Cash generation remains highly erratic, with the OCF/NI ratio swinging from -9.08 in 2026Q1 to 41.18 in 2025Q4, reflecting extreme sensitivity to working capital shifts.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 7.97B | 4.39B | 506.9M | -23.7M | -229.5M | 2.12B | 1.95B | 195.6M | -473.6M | 1.04B | -27.8M | 37.9M | 132.6M | 44.9M | -92.1M | 209M | 113M | -17.4M | -28.6M | -49.8M | -4M | -2.07M | 7.79M | -883.9K | 2.5M | -3.77M | 1.15M | 1.3M | 333.65K | 419.15K | 1.03M |
| Operating CF Margin % | - | 3.31% | 0.51% | -0.04% | -0.35% | 4.99% | 3.6% | 0.59% | -1.71% | 3.53% | -0.19% | 0.11% | 0.39% | 0.11% | -0.14% | 0.29% | 0.24% | -0.04% | -0.16% | -1.12% | -0.84% | -7.92% | 35.37% | -8.19% | 48.43% | -80.75% | 9.24% | 13.11% | 3.57% | 3.41% | 9.11% |
| Operating CF Growth % | 4734.61% | 765.71% | 2238.82% | 89.67% | -110.81% | 8.82% | 897.24% | 141.3% | -145.65% | 3831.65% | -173.35% | -71.42% | 195.32% | 148.75% | -144.07% | 84.96% | 749.43% | 39.16% | 42.57% | -1145% | -93.24% | -126.56% | 981.77% | -135.32% | 166.33% | -429.11% | -11.83% | 289.63% | -20.4% | -59.35% | 403.22% |
| Net Income | 462.4M | 305.9M | 260.8M | 238.5M | 355M | 116.3M | 169.6M | 85.1M | 55.5M | 6.4M | 54.7M | 54.4M | 19.3M | 19.3M | 12.7M | 37.2M | 5.1M | 27.6M | 27.1M | -4.5M | 3.5M | 2.61M | 2.53M | 1.26M | -270.99K | -3.3M | 279.14K | 400K | -217.34K | 717.87K | 726.36K |
| Depreciation & Amortization | 115.2M | 99M | 74.6M | 65M | 60.3M | 48.7M | 29.6M | 14M | 11.6M | 9.8M | 7.8M | 7.2M | 7.3M | 8M | 7.2M | 4.7M | 1.7M | 900K | 1.2M | 800K | 400K | 320.39K | 185.77K | 362.34K | 376.98K | 528.83K | 367.12K | 200K | 177.99K | 162.12K | 126.02K |
| Stock-Based Compensation | 41.3M | 49M | 37.2M | 28M | 17.8M | 13.9M | 10.3M | 8.1M | 6.6M | 6.3M | 5.1M | 3.6M | 4.3M | 9.3M | 5.9M | 2.3M | 1.9M | 1.9M | 1.5M | 800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 5.6M | 7.3M | -3.2M | -2.4M | -300K | 3.2M | 4.1M | 3.7M | 22.3M | -9.8M | -800K | 4.6M | -6.8M | -7.8M | -300K | 1.8M | 3.7M | -3.7M | 7.8M | -6.3M | 1.6M | 280.55K | -2.97K | 211.31K | 856.72K | -1.53M | 125.43K | 100K | -81.48K | -17.84K | 3.74K |
| Other Non-Cash Items | -2.25B | 9.9M | 120.8M | -900K | -127.7M | 10M | -56.9M | -4.2M | 4.8M | 52.6M | -300K | 9M | 6.8M | -7.1M | 3.4M | 5.1M | 8.9M | -17.8M | 5M | -500K | 300K | -466.67K | -45.65K | 55.34K | -402.22K | 230.01K | 378.11K | 0 | 0 | 0 | -93.58K |
| Working Capital Changes | 9.6B | 3.92B | 16.7M | -351.9M | -534.6M | 1.93B | 1.79B | 88.9M | -574.4M | 972.1M | -94.3M | -40.9M | 101.7M | 23.2M | -121M | 157.9M | 91.7M | -26.3M | -71.2M | -40.1M | -9.8M | -4.82M | 5.13M | -2.78M | 1.94M | 304.51K | -3.59K | 600K | 454.48K | -443K | 268.53K |
| Change in Receivables | -3.84B | -4.93B | -60.4M | -1.32B | 0 | -1.35B | -850M | -2B | -931.2M | -109.9M | -79M | 0 | 0 | 88.1M | -74M | 0 | -22.4M | 13.1M | -8.3M | -92.7M | -17.5M | 0 | 1.67M | 0 | 0 | -934.76K | 0 | 764.9K | -386.7K | -95.54K | -55.35K |
| Change in Inventory | -239.1M | -231.2M | -144.1M | -1.3M | 0 | -166.4M | -51.8M | 3M | -98.7M | -1.7M | -91M | 7.1M | 17.8M | 72.7M | 29M | 0 | -18.1M | -49.6M | -17.8M | -24.1M | -15.3M | 0 | 3.06M | 0 | 0 | 4.49M | 0 | 0 | -328.31K | 0 | 0 |
| Change in Payables | 6.37B | 2.99B | 656.4M | 163.9M | 12M | 2.18B | 2.14B | -40.1M | 538.6M | 271.3M | 125.9M | 12.6M | -1.1M | 23.8M | 258.6M | 1.7M | 417.2M | 20.1M | 6M | 16.8M | 400K | -7.38M | 213.5K | 48.62K | -231.14K | 51.95K | 105.77K | 82.35K | -43.47K | 5.03K | 14.23K |
| Cash from Investing | -1.88B | -465.5M | -63.7M | -53M | -49.5M | -59.8M | -241.6M | -40.8M | -15.4M | -22.3M | -35.5M | -15.5M | -4.3M | 5.1M | -20M | -21.5M | -42.4M | 27.8M | 1.1M | -14.8M | 700K | -1.86M | -8.35M | -272.64K | 888.24K | -488.29K | -810.83K | -400K | -58.72K | -250.1K | 332.18K |
| Capital Expenditures | -73M | -65.4M | -65.2M | -46.9M | -49.5M | -62.1M | -16.6M | -11.9M | -12.5M | -16.1M | -15.4M | -9.1M | -4.3M | -4.9M | -8.7M | -10.1M | -4.7M | -2.8M | -1.1M | -1.2M | -600K | -302.92K | -254.06K | -298.86K | -44.07K | -567.42K | -545.16K | -373.31K | -58.72K | -250.1K | -202.98K |
| CapEx % of Revenue | 0.05% | 0.05% | 0.07% | 0.08% | 0.07% | 0.15% | 0.03% | 0.04% | 0.05% | 0.05% | 0.1% | 0.03% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.03% | 0.13% | 1.16% | 1.15% | 2.77% | 0.85% | 12.15% | 4.39% | 3.76% | 0.63% | 2.03% | 1.79% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 8.4B | 6.53B | 5.04B | 4.17B | 4.35B | 2.73B | 125M | 135M | 2.1B | 1.61B | 1.75B | 197.9M | 607.9M | 171.7M | 223.1M | 159.8M | 224.7M | 229.9M | 174.5M | 98.63M | 99.86M | 22.29M | 6.14M | 5.77M | 6.01M | 3.35M | 3.63M | 2.02M | 3.83M | 3.79M |
| Other Investing | 626M | 0 | 3.8M | 0 | 0 | 3.1M | 0 | 0 | 0 | 0 | 0 | 2.1M | 0 | 0 | 0 | 0 | -300K | 12.7M | 12.2M | 0 | 0 | 0 | -254.06K | 26.22K | 105.07K | 79.13K | -205.67K | 23.31K | 0 | -105.93K | 0 |
| Cash from Financing | 713.1M | 914.8M | 188M | -169.3M | 65.8M | -35.6M | 312.3M | 9.6M | 120.9M | 5.7M | 121M | 15M | -48.8M | -129.7M | 129M | -48.4M | -49.2M | -13.2M | 37.4M | 80.3M | 21.1M | 3.09M | 14.57M | 3.74M | 81.78K | 0 | 727.47K | 300K | -198.91K | -132.86K | -41.47K |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 14.5M | 10.7M | 7.7M | 0 | 6.7M | -11.7M | -7.5M | -3.8M | 0 | 0 | -19.5M | -4.7M | -9.7M | -3.9M | -4M | 0 | 0 | -100K | 0 | 0 | 0 | 692.86K | 0 | 3.5M | 80K | 0 | 42.99K | 300K | -198.91K | -132.86K | -41.47K |
| Dividends Paid | 0 | 0 | -48.1M | 0 | -9.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -11.7M | -7.5M | -3.8M | 0 | 0 | -19.5M | -4.7M | -9.7M | -3.9M | -4M | 0 | 0 | -100K | 0 | 0 | 0 | 0 | 0 | -8.2K | 0 | 0 | 0 | -12.9K | -198.91K | -132.86K | -41.47K |
| Other Financing | -37.1M | -38.3M | 28.5M | -15M | 3M | 7M | -10.4M | -2.1M | -4.1M | 3.8M | -700K | 600K | -600K | -14.1M | -7.8M | -10.4M | 700K | 700K | 2.7M | 1.8M | 2M | 0 | 338.47K | 237.14K | 1.78K | 0 | 684.48K | 0 | 0 | 0 | 0 |
| Net Change in Cash | 4.49B | 4.85B | 630.9M | -243.4M | -224.4M | 2.04B | 2.02B | 163.7M | -372.2M | 1.02B | 48.1M | 36.8M | 75.2M | -80.2M | 15.7M | 138.7M | 21.4M | -2.3M | 9.1M | 15.7M | 17.8M | -842K | 14.02M | 2.58M | 3.47M | -4.26M | 1.06M | 1.2M | 76.02K | 36.19K | 1.32M |
| Free Cash Flow | 7.9B | 4.32B | 441.7M | -70.6M | -279M | 2.06B | 1.93B | 183.7M | -486.1M | 1.02B | -43.2M | 28.8M | 128.3M | 40M | -100.8M | 198.9M | 108.3M | -20.2M | -29.7M | -51M | -4.6M | -2.37M | 7.54M | -1.18M | 2.46M | -4.34M | 601.06K | 900K | 274.93K | 169.05K | 828.09K |
| FCF Margin % | 5.18% | 3.27% | 0.44% | -0.12% | -0.42% | 4.84% | 3.57% | 0.56% | -1.76% | 3.47% | -0.29% | 0.08% | 0.38% | 0.09% | -0.15% | 0.27% | 0.23% | -0.05% | -0.16% | -1.15% | -0.97% | -9.08% | 34.21% | -10.95% | 47.58% | -92.9% | 4.84% | 9.08% | 2.94% | 1.37% | 7.31% |
| FCF Growth % | 801.57% | 878.7% | 725.64% | 74.7% | -113.54% | 6.55% | 952.8% | 137.79% | -147.6% | 2464.12% | -250% | -77.55% | 220.75% | 139.68% | -150.68% | 83.66% | 636.14% | 31.99% | 41.76% | -1008.7% | -93.85% | -131.47% | 737.48% | -148.11% | 156.64% | -822.01% | -33.22% | 227.36% | 62.63% | -79.59% | 288.39% |
| FCF per Share | 96.96 | 57.50 | 6.21 | -1.01 | -4.12 | 46.54 | 44.81 | 4.29 | -11.41 | 24.29 | -1.03 | 0.68 | 2.98 | 0.93 | -2.34 | 4.76 | 2.69 | -0.88 | -1.33 | -2.80 | -0.24 | -0.13 | 0.66 | -0.14 | 0.46 | -0.86 | 0.11 | 0.16 | 0.07 | 0.04 | 0.13 |
| FCF Conversion (FCF/Net Income) | 17.08x | 14.35x | 1.94x | -0.10x | -1.11x | 18.25x | 11.50x | 2.30x | -8.53x | 162.09x | -0.51x | 0.68x | 6.87x | 2.34x | -7.14x | 6.01x | 20.93x | -0.63x | -1.03x | 11.07x | -1.14x | -0.79x | -65.93x | -0.70x | -9.23x | 1.14x | 4.11x | 3.25x | -1.54x | 0.58x | 1.42x |
| Interest Paid | -182.8M | 1.46B | 1.23B | 786.5M | 149.2M | 87M | 90.4M | 153.2M | 78.9M | 38M | 26M | 15.8M | 9.6M | 8.9M | 7.9M | 9.5M | 0 | 8.8M | 10.2M | 8.3M | 2M | 1.31M | 651.85K | 0 | 0 | 0 | 5.11K | 4.83K | 5.7K | 3.54K | 6.12K |
| Taxes Paid | -13.6M | 118.2M | 117.8M | 71M | 56.3M | 52M | 44M | 24.6M | 22.2M | 17.1M | 8.5M | 15.3M | 3M | 10.2M | 6.1M | 17.6M | 0 | 8.3M | 9.4M | 1.7M | 3.2M | 138.62K | 1.84M | 0 | 0 | 0 | 132.2K | 204K | 75.4K | 645.2K | 533K |
High working capital volatility
According to reported financial data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -9.08 in 2026Q1 to 41.18 in 2025Q4, suggesting that reported earnings are a poor proxy for the firm's actual cash-generating capacity in any given quarter.
The extreme divergence between net income and operating cash flow indicates that StoneX's cash profile is dominated by non-operational movements rather than core earnings. Investors should monitor these fluctuations closely, as they appear to be driven by the timing of client margin requirements and clearing house settlements rather than underlying profitability.
As evidenced by quarterly cash flow statements, working capital changes are the primary driver of liquidity, with a massive $4.0 billion inflow in 2026Q2 contrasting sharply with a $720.1 million outflow in 2024Q3, highlighting the firm's extreme sensitivity to client-driven asset and liability shifts.
The volatility in working capital suggests that StoneX's cash position is largely a function of client activity in commodity and FX markets. This dependency implies that the firm's liquidity is inherently tied to the scale of client positions, which may obscure the true operational cash flow generated by the business.
Based on the provided cash flow figures, free cash flow has exhibited significant instability, ranging from a $4.2 billion inflow in 2026Q2 to a $640.5 million outflow in 2024Q3, reflecting a business model where cash generation is secondary to the management of large-scale client collateral.
The lack of a consistent free cash flow trend suggests that StoneX's capital structure is designed to support high-volume clearing rather than to produce steady, predictable cash returns. Analysts should interpret these figures as indicators of operational scale rather than as a measure of sustainable shareholder value creation.
As reported in financial filings, StoneX maintains a negligible capital expenditure profile, with CapEx/Revenue ratios consistently near 0.0% to 0.1%, indicating that the firm's growth is driven by human capital and regulatory licensing rather than heavy investment in physical infrastructure or proprietary technology assets.
The low capital intensity suggests that the firm's primary investment is in its people and its global regulatory footprint. While this keeps the business asset-light, it also implies that the firm may be vulnerable to competitive threats that can replicate its service model through superior technological automation.
Quick answers to the most common questions about buying SNEX stock.
StoneX Group Inc. (SNEX) generated $4.39B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
StoneX Group Inc. (SNEX) generated $4.32B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
StoneX Group Inc. (SNEX) spent $65.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.