StoneX Group Inc. Reports Fiscal 2025 Third Quarter Financial Results
StoneX Group Inc. (NASDAQ: SNEX) reported its fiscal 2025 Q3 results with net operating revenues of $488.3 million, up 4% year-over-year, and net income of $63.4 million. The company achieved quarterly diluted EPS of $1.22 and a ROE of 13.1%.
The quarter was marked by significant growth in the Institutional segment and strong performance in the Self-Directed/Retail segment, which offset declines in Commercial businesses. The company announced the closing of two major acquisitions: R.J. O'Brien, which generated approximately $766 million in revenue and $170 million in EBITDA in 2024, and The Benchmark Company, LLC, enhancing their capital markets capabilities.
The quarter included $8.9 million in acquisition-related charges, including $6.5 million in bridge loan financing charges and $2.4 million in professional fees, reducing quarterly EPS by approximately $0.12.
StoneX Group Inc. (NASDAQ: SNEX) ha riportato i risultati del terzo trimestre fiscale 2025 con ricavi operativi netti di 488,3 milioni di dollari, in aumento del 4% rispetto all'anno precedente, e un utile netto di 63,4 milioni di dollari. La societ脿 ha registrato un utile diluito per azione trimestrale di 1,22 dollari e un ROE del 13,1%.
Il trimestre 猫 stato caratterizzato da una crescita significativa nel segmento istituzionale e da una solida performance nel segmento self-directed/retail, che hanno compensato i cali nei business commerciali. La societ脿 ha annunciato la chiusura di due importanti acquisizioni: R.J. O'Brien, che ha generato circa 766 milioni di dollari di ricavi e 170 milioni di EBITDA nel 2024, e The Benchmark Company, LLC, rafforzando le capacit脿 nei mercati dei capitali.
Il trimestre ha incluso oneri per acquisizioni pari a 8,9 milioni di dollari, di cui 6,5 milioni per costi di finanziamento di prestiti ponte e 2,4 milioni per spese professionali, riducendo l'utile per azione trimestrale di circa 0,12 dollari.
StoneX Group Inc. (NASDAQ: SNEX) inform贸 sus resultados del tercer trimestre fiscal 2025 con ingresos operativos netos de 488,3 millones de d贸lares, un aumento del 4% interanual, y un ingreso neto de 63,4 millones de d贸lares. La compa帽铆a logr贸 un BPA diluido trimestral de 1,22 d贸lares y un ROE del 13,1%.
El trimestre se caracteriz贸 por un crecimiento significativo en el segmento institucional y un s贸lido desempe帽o en el segmento autodirigido/minorista, que compensaron las disminuciones en los negocios comerciales. La empresa anunci贸 el cierre de dos adquisiciones importantes: R.J. O'Brien, que gener贸 aproximadamente 766 millones de d贸lares en ingresos y 170 millones en EBITDA en 2024, y The Benchmark Company, LLC, mejorando sus capacidades en los mercados de capitales.
El trimestre incluy贸 cargos relacionados con adquisiciones por 8,9 millones de d贸lares, incluyendo 6,5 millones en costos de financiamiento de pr茅stamos puente y 2,4 millones en honorarios profesionales, reduciendo el BPA trimestral en aproximadamente 0,12 d贸lares.
StoneX Group Inc. (NASDAQ: SNEX)電� 2025 須岅硠鞐半弰 3攵勱赴 鞁れ爜鞚� 氚滍憸頃橂┌ 靾滌榿鞐呾垬鞚� 4鞏� 8,830毵� 雼煬搿� 鞝勲厔 雽�牍� 4% 歃濌皜頄堦碃, 靾滌澊鞚� 6,340毵� 雼煬毳� 旮半頄堨姷雼堧嫟. 須岇偓電� 攵勱赴 頋劃 欤茧嫻靾滌澊鞚�(EPS) 1.22雼煬鞕� 鞛愱赴鞛愲掣鞚挫澋毳�(ROE) 13.1%毳� 雼劚頄堨姷雼堧嫟.
鞚措矆 攵勱赴電� 旮瓣磤 攵�氍�鞚� 雸堨棎 霛勲姅 靹膘灔瓿� 靺�頂勲敂霠夗嫲霌�/靻岆Г 攵�氍�鞚� 臧曧暅 鞁れ爜鞚� 靸侅梾 攵�氍胳潣 臧愳唽毳� 靸侅噭頄堨姷雼堧嫟. 須岇偓電� 鞎� 7鞏� 6,600毵� 雼煬鞚� 毵れ稖瓿� 1鞏� 7,000毵� 雼煬鞚� EBITDA毳� 2024雲勳棎 彀届稖頃� R.J. O'Brien瓿� 鞛愲掣鞁滌灔 鞐焿鞚� 臧曧檾頃橂姅 The Benchmark Company, LLC 霊� 瓯挫潣 欤检殧 鞚胳垬 鞕勲毳� 氚滍憸頄堨姷雼堧嫟.
攵勱赴鞐愲姅 鞚胳垬 甏�霠� 牍勳毄 890毵� 雼煬臧� 韽暔霅橃棃鞙茧┌, 鞚� 欷� 650毵� 雼煬電� 敫岆Μ歆�搿� 旮堨湹 牍勳毄, 240毵� 雼煬電� 鞝勲臧� 靾橃垬耄岆 攵勱赴 EPS毳� 鞎� 0.12雼煬 臧愳唽鞁滌及鞀惦媹雼�.
StoneX Group Inc. (NASDAQ : SNEX) a publi茅 ses r茅sultats du troisi猫me trimestre fiscal 2025 avec des revenus d'exploitation nets de 488,3 millions de dollars, en hausse de 4 % sur un an, et un b茅n茅fice net de 63,4 millions de dollars. La soci茅t茅 a r茅alis茅 un BPA dilu茅 trimestriel de 1,22 $ et un ROE de 13,1 %.
Le trimestre a 茅t茅 marqu茅 par une croissance significative du segment institutionnel et une solide performance du segment autonome/d茅tail, compensant les baisses dans les activit茅s commerciales. La soci茅t茅 a annonc茅 la finalisation de deux acquisitions majeures : R.J. O'Brien, qui a g茅n茅r茅 environ 766 millions de dollars de revenus et 170 millions d'EBITDA en 2024, et The Benchmark Company, LLC, renfor莽ant ainsi ses capacit茅s sur les march茅s des capitaux.
Le trimestre a inclus 8,9 millions de dollars de charges li茅es aux acquisitions, dont 6,5 millions de frais de financement de pr锚ts relais et 2,4 millions de frais professionnels, r茅duisant le BPA trimestriel d'environ 0,12 $.
StoneX Group Inc. (NASDAQ: SNEX) meldete seine Ergebnisse f眉r das dritte Quartal des Gesch盲ftsjahres 2025 mit Netto-Betriebserl枚sen von 488,3 Millionen US-Dollar, ein Anstieg von 4 % im Jahresvergleich, und einem Nettoeinkommen von 63,4 Millionen US-Dollar. Das Unternehmen erzielte ein verw盲ssertes Ergebnis je Aktie (EPS) von 1,22 US-Dollar und eine Eigenkapitalrendite (ROE) von 13,1 % im Quartal.
Das Quartal war gepr盲gt von einem deutlichen Wachstum im Institutionellen Segment und einer starken Leistung im Self-Directed/Einzelhandelssegment, die R眉ckg盲nge im Commercial-Gesch盲ft ausglichen. Das Unternehmen gab den Abschluss von zwei bedeutenden 脺bernahmen bekannt: R.J. O'Brien, das im Jahr 2024 etwa 766 Millionen US-Dollar Umsatz und 170 Millionen EBITDA erzielte, sowie The Benchmark Company, LLC, wodurch die Kapitalmarktkompetenzen gest盲rkt wurden.
Im Quartal fielen akquisitionsbedingte Aufwendungen in H枚he von 8,9 Millionen US-Dollar an, darunter 6,5 Millionen f眉r Br眉ckenfinanzierungskosten und 2,4 Millionen f眉r professionelle Geb眉hren, was das quartalsweise EPS um etwa 0,12 US-Dollar verringerte.
- Institutional segment showed significant revenue growth, particularly in equity markets
- Self-Directed/Retail segment revenue increased 19% year-over-year
- Strategic acquisition of R.J. O'Brien with $766M revenue and $170M EBITDA
- Securities business revenue grew 30% to $485.7 million
- Net income increased 2% despite acquisition-related charges
- Commercial segment revenue declined 14% due to reduced commodity volatility
- $8.9 million in acquisition-related charges impacted quarterly results
- Quarterly ROE decreased to 13.1% from 15.7% year-over-year
- Physical contracts revenue decreased 17% to $55.9 million
- Interest/fees earned on client balances declined 11% to $102.9 million
Insights
StoneX posted modest Q3 growth with mixed segment performance while completing significant acquisitions that strengthen its market position.
StoneX Group delivered 4% growth in quarterly net operating revenues to
Looking at segment performance, the Institutional segment showed remarkable strength with a
However, the Commercial segment struggled, with income declining
The quarter featured strategically important acquisitions that closed in July 2025: R.J. O'Brien, which generated approximately
StoneX maintained a solid ROE of
Quarterly Net Operating Revenues of
Quarterly Net Income of
Quarterly Diluted EPS of
NEW YORK, Aug. 05, 2025 (GLOBE NEWSWIRE) -- StoneX Group Inc. (the 鈥淐ompany鈥�; 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 third quarter ended June听30, 2025.
Sean O鈥機onnor, the Company鈥檚 Executive Vice-Chairman of the Board, stated, 鈥淭he diversity of our business model was on display in our third quarter results, as significant growth in our Institutional segment net operating revenues, most notably in equity markets, combined with a strong performance in our Self-Directed/Retail segment, more than offset declines in our Commercial businesses due to diminished commodity volatility and tariff related uncertainty. This resulted in modest growth in net income versus the prior year despite
We were excited to announce the closing of the acquisitions of R.J. O鈥橞rien and The Benchmark Company, LLC on July 31, 2025. R.J. O鈥橞rien, the oldest futures brokerage in the U.S., brings an attractive financial profile, having generated approximately
We believe that the ability to offer our expansive range of products to this newly acquired client base, as well as offering these expanded capabilities to our existing clients, positions us well to continue to drive results for our shareholders in the future.鈥�
StoneX Group Inc. Summary Financials
Condensed 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 鈥淪EC鈥�). Upon filing, the Quarterly Report on Form 10-Q will also be made available on the Company鈥檚 website at www.stonex.com.
| 听 | 听 | 听 | 听 | ||||||||||||||||||
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| (Unaudited) (in millions, except share and per share amounts) | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Revenues: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Sales of physical commodities | $ | 33,839.9 | 听 | 听 | $ | 26,196.2 | 听 | 听 | 29 | % | 听 | $ | 96,883.6 | 听 | 听 | $ | 66,339.0 | 听 | 听 | 46 | % |
| Principal gains, net | 听 | 334.0 | 听 | 听 | 听 | 305.6 | 听 | 听 | 9 | % | 听 | 听 | 943.4 | 听 | 听 | 听 | 881.2 | 听 | 听 | 7 | % |
| Commission and clearing fees | 听 | 166.0 | 听 | 听 | 听 | 143.0 | 听 | 听 | 16 | % | 听 | 听 | 479.6 | 听 | 听 | 听 | 408.9 | 听 | 听 | 17 | % |
| Consulting, management, and account fees | 听 | 46.2 | 听 | 听 | 听 | 45.3 | 听 | 听 | 2 | % | 听 | 听 | 138.3 | 听 | 听 | 听 | 124.0 | 听 | 听 | 12 | % |
| Interest income | 听 | 442.7 | 听 | 听 | 听 | 379.6 | 听 | 听 | 17 | % | 听 | 听 | 1,209.9 | 听 | 听 | 听 | 995.7 | 听 | 听 | 22 | % |
| Total revenues | 听 | 34,828.8 | 听 | 听 | 听 | 27,069.7 | 听 | 听 | 29 | % | 听 | 听 | 99,654.8 | 听 | 听 | 听 | 68,748.8 | 听 | 听 | 45 | % |
| Cost of sales of physical commodities | 听 | 33,804.5 | 听 | 听 | 听 | 26,156.0 | 听 | 听 | 29 | % | 听 | 听 | 96,730.2 | 听 | 听 | 听 | 66,232.7 | 听 | 听 | 46 | % |
| Operating revenues | 听 | 1,024.3 | 听 | 听 | 听 | 913.7 | 听 | 听 | 12 | % | 听 | 听 | 2,924.6 | 听 | 听 | 听 | 2,516.1 | 听 | 听 | 16 | % |
| Transaction-based clearing expenses | 听 | 94.9 | 听 | 听 | 听 | 81.0 | 听 | 听 | 17 | % | 听 | 听 | 273.2 | 听 | 听 | 听 | 233.8 | 听 | 听 | 17 | % |
| Introducing broker commissions | 听 | 49.7 | 听 | 听 | 听 | 43.1 | 听 | 听 | 15 | % | 听 | 听 | 139.5 | 听 | 听 | 听 | 124.2 | 听 | 听 | 12 | % |
| Interest expense | 听 | 371.3 | 听 | 听 | 听 | 297.0 | 听 | 听 | 25 | % | 听 | 听 | 994.1 | 听 | 听 | 听 | 792.2 | 听 | 听 | 25 | % |
| Interest expense on corporate funding | 听 | 20.1 | 听 | 听 | 听 | 24.1 | 听 | 听 | (17 | )% | 听 | 听 | 50.1 | 听 | 听 | 听 | 53.5 | 听 | 听 | (6 | )% |
| Net operating revenues | 听 | 488.3 | 听 | 听 | 听 | 468.5 | 听 | 听 | 4 | % | 听 | 听 | 1,467.7 | 听 | 听 | 听 | 1,312.4 | 听 | 听 | 12 | % |
| Compensation and other expenses: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Variable compensation and benefits | 听 | 143.9 | 听 | 听 | 听 | 140.6 | 听 | 听 | 2 | % | 听 | 听 | 423.9 | 听 | 听 | 听 | 386.2 | 听 | 听 | 10 | % |
| Fixed compensation and benefits | 听 | 123.4 | 听 | 听 | 听 | 116.9 | 听 | 听 | 6 | % | 听 | 听 | 363.0 | 听 | 听 | 听 | 323.8 | 听 | 听 | 12 | % |
| Trading systems and market information | 听 | 21.3 | 听 | 听 | 听 | 20.1 | 听 | 听 | 6 | % | 听 | 听 | 60.8 | 听 | 听 | 听 | 58.2 | 听 | 听 | 4 | % |
| Professional fees | 听 | 23.9 | 听 | 听 | 听 | 20.0 | 听 | 听 | 20 | % | 听 | 听 | 59.4 | 听 | 听 | 听 | 55.0 | 听 | 听 | 8 | % |
| Non-trading technology and support | 听 | 21.1 | 听 | 听 | 听 | 18.7 | 听 | 听 | 13 | % | 听 | 听 | 61.7 | 听 | 听 | 听 | 53.6 | 听 | 听 | 15 | % |
| Occupancy and equipment rental | 听 | 14.3 | 听 | 听 | 听 | 13.5 | 听 | 听 | 6 | % | 听 | 听 | 40.4 | 听 | 听 | 听 | 34.8 | 听 | 听 | 16 | % |
| Selling and marketing | 听 | 13.0 | 听 | 听 | 听 | 12.8 | 听 | 听 | 2 | % | 听 | 听 | 38.4 | 听 | 听 | 听 | 40.1 | 听 | 听 | (4 | )% |
| Travel and business development | 听 | 7.9 | 听 | 听 | 听 | 6.9 | 听 | 听 | 14 | % | 听 | 听 | 23.4 | 听 | 听 | 听 | 21.1 | 听 | 听 | 11 | % |
| Communications | 听 | 2.2 | 听 | 听 | 听 | 1.9 | 听 | 听 | 16 | % | 听 | 听 | 6.4 | 听 | 听 | 听 | 6.4 | 听 | 听 | 鈥� | % |
| Depreciation and amortization | 听 | 14.9 | 听 | 听 | 听 | 12.3 | 听 | 听 | 21 | % | 听 | 听 | 46.2 | 听 | 听 | 听 | 35.8 | 听 | 听 | 29 | % |
| Bad debts (recoveries), net | 听 | 0.4 | 听 | 听 | 听 | 0.5 | 听 | 听 | (20 | )% | 听 | 听 | 2.3 | 听 | 听 | 听 | (0.2 | ) | 听 | n/m | |
| Other | 听 | 15.1 | 听 | 听 | 听 | 18.1 | 听 | 听 | (17 | )% | 听 | 听 | 46.6 | 听 | 听 | 听 | 50.3 | 听 | 听 | (7 | )% |
| Total compensation and other expenses | 听 | 401.4 | 听 | 听 | 听 | 382.3 | 听 | 听 | 5 | % | 听 | 听 | 1,172.5 | 听 | 听 | 听 | 1,065.1 | 听 | 听 | 10 | % |
| Other (loss) gains, net | 听 | (1.3 | ) | 听 | 听 | 1.8 | 听 | 听 | n/m | 听 | 听 | 4.4 | 听 | 听 | 听 | 8.7 | 听 | 听 | (49 | )% | |
| Income before tax | 听 | 85.6 | 听 | 听 | 听 | 88.0 | 听 | 听 | (3 | )% | 听 | 听 | 299.6 | 听 | 听 | 听 | 256.0 | 听 | 听 | 17 | % |
| Income tax expense | 听 | 22.2 | 听 | 听 | 听 | 26.1 | 听 | 听 | (15 | )% | 听 | 听 | 79.4 | 听 | 听 | 听 | 71.9 | 听 | 听 | 10 | % |
| Net income | $ | 63.4 | 听 | 听 | $ | 61.9 | 听 | 听 | 2 | % | 听 | $ | 220.2 | 听 | 听 | $ | 184.1 | 听 | 听 | 20 | % |
| Earnings per share:(1) | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Basic | $ | 1.29 | 听 | 听 | $ | 1.30 | 听 | 听 | (1 | )% | 听 | $ | 4.55 | 听 | 听 | $ | 3.89 | 听 | 听 | 17 | % |
| Diluted | $ | 1.22 | 听 | 听 | $ | 1.25 | 听 | 听 | (2 | )% | 听 | $ | 4.32 | 听 | 听 | $ | 3.76 | 听 | 听 | 15 | % |
| Weighted-average number of common shares outstanding:(1) | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Basic | 听 | 47,115,819 | 听 | 听 | 听 | 45,964,905 | 听 | 听 | 3 | % | 听 | 听 | 46,773,656 | 听 | 听 | 听 | 45,673,929 | 听 | 听 | 2 | % |
| Diluted | 听 | 49,952,164 | 听 | 听 | 听 | 47,614,548 | 听 | 听 | 5 | % | 听 | 听 | 49,302,730 | 听 | 听 | 听 | 47,231,055 | 听 | 听 | 4 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Return on equity (鈥淩OE鈥�)(2) | 听 | 13.1 | % | 听 | 听 | 15.7 | % | 听 | 听 | 听 | 听 | 15.9 | % | 听 | 听 | 16.4 | % | 听 | 听 | ||
| ROE on tangible book value(2) | 听 | 13.8 | % | 听 | 听 | 16.5 | % | 听 | 听 | 听 | 听 | 16.7 | % | 听 | 听 | 17.4 | % | 听 | 听 | ||
| n/m = not meaningful to present as a percentage | |||||||||||||||||||||
| (1) | On March 21, 2025, the Company effected a three-for-two stock dividend to stockholders of record as of March 11, 2025. 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 average stockholders鈥� equity. For the calculation of ROE on tangible book value, the amount of goodwill and intangibles, net is excluded from stockholders鈥� equity. |
| 听 | 听 |
The following table presents our consolidated operating revenues by segment for the periods indicated.
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| (in millions) | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Segment operating revenues represented by: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Commercial | $ | 225.8 | 听 | 听 | $ | 262.2 | 听 | 听 | (14 | )% | 听 | $ | 706.7 | 听 | 听 | $ | 661.1 | 听 | 听 | 7 | % |
| Institutional | 听 | 626.0 | 听 | 听 | 听 | 508.9 | 听 | 听 | 23 | % | 听 | 听 | 1,726.8 | 听 | 听 | 听 | 1,408.0 | 听 | 听 | 23 | % |
| Self-Directed/Retail | 听 | 114.2 | 听 | 听 | 听 | 96.2 | 听 | 听 | 19 | % | 听 | 听 | 331.7 | 听 | 听 | 听 | 290.7 | 听 | 听 | 14 | % |
| Payments | 听 | 53.3 | 听 | 听 | 听 | 51.1 | 听 | 听 | 4 | % | 听 | 听 | 161.7 | 听 | 听 | 听 | 161.0 | 听 | 听 | 鈥� | % |
| Corporate | 听 | 15.7 | 听 | 听 | 听 | 8.3 | 听 | 听 | 89 | % | 听 | 听 | 43.5 | 听 | 听 | 听 | 31.9 | 听 | 听 | 36 | % |
| Eliminations | 听 | (10.7 | ) | 听 | 听 | (13.0 | ) | 听 | (18 | )% | 听 | 听 | (45.8 | ) | 听 | 听 | (36.6 | ) | 听 | 25 | % |
| Operating revenues | $ | 1,024.3 | 听 | 听 | $ | 913.7 | 听 | 听 | 12 | % | 听 | $ | 2,924.6 | 听 | 听 | $ | 2,516.1 | 听 | 听 | 16 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
The following table presents our consolidated income by segment for the periods indicated.
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| (in millions) | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Segment income represented by: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Commercial | $ | 80.2 | 听 | 听 | $ | 125.7 | 听 | 听 | (36 | )% | 听 | $ | 279.1 | 听 | 听 | $ | 298.5 | 听 | 听 | (6 | )% |
| Institutional | 听 | 87.4 | 听 | 听 | 听 | 62.2 | 听 | 听 | 41 | % | 听 | 听 | 252.0 | 听 | 听 | 听 | 188.7 | 听 | 听 | 34 | % |
| Self-Directed/Retail | 听 | 41.2 | 听 | 听 | 听 | 27.6 | 听 | 听 | 49 | % | 听 | 听 | 120.1 | 听 | 听 | 听 | 89.5 | 听 | 听 | 34 | % |
| Payments | 听 | 28.1 | 听 | 听 | 听 | 28.2 | 听 | 听 | 鈥� | % | 听 | 听 | 86.7 | 听 | 听 | 听 | 87.8 | 听 | 听 | (1 | )% |
| Total segment income | $ | 236.9 | 听 | 听 | $ | 243.7 | 听 | 听 | (3 | )% | 听 | $ | 737.9 | 听 | 听 | $ | 664.5 | 听 | 听 | 11 | % |
| Reconciliation of segment income to income before tax: | 听 | 听 | 听 | 听 | 听 | 听 | |||||||||||||||
| Segment income | $ | 236.9 | 听 | 听 | $ | 243.7 | 听 | 听 | (3 | )% | 听 | $ | 737.9 | 听 | 听 | $ | 664.5 | 听 | 听 | 11 | % |
| Net operating loss within Corporate (1) | 听 | (10.9 | ) | 听 | 听 | (26.9 | ) | 听 | (59 | )% | 听 | 听 | (40.6 | ) | 听 | 听 | (55.3 | ) | 听 | (27 | )% |
| Overhead costs and expenses | 听 | (140.4 | ) | 听 | 听 | (128.8 | ) | 听 | 9 | % | 听 | 听 | (397.7 | ) | 听 | 听 | (353.2 | ) | 听 | 13 | % |
| Income before tax | $ | 85.6 | 听 | 听 | $ | 88.0 | 听 | 听 | (3 | )% | 听 | $ | 299.6 | 听 | 听 | $ | 256.0 | 听 | 听 | 17 | % |
| (1) | Includes interest expense on corporate funding. |
| 听 | 听 |
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.
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| 听 | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Operating Revenues (in millions): | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Listed derivatives | $ | 126.4 | 听 | 听 | $ | 130.5 | 听 | 听 | (3 | )% | 听 | $ | 366.6 | 听 | 听 | $ | 351.4 | 听 | 听 | 4 | % |
| Over-the-counter (鈥淥TC鈥�) derivatives | 听 | 58.9 | 听 | 听 | 听 | 66.2 | 听 | 听 | (11 | )% | 听 | 听 | 155.8 | 听 | 听 | 听 | 163.7 | 听 | 听 | (5 | )% |
| Securities | 听 | 485.7 | 听 | 听 | 听 | 374.0 | 听 | 听 | 30 | % | 听 | 听 | 1,314.2 | 听 | 听 | 听 | 1,030.9 | 听 | 听 | 27 | % |
| FX/Contracts for difference (鈥淐FD鈥�) contracts | 听 | 87.4 | 听 | 听 | 听 | 76.5 | 听 | 听 | 14 | % | 听 | 听 | 256.9 | 听 | 听 | 听 | 231.4 | 听 | 听 | 11 | % |
| Payments | 听 | 52.3 | 听 | 听 | 听 | 50.0 | 听 | 听 | 5 | % | 听 | 听 | 158.3 | 听 | 听 | 听 | 157.8 | 听 | 听 | 鈥� | % |
| Physical contracts | 听 | 55.9 | 听 | 听 | 听 | 67.3 | 听 | 听 | (17 | )% | 听 | 听 | 221.1 | 听 | 听 | 听 | 164.6 | 听 | 听 | 34 | % |
| Interest/fees earned on client balances | 听 | 102.9 | 听 | 听 | 听 | 115.9 | 听 | 听 | (11 | )% | 听 | 听 | 312.2 | 听 | 听 | 听 | 318.5 | 听 | 听 | (2 | )% |
| Other | 听 | 49.8 | 听 | 听 | 听 | 38.0 | 听 | 听 | 31 | % | 听 | 听 | 141.8 | 听 | 听 | 听 | 102.5 | 听 | 听 | 38 | % |
| Corporate | 听 | 15.7 | 听 | 听 | 听 | 8.3 | 听 | 听 | 89 | % | 听 | 听 | 43.5 | 听 | 听 | 听 | 31.9 | 听 | 听 | 36 | % |
| Eliminations | 听 | (10.7 | ) | 听 | 听 | (13.0 | ) | 听 | (18 | )% | 听 | 听 | (45.8 | ) | 听 | 听 | (36.6 | ) | 听 | 25 | % |
| 听 | $ | 1,024.3 | 听 | 听 | $ | 913.7 | 听 | 听 | 12 | % | 听 | $ | 2,924.6 | 听 | 听 | $ | 2,516.1 | 听 | 听 | 16 | % |
| Volumes and Other Select Data: | 听 | 听 | 听 | 听 | 听 | 听 | |||||||||||||||
| Listed derivatives (contracts, 000鈥檚) | 听 | 56,759 | 听 | 听 | 听 | 52,736 | 听 | 听 | 8 | % | 听 | 听 | 171,092 | 听 | 听 | 听 | 157,299 | 听 | 听 | 9 | % |
| Listed derivatives, average rate per contract (鈥淩PC鈥�)(1) | $ | 2.13 | 听 | 听 | $ | 2.39 | 听 | 听 | (11 | )% | 听 | $ | 2.06 | 听 | 听 | $ | 2.13 | 听 | 听 | (3 | )% |
| Average client equity - listed derivatives (millions) | $ | 6,558 | 听 | 听 | $ | 5,957 | 听 | 听 | 10 | % | 听 | $ | 6,606 | 听 | 听 | $ | 6,063 | 听 | 听 | 9 | % |
| OTC derivatives (contracts, 000鈥檚) | 听 | 1,018 | 听 | 听 | 听 | 959 | 听 | 听 | 6 | % | 听 | 听 | 2,774 | 听 | 听 | 听 | 2,584 | 听 | 听 | 7 | % |
| OTC derivatives, average RPC | $ | 58.06 | 听 | 听 | $ | 69.03 | 听 | 听 | (16 | )% | 听 | $ | 56.68 | 听 | 听 | $ | 63.53 | 听 | 听 | (11 | )% |
| Securities average daily volume (鈥淎DV鈥�) (millions) | $ | 9,219 | 听 | 听 | $ | 7,358 | 听 | 听 | 25 | % | 听 | $ | 8,953 | 听 | 听 | $ | 7,013 | 听 | 听 | 28 | % |
| Securities rate per million (鈥淩PM鈥�) (2) | $ | 276 | 听 | 听 | $ | 239 | 听 | 听 | 15 | % | 听 | $ | 264 | 听 | 听 | $ | 256 | 听 | 听 | 3 | % |
| Average money market/FDIC sweep client balances (millions) | $ | 1,208 | 听 | 听 | $ | 968 | 听 | 听 | 25 | % | 听 | $ | 1,229 | 听 | 听 | $ | 1,025 | 听 | 听 | 20 | % |
| FX/CFD contracts ADV (millions) | $ | 12,190 | 听 | 听 | $ | 10,861 | 听 | 听 | 12 | % | 听 | $ | 11,805 | 听 | 听 | $ | 10,744 | 听 | 听 | 10 | % |
| FX/CFD contracts RPM | $ | 111 | 听 | 听 | $ | 111 | 听 | 听 | 鈥� | % | 听 | $ | 114 | 听 | 听 | $ | 113 | 听 | 听 | 1 | % |
| Payments ADV (millions) | $ | 80 | 听 | 听 | $ | 69 | 听 | 听 | 16 | % | 听 | $ | 81 | 听 | 听 | $ | 69 | 听 | 听 | 17 | % |
| Payments RPM | $ | 10,614 | 听 | 听 | $ | 11,264 | 听 | 听 | (6 | )% | 听 | $ | 10,515 | 听 | 听 | $ | 12,053 | 听 | 听 | (13 | )% |
| (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. |
| 听 | 听 |
Interest expense
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| (in millions) | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Interest expense attributable to: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Trading activities: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Institutional dealer in fixed income securities | $ | 295.5 | 听 | 听 | $ | 229.1 | 听 | 听 | 29 | % | 听 | $ | 751.7 | 听 | 听 | $ | 599.2 | 听 | 听 | 25 | % |
| Securities borrowing | 听 | 25.0 | 听 | 听 | 听 | 16.6 | 听 | 听 | 51 | % | 听 | 听 | 68.4 | 听 | 听 | 听 | 45.2 | 听 | 听 | 51 | % |
| Client balances on deposit | 听 | 34.8 | 听 | 听 | 听 | 31.7 | 听 | 听 | 10 | % | 听 | 听 | 99.7 | 听 | 听 | 听 | 99.4 | 听 | 听 | 鈥� | % |
| Short-term financing facilities of subsidiaries and other direct interest of operating segments | 听 | 16.0 | 听 | 听 | 听 | 19.6 | 听 | 听 | (18 | )% | 听 | 听 | 74.3 | 听 | 听 | 听 | 48.4 | 听 | 听 | 54 | % |
| 听 | 听 | 371.3 | 听 | 听 | 听 | 297.0 | 听 | 听 | 25 | % | 听 | 听 | 994.1 | 听 | 听 | 听 | 792.2 | 听 | 听 | 25 | % |
| Corporate funding | 听 | 20.1 | 听 | 听 | 听 | 24.1 | 听 | 听 | (17 | )% | 听 | 听 | 50.1 | 听 | 听 | 听 | 53.5 | 听 | 听 | (6 | )% |
| Total interest expense | $ | 391.4 | 听 | 听 | $ | 321.1 | 听 | 听 | 22 | % | 听 | $ | 1,044.2 | 听 | 听 | $ | 845.7 | 听 | 听 | 23 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
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.
During the three months ended June 30, 2025, interest expense attributable to corporate funding included
During the three months ended June 30, 2024, interest expense attributable to corporate funding included incremental interest from our March 1, 2024 issuance of the Senior Secured Notes due 2031. While funds from the issuance of the Senior Secured Notes due 2031 were used to redeem the Senior Secured Notes due 2025, the redemption did not occur until June 17, 2024, in order to allow us to redeem those notes at par. At the redemption of the Senior Secured Notes due 2025, we also recognized a
Net Operating Revenues
The table below presents a disaggregation of consolidated net operating revenues used by management in evaluating our performance, for the periods indicated:
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| 听 | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Net Operating Revenues (in millions): | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Listed derivatives | $ | 56.9 | 听 | 听 | $ | 65.3 | 听 | 听 | (13 | )% | 听 | $ | 167.1 | 听 | 听 | $ | 163.9 | 听 | 听 | 2 | % |
| OTC derivatives | 听 | 58.8 | 听 | 听 | 听 | 66.2 | 听 | 听 | (11 | )% | 听 | 听 | 155.6 | 听 | 听 | 听 | 163.6 | 听 | 听 | (5 | )% |
| Securities | 听 | 125.5 | 听 | 听 | 听 | 86.2 | 听 | 听 | 46 | % | 听 | 听 | 348.1 | 听 | 听 | 听 | 270.7 | 听 | 听 | 29 | % |
| FX/CFD contracts | 听 | 77.4 | 听 | 听 | 听 | 67.6 | 听 | 听 | 14 | % | 听 | 听 | 230.2 | 听 | 听 | 听 | 205.6 | 听 | 听 | 12 | % |
| Payments | 听 | 49.1 | 听 | 听 | 听 | 47.5 | 听 | 听 | 3 | % | 听 | 听 | 149.8 | 听 | 听 | 听 | 150.4 | 听 | 听 | 鈥� | % |
| Physical contracts | 听 | 33.3 | 听 | 听 | 听 | 55.8 | 听 | 听 | (40 | )% | 听 | 听 | 159.0 | 听 | 听 | 听 | 134.6 | 听 | 听 | 18 | % |
| Interest, net / fees earned on client balances | 听 | 73.9 | 听 | 听 | 听 | 86.4 | 听 | 听 | (14 | )% | 听 | 听 | 225.8 | 听 | 听 | 听 | 223.4 | 听 | 听 | 1 | % |
| Other | 听 | 24.3 | 听 | 听 | 听 | 20.4 | 听 | 听 | 19 | % | 听 | 听 | 72.7 | 听 | 听 | 听 | 55.5 | 听 | 听 | 31 | % |
| Corporate | 听 | (10.9 | ) | 听 | 听 | (26.9 | ) | 听 | (59 | )% | 听 | 听 | (40.6 | ) | 听 | 听 | (55.3 | ) | 听 | (27 | )% |
| 听 | $ | 488.3 | 听 | 听 | $ | 468.5 | 听 | 听 | 4 | % | 听 | $ | 1,467.7 | 听 | 听 | $ | 1,312.4 | 听 | 听 | 12 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
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.
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||||||||
| (in millions) | 2025 | 听 | % of Total | 听 | 2024 | 听 | % of Total | 听 | 2025 | 听 | % of Total | 听 | 2024 | 听 | % of Total | ||||||||||||
| Variable compensation and benefits | $ | 143.9 | 听 | 听 | 26 | % | 听 | $ | 140.6 | 听 | 听 | 28 | % | 听 | $ | 423.9 | 听 | 听 | 27 | % | 听 | $ | 386.2 | 听 | 听 | 27 | % |
| Transaction-based clearing expenses | 听 | 94.9 | 听 | 听 | 18 | % | 听 | 听 | 81.0 | 听 | 听 | 16 | % | 听 | 听 | 273.2 | 听 | 听 | 17 | % | 听 | 听 | 233.8 | 听 | 听 | 16 | % |
| Introducing broker commissions | 听 | 49.7 | 听 | 听 | 9 | % | 听 | 听 | 43.1 | 听 | 听 | 8 | % | 听 | 听 | 139.5 | 听 | 听 | 9 | % | 听 | 听 | 124.2 | 听 | 听 | 9 | % |
| Total variable expenses | 听 | 288.5 | 听 | 听 | 53 | % | 听 | 听 | 264.7 | 听 | 听 | 52 | % | 听 | 听 | 836.6 | 听 | 听 | 53 | % | 听 | 听 | 744.2 | 听 | 听 | 52 | % |
| Fixed compensation and benefits | 听 | 123.4 | 听 | 听 | 23 | % | 听 | 听 | 116.9 | 听 | 听 | 23 | % | 听 | 听 | 363.0 | 听 | 听 | 23 | % | 听 | 听 | 323.8 | 听 | 听 | 23 | % |
| Other fixed expenses | 听 | 133.7 | 听 | 听 | 24 | % | 听 | 听 | 124.3 | 听 | 听 | 25 | % | 听 | 听 | 383.3 | 听 | 听 | 24 | % | 听 | 听 | 355.3 | 听 | 听 | 25 | % |
| Bad debts (recoveries), net | 听 | 0.4 | 听 | 听 | 鈥� | % | 听 | 听 | 0.5 | 听 | 听 | 鈥� | % | 听 | 听 | 2.3 | 听 | 听 | 鈥� | % | 听 | 听 | (0.2 | ) | 听 | 鈥� | % |
| Total non-variable expenses | 听 | 257.5 | 听 | 听 | 47 | % | 听 | 听 | 241.7 | 听 | 听 | 48 | % | 听 | 听 | 748.6 | 听 | 听 | 47 | % | 听 | 听 | 678.9 | 听 | 听 | 48 | % |
| Total non-interest expenses | $ | 546.0 | 听 | 听 | 100 | % | 听 | $ | 506.4 | 听 | 听 | 100 | % | 听 | $ | 1,585.2 | 听 | 听 | 100 | % | 听 | $ | 1,423.1 | 听 | 听 | 100 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
Other (Loss) Gains, net
The results of the three months ended June听30, 2025 included a
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. 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
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| (in millions) | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Revenues: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Sales of physical commodities | $ | 33,828.7 | 听 | 听 | $ | 26,186.1 | 听 | 听 | 29 | % | 听 | $ | 96,817.9 | 听 | 听 | $ | 66,305.6 | 听 | 听 | 46 | % |
| Principal gains, net | 听 | 96.0 | 听 | 听 | 听 | 113.7 | 听 | 听 | (16 | )% | 听 | 听 | 252.8 | 听 | 听 | 听 | 264.5 | 听 | 听 | (4 | )% |
| Commission and clearing fees | 听 | 55.1 | 听 | 听 | 听 | 52.3 | 听 | 听 | 5 | % | 听 | 听 | 158.1 | 听 | 听 | 听 | 143.6 | 听 | 听 | 10 | % |
| Consulting, management and account fees | 听 | 6.1 | 听 | 听 | 听 | 7.1 | 听 | 听 | (14 | )% | 听 | 听 | 19.2 | 听 | 听 | 听 | 20.0 | 听 | 听 | (4 | )% |
| Interest income | 听 | 42.9 | 听 | 听 | 听 | 51.1 | 听 | 听 | (16 | )% | 听 | 听 | 141.8 | 听 | 听 | 听 | 133.7 | 听 | 听 | 6 | % |
| Total revenues | 听 | 34,028.8 | 听 | 听 | 听 | 26,410.3 | 听 | 听 | 29 | % | 听 | 听 | 97,389.8 | 听 | 听 | 听 | 66,867.4 | 听 | 听 | 46 | % |
| Cost of sales of physical commodities | 听 | 33,803.0 | 听 | 听 | 听 | 26,148.1 | 听 | 听 | 29 | % | 听 | 听 | 96,683.1 | 听 | 听 | 听 | 66,206.3 | 听 | 听 | 46 | % |
| Operating revenues | 听 | 225.8 | 听 | 听 | 听 | 262.2 | 听 | 听 | (14 | )% | 听 | 听 | 706.7 | 听 | 听 | 听 | 661.1 | 听 | 听 | 7 | % |
| Transaction-based clearing expenses | 听 | 21.5 | 听 | 听 | 听 | 19.0 | 听 | 听 | 13 | % | 听 | 听 | 58.2 | 听 | 听 | 听 | 51.7 | 听 | 听 | 13 | % |
| Introducing broker commissions | 听 | 12.8 | 听 | 听 | 听 | 11.7 | 听 | 听 | 9 | % | 听 | 听 | 37.2 | 听 | 听 | 听 | 33.0 | 听 | 听 | 13 | % |
| Interest expense | 听 | 23.2 | 听 | 听 | 听 | 11.0 | 听 | 听 | 111 | % | 听 | 听 | 60.5 | 听 | 听 | 听 | 28.3 | 听 | 听 | 114 | % |
| Net operating revenues | 听 | 168.3 | 听 | 听 | 听 | 220.5 | 听 | 听 | (24 | )% | 听 | 听 | 550.8 | 听 | 听 | 听 | 548.1 | 听 | 听 | 鈥� | % |
| Variable compensation and benefits | 听 | 44.0 | 听 | 听 | 听 | 51.8 | 听 | 听 | (15 | )% | 听 | 听 | 140.9 | 听 | 听 | 听 | 133.7 | 听 | 听 | 5 | % |
| Net contribution | 听 | 124.3 | 听 | 听 | 听 | 168.7 | 听 | 听 | (26 | )% | 听 | 听 | 409.9 | 听 | 听 | 听 | 414.4 | 听 | 听 | (1 | )% |
| Fixed compensation and benefits | 听 | 19.9 | 听 | 听 | 听 | 19.5 | 听 | 听 | 2 | % | 听 | 听 | 56.6 | 听 | 听 | 听 | 51.5 | 听 | 听 | 10 | % |
| Other fixed expenses | 听 | 25.2 | 听 | 听 | 听 | 23.5 | 听 | 听 | 7 | % | 听 | 听 | 74.3 | 听 | 听 | 听 | 71.3 | 听 | 听 | 4 | % |
| Bad debts (recoveries), net | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 鈥� | % | 听 | 听 | 0.9 | 听 | 听 | 听 | 鈥� | 听 | 听 | n/m | |
| Non-variable direct expenses | 听 | 45.1 | 听 | 听 | 听 | 43.0 | 听 | 听 | 5 | % | 听 | 听 | 131.8 | 听 | 听 | 听 | 122.8 | 听 | 听 | 7 | % |
| Other gains | 听 | 1.0 | 听 | 听 | 听 | 鈥� | 听 | 听 | n/m | 听 | 听 | 1.0 | 听 | 听 | 听 | 6.9 | 听 | 听 | (86 | )% | |
| Segment income | 听 | 80.2 | 听 | 听 | 听 | 125.7 | 听 | 听 | (36 | )% | 听 | 听 | 279.1 | 听 | 听 | 听 | 298.5 | 听 | 听 | (6 | )% |
| Allocation of overhead costs | 听 | 9.8 | 听 | 听 | 听 | 8.9 | 听 | 听 | 10 | % | 听 | 听 | 29.4 | 听 | 听 | 听 | 26.6 | 听 | 听 | 11 | % |
| Segment income, less allocation of overhead costs | $ | 70.4 | 听 | 听 | $ | 116.8 | 听 | 听 | (40 | )% | 听 | $ | 249.7 | 听 | 听 | $ | 271.9 | 听 | 听 | (8 | )% |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| 听 | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Operating Revenues (in millions): | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Listed derivatives | $ | 72.7 | 听 | 听 | $ | 78.6 | 听 | 听 | (8 | )% | 听 | $ | 210.4 | 听 | 听 | $ | 197.1 | 听 | 听 | 7 | % |
| OTC derivatives | 听 | 58.9 | 听 | 听 | 听 | 66.2 | 听 | 听 | (11 | )% | 听 | 听 | 155.8 | 听 | 听 | 听 | 163.7 | 听 | 听 | (5 | )% |
| Physical contracts | 听 | 52.4 | 听 | 听 | 听 | 65.3 | 听 | 听 | (20 | )% | 听 | 听 | 213.9 | 听 | 听 | 听 | 159.8 | 听 | 听 | 34 | % |
| Interest/fees earned on client balances | 听 | 35.4 | 听 | 听 | 听 | 45.2 | 听 | 听 | (22 | )% | 听 | 听 | 106.7 | 听 | 听 | 听 | 120.5 | 听 | 听 | (11 | )% |
| Other | 听 | 6.4 | 听 | 听 | 听 | 6.9 | 听 | 听 | (7 | )% | 听 | 听 | 19.9 | 听 | 听 | 听 | 20.0 | 听 | 听 | (1 | )% |
| 听 | $ | 225.8 | 听 | 听 | $ | 262.2 | 听 | 听 | (14 | )% | 听 | $ | 706.7 | 听 | 听 | $ | 661.1 | 听 | 听 | 7 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Volumes and Other Select Data: | 听 | 听 | |||||||||||||||||||
| Listed derivatives (contracts, 000鈥檚) | 听 | 13,081 | 听 | 听 | 听 | 10,547 | 听 | 听 | 24 | % | 听 | 听 | 35,124 | 听 | 听 | 听 | 29,704 | 听 | 听 | 18 | % |
| Listed derivatives, average RPC (1) | $ | 5.33 | 听 | 听 | $ | 7.21 | 听 | 听 | (26 | )% | 听 | $ | 5.77 | 听 | 听 | $ | 6.39 | 听 | 听 | (10 | )% |
| Average client equity - listed derivatives (millions) | $ | 1,734 | 听 | 听 | $ | 1,751 | 听 | 听 | (1 | )% | 听 | $ | 1,732 | 听 | 听 | $ | 1,712 | 听 | 听 | 1 | % |
| OTC derivatives (contracts, 000鈥檚) | 听 | 1,018 | 听 | 听 | 听 | 959 | 听 | 听 | 6 | % | 听 | 听 | 2,774 | 听 | 听 | 听 | 2,584 | 听 | 听 | 7 | % |
| OTC derivatives, average RPC | $ | 58.06 | 听 | 听 | $ | 69.03 | 听 | 听 | (16 | )% | 听 | $ | 56.68 | 听 | 听 | $ | 63.53 | 听 | 听 | (11 | )% |
| (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. |
| 听 | 听 |
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| 听 | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Net Operating Revenues (in millions): | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Listed derivatives | $ | 42.3 | 听 | 听 | $ | 51.9 | 听 | 听 | (18 | )% | 听 | $ | 126.2 | 听 | 听 | $ | 123.0 | 听 | 听 | 3 | % |
| OTC derivatives | 听 | 58.8 | 听 | 听 | 听 | 66.2 | 听 | 听 | (11 | )% | 听 | 听 | 155.6 | 听 | 听 | 听 | 163.6 | 听 | 听 | (5 | )% |
| Physical contracts | 听 | 30.1 | 听 | 听 | 听 | 53.8 | 听 | 听 | (44 | )% | 听 | 听 | 152.5 | 听 | 听 | 听 | 130.1 | 听 | 听 | 17 | % |
| Interest/fees earned on client balances | 听 | 30.7 | 听 | 听 | 听 | 42.1 | 听 | 听 | (27 | )% | 听 | 听 | 96.6 | 听 | 听 | 听 | 111.6 | 听 | 听 | (13 | )% |
| Other | 听 | 6.4 | 听 | 听 | 听 | 6.5 | 听 | 听 | (2 | )% | 听 | 听 | 19.9 | 听 | 听 | 听 | 19.8 | 听 | 听 | 1 | % |
| 听 | $ | 168.3 | 听 | 听 | $ | 220.5 | 听 | 听 | (24 | )% | 听 | $ | 550.8 | 听 | 听 | $ | 548.1 | 听 | 听 | 鈥� | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
Institutional
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| (in millions) | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Revenues: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Sales of physical commodities | $ | 鈥� | 听 | 听 | $ | 鈥� | 听 | 听 | 鈥� | % | 听 | $ | 鈥� | 听 | 听 | $ | 鈥� | 听 | 听 | 鈥� | % |
| Principal gains, net | 听 | 115.6 | 听 | 听 | 听 | 89.2 | 听 | 听 | 30 | % | 听 | 听 | 332.1 | 听 | 听 | 听 | 290.0 | 听 | 听 | 15 | % |
| Commission and clearing fees | 听 | 97.2 | 听 | 听 | 听 | 77.6 | 听 | 听 | 25 | % | 听 | 听 | 278.3 | 听 | 听 | 听 | 225.7 | 听 | 听 | 23 | % |
| Consulting, management and account fees | 听 | 20.6 | 听 | 听 | 听 | 21.0 | 听 | 听 | (2 | )% | 听 | 听 | 61.4 | 听 | 听 | 听 | 56.0 | 听 | 听 | 10 | % |
| Interest income | 听 | 392.6 | 听 | 听 | 听 | 321.1 | 听 | 听 | 22 | % | 听 | 听 | 1,055.0 | 听 | 听 | 听 | 836.3 | 听 | 听 | 26 | % |
| Total revenues | 听 | 626.0 | 听 | 听 | 听 | 508.9 | 听 | 听 | 23 | % | 听 | 听 | 1,726.8 | 听 | 听 | 听 | 1,408.0 | 听 | 听 | 23 | % |
| Cost of sales of physical commodities | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 鈥� | % | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 鈥� | % |
| Operating revenues | 听 | 626.0 | 听 | 听 | 听 | 508.9 | 听 | 听 | 23 | % | 听 | 听 | 1,726.8 | 听 | 听 | 听 | 1,408.0 | 听 | 听 | 23 | % |
| Transaction-based clearing expenses | 听 | 67.5 | 听 | 听 | 听 | 57.3 | 听 | 听 | 18 | % | 听 | 听 | 197.6 | 听 | 听 | 听 | 166.2 | 听 | 听 | 19 | % |
| Introducing broker commissions | 听 | 7.8 | 听 | 听 | 听 | 8.6 | 听 | 听 | (9 | )% | 听 | 听 | 23.1 | 听 | 听 | 听 | 24.3 | 听 | 听 | (5 | )% |
| Interest expense | 听 | 350.6 | 听 | 听 | 听 | 285.3 | 听 | 听 | 23 | % | 听 | 听 | 941.0 | 听 | 听 | 听 | 761.4 | 听 | 听 | 24 | % |
| Net operating revenues | 听 | 200.1 | 听 | 听 | 听 | 157.7 | 听 | 听 | 27 | % | 听 | 听 | 565.1 | 听 | 听 | 听 | 456.1 | 听 | 听 | 24 | % |
| Variable compensation and benefits | 听 | 63.7 | 听 | 听 | 听 | 52.9 | 听 | 听 | 20 | % | 听 | 听 | 182.4 | 听 | 听 | 听 | 148.6 | 听 | 听 | 23 | % |
| Net contribution | 听 | 136.4 | 听 | 听 | 听 | 104.8 | 听 | 听 | 30 | % | 听 | 听 | 382.7 | 听 | 听 | 听 | 307.5 | 听 | 听 | 24 | % |
| Fixed compensation and benefits | 听 | 21.6 | 听 | 听 | 听 | 19.6 | 听 | 听 | 10 | % | 听 | 听 | 62.0 | 听 | 听 | 听 | 56.4 | 听 | 听 | 10 | % |
| Other fixed expenses | 听 | 25.1 | 听 | 听 | 听 | 23.0 | 听 | 听 | 9 | % | 听 | 听 | 67.8 | 听 | 听 | 听 | 64.2 | 听 | 听 | 6 | % |
| Bad debts (recoveries), net | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 鈥� | % | 听 | 听 | (0.1 | ) | 听 | 听 | (1.8 | ) | 听 | (94 | )% |
| Non-variable direct expenses | 听 | 46.7 | 听 | 听 | 听 | 42.6 | 听 | 听 | 10 | % | 听 | 听 | 129.7 | 听 | 听 | 听 | 118.8 | 听 | 听 | 9 | % |
| Other loss, net | 听 | (2.3 | ) | 听 | 听 | 鈥� | 听 | 听 | n/m | 听 | 听 | (1.0 | ) | 听 | 听 | 鈥� | 听 | 听 | n/m | ||
| Segment income | 听 | 87.4 | 听 | 听 | 听 | 62.2 | 听 | 听 | 41 | % | 听 | $ | 252.0 | 听 | 听 | $ | 188.7 | 听 | 听 | 34 | % |
| Allocation of overhead costs | 听 | 14.9 | 听 | 听 | 听 | 13.1 | 听 | 听 | 14 | % | 听 | 听 | 44.8 | 听 | 听 | 听 | 39.2 | 听 | 听 | 14 | % |
| Segment income, less allocation of overhead costs | $ | 72.5 | 听 | 听 | $ | 49.1 | 听 | 听 | 48 | % | 听 | $ | 207.2 | 听 | 听 | $ | 149.5 | 听 | 听 | 39 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| 听 | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Operating Revenues (in millions): | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Listed derivatives | $ | 53.7 | 听 | 听 | $ | 51.9 | 听 | 听 | 3 | % | 听 | $ | 156.2 | 听 | 听 | $ | 154.3 | 听 | 听 | 1 | % |
| Securities | 听 | 456.1 | 听 | 听 | 听 | 348.6 | 听 | 听 | 31 | % | 听 | 听 | 1,228.4 | 听 | 听 | 听 | 957.1 | 听 | 听 | 28 | % |
| FX contracts | 听 | 7.8 | 听 | 听 | 听 | 9.1 | 听 | 听 | (14 | )% | 听 | 听 | 25.3 | 听 | 听 | 听 | 24.7 | 听 | 听 | 2 | % |
| Interest/fees earned on client balances | 听 | 67.0 | 听 | 听 | 听 | 70.1 | 听 | 听 | (4 | )% | 听 | 听 | 203.7 | 听 | 听 | 听 | 196.0 | 听 | 听 | 4 | % |
| Other | 听 | 41.4 | 听 | 听 | 听 | 29.2 | 听 | 听 | 42 | % | 听 | 听 | 113.2 | 听 | 听 | 听 | 75.9 | 听 | 听 | 49 | % |
| 听 | $ | 626.0 | 听 | 听 | $ | 508.9 | 听 | 听 | 23 | % | 听 | $ | 1,726.8 | 听 | 听 | $ | 1,408.0 | 听 | 听 | 23 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Volumes and Other Select Data: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||||||||
| Listed derivatives (contracts, 000鈥檚) | 听 | 43,678 | 听 | 听 | 听 | 42,188 | 听 | 听 | 4 | % | 听 | 听 | 135,969 | 听 | 听 | 听 | 127,595 | 听 | 听 | 7 | % |
| Listed derivatives, average RPC (1) | $ | 1.17 | 听 | 听 | $ | 1.18 | 听 | 听 | (1 | )% | 听 | $ | 1.10 | 听 | 听 | $ | 1.14 | 听 | 听 | (4 | )% |
| Average client equity - listed derivatives (millions) | $ | 4,825 | 听 | 听 | $ | 4,206 | 听 | 听 | 15 | % | 听 | $ | 4,874 | 听 | 听 | $ | 4,352 | 听 | 听 | 12 | % |
| Securities ADV (millions) | $ | 9,219 | 听 | 听 | $ | 7,358 | 听 | 听 | 25 | % | 听 | $ | 8,953 | 听 | 听 | $ | 7,013 | 听 | 听 | 28 | % |
| Securities RPM (2) | $ | 276 | 听 | 听 | $ | 239 | 听 | 听 | 15 | % | 听 | $ | 264 | 听 | 听 | $ | 256 | 听 | 听 | 3 | % |
| Average money market/FDIC sweep client balances (millions) | $ | 1,208 | 听 | 听 | $ | 968 | 听 | 听 | 25 | % | 听 | $ | 1,229 | 听 | 听 | $ | 1,025 | 听 | 听 | 20 | % |
| FX contracts ADV (millions) | $ | 2,913 | 听 | 听 | $ | 3,958 | 听 | 听 | (26 | )% | 听 | $ | 3,320 | 听 | 听 | $ | 3,997 | 听 | 听 | (17 | )% |
| FX contracts RPM | $ | 41 | 听 | 听 | $ | 40 | 听 | 听 | 3 | % | 听 | $ | 39 | 听 | 听 | $ | 35 | 听 | 听 | 11 | % |
| (1) | Give-up fees, related to contract execution for clients of other FCMs, 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. |
| 听 | 听 |
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| 听 | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Net Operating Revenues (in millions): | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Listed derivatives | $ | 14.6 | 听 | 听 | $ | 13.4 | 听 | 听 | 9 | % | 听 | $ | 40.9 | 听 | 听 | $ | 40.9 | 听 | 听 | 鈥� | % |
| Securities | 听 | 119.8 | 听 | 听 | 听 | 80.9 | 听 | 听 | 48 | % | 听 | 听 | 329.9 | 听 | 听 | 听 | 255.1 | 听 | 听 | 29 | % |
| FX contracts | 听 | 7.2 | 听 | 听 | 听 | 7.8 | 听 | 听 | (8 | )% | 听 | 听 | 22.8 | 听 | 听 | 听 | 21.3 | 听 | 听 | 7 | % |
| Interest/fees earned on client balances | 听 | 42.7 | 听 | 听 | 听 | 43.7 | 听 | 听 | (2 | )% | 听 | 听 | 127.4 | 听 | 听 | 听 | 109.8 | 听 | 听 | 16 | % |
| Other | 听 | 15.8 | 听 | 听 | 听 | 11.9 | 听 | 听 | 33 | % | 听 | 听 | 44.1 | 听 | 听 | 听 | 29.0 | 听 | 听 | 52 | % |
| 听 | $ | 200.1 | 听 | 听 | $ | 157.7 | 听 | 听 | 27 | % | 听 | $ | 565.1 | 听 | 听 | $ | 456.1 | 听 | 听 | 24 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
Self-Directed/Retail
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| (in millions) | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Revenues: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Sales of physical commodities | $ | 11.2 | 听 | 听 | $ | 10.1 | 听 | 听 | 11 | % | 听 | $ | 65.7 | 听 | 听 | $ | 33.4 | 听 | 听 | 97 | % |
| Principal gains, net | 听 | 64.9 | 听 | 听 | 听 | 56.9 | 听 | 听 | 14 | % | 听 | 听 | 194.6 | 听 | 听 | 听 | 174.3 | 听 | 听 | 12 | % |
| Commission and clearing fees | 听 | 12.6 | 听 | 听 | 听 | 12.2 | 听 | 听 | 3 | % | 听 | 听 | 39.8 | 听 | 听 | 听 | 37.1 | 听 | 听 | 7 | % |
| Consulting, management and account fees | 听 | 18.6 | 听 | 听 | 听 | 14.9 | 听 | 听 | 25 | % | 听 | 听 | 53.9 | 听 | 听 | 听 | 42.9 | 听 | 听 | 26 | % |
| Interest income | 听 | 8.4 | 听 | 听 | 听 | 10.0 | 听 | 听 | (16 | )% | 听 | 听 | 24.8 | 听 | 听 | 听 | 29.4 | 听 | 听 | (16 | )% |
| Total revenues | 听 | 115.7 | 听 | 听 | 听 | 104.1 | 听 | 听 | 11 | % | 听 | 听 | 378.8 | 听 | 听 | 听 | 317.1 | 听 | 听 | 19 | % |
| Cost of sales of physical commodities | 听 | 1.5 | 听 | 听 | 听 | 7.9 | 听 | 听 | (81 | )% | 听 | 听 | 47.1 | 听 | 听 | 听 | 26.4 | 听 | 听 | 78 | % |
| Operating revenues | 听 | 114.2 | 听 | 听 | 听 | 96.2 | 听 | 听 | 19 | % | 听 | 听 | 331.7 | 听 | 听 | 听 | 290.7 | 听 | 听 | 14 | % |
| Transaction-based clearing expenses | 听 | 3.6 | 听 | 听 | 听 | 3.2 | 听 | 听 | 13 | % | 听 | 听 | 10.2 | 听 | 听 | 听 | 10.2 | 听 | 听 | 鈥� | % |
| Introducing broker commissions | 听 | 27.9 | 听 | 听 | 听 | 22.0 | 听 | 听 | 27 | % | 听 | 听 | 76.1 | 听 | 听 | 听 | 64.8 | 听 | 听 | 17 | % |
| Interest expense | 听 | 2.1 | 听 | 听 | 听 | 2.5 | 听 | 听 | (16 | )% | 听 | 听 | 6.2 | 听 | 听 | 听 | 5.9 | 听 | 听 | 5 | % |
| Net operating revenues | 听 | 80.6 | 听 | 听 | 听 | 68.5 | 听 | 听 | 18 | % | 听 | 听 | 239.2 | 听 | 听 | 听 | 209.8 | 听 | 听 | 14 | % |
| Variable compensation and benefits | 听 | 4.2 | 听 | 听 | 听 | 4.8 | 听 | 听 | (13 | )% | 听 | 听 | 11.8 | 听 | 听 | 听 | 13.6 | 听 | 听 | (13 | )% |
| Net contribution | 听 | 76.4 | 听 | 听 | 听 | 63.7 | 听 | 听 | 20 | % | 听 | 听 | 227.4 | 听 | 听 | 听 | 196.2 | 听 | 听 | 16 | % |
| Fixed compensation and benefits | 听 | 8.0 | 听 | 听 | 听 | 11.4 | 听 | 听 | (30 | )% | 听 | 听 | 26.3 | 听 | 听 | 听 | 33.0 | 听 | 听 | (20 | )% |
| Other fixed expenses | 听 | 26.8 | 听 | 听 | 听 | 26.0 | 听 | 听 | 3 | % | 听 | 听 | 83.9 | 听 | 听 | 听 | 74.9 | 听 | 听 | 12 | % |
| Bad debts, net of recoveries | 听 | 0.4 | 听 | 听 | 听 | 0.5 | 听 | 听 | (20 | )% | 听 | 听 | 1.5 | 听 | 听 | 听 | 0.6 | 听 | 听 | 150 | % |
| Non-variable direct expenses | 听 | 35.2 | 听 | 听 | 听 | 37.9 | 听 | 听 | (7 | )% | 听 | 听 | 111.7 | 听 | 听 | 听 | 108.5 | 听 | 听 | 3 | % |
| Other gains | 听 | 鈥� | 听 | 听 | 听 | 1.8 | 听 | 听 | (100 | )% | 听 | 听 | 4.4 | 听 | 听 | 听 | 1.8 | 听 | 听 | 144 | % |
| Segment income | 听 | 41.2 | 听 | 听 | 听 | 27.6 | 听 | 听 | 49 | % | 听 | 听 | 120.1 | 听 | 听 | 听 | 89.5 | 听 | 听 | 34 | % |
| Allocation of overhead costs | 听 | 12.7 | 听 | 听 | 听 | 11.9 | 听 | 听 | 7 | % | 听 | 听 | 38.0 | 听 | 听 | 听 | 35.4 | 听 | 听 | 7 | % |
| Segment income, less allocation of overhead costs | $ | 28.5 | 听 | 听 | $ | 15.7 | 听 | 听 | 82 | % | 听 | $ | 82.1 | 听 | 听 | $ | 54.1 | 听 | 听 | 52 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| 听 | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Operating Revenues (in millions): | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Securities | $ | 29.6 | 听 | 听 | $ | 25.4 | 听 | 听 | 17 | % | 听 | $ | 85.8 | 听 | 听 | $ | 73.8 | 听 | 听 | 16 | % |
| FX/CFD contracts | 听 | 79.6 | 听 | 听 | 听 | 67.4 | 听 | 听 | 18 | % | 听 | 听 | 231.6 | 听 | 听 | 听 | 206.7 | 听 | 听 | 12 | % |
| Physical contracts | 听 | 3.5 | 听 | 听 | 听 | 2.0 | 听 | 听 | 75 | % | 听 | 听 | 7.2 | 听 | 听 | 听 | 4.8 | 听 | 听 | 50 | % |
| Interest/fees earned on client balances | 听 | 0.5 | 听 | 听 | 听 | 0.6 | 听 | 听 | (17 | )% | 听 | 听 | 1.8 | 听 | 听 | 听 | 2.0 | 听 | 听 | (10 | )% |
| Other | 听 | 1.0 | 听 | 听 | 听 | 0.8 | 听 | 听 | 25 | % | 听 | 听 | 5.3 | 听 | 听 | 听 | 3.4 | 听 | 听 | 56 | % |
| 听 | $ | 114.2 | 听 | 听 | $ | 96.2 | 听 | 听 | 19 | % | 听 | $ | 331.7 | 听 | 听 | $ | 290.7 | 听 | 听 | 14 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Volumes and Other Select Data: | 听 | 听 | |||||||||||||||||||
| FX/CFD contracts ADV (millions) | $ | 9,277 | 听 | 听 | $ | 6,904 | 听 | 听 | 34 | % | 听 | $ | 8,485 | 听 | 听 | $ | 6,746 | 听 | 听 | 26 | % |
| FX/CFD contracts RPM | $ | 133 | 听 | 听 | $ | 152 | 听 | 听 | (13 | )% | 听 | $ | 143 | 听 | 听 | $ | 160 | 听 | 听 | (11 | )% |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| 听 | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Net Operating Revenues (in millions): | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Securities | $ | 5.7 | 听 | 听 | $ | 5.3 | 听 | 听 | 8 | % | 听 | $ | 18.2 | 听 | 听 | $ | 15.6 | 听 | 听 | 17 | % |
| FX/CFD contracts | 听 | 70.2 | 听 | 听 | 听 | 59.8 | 听 | 听 | 17 | % | 听 | 听 | 207.4 | 听 | 听 | 听 | 184.3 | 听 | 听 | 13 | % |
| Physical contracts | 听 | 3.2 | 听 | 听 | 听 | 2.0 | 听 | 听 | 60 | % | 听 | 听 | 6.5 | 听 | 听 | 听 | 4.5 | 听 | 听 | 44 | % |
| Interest/fees earned on client balances | 听 | 0.5 | 听 | 听 | 听 | 0.6 | 听 | 听 | (17 | )% | 听 | 听 | 1.8 | 听 | 听 | 听 | 2.0 | 听 | 听 | (10 | )% |
| Other | 听 | 1.0 | 听 | 听 | 听 | 0.8 | 听 | 听 | 25 | % | 听 | 听 | 5.3 | 听 | 听 | 听 | 3.4 | 听 | 听 | 56 | % |
| 听 | $ | 80.6 | 听 | 听 | $ | 68.5 | 听 | 听 | 18 | % | 听 | $ | 239.2 | 听 | 听 | $ | 209.8 | 听 | 听 | 14 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
Payments
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| (in millions) | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Revenues: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Sales of physical commodities | $ | 鈥� | 听 | 听 | $ | 鈥� | 听 | 听 | 鈥� | % | 听 | $ | 鈥� | 听 | 听 | $ | 鈥� | 听 | 听 | 鈥� | % |
| Principal gains, net | 听 | 51.1 | 听 | 听 | 听 | 47.5 | 听 | 听 | 8 | % | 听 | 听 | 153.2 | 听 | 听 | 听 | 151.5 | 听 | 听 | 1 | % |
| Commission and clearing fees | 听 | 1.8 | 听 | 听 | 听 | 1.5 | 听 | 听 | 20 | % | 听 | 听 | 5.2 | 听 | 听 | 听 | 4.4 | 听 | 听 | 18 | % |
| Consulting, management, account fees | 听 | 0.1 | 听 | 听 | 听 | 1.7 | 听 | 听 | (94 | )% | 听 | 听 | 1.9 | 听 | 听 | 听 | 3.4 | 听 | 听 | (44 | )% |
| Interest income | 听 | 0.3 | 听 | 听 | 听 | 0.4 | 听 | 听 | (25 | )% | 听 | 听 | 1.4 | 听 | 听 | 听 | 1.7 | 听 | 听 | (18 | )% |
| Total revenues | 听 | 53.3 | 听 | 听 | 听 | 51.1 | 听 | 听 | 4 | % | 听 | 听 | 161.7 | 听 | 听 | 听 | 161.0 | 听 | 听 | 鈥� | % |
| Cost of sales of physical commodities | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 鈥� | % | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 鈥� | % |
| Operating revenues | 听 | 53.3 | 听 | 听 | 听 | 51.1 | 听 | 听 | 4 | % | 听 | 听 | 161.7 | 听 | 听 | 听 | 161.0 | 听 | 听 | 鈥� | % |
| Transaction-based clearing expenses | 听 | 1.9 | 听 | 听 | 听 | 1.6 | 听 | 听 | 19 | % | 听 | 听 | 5.4 | 听 | 听 | 听 | 5.1 | 听 | 听 | 6 | % |
| Introducing broker commissions | 听 | 1.2 | 听 | 听 | 听 | 0.8 | 听 | 听 | 50 | % | 听 | 听 | 3.1 | 听 | 听 | 听 | 2.1 | 听 | 听 | 48 | % |
| Interest expense | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 鈥� | % | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.1 | 听 | 听 | (100 | )% |
| Net operating revenues | 听 | 50.2 | 听 | 听 | 听 | 48.7 | 听 | 听 | 3 | % | 听 | 听 | 153.2 | 听 | 听 | 听 | 153.7 | 听 | 听 | 鈥� | % |
| Variable compensation and benefits | 听 | 8.9 | 听 | 听 | 听 | 8.6 | 听 | 听 | 3 | % | 听 | 听 | 26.8 | 听 | 听 | 听 | 28.7 | 听 | 听 | (7 | )% |
| Net contribution | 听 | 41.3 | 听 | 听 | 听 | 40.1 | 听 | 听 | 3 | % | 听 | 听 | 126.4 | 听 | 听 | 听 | 125.0 | 听 | 听 | 1 | % |
| Fixed compensation and benefits | 听 | 7.1 | 听 | 听 | 听 | 7.0 | 听 | 听 | 1 | % | 听 | 听 | 21.1 | 听 | 听 | 听 | 21.6 | 听 | 听 | (2 | )% |
| Other fixed expenses | 听 | 6.1 | 听 | 听 | 听 | 4.9 | 听 | 听 | 24 | % | 听 | 听 | 18.6 | 听 | 听 | 听 | 14.6 | 听 | 听 | 27 | % |
| Bad debts, net of recoveries | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 鈥� | % | 听 | 听 | 鈥� | 听 | 听 | 听 | 1.0 | 听 | 听 | (100 | )% |
| Total non-variable direct expenses | 听 | 13.2 | 听 | 听 | 听 | 11.9 | 听 | 听 | 11 | % | 听 | 听 | 39.7 | 听 | 听 | 听 | 37.2 | 听 | 听 | 7 | % |
| Segment income | 听 | 28.1 | 听 | 听 | 听 | 28.2 | 听 | 听 | 鈥� | % | 听 | 听 | 86.7 | 听 | 听 | 听 | 87.8 | 听 | 听 | (1 | )% |
| Allocation of overhead costs | 听 | 5.6 | 听 | 听 | 听 | 5.3 | 听 | 听 | 6 | % | 听 | 听 | 16.9 | 听 | 听 | 听 | 15.6 | 听 | 听 | 8 | % |
| Segment income, less allocation of overhead costs | $ | 22.5 | 听 | 听 | $ | 22.9 | 听 | 听 | (2 | )% | 听 | $ | 69.8 | 听 | 听 | $ | 72.2 | 听 | 听 | (3 | )% |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| 听 | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Operating Revenues (in millions): | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Payments | $ | 52.3 | 听 | 听 | $ | 50.0 | 听 | 听 | 5 | % | 听 | $ | 158.3 | 听 | 听 | $ | 157.8 | 听 | 听 | 鈥� | % |
| Other | 听 | 1.0 | 听 | 听 | 听 | 1.1 | 听 | 听 | (9 | )% | 听 | 听 | 3.4 | 听 | 听 | 听 | 3.2 | 听 | 听 | 6 | % |
| 听 | $ | 53.3 | 听 | 听 | $ | 51.1 | 听 | 听 | 4 | % | 听 | $ | 161.7 | 听 | 听 | $ | 161.0 | 听 | 听 | 鈥� | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Volumes and Other Select Data: | 听 | 听 | |||||||||||||||||||
| Payments ADV (millions) | $ | 80 | 听 | 听 | $ | 69 | 听 | 听 | 16 | % | 听 | $ | 81 | 听 | 听 | $ | 69 | 听 | 听 | 17 | % |
| Payments RPM | $ | 10,614 | 听 | 听 | $ | 11,264 | 听 | 听 | (6 | )% | 听 | $ | 10,515 | 听 | 听 | $ | 12,053 | 听 | 听 | (13 | )% |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| 听 | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Net Operating Revenues (in millions): | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Payments | $ | 49.1 | 听 | 听 | $ | 47.5 | 听 | 听 | 3 | % | 听 | $ | 149.8 | 听 | 听 | $ | 150.4 | 听 | 听 | 鈥� | % |
| Other | 听 | 1.1 | 听 | 听 | 听 | 1.2 | 听 | 听 | (8 | )% | 听 | 听 | 3.4 | 听 | 听 | 听 | 3.3 | 听 | 听 | 3 | % |
| 听 | $ | 50.2 | 听 | 听 | $ | 48.7 | 听 | 听 | 3 | % | 听 | $ | 153.2 | 听 | 听 | $ | 153.7 | 听 | 听 | 鈥� | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
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.
| 听 | Three Months Ended June 30, | 听 | Nine Months Ended June 30, | ||||||||||||||||||
| (in millions) | 2025 | 听 | 2024 | 听 | % Change | 听 | 2025 | 听 | 2024 | 听 | % Change | ||||||||||
| Compensation and benefits: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Variable compensation and benefits | $ | 20.8 | 听 | 听 | $ | 21.1 | 听 | 听 | (1 | )% | 听 | $ | 56.9 | 听 | 听 | $ | 56.9 | 听 | 听 | 鈥� | % |
| Fixed compensation and benefits | 听 | 57.8 | 听 | 听 | 听 | 52.5 | 听 | 听 | 10 | % | 听 | 听 | 174.3 | 听 | 听 | 听 | 141.8 | 听 | 听 | 23 | % |
| 听 | 听 | 78.6 | 听 | 听 | 听 | 73.6 | 听 | 听 | 7 | % | 听 | 听 | 231.2 | 听 | 听 | 听 | 198.7 | 听 | 听 | 16 | % |
| Other expenses: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Occupancy and equipment rental | 听 | 12.7 | 听 | 听 | 听 | 13.1 | 听 | 听 | (3 | )% | 听 | 听 | 36.9 | 听 | 听 | 听 | 33.5 | 听 | 听 | 10 | % |
| Non-trading technology and support | 听 | 17.0 | 听 | 听 | 听 | 14.3 | 听 | 听 | 19 | % | 听 | 听 | 48.4 | 听 | 听 | 听 | 40.9 | 听 | 听 | 18 | % |
| Professional fees | 听 | 11.2 | 听 | 听 | 听 | 8.1 | 听 | 听 | 38 | % | 听 | 听 | 28.6 | 听 | 听 | 听 | 23.9 | 听 | 听 | 20 | % |
| Depreciation and amortization | 听 | 7.1 | 听 | 听 | 听 | 6.1 | 听 | 听 | 16 | % | 听 | 听 | 20.3 | 听 | 听 | 听 | 17.7 | 听 | 听 | 15 | % |
| Communications | 听 | 1.5 | 听 | 听 | 听 | 1.3 | 听 | 听 | 15 | % | 听 | 听 | 4.4 | 听 | 听 | 听 | 4.5 | 听 | 听 | (2 | )% |
| Selling and marketing | 听 | 1.9 | 听 | 听 | 听 | 0.4 | 听 | 听 | 375 | % | 听 | 听 | 5.1 | 听 | 听 | 听 | 6.0 | 听 | 听 | (15 | )% |
| Trading systems and market information | 听 | 2.5 | 听 | 听 | 听 | 2.5 | 听 | 听 | 鈥� | % | 听 | 听 | 5.9 | 听 | 听 | 听 | 5.7 | 听 | 听 | 4 | % |
| Travel and business development | 听 | 2.7 | 听 | 听 | 听 | 2.5 | 听 | 听 | 8 | % | 听 | 听 | 7.5 | 听 | 听 | 听 | 6.3 | 听 | 听 | 19 | % |
| Other | 听 | 5.2 | 听 | 听 | 听 | 6.9 | 听 | 听 | (25 | )% | 听 | 听 | 9.4 | 听 | 听 | 听 | 16.0 | 听 | 听 | (41 | )% |
| 听 | 听 | 61.8 | 听 | 听 | 听 | 55.2 | 听 | 听 | 12 | % | 听 | 听 | 166.5 | 听 | 听 | 听 | 154.5 | 听 | 听 | 8 | % |
| Overhead costs and expenses | 听 | 140.4 | 听 | 听 | 听 | 128.8 | 听 | 听 | 9 | % | 听 | 听 | 397.7 | 听 | 听 | 听 | 353.2 | 听 | 听 | 13 | % |
| Allocation of overhead costs | 听 | (43.0 | ) | 听 | 听 | (39.2 | ) | 听 | 10 | % | 听 | 听 | (129.1 | ) | 听 | 听 | (116.8 | ) | 听 | 11 | % |
| Overhead costs and expense, net of allocation to operating segments | $ | 97.4 | 听 | 听 | $ | 89.6 | 听 | 听 | 9 | % | 听 | $ | 268.6 | 听 | 听 | $ | 236.4 | 听 | 听 | 14 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
Balance Sheet Summary
The following table below provides a summary of asset, liability and stockholders鈥� equity information for the periods indicated.
| (Unaudited) (in millions, except for share and per share amounts) | June 30, 2025 | 听 | September 30, 2024 | ||||
| Summary asset information: | 听 | 听 | 听 | ||||
| Cash and cash equivalents | $ | 1,313.1 | 听 | 听 | $ | 1,269.0 | 听 |
| Cash, securities and other assets segregated under federal and other regulations | $ | 2,924.3 | 听 | 听 | $ | 2,841.2 | 听 |
| Securities purchased under agreements to resell | $ | 8,159.3 | 听 | 听 | $ | 5,201.5 | 听 |
| Securities borrowed | $ | 2,486.2 | 听 | 听 | $ | 1,662.3 | 听 |
| Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | $ | 7,880.6 | 听 | 听 | $ | 7,283.2 | 听 |
| Receivables from clients, net and notes receivable, net | $ | 961.7 | 听 | 听 | $ | 1,013.1 | 听 |
| Financial instruments owned, at fair value | $ | 8,973.9 | 听 | 听 | $ | 6,767.1 | 听 |
| Physical commodities inventory, net | $ | 705.4 | 听 | 听 | $ | 681.1 | 听 |
| Property and equipment, net | $ | 148.7 | 听 | 听 | $ | 143.1 | 听 |
| Operating right of use assets | $ | 161.4 | 听 | 听 | $ | 157.0 | 听 |
| Goodwill and intangible assets, net | $ | 88.9 | 听 | 听 | $ | 80.6 | 听 |
| Other | $ | 462.1 | 听 | 听 | $ | 367.1 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Summary liability and stockholders鈥� equity information: | 听 | 听 | 听 | ||||
| Accounts payable and other accrued liabilities | $ | 607.5 | 听 | 听 | $ | 548.8 | 听 |
| Operating lease liabilities | $ | 207.7 | 听 | 听 | $ | 195.9 | 听 |
| Payables to clients | $ | 10,956.8 | 听 | 听 | $ | 10,345.9 | 听 |
| Payables to broker-dealers, clearing organizations and counterparties | $ | 503.0 | 听 | 听 | $ | 734.2 | 听 |
| Payables to lenders under loans | $ | 352.7 | 听 | 听 | $ | 338.8 | 听 |
| Senior secured borrowings, net | $ | 543.9 | 听 | 听 | $ | 543.1 | 听 |
| Securities sold under agreements to repurchase | $ | 13,375.4 | 听 | 听 | $ | 8,581.3 | 听 |
| Securities loaned | $ | 2,032.1 | 听 | 听 | $ | 1,615.9 | 听 |
| Financial instruments sold, not yet purchased, at fair value | $ | 3,707.7 | 听 | 听 | $ | 2,853.3 | 听 |
| Stockholders鈥� equity | $ | 1,978.8 | 听 | 听 | $ | 1,709.1 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Common stock outstanding - shares | 听 | 49,029,208 | 听 | 听 | 听 | 47,811,539 | 听 |
| Net asset value per share | $ | 40.36 | 听 | 听 | $ | 35.75 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
Conference Call & Web Cast
A conference call to discuss the Company鈥檚 financial results will be held tomorrow, Wednesday, August听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鈥檚 corporate web site at approximately ten minutes prior to the start time. Participants may preregister for the conference call .
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 4,700 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鈥檚 financial condition, results of operations, business strategy, financial needs of the Company, the anticipated timing of the Company鈥檚 acquisition of R.J. O鈥橞rien and the impact of the transaction. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words 鈥渂elieve,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥渟hould,鈥� 鈥減lan,鈥� 鈥渨ill,鈥� 鈥渕ay,鈥� 鈥渃ould,鈥� 鈥渋ntend,鈥� 鈥渆stimate,鈥� 鈥減redict,鈥� 鈥減otential,鈥� 鈥渃ontinue鈥� 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 after 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 (鈥淯.S.鈥�) 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
[email protected]
SNEX-G
FAQ
What were StoneX Group's (SNEX) key financial results for Q3 2025?
How much did StoneX's acquisition of R.J. O'Brien generate in revenue and EBITDA?
What was the impact of acquisition-related charges on StoneX's Q3 2025 earnings?
How did StoneX's different segments perform in Q3 2025?
What strategic acquisitions did StoneX complete in Q3 2025?
