StoneX Group (SNEX) Q4 2025 earnings summary

Executive summary

• Achieved record net income of $85.7 million in Q4 2025, up 12% year-over-year, and record full-year net income of $305.9 million, up 17%, with diluted EPS of $1.57 for Q4 and $5.89 for the year, and ROE of 15.2% for Q4 and 15.6% for the year.

• Q4 and full-year results were driven by strong growth in institutional and commercial segments, with significant contributions from the RJO and Benchmark acquisitions.

• Book value per share increased to $45.56, up 27% year-over-year.

• Integration of RJO and Benchmark is progressing well, with $20 million in cost synergies realized and further benefits expected.

• Acquisition-related charges of $9.3 million reduced Q4 EPS by $0.13.

Financial highlights

• Q4 operating revenues exceeded $1.2 billion, up 31% year-over-year; full-year revenues were $4.13 billion, up 20%.

• Net operating revenues for Q4 rose 29% year-over-year, driven by securities and listed derivatives.

• Interest and fee income on client float increased 46% year-over-year, with RJO contributing $50 million.

• Adjusted EBITDA for the year was $597.6 million, up 19% year-over-year.

• Book value per share at Q4 end was $45.56.

Outlook and guidance

• Management expects strong accretion from RJO, Benchmark, and other acquisitions, with continued organic growth and digitization trends anticipated to drive 2026 results.

• Recurring income from growing client assets under custody provides a stable underpinning for future financial results.

• Interest rate sensitivity: a 100 bps change in short-term rates would impact net income by $53.8 million or $1.02 per share annually.

• Forward-looking statements highlight expectations for synergies and continued growth from recent acquisitions, but caution on market and regulatory risks.