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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SNEX

SNEX fundamentals

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