StoneX Group achieved a record fourth quarter in fiscal 2024, underscoring the resilience of its diversified multi-segment model and the accelerating benefits of its digitization strategy. For the quarter ended September 30, 2024, StoneX reported net income of $76.7 million and diluted earnings per share (EPS) of $2.30, with record operating revenues of $920.1 million and an annual ROE of 18.5% on stated book value (19.4% on tangible book). Full-year results were equally robust: operating revenues of $3.4 billion (+18% YoY), net income of $260.8 million (+9% YoY) and adjusted net income of $264.2 million (+18%), with EPS of $7.96 (+7% YoY). Book value per share finished the year at $53.62, up 21% year over year, reflecting sustained capital discipline amid a high-debt financing posture that the company continues to deleverage through refinancing and focused capital allocation.
StoneX’s quarterly performance was led by the Institutional segment, which posted a record quarter for operating revenues (+30% YoY) and segment income (+41%), driven by equity market making, derivatives and higher interest income. The Self-Directed Retail segment also stood out, with operating revenues up 13% YoY and a 6% rise in segment income, illustrating the unit’s leverage from the internalization of spreads, broader product access, and ongoing digitization. The Commercial segment was broadly flat on the quarter as record prior-period gains in listed derivatives were offset by weaker OTC derivatives and physical commodities. The Payments segment faced margin compression due to tighter FX spreads, though volumes rose and cross-sell momentum continued to expand across the ecosystem.
Management reiterated a clear longer-term growth thesis centered on expanding the StoneX ecosystem and accelerating the digitization of client journeys. In particular, management highlighted a multi-year program to digitize onboarding and KYC across jurisdictions, the migration to a cloud-based payments architecture, and the expansion of the self-directed platform to include the full StoneX product suite. For 2025, the team expects an accelerated cadence of platform delivery and continued margin expansion from scale and higher-margin digital revenues, with the SaaS-directed model enabling a substantial increase in addressable market. The near-term outlook remains dependent on market volatility, with management noting that weaker volatility compresses revenue capture in several product lines but believes the structural tailwinds from industry consolidation and bank retreat in the Basel environment remain favorable.