What is the revenue and EPS growth rate for StoneX year over year?

What guidance did StoneX's management provide for the next earnings period?

What is StoneX's gross profit margin?

Did StoneX beat or miss consensus estimates last quarter?

What were the key takeaways from StoneX’s earnings call?

What were the key takeaways from StoneX's earnings call?

What is the market's earnings forecast for StoneX next quarter?

What does StoneX do and what are its main business segments?

- **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.

Actual									0.5926	0.5541	1.1556	0.2904	0.8089	0.4948	0.1067	0.6044	0.9496	0.7302	0.7378	1.0726	0.608	0.996	0.4652	0.9467	0.7371	0.8482	1.0408	1.1289	0.94	0.8133	1.0467	1.6667
Forecast											0.4296	0.4128	0.563	0.4948	0.4267	0.3644	0.5007	0.5185	0.5719	0.6311	0.6667	0.723	0.6696	0.7556	0.6933	0.7911	0.9111	0.9644	0.88	0.9278	0.9691	1.2433
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+168.99%	-29.65%	+43.68%	0.00%	-74.99%	+65.86%	+89.65%	+40.83%	+29.01%	+69.96%	-8.80%	+37.76%	-30.53%	+25.29%	+6.32%	+7.22%	+14.24%	+17.06%	+6.82%	-12.34%	+8.01%	+34.05%

SNEX

SNEX fundamentals

SNEX Q1 2026 Earnings

Earnings Call

You can ask Aime

SNEX

SNEX fundamentals

SNEX Q1 2026 Earnings

Earnings Call

SNEX Earnings Call Summary for Q1/20269:00 AM on Feb 5, 2026

SNEX Earnings Call Summary for Q4/20259:00 AM on Nov 25, 2025

SNEX Earnings Call Summary for Q3/20259:00 AM on Aug 6, 2025

SNEX Earnings Call Summary for Q2/20259:00 AM on May 8, 2025

SNEX Earnings Call Summary for Q1/20259:00 AM on Feb 6, 2025

You can ask Aime