StoneX Group Inc. Reports Fiscal 2025 First Quarter Financial Results
StoneX Group Inc. (SNEX) reported record financial results for Q1 fiscal 2025. Key highlights include:
- Record quarterly net operating revenues of $492.1 million, up 17%
- Record quarterly net income of $85.1 million, up 23%
- Record quarterly diluted EPS of $2.54, up 19%
- Return on equity (ROE) of 19.5%
The company experienced strong client engagement with increased volumes across all operating segments. Notable segment performance includes:
- Commercial segment income up 17% to $102.2 million
- Institutional segment income up 20% to $78.1 million
- Self-Directed/Retail segment income up 98% to $56.9 million
The Board of Directors approved a three-for-two stock split, to be distributed on March 21, 2025, to stockholders of record as of March 11, 2025.
StoneX Group Inc. (SNEX) ha riportato risultati finanziari record per il primo trimestre dell'anno fiscale 2025. I punti salienti includono:
- Ricavi operativi netti trimestrali record di 492,1 milioni di dollari, in aumento del 17%
- Utile netto trimestrale record di 85,1 milioni di dollari, in aumento del 23%
- Utile per azione diluito trimestrale record di 2,54 dollari, in aumento del 19%
- Rendimento netto del capitale proprio (ROE) del 19,5%
L'azienda ha registrato un forte coinvolgimento dei clienti con un incremento dei volumi in tutti i segmenti operativi. Le prestazioni notevoli dei segmenti includono:
- Utile del segmento commerciale in aumento del 17% a 102,2 milioni di dollari
- Utile del segmento istituzionale in aumento del 20% a 78,1 milioni di dollari
- Utile del segmento auto-diretto/Retail in aumento del 98% a 56,9 milioni di dollari
Il Consiglio di Amministrazione ha approvato uno scorporo azionario di tre azioni per due, che sarà distribuito il 21 marzo 2025, agli azionisti in possesso alla data del 11 marzo 2025.
StoneX Group Inc. (SNEX) reportó resultados financieros récord para el primer trimestre del año fiscal 2025. Los aspectos destacados incluyen:
- Ingresos operativos netos trimestrales récord de 492,1 millones de dólares, un aumento del 17%
- Ingreso neto trimestral récord de 85,1 millones de dólares, un aumento del 23%
- Beneficio por acción diluido trimestral récord de 2,54 dólares, un aumento del 19%
- Rendimiento sobre el capital (ROE) del 19,5%
La compañía experimentó un fuerte compromiso de los clientes con un aumento de volúmenes en todos los segmentos operativos. El desempeño notable de los segmentos incluye:
- Ingresos del segmento comercial aumentaron un 17% hasta 102,2 millones de dólares
- Ingresos del segmento institucional aumentaron un 20% hasta 78,1 millones de dólares
- Ingresos del segmento de Auto-dirigido/Retail aumentaron un 98% hasta 56,9 millones de dólares
La Junta Directiva aprobó un desdoblamiento de acciones de tres por dos, que se distrib será el 21 de marzo de 2025, a los accionistas registrados hasta el 11 de marzo de 2025.
StoneX Group Inc. (SNEX)는 2025 회계연도 1분기 역대 최고 재무 결과를 보고했습니다. 주요 하이라이트는 다음과 같습니다:
- 역대 최고 분기 순영업 수익 4억 9,210만 달러, 17% 증가
- 역대 최고 분기 순이익 8,510만 달러, 23% 증가
- 역대 최고 분기 희석 주당 순이익 2.54 달러, 19% 증가
- 자기자본이익률(ROE) 19.5%
회사는 모든 운영 부문에서 증가된 거래량으로 강한 고객 참여를 경험했습니다. 주목할 만한 부문 성과는:
- 상업 부문 수익 17% 증가하여 1억 220만 달러
- 기관 부문 수익 20% 증가하여 7,810만 달러
- 자율/소매 부문 수익 98% 증가하여 5,690만 달러
이사회는 2025년 3월 21일에 기록된 주주에게 배포될 3대 2 주식 분할을 승인했습니다. 기록일은 2025년 3월 11일입니다.
StoneX Group Inc. (SNEX) a annoncé des résultats financiers records pour le premier trimestre de l'exercice 2025. Les principaux faits saillants incluent :
- Recettes nettes d'exploitation trimestrielles record de 492,1 millions de dollars, en hausse de 17%
- Résultat net trimestriel record de 85,1 millions de dollars, en hausse de 23%
- Bénéfice par action dilué record de 2,54 dollars, en hausse de 19%
- Rendement des capitaux propres (ROE) de 19,5%
L'entreprise a connu un fort engagement de la part des clients avec une augmentation des volumes à travers tous les segments d'exploitation. Les performances notables des segments incluent :
- Revenu du segment commercial en hausse de 17% à 102,2 millions de dollars
- Revenu du segment institutionnel en hausse de 20% à 78,1 millions de dollars
- Revenu du segment auto-dirigé/détaillant en hausse de 98% à 56,9 millions de dollars
Le Conseil d'administration a approuvé un découpage d'actions au ratio de trois pour deux, qui sera distribué le 21 mars 2025 aux actionnaires dont le nom figure au registre au 11 mars 2025.
StoneX Group Inc. (SNEX) meldete Rekordfinanzergebnisse für das erste Quartal des Geschäftsjahres 2025. Die wichtigsten Höhepunkte umfassen:
- Rekordmäßige Nettobetriebsumsätze des Quartals in Höhe von 492,1 Millionen US-Dollar, ein Anstieg von 17%
- Rekordmäßiger Quartalsnettogewinn von 85,1 Millionen US-Dollar, ein Anstieg von 23%
- Rekordmäßiger verwässerter Gewinn pro Aktie von 2,54 US-Dollar, ein Anstieg von 19%
- Eigenkapitalrendite (ROE) von 19,5%
Das Unternehmen verzeichnete ein starkes Kundenengagement mit erhöhten Volumina in allen Betriebssegmenten. Bemerkenswerte Segmentleistungen sind:
- Einnahmen im kommerziellen Segment stiegen um 17% auf 102,2 Millionen US-Dollar
- Einnahmen im institutionellen Segment stiegen um 20% auf 78,1 Millionen US-Dollar
- Einnahmen im selbstgesteuerten/Einzelhandelssegment stiegen um 98% auf 56,9 Millionen US-Dollar
Der Vorstand genehmigte einen Aktiensplit im Verhältnis drei zu zwei, der am 21. März 2025 an die zum 11. März 2025 registrierten Aktionäre ausgegeben wird.
- Record quarterly net operating revenues of $492.1M (+17% YoY)
- Record quarterly net income of $85.1M (+23% YoY)
- Record quarterly diluted EPS of $2.54 (+19% YoY)
- Strong ROE of 19.5%
- Self-Directed/Retail segment income grew 98% to $56.9M
- Securities average daily volume increased 40% to $8.7B
- Payments segment income decreased 3% to $34.1M
- OTC derivatives revenue declined 18%
- Securities rate per million decreased 20%
- Payments revenue per million decreased 17%
Insights
StoneX Group's Q1 FY2025 results showcase exceptional financial execution across all major business segments. The standout
Three key developments merit particular attention:
- Self-Directed/Retail Excellence: The segment's remarkable
98% income growth to$56.9 million stems from enhanced FX/CFD performance, with RPM increasing from$151 to$185 , indicating improved pricing power and operational efficiency. - Institutional Strength: Securities ADV surged
40% to$8.7 billion , though RPM declined20% , suggesting competitive pricing pressures offset by volume gains. - Margin Resilience: Despite a
17% increase in non-interest expenses, the company maintained strong profitability with19.5% ROE, demonstrating effective cost management amid growth.
The announced 3-for-2 stock split, effective March 24, should enhance trading liquidity and accessibility, particularly beneficial for employee ownership programs. The company's ability to grow net income by
Record Quarterly Net Operating Revenues of
Record Quarterly Net Income of
Record Quarterly Diluted EPS of
Announces a Three-for-Two Stock Split
NEW YORK, Feb. 05, 2025 (GLOBE NEWSWIRE) -- StoneX Group Inc. (the “Company”; NASDAQ: SNEX), a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise, today announced its financial results for the fiscal year 2025 first quarter ended December 31, 2024. In addition and as discussed further below, on February 5, 2024, the Company’s Board of Directors approved a three-for-two split of the Company’s common stock.
Sean O’Connor, the Company’s Executive Vice-Chairman of the Board, stated, “We achieved another record quarterly result, building on momentum realized through fiscal 2024, reporting net income of
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 December 31, | |||||||||
| (Unaudited) (in millions, except share and per share amounts) | 2024 | 2023 | % Change | ||||||
| Revenues: | |||||||||
| Sales of physical commodities | $ | 27,051.1 | $ | 18,820.9 | |||||
| Principal gains, net | 308.9 | 293.8 | |||||||
| Commission and clearing fees | 149.3 | 129.7 | |||||||
| Consulting, management, and account fees | 47.8 | 38.5 | |||||||
| Interest income | 378.2 | 290.1 | |||||||
| Total revenues | 27,935.3 | 19,573.0 | |||||||
| Cost of sales of physical commodities | 26,991.0 | 18,788.8 | |||||||
| Operating revenues | 944.3 | 784.2 | |||||||
| Transaction-based clearing expenses | 86.5 | 74.3 | |||||||
| Introducing broker commissions | 44.3 | 39.1 | |||||||
| Interest expense | 306.2 | 236.0 | |||||||
| Interest expense on corporate funding | 15.2 | 13.2 | |||||||
| Net operating revenues | 492.1 | 421.6 | |||||||
| Compensation and other expenses: | |||||||||
| Variable compensation and benefits | 133.3 | 121.9 | |||||||
| Fixed compensation and benefits | 119.2 | 96.2 | |||||||
| Trading systems and market information | 20.0 | 18.7 | |||||||
| Professional fees | 19.0 | 15.7 | |||||||
| Non-trading technology and support | 19.7 | 16.9 | |||||||
| Occupancy and equipment rental | 13.0 | 7.7 | |||||||
| Selling and marketing | 12.0 | 11.7 | |||||||
| Travel and business development | 8.4 | 7.1 | |||||||
| Communications | 2.1 | 2.2 | (5)% | ||||||
| Depreciation and amortization | 15.7 | 11.2 | |||||||
| Bad debts (recoveries), net | 1.8 | (0.3 | ) | n/m | |||||
| Other | 16.7 | 16.9 | (1)% | ||||||
| Total compensation and other expenses | 380.9 | 325.9 | |||||||
| Other gains | 5.7 | — | n/m | ||||||
| Income before tax | 116.9 | 95.7 | |||||||
| Income tax expense | 31.8 | 26.6 | |||||||
| Net income | $ | 85.1 | $ | 69.1 | |||||
| Earnings per share:(1) | |||||||||
| Basic | $ | 2.66 | $ | 2.20 | |||||
| Diluted | $ | 2.54 | $ | 2.13 | |||||
| Weighted-average number of common shares outstanding:(1) | |||||||||
| Basic | 30,976,042 | 30,233,107 | |||||||
| Diluted | 32,444,772 | 31,274,307 | |||||||
| Return on equity (“ROE”)(1) | 19.5 | % | 19.3 | % | |||||
| ROE on tangible book value(1) | 20.5 | % | 20.5 | % | |||||
| n/m = not meaningful to present as a percentage | |||||||||
| (1 | ) | The Company calculates ROE on stated book value based on net income divided by average stockholders’ equity. 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 December 31, | |||||||||
| (in millions) | 2024 | 2023 | % Change | ||||||
| Segment operating revenues represented by: | |||||||||
| Commercial | $ | 232.3 | $ | 198.4 | |||||
| Institutional | 539.6 | 435.7 | |||||||
| Self-Directed/Retail | 124.1 | 92.5 | |||||||
| Payments | 58.1 | 60.6 | (4)% | ||||||
| Corporate | 11.1 | 9.2 | |||||||
| Eliminations | (20.9 | ) | (12.2 | ) | |||||
| Operating revenues | $ | 944.3 | $ | 784.2 | |||||
The following table presents our consolidated income by segment for the periods indicated.
| Three Months Ended December 31, | |||||||||
| (in millions) | 2024 | 2023 | % Change | ||||||
| Segment income represented by: | |||||||||
| Commercial | $ | 102.2 | $ | 87.2 | |||||
| Institutional | 78.1 | 65.2 | |||||||
| Self-Directed/Retail | 56.9 | 28.7 | |||||||
| Payments | 34.1 | 35.0 | (3)% | ||||||
| Total segment income | $ | 271.3 | $ | 216.1 | |||||
| Reconciliation of segment income to income before tax: | |||||||||
| Segment income | $ | 271.3 | $ | 216.1 | |||||
| Net operating loss within Corporate(1) | (21.1 | ) | (15.6 | ) | |||||
| Overhead costs and expenses | (133.3 | ) | (104.8 | ) | |||||
| Income before tax | $ | 116.9 | $ | 95.7 | |||||
| (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 December 31, | |||||||||
| 2024 | 2023 | % Change | |||||||
| Operating Revenues (in millions): | |||||||||
| Listed derivatives | $ | 111.8 | $ | 109.2 | |||||
| Over-the-counter (“OTC”) derivatives | 36.6 | 44.5 | (18)% | ||||||
| Securities | 401.8 | 316.2 | |||||||
| FX/Contracts for difference (“CFD”) contracts | 98.6 | 74.6 | |||||||
| Payments | 56.8 | 59.4 | (4)% | ||||||
| Physical contracts | 92.6 | 51.4 | |||||||
| Interest/fees earned on client balances | 107.6 | 98.4 | |||||||
| Other | 48.3 | 33.5 | |||||||
| Corporate | 11.1 | 9.2 | |||||||
| Eliminations | (20.9 | ) | (12.2 | ) | |||||
| $ | 944.3 | $ | 784.2 | ||||||
| Volumes and Other Select Data: | |||||||||
| Listed derivatives (contracts, 000’s) | 53,180 | 50,759 | |||||||
| Listed derivatives, average rate per contract (“RPC”)(1) | $ | 2.03 | $ | 2.03 | —% | ||||
| Average client equity - listed derivatives (millions) | $ | 6,620 | $ | 6,170 | |||||
| OTC derivatives (contracts, 000’s) | 859 | 814 | |||||||
| OTC derivatives, average RPC | $ | 42.84 | $ | 54.92 | (22)% | ||||
| Securities average daily volume (“ADV”) (millions) | $ | 8,733 | $ | 6,224 | |||||
| Securities rate per million (“RPM”)(2) | $ | 237 | $ | 295 | (20)% | ||||
| Average money market/FDIC sweep client balances (millions) | $ | 1,197 | $ | 1,060 | |||||
| FX/CFD contracts ADV (millions) | $ | 11,685 | $ | 10,917 | |||||
| FX/CFD contracts RPM | $ | 133 | $ | 109 | |||||
| Payments ADV (millions) | $ | 84 | $ | 75 | |||||
| Payments RPM | $ | 10,414 | $ | 12,557 | (17)% | ||||
| (1 | ) | 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. |
| (2 | ) | 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. |
Interest expense
| Three Months Ended December 31, | |||||||
| (in millions) | 2024 | 2023 | % Change | ||||
| Interest expense attributable to: | |||||||
| Trading activities: | |||||||
| Institutional dealer in fixed income securities | $ | 223.6 | $ | 172.1 | |||
| Securities borrowing | 22.0 | 14.6 | |||||
| Client balances on deposit | 33.8 | 36.3 | (7)% | ||||
| Short-term financing facilities of subsidiaries and other direct interest of operating segments | 26.8 | 13.0 | |||||
| 306.2 | 236.0 | ||||||
| Corporate funding | 15.2 | 13.2 | |||||
| Total interest expense | $ | 321.4 | $ | 249.2 | |||
Increased interest expense attributable to trading activities principally resulted from an increase in our fixed income, securities borrowing, and physical business activities. The increase in interest expense for the three months ended December 31, 2024 attributable to corporate funding was principally due to an increase in the aggregate amount of senior secured notes outstanding, related to the March 1, 2024 issuance of our
Variable vs. Fixed Expenses
The table below sets forth our variable expenses and non-variable expenses as a percentage of total non-interest expenses for the periods indicated.
| Three Months Ended December 31, | ||||||||||
| (in millions) | 2024 | % of Total | 2023 | % of Total | ||||||
| Variable compensation and benefits | $ | 133.3 | $ | 121.9 | ||||||
| Transaction-based clearing expenses | 86.5 | 74.3 | ||||||||
| Introducing broker commissions | 44.3 | 39.1 | ||||||||
| Total variable expenses | 264.1 | 235.3 | ||||||||
| Fixed compensation and benefits | 119.2 | 96.2 | ||||||||
| Other fixed expenses | 126.6 | 108.1 | ||||||||
| Bad debts (recoveries), net | 1.8 | —% | (0.3 | ) | —% | |||||
| Total non-variable expenses | 247.6 | 204.0 | ||||||||
| Total non-interest expenses | $ | 511.7 | $ | 439.3 | ||||||
Other Gains, net
The results of the three months ended December 31, 2024 included nonrecurring gains of
Segment Results
Our business activities are managed through four operating segments, including Commercial, Institutional, Self-Directed/Retail and Payments.
The tables below present the financial performance, a disaggregation of operating revenues, and select operating data and metrics used by management in evaluating the performance of our segments, for the periods indicated. Additional information on the performance of our segments will be included in our Quarterly Report on Form 10-Q to be filed with the SEC.
Commercial
| Three Months Ended December 31, | ||||||||
| (in millions) | 2024 | 2023 | % Change | |||||
| Revenues: | ||||||||
| Sales of physical commodities | $ | 27,033.7 | $ | 18,809.5 | ||||
| Principal gains, net | 67.2 | 77.1 | (13)% | |||||
| Commission and clearing fees | 48.7 | 44.3 | ||||||
| Consulting, management and account fees | 6.5 | 5.8 | ||||||
| Interest income | 52.9 | 41.3 | ||||||
| Total revenues | 27,209.0 | 18,978.0 | ||||||
| Cost of sales of physical commodities | 26,976.7 | 18,779.6 | ||||||
| Operating revenues | 232.3 | 198.4 | ||||||
| Transaction-based clearing expenses | 17.6 | 15.8 | ||||||
| Introducing broker commissions | 11.3 | 10.4 | ||||||
| Interest expense | 14.2 | 8.8 | ||||||
| Net operating revenues | 189.2 | 163.4 | ||||||
| Variable compensation and benefits | 43.5 | 37.0 | ||||||
| Net contribution | 145.7 | 126.4 | ||||||
| Fixed compensation and benefits | 17.0 | 15.5 | ||||||
| Other fixed expenses | 25.3 | 23.8 | ||||||
| Bad debts (recoveries), net | 1.2 | (0.1 | ) | n/m | ||||
| Non-variable direct expenses | 43.5 | 39.2 | ||||||
| Segment income | 102.2 | 87.2 | ||||||
| Allocation of overhead costs | 9.7 | 8.8 | ||||||
| Segment income, less allocation of overhead costs | $ | 92.5 | $ | 78.4 | ||||
| Three Months Ended December 31, | |||||||
| 2024 | 2023 | % Change | |||||
| Operating Revenues (in millions): | |||||||
| Listed derivatives | $ | 62.2 | $ | 59.4 | |||
| OTC derivatives | 36.6 | 44.5 | (18)% | ||||
| Physical contracts | 90.1 | 50.6 | |||||
| Interest/fees earned on client balances | 36.6 | 37.2 | (2)% | ||||
| Other | 6.8 | 6.7 | |||||
| $ | 232.3 | $ | 198.4 | ||||
| Volumes and Other Select Data: | |||||||
| Listed derivatives (contracts, 000’s) | 10,608 | 9,523 | |||||
| Listed derivatives, average RPC (1) | $ | 5.67 | $ | 5.95 | (5)% | ||
| Average client equity - listed derivatives (millions) | $ | 1,727 | $ | 1,700 | |||
| OTC derivatives (contracts, 000’s) | 859 | 814 | |||||
| OTC derivatives, average RPC | $ | 42.84 | $ | 54.92 | (22)% | ||
| (1 | ) | 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 RPC. |
Institutional
| Three Months Ended December 31, | ||||||||
| (in millions) | 2024 | 2023 | % Change | |||||
| Revenues: | ||||||||
| Sales of physical commodities | $ | — | $ | — | —% | |||
| Principal gains, net | 108.6 | 103.2 | ||||||
| Commission and clearing fees | 85.7 | 73.3 | ||||||
| Consulting, management and account fees | 20.3 | 17.3 | ||||||
| Interest income | 325.0 | 241.9 | ||||||
| Total revenues | 539.6 | 435.7 | ||||||
| Cost of sales of physical commodities | — | — | —% | |||||
| Operating revenues | 539.6 | 435.7 | ||||||
| Transaction-based clearing expenses | 63.0 | 52.9 | ||||||
| Introducing broker commissions | 8.1 | 7.7 | ||||||
| Interest expense | 294.5 | 226.5 | ||||||
| Net operating revenues | 174.0 | 148.6 | ||||||
| Variable compensation and benefits | 56.2 | 48.4 | ||||||
| Net contribution | 117.8 | 100.2 | ||||||
| Fixed compensation and benefits | 18.6 | 16.4 | ||||||
| Other fixed expenses | 22.4 | 19.0 | ||||||
| Bad debts (recoveries), net | — | (0.4 | ) | (100)% | ||||
| Non-variable direct expenses | 41.0 | 35.0 | ||||||
| Other gain | 1.3 | — | n/m | |||||
| Segment income | $ | 78.1 | $ | 65.2 | ||||
| Allocation of overhead costs | 14.8 | 12.8 | ||||||
| Segment income, less allocation of overhead costs | $ | 63.3 | $ | 52.4 | ||||
| Three Months Ended December 31, | |||||||
| 2024 | 2023 | % Change | |||||
| Operating Revenues (in millions): | |||||||
| Listed derivatives | $ | 49.6 | $ | 49.8 | —% | ||
| Securities | 373.5 | 293.6 | |||||
| FX contracts | 9.6 | 8.0 | |||||
| Interest/fees earned on client balances | 70.3 | 60.5 | |||||
| Other | 36.6 | 23.8 | |||||
| $ | 539.6 | $ | 435.7 | ||||
| Volumes and Other Select Data: | |||||||
| Listed derivatives (contracts, 000’s) | 42,572 | 41,236 | |||||
| Listed derivatives, average RPC (1) | $ | 1.12 | $ | 1.12 | —% | ||
| Average client equity - listed derivatives (millions) | $ | 4,893 | $ | 4,470 | |||
| Securities ADV (millions) | $ | 8,733 | $ | 6,224 | |||
| Securities RPM (2) | $ | 237 | $ | 295 | (20)% | ||
| Average money market/FDIC sweep client balances (millions) | $ | 1,197 | $ | 1,060 | |||
| FX contracts ADV (millions) | $ | 4,082 | $ | 3,970 | |||
| FX contracts RPM | $ | 36 | $ | 34 | |||
| (1 | ) | Give-up fee revenues, related to contract execution for clients of other FCMs, revenues are excluded from the calculation of listed derivatives, average RPC. |
| (2 | ) | 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. |
Self-Directed/Retail
| Three Months Ended December 31, | |||||||
| (in millions) | 2024 | 2023 | % Change | ||||
| Revenues: | |||||||
| Sales of physical commodities | $ | 17.4 | $ | 11.4 | |||
| Principal gains, net | 79.5 | 55.6 | |||||
| Commission and clearing fees | 13.5 | 11.2 | |||||
| Consulting, management and account fees | 19.3 | 14.1 | |||||
| Interest income | 8.7 | 9.4 | (7)% | ||||
| Total revenues | 138.4 | 101.7 | |||||
| Cost of sales of physical commodities | 14.3 | 9.2 | |||||
| Operating revenues | 124.1 | 92.5 | |||||
| Transaction-based clearing expenses | 3.4 | 3.5 | (3)% | ||||
| Introducing broker commissions | 24.0 | 20.4 | |||||
| Interest expense | 2.1 | 1.6 | |||||
| Net operating revenues | 94.6 | 67.0 | |||||
| Variable compensation and benefits | 3.0 | 4.4 | (32)% | ||||
| Net contribution | 91.6 | 62.6 | |||||
| Fixed compensation and benefits | 9.4 | 10.3 | (9)% | ||||
| Other fixed expenses | 29.2 | 23.5 | |||||
| Bad debts, net of recoveries | 0.5 | 0.1 | |||||
| Non-variable direct expenses | 39.1 | 33.9 | |||||
| Other gain | 4.4 | — | n/m | ||||
| Segment income | 56.9 | 28.7 | |||||
| Allocation of overhead costs | 12.6 | 11.5 | |||||
| Segment income, less allocation of overhead costs | $ | 44.3 | $ | 17.2 | |||
| Three Months Ended December 31, | |||||||
| 2024 | 2023 | % Change | |||||
| Operating Revenues (in millions): | |||||||
| Securities | $ | 28.3 | $ | 22.6 | |||
| FX/CFD contracts | 89.0 | 66.6 | |||||
| Physical contracts | 2.5 | 0.8 | |||||
| Interest/fees earned on client balances | 0.7 | 0.7 | —% | ||||
| Other | 3.6 | 1.8 | |||||
| $ | 124.1 | $ | 92.5 | ||||
| Volumes and Other Select Data: | |||||||
| FX/CFD contracts ADV (millions) | $ | 7,603 | $ | 6,948 | |||
| FX/CFD contracts RPM | $ | 185 | $ | 151 | |||
Payments
| Three Months Ended December 31, | |||||||
| (in millions) | 2024 | 2023 | % Change | ||||
| Revenues: | |||||||
| Sales of physical commodities | $ | — | $ | — | —% | ||
| Principal gains, net | 54.4 | 57.5 | (5)% | ||||
| Commission and clearing fees | 1.8 | 1.5 | |||||
| Consulting, management, account fees | 1.3 | 0.9 | |||||
| Interest income | 0.6 | 0.7 | (14)% | ||||
| Total revenues | 58.1 | 60.6 | (4)% | ||||
| Cost of sales of physical commodities | — | — | —% | ||||
| Operating revenues | 58.1 | 60.6 | (4)% | ||||
| Transaction-based clearing expenses | 1.8 | 1.8 | —% | ||||
| Introducing broker commissions | 0.9 | 0.6 | |||||
| Interest expense | — | — | —% | ||||
| Net operating revenues | 55.4 | 58.2 | (5)% | ||||
| Variable compensation and benefits | 9.1 | 10.6 | (14)% | ||||
| Net contribution | 46.3 | 47.6 | (3)% | ||||
| Fixed compensation and benefits | 6.6 | 7.3 | (10)% | ||||
| Other fixed expenses | 5.5 | 5.2 | |||||
| Bad debts, net of recoveries | 0.1 | 0.1 | —% | ||||
| Total non-variable direct expenses | 12.2 | 12.6 | (3)% | ||||
| Segment income | 34.1 | 35.0 | (3)% | ||||
| Allocation of overhead costs | 5.6 | 5.1 | |||||
| Segment income, less allocation of overhead costs | $ | 28.5 | $ | 29.9 | (5)% | ||
| Three Months Ended December 31, | |||||||
| 2024 | 2023 | % Change | |||||
| Operating Revenues (in millions): | |||||||
| Payments | $ | 56.8 | $ | 59.4 | (4)% | ||
| Other | 1.3 | 1.2 | |||||
| $ | 58.1 | $ | 60.6 | (4)% | |||
| Volumes and Other Select Data: | |||||||
| Payments ADV (millions) | $ | 84 | $ | 75 | |||
| Payments RPM | $ | 10,414 | $ | 12,557 | (17)% | ||
Overhead Costs and Expenses
We incur overhead costs and expenses, including certain shared services such as information technology, accounting and treasury, credit and risk, legal and compliance, and human resources and other activities. The following table provides information regarding overhead costs and expenses. The allocation of overhead costs to operating segments includes costs associated with compliance, technology, and credit and risk costs. The share of allocated costs is based on resources consumed by the relevant businesses. In addition, the allocation of human resources and occupancy costs is principally based on employee costs within the relevant businesses.
| Three Months Ended December 31, | |||||||||
| (in millions) | 2024 | 2023 | % Change | ||||||
| Compensation and benefits: | |||||||||
| Variable compensation and benefits | $ | 20.2 | $ | 19.4 | |||||
| Fixed compensation and benefits | 61.0 | 40.6 | |||||||
| 81.2 | 60.0 | ||||||||
| Other expenses: | |||||||||
| Occupancy and equipment rental | 12.1 | 7.3 | |||||||
| Non-trading technology and support | 15.3 | 13.0 | |||||||
| Professional fees | 8.7 | 7.5 | |||||||
| Depreciation and amortization | 6.4 | 5.5 | |||||||
| Communications | 1.5 | 1.6 | (6)% | ||||||
| Selling and marketing | 0.9 | 1.3 | (31)% | ||||||
| Trading systems and market information | 1.6 | 1.7 | (6)% | ||||||
| Travel and business development | 2.6 | 1.7 | |||||||
| Other | 3.0 | 5.2 | (42)% | ||||||
| 52.1 | 44.8 | ||||||||
| Overhead costs and expenses | 133.3 | 104.8 | |||||||
| Allocation of overhead costs | (42.7 | ) | (38.2 | ) | |||||
| Overhead costs and expense, net of allocation to operating segments | $ | 90.6 | $ | 66.6 | |||||
Balance Sheet Summary
The following table below provides a summary of asset, liability and stockholders’ equity information for the periods indicated.
| (Unaudited) (in millions, except for share and per share amounts) | December 31, 2024 | September 30, 2024 | |||
| Summary asset information: | |||||
| Cash and cash equivalents | $ | 1,398.2 | $ | 1,269.0 | |
| Cash, securities and other assets segregated under federal and other regulations | $ | 3,156.6 | $ | 2,841.2 | |
| Securities purchased under agreements to resell | $ | 5,479.2 | $ | 5,201.5 | |
| Securities borrowed | $ | 2,120.7 | $ | 1,662.3 | |
| Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | $ | 7,783.9 | $ | 7,283.2 | |
| Receivables from clients, net and notes receivable, net | $ | 1,096.3 | $ | 1,013.1 | |
| Financial instruments owned, at fair value | $ | 6,918.1 | $ | 6,767.1 | |
| Physical commodities inventory, net | $ | 861.4 | $ | 681.1 | |
| Property and equipment, net | $ | 145.1 | $ | 143.1 | |
| Operating right of use assets | $ | 159.7 | $ | 157.0 | |
| Goodwill and intangible assets, net | $ | 87.0 | $ | 80.6 | |
| Other | $ | 379.1 | $ | 367.1 | |
| Summary liability and stockholders’ equity information: | |||||
| Accounts payable and other accrued liabilities | $ | 491.3 | $ | 548.8 | |
| Operating lease liabilities | $ | 198.6 | $ | 195.9 | |
| Payables to clients | $ | 11,338.2 | $ | 10,345.9 | |
| Payables to broker-dealers, clearing organizations and counterparties | $ | 445.5 | $ | 734.2 | |
| Payables to lenders under loans | $ | 550.0 | $ | 338.8 | |
| Senior secured borrowings, net | $ | 543.3 | $ | 543.1 | |
| Securities sold under agreements to repurchase | $ | 8,872.9 | $ | 8,581.3 | |
| Securities loaned | $ | 1,826.5 | $ | 1,615.9 | |
| Financial instruments sold, not yet purchased, at fair value | $ | 3,541.6 | $ | 2,853.3 | |
| Stockholders’ equity | $ | 1,777.4 | $ | 1,709.1 | |
| Common stock outstanding - shares | 32,034,629 | 31,874,447 | |||
| Net asset value per share | $ | 55.48 | $ | 53.62 | |
Three-for-Two Stock Split
On February 5, 2025, the Company’s Board of Directors approved a three-for-two split of its common stock to make stock ownership more accessible to employees and investors. The stock split will be effected as a stock dividend entitling each stockholder of record to receive one additional share of common stock for every two shares owned. Additional shares issued as a result of the stock dividend will be distributed after close of trading on March 21, 2025, to stockholders of record at the close of business on March 11, 2025. Cash will be distributed in lieu of fractional shares based on the opening price of a share of common stock on March 12, 2025. Trading is expected to begin on a stock split-adjusted basis at market open on March 24, 2025. All share and per share amounts contained herein have not been retroactively adjusted for this subsequent stock split.
Conference Call & Web Cast
A conference call to discuss the Company’s financial results will be held tomorrow, Thursday, February 6, 2025 at 9:00 a.m. Eastern time. The call may also include discussion of Company developments, and forward-looking and other material information about business and financial matters. A live webcast of the conference call as well as additional information to review during the call will be made available in PDF form on-line on the Company’s corporate web site at https://register.vevent.com/register/BIe20141cf7fd043c89fde461964a3582e approximately ten minutes prior to the start time. Participants may preregister for the conference call here.
For those who cannot access the live broadcast, a replay of the call will be available at https://www.stonex.com.
About StoneX Group Inc.
StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,600 employees serve more than 54,000 commercial, institutional, and payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as those pertaining to the Company’s financial condition, results of operations, business strategy, financial needs of the Company and the stock split. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words “believe,” “expect,” “anticipate,” “should,” “plan,” “will,” “may,” “could,” “intend,” “estimate,” “predict,” “potential,” “continue” or the negative of these terms and similar expressions, as they relate to StoneX Group Inc., are intended to identify forward-looking statements.
These forward-looking statements are largely based on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the Company. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of the Company, including adverse changes in economic, political and market conditions, including losses from our market-making and trading activities arising from counterparty failures, the loss of key personnel, the impact of increasing competition, the impact of changes in government regulation, the possibility of liabilities arising from violations of foreign, United States (“U.S.”) federal and U.S. state securities laws, the impact of changes in technology in the securities and commodities trading industries, and other risks discussed in our filings with the SEC, including Part I, Item 1A of our Annual Report on Form 10-K for the year ended September 30, 2024. Although we believe that our forward-looking statements are based upon reasonable assumptions regarding our business and future market conditions, there can be no assurances that our actual results will not differ materially from any results expressed or implied by our forward-looking statements.
These forward-looking statements speak only as of the date of this press release. StoneX Group Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
StoneX Group Inc.
Investor inquiries:
Kevin Murphy
(212) 403 - 7296
kevin.murphy@stonex.com
SNEX-G
FAQ
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