StoneX Group Inc.

Previous wording

We operate a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. We strive to be the one trusted partner to our clients, providing our network, products and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. Our businesses are supported by our global infrastructure of regulated operating subsidiaries, our advanced technology platforms and our team of more than 5,400 employees as of March 31, 2026. We believe our client-first approach differentiates us from large banking institutions, engenders trust and has enabled us to establish market leading positions in a number of complex fields in financial markets around the world. For additional information, see Overview of Business and Strategy within “Item 1. Business” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025.

Current wording

We operate a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. We strive to be the one trusted partner to our clients, providing our network, products and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. Our businesses are supported by our global infrastructure of regulated operating subsidiaries, our advanced technology platforms and our team of more than 5,200 employees as of June 30, 2026. We believe our client-first approach differentiates us from large banking institutions, engenders trust and has enabled us to establish market leading positions in a number of complex fields in financial markets around the world. For additional information, see Overview of Business and Strategy within “Item 1. Business” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025.

Previous 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.

Current wording

Unless noted otherwise, comparisons in the following discussions relate to the three months ended June 30, 2026 as compared to the same three-month period in the prior fiscal year and the nine months ended June 30, 2026 as compared to the same nine-month period in the prior fiscal year.

Previous 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.

Current wording

On July 17, 2026, we completed a three-for-two split of our common stock, 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 July 17, 2026, to stockholders of record at the close of business on July 7, 2026. Cash was distributed in lieu of fractional shares based on the opening price of a share of common stock on July 8, 2026. Trading began on a stock split-adjusted basis at market open on July 20, 2026. Although the stock split occurred subsequent to June 30, 2026, all share and per share amounts contained herein have been retroactively adjusted for this stock split, as a result of the stock split being effective prior to the issuance of the financial statements.

Previous wording

We experienced strong transactional volume growth in listed and over-the-counter (“OTC”) derivatives, securities and payments, while we saw more modest growth in FX/contracts for difference (“CFD”) contracts. We believe this volume growth not only reflects continued client demand but also validates and is reflective of the significant investments made across our platforms to drive more efficient execution, clearing, and hedging of client transactions.

Current wording

We experienced strong transactional volume growth in listed and OTC derivatives, securities and payments, while we experienced a decline in FX/CFD contracts. We believe this volume growth not only reflects continued client demand but also validates and is reflective of the significant investments made across our platforms to drive more efficient execution, clearing, and hedging of client transactions.

Previous wording

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

Current wording

•Rate per contract (“RPC”) on listed derivatives increased 23%, primarily due to the acquisition of RJO.

Previous wording

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

Current wording

•Payments RPM decreased 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 $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.

Current wording

Interest and fee income earned on client balances increased $66.1 million, principally driven by the acquisition of RJO, which contributed $55.5 million in interest and fee income earned on client balances on an additional $6.6 billion in average client equity contributed by RJO, helping to drive the 129% growth in average client equity.

Previous 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.

Current wording

Interest expense on corporate funding increased $6.7 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 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.

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 60% of total expenses in the three months ended June 30, 2026 as compared to 53% in the three months ended June 30, 2025. Non-variable expenses, excluding bad debts, increased $58.1 million, including $45.0 million in the acquired RJO and Benchmark businesses.

Previous 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.

Current wording

Net income increased $64.5 million to $127.9 million in the three months ended June 30, 2026. Diluted earnings per share was $1.00 for the three months ended June 30, 2026 compared to $0.54 in the three months ended June 30, 2025.

Previous 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.

Current wording

Operating revenues increased $443.7 million, or 43%, to $1,468.0 million in the three months ended June 30, 2026 compared to $1,024.3 million in the three months ended June 30, 2025. The acquisition of RJO, which was effective July 31, 2025, contributed $189.5 million in operating revenue in the three months ended June 30, 2026. The table above displays operating revenues disaggregated across the key products we provide to our clients.

Previous 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.

Current wording

Operating revenues derived from securities transactions increased $118.5 million, principally due to a 33% increase in ADV, driven by an increase in equity 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 $45.8 million, due to the increase in ADV noted above as well as a 9% increase in the RPM.

Previous 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.

Current wording

Operating revenues derived from FX/CFD contracts decreased $16.5 million, as a result of a $14.9 million decrease in our Self-Directed/Retail segment primarily driven by a decline in ADV, as well as a $1.6 million decrease in Institutional segment FX contracts operating revenues, principally as a result of a decrease in RPM.

Previous 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.

Current wording

Operating revenues derived from payments increased $6.8 million, principally driven by a 20% increase in payments ADV, partially offset by a 7% decline in payments RPM.

Previous 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.

Current wording

Operating revenues derived from physical contracts increased $59.5 million, principally driven by a $40.5 million increase in operating revenues in our physical precious metals business, along with a $18.7 million increase in physical supply and trading operating revenues. Precious metals related operating revenues were favorably impacted by $6.4 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 $0.9 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 $54.8 million, principally as a result of an increase in average client equity balances of 110%, partially offset by a decrease in average money-market/FDIC sweep client balances of 7%. The acquisition of RJO contributed $53.9 million in growth to interest and fee income earned on client balances and $6.4 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 $66.1 million, principally as a result of an increase in average client equity balances of 129%, partially offset by a decrease in average money-market/FDIC sweep client balances of 2%. The acquisition of RJO contributed $55.5 million in growth to interest and fee income earned on client balances and $6.6 billion in average client equity for the period.

Previous wording

Operating revenues increased $1,104.7 million, or 58%, to $3,005.0 million in the six months ended March 31, 2026 compared to $1,900.3 million in the six months ended March 31, 2025. The acquisition of RJO contributed $414.5 million in operating revenue in the six months ended March 31, 2026.

Current wording

Operating revenues increased $1,548.4 million, or 53%, to $4,473.0 million in the nine months ended June 30, 2026 compared to $2,924.6 million in the nine months ended June 30, 2025. The acquisition of RJO contributed $603.9 million in operating revenue in the nine months ended June 30, 2026.

Previous wording

Operating revenues derived from listed derivatives increased $189.4 million, with our Institutional and Commercial segments up $105.1 million and $84.3 million, respectively.

Current wording

Operating revenues derived from listed derivatives increased $504.6 million, with our Institutional and Commercial segments up $268.8 million and $235.8 million, respectively.

Previous wording

Operating revenues derived from OTC derivatives increased $85.3 million, principally driven by a 43% increase in OTC contract volumes and a 31% increase in the average rate per contract.

Current wording

Operating revenues derived from OTC derivatives increased $128.2 million, principally driven by a 60% increase in OTC contract volumes and a 14% increase in the average rate per contract.

Previous wording

Operating revenues derived from securities transactions increased $335.3 million, principally due to a 28% increase in securities ADV. 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 $92.6 million, principally driven by the increase in ADV noted above, as well as a 14% increase in RPM.

Current wording

Operating revenues derived from securities transactions increased $453.8 million, principally due to a 30% increase in securities ADV. 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 $138.4 million, principally driven by the increase in ADV noted above, as well as a 13% increase in RPM.

Previous wording

Operating revenues derived from payments increased by $4.5 million, principally driven by a 15% increase in the ADV, partially offset by an 8% decline in payments RPM.

Current wording

Operating revenues derived from payments increased by $11.3 million, principally driven by a 16% increase in the ADV, partially offset by an 8% decline in payments RPM.

Previous wording

Operating revenues derived from physical contracts increased $181.6 million as a result of a $200.0 million increase in precious metals operating revenues, partially offset by an $18.8 million decline in physical supply and trading operating revenues.

Current wording

Operating revenues derived from physical contracts increased $241.1 million, principally driven by a $240.5 million increase in precious metals operating revenues.

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 $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.

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 $187.0 million, principally as a result of an increase in average client equity balances of 113%, partially offset by a 1% decline in average money-market/FDIC sweep client balances. The acquisition of RJO, contributed $174.6 million in growth to interest and fee income earned on client balances and $6.3 billion in average client equity for the period.

Previous wording

The business activities of RJO added $74.0 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.

Current wording

The business activities of RJO added $36.7 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 Equity Capital Markets business, principally related to higher ADR conversion fees.

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 $26.5 million of interest expense, with $23.6 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 $27.4 million of interest expense, with $25.1 million attributable to client balances.

Previous wording

The increase in interest expense attributable to corporate funding was 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

The increase in interest expense attributable to corporate funding was principally due to the issuance of $625 million in aggregate principal amount of the Notes due 2032, which closed on July 8, 2025. The three months ended June 30, 2025 included $6.5 million of bridge loan financing fees related to the June 2025 renewal of the corporate revolving credit facility and the issuance of the Notes due 2032.

Previous 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.

Current wording

The business activities of RJO added $110.8 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 $47.3 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 $139.1 million of increased expenses. Also, expenses were higher in our Independent Wealth Management business.

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 $53.2 million of interest expense, with $47.9 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 $80.5 million of interest expense, with $73.0 million attributable to client balances.

Previous wording

The increase in interest expense attributable to corporate funding was 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

The increase in interest expense attributable to corporate funding was principally due to the issuance of $625 million in aggregate principal amount of the Notes due 2032, which closed on July 8, 2025. The nine months ended June 30, 2025 included $6.5 million of bridge loan financing fees related to the June 2025 renewal of the corporate revolving credit facility and the issuance of the Notes due 2032.

Previous 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.

Current wording

Compensation and Other Expenses: Compensation and other expenses increased $156.8 million, or 39%, to $558.2 million in the three months ended June 30, 2026 compared to $401.4 million in the three months ended June 30, 2025, principally due to the acquisitions of RJO, Benchmark and others, as discussed further below.

Previous wording

Administrative, executive, and centralized and local operations variable compensation and benefits increased related to incremental cost from acquisition-related headcount increases as well as higher operating performance.

Current wording

Administrative, executive, and centralized and local operations variable compensation and benefits increased due to incremental cost from acquisition-related headcount increases as well as higher operating performance.

Previous 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.

Current wording

Incremental cost from recent acquisitions completed since June 30, 2025 added $13.6 million of non-variable salary expense during the three months ended June 30, 2026. The additional increase of $4.5 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

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.

Current wording

Other Expenses: Other non-compensation expenses increased $30.3 million, or 23%, to $164.4 million in the three months ended June 30, 2026 compared to $134.1 million in the three months ended June 30, 2025.

Previous wording

Trading system and market information increased $6.3 million, principally due to an increase in trading system costs in our OTC and clearing business activities, and an increase in market information in our Global Hedging and Debt Capital Markets businesses. Incremental cost from acquisitions completed since March 31, 2025 added $2.9 million of expense.

Current wording

Trading system and market information increased $4.4 million, principally due to an increase in market information costs in our Exchange-Traded Futures & Options, Global Hedging, Equity Capital Markets, and Debt Capital Markets businesses. Incremental cost from acquisitions completed since June 30, 2025 added $2.0 million of expense.

Previous wording

Non-trading technology and support increased $7.5 million, principally due to an increase in core and development technology costs. Incremental cost from acquisitions completed since March 31, 2025 added $3.3 million of expense.

Current wording

Non-trading technology and support increased $9.0 million, principally due to an increase in core and development technology costs. Incremental cost from acquisitions completed since June 30, 2025 added $3.3 million of expense.

Previous 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.

Current wording

Depreciation and amortization increased $12.0 million, principally due to $7.6 million of incremental amortization of acquired intangibles and $2.1 million of depreciation from the acquisitions completed since June 30, 2025, along with an increase in depreciation expense from capitalized internally developed software.

Previous wording

During the three months ended March 31, 2026, we recorded bad debts, net of recoveries of $12.4 million, principally related to bad debt expense from client receivables in the Global Metals and Supply & Trading businesses of our Commercial segment of $8.0 million and $2.1 million, respectively, as well as from client trading deficits in our Institutional, Self-Directed/Retail, and Commercial segments of $1.5 million, $0.5 million, and $0.4 million, respectively, which were partially offset by recoveries of $0.1 million.

Current wording

During the three months ended June 30, 2026, we recorded net of recoveries related to bad debts of $1.0 million, principally related to bad debt recoveries from client receivables in the LME Metals and Supply & Trading businesses of our Commercial segment of $1.1 million and $0.4 million, respectively, partially offset by client trading deficits in our Institutional and Commercial segments of $0.3 million and $0.2 million, respectively.

Previous wording

Other expenses increased $13.0 million, principally due to the accretion of the contingent consideration liability related to the Benchmark acquisition, an increase in insurance costs and non-income taxes, as well as a $1.9 million charge in the resolution of the BTIG matter. Incremental cost from acquired entities completed since March 31, 2025 added $4.3 million of expense.

Current wording

Other expenses increased $14.6 million, principally due to the accretion of the contingent consideration liability related to the Benchmark acquisition, an increase in insurance costs and non-income taxes, as well as a settlement resolution. Incremental cost from acquired entities completed since June 30, 2025 added $5.3 million of expense.

Previous wording

Other Losses: The results of the three months ended March 31, 2026 include a $2.5 million charge on the abandonment of certain software license and capitalized internally developed expenditures and a $0.2 million loss on an equity investment.

Current wording

Other Losses, net: The results of the three months ended June 30, 2026 included a $1.5 million charge on the abandonment of certain capitalized expenditures and a $0.2 million loss on an equity investment. The results of the three months ended June 30, 2025 included a $2.3 million loss on the disposal of certain capitalized hardware expenditures, partially offset by a gain of $1.0 million related to a class action settlement.