← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
StoneX, the largest non-bank futures commission merchant in the U.S. after buying R.J. O'Brien, posted record net income of $305.9M, up 17.3%, though its auditor gave an adverse opinion on internal control over a repo netting error
The read at a glance✓ Audited against SEC data
- Growth — Total revenues up 32.5% to $132.4B, mostly gross physical commodity sales; operating revenues up 20%OK
- Profitability — Net income up 17.3% to $305.9M; return on equity 15.6%OK
- Cash flow — Free cash flow $4.32B, driven by client balance and financing flowsNote
- Balance sheet — Total debt up 120.1% to $1.94B; equity up 39.1% to $2.38BWatch
- Accounting — Material weakness and an adverse internal control opinion for FY2025Watch
- Capital allocation — No dividends; acquisitions funded with $625.0 million of new secured notesNote
Business
StoneX runs a global financial services network that gives companies, institutions and individuals access to nearly all major markets, from execution through clearing, custody and settlement, serving more than 80,000 commercial, institutional and payments clients and over 400,000 self-directed accounts in more than 180 countries. Its total revenues combine gross revenue from physical commodities, chiefly precious metals, with net revenues from everything else, so management measures the business on operating revenues, which deduct the cost of physical commodities sold.
Where the revenue comes from
Fiscal 2025, as StoneX Group Inc. reports it. History and quarterly detail are in the app.
- Sales of physical commodities$128.5B
- Precious metals sales under ASC Topic 606$2.1B
- Interest income$1.7B
- Principal gains, net$1.2B
- Total commission and clearing fees$728.2M
Leadership changes
From StoneX Group Inc.'s own filings, the day they're filed.
- Glenn Stevens · departureeff. 2024-12-31
- Scott J. Branch · Directors · departure
Latest filings
- 8-K · Company announcement2026-08-28
- 8-K · Company announcement2026-08-05
- 10-Q · Quarterly report2026-08-05
- 8-K · Company announcement2026-05-26
- 8-K · Company announcement2026-05-06
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Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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