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.