StoneX Group (SNEX) Q1 2026 earnings summary

Executive summary

• Achieved record net operating revenues and net income for Q1 FY2026, up 47% and 63% year-over-year, with diluted EPS of $2.50 and ROE of 22.5%, reflecting strong performance in Commercial and Institutional segments and the first full quarter with R.J. O'Brien and Benchmark acquisitions.

• Growth was driven by record listed derivatives volumes, commercial performance in global metals, and institutional segment expansion, enhanced by recent acquisitions.

• Precious metals segment income reached $75 million, surpassing the entire FY2025 total by $24 million.

• Announced a three-for-two stock split, effective March 2026, to increase accessibility for investors and employees.

• Volatile economic conditions and increased client demand contributed to business growth and recurring income.

Financial highlights

• Net income reached a record $139 million, up 63% year-over-year; diluted EPS was $2.50, up 48% year-over-year.

• Operating revenues exceeded $1.4 billion, up 52% year-over-year; net operating revenues rose 47% year-over-year.

• Adjusted EBITDA grew 64% to $250.9 million.

• Book value per share increased 30% year-over-year to $48.17.

• Listed derivatives contract volume rose 58% to 84.1 million contracts, with average rate per contract up 40%.

Outlook and guidance

• Integration of R.J. O'Brien remains on track, with U.K. entity consolidation completed and U.S. consolidation targeted by fiscal year-end.

• Cost synergy target of $50 million from RJO acquisition is being affirmed, with $21 million in annual expense synergies realized and further milestones expected.

• Management expects continued growth, leveraging product and geographic diversification, digital expansion, and new market entries, but notes potential impacts from global instability and regulatory changes.

• Plans to renew or replace expiring credit facilities, with confidence in liquidity and capital structure.