Revenue growth has been substantial, yet the firm remains constrained by thin profitability, evidenced by a gross margin that peaked at only 2.7% in 2026Q2.
| 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 |
|---|
| Sales/Revenue | 152.34B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 3.54B | 2.58B | 2.01B | 1.61B | 861.3M | 561.8M | 451.9M | 414.8M | 324.6M | 239M | 208.3M | 197.8M | 130.6M | 118.9M | 114.6M | 142.9M | 145.9M | 50.4M | 79.3M | 18.1M | 19.2M | 15.66M | 13.55M | 6.48M | 2.95M | -81.93K | 5.84M | 7.18M | 7.42M | 9.69M | 8.85M |
| Gross Margin % | 2.33% | 1.95% | 2.01% | 2.65% | 1.3% | 1.32% | 0.83% | 1.26% | 1.18% | 0.81% | 1.41% | 0.57% | 0.38% | 0.28% | 0.17% | 0.2% | 0.31% | 0.12% | 0.43% | 0.41% | 4.03% | 59.9% | 61.47% | 59.98% | 57.11% | -1.75% | 47.1% | 72.43% | 79.39% | 78.78% | 78.16% |
| Gross Profit Growth % | - | 28.61% | 24.58% | 87.17% | 53.31% | 24.32% | 8.94% | 27.79% | 35.82% | 14.74% | 5.31% | 51.45% | 9.84% | 3.75% | -19.8% | -2.06% | 189.48% | -36.44% | 338.12% | -5.73% | 22.63% | 15.58% | 109.16% | 119.49% | 3701.67% | -101.4% | -18.64% | -3.25% | -23.4% | 9.52% | 19.82% |
| Operating Expenses | 1.12B | 530M | 241.1M | -8.9M | -614.6M | -588.2M | -416.1M | -238.4M | -257M | -253.6M | -235.6M | -234M | -191.4M | -190.8M | -191.6M | -165.3M | -123.1M | -40.2M | -35.6M | -29.2M | -16.7M | -11.82M | 8.45M | 4.96M | 3.63M | -87.61K | 5.32M | 7.27M | 7.71M | 8.47M | 7.63M |
| OpEx % of Revenue | - | 0.4% | 0.24% | -0.01% | -0.93% | -1.38% | -0.77% | -0.72% | -0.93% | -0.86% | -1.6% | -0.67% | -0.56% | -0.45% | -0.29% | -0.23% | -0.26% | -0.09% | -0.19% | -0.66% | -3.5% | -45.21% | 38.36% | 45.91% | 70.35% | -1.88% | 42.85% | 73.26% | 82.51% | 68.83% | 67.37% |
| Selling, General & Admin | 338.9M | 370.2M | 201M | 184M | 176.2M | 131.8M | 82.3M | 55.6M | 48.8M | 42.1M | 39.2M | 58.5M | 57.7M | 51.5M | 50M | 38.3M | 35.2M | 7.7M | 5.2M | 3.2M | 2.7M | 11.25M | 1.77M | 1.37M | 1.19M | 5.47M | 2.84M | 3.5M | 2.5M | 2.51M | 2.4M |
| SG&A % of Revenue | - | 0.28% | 0.2% | 0.3% | 0.27% | 0.31% | 0.15% | 0.17% | 0.18% | 0.14% | 0.27% | 0.17% | 0.17% | 0.12% | 0.07% | 0.05% | 0.07% | 0.02% | 0.03% | 0.07% | 0.57% | 43.03% | 8.01% | 12.7% | 23.05% | 117.05% | 22.91% | 35.29% | 26.74% | 20.41% | 21.24% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 2.42B | 2.05B | 1.77B | 1.62B | 1.48B | 1.15B | 868M | 653.2M | 581.6M | 492.6M | 443.9M | 431.8M | 322M | 309.7M | 306.2M | 308.2M | 269M | 90.6M | 114.9M | 47.3M | 35.9M | 26.14M | 5.09M | 1.52M | -684K | -4.76M | 527.46K | 700.2K | -291.45K | 1.22M | 1.22M |
| Operating Margin % | 1.59% | 1.55% | 1.77% | 2.66% | 2.23% | 2.7% | 1.6% | 1.99% | 2.11% | 1.67% | 3.01% | 1.24% | 0.95% | 0.73% | 0.46% | 0.42% | 0.57% | 0.21% | 0.63% | 1.06% | 7.53% | 100% | 23.11% | 14.07% | -13.24% | -101.94% | 4.25% | 7.06% | -3.12% | 9.95% | 10.79% |
| Operating Income Growth % | - | 16.16% | 9.02% | 9.83% | 28.34% | 32.49% | 32.88% | 12.31% | 18.07% | 10.97% | 2.8% | 34.1% | 3.97% | 1.14% | -0.65% | 14.57% | 196.91% | -21.15% | 142.92% | 31.75% | 37.34% | 413.19% | 235.25% | 322.13% | 85.64% | -1002.82% | -24.67% | 340.24% | -123.82% | 0.21% | 28.92% |
| EBITDA | 2.51B | 2.15B | 1.84B | 1.69B | 1.54B | 1.2B | 897.6M | 667.2M | 593.2M | 502.4M | 451.7M | 439M | 329.3M | 317.7M | 313.4M | 312.9M | 270.7M | 91.4M | 116.1M | 48.1M | 36.3M | 26.46M | 5.28M | 1.88M | -307.02K | -4.23M | 894.57K | 900.2K | -113.46K | 1.39M | 1.35M |
| EBITDA Margin % | 1.64% | 1.63% | 1.84% | 2.77% | 2.33% | 2.82% | 1.66% | 2.03% | 2.15% | 1.71% | 3.06% | 1.27% | 0.97% | 0.75% | 0.47% | 0.43% | 0.58% | 0.21% | 0.63% | 1.08% | 7.62% | 101.23% | 23.96% | 17.43% | -5.94% | -90.62% | 7.21% | 9.08% | -1.21% | 11.27% | 11.9% |
| EBITDA Growth % | 39.2% | 16.83% | 9.24% | 9.75% | 28.16% | 33.55% | 34.53% | 12.47% | 18.07% | 11.22% | 2.89% | 33.31% | 3.65% | 1.37% | 0.16% | 15.59% | 196.17% | -21.27% | 141.37% | 32.51% | 37.18% | 401.21% | 180.56% | 712.9% | 92.75% | -573.2% | -0.63% | 893.38% | -108.19% | 2.87% | 29.98% |
| D&A (Non-Cash Add-back) | 83.7M | 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 | 800K | 1.2M | 800K | 400K | 321K | 185.77K | 362.34K | 376.98K | 528.83K | 367.12K | 200K | 177.99K | 162.12K | 126.02K |
| EBIT | 2.41B | 1.89B | 1.54B | 1.18B | 457.4M | 245M | 310.7M | 265.7M | 182.2M | 57.3M | 101M | 95.2M | 36.5M | 29.1M | 28.1M | 66.7M | 27.8M | 21.3M | 53.5M | -300K | 7.4M | 5.43M | 5.09M | 1.52M | -684K | -4.76M | 527.46K | 700.2K | -291.45K | 1.22M | 1.22M |
| Net Interest Income | -1.22B | -1.48B | -1.18B | -859.7M | -180.2M | -90.9M | -104M | -154.7M | -80.7M | -42.1M | -28.3M | -17.1M | -10.5M | -7.9M | -5.6M | -11.3M | -9.9M | -8M | -11.2M | -9.3M | -2.1M | -1.34M | -3.05M | -43.68K | -196.59K | -5.68K | 369.99K | -4.83K | -5.7K | 296.46K | -6.12K |
| Interest Income | 579M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 168K | 0 | 16.02K | 0 | 375.1K | 0 | 0 | 300K | 0 |
| Interest Expense | 1.8B | 1.48B | 1.18B | 859.7M | 180.2M | 90.9M | 104M | 154.7M | 80.7M | 42.1M | 28.3M | 17.1M | 10.5M | 7.9M | 11.6M | 11.3M | 9.9M | 8M | 11.2M | 9.3M | 2.1M | 1.34M | 3.21M | 43.68K | 212.62K | 5.68K | 5.11K | 4.83K | 5.7K | 3.54K | 6.12K |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 606.8M | 408.8M | 354.1M | 323M | 277.2M | 154.1M | 206.7M | 111M | 101.5M | 15.2M | 72.7M | 78.1M | 26M | 21.2M | 22.5M | 55.4M | 17.9M | 13.3M | 42.3M | -9.6M | 5.3M | 4.1M | 1.88M | 1.48M | -270.99K | -4.77M | 522.35K | 700K | -297.16K | 1.22M | 1.22M |
| Pretax Margin % | 0.4% | 0.31% | 0.35% | 0.53% | 0.42% | 0.36% | 0.38% | 0.34% | 0.37% | 0.05% | 0.49% | 0.23% | 0.08% | 0.05% | 0.03% | 0.08% | 0.04% | 0.03% | 0.23% | -0.22% | 1.11% | 15.68% | 8.53% | 13.67% | -5.24% | -102.06% | 4.21% | 7.06% | -3.18% | 9.92% | 10.73% |
| Income Tax | 144.4M | 102.9M | 93.3M | 84.5M | 70.1M | 37.8M | 37.1M | 25.9M | 46M | 8.8M | 18M | 22.4M | 6.4M | 2.6M | 5.5M | 20.9M | 6.4M | 2.6M | 16.2M | -3.4M | 1.7M | 1.48M | 2M | 211.31K | 0 | -1.46M | 243.2K | 300K | -79.82K | 502.38K | 488.8K |
| Effective Tax Rate % | 23.8% | 25.17% | 26.35% | 26.16% | 25.29% | 24.53% | 17.95% | 23.33% | 45.32% | 57.89% | 24.76% | 28.68% | 24.62% | 12.26% | 24.44% | 37.73% | 35.75% | 19.55% | 38.3% | 35.42% | 32.08% | 36.21% | 106.29% | 14.32% | 0% | 30.68% | 46.56% | 42.86% | 26.86% | 41.17% | 40.23% |
| Net Income | 462.4M | 305.9M | 260.8M | 238.5M | 207.1M | 116.3M | 169.6M | 85.1M | 55.5M | 6.4M | 54.7M | 55.7M | 19.3M | 19.2M | 12.9M | 34.8M | 5.4M | 27.6M | 27.8M | -4.5M | 3.5M | 2.61M | -118.21K | 1.26M | -270.99K | -3.3M | 279.14K | 400K | -217.34K | 717.87K | 726.36K |
| Net Margin % | 0.3% | 0.23% | 0.26% | 0.39% | 0.31% | 0.27% | 0.31% | 0.26% | 0.2% | 0.02% | 0.37% | 0.16% | 0.06% | 0.05% | 0.02% | 0.05% | 0.01% | 0.06% | 0.15% | -0.1% | 0.73% | 10% | -0.54% | 11.71% | -5.24% | -70.75% | 2.25% | 4.03% | -2.32% | 5.84% | 6.42% |
| Net Income Growth % | 56.53% | 17.29% | 9.35% | 15.16% | 78.07% | -31.43% | 99.29% | 53.33% | 767.19% | -88.3% | -1.8% | 188.6% | 0.52% | 48.84% | -62.93% | 544.44% | -80.43% | -0.72% | 717.78% | -228.57% | 33.89% | 2311.38% | -109.35% | 566.59% | 91.8% | -1283.96% | -30.21% | 284.05% | -130.28% | -1.17% | 25.83% |
| Net Income (Continuing) | 462.4M | 305.9M | 260.8M | 238.5M | 207.1M | 116.3M | 169.6M | 85.1M | 55.5M | 6.4M | 54.7M | 55.7M | 19.6M | 18.6M | 17M | 34.5M | 11.5M | 10.7M | 26.1M | -6.2M | 3.6M | 2.61M | -118.21K | 1.26M | -270.99K | -3.3M | 279.14K | 400K | -217.34K | 717.87K | 726.36K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -300K | 600K | -4.2M | 200K | 600K | -1.1M | 1M | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.3M | 1.6M | 1.7M | 8.1M | 3.1M | 431K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.68 | 3.93 | 3.54 | 3.31 | 2.97 | 2.55 | 3.83 | 1.95 | 1.28 | 0.14 | 1.29 | 1.28 | 0.44 | 0.43 | 0.28 | 0.81 | 0.13 | 1.24 | 1.31 | -0.25 | 0.18 | 0.15 | -0.01 | 0.15 | -0.05 | -0.65 | 0.05 | 0.07 | -0.05 | 0.16 | 0.13 |
| EPS Growth % | 14.99% | 11.02% | 6.95% | 11.45% | 16.47% | -33.42% | 96.41% | 52.34% | 814.29% | -89.15% | 0.78% | 190.91% | 2.33% | 53.57% | -65.43% | 523.08% | -89.52% | -5.34% | 624% | -238.89% | 20% | - | -105.93% | 406.75% | 92.48% | -1319.51% | -26.68% | 238.48% | -132.81% | 23.08% | 8.33% |
| EPS (Basic) | - | 4.15 | 3.66 | 3.42 | 3.04 | 2.62 | 3.90 | 1.98 | 1.30 | 0.14 | 1.31 | 1.31 | 0.45 | 0.45 | 0.30 | 0.86 | 0.14 | 1.38 | 1.47 | -0.25 | 0.20 | 0.16 | -0.01 | 0.15 | -0.05 | -0.65 | 0.06 | 0.09 | -0.05 | 0.17 | 0.13 |
| Diluted Shares Outstanding | 81.46M | 75.19M | 71.16M | 69.59M | 67.73M | 44.28M | 43.16M | 42.78M | 42.6M | 42.05M | 41.91M | 42.6M | 43.05M | 42.9M | 43.1M | 41.78M | 40.24M | 22.91M | 22.28M | 18.2M | 18.87M | 18.05M | 11.45M | 8.69M | 5.31M | 5.05M | 5.33M | 5.49M | 4.18M | 4.47M | 6.51M |
| Basic Shares Outstanding | 76.5M | 71.15M | 68.71M | 67.36M | 66.05M | 43.04M | 42.35M | 42.16M | 41.74M | 41.39M | 41.42M | 41.68M | 41.69M | 41.5M | 41.14M | 39.64M | 38.94M | 20.02M | 18.98M | 18.2M | 17.18M | 16.43M | 11.45M | 8.3M | 5.31M | 5.05M | 4.78M | 4.54M | 4.18M | 4.3M | 6.51M |
| Dividend Payout Ratio | - | - | 18.44% | - | 4.64% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High leverage and thin margins
As reported in recent financial statements, StoneX Group has demonstrated significant top-line expansion, with quarterly revenue climbing from $19.6 billion in 2024Q1 to $45.8 billion by 2026Q2, reflecting a robust capture of market share within the firm's specialized institutional and commercial hedging segments.
The rapid revenue growth appears to be driven by heightened commodity price volatility and increased institutional demand for clearing services. Investors should monitor whether this trajectory is sustainable or if it remains tethered to cyclical market conditions that may normalize in future periods.
Based on the provided income statement data, StoneX maintains a structurally thin gross margin that peaked at 2.7% in 2026Q2, highlighting the firm's reliance on high-volume, low-spread transactions that leave little room for operational error or unexpected cost increases.
The persistent sub-3% gross margin suggests that the firm's business model is highly sensitive to competitive pricing pressures and regulatory compliance costs. This narrow margin profile warrants further investigation into whether the firm can successfully pivot toward higher-margin service fees to improve bottom-line durability.
According to the latest quarterly filings, StoneX's operating income has scaled alongside revenue, yet the operating margin remains constrained at 1.6% in 2026Q2, suggesting that the firm's cost structure is not yet achieving the efficiency gains typically expected from such significant top-line growth.
The firm's inability to meaningfully expand operating margins despite substantial revenue increases may indicate that the costs of maintaining global infrastructure and regulatory compliance are rising in tandem with volume. This trend suggests that management faces a difficult challenge in achieving true operating leverage.
As indicated by the firm's reported figures, the combination of a 7.79% Debt/Equity ratio and thin net margins of 0.4% creates a precarious risk profile that could leave the company vulnerable to sudden shifts in interest rates or liquidity constraints in the clearing markets.
Short-sellers may focus on the potential for margin compression if the interest rate environment shifts, as the firm's profitability is heavily reliant on interest income from client balances. The high leverage levels appear to be a structural necessity for the business, yet they remain a significant point of concern for long-term stability.
Quick answers to the most common questions about buying SNEX stock.
StoneX Group Inc. (SNEX) is profitable, generating $305.9M in net income for the fiscal year ending 2025 with a net profit margin of 0.2%.
StoneX Group Inc. (SNEX) reported an operating income of $2.05B, resulting in an operating profit margin of 1.6%. This margin reflects the operational efficiency of the business before interest and taxes.
StoneX Group Inc. (SNEX) generated $2.58B in gross profit for the year, representing a gross profit margin of 2.0%. This demonstrates the company's core pricing power and production efficiency.