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- **Record Growth**: Q1 FY26 net income $139M (+63% YoY), EPS $2.50 (+48% YoY), driven by R.J. O'Brien acquisition and precious metals boom.
- **Precious Metals Dominance**: Segment income up $24M YoY, leveraging StoneX's unique OTC, vault, and recycling ecosystem.
- **Institutional Expansion**: Securities revenue +43% YoY, with equities market-making rate per million stabilizing at 320 basis points.
- **Integration Progress**: $50M cost synergies on track, with cross-sell opportunities in FX, OTC, and physical metals.
- **Stock Split**: 3-for-2 split to enhance liquidity, effective March 2026.

**【CEO Summary Section】**
- **Record Financials**: Q1 FY26 reported record net operating revenues, net income ($139M), and EPS ($2.50), up 63% and 48% YoY, respectively. ROE was 22.5%, driven by the acquisition of R.J. O'Brien and strong performance in precious metals.
- **Precious Metals Dominance**: Precious metals segment generated $75M in segment income, a $24M increase vs. FY25. StoneX's unique ecosystem includes OTC liquidity, vault services, and recycling facilities, enabling it to capitalize on locational price differentials.
- **Diversified Growth**: Institutional segment saw 86% growth in net operating revenues, driven by securities and listed derivatives. Payments segment ADRV up 11% YoY, offsetting rate per million declines.
- **Integration Progress**: R.J. O'Brien U.S. entity consolidation on track for FY26 completion, with $20M capital released from U.K. entity migration. Cross-sell opportunities in FX, OTC, and physical metals are emerging.

**【CFO Financial Commentary】**
- **Financial Highlights**: Operating revenues of $1.4B (52% YoY growth), net operating revenues $1.1B (47% YoY). GAAP net income $139M, Non-GAAP EPS $2.50. ROE 22.5%, above target of 15%.
- **Cost Management**: Fixed compensation up 31% YoY ($75.6M), driven by acquisitions. Professional fees increased 13% YoY due to legal and advisory costs. Synergies from R.J. O'Brien expected to reach $50M by FY27.
- **Interest Sensitivity**: 100bp rate change impacts net income by $43.2M ($0.80 EPS). R.J. O'Brien contributed $37.3M to net interest income.
- **Stock Split**: 3-for-2 split effective March 2026, enhancing liquidity and accessibility.

**【Q&A Highlights】**
- **Physical Metals Strength**: Precious metals growth driven by retail and wholesale demand, with StoneX Bullion platform revenue surging. January/February pullback in gold prices may impact Q2, but long-term structural demand remains.
- **Cost Synergies**: $50M target on track, with 40% of savings expected in FY26. Focus on FX, OTC, and physical cross-selling.
- **Institutional Segment**: Securities revenue up 43% YoY, driven by equities and fixed income market-making. Rate per million in equities stabilizing at ~320 basis points.
- **Market Volatility**: High volatility benefits derivatives and physical trading, but extreme levels may strain client liquidity. StoneX prioritizes client education and risk management.
- **Cross-Sell Opportunities**: R.J. O'Brien clients now accessing StoneX's FX, OTC, and physical metals capabilities. U.S. regional banks increasingly using StoneX as a one-stop shop for financial services.

StoneX Group Inc. (SNEX) Q1 2026 Earnings Call Transcript

- **Record Financial Performance**: Q4 net income $85.7M (12% YoY), full-year EPS $5.89 (17% YoY growth). RJO acquisition drove 31% YoY revenue growth.
- **Transformative RJO Integration**: $50M cost synergies on track, $42M dividend realized. Early cross-selling success in fixed income & metals.
- **Strategic M&A**: 6 transactions in 2025, expanding into Europe & physical commodities. Digital platforms drive 1B+ bushels in grain hedging.
- **Risk Management**: 100bps rate sensitivity impacts EPS by $1.02. Hedging 30-40% of float to mitigate volatility.

**【CFO Financial Overview】**
- Q4 2025 net income: $85.7 million (12% YoY growth), EPS: $1.57 (1% YoY growth). Full-year net income: $305.9 million (17% YoY growth), EPS: $5.89.
- Operating revenues: $1.2 billion (31% YoY growth), driven by RJO acquisition contributing $89.5 million in listed contracts.
- Fixed compensation expenses: $32.4 million (24% YoY growth), primarily from acquisitions.
- Interest & fee income on client balances: $112.2 million (46% YoY growth), with RJO adding $3.8 billion to average client equity.
- Sensitivity to 100bps rate change: $53.8 million net income impact ($1.02 EPS annualized).

**【M&A Strategy & Acquisitions】**
- 2025: 6 transactions, including RJO (largest acquisition) and Benchmark. RJO makes StoneX largest non-bank U.S. FCM with $13.7 billion client equity.
- Integration milestones: $20 million annualized cost synergies realized in 4 months, targeting $50 million by Q2 2026. Capital synergies: $42 million dividend from RJO, $30+ million from U.S. FCM merger.
- Organic growth: Metals vault expansion, digital grain platform (1B bushels+ volume), and European fixed income services.

**【RJO Integration Update】**
- Client equity: $5.8 billion (5% QoQ growth), driven by institutional inflows. Cross-selling: Fixed income & physical products to RJO clients, IBs adopting StoneX platforms.
- Synergies: $50 million cost savings, $50 million capital release. Early signs of revenue accretion in fixed income & metals.

**【Q&A Highlights】**
- **Cross-selling progress**: Fixed income teams generating new trades, IBs adopting StoneX platforms. Metals business benefiting from tariff exemption.
- **Institutional business**: RPC increase due to RJO's higher rate per contract. Security revenue growth from improved market conditions & prime brokerage expansion.
- **Retail challenges**: Low FX volatility & client overlap limiting growth. Long-term average revenue capture rate ~$80-90 million.
- **Interest rate strategy**: Hedging 30-40% of float at 2-year rates, targeting 20bps spread on $13.7 billion client equity.

StoneX Group Inc. (SNEX) Q4 2025 Earnings Call Transcript

- **Acquisition Impact**: RJO and Benchmark deals to add $6B client float, immediately accretive to EPS. Synergies expected to materialize in 3-12 months.
- **Segment Growth**: Institutional (+27%), Self-Directed Retail (+18%) offset Commercial decline.
- **Digital Expansion**: Regulated crypto custody launched in Ireland, with lending tools coming Q4.
- **Risk Factors**: Tariff uncertainty weighing on physical commodities, but volatility benefits trading businesses.

**【CFO Financial Commentary】**
- Q3 2025 net income: $63.4 million (down 2% YoY), diluted EPS: $1.22 (down 2% YoY due to share dilution). 
- Operating revenues up 4% YoY ($73.9M interest/fee income), driven by 30% growth in securities and 14% increase in FX CFDs.
- Segment performance: Institutional (+27%), Self-Directed Retail (+18%), offset by Commercial (-24%) due to tariff uncertainty.
- Trailing 12-month metrics: Operating revenues +17%, net income +26%, ROE 16.6% (vs. 15% target).

**【Strategy Discussion】**
- **RJO Acquisition**: $766M revenue (2024), $170M EBITDA. Expected to add $6B client float, immediately accretive to EPS. Synergies: 
  - Commercial clients (11% of RJO revenue) can access StoneX's OTC, structured products, and physical logistics.
  - Institutional interest rate hedging capabilities align with StoneX's fixed income business.
- **Benchmark Acquisition**: Adds investment banking, research, and capital markets capabilities. 400+ companies under coverage, 300+ institutional accounts.
- Integration timeline: International RJO operations (40% of synergies) in 3-6 months; U.S. (60%) in 9-12 months.

**【Custody & Clearing Update】**
- Correspondent clearing balances: $24B (27% YoY), client equity: $6.8B (15% YoY).
- Digital custody expansion: Regulated crypto custody in Ireland, Q4 2025 lending/collateral tools.
- Q3 growth: EMEA/APAC net operating revenue +66%, 51% QoQ from fixed income managers.
- Protection framework: FDIC insured sweeps, SIPC coverage, DTC/Euroclear custody.

**【Q&A Highlights】**
- **Commercial Segment Weakness**: Driven by:
  - Tariff uncertainty reducing physical commodities trading.
  - Diminished ag volatility lowering OTC spread capture.
  - Regulatory mandate expirations (renewable fuels).
- **RJO Synergies**: Focus on commercial clients (OTC/structured products) and institutional interest rate hedging. Early wins expected in international markets.
- **Retail Expansion**: Launching multi-asset class platform in Q4 2025, starting with futures and securities.
- **Macro Outlook**: Tariff uncertainty将持续影响physical business, but volatility benefits trading businesses.

StoneX Group Inc. (SNEX) Q3 2025 Earnings Call Transcript

- **Record Q2 Growth**: $71.7M net income (3529% YoY), $956M operating revenues (+17%).
- **$900M RJO Acquisition**: Adds $766M revenue, $170M EBITDA, and $6B client float. 
- **Metals Dominance**: 20% YoY growth, 127,000+ retail clients, and 120M oz/year refining capacity. 
- **Tech-Driven Expansion**: XPay platform boosts payments volume 17%, mobile Nexus app launch Q4. 
- **Strategic Risk Management**: 100% STP execution, no losses in Q2 market chaos. 


**【CFO Financial Highlights】**
- Q2 2025 net income: $71.7M (3529% YoY growth), EPS: $1.41 (25% YoY). 
- Operating revenues: $956M (17% YoY), driven by physical contracts (+58%), listed derivatives (+15%), and OTC derivatives (+14%).
- Cost management: Compensation expenses up 9% YoY, but 51% book value growth over 2 years maintained 15.7% ROE.
- TTM metrics: $295.4M net income (22% YoY), $5.90 EPS, 17.3% ROE vs. 15% target.

**【CEO Strategic Acquisitions】**
- **R.J. O'Brien Acquisition**: $900M purchase to expand derivatives market leadership. RJO brings $766M revenue, $170M EBITDA, and $6B client float. Expected $50M cost synergies (80% within 24 months). 
- **The Benchmark Co.**: Adds 800+ institutional clients and investment banking capabilities. 
- **Bamboo Payments & Plantureux**: Expand digital payments in Latin America and French grain markets. 
- **JBR Recovery & NY Metals Vault**: Vertical integration in precious metals with 120M+ oz/year refining capacity. 

**【StoneX Metals Growth】**
- Q2 metals net operating revenues: $200M+ (20% YoY). 
- Physical bullion leadership: Top 3 global non-bank player, 127,000+ retail clients. 
- Technology upgrade: PMExecute/BMExecute platforms handle $2.5B daily flow, soon integrated into mobile Nexus app. 
- Strategic expansions: India's GIFT City, U.S. metals vault, and 850-ton inventory surge in CME warehouses. 

**【Q&A Key Takeaways】**
- **Market Volatility Outlook**: Sean O'Connor expects higher volatility (tariffs, debt levels) but warns against extreme dislocations. Metals business +20% Q2 despite chaos. 
- **Payments Segment Recovery**: XPay tech rebuild adds 17% QoQ volume. Bamboo partnership targets $100M+ annualized payments. 
- **Retail Segment Challenges**: Fee per million down 19% due to tight spreads, but 34% volume growth shows resilience. 
- **Risk Management**: Proactive margin calls, diversified client base, and 100% STP execution avoided losses in Q2 dislocations. 
- **RJO Synergies**: Potential revenue gains >$50M cost savings, with full integration in 24-36 months. 


StoneX (SNEX)-8 May 25-2025 Q2 Earnings call transcript

- **Leadership Transition**: New CEO/President duo driving strategic growth through acquisitions (Octo Finance, JBR Recovery) and market expansion.
- **Record Financials**: Q1 net income $85.1M (+23% YoY), EPS $2.54, with Physical Contracts (+80%), FX/CFD (+32%), and Retail segments leading growth.
- **Segment Strengths**: Commercial segment benefits from Physical Contracts, Institutional segment expands through securities, Retail segment shows operating leverage.
- **Payments Expansion**: 12% YoY volume growth, 385 correspondent banks, and API-driven solutions targeting 180+ countries.
- **Risks & Sustainability**: Physical Contracts tied to market volatility; Retail RPM near peak, future growth via product diversification.


**【CEO & Executive Team Update】**
- Sean O'Connor transitioned to Executive Vice Chairman, with Philip Smith and Charles Lyon appointed as CEO and President respectively.
- New leadership aims to drive growth through strategic acquisitions, market expansion, and product diversification.
- Recent acquisitions include Octo Finance (fixed income trading) and JBR Recovery (silver recycling), enhancing institutional and physical asset capabilities.

**【Financial Highlights】**
- Q1 FY2025 net income: $85.1M (23% YoY growth), EPS: $2.54 (19% YoY), ROE: 19.5%.
- Operating revenues: $944.3M (20% YoY), driven by Physical Contracts (+80%), FX/CFD (+32%), and Securities (+27%).
- Physical Contracts revenue up $35.1M, FX/CFD up $24.1M, and interest/fee income up $14.4M.

**【Segment Performance】**
- **Commercial Segment**: Net operating revenue +16%, segment income +17% (Physical Contracts growth offsetting OTC derivatives decline).
- **Institutional Segment**: Net operating revenue +17%, segment income +20% (securities and client balance income growth).
- **Self-Directed/Retail Segment**: Record quarter with net operating revenue +41%, segment income +98% (FX/CFD volume and RPM growth).
- **Payments Segment**: Q1 revenue $58.1M (20% QoQ growth), 12% YoY volume increase, but RPM down 17% due to FX spread compression.

**【Strategic Initiatives】**
- Launching CME-approved NY vault for physical gold delivery and digital asset custody services.
- Expanding Payments ecosystem with 385 correspondent banks, 2,000+ clients, and API-driven solutions for cross-border transactions.
- Investing in technology (machine learning, payment processing capacity) to enhance efficiency and scale.

**【Q&A Key Takeaways】**
- Physical Contracts growth driven by precious metals volatility, cocoa/cotton activity, and CDI acquisition; sustainability tied to market volatility and new business expansion.
- Retail business RPM at high watermark; future growth via product diversification (securities, ETFs).
- Payments business focuses on volume growth (12% YoY) despite RPM decline; long-term strategy to diversify corridors and client base.


StoneX (SNEX)-6 Feb 25-2025 Q1 Earnings call transcript

StoneX (SNEX)-20 Nov 24-2024 Q4 Earnings call transcript

StoneX (SNEX)-7 Aug 24-2024 Q3 Earnings call transcript

StoneX (SNEX)-9 May 24-2024 Q2 Earnings call transcript

StoneX (SNEX)-7 Feb 24-2024 Q1 Earnings call transcript

StoneX (SNEX)-16 Nov 23-2023 Q4 Earnings call transcript

StoneX (SNEX)-4 May 23-2023 Q2 Earnings call transcript

- **Revenue Surge**: 45% YoY growth to $654.8 million, driven by interest income and trading volumes.
- **Segment Strength**: Global Payments up 31%, Institutional segment income +94%, offset by Retail loss.
- **Interest Sensitivity**: $28.8 million net income impact per 100bp rate change.
- **Client Assets**: $9.8 billion client float, 56% YoY growth, with 900% increase in interest income.
- **M&A Impact**: $23.5 million CDI gain boosts EPS by $1.11, adjusted net income up 27% YoY.
- **Future Outlook**: Moderate volatility and sustained interest rates expected to fuel growth, with focus on organic expansion and selective M&A.

**【CFO Opening Remarks】**
- CFO Bill Dunaway provided legal disclaimers and highlighted the availability of the press release and slide presentation. He emphasized forward-looking statements and the risks associated with future performance.

**【CEO Summary Section】**
- **Revenue Growth**: Operating revenues reached $654.8 million, up 45% YoY, driven by interest income on client balances and higher trading volumes. Net operating revenues increased 22% YoY.
- **Segment Performance**: 
  - **Commercial Segment**: Operating revenues up 26% YoY due to CDI acquisition and higher interest rates. Segment income rose 26% YoY.
  - **Institutional Segment**: Operating revenues surged 113% YoY, with securities business contributing 56% volume growth. Segment income increased 94% YoY.
  - **Global Payments**: Revenues up 31% YoY with volumes rising 23%. Segment income grew 32% YoY.
  - **Retail Segment**: Revenues down 27% YoY due to lower volatility and revenue capture. Segment loss of $4.2 million.
- **Acquisition Impact**: $23.5 million gain from CDI acquisition, contributing $1.11 to EPS. Adjusted net income of $55.3 million, up 27% YoY.
- **Client Assets**: Total client float reached $9.8 billion, up 56% YoY, with interest and fee income up 900% YoY.

**【CFO Financial Commentary】**
- **Net Income**: $76.6 million (84% YoY increase), including $23.5 million CDI gain. ROE of 27.3%.
- **Expenses**: 
  - Variable compensation up 18% YoY, fixed compensation up 8% YoY.
  - Interest expense increased $138.6 million YoY due to fixed income trading and client deposits.
  - Other expenses rose $23.7 million YoY, driven by legal fees, marketing, and business development.
- **Segment Insights**: 
  - **Institutional**: Securities operating revenues up 91% YoY, offset by higher interest expense. Segment income up 94% YoY.
  - **Commercial**: Physical business growth and interest income offset derivative declines. Segment income up 26% YoY.
  - **Global Payments**: Volumes and revenue capture growth. Segment income up 32% YoY.

**【Q&A Highlights】**
- **Market Environment**: CEO Sean O'Connor expects moderate volatility and higher interest rates (4-5%) to sustain growth. Interest rate sensitivity: $28.8 million net income impact per 100bp rate change.
- **Retail Business**: Revenue capture rate of 82 (vs. 140 prior quarter) due to lower volatility. Normalized rate expected around 95-100.
- **Fixed Expenses**: CFO Bill Dunaway notes controlled growth, with Q1 fixed expenses up 8% YoY, aligning with organic expansion.
- **M&A Strategy**: Open to acquisitions in a rational market, prioritizing accretive deals. CDI digestion expected to be swift.
- **Global Payments**: Accelerated growth driven by new technology investments and corporate payment recovery post-COVID.
- **Operating Leverage**: Flattening unallocated costs and interest-driven scalability support margin expansion. Cybersecurity and regulatory costs pose challenges.
- **Market Share**: Organic growth in customers and activity, with stable revenue capture margins. Long-term confidence in ecosystem expansion.

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