StoneX Group Inc. reported its strongest quarterly performance on record for the three months ended Sept. 30, with net income jumping 12% to $85.7 million despite absorbing acquisition-related costs that cut nearly 14 cents per share from earnings.

The financial services firm notched net operating revenues of $585.1 million for the fiscal fourth quarter, up 29% from the year-ago period. For the full fiscal year 2025, StoneX generated net income of $305.9 million, a 17% increase that marked another annual record for the company.

CFD Revenues Decline Amid Lower Volatility

Foreign exchange and contracts for difference (CFDs) trading softened during the quarter, with FX/CFD revenues falling $29.1 million across the company's operations. Average daily volumes in FX/CFD products dropped 7%, while revenue per million dollars traded declined 32% to $83 from $123 in the prior-year quarter.

The Self-Directed and Retail segment, which houses most of the firm's CFD activity, saw operating revenues slide 22% to $81.1 million. Segment income fell 51% to $14.5 million from $29.8 million, as diminished currency volatility reduced client trading activity. For the full fiscal year, however, the retail unit posted a 12% gain in segment income to $129.6 million.

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The quarter's CFD weakness stood in contrast to strength elsewhere in the business, where two major acquisitions and surging equities volumes offset the retail trading slowdown.

It is worth noting that StoneX is the parent company of the CFD brokers Forex.com and City Index.

Key Financial Metrics

Two Major Deals Close in Fourth Quarter

StoneX wrapped up fiscal 2025 with back-to-back acquisitions that expanded its footprint in futures clearing and investment banking. The R.J. O'Brien purchase, which closed July 31, brought in 20 million listed derivative contracts during the quarter and added $141 million in operating revenues. The acquired business contributed $5.6 billion per month in average client equity for the two months following the deal close.

To finance the transactions, StoneX increased its senior secured notes from $550 million to $1.175 billion with new bonds due in 2032. The debt issuance closed July 8, just ahead of the R.J. O'Brien acquisition. Interest expense on corporate funding nearly doubled to $27.7 million in the quarter, up 94% from the prior year.

"We are confident that integrating these acquisitions will allow us to deliver a more comprehensive suite of products to both new and existing clients," Executive Vice-Chairman Sean O'Connor said in a statement.

Listed Derivatives Lead Segment Growth

Operating revenues from listed derivatives climbed $89.4 million to $207.6 million, driven almost entirely by the R.J. O'Brien deal. The acquisition contributed $89.5 million to that figure. The Commercial segment added $40.5 million in listed derivatives revenue, while the Institutional unit brought in $48.9 million.

Total listed derivative contract volume reached 66.3 million in the quarter, up 15% year-over-year. Average revenue per contract rose to $2.79 from $1.99, a 40% increase. Average client equity in listed derivatives jumped 71% to $11.3 billion, though that figure included the two-month RJO impact.

Securities revenues increased $107.6 million to $519.4 million on higher trading volumes and improved margins. Average daily volume climbed 25% to $9.5 billion, while revenue per million dollars traded rose 23% to $315.

We’re pleased to share our fiscal 2025 Q4 financial results, which marks the end of another record annual performance in both revenues and net income, and one in which we continue to grow both our product capabilities and client base.

Sean O’Connor, Executive Vice-Chairman of… pic.twitter.com/J7YolYgxow

— StoneX Group Inc. (@StoneX_Official) November 24, 2025

Payments Unit Holds Steady

The Payments segment delivered $52.1 million in operating revenues, up 7% from the year-ago quarter. Average daily payment volumes increased 13% to $79 million, though revenue per million processed declined 4% to $10,234.

Segment income for Payments reached $30.1 million, a 21% increase from the prior year. For fiscal 2025, the unit generated $116.8 million in income, up 4% from fiscal 2024.

StoneX ended the fiscal year with total assets of $45.3 billion and stockholders' equity of $2.4 billion. Return on equity was 15.2% for the quarter and 15.6% for the full year. Diluted earnings per share reached $5.89 for the year, up from $5.31 in fiscal 2024. Common shares outstanding increased to 52.2 million from 47.8 million a year earlier, partly due to a three-for-two stock dividend distributed in March.