SNEX earnings analysis
What we found in SNEX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
StoneX Group Inc. reported significant growth in its Q2 2026 performance, achieving net operating revenues of $829.1 million, which marked a 70% increase year-over-year. The company's diluted EPS of $2.07 exceeded estimates significantly, contributing to a 143% year-over-year increase in net income to $174.3 million, reflecting robust performance across all segments fueled by recent acquisitions and heightened demand stemming from market volatility.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Surged by 70% YoY
- Net operating revenues hit $829.1 million, up from $487.3 million in Q2 2025.
- EPS Exceeds Estimates
- Diluted EPS came in at $2.07, exceeding the consensus estimate of $1.63.
- Net Income Rises 143%
- Net income reached $174.3 million, up from $71.7 million in the same quarter last year.
- Strong Segment Growth Across the Board
- All operating segments reported increased revenues, with the Commercial segment alone contributing $410.2 million in net operating revenues.
- Significant Contribution from Acquisitions
- Acquisitions contributed $101.9 million to revenues, notably from RJO and Benchmark.
- Improved Operating Metrics
- Operating revenues increased to $1.57 billion, a 64% rise YoY, reflecting strong client demand and operational execution.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Interest Expense
- Interest expense surged to $487.6 million, up 47% from $331.4 million YoY, impacting net margins.
- Integration Challenges from Acquisitions
- The integration of RJO and Benchmark may pose operational risks affecting future performance.
- Variable Compensation Growth
- Variable compensation increased significantly, accounting for a high percentage of total expenses, which could compress margins.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.07
- Segment
- Commercial
- Segment
- Institutional
- Segment
- Self-Directed/Retail
- Segment
- Payments
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 10-Q · February 4, 2026
- StoneX reported strong top-line and EPS growth for the quarter with total revenues of $39,029.9 million and diluted EPS of $2.50, both materially above the prior-year period. However, operating cash flow swung to a…
- 10-K · November 28, 2025
- StoneX (SNEX) positions itself as a vertically integrated, client-first global financial services network offering execution, clearing, OTC market-making, payments and physical commodities services. The company…
- 10-Q · August 7, 2025
- StoneX reported a strong revenue quarter with total revenues of $34,828.8 million (Q3 2025) versus $27,069.7 million a year earlier, driven primarily by higher sales of physical commodities. Gross margin (operating…
- 10-Q · May 7, 2025
- StoneX reported a large topline increase driven by physical commodities activity: total revenues rose to $36,890.7 million from $22,106.1 million year-over-year, while operating revenues (gross profit) were $956.0…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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