SNEXNasdaqSecurity & Commodity Brokers, Dealers, Exchanges & ServicesUS GAAP · USD

StoneX Group Inc.

StoneX Group Inc. is a U.S.-based financial services firm that connects commercial, institutional, and self-directed clients to global markets through brokerage, clearing, execution, and payments services. Its businesses span commodities, foreign exchange, listed derivatives, capital markets, wealth management, and physical precious metals, supported by regulated subsidiaries across North America, Europe, Asia Pacific, the Middle East, and Latin America.

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Revenue132.4bn USD
+32.5 %y/y
Net income306m USD
+17.3 %y/y
Free cash flow4,323m USD
+878.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50050100150bn USD2020: 54.1 bn USD20202021: 42.5 bn USD20212022: 66.0 bn USD2022: EBIT -0.06 bn USD20222023: 60.9 bn USD2023: EBIT -0.06 bn USD20232024: 99.9 bn USD2024: EBIT -0.06 bn USD20242025: 132.4 bn USD2025132.4
RevenueOperating profit (EBIT)

Business

Share of revenue
Commercial35 %

Risk management, hedging, physical commodity trading, and related logistics for commercial clients.

Institutional30 %

Execution, clearing, prime brokerage, and capital markets services for financial institutions and professionals.

Self-Directed/Retail20 %

Online trading, forex/CFD access, independent wealth management, and retail precious metals.

Payments15 %

Payment technology services and cross-border transfer solutions for business clients.

Customers

StoneX serves commercial clients that need hedging, market access, logistics, and physical commodity execution, especially in agriculture, energy, and metals. It also serves institutional clients such as asset managers, banks, brokers, and other financial intermediaries that need execution, clearing, and market access across asset classes. On the retail side, it reaches self-directed traders, independent advisors, and investors seeking forex, CFDs, precious metals, and wealth management services.

Commercial clients

Agribusiness, energy, and metals customers buy hedging, execution, physical trading, logistics, and market intelligence to manage price and supply risk.

Institutional clients

Banks, asset managers, brokers, and other institutions buy execution, clearing, prime brokerage, and capital markets access.

Self-directed/retail traders

Individual traders buy online access to forex, CFDs, futures, and precious metals for speculative trading and portfolio diversification.

Independent wealth professionals

Registered representatives, RIAs, and broker/dealers use the platform for technology, products, and advisory support.

Payments and transfer clients

Businesses and counterparties use payment technology and cross-border transfer services for settlement and money movement.

Strategy

StoneX’s strategy is to deepen its role as a multi-asset financial network by combining digital platforms, high-touch service, and end-to-end trade lifecycle capabilities. It seeks to expand client relationships across geographies and asset classes, while using selective acquisitions to add products, customer segments, and local market access. The company also emphasizes regulated infrastructure and technology as the basis for client trust and cross-border reach.

Broaden client reach through digital and partner channelsShort term

Lower-cost client acquisition supports scale across retail, commercial, and institutional segments.

Expand product and geographic coverage via acquisitionsMedium term

Acquisitions add customer relationships, local licenses, and adjacent capabilities.

Maintain integrated trade lifecycle capabilitiesMedium term

Execution, clearing, custody, and settlement together strengthen client retention and switching costs.

Geography

Q1/2026

StoneX operates through regulated subsidiaries in more than 180 countries and serves clients globally, with a broad footprint across the U.S., Europe, Asia Pacific, Latin America, and the Middle East. The company’s operating model depends on local licenses and regulatory permissions, which shape where it can offer brokerage, clearing, payments, and advisory services. Its acquisition activity also extends the network into specific markets such as Colombia, Switzerland, and the U.S. Northeast.

United States63 %
Europe33 %
South America4.2 %

Share of the revenue the company reports by geography.

Risks

StoneX is exposed to market volatility, client activity swings, and changes in commodity prices, currencies, and trading volumes because a large part of its business is tied to market-making and transaction flow. It also faces operational, cybersecurity, vendor-dependency, and regulatory risks due to its technology-heavy platform and multi-jurisdictional licensing structure. In addition, fair value measurement and revenue recognition judgments can materially affect reported results because many positions and revenues are linked to trading, principal gains, and short-duration financial instruments.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Market-making and trading volatility1Cybersecurity and vendor dependency2Regulatory and licensing complexity3Commodity and inventory price swings4Counterparty and settlement risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Market-making and trading volatilityImpact: HighLikelihood: Medium

    A significant portion of operating revenue comes from market-making and trading, which depends on volatility, liquidity, and order flow.

    ExposureSecuritiesCurrenciesCommoditiesDerivatives
  2. Cybersecurity and vendor dependencyImpact: HighLikelihood: Medium

    The company relies on third parties for hosting, communications, and transaction processing, so outages or breaches can interrupt trading and expose client data.

    Exposure: Technology infrastructure and client data

  3. Regulatory and licensing complexityImpact: HighLikelihood: Medium

    Operations span many jurisdictions and are subject to securities, commodities, payments, AML, and advisory rules.

    ExposureU.SU.KEuropeAPACLatAmMiddle East
  4. Commodity and inventory price swingsImpact: MediumLikelihood: Medium

    Physical commodity activities and client hedging flows can be affected by rapid changes in prices and balances of financial instruments and inventory.

    ExposureAgricultureEnergyMetals
  5. Counterparty and settlement riskImpact: MediumLikelihood: Medium

    Clearing, margining, and principal trading create exposure to client and counterparty performance, especially during stressed markets.

    ExposureClearingPrime brokerageOTC products

Accounting

Judgemental items
Fair value measurement of financial instruments

Substantially all financial instruments are carried at fair value or near fair value, so market inputs directly affect reported earnings.

Impact: Principal gains, net and balance sheet values

Revenue recognition by revenue type

The company recognizes trading income on trade date, fee and interest income on accrual, and physical commodity revenue at delivery.

Impact: Revenue timing and mix

Inventory and physical commodity accounting

Physical commodity purchases for client delivery are recognized when obligations are met, making inventory and commodity price movements important.

Impact: Operating revenue and gross profit

Quarterly volatility from client activity and market prices

Changes in client activity, commodity prices, and financial instrument balances can cause significant period-to-period swings.

Impact: Comparability across quarters

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Last updated: 24/09/2026