Research Reports

Record net operating revenues of ~$1.6B, up 64% YoY and 9% sequentially (prepared).
Record net income of $174.3M, up 143% YoY and 25% sequentially (prepared).
Record diluted EPS of $2.07 (split-adjusted), up 120% YoY and 24% sequentially (prepared).
Record listed derivatives volumes approaching 100M contracts; average client equity ~$14B (CEO).
Record OTC derivatives volume: >1.5M contracts, up 68% YoY; OTC derivatives operating revenues up 98% YoY (CEO, CFO).
Record securities average daily volume >$12B; securities operating revenues up 38% YoY (CEO, CFO).
Record operating revenues from physical contracts, up 162% YoY (precious metals +$116.1M) (CEO, CFO).
Payments ADV $92M (second highest), up 19% YoY; payments revenues up 14% YoY (CEO).
Trailing 12-month net income $462.4M, up 57% YoY; diluted EPS $5.60; ROE 19.8% (CFO).
Book value per share $34.16, up 33% YoY (CFO).
RJO contributed $35M pretax net income in the quarter (excl. amortization and -$7.7M mark-to-market on investment portfolio) (CFO).
No official forward guidance (next quarter or full-year ranges) provided in prepared remarks.

“I'm very pleased to report a consecutive record quarter, including record net operating revenues, net income and EPS.” (CEO)
“Despite the geopolitical uncertainty, nearly all of our products reported a double-digit growth, driven by higher volatility and increased demand for our services.” (CEO)
“We are seeing the deployment of AI evolving from isolated experimental use to now serving as an enterprise force multiplier that enhances operational efficiency across our organization.” (CEO)
“This was a hugely pleasing quarter all around, highlighting record net income of $174.3 million, which is up 143% versus prior year.” (CEO)
“We believe our unique ecosystem, which offers extensive depth and breadth of product at a widespread geographical reach, combined with a significant total addressable market, will continue to power growth in the years to come.” (CEO)

Metric	Value	Speaker/Context
Net operating revenue growth (YoY)	+70%	CFO
Segment income growth: Commercial (YoY)	+151%	CFO
Segment income growth: Institutional (YoY)	+40%	CFO
Segment income growth: Retail (YoY)	+40%	CFO
Segment income growth: Payments (YoY)	+30%	CFO
ROE (quarter)	26.5%	CFO
ROE on tangible book (quarter)	37%	CEO
Interest/fee income net of client interest & swaps	$103.6M (up $29.1M)	CFO
Interest rate sensitivity (100bp change)	±$47.6M net income; ±$0.58 EPS annualized	CFO
Aggregate SOFR swap position	$1.8B; avg. duration ~2 yrs; avg. rate 3.38%	CFO
Average client equity + FDIC sweep balances	$15.2B (up 91% YoY)	CFO

Topic: 波动环境、信用风险、RJO整合进展与协同效应
Key points:
- 过去两季度极高波动下信用损失“非常少”，体现了客户质量与沟通有效性；但管理层重申高波动伴随信用损失风险上升
- 进入4月（Q3初）贵金属等市场活动较Q2有所缓和，但利率环境良好、波动仍处高位
- RJO整合按计划推进：非美国业务已开始测试，美国FCM整合正分批进行，预计本月底完成全部客户迁移
- Q2实现协同效应约690万美元，退出年化运行率略超800万；当前年化运行率约3200万，目标5000万，财年末（2026年9月）预计达约4500万，剩余部分在2027年体现
Mgmt stance: 中性偏积极 – 整合与协同按计划推进，但强调高波动下信用损失风险需持续监控

Topic: 商业对冲业务构成、物理交易细分、M&A环境
Key points:
- 商业衍生品中能源和可再生能源比重较大（如豆油、可再生燃料投入品），OTC市场Q2创历史最佳量额
- Q2物理合同运营收入总计1.9亿美元，其中贵金属约1.5亿，其余来自StoneX Supply & Trading（农产品与能源）
- 物理交易增长广泛：贵金属连续两季创纪录；非贵金属（可可、咖啡）也持续扩张
- M&A环境：持续收到小至中型（1000万–3000万美元收入规模）标的兴趣，公司作为行业整合者易被关注
Mgmt stance: 中性偏积极 – 业务多元化且M&A渠道活跃，但强调RJO整合完成后才能更顺畅地交叉销售OTC产品