StoneX Group Inc. reported its fourth‑quarter 2025 results for the quarter ended September 30 2025, revealing a revenue miss and an earnings beat. Net operating revenue totaled $585.1 million, falling 44.8 % below the $1.06 billion consensus estimate, while operating revenue reached $1.2 billion, a 31 % year‑over‑year increase. The company’s earnings per share were $1.57, surpassing the $1.54 consensus by 1.95 % and marking a modest but meaningful beat.
The divergence between operating revenue and net operating revenue reflects StoneX’s reporting methodology: operating revenue includes all revenue streams, whereas net operating revenue is adjusted for certain items such as interest income and fees. The $585.1 million net figure indicates that, after accounting for these adjustments, the company generated less than analysts expected, largely due to weaker interest‑rate‑related income and a decline in FX/CFDs activity. In contrast, the higher operating revenue figure shows that core trading and clearing activities still grew strongly, driven by increased derivatives volume and higher fee income from the newly acquired R.J. O’Brien and Benchmark platforms.
StoneX’s EPS beat can be attributed to disciplined cost management and margin expansion. Management reported that operating expenses were held below budget, allowing the company to preserve profitability even as revenue fell short of expectations. The integration of the R.J. O’Brien and Benchmark acquisitions has also contributed to higher fee income and improved pricing power, offsetting the revenue shortfall. These factors combined to lift net income and produce the $1.57 EPS figure.
The R.J. O’Brien acquisition, completed on July 31 2025, and the Benchmark acquisition, completed on August 5 2025, have been central to StoneX’s strategic growth. Both deals expanded the firm’s derivatives clearing capabilities and broadened its client base. While integration costs have temporarily weighed on revenue, the acquisitions are expected to generate long‑term synergies, including cross‑selling opportunities and enhanced market share in the U.S. clearing market.
During the earnings call, Executive Vice Chairman Sean O’Connor emphasized the company’s confidence in its strategic direction. He noted, “We continue to believe the R.J. O’Brien transaction will prove to be transformational for StoneX,” and added, “We are pleased to announce our results to close out fiscal year 2025, one which marked another record annual performance in both revenues and net income.” O’Connor also highlighted the firm’s focus on interest‑rate management strategies and its optimism about positioning in a more volatile economic backdrop.
Investors reacted positively to the EPS beat, with analysts citing StoneX’s strong cost control and the strategic benefits of its recent acquisitions. Management did not provide new guidance for the upcoming fiscal year, leaving analysts to interpret the results as a sign of confidence in the company’s long‑term growth trajectory.
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