SNEX · StoneX Group Inc.

StoneX Group Inc. delivered exceptional fiscal 2026 second quarter results, with net operating revenues surging 70% to a record $829.1 million, fueled by robust performances across all four operating segments. The Commercial segment led with operating revenues up 115% to $537.6 million, driven by 23% higher sales of physical commodities ($44,296.9 million) and 157% growth in principal gains. Institutional revenues rose 55% to $868.4 million, boosted by listed derivatives (up 148% to $317.8 million) and OTC derivatives (up 98%). Self-Directed/Retail and Payments segments also grew, by 16% and 11% respectively. Key drivers included 59% higher listed derivatives volumes (97,152 thousand contracts) with 44% increased RPC ($2.91), 35% growth in securities ADV ($12,066 million), and 162% rise in physical contracts revenues. Net income more than doubled to $174.3 million, yielding a 26.5% ROE, up from 15.7%, with diluted EPS at $2.07. CEO Philip Smith highlighted strong first-half performance and the R.J. O’Brien integration, acquired effective July 31, 2025, which contributed significantly to derivatives volumes and client equity, remaining on track for substantial completion this year with expected synergies. Variable expenses scaled efficiently at 59% of non-interest expenses, while fixed costs rose 44%, reflecting investments in technology and integration. Interest expense increased 46% to $461.1 million, largely from expanded fixed income and securities lending activities plus RJO contributions. No forward guidance was provided, but consolidated financials will follow in the upcoming 10-Q.