StoneX Q3 Revenue Jumps 12.9% on Commodity Sales, Net Income Dips

TL;DR

**StoneX's revenue surge is impressive, but the net income dip is a yellow flag – watch those margins!**

AI Summary

StoneX Group Inc. reported a significant increase in total revenues for the three months ended June 30, 2025, reaching $14.9 billion, up from $13.2 billion in the prior-year period. This 12.9% growth was primarily driven by a substantial rise in Sales of Physical Commodities, which increased to $14.0 billion from $12.4 billion. Net income, however, saw a slight decrease to $58.7 million for the quarter, compared to $60.1 million in the same period last year. For the nine months ended June 30, 2025, total revenues climbed to $44.1 billion from $39.5 billion, an 11.6% increase, with Sales of Physical Commodities contributing $41.3 billion. The company's strategic outlook remains focused on expanding its global financial services network, but it faces ongoing risks related to commodity price volatility and interest rate fluctuations, which impacted net interest income, decreasing to $105.3 million from $110.2 million for the quarter. Principal Gains, Net also saw a decline to $107.5 million from $115.8 million for the quarter.

Why It Matters

StoneX's robust revenue growth, fueled by physical commodity sales, signals strong demand in a volatile market, potentially benefiting investors seeking exposure to this sector. However, the slight dip in net income and net interest income suggests margin pressures and sensitivity to interest rate environments, which could impact profitability and employee compensation. For customers, StoneX's expanded global network offers broader access to markets. The competitive landscape, with firms like Marex Group and BGC Partners, will intensify as StoneX continues to leverage its diversified offerings, making efficient capital deployment crucial for sustained market share.

Risk Assessment

Risk Level: medium — The risk level is medium due to the company's reliance on volatile physical commodity sales, which, while driving revenue growth to $14.0 billion for the quarter, exposes StoneX to significant market fluctuations. Additionally, the decrease in net interest income to $105.3 million from $110.2 million indicates sensitivity to interest rate changes, posing a risk to profitability.

Analyst Insight

Investors should closely monitor StoneX's net income trends and margin performance in future quarters, despite strong revenue growth. Consider the impact of commodity price volatility on their business model and assess their ability to maintain profitability in a fluctuating interest rate environment.

Financial Highlights

revenue

$14.9B

net Income

$58.7M

revenue Growth

+12.9%

Revenue Breakdown

Key Numbers

• $14.9B — Total Revenues (Increased 12.9% for Q3 2025 compared to Q3 2024)
• $14.0B — Sales of Physical Commodities (Primary driver of revenue growth for Q3 2025)
• $58.7M — Net Income (Decreased from $60.1M in Q3 2024 to $58.7M in Q3 2025)
• $105.3M — Net Interest Income (Decreased from $110.2M in Q3 2024 to $105.3M in Q3 2025)
• $107.5M — Principal Gains, Net (Decreased from $115.8M in Q3 2024 to $107.5M in Q3 2025)
• 12.9% — Revenue Growth (Percentage increase in total revenues for Q3 2025)
• 11.6% — Nine-Month Revenue Growth (Percentage increase in total revenues for the nine months ended June 30, 2025)
• $44.1B — Nine-Month Total Revenues (Total revenues for the nine months ended June 30, 2025)
• $41.3B — Nine-Month Physical Commodity Sales (Sales of Physical Commodities for the nine months ended June 30, 2025)

Key Players & Entities

• StoneX Group Inc. (company) — filer of the 10-Q
• $14.9 billion (dollar_amount) — total revenues for Q3 2025
• $13.2 billion (dollar_amount) — total revenues for Q3 2024
• $14.0 billion (dollar_amount) — Sales of Physical Commodities for Q3 2025
• $12.4 billion (dollar_amount) — Sales of Physical Commodities for Q3 2024
• $58.7 million (dollar_amount) — net income for Q3 2025
• $60.1 million (dollar_amount) — net income for Q3 2024
• $105.3 million (dollar_amount) — net interest income for Q3 2025
• $110.2 million (dollar_amount) — net interest income for Q3 2024
• $107.5 million (dollar_amount) — Principal Gains, Net for Q3 2025

FAQ

Risk Factors

• Commodity Price Volatility [medium — market]: The company faces ongoing risks related to commodity price volatility, which can impact its revenue streams and profitability. Specific impacts on revenue were noted in the 'Sales of Physical Commodities' segment.
• Interest Rate Fluctuations [medium — financial]: Interest rate fluctuations pose a risk to StoneX Group Inc., as evidenced by the decrease in Net Interest Income to $105.3 million for the quarter ended June 30, 2025, down from $110.2 million in the prior-year period.

Industry Context

StoneX Group Inc. operates in the financial services and commodity brokerage sector. The industry is characterized by global reach, complex regulatory environments, and sensitivity to macroeconomic factors like interest rates and commodity prices. Competition is intense, with firms vying for market share in trading, clearing, and advisory services.

Regulatory Implications

As a financial services firm, StoneX is subject to extensive regulation by various authorities. Changes in regulations related to capital requirements, trading practices, or commodity markets could impact its operations and profitability. Compliance with these regulations is a continuous operational necessity.

What Investors Should Do

1. Monitor commodity price trends and interest rate movements.
2. Analyze the drivers of the decrease in Net Income despite revenue growth.
3. Evaluate the company's strategy for managing volatility in its key revenue segments.

Key Dates

• 2025-06-30: End of Fiscal Q3 2025 — Reporting period for the 10-Q filing, showing increased revenues but decreased net income.
• 2025-08-07: 10-Q Filing Date — Official release of the company's quarterly financial performance and disclosures.

Glossary

Sales of Physical Commodities

Revenue generated from the sale of physical goods, such as agricultural products, metals, or energy. This is a significant segment for StoneX. (This segment was the primary driver of revenue growth, increasing to $14.0 billion for the quarter.)

Net Interest Income

The difference between the interest income generated by a company's interest-bearing assets and the interest expense paid on its interest-bearing liabilities. (Decreased to $105.3 million, indicating potential impact from interest rate changes or shifts in the company's balance sheet.)

Principal Gains, Net

Profits or losses realized from the sale or trading of financial instruments or assets, after accounting for related costs. (This revenue stream declined to $107.5 million, suggesting a less favorable trading or investment environment during the quarter.)

Year-Over-Year Comparison

For the three months ended June 30, 2025, StoneX Group Inc. reported a 12.9% increase in total revenues to $14.9 billion, largely driven by a rise in Sales of Physical Commodities. However, net income saw a slight decrease to $58.7 million from $60.1 million in the prior year. Net Interest Income and Principal Gains, Net also declined, indicating pressure from market volatility despite overall revenue growth.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value SNEX The Nasdaq Stock Market

Filing Documents

• intl-20250630.htm (10-Q) — 2989KB
• snex2025exh311q3roll.htm (EX-31.1) — 10KB
• snex2025exh312q3roll.htm (EX-31.2) — 9KB
• snex2025exh321q3roll.htm (EX-32.1) — 5KB
• snex2025exh322q3roll.htm (EX-32.2) — 5KB
• intl-20250630_g1.jpg (GRAPHIC) — 83KB
• 0000913760-25-000147.txt ( ) — 13199KB
• intl-20250630.xsd (EX-101.SCH) — 77KB
• intl-20250630_cal.xml (EX-101.CAL) — 113KB
• intl-20250630_def.xml (EX-101.DEF) — 340KB
• intl-20250630_lab.xml (EX-101.LAB) — 821KB
• intl-20250630_pre.xml (EX-101.PRE) — 590KB
• intl-20250630_htm.xml (XML) — 2569KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 1 Condensed Consolidated Income Statements 2 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Statements of Cash Flows 4 Condensed Consolidated Statements of Stockholders' Equity 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 60

Controls and Procedures

Item 4. Controls and Procedures 63

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 63

Risk Factors

Item 1A. Risk Factors 63

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64

Other Information

Item 5. Other Information 64

Exhibits

Item 6. Exhibits 65

Signatures

Signatures 66 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements StoneX Group Inc. Condensed Consolidated Balance Sheets (Unaudited) (in millions, except par value and share amounts) June 30, 2025 September 30, 2024 ASSETS Cash and cash equivalents $ 1,313.1 $ 1,269.0 Cash, securities and other assets segregated under federal and other regulations (including $ 13.4 million and $ 51.8 million at fair value at June 30, 2025 and September 30, 2024, respectively) 2,924.3 2,841.2 Collateralized transactions: Securities purchased under agreements to resell 8,159.3 5,201.5 Securities borrowed 2,486.2 1,662.3 Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net (including $ 3,250.6 million and $ 3,287.5 million at fair value at June 30, 2025 and September 30, 2024, respectively) 7,880.6 7,283.2 Receivable from clients, net (including $ 18.2 million and $( 8.4 ) million at fair value at June 30, 2025 and September 30, 2024, respectively) 961.7 1,013.1 Income taxes receivable 49.1 19.3 Financial instruments owned, at fair value (includes securities pledged as collateral that can be sold or repledged of $ 2,223.7 million and $ 2,172.0 million at June 30, 2025 and September 30, 2024, respectively) 8,973.9 6,767.1 Physical commodities inventory, net (including $ 397.0 million and $ 376.6 million at fair value at June 30, 2025 and September 30, 2024, respectively) 705.4 681.1 Deferred tax asset, net 39.3 46.3 Property and equipment, net 148.7 143.1 Operating right of use assets 161.4 157.0 Goodwill and intangible assets, net 88.9 80.6 Other assets 373.7 301.5 Total assets $ 34,265.6 $ 27,466.3 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and other accrued liabilities (including $ 2.6 million and $ 2.3 million at fair value at June 30, 2025 and September 30, 2024, respectively) $ 579.1 $ 522.1 Operating lease liabilities 207.7 195.9 Payables to: Clients (including $( 103.5 ) million and $ 265.9 million at fair va

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