StoneX Group (SNEX) Q2 2025 earnings summary

Executive summary

• Q2 net income was $71.7 million, up 35% year-over-year, with diluted EPS of $1.41, and return on equity at 15.7%; operating revenues reached a record $956 million, up 17% year-over-year, driven by broad-based growth across most product lines.

• Book value per share increased to $38.59, up 19% year-over-year.

• Trailing twelve months net income was $295.4 million, up 22%, with operating revenues of $3,734.1 million, up 18%.

• Announced transformational acquisitions: R.J. O'Brien (largest ever, $900 million, expected to close H2 2025), The Benchmark Company, Plantureux et Associés, and a strategic investment in Bamboo Payment Systems.

• Significant expansion in global metals, payments, and investment banking capabilities.

Financial highlights

• Net operating revenues up 15% year-over-year; total revenues for Q2 were $36.9 billion, up 67% year-over-year.

• Diluted EPS rose 29% to $1.41; return on equity was 15.7% for the quarter and 17.3% for the trailing twelve months.

• Compensation and other expenses up 9% year-over-year; variable compensation up 19% year-over-year.

• Book value per share at quarter-end: $38.59.

• Interest and fee income on client balances: $74.5 million, up $0.5 million year-over-year, down $2.9 million sequentially.

Outlook and guidance

• Management anticipates higher volatility in the next 12 months, expected to be net positive for business.

• R.J. O'Brien acquisition expected to be immediately accretive to margins, EPS, and ROE, adding $6 billion in client float and $190 million in annual listed contract volumes, with $50 million in cost synergies targeted within 18-24 months post-close.

• Payments segment expected to benefit from new technology (XPay) and Bamboo partnership, enabling higher volumes and future growth.

• Digitization and technology adoption seen as key growth drivers.