
108
%
98.7
57.2
73
%
Net income
$
174.3
$
71.7
143
%
$
313.3
$
156.8
100
%
Earnings per share:(1)
Basic
$
2.21
$
0.99
123
%
$
3.98
$
2.17
83
%
Diluted
$
2.07
$
0.94
120
%
$
3.74
$
2.07
81
%
Weighted-average number of common shares outstanding:(1)
Basic
76,498,598
70,184,147
9
%
76,174,376
69,903,861
9
%
Diluted
81,456,531
74,064,635
10
%
80,956,862
73,472,168
10
%
Return on equity ("ROE")(2)
26.5
%
15.7
%
24.5
%
17.5
%
ROE on tangible book value(2)
37.0
%
16.5
%
34.7
%
18.3
%
n/m = not meaningful to present as a percentage
(1
)
On March 20, 2026, the Company effected a three-for-two stock dividend to stockholders of record as of March 10, 2026. The stock split increased the number of shares of common stock outstanding. All share and per share amounts have been retroactively adjusted for the stock split.
(2
)
The Company calculates ROE on stated book value based on net income divided by the average stockholders' equity, calculated based on average monthly total stockholders' equity amounts. For the calculation of ROE on tangible book value, the amount of goodwill and intangibles, net is excluded from stockholders' equity.
The following table presents our consolidated operating revenues by segment for the periods indicated.
Three Months Ended March 31,
Six Months Ended March 31,
(in millions)
2026
2025
% Change
2026
2025
% Change
Segment operating revenues represented by:
Commercial
$
537.6
$
249.8
115
%
$
965.0
$
484.6
99
%
Institutional
868.4
561.2
55
%
1,734.4
1,100.8
58
%
Self-Directed/Retail
106.5
92.2
16
%
200.9
213.8
(6
)%
Payments
56.0
50.3
11
%
113.0
108.4
4
%
Corporate
19.8
16.7
19
%
31.9
27.8
15
%
Eliminations
(21.5
)
(14.2
)
51
%
(40.2
)
(35.1
)
15
%
Operating revenues
$
1,566.8
$
956.0
64
%
$
3,005.0
$
1,900.3
58
%
The following table presents our consolidated income by segment for the periods indicated.
Three Months Ended March 31,
Six Months Ended March 31,
(in millions)
2026
2025
% Change
2026
2025
% Change
Segment income represented by:
Commercial
$
244.3
$
97.2
151
%
$
423.4
$
201.3
110
%
Institutional
120.9
86.5
40
%
260.2
164.6
58
%
Self-Directed/Retail
30.2
21.5
40
%
48.5
76.5
(37
)%
Payments
31.8
24.5
30
%
65.7
58.6
12
%
Total segment income
$
427.2
$
229.7
86
%
$
797.8
$
501.0
59
%
Reconciliation of segment income to income before tax:
Segment income
$
427.2
$
229.7
86
%
$
797.8
$
501.0
59
%
Net operating loss within Corporate(1)
(21.5
)
(8.6
)
150
%
(52.9
)
(29.7
)
78
%
Overhead costs, net of shared services
(178.6
)
(124.0
)
44
%
(332.9
)
(257.3
)
29
%
Income before tax
$
227.1
$
97.1
134
%
$
412.0
$
214.0
93
%
(1
)
Includes interest expense on corporate funding.
Key Operating Metrics
The tables below present operating revenues disaggregated across the key products we provide to our clients and select operating data and metrics used by management in evaluating our performance, for the periods indicated.
Three Months Ended March 31,
Six Months Ended March 31,
2026
2025
% Change
2026
2025
% Change
Operating Revenues (in millions):
Listed derivatives
$
317.8
$
128.4
148
%
$
586.9
$
240.2
144
%
Over-the-counter ("OTC") derivatives
119.1
60.3
98
%
182.2
96.9
88
%
Securities
587.9
426.7
38
%
1,163.8
828.5
40
%
FX/Contracts for difference ("CFD") contracts
77.6
70.9
9
%
146.3
169.5
(14
)%
Payments
55.9
49.2
14
%
110.5
106.0
4
%
Physical contracts
190.1
72.6
162
%
346.8
165.2
110
%
Interest/fees earned on client balances
156.5
101.7
54
%
330.2
209.3
58
%
Other(1)
63.6
43.7
46
%
146.6
92.0
59
%
Corporate
19.8
16.7
19
%
31.9
27.8
15
%
Eliminations
(21.5
)
(14.2
)
51
%
(40.2
)
(35.1
)
15
%
$
1,566.8
$
956.0
64
%
$
3,005.0
$
1,900.3
58
%
Volumes and Other Select Data:
Listed derivatives (contracts, 000's)(2)
97,152
61,153
59
%
181,273
114,333
59
%
Listed derivatives, average rate per contract ("RPC")(3)
$
2.91
$
2.02
44
%
$
2.88
$
2.02
43
%
Average client equity - listed derivatives (millions)(2)
$
13,958
$
6,639
110
%
$
13,601
$
6,630
105
%
OTC derivatives (contracts, 000's)
1,507
897
68
%
2,514
1,756
43
%
OTC derivatives, average RPC
$
79.89
$
68.35
17
%
$
73.35
$
55.87
31
%
Securities average daily volume ("ADV") (millions)
$
12,066
$
8,915
35
%
$
11,323
$
8,822
28
%
Securities rate per million ("RPM")(4)
$
272
$
279
(3
)%
$
295
$
258
14
%
Average money market/FDIC sweep client balances (millions)
$
1,196
$
1,283
(7
)%
$
1,228
$
1,240
(1
)%
FX/CFD contracts ADV (millions)
$
11,907
$
11,539
3
%
$
11,575
$
11,613
—
%
FX/CFD contracts RPM
$
103
$
97
6
%
$
98
$
115
(15
)%
Payments ADV (millions)
$
92
$
77
19
%
$
93
$
81
15
%
Payments RPM
$
9,815
$
10,526
(7
)%
$
9,589
$
10,466
(8
)%
Adjusted EBITDA (in millions)(5)
$
296.9
$
138.2
115
%
$
547.8
$
291.6
88
%
(1
)
Other operating revenue primarily includes consulting, management and account fees related to prime services, investment banking and advisory services, as well as interest income associated with securities lending activities.
(2
)
The acquisition of the R.J. O'Brien global business ("RJO"), effective July 31, 2025, contributed 37.8 million and 68.7 million listed derivative contracts and $6.4 billion and $6.1 billion in average client equity for the three and six months ended March 31, 2026, respectively.
(3
)
Give-up fee revenues, related to contract execution for clients of other FCMs, as well as cash and voice brokerage revenues are excluded from the calculation of listed derivatives, average rate per contract.
(4
)
Interest expense associated with our fixed income activities is deducted from operating revenues in the calculation of Securities RPM while interest income related to securities lending is excluded.
(5
)
Adjusted EBITDA is a non-GAAP measure. See Appendix - Non-GAAP Financial Information for further information.
Interest expense
Three Months Ended March 31,
Six Months Ended March 31,
(in millions)
2026
2025
% Change
2026
2025
% Change
Interest expense attributable to:
Trading activities:
Institutional dealer in fixed income securities
$
364.1
$
232.6
57
%
$
717.8
$
456.2
57
%
Securities borrowing
22.5
21.4
5
%
50.4
43.4
16
%
Client balances on deposit
57.8
31.1
86
%
