0000913760false00009137602026-05-062026-05-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
Form 8-K
_______________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 6, 2026
_______________
StoneX Group Inc.
(Exact name of registrant as specified in its charter)
_______________
Delaware000-2355459-2921318
(State of Incorporation)(Commission File Number)(IRS Employer ID No.)
230 Park Ave, 10th Floor
New York, NY 10169
(Address of principal executive offices, including Zip Code)
(212) 485-3500
(Registrant’s telephone number, including area code)
_______________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to rule 14d-2(b) under the Exchange Act 17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valueSNEXThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o




Item 2.02. Results of Operations and Financial Condition
On May 6, 2026, the StoneX Group Inc. (the “Company”) issued a press release on the subject of the Company's results of operations and financial condition for the fiscal quarter ended March 31, 2026.
The press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit No.
99.1     Press release dated May 6, 2026.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).





Signature
Pursuant to the Requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto duly authorized.
StoneX Group Inc.
(Registrant)
May 6, 2026/s/ WILLIAM J. DUNAWAY
(Date)William J. Dunaway
Chief Financial Officer

EXHIBIT 99.1
stonex_170x40-01.jpg



StoneX Group Inc. Reports Fiscal 2026 Second Quarter Financial Results

Record Quarterly Net Operating Revenues of $829.1 million, up 70%
Record Quarterly Net Income of $174.3 million, Quarterly ROE of 26.5%
Quarterly Diluted EPS of $2.07 per share


NEW YORK – May 6, 2026 – StoneX Group Inc. (the “Company”; NASDAQ: SNEX), a leading financial services franchise connecting clients to global markets, today announced its financial results for the fiscal 2026 second quarter ended March 31, 2026.
“We are very pleased to deliver record results for our second quarter of fiscal 2026,” said Philip Smith, the Company’s Chief Executive Officer. “Building on our strong first quarter performance, this represented a highly successful first half of the fiscal year, in terms of both net operating revenues and net income.
This record quarter was driven by strong performances across all four operating segments, highlighting the depth and breadth of the product and service offerings within the unique StoneX ecosystem. Our unwavering commitment to servicing our clients’ business needs continues to drive the direction and growth of this company.
The integration of R.J. O’Brien remains on track to be substantially completed during the course of this fiscal year, and we remain confident in achieving our targeted synergies”, Smith added.




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 March 31,Six Months Ended March 31,
(Unaudited) (in millions, except share and per share amounts)20262025 %
Change		20262025 %
Change
Revenues:
Sales of physical commodities$44,296.9 $35,992.6 23%$81,986.0 $63,043.7 30%
Principal gains, net469.7 300.5 56%848.2 609.4 39%
Commission and clearing fees347.5 164.3 112%652.5 313.6 108%
Consulting, management, and account fees69.0 44.3 56%145.1 92.1 58%
Interest income577.8 389.0 49%1,159.0 767.2 51%
Total revenues45,760.9 36,890.7 24%84,790.8 64,826.0 31%
Cost of sales of physical commodities44,194.1 35,934.7 23%81,785.8 62,925.7 30%
Operating revenues1,566.8 956.0 64%3,005.0 1,900.3 58%
Transaction-based clearing expenses152.7 91.8 66%285.3 178.3 60%
Introducing broker commissions97.4 45.5 114%190.6 89.8 112%
Interest expense461.1 316.6 46%922.8 622.8 48%
Interest expense on corporate funding26.5 14.8 79%52.8 30.0 76%
Net operating revenues829.1 487.3 70%1,553.5 979.4 59%
Variable compensation and benefits248.5 146.7 69%464.4 280.0 66%
Net contribution580.6 340.6 70%1,089.1 699.4 56%
Fixed compensation and benefits158.7 120.4 32%298.7 239.6 25%
Trading systems and market information25.8 19.5 32%50.8 39.5 29%
Professional fees18.4 16.5 12%51.2 35.5 44%
Non-trading technology and support28.4 20.9 36%55.0 40.6 35%
Occupancy and equipment rental17.9 13.1 37%34.0 26.1 30%
Selling and marketing14.0 13.4 4%28.1 25.4 11%
Travel and business development16.8 7.1 137%28.6 15.5 85%
Communications3.7 2.1 76%7.4 4.2 76%
Depreciation and amortization26.9 15.6 72%51.9 31.3 66%
Bad debts, net of recoveries12.4 0.1 n/m13.6 1.9 616%
Other27.8 14.8 88%54.7 31.5 74%
Total fixed compensation and other expenses350.8 243.5 44%674.0 491.1 37%
Other (losses) gains, net(2.7)— n/m(3.1)5.7 n/m
Income before tax227.1 97.1 134%412.0 214.0 93%
Income tax expense52.8 25.4 108%98.7 57.2 73%
Net income$174.3 $71.7 143%$313.3 $156.8 100%
Earnings per share:(1)
Basic$2.21 $0.99 123%$3.98 $2.17 83%
Diluted$2.07 $0.94 120%$3.74 $2.07 81%
Weighted-average number of common shares outstanding:(1)
Basic76,498,59870,184,1479%76,174,37669,903,8619%
Diluted81,456,53174,064,63510%80,956,86273,472,16810%
Return on equity (“ROE”)(2)
26.5 %15.7 %24.5 %17.5 %
ROE on tangible book value(2)
37.0 %16.5 %34.7 %18.3 %
n/m = not meaningful to present as a percentage
(1)On March 20, 2026, the Company effected a three-for-two stock dividend to stockholders of record as of March 10, 2026. The stock split increased the number of shares of common stock outstanding. All share and per share amounts have been retroactively adjusted for the stock split.
(2)The Company calculates ROE on stated book value based on net income divided by the average stockholders’ equity, calculated based on average monthly total stockholders’ equity amounts. 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 March 31,Six Months Ended March 31,
(in millions)20262025 % Change20262025% Change
Segment operating revenues represented by:
Commercial$537.6 $249.8 115%$965.0 $484.6 99%
Institutional868.4 561.2 55%1,734.4 1,100.8 58%
Self-Directed/Retail106.5 92.2 16%200.9 213.8 (6)%
Payments56.0 50.3 11%113.0 108.4 4%
Corporate
19.8 16.7 19%31.9 27.8 15%
Eliminations(21.5)(14.2)51%(40.2)(35.1)15%
Operating revenues$1,566.8 $956.0 64%$3,005.0 $1,900.3 58%

The following table presents our consolidated income by segment for the periods indicated.
Three Months Ended March 31,Six Months Ended March 31,
(in millions)20262025 % Change20262025% Change
Segment income represented by:
Commercial$244.3 $97.2 151%$423.4 $201.3 110%
Institutional120.9 86.5 40%260.2 164.6 58%
Self-Directed/Retail30.2 21.5 40%48.5 76.5 (37)%
Payments31.8 24.5 30%65.7 58.6 12%
Total segment income$427.2 $229.7 86%$797.8 $501.0 59%
Reconciliation of segment income to income before tax:
Segment income$427.2 $229.7 86%$797.8 $501.0 59%
Net operating loss within Corporate (1)
(21.5)(8.6)150%(52.9)(29.7)78%
Overhead costs, net of shared services(178.6)(124.0)44%(332.9)(257.3)29%
Income before tax$227.1 $97.1 134%$412.0 $214.0 93%
(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 March 31,Six Months Ended March 31,
20262025% Change20262025% Change
Operating Revenues (in millions):
Listed derivatives$317.8 $128.4 148%$586.9 $240.2 144%
Over-the-counter (“OTC”) derivatives119.1 60.3 98%182.2 96.9 88%
Securities587.9 426.7 38%1,163.8 828.5 40%
FX/Contracts for difference (“CFD”) contracts77.6 70.9 9%146.3 169.5 (14)%
Payments55.9 49.2 14%110.5 106.0 4%
Physical contracts190.1 72.6 162%346.8 165.2 110%
Interest/fees earned on client balances156.5 101.7 54%330.2 209.3 58%
Other (1)
63.6 43.7 46%146.6 92.0 59%
Corporate
19.8 16.7 19%31.9 27.8 15%
Eliminations(21.5)(14.2)51%(40.2)(35.1)15%
$1,566.8 $956.0 64%$3,005.0 $1,900.3 58%
Volumes and Other Select Data:
Listed derivatives (contracts, 000’s)(2)
97,152 61,153 59%181,273 114,333 59%
Listed derivatives, average rate per contract (“RPC”)(3)
$2.91 $2.02 44%$2.88 $2.02 43%
Average client equity - listed derivatives (millions)(2)
$13,958 $6,639 110%$13,601 $6,630 105%
OTC derivatives (contracts, 000’s)1,507 897 68%2,514 1,756 43%
OTC derivatives, average RPC$79.89 $68.35 17%$73.35 $55.87 31%
Securities average daily volume (“ADV”) (millions)$12,066 $8,915 35%$11,323 $8,822 28%
Securities rate per million (“RPM”)(4)
$272 $279 (3)%$295 $258 14%
Average money market/FDIC sweep client balances (millions)$1,196 $1,283 (7)%$1,228 $1,240 (1)%
FX/CFD contracts ADV (millions)$11,907 $11,539 3%$11,575 $11,613 —%
FX/CFD contracts RPM $103 $97 6%$98 $115 (15)%
Payments ADV (millions)$92 $77 19%$93 $81 15%
Payments RPM$9,815 $10,526 (7)%$9,589 $10,466 (8)%
Adjusted EBITDA (in millions)(5)
$296.9 $138.2 115%$547.8 $291.6 88%
(1)Other operating revenue primarily includes consulting, management and account fees related to prime services, investment banking and advisory services, as well as interest income associated with securities lending activities.
(2)
The acquisition of the R.J. O’Brien global business (“RJO”), effective July 31, 2025, contributed 37.8 million and 68.7 million listed derivative contracts and $6.4 billion and $6.1 billion in average client equity for the three and six months ended March 31, 2026, respectively.
(3)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.
(4)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.
(5)
Adjusted EBITDA is a non-GAAP measure. See Appendix - Non-GAAP Financial Information for further information.


Interest expense
Three Months Ended March 31,Six Months Ended March 31,
(in millions)20262025% Change20262025% Change
Interest expense attributable to:
Trading activities:
Institutional dealer in fixed income securities$364.1 $232.6 57 %$717.8 $456.2 57 %
Securities borrowing22.5 21.4 5 %50.4 43.4 16 %
Client balances on deposit57.8 31.1 86 %119.0 64.9 83 %
Short-term financing facilities of subsidiaries and other direct interest of operating segments16.7 31.5 (47)%35.6 58.3 (39)%
461.1 316.6 46 %922.8 622.8 48 %
Corporate funding26.5 14.8 79 %52.8 30.0 76 %
Total interest expense$487.6 $331.4 47 %$975.6 $652.8 49 %
The increase in interest expense attributable to fixed income securities and securities borrowing was principally due to the growth in the size of the security repo and securities lending businesses. The business activities of RJO added an incremental $26.5 million and $53.2 million of interest expense, with $23.6 million and $47.9 million attributable to client balances for the three and six months ended March 31, 2026.
The increase in interest expense attributable to corporate funding was principally due to the issuance of $625 million in aggregate principal amount of the Notes due 2032, which closed on July 8, 2025.
The table below presents a disaggregation of consolidated net operating revenues used by management in evaluating our performance, for the periods indicated:
Three Months Ended March 31,Six Months Ended March 31,
20262025% Change20262025% Change
Net Operating Revenues (in millions):
Listed derivatives$144.9 $60.3 140%$263.2 $110.2 139%
OTC derivatives119.0 60.2 98%182.1 96.8 88%
Securities157.7 120.8 31%315.2 222.6 42%
FX/CFD contracts67.4 62.5 8%126.9 152.8 (17)%
Payments52.4 46.5 13%104.0 100.7 3%
Physical contracts164.6 48.6 239%300.0 125.7 139%
Interest, net / fees earned on client balances107.7 74.5 45%223.2 151.9 47%
Other (1)
36.9 22.5 64%91.8 48.4 90%
Corporate(21.5)(8.6)150%(52.9)(29.7)78%
$829.1 $487.3 70%$1,553.5 $979.4 59%
(1)
Other net operating revenues primarily includes consulting, management and account fees related to prime services, investment banking and advisory services, as well as interest income, net of interest expense associated with securities lending activities and subordinated debt.
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 March 31,Six Months Ended March 31,
(in millions)2026% of
Total		2025% of
Total		2026% of
Total		2025% of
Total
Variable compensation and benefits$248.5 29%$146.7 28%$464.4 29%$280.0 27%
Transaction-based clearing expenses152.7 18%91.8 17%285.3 17%178.3 17%
Introducing broker commissions97.4 12%45.5 9%190.6 12%89.8 9%
Total variable expenses498.6 59%284.0 54%940.3 58%548.1 53%
Fixed compensation and benefits158.7 19%120.4 23%298.7 19%239.6 23%
Other fixed expenses179.7 21%123.0 23%361.7 22%249.6 24%
Bad debts, net of recoveries12.4 1%0.1 —%13.6 1%1.9 —%
Total non-variable expenses350.8 41%243.5 46%674.0 42%491.1 47%
Total non-interest expenses$849.4 100%$527.5 100%$1,614.3 100%$1,039.2 100%


Other (Losses) Gains, net
The results of the three months ended March 31, 2026 included a $2.5 million charge on the abandonment of certain software license and capitalized internally developed expenditures, and an equity investment loss of $0.2 million.
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, select operating data and metrics, and a disaggregation of net operating revenue used by management in evaluating the performance of our segments, for the periods indicated.
During the three month period ended September 30, 2025, our acquisition of RJO triggered a reassessment of the financial information reviewed by management. We determined the acquired business activities of RJO were similar to our existing businesses, and the reassessment confirmed the current composition of the Company’s operating segments, except for one change resulting in the combination of all physical trading capabilities in precious metals being reported within the Commercial segment. Previously, the Self-Directed/Retail segment contained a portion of our precious metals activities. All segment information has been revised to reflect all precious metals business within the Commercial segment retroactive to October 1, 2024.
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 March 31,Six Months Ended March 31,
(in millions)20262025% Change20262025% Change
Revenues:
Sales of physical commodities$44,296.9 $35,992.6 23%$81,986.0 $63,043.7 30%
Principal gains, net215.7 84.0 157%345.2 149.5 131%
Commission and clearing fees121.9 54.3 124%233.8 103.0 127%
Consulting, management and account fees11.6 7.5 55%20.2 14.7 37%
Interest income85.7 46.1 86%165.6 99.4 67%
Total revenues44,731.8 36,184.5 24%82,750.8 63,410.3 31%
Cost of sales of physical commodities44,194.2 35,934.7 23%81,785.8 62,925.7 30%
Operating revenues537.6 249.8 115%965.0 484.6 99%
Transaction-based clearing expenses41.9 19.1 119%72.2 36.7 97%
Introducing broker commissions51.7 13.1 295%101.6 24.4 316%
Interest expense33.8 23.3 45%64.7 37.7 72%
Net operating revenues410.2 194.3 111%726.5 385.8 88%
Variable compensation and benefits95.1 53.4 78%176.2 97.1 81%
Net contribution315.1 140.9 124%550.3 288.7 91%
Fixed compensation and benefits24.5 19.8 24%47.0 36.9 27%
Other fixed expenses35.9 24.2 48%68.5 49.6 38%
Bad debts, net of recoveries10.4 (0.3)n/m11.4 0.9 n/m
Non-variable direct expenses70.8 43.7 62%126.9 87.4 45%
Segment income244.3 97.2 151%423.4 201.3 110%
Allocation of overhead costs12.4 9.9 25%24.0 19.6 22%
Segment income, less allocation of overhead costs$231.9 $87.3 166%$399.4 $181.7 120%
Three Months Ended March 31,Six Months Ended March 31,
20262025% Change20262025% Change
Operating Revenues (in millions):
Listed derivatives$159.8 $75.5 112%$293.7 $137.7 113%
OTC derivatives119.1 60.3 98%182.2 96.9 88%
Physical contracts190.1 72.6 162%346.8 165.2 110%
Interest/fees earned on client balances62.7 34.7 81%127.3 71.3 79%
Other5.9 6.7 (12)%15.0 13.5 11%
$537.6 $249.8 115%$965.0 $484.6 99%
Volumes and Other Select Data:
Listed derivatives (contracts, 000’s)(1)
18,951 11,434 66%37,732 22,042 71%
Listed derivatives, average RPC(2)
$8.03 $6.35 26%$7.45 $6.02 24%
Average client equity - listed derivatives (millions)(1)
$4,279 $1,737 146%$4,149 $1,732 140%
OTC derivatives (contracts, 000’s)1,507 897 68%2,514 1,756 43%
OTC derivatives, average RPC$79.89 $68.35 17%$73.35 $55.87 31%
(1)
The acquisition of RJO, effective July 31, 2025, contributed 5.1 million and 10.9 million listed derivative contracts and $2.1 billion and $2.2 billion in average client equity for the three and six months ended March 31, 2026, respectively.
(2)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.
Three Months Ended March 31,Six Months Ended March 31,
20262025% Change20262025% Change
Net Operating Revenues (in millions):
Listed derivatives$70.8 $46.6 52%$129.0 $83.9 54%
OTC derivatives119.0 60.2 98%182.1 96.8 88%
Physical contracts164.6 48.6 239%300.0 125.7 139%
Interest/fees earned on client balances51.2 32.1 60%101.8 65.9 54%
Other4.6 6.8 (32)%13.6 13.5 1%
$410.2 $194.3 111%$726.5 $385.8 88%


Institutional
Three Months Ended March 31,Six Months Ended March 31,
(in millions)20262025% Change20262025% Change
Revenues:
Sales of physical commodities$— $— —%$— $— —%
Principal gains, net126.9 107.9 18%266.5 216.5 23%
Commission and clearing fees208.0 95.4 118%385.4 181.1 113%
Consulting, management and account fees37.7 20.5 84%85.4 40.8 109%
Interest income495.8 337.4 47%997.1 662.4 51%
Total revenues868.4 561.2 55%1,734.4 1,100.8 58%
Cost of sales of physical commodities— — —%— — —%
Operating revenues868.4 561.2 55%1,734.4 1,100.8 58%
Transaction-based clearing expenses102.3 67.1 52%197.6 130.1 52%
Introducing broker commissions17.0 7.2 136%31.7 15.3 107%
Interest expense433.6 295.9 47%865.4 590.4 47%
Net operating revenues315.5 191.0 65%639.7 365.0 75%
Variable compensation and benefits114.2 62.5 83%221.5 118.7 87%
Net contribution201.3 128.5 57%418.2 246.3 70%
Fixed compensation and benefits36.7 21.8 68%63.1 40.4 56%
Other fixed expenses39.7 20.3 96%90.8 42.7 113%
Bad debts, net of recoveries1.5 (0.1)n/m1.6 (0.1)n/m
Non-variable direct expenses77.9 42.0 85%155.5 83.0 87%
Other (loss) gain, net(2.5)— n/m(2.5)1.3 n/m
Segment income120.9 86.5 40%$260.2 $164.6 58%
Allocation of overhead costs15.0 15.1 (1)%29.4 29.9 (2)%
Segment income, less allocation of overhead costs$105.9 $71.4 48%$230.8 $134.7 71%
Three Months Ended March 31,Six Months Ended March 31,
20262025% Change20262025% Change
Operating Revenues (in millions):
Listed derivatives$158.0 $52.9 199%$293.2 $102.5 186%
Securities553.6 398.8 39%1,098.0 772.3 42%
FX contracts6.9 7.9 (13)%13.8 17.5 (21)%
Interest/fees earned on client balances93.1 66.4 40%201.7 136.7 48%
Other56.8 35.2 61%127.7 71.8 78%
$868.4 $561.2 55%$1,734.4 $1,100.8 58%
Volumes and Other Select Data:
Listed derivatives (contracts, 000’s)(1)
78,201 49,719 57%143,541 92,291 56%
Listed derivatives, average RPC(2)
$1.67 $1.02 64%$1.68 $1.07 57%
Average client equity - listed derivatives (millions)(1)
$9,679 $4,902 97%$9,452 $4,898 93%
Securities ADV (millions)$12,066 $8,915 35%$11,323 $8,822 28%
Securities RPM(3)
$272 $279 (3)%$295 $258 14%
Average money market/FDIC sweep client balances (millions)$1,196 $1,283 (7)%$1,228 $1,240 (1)%
FX contracts ADV (millions)$3,068 $2,948 4%$2,844 $3,524 (19)%
FX contracts RPM$35 $41 (15)%$37 $38 (3)%
(1)
The acquisition of RJO, effective July 31, 2025, contributed 32.7 million and 57.9 million listed derivative contracts and $4.2 billion and $3.9 billion in average client equity for the three and six months ended March 31, 2026, respectively.
(2)Give-up fees, related to contract execution for clients of other FCMs, are excluded from the calculation of listed derivatives, average RPC.
(3)
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.
Three Months Ended March 31,Six Months Ended March 31,
20262025% Change20262025% Change
Net Operating Revenues (in millions):
Listed derivatives$74.1 $13.7 441%$134.2 $26.3 410%
Securities147.8 114.5 29%298.3 210.1 42%
FX contracts6.4 7.1 (10)%12.7 15.6 (19)%
Interest/fees earned on client balances55.8 41.8 33%120.2 84.7 42%
Other31.4 13.9 126%74.3 28.3 163%
$315.5 $191.0 65%$639.7 $365.0 75%


Self-Directed/Retail
Three Months Ended March 31,Six Months Ended March 31,
(in millions)20262025% Change20262025% Change
Revenues:
Sales of physical commodities$— $— —%$— $— —%
Principal gains, net65.1 55.8 17%120.5 137.0 (12)%
Commission and clearing fees16.3 13.7 19%30.5 27.2 12%
Consulting, management and account fees17.3 15.1 15%34.6 33.7 3%
Interest income7.8 7.6 3%15.3 15.9 (4)%
Total revenues106.5 92.2 16%200.9 213.8 (6)%
Cost of sales of physical commodities— — —%— — —%
Operating revenues106.5 92.2 16%200.9 213.8 (6)%
Transaction-based clearing expenses4.5 3.2 41%8.1 6.6 23%
Introducing broker commissions27.4 24.2 13%54.8 48.2 14%
Interest expense2.2 1.8 22%4.3 3.7 16%
Net operating revenues72.4 63.0 15%133.7 155.3 (14)%
Variable compensation and benefits4.3 4.6 (7)%9.4 7.4 27%
Net contribution68.1 58.4 17%124.3 147.9 (16)%
Fixed compensation and benefits8.6 8.8 (2)%15.9 18.1 (12)%
Other fixed expenses28.8 27.5 5%59.3 56.6 5%
Bad debts, net of recoveries0.5 0.6 (17)%0.6 1.1 (45)%
Non-variable direct expenses37.9 36.9 3%75.8 75.8 —%
Other gain— — —%— 4.4 (100)%
Segment income30.2 21.5 40%48.5 76.5 (37)%
Allocation of overhead costs16.1 12.7 27%30.9 25.3 22%
Segment income, less allocation of overhead costs$14.1 $8.8 60%$17.6 $51.2 (66)%
Three Months Ended March 31,Six Months Ended March 31,
20262025% Change20262025% Change
Operating Revenues (in millions):
Securities$34.3 $27.9 23%$65.8 $56.2 17%
FX/CFD contracts70.7 63.0 12%132.5 152.0 (13)%
Interest/fees earned on client balances0.7 0.6 17%1.2 1.3 (8)%
Other0.8 0.7 14%1.4 4.3 (67)%
$106.5 $92.2 16%$200.9 $213.8 (6)%
Volumes and Other Select Data:
FX/CFD contracts ADV (millions)$8,839 $8,591 3%$8,731 $8,089 8%
FX/CFD contracts RPM$126 $116 9%$118 $149 (21)%

Three Months Ended March 31,Six Months Ended March 31,
20262025% Change20262025% Change
Net Operating Revenues (in millions):
Securities$9.9 $6.3 57%$16.9 $12.5 35%
FX/CFD contracts61.0 55.4 10%114.2 137.2 (17)%
Interest/fees earned on client balances0.7 0.6 17%1.2 1.3 (8)%
Other0.8 0.7 14%1.4 4.3 (67)%
$72.4 $63.0 15%$133.7 $155.3 (14)%


Payments
Three Months Ended March 31,Six Months Ended March 31,
(in millions)20262025% Change20262025% Change
Revenues:
Sales of physical commodities$— $— —%$— $— —%
Principal gains, net53.2 47.7 12%107.0 102.1 5%
Commission and clearing fees2.0 1.6 25%4.3 3.4 26%
Consulting, management, account fees0.5 0.5 —%1.1 1.8 (39)%
Interest income0.3 0.5 (40)%0.6 1.1 (45)%
Total revenues56.0 50.3 11%113.0 108.4 4%
Cost of sales of physical commodities— — —%— — —%
Operating revenues56.0 50.3 11%113.0 108.4 4%
Transaction-based clearing expenses2.2 1.7 29%4.2 3.5 20%
Introducing broker commissions1.3 1.0 30%2.3 1.9 21%
Interest expense— — —%— — —%
Net operating revenues52.5 47.6 10%106.5 103.0 3%
Variable compensation and benefits8.8 8.8 —%17.4 17.9 (3)%
Net contribution43.7 38.8 13%89.1 85.1 5%
Fixed compensation and benefits5.3 7.4 (28)%10.2 14.0 (27)%
Other fixed expenses6.4 7.0 (9)%12.6 12.5 1%
Bad debts, net of recoveries— (0.1)(100)%— — —%
Total non-variable direct expenses11.7 14.3 (18)%22.8 26.5 (14)%
Other loss(0.2)— n/m(0.6)— n/m
Segment income31.8 24.5 30%65.7 58.6 12%
Allocation of overhead costs4.1 5.7 (28)%8.1 11.3 (28)%
Segment income, less allocation of overhead costs$27.7 $18.8 47%$57.6 $47.3 22%
Three Months Ended March 31,Six Months Ended March 31,
20262025% Change20262025% Change
Operating Revenues (in millions):
Payments$55.9 $49.2 14%$110.5 $106.0 4%
Other0.1 1.1 (91)%2.5 2.4 4%
$56.0 $50.3 11%$113.0 $108.4 4%
Volumes and Other Select Data:
Payments ADV (millions)$92 $77 19%$93 $81 15%
Payments RPM$9,815 $10,526 (7)%$9,589 $10,466 (8)%
Three Months Ended March 31,Six Months Ended March 31,
20262025% Change20262025% Change
Net Operating Revenues (in millions):
Payments$52.4 $46.5 13%$104.0 $100.7 3%
Other0.1 1.1 (91)%2.5 2.3 9%
$52.5 $47.6 10%$106.5 $103.0 3%


Overhead Costs
We incur overhead costs, 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 March 31,Six Months Ended March 31,
(in millions)20262025% Change20262025% Change
Compensation and benefits:
Variable compensation and benefits$26.1 $17.4 50%$39.9 $38.9 3%
Fixed compensation and benefits83.6 62.6 34%162.5 130.2 25%
109.7 80.0 37%202.4 169.1 20%
Other expenses:
Occupancy and equipment rental16.2 12.1 34%29.8 24.2 23%
Non-trading technology and support24.1 16.4 47%46.8 32.2 45%
Professional fees11.3 8.7 30%24.2 17.6 38%
Depreciation and amortization10.2 7.0 46%20.0 13.6 47%
Communications2.5 1.4 79%5.1 2.9 76%
Selling and marketing2.3 2.3 —%5.9 3.2 84%
Trading systems and market information6.6 3.5 89%12.3 7.7 60%
Travel and business development10.6 2.4 342%15.1 5.2 190%
Other10.1 5.1 98%18.4 11.9 55%
93.9 58.9 59%177.6 118.5 50%
Overhead costs, before shared services203.6 138.9 47%380.0 287.6 32%
Shared services(25.0)(14.9)68%(47.1)(30.3)55%
Overhead costs, net of shared services178.6 124.0 44%332.9 257.3 29%
Allocation of overhead costs(47.6)(43.4)10%(92.4)(86.1)7%
Overhead costs, net of shared services, net of allocation to operating segments$131.0 $80.6 63%$240.5 $171.2 40%



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)March 31, 2026September 30, 2025
Summary asset information:
Cash and cash equivalents$2,122.6 $1,605.8 
Cash, securities and other assets segregated under federal and other regulations$6,494.0 $5,271.0 
Securities purchased under agreements to resell$15,201.1 $10,325.4 
Securities borrowed$2,289.9 $2,743.1 
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net$12,095.0 $12,890.7 
Receivables from clients, net and notes receivable, net$1,401.1 $1,333.9 
Financial instruments owned, at fair value$11,261.9 $8,604.4 
Physical commodities inventory, net$1,038.8 $917.5 
Property and equipment, net$167.8 $166.6 
Operating right of use assets$169.3 $161.9 
Goodwill and intangible assets, net$743.8 $736.2 
Other$641.6 $511.5 
Summary liability and stockholders’ equity information:
Accounts payable and other accrued liabilities$1,014.6 $888.8 
Operating lease liabilities$219.3 $211.7 
Payables to clients$22,751.7 $19,864.1 
Payables to broker-dealers, clearing organizations and counterparties$1,779.7 $963.4 
Payables to lenders under loans$564.8 $782.0 
Senior secured borrowings, net$1,160.3 $1,159.0 
Securities sold under agreements to repurchase$17,374.5 $13,551.0 
Securities loaned$2,273.5 $2,550.8 
Financial instruments sold, not yet purchased, at fair value$3,789.2 $2,919.8 
Stockholders’ equity$2,699.3 $2,377.4 
Common stock outstanding - shares79,029,499 78,279,953 
Net asset value per share$34.16 $30.37 



Conference Call & Web Cast
A conference call to discuss the Company’s financial results will be held tomorrow, Thursday, May 7, 2026 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-conf.media-server.com/register/BIa70a21fbe6604d6d83b5411e96afc61d 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 5,400 employees serve more than 80,000 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, impact of the R.J. O’Brien transaction. 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 statements about the benefits of our acquisition of RJO, including expected synergies and future financial and operating results, the plans, objectives, expectations and intentions of StoneX with respect to the acquisition, adverse changes in economic, political and market conditions, including losses from our market-making and trading activities arising from counterparty failures, global trade policies and tariffs, the loss of key personnel, the impact of increasing competition, the impact of changes in government regulation, uncertainty concerning fiscal or monetary policies established by central banks and financial regulators, 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, 2025. 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.


Appendix - Non-GAAP Financial Information
The following table reconciles net income to EBITDA(1) and Adjusted EBITDA(1).
Three Months Ended March 31,Six Months Ended March 31,
20262025% Change20262025% Change
(in millions)
Net income$174.3 $71.7 143%$313.3 $156.8 100%
Interest expense487.6 331.4 47%975.6 652.8 49%
Depreciation and amortization26.9 15.6 72%51.9 31.3 66%
Income tax expense52.8 25.4 108%98.7 57.2 73%
EBITDA741.6 444.1 67%1,439.5 898.1 60%
Amortization of share-based compensation13.7 10.7 28%28.0 22.0 27%
Interest expense attributable to trading activities(461.1)(316.6)46%(922.8)(622.8)48%
Other losses (gains), net2.7 — n/m3.1 (5.7)n/m
Adjusted EBITDA$296.9 $138.2 115%$547.8 $291.6 88%
(1)EBITDA and Adjusted EBITDA are non-GAAP measures.
EBITDA, a non-GAAP measure used to measure operating performance, is defined as net income plus interest expense, depreciation and amortization, and income tax expense. Adjusted EBITDA represents EBITDA plus amortization of share-based compensation and less interest expense attributable to trading activities, including the credit facilities of our subsidiaries, gain on acquisitions, acquisition-related expenses, and gain on class action settlements.
Each of the EBITDA-based measures described above is not a presentation made in accordance with GAAP and should not be considered as an alternative to net income or any other performance measures derived in accordance with GAAP as a measure of operating performance or to cash flows as a measure of liquidity. Additionally, each such measure is not intended to be a measure of free cash flows available for management’s discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. Such measures have limitations as analytical tools, and you should not consider any of such measures in isolation or as substitutes for our results as reported under GAAP. Management compensates for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Because not all companies use identical calculations, these EBITDA-based measures may not be comparable to other similarly titled measures of other companies.
The Company believes EBITDA is helpful in highlighting the business’s trends because EBITDA excludes the results of decisions that are outside the control of management and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. In addition, EBITDA provides more comparability between the historical operating results that reflect purchase accounting and the new capital structure.

StoneX Group Inc.
Investor inquiries:
Kevin Murphy
(212) 403 - 7296
kevin.murphy@stonex.com
SNEX-G