StoneX (SNEX) Q3 2026 Earnings: Net Income Doubles as Acquisitions Pay Off

Published: Aug. 6, 2026 at 9:00 a.m. ET

StoneX Group posted a 102% jump in fiscal third-quarter profit as client activity held up despite calmer markets.

StoneX Group (NASDAQ: SNEX) turned in one of its strongest quarters as a public company this week, reporting fiscal third-quarter net income of $127.9 million for the period ended June 30, up 102% from a year earlier. The company released the results after Wednesday's close and hosted a conference call Thursday morning. Even with market volatility cooling from the exceptional levels of the second quarter, the latest numbers landed well ahead of year-ago levels — a sign that the diversified brokerage model is gaining traction.

Total net operating revenues rose 47% year over year to $719.7 million, while diluted earnings per share came in at $1.00, up 85% on a split-adjusted basis. Year-to-date EPS climbed 82% to $3.49. On a trailing 12-month basis, net income was a record $526.9 million, up 77%. The company also said return on equity was 18.4% for the quarter, well above its 15% target, and return on tangible equity was 25%. In July, StoneX completed a three-for-two stock split, and all per-share metrics reflect that adjustment. Book value per share finished the quarter at $23.70, up 32% from a year earlier.

Chief executive Philip Smith credited strong performance across the company's Commercial and Institutional segments, with Institutional net operating revenue up 56% from a year earlier. The quarter also benefited from the R.J. O'Brien and Benchmark acquisitions. RJO contributed $78.8 million in net operating revenue, net of mark-to-market adjustments, while Benchmark added $29.5 million, its best quarterly performance since the deal closed. In the Commercial segment, listed-derivative revenue rose 62%, OTC derivative revenue rose 73%, and physical-contract revenue jumped 162%.

There were bright spots across the broader platform as well. Securities average daily volume hit a record, up 33% year over year, and the payments business recorded a record number of transactions as average daily volume rose 20% to $96 million. Smith pointed to a newly announced strategic partnership with South Korea's Shinhan Bank as evidence that StoneX's payments network is becoming a bigger part of the conversation for large financial institutions. The one notable weak spot was the self-directed retail segment, where net operating revenue fell 17% as FX/CFD volumes softened.

The RJO integration continues to be a central theme. The vast majority of RJO's remaining U.S.-based clients were migrated during the quarter, and StoneX now holds nearly $13 billion in required client assets, reinforcing its position as the largest nonbank futures commission merchant in the United States. CFO Bill Dunaway said cost synergies are running at an annualized rate of roughly $37 million to $38 million, with a target of reaching the original $50 million run rate by the end of the first quarter of fiscal 2027.

Smith also used the call to spotlight Global Prime Services, the firm's fully integrated prime brokerage platform. Prime has gone from a standing start in 2018 to more than 700 accounts and over $16 billion in client balances, generating nearly $140 million in net operating revenue over the trailing 12 months. The business has compounded at more than 60% annually over seven years, and Smith described it as the connective tissue of the StoneX ecosystem, bringing custody, financing, execution and hedging into a single relationship.

Impact and outlook

The quarter included some items worth flagging for models. Professional fees were helped by roughly $8.5 million of net insurance recoveries and settlements, while severance and retention costs totaled about $4.2 million. Underlying expense growth otherwise reflected the RJO and Benchmark deal costs and continued technology investment, including the build-out of automated trading and payments capabilities.

StoneX also moved to add more protection for its interest income. During the quarter, the company entered into an additional $750 million of fixed-rate SOFR swaps, bringing its aggregate swap position to $2.55 billion at an average rate of 3.51%. That helps put a floor under earnings if short-term rates fall, while average client equity and FDIC sweep balances climbed 108% year over year to $16.2 billion.

Management said it remains on the hunt for acquisitions but is sticking to a disciplined playbook. Smith noted that the company typically keeps about half a dozen targets in the pipeline and will only move when a deal expands its geographic footprint, product shelf or client base. StoneX also promised a deeper dive into its payments strategy on the fiscal first-quarter 2027 call.

The next test will be whether StoneX can sustain this trajectory as the year goes on. For now, the fiscal third quarter showed a company executing on multiple fronts — integrating deals, scaling its platforms and pushing into new institutional niches — while still generating substantial returns for shareholders.