Reported Q: Q2 2025 Rev YoY: +66.9% EPS YoY: -11.3% Move: +0.52%
StoneX Group Inc
SNEX
$125.61 0.52%
Exchange NASDAQ Sector Financial Services Industry Financial Capital Markets
Q2 2025
Published: May 7, 2025

Company Status Snapshot

Fast view of the latest quarter outcome for SNEX

Reported

Report Date

May 7, 2025

Quarter Q2 2025

Revenue

36.89B

YoY: +66.9%

EPS

1.41

YoY: -11.3%

Market Move

+0.52%

Previous quarter: Q1 2025

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Earnings Highlights

  • Revenue of $36.89B up 66.9% year-over-year
  • EPS of $1.41 decreased by 11.3% from previous year
  • Gross margin of 1.6%
  • Net income of 71.70M
  • ""volatility will be higher in the next 12 months than it was in the last 12 months"" - Sean O'Connor
SNEX
Company SNEX

Executive Summary

Overview of performance and context: StoneX reported record operating revenues of $956.0 million for Q2 2025, up 17% year over year, with net income of $71.7 million and diluted EPS of $1.41. The quarter featured broad strength across securities, listed derivatives, OTC derivatives and physical contracts, with Metals and brokerage activities playing a key role amid elevated volatility. Net operating revenues rose 15% YoY, while margins remained tight (gross margin ~1.6%, operating margin ~1.17%), reflecting a low-margin, high-velocity model and ongoing investments in growth initiatives. Management highlighted ambitious strategic initiatives designed to extend the platform: the acquisitions of R.J. O'Brien and The Benchmark Company, a strategic investment in Bamboo Payments, and the Plantureux Paris-based grain brokerage, alongside CME vault accreditation for the New York metals vault and expanded Metals capabilities via JBR Recovery. These actions are expected to generate material long-term revenue synergies and margin improvements, supported by technology-driven capacity expansion (XPay) and a digitization program (PMExecute, Nexus). Near term, the company faces significant leverage and negative free cash flow driven by working capital movements, but maintains ample liquidity with approximately $5.97 billion in cash at period end. The management tone remains constructive on volatility-driven opportunities, while acknowledging execution and regulatory risks inherent to a large M&A agenda.

Key Performance Indicators

Revenue
Increasing
36.89B
QoQ: 32.06% | YoY: 66.88%
Gross Profit
Increasing
590.80M
1.60% margin
QoQ: -25.30% | YoY: 18.30%
Operating Income
Increasing
430.60M
QoQ: -0.46% | YoY: 26.50%
Net Income
Increasing
71.70M
QoQ: -15.75% | YoY: 35.03%
EPS
Decreasing
1.49
QoQ: -43.98% | YoY: -11.31%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q2 2025 36,890.70 1.41 +66.9% View
Q1 2025 27,935.30 2.54 +42.7% View
Q4 2024 31,139.00 2.32 +87.2% View
Q3 2024 27,069.70 1.88 +79.9% View
Q2 2024 22,106.10 1.63 +36.8% View