StoneX Group Inc.

Previous wording

Unless noted otherwise, comparisons in the following discussions relate to the three months ended December 31, 2025 as compared to the same three-month period in the prior fiscal year.

Current wording

Unless noted otherwise, comparisons in the following discussions relate to the three months ended March 31, 2026 as compared to the same three-month period in the prior fiscal year and the six months ended March 31, 2026 as compared to the same six-month period in the prior fiscal year.

Previous wording

On February 3, 2026, the Company’s Board of Directors approved a three-for-two split of its common stock to make stock ownership more accessible to employees and investors. The stock split will be effected as a stock dividend entitling each stockholder of record to receive one additional share of common stock for every two shares owned. Additional shares issued as a result of the stock dividend will be distributed after close of trading on March 20, 2026, to stockholders of record at the close of business on March 10, 2026. Cash will be distributed in lieu of fractional shares based on the opening price of a share of common stock on March 11, 2026. Trading is expected to begin on a stock split-adjusted basis at market open on March 23, 2026. All share and per share amounts contained herein have not been retroactively adjusted for this subsequent stock split.

Current wording

On February 3, 2026, our Board of Directors approved a three-for-two split of its common stock to make stock ownership more accessible to employees and investors. The stock split was effected as a stock dividend entitling each stockholder of record to receive one additional share of common stock for every two shares owned. Additional shares issued as a result of the stock dividend were distributed after close of trading on March 20, 2026, to stockholders of record at the close of business on March 10, 2026. Cash was distributed in lieu of fractional shares based on the opening price of a share of common stock on March 11, 2026. Trading began on a stock split-adjusted basis at market open on March 23, 2026. All share and per share amounts contained herein have been retroactively adjusted for this stock split.

Previous wording

In terms of revenue capture on our transactional volumes as compared to the prior fiscal year, we experienced:

Current wording

In terms of revenue capture on our transactional volumes as compared to the prior fiscal year quarter:

Previous wording

•Rate per contract (“RPC”) on listed derivatives increased 40%, due to client mix as well as the acquisition of RJO.

Current wording

•Rate per contract (“RPC”) on listed derivatives increased 44%, due to volatility in LME markets as well as the acquisition of RJO.

Previous wording

•a 10% decline in payments RPM due to generally lower FX spreads in certain markets, most notably in Africa.

Current wording

•Payments RPM declined 7% due to generally lower FX spreads in certain markets, most notably in Africa.

Previous wording

Interest and fee income earned on client balances increased $66.1 million, principally driven by the acquisition of RJO, which contributed $63.8 million in interest and fee income earned on client balances on an additional $5.8 billion in average client equity contributed by RJO, helping to drive the 100% growth in average client equity.

Current wording

Interest and fee income earned on client balances increased $54.8 million, principally driven by the acquisition of RJO, which contributed $53.9 million in interest and fee income earned on client balances on an additional $6.4 billion in average client equity contributed by RJO, helping to drive the 110% growth in average client equity.

Previous wording

Interest expense on corporate funding increased $11.1 million, principally due to the issuance of $625 million in aggregate principal amount of the Notes due 2032, which closed on July 8, 2025.

Current wording

Interest expense on corporate funding increased $11.7 million, principally due to the issuance of $625 million in aggregate principal amount of the Notes due 2032, which closed on July 8, 2025.

Previous wording

On the expense side, we continued to focus on maintaining our variable cost model and limiting the growth of our non-variable expenses. Variable expenses were 58% of total expenses in the three months ended December 31, 2025 as compared to 52% in the three months ended December 31, 2024. Non-variable expenses, excluding bad debts, increased $76.2 million, including $44.3 million in the acquired RJO and Benchmark businesses.

Current wording

On the expense side, we continued to focus on maintaining our variable cost model and limiting the growth of our non-variable expenses. Variable expenses were 59% of total expenses in the three months ended March 31, 2026 as compared to 54% in the three months ended March 31, 2025. Non-variable expenses, excluding bad debts, increased $95.0 million, including $52.6 million in the acquired RJO and Benchmark businesses.

Previous wording

Net income increased $53.9 million to $139.0 million in the three months ended December 31, 2025. Diluted earnings per share was $2.50 for the three months ended December 31, 2025 compared to $1.69 in the three months ended December 31, 2024.

Current wording

Net income increased $102.6 million to $174.3 million in the three months ended March 31, 2026. Diluted earnings per share was $2.07 for the three months ended March 31, 2026 compared to $0.94 in the three months ended March 31, 2025.

Previous wording

Operating revenues increased $493.9 million, or 52%, to $1,438.2 million in the three months ended December 31, 2025 compared to $944.3 million in the three months ended December 31, 2024. The acquisition of RJO, which was effective July 31, 2025, contributed $201.0 million in operating revenue in the three months ended December 31, 2025. The table above displays operating revenues disaggregated across the key products we provide to our clients.

Current wording

Operating revenues increased $610.8 million, or 64%, to $1,566.8 million in the three months ended March 31, 2026 compared to $956.0 million in the three months ended March 31, 2025. The acquisition of RJO, which was effective July 31, 2025, contributed $213.5 million in operating revenue in the three months ended March 31, 2026. The table above displays operating revenues disaggregated across the key products we provide to our clients.

Previous wording

Operating revenues derived from OTC derivatives increased $26.5 million, principally driven by a 48% increase in the average RPC as well as a 17% increase in OTC derivative contract volumes.

Current wording

Operating revenues derived from OTC derivatives increased $58.8 million, principally driven by a 68% increase in OTC derivative contract volumes, as well as a 17% increase in the average RPC.

Previous wording

Operating revenues derived from securities transactions increased $174.1 million, principally due to a 22% increase in ADV, driven by increases in both equity and fixed income markets. Carried interest on fixed income securities is a component of operating revenues, however interest expense associated with financing these positions is not. We deduct interest expense associated with our fixed income activities from operating revenues in the calculation of securities RPM in the table above in order to provide a more useful measure of the financial performance of our securities business. Net operating revenues derived from securities transactions increased $55.7 million, due to the increase in ADV noted above, as well as a 35% increase in the RPM.

Current wording

Operating revenues derived from securities transactions increased $161.2 million, principally due to a 35% increase in ADV, driven by increases in both equity and fixed income markets. Carried interest on fixed income securities is a component of operating revenues, while interest expense associated with financing these positions is not. We deduct interest expense associated with our fixed income activities from operating revenues in the calculation of securities RPM in the table above in order to provide a more useful measure of the financial performance of our securities business. Net operating revenues derived from securities transactions increased $36.9 million, due to the increase in ADV noted above, partially offset by a 3% decrease in the RPM.

Previous wording

Operating revenues derived from FX/CFD contracts declined $29.9 million, as a result of a $27.2 million decrease in our Self-Directed/Retail segment and a $2.7 million decrease in Institutional segment FX contracts operating revenues.

Current wording

Operating revenues derived from FX/CFD contracts increased $6.7 million, as a result of a $7.7 million increase in our Self-Directed/Retail segment driven by increases in both ADV and RPM, partially offset by a $1.0 million decrease in Institutional segment FX contracts operating revenues, principally as a result of a decrease in RPM.

Previous wording

Operating revenues from payments decreased $2.2 million, principally driven by a 10% decline in payments RPM, which was partially offset by an 11% increase in payments ADV.

Current wording

Operating revenues derived from payments increased $6.7 million, principally driven by a 19% increase in payments ADV, partially offset by a 7% decline in payments RPM.

Previous wording

Operating revenues derived from physical contracts increased $64.1 million, as a result of an $83.9 million increase in precious metals operating revenues, principally driven by an increase in macro volatility, driving a strong increase in client demand, combined with our expansive global footprint allowing us to benefit from regional differences in premiums, which was partially offset by a $19.8 million decline in physical agricultural and energy operating revenues. Precious metals related operating revenues were unfavorably impacted by $3.0 million unrealized losses on derivative positions related to physical inventories carried at the lower of cost or net realizable value, while the prior year period was favorably impacted by realized gains of $4.7 million on the sale of physical inventories carried at the lower of costs or net realizable value, for which losses on related derivative positions were recognized in prior periods.

Current wording

Operating revenues derived from physical contracts increased $117.5 million, principally driven by a $116.1 million increase in operating revenues in our physical precious metals business, along with a $1.0 million increase in physical supply and trading operating revenues. Precious metals related operating revenues were favorably impacted by $4.0 million of realized gains on the sale of physical inventories carried at the lower of cost or net realizable value for which losses on related derivative positions were recognized in prior periods, while the prior year period was unfavorably impacted by unrealized losses of $4.0 million on derivative positions related to physical inventories carried at the lower of costs or net realizable value.

Previous wording

Interest and fee income earned on client balances, which is associated with our listed and OTC derivative businesses, as well as our Correspondent Clearing and Independent Wealth Management businesses, increased $66.1 million, principally as a result of an increase in average client equity and average money-market/FDIC sweep client balances of 100% and 5%, respectively. The acquisition of RJO, contributed $63.7 million in growth to interest and fee income earned on client balances and $5.8 billion in average client equity for the period.

Current wording

Interest and fee income earned on client balances, which is associated with our listed and OTC derivative businesses, as well as our Correspondent Clearing and Independent Wealth Management businesses, increased $120.9 million, principally as a result of an increase in average client equity balances of 105%, partially offset by a 1% decline in average money-market/FDIC sweep client balances. The acquisition of RJO, contributed $117.7 million in growth to interest and fee income earned on client balances and $6.1 billion in average client equity for the period.

Previous wording

The business activities of RJO added $36.3 million of increased expenses. Excluding RJO, expenses were higher in our Global Hedging (f/k/a Financial Ag & Energy) and Exchange-Traded Futures & Options businesses, principally related to the increase in contracts traded. Additionally, expenses were higher in the Global Metals business, principally related to LME activity, and Equity Capital Markets business, principally related to an increase in ADR conversion fees in equities principal market-making.

Current wording

The business activities of RJO added $37.8 million of increased expenses. Excluding RJO, expenses were higher in our Global Hedging and Exchange-Traded Futures & Options businesses, principally related to the increase in contracts traded. Additionally, expenses were higher in the Global Metals business, principally related to LME activity.

Previous wording

The business activities of RJO added $45.0 million of increased expenses. Also, expenses were higher in our Independent Wealth Management business, principally due to increased revenues.

Current wording

The business activities of RJO added $47.3 million of increased expenses. Also, expenses were higher in our Independent Wealth Management business, principally due to increased revenues.

Previous wording

The increase in interest expense attributable to fixed income securities and securities borrowing was principally due to the growth in the size of the security repo and securities lending businesses. The business activities of RJO added an incremental $26.7 million of interest expense, with $24.3 million attributable to client balances.

Current wording

The increase in interest expense attributable to fixed income securities and securities borrowing was principally due to the growth in the size of the security repo and securities lending businesses. The business activities of RJO added an incremental $26.5 million of interest expense, with $23.6 million attributable to client balances.

Previous wording

Compensation and Other Expenses: Compensation and other expenses increased $158.2 million, or 42%, to $539.1 million in the three months ended December 31, 2025 compared to $380.9 million in the three months ended December 31, 2024, principally due to the acquisitions of RJO, Benchmark and others, as discussed further below.

Current wording

Compensation and Other Expenses: Compensation and other expenses increased $209.1 million, or 54%, to $599.3 million in the three months ended March 31, 2026 compared to $390.2 million in the three months ended March 31, 2025, principally due to the acquisitions of RJO, Benchmark and others, as discussed further below.

Previous wording

Incremental cost from recent acquisitions completed since December 31, 2024 added $15.5 million of non-variable salary expense during the three months ended December 31, 2025. The additional increase of $6.3 million is principally due to growth in our business segments, as well as within our overhead departments, principally due to the increase in headcount, as well as the impact of annual merit increases that were effective at the beginning of the calendar year ended December 31, 2025.

Current wording

Incremental cost from recent acquisitions completed since March 31, 2025 added $14.7 million of non-variable salary expense during the three months ended March 31, 2026. The additional increase of $11.2 million is principally due to growth in our business segments, as well as within our overhead departments, principally due to the increase in headcount, as well as the impact of annual merit increases.

Previous wording

Share-based compensation, which contains stock option and restricted stock expenses, increased principally due to the issuance of additional stock option awards and additional restricted stock grants since December 31, 2024, as well as from increased restricted stock amortization related to employee-elected and statutorily-required deferred incentive, which results in cash exchanged for restricted stock that is amortized over a thirty-six month period following the grant date. The three months ended December 31, 2024 also included $1.1 million in accelerated share-based compensation due to the departure of an executive officer.

Current wording

Share-based compensation, which contains stock option and restricted stock expenses, increased principally due to the issuance of certain executive stock option and restricted stock grants since December 31, 2024.

Previous wording

Other Expenses: Other non-compensation expenses increased $54.8 million, or 43%, to $183.2 million in the three months ended December 31, 2025 compared to $128.4 million in the three months ended December 31, 2024.

Current wording

Other Expenses: Other non-compensation expenses increased $69.0 million, or 56%, to $192.1 million in the three months ended March 31, 2026 compared to $123.1 million in the three months ended March 31, 2025.

Previous wording

Occupancy and equipment rental costs increased $3.1 million, as incremental cost from acquisitions completed since December 31, 2024 added $2.3 million of expense. Additionally, we had increased office costs in Singapore and Colombia, along with an increase in property service charges, utilities and storage costs.

Current wording

Occupancy and equipment rental costs increased $4.8 million, as incremental cost from acquisitions completed since March 31, 2025 added $2.3 million of expense. Additionally, we had increased office costs in Germany, France, Singapore, Colombia, and India, along with an increase in property service charges, utilities and office equipment costs.

Previous wording

Depreciation and amortization increased $9.3 million, principally due to $7.1 million of incremental amortization of acquired intangibles from the acquisitions completed since December 31, 2024, and $1.7 million of incremental depreciation expense from internally developed software placed into service.

Current wording

Depreciation and amortization increased $11.3 million, principally due to $8.2 million of incremental amortization of acquired intangibles and $1.6 million of depreciation from the acquisitions completed since March 31, 2025, along with an increase in depreciation expense from capitalized internally developed software.

Previous wording

Provision for Taxes: The effective income tax rate was 25% and 27% in the three months ended December 31, 2025 and 2024, respectively. The effective tax rate for the three months ended December 31, 2025 and 2024 was higher than the U.S. federal statutory rate of 21% due to U.S. state and local taxes, global intangible low taxed income (“GILTI”), GloBE minimum tax, U.S. and foreign permanent differences, and the amount of foreign earnings taxed at higher rates.

Current wording

Provision for Taxes: The effective income tax rate was 23% and 26% in the three months ended March 31, 2026 and 2025, respectively. The effective tax rate for the three months ended March 31, 2026 and 2025 was higher than the U.S. federal statutory rate of 21% due to U.S. state and local taxes, global intangible low taxed income (“GILTI”), GloBE minimum tax, U.S. and foreign permanent differences, and the amount of foreign earnings taxed at higher rates.

Previous wording

Administrative, executive, and centralized and local operations variable compensation and benefits decreased principally due to a recovery of certain benefit liabilities established in the U.K. over the last three fiscal years.

Current wording

Administrative, executive, and centralized and local operations variable compensation and benefits increased modestly, as increased costs from acquisition-related headcount increases as well as higher operating performance was partially offset by the recovery of certain benefit liabilities established in the U.K.

Previous wording

Employee benefits and other compensation increased principally due to higher payroll taxes, retirement costs, and healthcare benefits principally related to the increase in headcount, and were partially offset by an increase in employee-elected deferred incentive. Additionally, the three months ended December 31, 2024 included $0.9 million in accelerated long-term incentive due to the departure of an executive officer.

Current wording

Employee benefits and other compensation increased principally due to higher payroll taxes, retirement costs, and healthcare benefits resulting from the increase in headcount. These increases were partially offset by increased participation in the aforementioned employee-elected deferred incentive plan.

Previous wording

During the three months ended December 31, 2024, severance costs included amounts related to the departure of an executive officer mentioned above.

Current wording

During the six months ended March 31, 2026, severance included costs related to a formal collective redundancy consolidation process for U.K.-based employees following integration of certain RJO entities. Severance also included termination and retention costs for certain U.S.-based positions related to the ongoing integration activities of certain RJO entities. During the six months ended March 31, 2025, severance costs included amounts related to the departure of an executive officer.

Previous wording

Professional fees increased $13.8 million, principally due to higher legal fees related to our defense in various legal matters, net of recoveries, including fees related to the BTIG matter, which saw the arbitration commence during the three months ended December 31, 2025. To a lesser extent, higher audit and tax fees also contributed to the increase. Incremental cost from acquired entities completed since December 31, 2024 added $4.5 million of expense.

Current wording

Professional fees increased $15.7 million, principally due to higher legal fees related to our defense in various legal matters, net of recoveries, including fees related to the BTIG matter, which was arbitrated during the six months ended March 31, 2026. To a lesser extent, higher audit, tax and other consultant fees also contributed to the increase. Incremental cost from acquired entities completed since March 31, 2025 added $6.5 million of expense.

Previous wording

Other expenses increased $10.2 million, principally due to a proposed settlement in a Self-Directed/Retail Forex matter, accretion of the contingent consideration liability related to the Benchmark acquisition, and higher insurance costs.

Current wording

Other expenses increased $23.2 million, principally due to a settlement in a Self-Directed/Retail Forex matter, a charge in the resolution of the BTIG matter, the accretion of the contingent consideration liability related to the Benchmark acquisition, and an increase in insurance costs. Incremental cost from acquired entities completed since March 31, 2025 added $3.6 million of expense.

Previous wording

Other Gains: The results of the three months ended December 31, 2025 include a $0.4 million loss on an equity investment. The results of the three months ended December 31, 2024 include nonrecurring gains of $5.7 million, resulting from proceeds received from class action settlements, reported within the Self-Directed/Retail and Institutional segments.

Current wording

Other (Loss) Gains, net: The results of the six months ended March 31, 2026 included a $2.5 million charge on the abandonment of certain software license and capitalized internally developed expenditures and a $0.6 million loss on an equity investment. The results of the six months ended March 31, 2025 included nonrecurring gains of $5.7 million, resulting from proceeds received from class action settlements, reported within the Self-Directed/Retail and Institutional segments.

Previous wording

Our variable expenses include variable compensation paid to traders and risk management consultants, bonuses paid to operational, administrative, and executive employees, transaction-based clearing expenses and introducing broker commissions. We seek to make our non-interest expenses variable to the greatest extent possible, and to keep our fixed costs as low as possible.

Current wording

Our variable expenses included variable compensation paid to traders and risk management consultants, bonuses paid to operational, administrative, and executive employees, transaction-based clearing expenses and introducing broker commissions. We seek to make our non-interest expenses variable to the greatest extent possible, and to keep our fixed costs as low as possible.

Previous wording

During the three months ended September 30, 2025, our acquisition of RJO triggered a reassessment of the financial information reviewed by management. We determined the acquired business activities of RJO were similar to our existing businesses, and the reassessment confirmed the current composition of the Company’s operating segments, except for one change resulting in the combination of all physical trading capabilities in precious metals being reported within the Commercial segment. Previously, the Self-Directed/Retail segment contained a portion of our precious metals activities. All segment information has been revised to reflect all precious metals business within the Commercial segment retroactive to October 1, 2024.

Current wording

During the three months ended September 30, 2025, our acquisition of RJO triggered a reassessment of the financial information reviewed by management. We determined the acquired business activities of RJO were similar to our existing businesses, and the reassessment confirmed the current composition of our operating segments, except for one change resulting in the combination of all physical trading capabilities in precious metals being reported within the Commercial segment. Previously, the Self-Directed/Retail segment contained a portion of our precious metals activities. All segment information has been revised to reflect all precious metals business within the Commercial segment retroactive to October 1, 2024.

Previous wording

Segment income is used by our chief operating decision maker (“CODM”) as the primary measure of segment profit or loss in the evaluation of each of our operating segments. The CODM also uses ‘Segment income, less allocation of overhead costs’ as an additional segment measure of our segments’ financial performance. The allocation of overhead costs to operating segments includes costs associated with compliance, technology, and credit and risk costs. The share of allocated costs is based on resources consumed by the relevant businesses. In addition, the allocation of human resources and occupancy costs is principally based on employee costs within the relevant businesses. The measure of segment profit or loss most consistent with the corresponding amounts in the consolidated financial statements is segment income.

Current wording

Segment income is used by our chief operating decision maker (“CODM”) as the primary measure of segment profit or loss in the evaluation of each of our operating segments. The CODM also uses ‘Segment income, less allocation of overhead costs’ as an additional segment measure of our segments’ financial performance. The allocation of overhead costs to operating segments includes costs associated with compliance, technology, and credit and risk costs. The share of allocated costs is based on resources consumed by the relevant businesses. In addition, the allocation of human resources and occupancy costs is principally based on employee costs within the relevant businesses. The measure of segment profit or loss most consistent with the corresponding amounts in the condensed consolidated financial statements is segment income.

Previous wording

Operating revenues derived from physical transactions increased $64.1 million, principally driven by a $83.9 million increase in operating revenues in our physical precious metals business, which was partially offset by a $19.8 million decline in our physical agricultural and energy business. The record performance in our precious metals business was primarily driven by an increase in macro volatility, driving a strong increase in client demand, combined with our expansive global footprint allowing us to benefit from regional differences in premiums. Precious metals related operating revenues were unfavorably impacted by $3.0 million unrealized losses on derivative positions related to physical inventories carried at the lower of cost or net realizable value, while the prior year period was favorably impacted by realized gains of $4.7 million on the sale of physical inventories carried at the lower of costs or net realizable value, for which losses on related derivative positions were recognized in prior periods.

Current wording

Operating revenues derived from physical transactions increased $117.5 million, principally driven by a $116.1 million increase in operating revenues in our physical precious metals business, along with a $1.0 million increase in physical supply and trading operating revenues. The record performance in our precious metals business was primarily driven by sustained volatility in global markets, which combined with our expansive global footprint, enabled us to fulfill heightened client needs for our services. Precious metals related operating revenues were favorably impacted by $4.0 million in the three months ended March 31, 2026 of realized gains on the sale of physical inventories carried at the lower of cost or net realizable value for which losses on related derivative positions were recognized in prior periods, while the prior year period was unfavorably impacted by unrealized losses of $4.0 million on derivative positions related to physical inventories carried at the lower of cost or net realizable value.

Previous wording

Interest and fee income earned on client balances increased $28.0 million, primarily as a result of the acquisition of RJO, which contributed $21.7 million in interest and fee income earned on client balances and helped drive a 133% increase in average client equity. This increase was partially offset by the decline in short-term interest rates.

Current wording

Interest and fee income earned on client balances increased $28.0 million, primarily as a result of the acquisition of RJO, which contributed $17.8 million in interest and fee income earned on client balances and helped drive a 146% increase in average client equity. This increase was partially offset by the decline in short-term interest rates.

Previous wording

Interest expense increased $16.5 million, principally related to an $11.8 million increase in interest paid to clients, primarily driven by the acquisition of RJO, as well as increase in interest expense in our physical businesses due to heightened client activity.

Current wording

Interest expense increased $10.5 million, principally related to a $12.4 million increase in interest paid to clients, primarily driven by the acquisition of RJO, partially offset by a decrease in interest expense related to financing costs in our physical precious metals business.

Previous wording

Variable expenses, excluding interest, expressed as a percentage of operating revenues, were 38% and 31% for the three months ended December 31, 2025 and 2024, respectively. The growth was principally driven by an increase in introducing broker commissions related to the acquisition of the RJO business.

Current wording

Variable expenses, excluding interest, expressed as a percentage of operating revenues were 35% and 34% for the three months ended March 31, 2026 and 2025, respectively. The growth was principally driven by an increase in introducing broker commissions related to the acquisition of the RJO business.

Previous wording

For the three months ended December 31, 2025, we calculated an allocation for overhead costs of $11.6 million for the Commercial segment compared to a $9.7 million allocation in the three months ended December 31, 2024.

Current wording

For the three months ended March 31, 2026, we calculated an allocation for overhead costs of $12.4 million for the Commercial segment compared to a $9.9 million allocation in the three months ended March 31, 2025.