Earnings

StoneX's Record Quarter Cools as Growth Slows

The Tip Desk · August 5, 2026 · 3 min read

Net operating revenues were $719.7 million, up 47% from a year earlier, after a record $829.1 million in the prior quarter.

StoneX Group Inc. (SNEX), a financial services franchise connecting clients to global markets, reported net operating revenues of $719.7 million for the fiscal 2026 third quarter ended June 30, 2026, up 47% from a year earlier. That year-over-year pace slowed from 70% in the immediately preceding quarter, when the company posted a record $829.1 million. Net income was $127.9 million, or $1.00 a share, down from a record $174.3 million, or $2.07 a share, in the March quarter. Return on equity was 18.4%.

The sequential step-down marked a pause in the run of records that had defined the first half of the fiscal year. Operating revenues were $1,468.0 million, up 43% from a year earlier, after 64% growth in the prior quarter. Chief Executive Officer Philip Smith said the company continued to deliver double-digit growth in Commercial, Institutional and Payments and was beginning to realize the benefits of the R.J. O’Brien integration, further strengthening its market position and establishing StoneX as the largest non-bank FCM.

Commercial remained the largest swing. Operating revenues were $452.2 million, up 97% from a year earlier, after 115% growth in the March quarter. Segment income was $181.4 million. Listed-derivative operating revenues in Commercial were $152.5 million, with 17.9 million contracts and average client equity of $4.54 billion. OTC derivative operating revenues were $101.8 million. Physical-contract operating revenues were $115.4 million.

Institutional operating revenues were $875.3 million, up 40% from a year earlier. Segment income was $129.9 million. Securities average daily volume was $12.26 billion, with a rate per million of $302. Listed-derivative operating revenues in Institutional were $131.8 million, on 80.0 million contracts and average client equity of $10.46 billion.

Self-Directed/Retail operating revenues were $96.3 million, a 13% year-over-year decline after 16% growth in the March quarter. Segment income was $24.9 million. FX/CFD average daily volume in the segment was $6.81 billion, with a rate per million of $147.

Payments operating revenues were $60.3 million, up 13% from a year earlier. Segment income was $34.4 million. Payments average daily volume was $96 million, with a rate per million of $9,915.

Consolidated listed-derivative operating revenues were $284.3 million, up 125% from a year earlier, on 97.9 million contracts and an average rate per contract of $2.61. The R.J. O’Brien acquisition, effective July 31, 2025, contributed 32.0 million listed-derivative contracts and $6.6 billion of average client equity in the three months ended June 30, 2026. Securities average daily volume was $12.26 billion. FX/CFD average daily volume was $10.78 billion, with a rate per million of $102. Adjusted EBITDA was $229.5 million.

Variable expenses were 60% of total non-interest expenses, up from 53% a year earlier. Introducing broker commissions were $93.1 million. Interest expense attributable to client balances on deposit was $63.5 million. RJO added an incremental $27.4 million of interest expense in the quarter, with $25.1 million attributable to client balances. The increase in interest expense on corporate funding was principally due to the issuance of $625 million of notes due 2032, which closed on July 8, 2025.

After two quarters of record net operating revenues and net income, the June quarter’s slower year-over-year expansion and lower sequential levels left Commercial, Institutional and Payments still growing double digits, with Self-Directed/Retail now contracting year over year. Smith said the company remains focused on providing clients with best-in-class service and execution.

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