000091376009-302026Q1False1.5360212xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureintl:contractiso4217:PLNiso4217:GBPintl:segmentintl:employeeintl:countryintl:marketintl:currency00009137602025-10-012025-12-3100009137602026-02-0200009137602025-12-3100009137602025-09-300000913760intl:SalesOfPhysicalCommoditiesMember2025-10-012025-12-310000913760intl:SalesOfPhysicalCommoditiesMember2024-10-012024-12-310000913760intl:PrincipalGainsNetMember2025-10-012025-12-310000913760intl:PrincipalGainsNetMember2024-10-012024-12-310000913760intl:CommissionandClearingFeesMember2025-10-012025-12-310000913760intl:CommissionandClearingFeesMember2024-10-012024-12-310000913760intl:ConsultingManagementAndAccountFeesMember2025-10-012025-12-310000913760intl:ConsultingManagementAndAccountFeesMember2024-10-012024-12-310000913760intl:InterestIncomeNetMember2025-10-012025-12-310000913760intl:InterestIncomeNetMember2024-10-012024-12-3100009137602024-10-012024-12-3100009137602024-09-3000009137602024-12-310000913760us-gaap:CommonStockMember2024-09-300000913760us-gaap:TreasuryStockCommonMember2024-09-300000913760us-gaap:AdditionalPaidInCapitalMember2024-09-300000913760us-gaap:RetainedEarningsMember2024-09-300000913760us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000913760us-gaap:RetainedEarningsMember2024-10-012024-12-310000913760us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-10-012024-12-310000913760us-gaap:AdditionalPaidInCapitalMember2024-10-012024-12-310000913760us-gaap:CommonStockMember2024-12-310000913760us-gaap:TreasuryStockCommonMember2024-12-310000913760us-gaap:AdditionalPaidInCapitalMember2024-12-310000913760us-gaap:RetainedEarningsMember2024-12-310000913760us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000913760us-gaap:CommonStockMember2025-09-300000913760us-gaap:TreasuryStockCommonMember2025-09-300000913760us-gaap:AdditionalPaidInCapitalMember2025-09-300000913760us-gaap:RetainedEarningsMember2025-09-300000913760us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300000913760us-gaap:RetainedEarningsMember2025-10-012025-12-310000913760us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-10-012025-12-310000913760us-gaap:AdditionalPaidInCapitalMember2025-10-012025-12-310000913760us-gaap:CommonStockMember2025-12-310000913760us-gaap:TreasuryStockCommonMember2025-12-310000913760us-gaap:AdditionalPaidInCapitalMember2025-12-310000913760us-gaap:RetainedEarningsMember2025-12-310000913760us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310000913760us-gaap:SubsequentEventMember2026-02-042026-02-040000913760us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel1Member2025-12-310000913760us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Member2025-12-310000913760us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:CertificatesOfDepositMember2025-12-310000913760us-gaap:CertificatesOfDepositMember2025-12-310000913760us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310000913760us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310000913760us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:MoneyMarketFundsMember2025-12-310000913760us-gaap:MoneyMarketFundsMember2025-12-310000913760us-gaap:FairValueInputsLevel1Member2025-12-310000913760us-gaap:FairValueInputsLevel2Member2025-12-310000913760us-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMember2025-12-310000913760intl:CommoditiesWarehouseReceiptsMemberus-gaap:FairValueInputsLevel1Member2025-12-310000913760intl:CommoditiesWarehouseReceiptsMemberus-gaap:FairValueInputsLevel2Member2025-12-310000913760intl:CommoditiesWarehouseReceiptsMemberus-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:CommoditiesWarehouseReceiptsMember2025-12-310000913760intl:CommoditiesWarehouseReceiptsMember2025-12-310000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-310000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-310000913760us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310000913760us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310000913760us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:USGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:USGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310000913760us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310000913760us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:USGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:USGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-310000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-310000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:ToBeAnnouncedAndForwardSettlingSecuritiesMember2025-12-310000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMember2025-12-310000913760us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310000913760us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310000913760us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel1Member2025-12-310000913760us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel2Member2025-12-310000913760us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:DerivativeMember2025-12-310000913760us-gaap:DerivativeMember2025-12-310000913760us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:EquitySecuritiesMember2025-12-310000913760us-gaap:EquitySecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:DebtSecuritiesMember2025-12-310000913760us-gaap:DebtSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentDebtSecuritiesMember2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:USGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:USGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-310000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesMember2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:MortgageBackedSecuritiesMember2025-12-310000913760us-gaap:MortgageBackedSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:AssetBackedSecuritiesMember2025-12-310000913760us-gaap:AssetBackedSecuritiesMember2025-12-310000913760us-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeMember2025-12-310000913760us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeMember2025-12-310000913760us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeMember2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:DerivativeMember2025-12-310000913760us-gaap:DerivativeMember2025-12-310000913760us-gaap:FairValueInputsLevel1Memberintl:CommoditiesWarehouseReceiptsMember2025-12-310000913760us-gaap:FairValueInputsLevel2Memberintl:CommoditiesWarehouseReceiptsMember2025-12-310000913760us-gaap:FairValueInputsLevel3Memberintl:CommoditiesWarehouseReceiptsMember2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:CommoditiesWarehouseReceiptsMember2025-12-310000913760intl:CommoditiesWarehouseReceiptsMember2025-12-310000913760us-gaap:FairValueInputsLevel1Memberintl:ExchangeFirmCommonStockMember2025-12-310000913760us-gaap:FairValueInputsLevel2Memberintl:ExchangeFirmCommonStockMember2025-12-310000913760us-gaap:FairValueInputsLevel3Memberintl:ExchangeFirmCommonStockMember2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:ExchangeFirmCommonStockMember2025-12-310000913760intl:ExchangeFirmCommonStockMember2025-12-310000913760us-gaap:FairValueInputsLevel1Memberintl:CashFlowHedgesMember2025-12-310000913760us-gaap:FairValueInputsLevel2Memberintl:CashFlowHedgesMember2025-12-310000913760us-gaap:FairValueInputsLevel3Memberintl:CashFlowHedgesMember2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:CashFlowHedgesMember2025-12-310000913760intl:CashFlowHedgesMember2025-12-310000913760us-gaap:FairValueInputsLevel1Memberintl:MutualFundsAndOtherMember2025-12-310000913760us-gaap:FairValueInputsLevel2Memberintl:MutualFundsAndOtherMember2025-12-310000913760us-gaap:FairValueInputsLevel3Memberintl:MutualFundsAndOtherMember2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:MutualFundsAndOtherMember2025-12-310000913760intl:MutualFundsAndOtherMember2025-12-310000913760intl:PhysicalCommoditiesInventoryPreciousMetalsMemberus-gaap:FairValueInputsLevel1Member2025-12-310000913760intl:PhysicalCommoditiesInventoryPreciousMetalsMemberus-gaap:FairValueInputsLevel2Member2025-12-310000913760intl:PhysicalCommoditiesInventoryPreciousMetalsMemberus-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:PhysicalCommoditiesInventoryPreciousMetalsMember2025-12-310000913760intl:PhysicalCommoditiesInventoryPreciousMetalsMember2025-12-310000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:ToBeAnnouncedAndForwardSettlingSecuritiesMember2025-12-310000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMember2025-12-310000913760us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel1Member2025-12-310000913760us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel2Member2025-12-310000913760us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:DerivativeMember2025-12-310000913760us-gaap:DerivativeMember2025-12-310000913760intl:PayablesToBrokerDealersClearingOrganizationsAndCounterpartiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310000913760intl:PayablesToBrokerDealersClearingOrganizationsAndCounterpartiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310000913760intl:PayablesToBrokerDealersClearingOrganizationsAndCounterpartiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:PayablesToBrokerDealersClearingOrganizationsAndCounterpartiesMember2025-12-310000913760intl:PayablesToBrokerDealersClearingOrganizationsAndCounterpartiesMember2025-12-310000913760us-gaap:FairValueInputsLevel1Memberintl:OtherMember2025-12-310000913760us-gaap:FairValueInputsLevel2Memberintl:OtherMember2025-12-310000913760us-gaap:FairValueInputsLevel3Memberintl:OtherMember2025-12-310000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:OtherMember2025-12-310000913760intl:OtherMember2025-12-310000913760us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:CertificatesOfDepositMember2025-09-300000913760us-gaap:CertificatesOfDepositMember2025-09-300000913760us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:MoneyMarketFundsMember2025-09-300000913760us-gaap:MoneyMarketFundsMember2025-09-300000913760us-gaap:FairValueInputsLevel1Member2025-09-300000913760us-gaap:FairValueInputsLevel2Member2025-09-300000913760us-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMember2025-09-300000913760intl:CommoditiesWarehouseReceiptsMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760intl:CommoditiesWarehouseReceiptsMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760intl:CommoditiesWarehouseReceiptsMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:CommoditiesWarehouseReceiptsMember2025-09-300000913760intl:CommoditiesWarehouseReceiptsMember2025-09-300000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-09-300000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-09-300000913760us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:USGovernmentDebtSecuritiesMember2025-09-300000913760us-gaap:USGovernmentDebtSecuritiesMember2025-09-300000913760us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:USGovernmentDebtSecuritiesMember2025-09-300000913760us-gaap:USGovernmentDebtSecuritiesMember2025-09-300000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-09-300000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-09-300000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:ToBeAnnouncedAndForwardSettlingSecuritiesMember2025-09-300000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMember2025-09-300000913760us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-09-300000913760us-gaap:ForeignGovernmentDebtSecuritiesMember2025-09-300000913760us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:DerivativeMember2025-09-300000913760us-gaap:DerivativeMember2025-09-300000913760us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:EquitySecuritiesMember2025-09-300000913760us-gaap:EquitySecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:DebtSecuritiesMember2025-09-300000913760us-gaap:DebtSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentDebtSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentDebtSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentDebtSecuritiesMember2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:USGovernmentDebtSecuritiesMember2025-09-300000913760us-gaap:USGovernmentDebtSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-09-300000913760us-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-09-300000913760us-gaap:ForeignGovernmentDebtSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesMember2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:MortgageBackedSecuritiesMember2025-09-300000913760us-gaap:MortgageBackedSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:AssetBackedSecuritiesMember2025-09-300000913760us-gaap:AssetBackedSecuritiesMember2025-09-300000913760us-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeMember2025-09-300000913760us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeMember2025-09-300000913760us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeMember2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:DerivativeMember2025-09-300000913760us-gaap:DerivativeMember2025-09-300000913760us-gaap:FairValueInputsLevel1Memberintl:CommoditiesWarehouseReceiptsMember2025-09-300000913760us-gaap:FairValueInputsLevel2Memberintl:CommoditiesWarehouseReceiptsMember2025-09-300000913760us-gaap:FairValueInputsLevel3Memberintl:CommoditiesWarehouseReceiptsMember2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:CommoditiesWarehouseReceiptsMember2025-09-300000913760intl:CommoditiesWarehouseReceiptsMember2025-09-300000913760us-gaap:FairValueInputsLevel1Memberintl:ExchangeFirmCommonStockMember2025-09-300000913760us-gaap:FairValueInputsLevel2Memberintl:ExchangeFirmCommonStockMember2025-09-300000913760us-gaap:FairValueInputsLevel3Memberintl:ExchangeFirmCommonStockMember2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:ExchangeFirmCommonStockMember2025-09-300000913760intl:ExchangeFirmCommonStockMember2025-09-300000913760us-gaap:FairValueInputsLevel1Memberintl:CashFlowHedgesMember2025-09-300000913760us-gaap:FairValueInputsLevel2Memberintl:CashFlowHedgesMember2025-09-300000913760us-gaap:FairValueInputsLevel3Memberintl:CashFlowHedgesMember2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:CashFlowHedgesMember2025-09-300000913760intl:CashFlowHedgesMember2025-09-300000913760us-gaap:FairValueInputsLevel1Memberintl:MutualFundsAndOtherMember2025-09-300000913760us-gaap:FairValueInputsLevel2Memberintl:MutualFundsAndOtherMember2025-09-300000913760us-gaap:FairValueInputsLevel3Memberintl:MutualFundsAndOtherMember2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:MutualFundsAndOtherMember2025-09-300000913760intl:MutualFundsAndOtherMember2025-09-300000913760intl:PhysicalCommoditiesInventoryPreciousMetalsMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760intl:PhysicalCommoditiesInventoryPreciousMetalsMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760intl:PhysicalCommoditiesInventoryPreciousMetalsMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:PhysicalCommoditiesInventoryPreciousMetalsMember2025-09-300000913760intl:PhysicalCommoditiesInventoryPreciousMetalsMember2025-09-300000913760intl:ContingentConsiderationMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760intl:ContingentConsiderationMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760intl:ContingentConsiderationMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:ContingentConsiderationMember2025-09-300000913760intl:ContingentConsiderationMember2025-09-300000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:ToBeAnnouncedAndForwardSettlingSecuritiesMember2025-09-300000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMember2025-09-300000913760us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberus-gaap:DerivativeMember2025-09-300000913760us-gaap:DerivativeMember2025-09-300000913760intl:PayablesToBrokerDealersClearingOrganizationsAndCounterpartiesMemberus-gaap:FairValueInputsLevel1Member2025-09-300000913760intl:PayablesToBrokerDealersClearingOrganizationsAndCounterpartiesMemberus-gaap:FairValueInputsLevel2Member2025-09-300000913760intl:PayablesToBrokerDealersClearingOrganizationsAndCounterpartiesMemberus-gaap:FairValueInputsLevel3Member2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:PayablesToBrokerDealersClearingOrganizationsAndCounterpartiesMember2025-09-300000913760intl:PayablesToBrokerDealersClearingOrganizationsAndCounterpartiesMember2025-09-300000913760us-gaap:FairValueInputsLevel1Memberintl:OtherMember2025-09-300000913760us-gaap:FairValueInputsLevel2Memberintl:OtherMember2025-09-300000913760us-gaap:FairValueInputsLevel3Memberintl:OtherMember2025-09-300000913760intl:CounterpartyAndCashCollateralNettingAdjustmentMemberintl:OtherMember2025-09-300000913760intl:OtherMember2025-09-300000913760intl:SeniorNotesDue2031Memberus-gaap:SeniorNotesMember2025-12-310000913760intl:SeniorNotesDue2032Memberus-gaap:SeniorNotesMember2025-12-310000913760intl:SeniorNotesDue2031Member2025-12-310000913760intl:SeniorNotesDue2032Member2025-12-310000913760us-gaap:FairValueInputsLevel2Memberintl:SeniorNotesDue2031Memberus-gaap:SeniorNotesMember2025-12-310000913760us-gaap:FairValueInputsLevel2Memberintl:SeniorNotesDue2032Memberus-gaap:SeniorNotesMember2025-12-310000913760us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMemberus-gaap:DerivativeMember2025-12-310000913760us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMemberus-gaap:DerivativeMember2025-09-300000913760intl:ExchangeTradedCommodityContractsMemberus-gaap:NondesignatedMember2025-12-310000913760intl:ExchangeTradedCommodityContractsMemberus-gaap:NondesignatedMember2025-09-300000913760intl:OverTheCounterOTCCommodityContractsMemberus-gaap:NondesignatedMember2025-12-310000913760intl:OverTheCounterOTCCommodityContractsMemberus-gaap:NondesignatedMember2025-09-300000913760us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2025-12-310000913760us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2025-09-300000913760intl:OverTheCounterOTCForeignExchangeContractsMemberus-gaap:NondesignatedMember2025-12-310000913760intl:OverTheCounterOTCForeignExchangeContractsMemberus-gaap:NondesignatedMember2025-09-300000913760intl:ExchangeTradedInterestRateContractsMemberus-gaap:NondesignatedMember2025-12-310000913760intl:ExchangeTradedInterestRateContractsMemberus-gaap:NondesignatedMember2025-09-300000913760us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2025-12-310000913760us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2025-09-300000913760us-gaap:EquityContractMemberus-gaap:NondesignatedMember2025-12-310000913760us-gaap:EquityContractMemberus-gaap:NondesignatedMember2025-09-300000913760intl:OTCEquityAndIndicesContractMemberus-gaap:NondesignatedMember2025-12-310000913760intl:OTCEquityAndIndicesContractMemberus-gaap:NondesignatedMember2025-09-300000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMemberus-gaap:NondesignatedMember2025-12-310000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMemberus-gaap:NondesignatedMember2025-09-300000913760us-gaap:NondesignatedMember2025-12-310000913760us-gaap:NondesignatedMember2025-09-300000913760us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000913760us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000913760intl:ForeignCurrencyForwardsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000913760intl:ForeignCurrencyForwardsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000913760us-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000913760us-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000913760intl:DepositsAndReceivablesFromExchangeClearingOrganizationsMember2025-12-310000913760intl:DepositsAndReceivablesFromExchangeClearingOrganizationsMember2025-09-300000913760intl:ReceivableFromClientsNetMember2025-12-310000913760intl:ReceivableFromClientsNetMember2025-09-300000913760intl:FinancialInstrumentsOwnedMember2025-12-310000913760intl:FinancialInstrumentsOwnedMember2025-09-300000913760intl:PayablesToClientsMember2025-12-310000913760intl:PayablesToClientsMember2025-09-300000913760intl:PayablesToBrokerDealersClearingOrganizationsAndCounterpartiesMember2025-12-310000913760intl:PayablesToBrokerDealersClearingOrganizationsAndCounterpartiesMember2025-09-300000913760intl:FinancialInstrumentSoldNotYetPurchasedMember2025-12-310000913760intl:FinancialInstrumentSoldNotYetPurchasedMember2025-09-300000913760intl:ForeignCurrencyForwardContractsMember2025-10-012025-12-310000913760intl:ForeignCurrencyForwardsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-10-012025-12-310000913760intl:ForeignCurrencyForwardsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-10-012025-09-300000913760us-gaap:DesignatedAsHedgingInstrumentMember2025-10-012025-12-310000913760us-gaap:DesignatedAsHedgingInstrumentMember2024-10-012025-09-300000913760us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-10-012025-12-310000913760us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-10-012025-09-300000913760intl:ForeignCurrencyForwardsMembercurrency:PLNus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000913760intl:ForeignCurrencyForwardsMembercurrency:PLNus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000913760intl:ForeignCurrencyForwardsMembercurrency:GBPus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000913760intl:ForeignCurrencyForwardsMembercurrency:GBPus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000913760us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-10-012024-12-310000913760intl:ForeignCurrencyForwardsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-10-012024-12-310000913760us-gaap:DesignatedAsHedgingInstrumentMember2024-10-012024-12-310000913760us-gaap:InterestRateContractMember2025-10-012025-12-310000913760us-gaap:InterestRateContractMember2024-10-012024-12-310000913760intl:ForeignCurrencyForwardsMember2025-10-012025-12-310000913760intl:ForeignCurrencyForwardsMember2024-10-012024-12-310000913760us-gaap:CommodityContractMember2025-10-012025-12-310000913760us-gaap:CommodityContractMember2024-10-012024-12-310000913760us-gaap:ForeignExchangeForwardMember2025-10-012025-12-310000913760us-gaap:ForeignExchangeForwardMember2024-10-012024-12-310000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMember2025-10-012025-12-310000913760intl:ToBeAnnouncedAndForwardSettlingSecuritiesMember2024-10-012024-12-310000913760us-gaap:DerivativeMember2025-10-012025-12-310000913760us-gaap:DerivativeMember2024-10-012024-12-310000913760intl:CommercialSegmentMember2025-12-310000913760intl:CommercialSegmentMember2025-09-300000913760intl:InstitutionalSegmentMember2025-12-310000913760intl:InstitutionalSegmentMember2025-09-300000913760intl:SelfDirectedRetailSegmentMember2025-12-310000913760intl:SelfDirectedRetailSegmentMember2025-09-300000913760intl:PaymentsSegmentMember2025-12-310000913760intl:PaymentsSegmentMember2025-09-300000913760intl:IntercamMemberintl:SelfDirectedRetailSegmentMember2025-10-012025-12-310000913760intl:PlantureuxEtAssociesMemberintl:CommercialSegmentMember2025-10-012025-12-310000913760us-gaap:TradeNamesMember2025-12-310000913760us-gaap:TradeNamesMember2025-09-300000913760us-gaap:ComputerSoftwareIntangibleAssetMember2025-12-310000913760us-gaap:ComputerSoftwareIntangibleAssetMember2025-09-300000913760us-gaap:CustomerRelationshipsMember2025-12-310000913760us-gaap:CustomerRelationshipsMember2025-09-300000913760us-gaap:InternetDomainNamesMember2025-12-310000913760us-gaap:InternetDomainNamesMember2025-09-300000913760us-gaap:LicensingAgreementsMember2025-12-310000913760us-gaap:LicensingAgreementsMember2025-09-300000913760us-gaap:RevolvingCreditFacilityMemberintl:CommittedCreditFacilitiesMember2025-12-310000913760intl:SubordinatedCreditFacilityMemberintl:R.J.OBrienMemberus-gaap:LineOfCreditMember2025-12-3100009137602025-12-012025-12-010000913760intl:SeniorNotesDue2031Memberus-gaap:SeniorNotesMember2024-03-010000913760intl:SeniorNotesDue2032Memberus-gaap:SeniorNotesMember2025-07-080000913760us-gaap:RevolvingCreditFacilityMemberintl:SeniorStoneXGroupIncCommittedCreditFacilityMemberus-gaap:LineOfCreditMember2025-12-310000913760us-gaap:RevolvingCreditFacilityMemberintl:SeniorStoneXGroupIncCommittedCreditFacilityMemberus-gaap:LineOfCreditMember2025-09-300000913760us-gaap:RevolvingCreditFacilityMemberintl:R.J.OBrienAssociatesLLCSubordinatedMemberus-gaap:SubordinatedDebtMember2025-12-310000913760us-gaap:RevolvingCreditFacilityMemberintl:R.J.OBrienAssociatesLLCSubordinatedMemberus-gaap:SubordinatedDebtMember2025-09-300000913760us-gaap:RevolvingCreditFacilityMemberintl:StoneXFinancialIncMemberus-gaap:LineOfCreditMember2025-12-310000913760us-gaap:RevolvingCreditFacilityMemberintl:StoneXFinancialIncMemberus-gaap:LineOfCreditMember2025-09-300000913760us-gaap:RevolvingCreditFacilityMemberintl:StoneXCommoditySolutionsLLCMemberus-gaap:LineOfCreditMember2025-12-310000913760us-gaap:RevolvingCreditFacilityMemberintl:StoneXCommoditySolutionsLLCMemberus-gaap:LineOfCreditMember2025-09-300000913760us-gaap:RevolvingCreditFacilityMemberintl:RightCompanyLLCMemberus-gaap:LineOfCreditMember2025-12-310000913760us-gaap:RevolvingCreditFacilityMemberintl:RightCompanyLLCMemberus-gaap:LineOfCreditMember2025-09-300000913760us-gaap:RevolvingCreditFacilityMemberintl:StoneXFinancialLtdMemberus-gaap:LineOfCreditMember2025-12-310000913760us-gaap:RevolvingCreditFacilityMemberintl:StoneXFinancialLtdMemberus-gaap:LineOfCreditMember2025-09-300000913760us-gaap:RevolvingCreditFacilityMemberintl:StoneXFinancialPteLtdMemberus-gaap:LineOfCreditMember2025-12-310000913760us-gaap:RevolvingCreditFacilityMemberintl:StoneXFinancialPteLtdMemberus-gaap:LineOfCreditMember2025-09-300000913760intl:CommittedAndSubordinatedCreditFacilitiesMember2025-12-310000913760intl:CommittedAndSubordinatedCreditFacilitiesMember2025-09-300000913760intl:SeniorNotesDue2031Member2025-09-300000913760intl:SeniorNotesDue2032Member2025-09-300000913760intl:SeniorNotesDue2031Memberus-gaap:SeniorNotesMember2025-09-300000913760intl:SeniorNotesDue2032Memberus-gaap:SeniorNotesMember2025-09-300000913760us-gaap:RevolvingCreditFacilityMemberintl:StoneXFinancialIncMemberintl:R.J.OBrienAndAssociatesLLCMemberus-gaap:LineOfCreditMember2025-12-310000913760us-gaap:MaturityOvernightAndOnDemandMember2025-12-310000913760us-gaap:MaturityUpTo30DaysMember2025-12-310000913760us-gaap:Maturity30To90DaysMember2025-12-310000913760us-gaap:MaturityOver90DaysMember2025-12-310000913760us-gaap:MaturityOvernightAndOnDemandMember2025-09-300000913760us-gaap:MaturityUpTo30DaysMember2025-09-300000913760us-gaap:Maturity30To90DaysMember2025-09-300000913760us-gaap:MaturityOver90DaysMember2025-09-300000913760us-gaap:USGovernmentDebtSecuritiesMember2025-12-310000913760us-gaap:USGovernmentDebtSecuritiesMember2025-09-300000913760intl:USGovernmentAgenciesDebtSecuritiesAndMunicipalBondsMember2025-12-310000913760intl:USGovernmentAgenciesDebtSecuritiesAndMunicipalBondsMember2025-09-300000913760us-gaap:AssetBackedSecuritiesMember2025-12-310000913760us-gaap:AssetBackedSecuritiesMember2025-09-300000913760us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2025-12-310000913760us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2025-09-300000913760us-gaap:ForeignGovernmentDebtMember2025-12-310000913760us-gaap:ForeignGovernmentDebtMember2025-09-300000913760us-gaap:CorporateBondSecuritiesMember2025-12-310000913760us-gaap:CorporateBondSecuritiesMember2025-09-300000913760us-gaap:EquitySecuritiesMember2025-12-310000913760us-gaap:EquitySecuritiesMember2025-09-300000913760us-gaap:RepurchaseAgreementsMember2025-12-310000913760us-gaap:RepurchaseAgreementsMember2025-09-300000913760us-gaap:AssetPledgedAsCollateralWithRightMember2025-12-310000913760us-gaap:AssetPledgedAsCollateralWithRightMember2025-09-300000913760us-gaap:AccumulatedTranslationAdjustmentMember2025-09-300000913760us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-09-300000913760us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-09-300000913760us-gaap:AccumulatedTranslationAdjustmentMember2025-10-012025-12-310000913760us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-10-012025-12-310000913760us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-10-012025-12-310000913760us-gaap:AccumulatedTranslationAdjustmentMember2025-12-310000913760us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310000913760us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-12-310000913760intl:ClientsMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-10-012025-12-310000913760intl:ClientsMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2024-10-012024-12-310000913760intl:ExchangeTradedFuturesAndOptionsMember2025-10-012025-12-310000913760intl:ExchangeTradedFuturesAndOptionsMember2024-10-012024-12-310000913760intl:OTCDerivativeBrokerageMember2025-10-012025-12-310000913760intl:OTCDerivativeBrokerageMember2024-10-012024-12-310000913760intl:EquitiesandFixedIncomeCommissionsMember2025-10-012025-12-310000913760intl:EquitiesandFixedIncomeCommissionsMember2024-10-012024-12-310000913760intl:MutualFundSalesBasedCommissionsMember2025-10-012025-12-310000913760intl:MutualFundSalesBasedCommissionsMember2024-10-012024-12-310000913760us-gaap:VariableAnnuityMember2025-10-012025-12-310000913760us-gaap:VariableAnnuityMember2024-10-012024-12-310000913760intl:OtherSalesBasedCommissionsMember2025-10-012025-12-310000913760intl:OtherSalesBasedCommissionsMember2024-10-012024-12-310000913760intl:SalesBasedCommissionsMember2025-10-012025-12-310000913760intl:SalesBasedCommissionsMember2024-10-012024-12-310000913760intl:MutualFundTrailingCommissionsMember2025-10-012025-12-310000913760intl:MutualFundTrailingCommissionsMember2024-10-012024-12-310000913760intl:InsuranceAnnuityTrailingCommissionsMember2025-10-012025-12-310000913760intl:InsuranceAnnuityTrailingCommissionsMember2024-10-012024-12-310000913760intl:TrailingCommissionsMember2025-10-012025-12-310000913760intl:TrailingCommissionsMember2024-10-012024-12-310000913760us-gaap:ClearingServiceMember2025-10-012025-12-310000913760us-gaap:ClearingServiceMember2024-10-012024-12-310000913760intl:TradeConversionFeesMember2025-10-012025-12-310000913760intl:TradeConversionFeesMember2024-10-012024-12-310000913760intl:OtherCommissionAndClearingFeesMember2025-10-012025-12-310000913760intl:OtherCommissionAndClearingFeesMember2024-10-012024-12-310000913760intl:UnderwritingFeesMember2025-10-012025-12-310000913760intl:UnderwritingFeesMember2024-10-012024-12-310000913760us-gaap:AssetManagement1Member2025-10-012025-12-310000913760us-gaap:AssetManagement1Member2024-10-012024-12-310000913760intl:AdvisoryandConsultingFeesMember2025-10-012025-12-310000913760intl:AdvisoryandConsultingFeesMember2024-10-012024-12-310000913760intl:SweepProgramFeesMember2025-10-012025-12-310000913760intl:SweepProgramFeesMember2024-10-012024-12-310000913760intl:ClientAccountFeesMember2025-10-012025-12-310000913760intl:ClientAccountFeesMember2024-10-012024-12-310000913760intl:OtherConsultingManagementandAccountFeesMember2025-10-012025-12-310000913760intl:OtherConsultingManagementandAccountFeesMember2024-10-012024-12-310000913760intl:PreciousMetalsRetailSalesMember2025-10-012025-12-310000913760intl:PreciousMetalsRetailSalesMember2024-10-012024-12-310000913760us-gaap:TransferredAtPointInTimeMember2025-10-012025-12-310000913760us-gaap:TransferredAtPointInTimeMember2024-10-012024-12-310000913760us-gaap:TransferredOverTimeMember2025-10-012025-12-310000913760us-gaap:TransferredOverTimeMember2024-10-012024-12-310000913760intl:PreciousMetalsTradingMember2025-10-012025-12-310000913760intl:PreciousMetalsTradingMember2024-10-012024-12-310000913760intl:AgriculturalAndEnergyProductMember2025-10-012025-12-310000913760intl:AgriculturalAndEnergyProductMember2024-10-012024-12-310000913760country:US2025-10-012025-12-310000913760country:US2024-10-012024-12-310000913760srt:EuropeMember2025-10-012025-12-310000913760srt:EuropeMember2024-10-012024-12-310000913760srt:SouthAmericaMember2025-10-012025-12-310000913760srt:SouthAmericaMember2024-10-012024-12-310000913760intl:MiddleEastAndAsiaMember2025-10-012025-12-310000913760intl:MiddleEastAndAsiaMember2024-10-012024-12-310000913760intl:OtherCountryNotMentionedAboveMember2025-10-012025-12-310000913760intl:OtherCountryNotMentionedAboveMember2024-10-012024-12-310000913760us-gaap:EquitySecuritiesMemberus-gaap:LongMember2025-10-012025-12-310000913760us-gaap:EquitySecuritiesMemberus-gaap:LongMember2024-10-012024-12-310000913760us-gaap:EquitySecuritiesMemberus-gaap:ShortMember2025-10-012025-12-310000913760us-gaap:EquitySecuritiesMemberus-gaap:ShortMember2024-10-012024-12-310000913760us-gaap:EquitySecuritiesMember2025-10-012025-12-310000913760us-gaap:EquitySecuritiesMember2024-10-012024-12-310000913760intl:StoneXFinancialIncMember2025-12-310000913760intl:StoneXFinancialLtdMember2025-12-310000913760intl:GainCapitalGroupLLCMember2025-12-310000913760intl:StoneXFinancialPteLtdMember2025-12-310000913760intl:StoneXMarketsLLCMember2025-12-310000913760intl:R.J.OBrienAndAssociatesLLCMember2025-12-310000913760intl:R.J.OBrienLimitedMember2025-12-310000913760intl:IntercamMember2025-10-172025-10-170000913760intl:IntercamMember2025-10-170000913760intl:PlantureuxMember2025-10-312025-10-310000913760intl:PlantureuxMember2025-10-310000913760intl:GEAMember2025-10-072025-10-070000913760intl:GEAMember2025-10-070000913760intl:R.J.OBrienMember2025-04-140000913760intl:R.J.OBrienMember2025-10-012025-12-310000913760intl:R.J.OBrienMember2024-10-012024-12-310000913760intl:PaymentsSegmentMember2025-10-012025-12-310000913760us-gaap:OperatingSegmentsMemberintl:CommercialSegmentMember2025-10-012025-12-310000913760us-gaap:OperatingSegmentsMemberintl:InstitutionalSegmentMember2025-10-012025-12-310000913760us-gaap:OperatingSegmentsMemberintl:SelfDirectedRetailSegmentMember2025-10-012025-12-310000913760us-gaap:OperatingSegmentsMemberintl:PaymentsSegmentMember2025-10-012025-12-310000913760us-gaap:CorporateNonSegmentMember2025-10-012025-12-310000913760us-gaap:IntersegmentEliminationMember2025-10-012025-12-310000913760us-gaap:OperatingSegmentsMemberintl:CommercialSegmentMember2025-12-310000913760us-gaap:OperatingSegmentsMemberintl:InstitutionalSegmentMember2025-12-310000913760us-gaap:OperatingSegmentsMemberintl:SelfDirectedRetailSegmentMember2025-12-310000913760us-gaap:OperatingSegmentsMemberintl:PaymentsSegmentMember2025-12-310000913760us-gaap:CorporateNonSegmentMember2025-12-310000913760us-gaap:IntersegmentEliminationMember2025-12-310000913760us-gaap:OperatingSegmentsMemberintl:CommercialSegmentMember2024-10-012024-12-310000913760us-gaap:OperatingSegmentsMemberintl:InstitutionalSegmentMember2024-10-012024-12-310000913760us-gaap:OperatingSegmentsMemberintl:SelfDirectedRetailSegmentMember2024-10-012024-12-310000913760us-gaap:OperatingSegmentsMemberintl:PaymentsSegmentMember2024-10-012024-12-310000913760us-gaap:CorporateNonSegmentMember2024-10-012024-12-310000913760us-gaap:IntersegmentEliminationMember2024-10-012024-12-310000913760us-gaap:OperatingSegmentsMemberintl:CommercialSegmentMember2025-09-300000913760us-gaap:OperatingSegmentsMemberintl:InstitutionalSegmentMember2025-09-300000913760us-gaap:OperatingSegmentsMemberintl:SelfDirectedRetailSegmentMember2025-09-300000913760us-gaap:OperatingSegmentsMemberintl:PaymentsSegmentMember2025-09-300000913760us-gaap:CorporateNonSegmentMember2025-09-300000913760us-gaap:IntersegmentEliminationMember2025-09-300000913760intl:EricParthemoreMemberintl:DirectorTradingArrangementMember2025-10-012025-12-310000913760intl:PhilipSmithMember2025-10-012025-12-310000913760intl:PhilipSmithMember2025-12-310000913760intl:AnnabelleGBexigaMember2025-10-012025-12-310000913760intl:AnnabelleGBexigaMember2025-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM 10-Q

____________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended December 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From to

Commission File Number 000-23554

StoneX Group Inc.

(Exact name of registrant as specified in its charter)


Delaware						59-2921318
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

230 Park Ave, 10th Floor

New York, NY 10169

(Address of principal executive offices) (Zip Code)

(212) 485-3500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 par value

SNEX

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer, ” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of February 2, 2026, there were 52,463,316 shares of the registrant’s common stock outstanding.

Table of Contents

StoneX Group Inc.

Quarterly Report on Form 10-Q for the Quarterly Period Ended December 31, 2025

Table of Contents


		Page
Part I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Condensed Consolidated Balance Sheets	1

	Condensed Consolidated Income Statements	2

	Condensed Consolidated Statements of Comprehensive Income	3

	Condensed Consolidated Statements of Cash Flows	4

	Condensed Consolidated Statements of Stockholders’ Equity	6

	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	58

Item 4.	Controls and Procedures	60

Part II. OTHER INFORMATION

Item 1.	Legal Proceedings	60

Item 1A.	Risk Factors	61

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61

Item 5.	Other Information	61

Item 6.	Exhibits	62

Signatures		62

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

StoneX Group Inc.

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions, except par value and share amounts)	December 31, 2025		September 30, 2025
ASSETS
Cash and cash equivalents	$	1,592.7	$	1,605.8
Cash, securities and other assets segregated under federal and other regulations (including $1,010.6 million and $950.0 million at fair value at December 31, 2025 and September 30, 2025, respectively)	5,730.0		5,271.0
Collateralized transactions:
Securities purchased under agreements to resell	13,414.5		10,325.4
Securities borrowed	2,381.8		2,743.1


Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net (including $4,663.0 million and $6,442.9 million at fair value at December 31, 2025 and September 30, 2025, respectively)	10,244.9		12,890.7
Receivable from clients, net (including $25.3 million and $58.1 million at fair value at December 31, 2025 and September 30, 2025, respectively)	1,013.7		1,333.9

Income taxes receivable	70.4		45.7
Financial instruments owned, at fair value (includes securities pledged as collateral that can be sold or repledged of $1,969.0 million and $1,165.8 million at December 31, 2025 and September 30, 2025, respectively)	10,265.7		8,604.4
Physical commodities inventory, net (including $708.7 million and $471.1 million at fair value at December 31, 2025 and September 30, 2025, respectively)	1,373.9		917.5
Deferred tax asset, net	27.3		32.0
Property and equipment, net	165.1		166.6
Operating right of use assets	159.2		161.9
Goodwill and intangible assets, net	755.0		736.2
Other assets	590.2		433.8
Total assets	$	47,784.4	$	45,268.0
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and other accrued liabilities (including $55.5 million and $32.3 million at fair value at December 31, 2025 and September 30, 2025, respectively)	$	798.5	$	769.1
Operating lease liabilities	208.9		211.7
Payables to:
Clients (including $1,049.3 million and $530.7 million at fair value at December 31, 2025 and September 30, 2025, respectively)	19,118.8		19,864.1
Broker-dealers, clearing organizations and counterparties (including $16.6 million and $38.4 million at fair value at December 31, 2025 and September 30, 2025, respectively)	969.0		963.4
Lenders under loans	488.8		782.0
Senior secured borrowings, net	1,159.6		1,159.0
Income taxes payable	38.7		22.8
Deferred tax liability	101.9		96.9
Collateralized transactions:
Securities sold under agreements to repurchase	16,000.9		13,551.0
Securities loaned	2,212.3		2,550.8
Financial instruments sold, not yet purchased, at fair value	4,164.8		2,919.8

Total liabilities	45,262.2		42,890.6
Commitments and contingencies (Note 11)
Stockholders' equity:

Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding	—		—
Common stock, $0.01 par value. Authorized 200,000,000 shares; 55,137,294 issued and 52,356,371 outstanding at December 31, 2025 and 54,967,558 issued and 52,186,635 outstanding at September 30, 2025	0.5		0.5
Common stock in treasury, at cost. 2,780,923 shares at December 31, 2025 and September 30, 2025	(32.8)		(32.8)
Additional paid-in-capital	739.9		730.9
Retained earnings	1,833.8		1,694.8
Accumulated other comprehensive loss, net	(19.2)		(16.0)


Total equity	2,522.2		2,377.4
Total liabilities and stockholders' equity	$	47,784.4	$	45,268.0

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

StoneX Group Inc.

Condensed Consolidated Income Statements

(Unaudited)


	Three Months Ended December 31,
(in millions, except share and per share amounts)	2025		2024
Revenues:
Sales of physical commodities	$	37,689.1	$	27,051.1
Principal gains, net	378.5		308.9
Commission and clearing fees	305.0		149.3
Consulting, management, and account fees	76.1		47.8
Interest income	581.2		378.2
Total revenues	39,029.9		27,935.3
Cost of sales of physical commodities	37,591.7		26,991.0
Operating revenues	1,438.2		944.3
Transaction-based clearing expenses	132.6		86.5
Introducing broker commissions	93.2		44.3
Interest expense	461.7		306.2
Interest expense on corporate funding	26.3		15.2
Net operating revenues	724.4		492.1
Compensation and other expenses:
Compensation and benefits	355.9		252.5
Trading systems and market information	25.0		20.0
Professional fees	32.8		19.0
Non-trading technology and support	26.6		19.7
Occupancy and equipment rental	16.1		13.0
Selling and marketing	14.1		12.0
Travel and business development	11.8		8.4
Communications	3.7		2.1
Depreciation and amortization	25.0		15.7
Bad debts, net of recoveries	1.2		1.8
Other	26.9		16.7
Total compensation and other expenses	539.1		380.9
Other (loss) gains, net	(0.4)		5.7
Income before tax	184.9		116.9
Income tax expense	45.9		31.8
Net income	$	139.0	$	85.1
Earnings per share:
Basic	$	2.66	$	1.77
Diluted	$	2.50	$	1.69
Weighted-average number of common shares outstanding:
Basic	50,569,386		46,464,063
Diluted	53,654,586		48,667,158

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

StoneX Group Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended December 31,
(in millions)	2025		2024
Net income	$	139.0	$	85.1
Other comprehensive loss, net of tax:
Foreign currency translation adjustment	(0.5)		(18.3)
Cash flow hedges	(2.7)		(6.9)








Total other comprehensive loss, net of tax	(3.2)		(25.2)
Comprehensive income	$	135.8	$	59.9

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

StoneX Group Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended December 31,
(in millions)	2025		2024
Cash flows from operating activities:
Net income	$	139.0	$	85.1
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	25.0		15.7
Amortization of right of use assets	6.9		7.7
Bad debts, net of recoveries	1.2		1.8
Loss on equity method investment	0.4		—
Deferred income taxes	14.1		5.4
Amortization of debt issuance costs	1.5		0.9

Amortization of share-based compensation	14.3		11.3
Accretion of deferred consideration	1.9		—
Adjustment to fair value of deferred consideration	0.9		—

Loss on sale of property and equipment	0.1		—

Changes in operating assets and liabilities, net:
Securities and other assets segregated under federal and other regulations	(353.4)		42.7
Securities purchased under agreements to resell	(3,089.1)		(277.7)
Securities borrowed	361.3		(458.4)
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net	964.2		(1,317.6)
Receivables from clients, net	320.1		(85.0)

Income taxes receivable	(33.2)		(12.1)
Financial instruments owned, at fair value	(1,664.0)		(158.9)
Physical commodities inventory, net	(456.4)		(178.6)

Other assets	(152.5)		(3.7)
Accounts payable and other accrued liabilities	6.3		(64.3)
Operating lease liabilities	(7.0)		(7.7)
Payables to clients	(745.3)		992.3
Payables to broker-dealers, clearing organizations, and counterparties	5.5		(288.7)
Income taxes payable	20.9		21.7
Securities sold under agreements to repurchase	2,449.9		291.6
Securities loaned	(338.5)		210.6
Financial instruments sold, not yet purchased, at fair value	1,244.2		688.1
Net cash used in operating activities	(1,261.7)		(477.8)
Cash flows from investing activities:

Acquisition of businesses and assets, net of cash received	(7.9)		(8.0)


Cost method investment	(5.0)		—
Purchases of property and equipment	(15.2)		(13.6)
Net cash used in investing activities	(28.1)		(21.6)
Cash flows from financing activities:
Net change in payables to lenders under loans with maturities 90 days or less	(286.9)		211.2







Repayments of note payable	(6.3)		—
Deferred payments on acquisitions	(1.3)		(20.1)



Shares withheld to cover taxes on vesting of equity awards	(6.2)		(3.7)
Exercise of stock options	0.9		0.8


Net cash (used in)/provided by financing activities	(299.8)		188.2
Effect of exchange rates on cash, segregated cash, cash equivalents, and segregated cash equivalents	(0.9)		(18.4)
Net decrease in cash, segregated cash, cash equivalents, and segregated cash equivalents	(1,590.5)		(329.6)
Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period	11,520.2		6,672.6
Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period	$	9,929.7	$	6,343.0
Supplemental disclosure of cash flow information:
Cash paid for interest	$	452.3	$	304.7
Income taxes paid, net of cash refunds	$	44.0	$	17.4
Supplemental disclosure of non-cash investing and financing activities:
Identified intangible assets and goodwill on acquisitions	$	26.6	$	7.3
Additional consideration payable related to acquisitions, net	$	20.1	$	3.1
Acquisition consideration paid in silver bullion	$	—	$	12.6
Acquisition of business:
Assets acquired	$	7.6	$	18.6
Liabilities assumed	4.4		2.2
Total net assets acquired	$	3.2	$	16.4

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

StoneX Group Inc.

Condensed Consolidated Statements of Cash Flows - Continued

(Unaudited)

The following table provides a reconciliation of cash, segregated cash, cash equivalents, and segregated cash equivalents reported within the Condensed Consolidated Balance Sheets.


	December 31,
(in millions)	2025		2024
Cash and cash equivalents	$	1,592.7	$	1,398.2

Cash segregated under federal and other regulations(1)	4,719.4		2,847.5
Securities segregated under federal and other regulations(2)	186.1		299.9
Cash segregated and deposited with or pledged to exchange-clearing organizations and other futures commission merchants (“FCMs”)(3)	3,313.0		860.5
Securities segregated and pledged to exchange-clearing organizations(4)	118.5		936.9
Total cash, segregated cash, cash equivalents, and segregated cash equivalents shown in the condensed consolidated statements of cash flows	$	9,929.7	$	6,343.0

(1) Represents segregated client cash held at third-party banks included within Cash, securities and other assets segregated under federal and other regulations on the Consolidated Balance Sheets.

(2) Represents segregated client United States (“U.S.”) Treasury obligations and U.S. government agency obligations. Excludes segregated commodity warehouse receipts, segregated U.S. Treasury obligations with acquired maturities of greater than 90 days, and other assets, combined totaling $824.5 million and $9.2 million as of December 31, 2025 and 2024, respectively, included within Cash, securities and other assets segregated under federal and other regulations on the Condensed Consolidated Balance Sheets.

(3) Represents segregated client cash on deposit with, or pledged to, exchange clearing organizations and other FCMs. Excludes non-segregated cash and other assets, combined totaling $2,561.9 million and $2,683.6 million as of December 31, 2025 and 2024, respectively, included within Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net on the Condensed Consolidated Balance Sheets.

(4) Represents segregated client U.S. Treasury obligations and U.S. government agency obligations on deposit with, or pledged to, exchange clearing organizations and other FCMs. Excludes segregated securities pledged to exchange-clearing organizations with acquired maturities greater than 90 days and other assets, combined totaling $4,251.5 million and $3,303.0 million as of December 31, 2025 and 2024, respectively, included within Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net on the Condensed Consolidated Balance Sheets.

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

StoneX Group Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)


	Three Months Ended December 31, 2024
(in millions)	Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss, net		Total
Balances as of September 30, 2024	$	0.5	$	(69.3)	$	414.2	$	1,388.9	$	(25.2)	$	1,709.1


Net income	—		—		—		85.1		—		85.1
Other comprehensive loss, net of tax	—		—		—		—		(25.2)		(25.2)
Exercise of stock options	—		—		0.8		—		—		0.8
Shares withheld to cover taxes on vesting of equity awards	—		—		(3.7)		—		—		(3.7)
Share-based compensation	—		—		11.3		—		—		11.3

Balances as of December 31, 2024	$	0.5	$	(69.3)	$	422.6	$	1,474.0	$	(50.4)	$	1,777.4


	Three Months Ended December 31, 2025
(in millions)	Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss, net		Total
Balances as of September 30, 2025	$	0.5	$	(32.8)	$	730.9	$	1,694.8	$	(16.0)	$	2,377.4
Net income	—		—		—		139.0		—		139.0
Other comprehensive loss, net of tax	—		—		—		—		(3.2)		(3.2)
Exercise of stock options	—		—		0.9		—		—		0.9
Shares withheld to cover taxes on vesting of equity awards	—		—		(6.2)		—		—		(6.2)
Share-based compensation	—		—		14.3		—		—		14.3

Balances as of December 31, 2025	$	0.5	$	(32.8)	$	739.9	$	1,833.8	$	(19.2)	$	2,522.2

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

StoneX Group Inc.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

Note 1 – Basis of Presentation and Consolidation and Accounting Standards Adopted

StoneX Group Inc., a Delaware corporation, and its consolidated subsidiaries (collectively “StoneX” or “the Company”), is 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. The Company’s common stock trades on The NASDAQ Global Select Market under the symbol “SNEX”.

Basis of Presentation

The accompanying unaudited Condensed Consolidated Balance Sheet as of September 30, 2025, which has been derived from the audited consolidated balance sheet of September 30, 2025, and the unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations. The Company believes that the included disclosures clearly and fairly present the information within. In management’s opinion, all adjustments, generally consisting of normal accruals, considered necessary to fairly present the condensed consolidated financial statements for the interim periods presented have been reflected as required by Rule 10-01 of Regulation S-X.

Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as filed with the SEC.

These condensed consolidated financial statements include the accounts of StoneX Group Inc. and all entities in which the Company has a controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation.

Preparing condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates and assumptions in the current year relate to fair value measurements for financial instruments, revenue recognition, valuation of inventories, and income taxes. The Company reviews all significant estimates affecting the financial statements on a recurring basis and makes necessary adjustments to the financial statements presented within this Form 10-Q. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from estimates. Estimates and assumptions are based on management’s best knowledge of current events and actions the Company may undertake in the future, using information reasonably available to the Company as of December 31, 2025 and through the date of this Form 10-Q.

Subsequent Common Stock Split

On February 3, 2026, the Company’s Board of Directors approved a three-for-two split of its common stock, which will be 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 will be distributed after close of trading on March 20, 2026, to stockholders of record at the close of business on March 10, 2026. Cash will be distributed in lieu of fractional shares based on the opening price of a share of common stock on March 11, 2026. Trading is expected to begin on a stock split-adjusted basis at market open on March 23, 2026. All share and per share amounts contained herein have not been retroactively adjusted for this subsequent stock split.

Accounting Standards Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Improvements to Reportable Segment Disclosures, which requires entities to enhance disclosures regarding segments, including significant segment expenses. The Company adopted ASU No. 2023-07 related to annual disclosure requirements effective with the fiscal 2025 Form 10-K, with newly required annual disclosures being included in Note 22 of the fiscal 2025 Form 10-K. The Company adopted ASU 2023-07 related to interim disclosure requirements effective with the first quarter fiscal 2026 10-Q filing and applied the updated disclosure requirements retrospectively to all periods presented. See Note 18 for more information.

Table of Contents

Note 2 – Earnings per Share

The Company presents basic and diluted earnings per share (“EPS”) using the two-class method, which requires all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends and therefore participate in undistributed earnings with common stockholders be included in computing earnings per share. Under the two-class method, net income is reduced by the amount of dividends declared in the period for each class of common stock and participating security. The remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends. Restricted stock awards granted to certain employees and directors contain non-forfeitable rights to dividends at the same rate as common stock and are considered participating securities. Basic EPS has been computed by dividing net income by the weighted-average number of common shares outstanding.

The following is a reconciliation of the numerator and denominator of the diluted earnings per share computations for the periods presented below.


	Three Months Ended December 31,
(in millions, except share amounts)	2025		2024
Numerator:
Net income	$	139.0	$	85.1
Less: Allocation to participating securities	(4.6)		(2.7)
Net income allocated to common stockholders	$	134.4	$	82.4






Denominator:
Weighted average number of:
Common shares outstanding	50,569,386		46,464,063
Dilutive potential common shares outstanding:
Share-based awards	3,085,200		2,203,095
Diluted weighted-average common shares	53,654,586		48,667,158

The dilutive effect of share-based awards is reflected in diluted net income per share by applying the treasury stock method, which includes consideration of unamortized share-based compensation expense.

Options to purchase 531,848 and 717,832 shares of common stock for the three months ended December 31, 2025 and 2024, respectively, were excluded from the calculation of diluted earnings per share as they would have been anti-dilutive.

Note 3 – Assets and Liabilities, at Fair Value

Fair value is defined by U.S. GAAP as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between willing market participants on the measurement date.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Even when market assumptions are not readily available, the Company is required to develop a set of assumptions that reflect those that market participants would use in pricing an asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.

The Company has designed independent price verification controls to validate relevant prices.

Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A market is active if there are sufficient transactions on an ongoing basis to provide current pricing information for the asset or liability, pricing information is released publicly, and price quotations do not vary substantially either over time or among market participants. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity.

Relevant guidance requires the Company to consider counterparty credit risk of all parties to outstanding derivative instruments that would be considered by a market participant in the transfer or settlement of such contracts (exit price). The Company’s exposure to credit risk on derivative financial instruments principally relates to the portfolio of over-the-counter (“OTC”) derivative contracts as all exchange-traded contracts held can be settled on an active market with a credit guarantee from the respective exchange. The Company requires each counterparty to deposit margin collateral for all OTC instruments and is also required to deposit margin collateral with counterparties. The Company has assessed the nature of these deposits and used its discretion to adjust each based on the underlying credit considerations for the counterparty and determined that the collateral

Table of Contents

deposits minimize the exposure to counterparty credit risk in the evaluation of the fair value of OTC instruments as determined by a market participant.

In accordance with FASB Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, the Company groups its assets and liabilities measured at fair value in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:

Level 1 - Valuation is based upon unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 1 consists of financial assets and liabilities whose fair values are estimated using quoted market prices.

Level 2 - Valuation is based upon quoted prices for identical or similar assets or liabilities in markets that are less active, that is, markets in which there are few transactions for the asset or liability that are observable for substantially the full term. Included in Level 2 are those financial assets and liabilities for which fair values are estimated using models or other valuation methodologies. These models are primarily industry-standard models that consider various observable inputs, including time value, yield curve, volatility factors, observable current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures.

Level 3 - Valuation is based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Level 3 comprises financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are not readily observable from objective sources. Level 3 includes contingent liabilities that have been valued using an income approach based upon management developed discounted cash flow projections, which are an unobservable input.

Fair value of financial and nonfinancial assets and liabilities that are carried on the Condensed Consolidated Balance Sheets at fair value on a recurring basis

Cash and cash equivalents reported at fair value on a recurring basis includes certificates of deposit and money market mutual funds, which are stated at cost plus accrued interest, which approximates fair value.

Cash, securities and other assets segregated under federal and other regulations reported at fair value on a recurring basis include the value of pledged investments, primarily U.S. Treasury obligations and commodities warehouse receipts.

Deposits with and receivables from broker-dealers, clearing organizations and counterparties and payable to clients and broker-dealers, clearing organizations and counterparties includes the fair value of pledged investments, primarily U.S. Treasury obligations and foreign government obligations. These balances also include the fair value of exchange-traded options on futures and OTC forwards, swaps and options.

Financial instruments owned and sold, not yet purchased include the fair value of equity securities, which includes common, preferred, and foreign ordinary shares, American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”), and exchange-traded funds (“ETFs”), corporate and municipal bonds, U.S. Treasury obligations, U.S. government agency obligations, foreign government obligations, agency mortgage-backed obligations, asset-backed obligations, derivative financial instruments, commodities warehouse receipts, exchange firm common stock, and investments in managed funds. The fair value of exchange firm common stock is determined by quoted market prices.

Cash equivalents, debt and equity securities, commodities warehouse receipts, physical commodities inventory, derivative financial instruments and contingent liabilities are carried at fair value, on a recurring basis, and are classified and disclosed into three levels in the fair value hierarchy.

The following section describes the valuation methodologies used by the Company to measure classes of financial instruments at fair value and specifies the level within the fair value hierarchy where various financial instruments are classified.

The Company uses quoted prices in active markets, where available, and classifies instruments with such quotes within Level 1 of the fair value hierarchy. Examples include U.S. Treasury obligations, foreign government obligations, commodities warehouse receipts, certain equity securities traded in active markets, physical precious metals inventory held by a regulated broker-dealer subsidiary, exchange firm common stock, investments in managed funds, as well as options on futures contracts traded on national exchanges.

When instruments are traded in secondary markets and observable prices are not available for substantially the full term, the Company generally relies on internal valuation techniques based upon observable inputs for comparable financial instruments, or prices obtained from third-party pricing services or brokers or a combination thereof, and accordingly, classifies these instruments as Level 2. Examples include corporate and municipal bonds, U.S. government agency obligations, agency-mortgage backed obligations, asset-backed obligations, certain equity securities traded in less active markets, and OTC derivative contracts, which include purchase and sale commitments related to the Company’s foreign exchange, agricultural, and energy commodities.

Table of Contents

Certain derivatives without a quoted price in an active market and derivatives executed OTC are valued using internal valuation techniques, including pricing models which utilize significant inputs observable to market participants. The valuation techniques and inputs depend on the type of derivative and the nature of the underlying instrument. The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest yield curves, foreign exchange rates, commodity prices, volatilities and correlations. These derivative instruments are included within Level 2 of the fair value hierarchy.

Physical commodities inventory includes precious metals that are a part of the trading activities of a regulated broker-dealer subsidiary. The physical commodities held by the broker-dealer are recorded at fair value using exchange-quoted prices. Physical commodities inventory also includes agricultural commodities that are a part of the trading activities of a non-broker dealer subsidiary and are recorded at net realizable value using exchange-quoted prices. The fair value of precious metals physical commodities inventory is based upon unadjusted exchange-quoted prices and is, therefore, classified within Level 1 of the fair value hierarchy. The fair value of agricultural physical commodities inventory and the related OTC firm sale and purchase commitments are generally based upon exchange-quoted prices, adjusted for basis or differences in local markets, broker or dealer quotations or market transactions in either listed or OTC markets. Exchange-quoted prices are adjusted for location and quality because the exchange-quoted prices for agricultural and energy related products represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis or local market adjustments are observable inputs or have an insignificant impact on the measurement of fair value and, therefore, the agricultural physical commodities inventory, as well as the related OTC forward firm sale and purchase commitments have been included within Level 2 of the fair value hierarchy.

With the exception of certain derivative instruments where the valuation approach is disclosed above, financial instruments owned and sold are primarily valued using third-party pricing sources. Third-party pricing vendors compile prices from various sources and often apply matrix pricing for similar securities when market-observable transactions for the instruments are not observable for substantially the full term. The Company reviews the pricing methodologies used by third-party pricing vendors in order to evaluate the fair value hierarchy classification of vendor-priced financial instruments and the accuracy of vendor pricing, which typically involves comparing primary vendor prices to internal trader prices or secondary vendor prices. When evaluating the propriety of vendor-priced financial instruments using secondary prices, considerations include the range and quality of vendor prices, level of observable transactions for identical and similar instruments, and judgments based upon knowledge of a particular market and asset class. If the primary vendor price does not represent fair value, justification for using a secondary price, including source data used to make the determination, is subject to review and approval by authorized personnel prior to using a secondary price. Financial instruments owned and sold that are valued using third party pricing sources are included within either Level 1 or Level 2 of the fair value hierarchy based upon the observability of the inputs used and the level of activity in the market.

The fair value estimates presented herein are based on pertinent information available to management as of December 31, 2025 and September 30, 2025 and through the dates of the respective reports. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these condensed consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

Table of Contents

The following tables set forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of December 31, 2025 and September 30, 2025 by level in the fair value hierarchy. All fair value measurements were performed on a recurring basis as of December 31, 2025 and September 30, 2025.


	December 31, 2025
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	23.5	$	—	$	—	$	—	$	23.5
Money market mutual funds and other	57.0		—		—		—		57.0
Cash and cash equivalents	80.5		—		—		—		80.5
Commodities warehouse receipts	172.4		—		—		—		172.4
U.S. government agency obligations	—		110.7		—		—		110.7
U.S. Treasury obligations	727.5		—		—		—		727.5
Securities and other assets segregated under federal and other regulations	899.9		110.7		—		—		1,010.6
U.S. Treasury obligations	2,817.9		—		—		—		2,817.9
U.S. government agency obligations	—		1,557.0		—		—		1,557.0
To be announced and forward settling securities	—		30.0		—		(28.4)		1.6
Foreign government obligations	21.5		—		—		—		21.5
Derivatives	3,732.7		2,400.4		—		(5,868.1)		265.0
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	6,572.1		3,987.4		—		(5,896.5)		4,663.0
Receivables from clients, net - Derivatives	113.1		557.7		—		(645.5)		25.3
Equity securities	664.6		10.5		—		—		675.1
Corporate and municipal bonds	—		522.4		—		—		522.4
U.S. Treasury obligations	1,598.3		—		—		—		1,598.3
U.S. government agency obligations	—		468.9		—		—		468.9
Foreign government obligations	—		4.0		—		—		4.0
Agency mortgage-backed obligations	—		6,230.2		—		—		6,230.2
Asset-backed obligations	—		346.2		—		—		346.2
Derivatives	—		552.9		—		(371.1)		181.8

Commodities warehouse receipts	153.4		—		—		—		153.4
Exchange firm common stock	47.5		—		—		—		47.5
Cash flow hedges	—		6.8		—		—		6.8
Mutual funds and other	28.8		—		2.3		—		31.1
Financial instruments owned	2,492.6		8,141.9		2.3		(371.1)		10,265.7
Physical commodities inventory	406.5		302.2		—		—		708.7
Total assets at fair value	$	10,564.7	$	13,099.9	$	2.3	$	(6,913.1)	$	16,753.8
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities	$	—	$	—	$	55.5	$	—	$	55.5
Payables to clients - Derivatives	3,066.9		1,307.3		—		(3,324.9)		1,049.3
To be announced and forward settling securities	—		47.7		—		(25.8)		21.9
Derivatives	731.5		2,462.2		—		(3,199.0)		(5.3)
Payable to broker-dealers, clearing organizations and counterparties	731.5		2,509.9		—		(3,224.8)		16.6
Equity securities	489.5		3.7		—		—		493.2

Corporate and municipal bonds	—		172.3		—		—		172.3
U.S. Treasury obligations	3,227.4		—		—		—		3,227.4
U.S. government agency obligations	—		0.5		—		—		0.5

Asset-backed obligations	—		5.2		—		—		5.2
Derivatives	3.5		638.5		—		(377.7)		264.3
Cash flow hedges	—		1.8		—		—		1.8

Other	—		—		0.1		—		0.1
Financial instruments sold, not yet purchased	3,720.4		822.0		0.1		(377.7)		4,164.8
Total liabilities at fair value	$	7,518.8	$	4,639.2	$	55.6	$	(6,927.4)	$	5,286.2

(1)Represents cash collateral and the impact of netting across each level of the fair value hierarchy.

Table of Contents


	September 30, 2025
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	10.3	$	—	$	—	$	—	$	10.3
Money market mutual funds	94.8		—		—		—		94.8
Cash and cash equivalents	105.1		—		—		—		105.1
Commodities warehouse receipts	145.4		—		—		—		145.4
U.S. government agency obligations	—		110.7		—		—		110.7
U.S. Treasury obligations	693.9		—		—		—		693.9
Securities and other assets segregated under federal and other regulations	839.3		110.7		—		—		950.0
U.S. Treasury obligations	5,210.9		—		—		—		5,210.9
U.S. government agency obligations	—		1,103.1		—		—		1,103.1
To be announced and forward settling securities	—		34.9		—		(30.1)		4.8
Foreign government obligations	21.2		—		—		—		21.2
Derivatives	3,208.2		3,508.7		—		(6,614.0)		102.9
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	8,440.3		4,646.7		—		(6,644.1)		6,442.9
Receivables from clients, net - Derivatives	61.2		506.5				(509.6)		58.1
Equity securities	556.0		6.7		—		—		562.7
Corporate and municipal bonds	—		485.7		—		—		485.7
U.S. Treasury obligations	678.8		—		—		—		678.8
U.S. government agency obligations	—		701.9		—		—		701.9
Foreign government obligations	—		4.1		—		—		4.1
Agency mortgage-backed obligations	—		5,378.9		—		—		5,378.9
Asset-backed obligations	—		373.4		—		—		373.4
Derivatives	—		658.4		—		(468.0)		190.4

Commodities warehouse receipts	144.6		—		—		—		144.6
Exchange firm common stock	47.0		—		—		—		47.0
Cash flow hedges	—		9.5		—		—		9.5
Mutual funds and other	25.1		—		2.3		—		27.4

Financial instruments owned	1,451.5		7,618.6		2.3		(468.0)		8,604.4
Physical commodities inventory	221.8		249.3		—		—		471.1
Total assets at fair value	$	11,119.2	$	13,131.8	$	2.3	$	(7,621.7)	$	16,631.6
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities	$	—	$	—	$	32.3	$	—	$	32.3
Payables to clients - Derivatives	3,113.1		904.1		—		(3,486.5)		530.7
To be announced and forward settling securities	—		76.0		—		(26.1)		49.9
Derivatives	197.5		3,481.1		—		(3,690.1)		(11.5)
Payable to broker-dealers, clearing organizations and counterparties	197.5		3,557.1		—		(3,716.2)		38.4
Equity securities	367.3		4.4		—		—		371.7

Corporate and municipal bonds	—		264.1		—		—		264.1
U.S. Treasury obligations	1,983.2		—		—		—		1,983.2
U.S. government agency obligations	—		1.3		—		—		1.3
Agency mortgage-backed obligations	—		1.1		—		—		1.1
Asset-backed obligations	—		—		—		—		—
Derivatives	6.3		682.6		—		(391.6)		297.3
Cash flow hedges	—		1.0		—		—		1.0
Other	—		—		0.1		—		0.1

Financial instruments sold, not yet purchased	2,356.8		954.5		0.1		(391.6)		2,919.8
Total liabilities at fair value	$	5,667.4	$	5,415.7	$	32.4	$	(7,594.3)	$	3,521.2

(1)Represents cash collateral and the impact of netting across each level of the fair value hierarchy.

Realized and unrealized gains and losses are included in Principal gains, net, Interest income, and Cost of sales of physical commodities in the Condensed Consolidated Income Statements.

Table of Contents

Additional disclosures about the fair value of financial instruments that are not carried on the Condensed Consolidated Balance Sheets at fair value

Many, but not all, of the financial instruments that the Company holds are recorded at fair value in the Condensed Consolidated Balance Sheets. The following represents financial instruments for which the ending balance at December 31, 2025 and September 30, 2025 was not carried at fair value on the Condensed Consolidated Balance Sheets in accordance with U.S. GAAP:

Short-term financial instruments: The carrying value of short-term financial instruments, including cash and cash equivalents, cash segregated under federal and other regulations, securities purchased under agreements to resell and securities sold under agreements to repurchase, and securities borrowed and loaned are recorded at amounts that approximate the fair value of these instruments due to their short-term nature and level of collateralization. These financial instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market rates. Under the fair value hierarchy, cash and cash equivalents and cash segregated under federal and other regulations are classified as Level 1. Securities purchased under agreements to resell and securities sold under agreements to repurchase, and securities borrowed and loaned are classified as Level 2 under the fair value hierarchy as they are generally overnight, or short-term in nature, and are collateralized by equity securities, U.S. Treasury obligations, U.S. government agency obligations, agency mortgage-backed obligations, and asset-backed obligations.

Receivables and other assets: Receivables from broker-dealers, clearing organizations, and counterparties, receivables from clients, net, notes receivables and certain other assets are recorded at amounts that approximate fair value due to their short-term nature and are classified as Level 2 under the fair value hierarchy.

Payables: Payables to clients and payables to broker-dealers, clearing organizations, and counterparties are recorded at amounts that approximate fair value due to their short-term nature and are classified as Level 2 under the fair value hierarchy.

Lenders under loans: Payables to lenders under loans carry variable rates of interest and thus approximate fair value and are classified as Level 2 under the fair value hierarchy.

Senior secured borrowings, net: Senior secured borrowings, net includes the Company's 7.875% Senior Secured Notes due 2031 (the “Notes due 2031”) and the Company’s 6.875% Senior Secured Notes due 2032 (the “Notes due 2032”), as further described in Note 9, with a carrying values of $544.4 million and $615.2 million, respectively, as of December 31, 2025. The carrying value of the Notes due 2031 and Notes due 2032 represent their principal amount net of unamortized deferred financing costs. As of December 31, 2025, the Notes due 2031 and Notes due 2032 had a fair value of $583.6 million and $647.2 million, respectively. They were classified as Level 2 under the fair value hierarchy.

Note 4 – Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk

The Company is party to certain financial instruments with off-balance sheet risk in the normal course of its business. The Company has sold financial instruments that it does not currently own and will therefore be obliged to purchase such financial instruments at a future date. The Company has recorded these obligations in the condensed consolidated financial statements as of December 31, 2025 and September 30, 2025 at the fair values of the related financial instruments. The Company will incur losses if the fair value of the underlying financial instruments increases subsequent to December 31, 2025. The total Financial instruments sold, not yet purchased of $4,164.8 million and $2,919.8 million as of December 31, 2025 and September 30, 2025, respectively, includes $264.3 million and $297.3 million for derivative contracts not designated as hedges, respectively, which represented a liability to the Company based on their fair values as of December 31, 2025 and September 30, 2025.

Derivatives

The Company utilizes derivative products in its trading capacity as a dealer in order to satisfy client needs and mitigate risk. The Company manages risks from both derivatives and non-derivative cash instruments on a consolidated basis. The risks of derivatives should not be viewed in isolation, but in aggregate with the Company’s other trading activities. The Company’s derivative positions are included in the Condensed Consolidated Balance Sheets in Deposits with and receivables from broker-dealers, clearing organizations and counterparties, Receivables from clients, net; Financial instruments owned and sold, not yet purchased, at fair value, Payable to clients, and Payables to broker-dealers, clearing organizations and counterparties.

Table of Contents

Listed below are the fair values of the Company’s derivative assets and liabilities as of December 31, 2025 and September 30, 2025. Assets represent net unrealized gains and liabilities represent net unrealized losses.


	December 31, 2025				September 30, 2025
(in millions)	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivative contracts not accounted for as hedges:
Exchange-traded commodity derivatives	$	3,245.4	$	3,198.1	$	2,487.3	$	2,528.6
OTC commodity derivatives	2,680.4		3,795.8		3,580.7		3,517.4
Exchange-traded foreign exchange derivatives	4.2		4.2		7.5		7.5
OTC foreign exchange derivatives	506.0		330.4		749.5		1,264.0
Exchange-traded interest rate derivatives	259.1		262.5		361.2		367.4
OTC interest rate derivatives	148.0		148.0		148.3		148.3
Exchange-traded equity index derivatives	337.1		337.1		413.4		413.4
OTC equity and indices derivatives	176.6		133.8		195.1		138.1
To be announced (“TBA”) and forward settling securities	30.0		47.7		34.9		76.0
Subtotal	7,386.8		8,257.6		7,977.9		8,460.7
Derivative contracts designated as hedging instruments:
Interest rate contracts	0.8		0.9		—		—
Foreign currency forward contracts	6.0		0.9		9.5		1.0
Subtotal	6.8		1.8		9.5		1.0
Gross fair value of derivative contracts	$	7,393.6	$	8,259.4	$	7,987.4	$	8,461.7
Impact of netting and collateral	(6,913.1)		(6,927.4)		(7,621.7)		(7,594.3)
Total fair value included in Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net	$	266.6			$	107.7
Total fair value included in Receivable from clients, net	$	25.3			$	58.1
Total fair value included in Financial instruments owned, at fair value	$	188.6			$	199.9
Total fair value included in Payables to clients			$	1,049.3			$	530.7
Total fair value included in Payables to broker-dealers, clearing organizations and counterparties			$	16.6			$	38.4
Total fair value included in Financial instruments sold, not yet purchased, at fair value			$	266.1			$	298.3

(1)As of December 31, 2025 and September 30, 2025, the Company’s derivative contract volume for open positions was approximately 17.6 million and 19.2 million contracts, respectively.

The Company’s derivative contracts are principally held in its Institutional, Commercial, and Self-Directed/Retail segments. The Company provides its Institutional segment clients access to exchanges at which they can carry out their trading strategies. The Company assists its Commercial segment clients in protecting the value of their future production by entering into option or forward agreements with them on an OTC basis. The Company also provides its Commercial segment clients with exchange products, including combinations of buying and selling puts and calls. In its Self-Directed/Retail segment, the Company provides its retail clients with access to spot foreign exchange, precious metals trading, as well as contracts for difference (“CFD”) and spread bets, where permitted. The Company mitigates its risk by generally offsetting the client’s transaction simultaneously with one of the Company’s trading counterparties or will offset that transaction with a similar but not identical position on the exchange. The risk mitigation of these offsetting trades is not within the documented hedging designation requirements of the Derivatives and Hedging Topic of the ASC. These derivative contracts are traded along with cash transactions because of the integrated nature of the markets for these products. The Company manages the risks associated with derivatives on an aggregate basis along with the risks associated with its proprietary trading and market-making activities in cash instruments as part of its firm-wide risk management policies. In particular, the risks related to derivative positions may be partially offset by inventory, other derivatives, or cash collateral paid or received.

Hedging Activities

The Company uses foreign currency derivatives, in the form of forward contracts, to hedge risk related to the variability in exchange rates relative to certain of the Company’s non-USD expenditures. These hedges are designated cash flow hedges, through which the Company mitigates variability in exchange rates by exchanging foreign currency for USD at fixed exchange rates at a pre-determined future date, or several cash flows at several pre-determined future dates. While the forward contracts mitigate exchange rate variability risk, they do introduce credit risk, which is the possibility that the Company’s trading counterparty fails to meet its obligation. The Company minimizes this risk by entering into its forward contracts with highly-rated, multi-national institutions. These hedges will all mature within 2 years from the end of the current period.

Table of Contents

The Company also uses interest rate derivatives, in the form of swaps, to hedge risk related to variability in overnight rates. These hedges are designated cash flow hedges, through which the Company mitigates uncertainty in its interest income by converting floating-rate interest income to fixed-rate interest income. While the swaps mitigate interest rate risk, they do introduce credit risk, which is the possibility that the Company’s trading counterparty fails to meet its obligation. The Company minimizes this risk by entering into its swaps with highly-rated, multi-national institutions. In addition to credit risk, there is market risk associated with the swap positions. The Company’s market risk is limited, because any amounts the Company must pay from having exchanged variable interest will be funded by the variable interest the Company receives on its deposits. These hedges will all mature within 2 years from the end of the current period.

The Company assesses the effectiveness of its hedges at each reporting period to identify any required reclassifications into current earnings. During the three months ended December 31, 2025 and 2024, the Company did not designate any portion of its hedges as ineffective and thus did not have any values in current earnings related to ineffective hedges.

The fair values of derivative instruments designated for hedging held as of December 31, 2025 and September 30, 2025 are as follows:


		December 31, 2025		September 30, 2025
(in millions)	Balance Sheet Location	Fair Value		Fair Value
Asset Derivatives
Derivatives designated as hedging instruments:
Interest rate contracts	Financial instruments owned, net	$	0.8	$	—
Foreign currency forward contracts	Financial instruments owned, net	6.0		9.5
Total derivatives designated as hedging instruments		$	6.8	$	9.5

Derivative assets expected to be released from Other comprehensive income into current earnings:

Foreign currency forward contracts		$	4.8	$	8.0
Total expected to be released from Other comprehensive income into earnings		$	4.8	$	8.0

Liability Derivatives
Derivatives designated as hedging instruments:
Interest rate contracts	Financial instruments sold, not yet purchased	$	0.9	$	—
Foreign currency forward contracts	Financial instruments sold, not yet purchased	0.9		1.0
Total derivatives designated as hedging instruments		$	1.8	$	1.0

Derivative liabilities expected to be released from Other comprehensive income into current earnings:
Interest rate contracts		$	1.7	$	—

Total expected to be released from Other comprehensive income into earnings		$	1.7	$	—

The notional values of derivative instruments designated for hedging held as of December 31, 2025 and September 30, 2025 are as follows:


	December 31, 2025		September 30, 2025
(in millions)	Notional Value		Notional Value
Derivatives designated as hedging instruments:
Interest rate contracts	$	1,200.0	$	—
Foreign currency forward contracts:
Foreign currency forward contracts to purchase Polish Zloty:
Local currency	zł	210.0	zł	180.0
USD	$	54.1	$	4.5
Foreign currency forward contracts to purchase British Pound Sterling:
Local currency	£	124.0	£	93.0
USD	$	166.0	$	120.4

The Condensed Consolidated Income Statement effects of derivative instruments designated for hedging held for the three months ended December 31, 2025 and 2024 are as follows:

Table of Contents


(in millions)	Income Statement Location	Three Months Ended December 31, 2025		Three Months Ended December 31, 2024
Total amounts of gain/(loss) reclassified from Accumulated Other Comprehensive Income into Income:
Interest rate contracts	Interest income	$	(1.0)	$	(0.2)
Foreign currency forward contracts	Compensation and benefits	5.1		0.8
Total derivatives designated as hedging instruments		$	4.1	$	0.6


Amount of gain reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction that is no longer probable of occurring		$	—	$	—

The accumulated other comprehensive income effects of derivative instruments designated for hedging held for three months ended December 31, 2025 and 2024 are as follows:


	Amount of (Loss)/Gain Recognized in Other Comprehensive Income on Derivatives, net of tax
(in millions)	Three Months Ended December 31, 2025		Three Months Ended December 31, 2024
Derivatives in Cash Flow Hedging Relationships:
Interest rate contracts	$	(0.1)	$	0.1
Foreign currency forward contracts	(2.6)		(7.0)
Total	$	(2.7)	$	(6.9)

The following table sets forth the Company’s net gains/(losses) related to derivative financial instruments for the three months ended December 31, 2025 and 2024 in accordance with the Derivatives and Hedging Topic of the ASC. The net gains/(losses) set forth below are included in Principal gains, net and Cost of sales of physical commodities in the Condensed Consolidated Income Statements.


	Three Months Ended December 31,
(in millions)	2025		2024
Commodities	$	100.8	$	54.8
Foreign exchange	19.3		45.4

Interest rate, equities, and indices	23.2		42.3
TBA and forward settling securities	(27.8)		92.0
Net gains from derivative contracts	$	115.5	$	234.5

Credit Risk

In the normal course of business, the Company purchases and sells financial instruments, commodities and foreign currencies as either a principal or agent on behalf of its clients. If either the client or counterparty fails to perform, the Company may be required to discharge the obligations of the nonperforming party. In such circumstances, the Company may sustain a loss if the fair value of the financial instrument, commodity, or foreign currency is different from the contract value of the transaction.

The majority of the Company’s transactions and, consequently, the concentration of its credit exposure are with commodity exchanges, clients, broker-dealers and other financial institutions. These activities primarily involve collateralized and uncollateralized arrangements and may result in credit exposure in the event that a counterparty fails to meet its contractual obligations. The Company’s exposure to credit risk can be directly impacted by volatile financial markets, which may impair counterparties’ ability to satisfy contractual obligations. The Company seeks to control its credit risk through a variety of reporting and control procedures, including establishing credit and/or position limits based upon a review of the counterparties’ financial condition and credit ratings. The Company monitors collateral levels on a daily basis for compliance with regulatory and internal guidelines and requests changes in collateral levels as appropriate.

The Company is a party to financial instruments in the normal course of its business through client and proprietary trading accounts in exchange-traded and OTC derivative instruments. These instruments are primarily the result of the execution of orders for commodity futures, options on futures, OTC swaps and options and spot and forward foreign currency contracts on behalf of its clients, substantially all of which are transacted on a margin basis. Such transactions may expose the Company to significant credit risk in the event that margin requirements are not sufficient to fully cover losses which clients may incur. The Company controls the risks associated with these transactions by requiring clients to maintain margin deposits in compliance with individual exchange regulations and internal guidelines. The Company monitors required margin levels daily, and therefore, may require clients to deposit additional collateral or reduce positions when necessary. The Company also establishes credit limits for clients, which are monitored daily. The Company evaluates each client’s creditworthiness on a case-by-case basis. Clearing, financing, and settlement activities may require the Company to maintain funds with or pledge securities as

Table of Contents

collateral with other financial institutions. Generally, these exposures to both clients and exchanges are subject to master netting, or client agreements, which reduce the exposure to the Company by permitting receivables and payables with such clients to be offset in the event of a client default. Management believes that the margin deposits held as of December 31, 2025 and September 30, 2025 were adequate to minimize the risk of material loss that could be created by positions held at that time. Additionally, the Company monitors collateral fair value on a daily basis and adjusts collateral levels in the event of excess market exposure.

Derivative financial instruments involve varying degrees of off-balance sheet market risk whereby changes in the fair values of underlying financial instruments may result in changes in the fair value of the financial instruments in excess of the amounts reflected in the Condensed Consolidated Balance Sheets. Exposure to market risk is influenced by a number of factors, including the relationships between the financial instruments and the Company’s positions, as well as the volatility and liquidity in the markets in which the financial instruments are traded. The principal risk components of financial instruments include, among other things, interest rate volatility, the duration of the underlying instruments and changes in commodity pricing and foreign exchange rates. The Company attempts to manage its exposure to market risk through various techniques. Aggregate market limits have been established and market risk measures are routinely monitored against these limits.

Note 5 – Allowance for Doubtful Accounts

The allowance for doubtful accounts related to receivables from clients was $54.8 million and $53.9 million as of December 31, 2025 and September 30, 2025, respectively.

Activity in the allowance for doubtful accounts for the three months ended December 31, 2025 was as follows:


(in millions)
Balance as of September 30, 2025	$	53.9
Provision for bad debts(1)	1.6
Allowance charge-offs	(0.7)


Balance as of December 31, 2025	$	54.8
(1) $(0.4) million is included in bad debt expense for the quarter ended December 31, 2025 on the Condensed Consolidated Income Statements, which is not included in the allowance.

Note 6 – Physical Commodities Inventory

The Company’s inventories consist of physical commodities as shown below:


(in millions)	December 31, 2025		September 30, 2025
Physical Ag & Energy	$	302.2	$	249.3
Precious metals - held by broker-dealer subsidiary	406.5		221.8
Precious metals - held by non-broker-dealer subsidiaries(1)	665.2		446.4
Physical commodities inventory, net	$	1,373.9	$	917.5
(1) Includes raw materials of $24.4 million and work in process of $115.3 million as of December 31, 2025

Physical Ag & Energy consists of agricultural commodity inventories, including corn, soybeans, wheat, dried distillers grain, canola, sorghum, coffee, cocoa, cotton, and various energy commodity inventories. Agricultural inventories have reliable, readily determinable and realizable market prices, have relatively insignificant costs of disposal and are available for immediate delivery. The Company records changes to these values in Cost of sales of physical commodities on the Condensed Consolidated Income Statements.

Table of Contents

Note 7 – Goodwill

Goodwill allocated to the Company’s operating segments is as follows:


(in millions)	December 31, 2025		September 30, 2025
Commercial	$	118.4	$	115.6
Institutional	167.1		167.0
Self-Directed/Retail	6.1		5.7
Payments	10.0		10.0
Total Goodwill	$	301.6	$	298.3

The Company recorded additional goodwill during the quarter ended December 31, 2025 related to the purchase price allocation for the following acquisitions, as further discussed in Note 17 (in millions):


Acquisition	Reportable Segment	Goodwill
Intercam	Self-Directed/Retail	$	0.4
Plantureux et Associés	Commercial	2.9
	Total Goodwill Recorded	$	3.3

Note 8 – Intangible Assets

The gross and net carrying values of intangible assets as of the balance sheet dates, by major intangible asset class are as follows (in millions):


	December 31, 2025						September 30, 2025
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Intangible assets subject to amortization
Trade/domain names and other licenses	$	7.1	$	(2.1)	$	5.0	$	10.6	$	(4.9)	$	5.7
Software programs/platforms	2.4		(2.1)		0.3		2.4		(2.0)		0.4
Client and supplier base	467.6		(25.5)		442.1		445.0		(19.2)		425.8
Total intangible assets subject to amortization	477.1		(29.7)		447.4		458.0		(26.1)		431.9

Intangible assets not subject to amortization
Website domains	2.3		—		2.3		2.3		—		2.3
Business licenses	3.7		—		3.7		3.7		—		3.7
Total intangible assets not subject to amortization	6.0		—		6.0		6.0		—		6.0
Total intangible assets	$	483.1	$	(29.7)	$	453.4	$	464.0	$	(26.1)	$	437.9

Amortization expense related to intangible assets was $8.2 million and $1.1 million for the three months ended December 31, 2025 and 2024, respectively.

The Company wrote off $4.6 million of fully amortized intangible assets during the three months ended December 31, 2025.

As of December 31, 2025, estimated future amortization expense was as follows:


(in millions)
Fiscal 2026 (remaining months)	$	25.6
Fiscal 2027	31.3
Fiscal 2028	30.1
Fiscal 2029	29.4
Fiscal 2030 and thereafter	331.0
Total intangible assets subject to amortization	$	447.4

Table of Contents

Note 9 – Credit Facilities

Committed Credit Facilities

The Company and its subsidiaries have committed credit facilities under which they may borrow up to $1,685.0 million, subject to the terms and conditions of these facilities. The amounts outstanding under these credit facilities carry variable rates of interest, thus approximating fair value. The committed credit facilities generally have covenant requirements that relate to various leverage, debt to net worth, fixed charge, tangible net worth, excess net capital, or profitability measures. The Company and its subsidiaries were in compliance with all relevant covenants as of December 31, 2025.

Uncommitted Credit Facilities

The Company has access to certain uncommitted financing agreements that support its ordinary course securities and commodities inventories. The agreements are subject to certain borrowing terms and conditions.

Subordinated Credit Facility

The Company’s subsidiary, R.J. O’Brien & Associates, LLC, has a subordinated credit facility which allows it to borrow up to $180.0 million. As of December 31, 2025, the outstanding tranches of borrowings mature at various dates through July 14, 2026. The facility matures in April 2027, at which point no further draws can be made. The subordinated credit facility complies with the applicable regulatory requirements, and the borrowings are available for computing net capital under the CFTC’s net capital rule for R.J. O’Brien & Associates, LLC.

Note Payable to Bank

The Company had a note payable to a commercial bank related to the financing of certain equipment which secured the note. The note matured on December 1, 2025 and was fully paid off, with final payment of $6.3 million.

Table of Contents

Senior Secured Notes

On March 1, 2024, the Company issued $550.0 million in aggregate principal amount of its 7.875% Notes due 2031 at the offering price of 100% of the aggregate principal amount. The Notes due 2031 are fully and unconditionally guaranteed, jointly and severally, on a senior secured second lien basis by each of the Company’s existing and future subsidiaries that guarantee indebtedness under the Company’s senior secured revolving credit facility and certain other senior indebtedness. Interest related to these notes is payable twice annually, in arrears. The Company incurred debt issuance costs of $7.7 million, which are being amortized over the term of the Notes due 2031 under the effective interest method.

On July 8, 2025, the Company issued $625.0 million in aggregate principal amount of its 6.875% Notes due 2032, in connection with the acquisition of R.J. O’Brien, at the offering price of 100% of the aggregate principal amount. The Notes due 2032 are fully and unconditionally guaranteed, jointly and severally, on a senior secured second lien basis by each of the Company’s existing and future subsidiaries that guarantee indebtedness under the Company’s senior secured revolving credit facility and certain other senior indebtedness. Interest related to these notes is payable twice annually, in arrears. The Company incurred debt issuance costs of $10.5 million, which are being amortized over the term of the Notes due 2032 under the effective interest method.

The following table sets forth a listing of credit facilities, the current committed amounts as of the report date on the facilities, and outstanding (in millions, except for percentages):


(in millions)							Amounts Outstanding
	Borrower	Security	Renewal/Expiration Date	Total Commitment			December 31, 2025			September 30, 2025
Committed Credit Facilities
	Senior StoneX Group Inc. Committed Credit Facility - Revolving Line of Credit	(1)	June 3, 2028	$	650.0		$	70.0	(5)	$	317.0
	R.J. O'Brien & Associates, LLC Subordinated Credit Facility	None	April 30, 2027	180.0			93.3		(5)	110.8
	StoneX Financial Inc.	None	October 27, 2026	325.0		(6)	—		(5)	—
	StoneX Commodity Solutions LLC	Certain assets	July 29, 2026	325.0			147.0		(5)	104.0
	Right Company LLC	Certain assets	October 1, 2026	15.0			8.0		(5)	—
	StoneX Financial Ltd.	None	October 6, 2026	175.0			—		(5)	90.0
	StoneX Financial Pte. Ltd.	None	September 4, 2026	15.0			—		(5)	—
				$	1,685.0		$	318.3		$	621.8






	Uncommitted Credit Facilities	Various	Various				170.5		(5)	153.9
	Note Payable to Bank	Certain equipment	December 1, 2025				—		(5)	6.3
	Senior Secured Notes due 2031	(2)	March 1, 2031				544.4		(3),(4)	544.1
	Senior Secured Notes due 2032	(2)	July 15, 2032				615.2		(3),(4)	614.9
Total outstanding borrowings							$	1,648.4		$	1,941.0

(1) The StoneX Group Inc. senior committed credit facility is a revolving facility secured by substantially all of the assets of StoneX Group Inc. and certain subsidiaries identified in the credit facility agreement as obligors, and pledged equity of certain subsidiaries identified in the credit facility as limited guarantors.

(2) The Notes and the related guarantees are secured by liens on substantially all of the Company’s and the guarantors’ assets, subject to certain customary and other exceptions and permitted liens. The liens on the assets that secure the Notes and the related guarantees are contractually subordinated to the liens on the assets that secure the Company’s and the guarantors’ existing and future first lien secured indebtedness, including indebtedness under the Company’s senior committed credit facility.

(3) Amounts outstanding under the Notes due 2031 are reported net of unamortized deferred financing costs of $5.6 million and $5.9 million, in the respective periods presented. Amounts outstanding under the Notes due 2032 are reported net of unamortized deferred financing costs of $9.8 million and $10.1 million, in the respective periods presented.

(4) Included in Senior secured borrowings, net on the Condensed Consolidated Balance Sheets.

(5) Included in Payables to Lenders under loans on the Condensed Consolidated Balance Sheets.

(6) R.J. O’Brien & Associates, LLC may borrow up to $50.0 million as part of the total commitment.

As reflected above, certain of the Company’s committed credit facilities are scheduled to expire during the next twelve months following the quarterly period ended December 31, 2025. The Company intends to renew or replace these facilities as they expire, and based on the Company’s liquidity position and capital structure, the Company believes it will be able to do so.

Table of Contents

Note 10 – Securities and Commodity Financing Transactions

The Company’s repurchase agreements and securities borrowing and lending arrangements are generally recorded at cost in the Condensed Consolidated Balance Sheets, which is a reasonable approximation of their fair values due to their short-term nature. Secured borrowing and lending arrangements are entered into to obtain collateral necessary to effect settlement, finance inventory positions, meet customer needs or re-lend as part of our dealer operations. The fair value of securities loaned and borrowed is monitored daily compared with the related payable or receivable, and additional collateral or returning excess collateral is requested, as appropriate. These arrangements may serve to limit credit risk resulting from transactions with counterparties. Financial instruments are pledged as collateral under repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. Agreements with counterparties generally contain contractual provisions allowing counterparties the right to sell or repledge collateral. Either the Company or its counterparties may require additional collateral. All collateral is held by the Company or a custodian.

The following tables set forth the carrying value of repurchase agreements, and securities lending agreements by remaining contractual maturity (in millions):


	December 31, 2025
	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	24,931.0	$	6,724.4	$	106.4	$	10.4	$	31,772.2
Securities loaned	2,212.3		—		—		—		2,212.3
Gross amount of secured financing	$	27,143.3	$	6,724.4	$	106.4	$	10.4	$	33,984.5


	September 30, 2025
	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	26,173.4	$	3,128.5	$	180.4	$	41.4	$	29,523.7
Securities loaned	2,550.8		—		—		—		2,550.8
Gross amount of secured financing	$	28,724.2	$	3,128.5	$	180.4	$	41.4	$	32,074.5

Offsetting of Collateralized Transactions

The following table sets forth the carrying value of repurchase agreements and securities lending agreements by class of collateral pledged (in millions):


Securities sold under agreements to repurchase	December 31, 2025		September 30, 2025
U.S. Treasury obligations	$	18,893.3	$	19,311.9
U.S. government agency obligations and municipal bonds	797.4		804.3
Asset-backed obligations	51.7		55.0
Agency mortgage-backed obligations	9,264.0		7,521.4
Foreign government obligations	1,303.2		881.4
Corporate bonds	1,462.6		949.7
Total securities sold under agreement to repurchase	$	31,772.2	$	29,523.7

Securities loaned
Equity securities	$	2,212.3	$	2,550.8
Total securities loaned	2,212.3		2,550.8
Gross amount of secured financing	$	33,984.5	$	32,074.5

Table of Contents

The following tables provide the netting of securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed and securities loaned as of the periods indicated (in millions):


	December 31, 2025
Offsetting of collateralized transactions:	Gross Amounts Recognized		Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts Presented in the Condensed Consolidated Balance Sheet
Securities purchased under agreements to resell	$	29,185.8	$	(15,771.3)	$	13,414.5
Securities borrowed	$	2,381.8	$	—	$	2,381.8
Securities sold under agreements to repurchase	$	31,772.2	$	(15,771.3)	$	16,000.9
Securities loaned	$	2,212.3	$	—	$	2,212.3


	September 30, 2025
Offsetting of collateralized transactions:	Gross Amounts Recognized		Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts Presented in the Condensed Consolidated Balance Sheet
Securities purchased under agreements to resell	$	26,298.1	$	(15,972.7)	$	10,325.4
Securities borrowed	$	2,743.1	$	—	$	2,743.1
Securities sold under agreements to repurchase	$	29,523.7	$	(15,972.7)	$	13,551.0
Securities loaned	$	2,550.8	$	—	$	2,550.8

The Company pledges securities owned as collateral in both tri-party and bilateral arrangements. Pledged securities under tri-party arrangements may not be repledged or sold by the Company’s counterparties, whereas bilaterally pledged securities may be. The approximate fair value of pledged securities that can be sold or repledged by the Company’s counterparties has been parenthetically disclosed on the Condensed Consolidated Balance Sheets.

The Company receives securities as collateral under reverse repurchase agreements, securities borrowed agreements, and margin securities held on behalf of counterparties. This collateral is used by the Company to cover financial instruments sold, not yet purchased; to obtain financing in the form of repurchase agreements; and to meet counterparties’ needs under lending arrangements and matched-book trading strategies. Additional securities collateral is obtained as necessary to ensure such transactions are adequately collateralized. In many instances, the Company is permitted by contract to repledge the securities received as collateral, which may include pledges to cover collateral requirements for tri-party repurchase agreements.

The following table sets forth the fair values, which approximate carrying value because of the short-term nature of collateral pledged, received and repledged (in millions):


	December 31, 2025		September 30, 2025
Securities pledged or repledged to cover collateral requirements for tri-party arrangements	$	11,065.6	$	9,757.7
Securities pledged as collateral that are subject to segregation rules	$	99.7	$	—
Securities received as collateral that may be repledged	$	34,746.0	$	32,452.0
Securities received as collateral that are subject to segregation rules	$	2,819.6	$	1,739.3
Securities received as collateral that may be repledged covering securities sold short	$	3,088.3	$	1,965.1
Repledged securities borrowed and client securities held under custodial clearing arrangements to collateralize securities loaned agreements	$	2,080.2	$	2,491.4

Note 11 – Commitments and Contingencies

Legal Proceedings

From time to time and in the ordinary course of business, the Company is involved in various legal actions and proceedings, including tort claims, contractual disputes, employment matters and workers’ compensation claims. The Company carries insurance that provides protection against certain types of claims, up to the limits of the respective policy. Additionally, the Company is subject to extensive regulation and supervision by U.S. federal and international governmental agencies and various self-regulatory organizations. The Company and its advisors periodically engage with such regulatory agencies and organizations, in the context of examinations or otherwise, to respond to inquiries, informational requests, and investigations. From time to time, such engagements result in regulatory complaints or other matters, the resolution of which can include fines and other remediation.

In November 2023, BTIG filed a civil complaint (the “BTIG complaint”) against the Company and StoneX Financial Inc. in San Francisco Superior Court (CGC-23-610525) seeking monetary damages and injunctive relief for, among other things, alleged theft of purported trade secrets by former BTIG employees later employed at StoneX. The proceedings have moved to FINRA Arbitration and the court action is stayed. The evidentiary hearing has concluded. The matter remains pending before the FINRA panel and a decision has not yet been issued. The Company continues to vigorously defend itself. The Company received from the U.S. Department of Justice (the “DOJ”) and the SEC subpoenas that the Company believes are related to

Table of Contents

conduct alleged in the BTIG complaint, and the Company is cooperating with these agencies. The ultimate outcomes of the BTIG complaint and the DOJ and SEC subpoenas cannot presently be determined.

As of December 31, 2025 and September 30, 2025, the Condensed Consolidated Balance Sheets include loss contingency accruals which are not material, individually or in the aggregate, to the Company’s financial position or liquidity. Management does not currently believe exposure from loss contingencies in excess of the amounts accrued, to be material to the Company’s earnings, financial position or liquidity.

Note 12 – Accumulated Other Comprehensive Loss, Net

Accumulated other comprehensive loss, net consists of gains and losses affecting stockholders’ equity that, under U.S. GAAP, are excluded from net income. Other comprehensive income includes net actuarial losses from defined benefit pension plans, foreign currency translation adjustments, and cash flow hedge gains or losses. See Note 4 for additional information on cash flow hedges.

The following table summarizes the changes in accumulated other comprehensive loss, net for the three months ended December 31, 2025.


(in millions)	Foreign Currency Translation Adjustment		Pension Benefits Adjustment		Cash Flow Hedge		Accumulated Other Comprehensive Loss, net
Balances as of September 30, 2025	$	(21.4)	$	(1.3)	$	6.7	$	(16.0)
Other comprehensive loss, net of tax	(0.5)		—		(2.7)		(3.2)
Balances as of December 31, 2025	$	(21.9)	$	(1.3)	$	4.0	$	(19.2)

Note 13 – Revenue from Contracts with Clients

The Company accounts for revenue earned from contracts with clients for services such as the execution, clearing, brokering, and custody of futures and options on futures contracts, OTC derivatives, and securities, investment management, and underwriting services in accordance FASB ASC 606, Revenues from Contracts with Customers (“Topic 606”). Revenues for these services are recognized when the performance obligations related to the underlying transaction are completed.

Revenues are recognized when control of the promised goods or services are transferred to clients, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenues are analyzed to determine whether the Company is the principal (i.e., reports revenue on a gross basis) or agent (i.e., reports revenues on a net basis) in the contract. Principal or agent designations depend primarily on the control an entity has over the good or service before control is transferred to a client. The indicators of which party exercises control include primary responsibility over performance obligations, inventory risk before the good or service is transferred, and discretion in establishing the price.

Topic 606 does not apply to revenues associated with dealing, or market-making, activities in financial instruments or contracts in the capacity of a principal, including derivative sales contracts which result in physical settlement and interest income.

Revenues within the scope of Topic 606 are presented within Commission and clearing fees, Consulting, management, and account fees, and Sales of physical commodities on the Condensed Consolidated Income Statements. Revenues that are not within the scope of Topic 606 are presented within Sales of physical commodities, Principal gains, net, and Interest income on the Condensed Consolidated Income Statements.


	Three Months Ended December 31,
(in millions)	2025		2024
Revenues from contracts with clients as a percentage of total revenues	3.1	%	2.4	%

Table of Contents

The following table represents a disaggregation of the Company’s total revenues separated between revenues from contracts with clients and other sources of revenue for the periods indicated.


	Three Months Ended December 31,
(in millions)	2025		2024
Revenues from contracts with clients:
Commission and clearing fees:
Sales-based:
Exchange-traded futures and options	$	172.2	$	63.2
OTC derivative brokerage	3.2		2.8
Equities and fixed income	34.3		15.1
Mutual funds	0.8		0.8
Insurance and annuity products	3.4		3.2
Other	0.1		0.4
Total sales-based commission	214.0		85.5
Trailing:
Mutual funds	3.6		3.4
Insurance and annuity products	4.0		4.0
Total trailing commission	7.6		7.4

Clearing fees	79.0		44.1
Trade conversion fees	2.3		2.2
Other	2.1		10.1
Total commission and clearing fees	305.0		149.3
Consulting, management, and account fees:
Underwriting fees	11.9		0.3
Asset management fees	16.2		14.8
Advisory and consulting fees	12.9		8.6
Sweep program fees	10.6		11.6
Client account fees	21.5		6.2
Other	3.0		6.3
Total consulting, management, and account fees	76.1		47.8
Sales of physical commodities:
Precious metals sales under ASC Topic 606	819.4		466.0
Total revenues from contracts with clients	$	1,200.5	$	663.1

Method of revenue recognition:
Point-in-time	$	1,153.2	$	620.7
Time elapsed	47.3		42.4
Total revenues from contracts with clients	1,200.5		663.1
Other sources of revenues
Physical precious metals under ASC Topic 815	35,682.4		25,522.4
Physical agricultural and energy products	1,187.3		1,062.7
Principal gains, net	378.5		308.9
Interest income	581.2		378.2
Total revenues	$	39,029.9	$	27,935.3

Total revenues by primary geographic region:
United States	$	2,243.6	$	1,695.6
Europe	1,164.3		782.5
South America	195.7		168.0
Middle East and Asia	35,342.0		25,285.4
Other	84.3		3.8
Total revenues	$	39,029.9	$	27,935.3

Operating revenues by primary geographic region:
United States	$	1,008.4	$	659.1
Europe	240.1		189.6
South America	34.4		35.9
Middle East and Asia	108.7		55.9
Other	46.6		3.8
Total operating revenues	$	1,438.2	$	944.3

Table of Contents

The substantial majority of the Company’s performance obligations for revenues from contracts with clients are satisfied at a point in time and are typically collected from clients by debiting their accounts with the Company.

Commission and clearing fees revenue and Consulting, management, and account fees revenue are primarily related to the Commercial, Institutional and Self-Directed/Retail reportable segments. Sales of physical commodities under Topic 606 are related to the Company’s Commercial segment. Principal gains, net are contributed by all of the Company’s reportable segments. Interest income is primarily related to the Commercial and Institutional reportable segments. Precious metals trading and agricultural and energy product trading revenues are related to the Commercial reportable segment. Precious metals sales that are recognized on a point-in-time basis are included in the Commercial reportable segment.

Principal gains, net also includes dividend income on long equity positions and dividend expense on short equity positions, which are recognized on the ex-dividend date. The following table indicates the relevant income and expense:


	Three Months Ended December 31,
(in millions)	2025		2024
Dividend income on long equity positions	$	36.1	$	35.6
Dividend expense on short equity positions	36.2		36.4
Dividend expense, net reported within Principal gains, net	$	(0.1)	$	(0.8)

Remaining Performance Obligations

Remaining performance obligations are services that the Company has committed to perform in the future in connection with its contracts with clients. The Company’s remaining performance obligations are generally related to its risk management consulting and asset management contracts with clients. Revenues associated with remaining performance obligations related to these contracts with clients are not material to the overall consolidated results of the Company. For the Company’s asset management activities, where fees are calculated based on a percentage of the fair value of eligible assets in clients’ accounts, future revenue associated with remaining performance obligations cannot be determined as such fees are subject to fluctuations in the fair value of eligible assets in clients’ accounts.

Note 14 – Other Expenses

Other expenses consisted of the following, for the periods indicated.


	Three Months Ended December 31,
(in millions)	2025		2024
Non-income taxes	$	0.9	$	2.8
Insurance	4.8		3.6
Employee related expenses	2.1		1.9
Other direct business expenses	6.6		4.0
Membership fees	1.1		0.9
Director and public company expenses	0.5		0.5
Office expenses	0.9		0.7
Other expenses	10.0		2.3
Total other expenses	$	26.9	$	16.7

Note 15 – Income Taxes

The income tax provision for interim periods comprises income tax on ordinary income/(loss) at the most recent estimated annual effective income tax rate, adjusted for the income tax effect of discrete items. Management uses an estimated annual effective income tax rate based on the forecasted pretax income/(loss) and statutory tax rates in the various jurisdictions in which the Company operates.

Current and Prior Period Tax Expense

Income tax expense of $45.9 million and $31.8 million for the three months ended December 31, 2025 and 2024, respectively, reflects estimated federal, foreign, state and local income taxes.

The Company’s effective tax rate was 25% and 27% for the three months ended December 31, 2025 and 2024, respectively. The effective tax rate was higher than the U.S. federal statutory rate of 21% for the three months ended December 31, 2025 due to U.S. state and local taxes, Global Intangible Low-Taxed Income (“GILTI”), GloBE minimum tax, U.S. and foreign permanent differences, and the amount of foreign earnings taxed at higher rates.

Table of Contents

Note 16 – Regulatory Capital Requirements

The Company’s activities are subject to significant governmental regulation, both in the U.S. and in the international jurisdictions in which it operates. Subsidiaries of the Company were in compliance with all of their regulatory requirements as of December 31, 2025. The following table details those subsidiaries with minimum regulatory requirements in excess of $10.0 million along with the actual balance maintained as of that date.


(in millions)		As of December 31, 2025
Subsidiary	Regulatory Authority	Actual		Minimum Requirement
StoneX Financial Inc.	SEC and CFTC	$	517.2	$	299.5
StoneX Financial Ltd.	FCA	$	613.7	$	430.2
Gain Capital Group, LLC	CFTC and NFA	$	64.8	$	30.1
StoneX Financial Pte. Ltd.	MAS	$	138.9	$	28.2
StoneX Markets LLC	CFTC and NFA	$	260.2	$	159.5
R.J. O'Brien & Associates LLC	CFTC and NFA	$	393.3	$	278.8
R.J. O'Brien Limited	FCA	$	37.8	$	20.3

Certain other subsidiaries of the Company, typically with a minimum requirement less than $10.0 million, are also subject to net capital requirements promulgated by authorities in the countries in which they operate. As of December 31, 2025, all of the Company’s subsidiaries were in compliance with their local regulatory requirements.

Note 17 - Acquisitions

The Company’s consolidated financial statements include the operating results and cash flows of the acquired businesses from the dates of acquisition.

Current Year Acquisitions

Intercam Advisors, Inc. and Intercam Securities, Inc.

On October 17, 2025, the Company completed its acquisition of Intercam Advisors, Inc. and Intercam Securities, Inc. (together “Intercam”), both U.S.-based firms providing brokerage and investment advisory services to Latin American clients. This acquisition bolsters the Company’s existing wealth management business and further strengthens its connection with Latin America. Through this transaction, the Company expands its ability to serve cross-border clients with a broader range of integrated advisory and brokerage solutions supported by the firm’s global reach and infrastructure.

The purchase price consists of $1.7 million of cash consideration paid at closing and deferred consideration totaling $0.8 million. The business activities of Intercam have been assigned to the Company’s Self-Directed/Retail reportable segment. The acquisition generated $0.4 million of Goodwill.

Plantureux et Associés

On October 31, 2025, the Company’s wholly owned subsidiary, StoneX Financial Europe GmbH, completed its acquisition of Plantureux et Associés (“Plantureux”), a Paris-based brokerage firm specializing in agricultural commodities across both the physical and derivatives markets. The acquisition provides a strategic foothold in the French agricultural commodities market – Europe’s leading grain producing region. With nearly 40 years of experience in agricultural commodities, Plantureux is a respected intermediary in the French cereal market, known for its deep knowledge of the industry and its strong relationships with both buyers and sellers.

The purchase price consists of $2.8 million of cash consideration paid at closing and deferred consideration totaling $1.2 million. The business activities of Plantureux have been assigned to the Company’s Commercial reportable segment. The acquisition generated $2.9 million of Goodwill.

The Assets of GEA Capital

On October 7, 2025, the Company acquired certain assets of GEA Capital (“GEA”) to add to the Company’s Independent Wealth businesses by delivering boutique-style services to both private and corporate clients. The purchase price consists of $5.2 million of cash consideration paid at closing and deferred consideration totaling $18.1 million. The acquired asset was a customer list asset valued at $23.3 million.

Table of Contents

Prior Year Acquisitions

R.J. O’Brien

On April 14, 2025, the Company announced that it had entered into a definitive agreement with RTS Merger Sub Inc., RTS Investor Corp., and Westmoor Trail Partners LLC to acquire 100% ownership of RTS Investor Corp., which was the parent company for the R.J. O’Brien global business (“RJO”), including R.J. O’Brien & Associates, LLC, the oldest futures brokerage in the U.S., and selected affiliates. This transaction was effective on the closing date of July 31, 2025.

Post-Acquisition Results and Unaudited Pro Forma Information

RJO’s results of operations and cash flows have been included in the Company’s consolidated financial statements for the period subsequent to July 31, 2025. For the three months ended December 31, 2025, the Company’s results include total operating revenues and net income from RJO of $201.0 million and $19.7 million, respectively. As of December 31, 2025 the Company’s fair value and purchase price accounting are preliminary.

The following unaudited pro forma financial information (in millions, except per share amounts) has been adjusted to give effect to the RJO merger as if it had been consummated on October 1, 2024. The pro forma adjustments include additional interest expense related to the Notes Due 2032, net of tax and intangible amortization, net of tax. RJO net income for the three months ended December 31, 2024 was adversely impacted by an unrealized mark to market loss of $18.2 million on RJO’s investment portfolio.


	Three Months Ended December 31, 2024
Total revenues	$	28,144.4
Operating revenues	$	1,153.4
Net income	$	79.5
Basic earnings per share	$	1.56
Diluted earnings per share	$	1.49

Note 18 – Segment Analysis

The Company’s operating segments are principally based on the nature of the clients it serves (commercial, institutional, and self-directed/retail), and a fourth operating segment, its payments business. The Company manages its business in this manner due to its large global footprint, in which it has more than 5,400 employees, allowing it to serve clients in more than 180 countries.

During the three months ended September 30, 2025, the Company’s acquisition of RJO triggered a reassessment of the financial information reviewed by management. The Company determined the acquired business activities of RJO were similar to its existing businesses, and the reassessment confirmed the current composition of the Company’s operating segments, except for one change resulting in the combination of all physical trading capabilities in precious metals being reported within the Commercial segment. Previously, the Self-Directed/Retail segment contained a portion of our precious metals activities. All segment information has been revised to reflect all precious metals business within the Commercial segment retroactive to October 1, 2024.

The Company’s business activities are managed as operating segments and organized into reportable segments as follows:

Commercial

The Company offers commercial clients a comprehensive array of products and services, including risk management and hedging services, execution and clearing of exchange-traded and OTC products, voice brokerage, market intelligence and physical commodity trading, marketing, procurement, logistics and price management services. The ability to provide these high-value-added products and services, differentiates the Company from its competitors and maximizes the opportunity to retain clients.

Institutional

The Company provides institutional clients with a complete suite of equity trading services to help them find liquidity with best execution, consistent liquidity across a robust array of fixed income products, competitive and efficient clearing and execution in all major futures and securities exchanges globally, as well as prime brokerage in equities and major foreign currency pairs and swap transactions. Additionally, the Company operates a comprehensive investment banking platform which provides both investment banking services and equity research.

Self-Directed/Retail

The Company provides self-directed/retail clients around the world access to over 18,000 global financial markets, including spot foreign exchange ("forex"), as well as CFDs, which are investment products with returns linked to the performance of

Table of Contents

underlying assets. In addition, its independent wealth management business offers a comprehensive product suite to self-directed/retail investors in the U.S.

Payments

The Company provides customized payment, technology, and treasury services to banks and commercial businesses as well as charities and non-governmental organizations and government organizations. The Company provides transparent pricing and offers payments services in more than 180 countries and 140 currencies, which it believes is more than any other payments solution provider.

********

The total revenues reported combine gross revenues from physical contracts for subsidiaries that are not broker-dealers and net revenues for all other businesses. In order to reflect the way that the Company’s management views the results, the table below also reflects the segment contribution to Operating revenues, which is shown on the face of the Condensed Consolidated Income Statements and which is calculated by deducting physical commodities cost of sales from total revenues.

Operating revenues, which are shown on the face of the Consolidated Income Statements is calculated by deducting physical commodities cost of sales from total revenues.

Net Operating revenues, which are also shown on the face of the Consolidated Income Statements is calculated by deducting transaction-based clearing expenses, introducing broker commissions, and interest expense from operating revenues.

Net contribution is calculated as net operating revenues less direct variable compensation. Variable compensation paid to risk management consultants/traders generally represents a fixed percentage of revenues generated, and in some cases, revenues generated less transaction-based clearing expenses, base salaries and an overhead allocation.

Segment data also includes segment income which is calculated as net contribution less non-variable direct expenses of the segment. These non-variable direct expenses include trader base compensation and benefits, operational employee compensation and benefits, communication and data services, business development, professional fees, bad debt expense and other direct expenses.

Inter-segment revenues, expenses, receivables and payables are eliminated upon consolidation.

Total revenues, operating revenues and net operating revenues shown in the table below as “Corporate” primarily consist of interest income from the Company’s centralized corporate treasury function. In the normal course of operations, the Company operates a centralized corporate treasury function in which it may sweep excess cash from certain subsidiaries, where permitted within regulatory limitations, in exchange for a short-term interest bearing intercompany payable, or provide excess cash to subsidiaries in exchange for a short-term interest bearing intercompany receivable in lieu of the subsidiary borrowing on external credit facilities. The intercompany receivables and payables are eliminated during consolidation.

“Overhead costs and expenses” include costs and expenses of certain shared services such as information technology, accounting and treasury, credit and risk, legal and compliance, and human resources and other activities. These amounts represent the gross overhead costs and expenses, before any allocation of overhead costs to operating segments.

The Company’s Executive Committee functions as the Company’s Chief Operating Decision Maker ("CODM"). The Executive Committee comprises its Executive Vice-Chairman, Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, Chief Risk Officer, Chief Governance and Legal Officer, Chief Information Officer, and Chief Executive Officer - Asia Pacific.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The CODM uses segment net operating revenues and segment income to manage business operational decisions, including the allocation of financial and employee resources, and to evaluate the performance of each segment by comparing the results of each segment with one another, as well as to internal forecasts.

Table of Contents

Information for the reportable segments is shown in accordance with the Segment Reporting Topic of the ASC as follows:


	Three Months Ended December 31, 2025
(in millions)	Commercial		Institutional		Self-Directed / Retail		Payments		Corporate		Eliminations		Total
Non-interest revenues	$	37,939.1	$	364.7	$	86.9	$	56.7	$	2.1	$	(0.8)	$	38,448.7
Interest income	79.9		501.3		7.5		0.3		10.1		(17.9)		581.2
Total revenues	38,019.0		866.0		94.4		57.0		12.2		(18.7)		39,029.9
Cost of sales of physical commodities	37,591.6		—		—		—		0.1		—		37,591.7
Operating revenues	427.4		866.0		94.4		57.0		12.1		(18.7)		1,438.2
Transaction-based clearing expenses	30.3		95.3		3.6		2.0		2.2		(0.8)		132.6
Introducing broker commissions	49.9		14.7		27.4		1.0		0.2		—		93.2
Total interest expense	30.9		431.8		2.1		—		41.1		(17.9)		488.0
Net operating revenues	316.3		324.2		61.3		54.0		(31.4)		—		724.4
Variable compensation and benefits	81.1		107.3		5.1		8.6		13.8		—		215.9
Net contribution	235.2		216.9		56.2		45.4		(45.2)		—		508.5
Fixed compensation and benefits	22.5		26.4		7.3		4.9		78.9		—		140.0
Trading systems and market information	4.7		11.5		2.9		0.2		5.7		—		25.0
Professional fees	2.4		15.2		1.9		0.4		12.9		—		32.8
Non-trading technology and support	0.5		1.5		1.6		0.3		22.7		—		26.6
Selling and marketing	0.8		1.3		8.3		0.1		3.6		—		14.1
Travel and business development	3.2		3.3		0.5		0.3		4.5		—		11.8
Depreciation and amortization	5.5		5.4		3.0		1.3		9.8		—		25.0
Bad debts, net of recoveries	1.0		0.1		0.1		—		—		—		1.2
Shared services	9.3		6.7		3.2		2.9		(22.1)		—		—
Other fixed expenses	6.2		6.2		9.1		0.7		24.5		—		46.7
Non-variable expenses	56.1		77.6		37.9		11.1		140.5		—		323.2
Other loss	—		—		—		(0.4)		—		—		(0.4)
Segment income	$	179.1	$	139.3	$	18.3	$	33.9	$	(185.7)	$	—	$	184.9

	As of December 31, 2025
Total assets	$	10,255.9	$	34,545.0	$	1,300.2	$	521.3	$	1,162.0	$	—	$	47,784.4


	Three Months Ended December 31, 2024
(in millions)	Commercial		Institutional		Self-Directed / Retail		Payments		Corporate		Eliminations		Total
Non-interest revenues	$	27,172.5	$	214.6	$	113.3	$	57.5	$	—	$	(0.8)	$	27,557.1
Interest income	53.3		325.0		8.3		0.6		11.1		(20.1)		378.2
Total revenues	27,225.8		539.6		121.6		58.1		11.1		(20.9)		27,935.3
Cost of sales of physical commodities	26,991.0		—		—		—		—		—		26,991.0
Operating revenues	234.8		539.6		121.6		58.1		11.1		(20.9)		944.3
Transaction-based clearing expenses	17.6		63.0		3.4		1.8		1.5		(0.8)		86.5
Introducing broker commissions	11.3		8.1		24.0		0.9		—		—		44.3
Total interest expense	14.4		294.5		1.9		—		30.7		(20.1)		321.4
Net operating revenues	191.5		174.0		92.3		55.4		(21.1)		—		492.1
Variable compensation and benefits	43.7		56.2		2.8		9.1		21.5		—		133.3
Net contribution	147.8		117.8		89.5		46.3		(42.6)		—		358.8
Fixed compensation and benefits	17.1		18.6		9.3		6.6		67.6		—		119.2
Trading systems and market information	4.0		7.9		3.5		0.4		4.2		—		20.0
Professional fees	2.1		4.7		2.6		0.7		8.9		—		19.0
Non-trading technology and support	0.4		0.9		2.1		0.5		15.8		—		19.7
Selling and marketing	1.3		1.0		8.7		0.1		0.9		—		12.0
Travel and business development	2.3		2.4		0.6		0.3		2.8		—		8.4
Depreciation and amortization	1.8		1.0		5.3		1.0		6.6		—		15.7
Bad debts, net of recoveries	1.2		—		0.5		0.1		—		—		1.8
Shared services	6.8		3.4		3.1		2.1		(15.4)		—		—
Other fixed expenses	6.7		1.1		3.2		0.4		20.4		—		31.8
Non-variable expenses	43.7		41.0		38.9		12.2		111.8		—		247.6
Other gains	—		1.3		4.4		—		—		—		5.7
Segment income	$	104.1	$	78.1	$	55.0	$	34.1	$	(154.4)	$	—	$	116.9

	As of September 30, 2025
Total assets	$	9,826.3	$	32,465.5	$	1,256.2	$	722.5	$	997.5	$	—	$	45,268.0

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Throughout this document, unless the context otherwise requires, the terms “Company”, “we”, “us” and “our” refer to StoneX Group Inc. and its consolidated subsidiaries.

The following discussion and analysis should be read in conjunction with the condensed consolidated financial statements and notes thereto appearing elsewhere in this report. This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,”, “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of the Company, including statements about the benefits of our acquisition of RJO, expected synergies and future financial and operating results, the plans, objectives, expectations and intentions of StoneX with respect to the acquisition, adverse changes in economic, political and market conditions, including losses from our market-making and trading activities arising from counterparty failures, global trade policies and tariffs, the loss of key personnel, the impact of increasing competition, the impact of changes in government regulation, uncertainty concerning fiscal or monetary policies established by central banks and financial regulators, the possibility of liabilities arising from violations of foreign, United States (“U.S.”) federal and U.S. state securities laws, the impact of changes in technology in the securities and commodities trading industries, and other risks discussed in our filings with the SEC, including Part I, Item 1A of our Annual Report on Form 10-K for the year ended September 30, 2025. Although we believe that our forward-looking statements are based upon reasonable assumptions regarding our business and future market conditions, there can be no assurances that our actual results will not differ materially from any results expressed or implied by our forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. We caution readers that any forward-looking statements are not guarantees of future performance.

Overview

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 December 31, 2025. 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.

We report our operating segments based primarily on the nature of the clients we serve (commercial, institutional, and self-directed/retail), and a fourth operating segment, our payments business. This structure allows us to efficiently serve clients in more than 180 countries and manage our large global footprint. See Segment Information, below, for a listing of business activities performed within our reportable segments.

Unless noted otherwise, comparisons in the following discussions relate to the three months ended December 31, 2025 as compared to the same three-month period in the prior fiscal year.

Recent Events

Closing of the Acquisition of Certain Assets of GEA Capital

On October 7, 2025, we acquired certain assets of GEA Capital (“GEA”) to add to our Independent Wealth businesses by delivering boutique-style services to both private and corporate clients. The purchase price consists of $5.2 million of cash consideration paid at closing and deferred consideration totaling $18.1 million. The acquired asset was a customer list asset valued at $23.3 million.

Table of Contents

Closing of the Acquisition of Intercam Securities, Inc. and Intercam Advisors, Inc.

On October 17, 2025, we acquired all the outstanding shares of Intercam Securities, Inc. and Intercam Advisors, Inc., both U.S.-based firms providing brokerage and investment advisory services to Latin America clients. Subsequent to the acquisitions, the companies have been renamed StoneX International Securities Inc. and StoneX International Advisors, Inc.

Closing of the Acquisition of Plantureux

On October 31, 2025, one of the Company’s subsidiaries, StoneX Financial Europe GmbH, acquired all outstanding shares of Plantureux et Associés, a Paris-based brokerage firm specializing in agricultural commodities across both the physical and derivatives markets.

Potential Impacts of Global Instability, New Tariffs or Changes to Existing Tariffs

A number of significant structural, political, and monetary issues, and geopolitical conflicts continue to confront the global economy, and instability could continue, resulting in changes to the level of inflation, market volatility, potential recession, supply chain constraints and costs, diminished trading volumes, uncertainty, increased operating expenses, and increased costs or restrictions due to potential new tariffs or changes to existing tariffs. The impacts of these events and other factors on our financial position and results of operations is difficult to predict, could affect the comparability of our results of operations from period to period, and may have an adverse effect on our financial results.

Common Stock Split

On February 3, 2026, the Company’s 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 will be 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 will be distributed after close of trading on March 20, 2026, to stockholders of record at the close of business on March 10, 2026. Cash will be distributed in lieu of fractional shares based on the opening price of a share of common stock on March 11, 2026. Trading is expected to begin on a stock split-adjusted basis at market open on March 23, 2026. All share and per share amounts contained herein have not been retroactively adjusted for this subsequent stock split.

Executive Summary

We achieved a strong start to our fiscal year, with record net operating revenues and net income, up 47% and 63%, respectively, as our breadth of product and geographical reach, enabled us to benefit from increased client demand and activity associated with rising prices and volatility in global metals markets, while our equity and fixed income businesses continued to capitalize on continued client demand for our products and services. In addition, this quarter represents the first full quarter that includes RJO and Benchmark, which contributed $93.0 million and $17.2 million in net operating revenues, respectively.

We experienced strong transactional volume growth in listed and OTC derivatives, securities and payments, while FX/CFD contracts declined modestly, principally driven by a decline in our Institutional segment, which was partially offset by growth in Self-Directed/Retail segment ADV.

In terms of revenue capture on our transactional volumes as compared to the prior fiscal year, we experienced:

•Rate per contract (“RPC”) on listed derivatives increased 40%, due to client mix as well as the acquisition of RJO.

•OTC derivatives RPC increased 48%, compared to the prior year period which had historically low spreads captured.

•35% growth in securities rate per million (“RPM”), primarily due to improved performance in both global equity and fixed income markets.

•a 30% decline in FX/CFD RPM, compared to a historically strong RPM in the prior year period.

•a 10% decline in payments RPM due to generally lower FX spreads in certain markets, most notably in Africa.

Interest and fee income earned on client balances increased $66.1 million, principally driven by the acquisition of RJO, which contributed $63.8 million in interest and fee income earned on client balances on an additional $5.8 billion in average client equity contributed by RJO, helping to drive the 100% growth in average client equity.

Interest expense on corporate funding increased $11.1 million, principally due to the issuance of $625 million in aggregate principal amount of the Notes due 2032, which closed on July 8, 2025.

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 58% of total expenses in the three months ended December 31, 2025 as compared to 52% in the three months ended December 31, 2024. Non-variable expenses, excluding bad debts, increased $76.2 million, including $44.3 million in the acquired RJO and Benchmark businesses.

Net income increased $53.9 million to $139.0 million in the three months ended December 31, 2025. Diluted earnings per share was $2.50 for the three months ended December 31, 2025 compared to $1.69 in the three months ended December 31, 2024.

Selected Summary Financial Information

Results of Operations

Our total revenues, as reported, combine gross revenues for the physical commodities business and net revenues for all other businesses. Management believes that operating revenues, which deduct the cost of sales of physical commodities from total revenues, are a more useful financial measure with which to assess our results of operations. The table below sets forth our operating revenues, as well as other key financial measures, for the periods indicated.

Financial Information (Unaudited)


	Three Months Ended December 31,
(in millions)	2025			2024			% Change
Revenues:
Sales of physical commodities	$	37,689.1		$	27,051.1		39%
Principal gains, net	378.5			308.9			23%
Commission and clearing fees	305.0			149.3			104%
Consulting, management, and account fees	76.1			47.8			59%
Interest income	581.2			378.2			54%
Total revenues	39,029.9			27,935.3			40%
Cost of sales of physical commodities	37,591.7			26,991.0			39%
Operating revenues	1,438.2			944.3			52%
Transaction-based clearing expenses	132.6			86.5			53%
Introducing broker commissions	93.2			44.3			110%
Interest expense	461.7			306.2			51%
Interest expense on corporate funding	26.3			15.2			73%
Net operating revenues	724.4			492.1			47%
Variable compensation and benefits	215.9			133.3			62%
Net contribution	508.5			358.8			42%
Fixed compensation and benefits	140.0			119.2			17%
Trading systems and market information	25.0			20.0			25%
Professional fees	32.8			19.0			73%
Non-trading technology and support	26.6			19.7			35%
Occupancy and equipment rental	16.1			13.0			24%
Selling and marketing	14.1			12.0			18%
Travel and business development	11.8			8.4			40%
Communications	3.7			2.1			76%
Depreciation and amortization	25.0			15.7			59%
Bad debts, net of recoveries	1.2			1.8			(33)%
Other expenses	26.9			16.7			61%
Total fixed compensation and other expenses	323.2			247.6			31%
Other (losses) gains, net	(0.4)			5.7			n/m
Income before tax	184.9			116.9			58%
Income tax expense	45.9			31.8			44%
Net income	$	139.0		$	85.1		63%

Return on equity (“ROE”)(1)	22.5		%	19.5		%
(1) The Company calculates ROE on stated book value based on net income divided by the average stockholders’ equity, calculated based on average monthly equity amounts.
Balance Sheet information:	December 31, 2025			December 31, 2024			% Change
Total assets	$	47,784.4		$	29,585.3		62%
Payables to lenders under loans	$	488.8		$	550.0		(11)%
Senior secured borrowings, net	$	1,159.6		$	543.3		113%
Stockholders’ equity	$	2,522.2		$	1,777.4		42%
n/m = not meaningful to present as a percentage

The tables below present operating revenues disaggregated across the key products we provide to our clients and select operating data and metrics used by management in evaluating our performance, for the periods indicated.


	Three Months Ended December 31,
	2025		2024		% Change
Operating Revenues (in millions):
Listed derivatives	$	269.1	$	111.8	141%
Over-the-counter (“OTC”) derivatives	63.1		36.6		72%
Securities	575.9		401.8		43%
FX / Contracts For Difference (“CFD”) contracts	68.7		98.6		(30)%
Payments	54.6		56.8		(4)%
Physical contracts	156.7		92.6		69%
Interest / fees earned on client balances	173.7		107.6		61%
Other (1)	83.0		48.3		72%
Corporate	12.1		11.1		9%
Eliminations	(18.7)		(20.9)		(11)%
	$	1,438.2	$	944.3	52%

Volumes and Other Select Data:
Listed derivatives (contracts, 000’s) (2)	84,120		53,180		58%
Listed derivatives, average rate per contract (3)	$	2.84	$	2.03	40%
Average client equity - listed derivatives (millions) (2)	$	13,244	$	6,620	100%
OTC derivatives (contracts, 000’s)	1,007		859		17%
OTC derivatives, average rate per contract	$	63.55	$	42.84	48%
Securities average daily volume (“ADV”) (millions)	$	10,615	$	8,733	22%
Securities rate per million (“RPM”) (4)	$	320	$	237	35%
Average money market / FDIC sweep client balances (millions)	$	1,259	$	1,197	5%
FX/CFD contracts ADV (millions)	$	11,253	$	11,685	(4)%
FX/CFD contracts RPM	$	93	$	133	(30)%
Payments ADV (millions)	$	93	$	84	11%
Payments RPM	$	9,377	$	10,414	(10)%

Adjusted EBITDA(4)	$	250.9	$	153.4	64%


(1)			Other operating revenues primarily includes consulting, management and account fees related to prime services, investment banking and advisory services, as well as interest income associated with securities lending activities.
(2)			The acquisition of RJO, effective July 31, 2025, contributed 30.9 million listed derivative contracts in the three months ended December 31, 2025. Also, for the three months ended December 31, 2025, the average client equity includes the effect of an incremental $5.8 billion per month from RJO post-acquisition.
(3)			Give up fee revenues, related to contract execution for clients of other FCMs, as well as cash and voice brokerage revenues are excluded from the calculation of listed derivatives, average rate per contract.
(4)			Interest expense associated with our fixed income activities is deducted from operating revenues in the calculation of Securities RPM, while interest income related to securities lending is excluded.
(5)			Adjusted EBITDA is a non-GAAP measure. See Liquidity, Financial Condition and Capital Resources - Non-GAAP Financial Information for further information.

Operating Revenues

Three Months Ended December 31, 2025 Compared to Three Months Ended December 31, 2024

Operating revenues increased $493.9 million, or 52%, to $1,438.2 million in the three months ended December 31, 2025 compared to $944.3 million in the three months ended December 31, 2024. The acquisition of RJO, which was effective July 31, 2025, contributed $201.0 million in operating revenue in the three months ended December 31, 2025. The table above displays operating revenues disaggregated across the key products we provide to our clients.

Operating revenues derived from listed derivatives increased $157.3 million, with our Commercial and Institutional segments up $71.7 million and $85.6 million, respectively.

Operating revenues derived from OTC derivatives increased $26.5 million, principally driven by a 48% increase in the average RPC as well as a 17% increase in OTC derivative contract volumes.

Operating revenues derived from securities transactions increased $174.1 million, principally due to a 22% 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, however 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 $55.7 million, due to the increase in ADV noted above, as well as a 35% increase in the RPM.

Operating revenues derived from FX/CFD contracts declined $29.9 million, as a result of a $27.2 million decrease in our Self-Directed/Retail segment and a $2.7 million decrease in Institutional segment FX contracts operating revenues.

Operating revenues from payments decreased $2.2 million, principally driven by a 10% decline in payments RPM, which was partially offset by an 11% increase in payments ADV.

Operating revenues derived from physical contracts increased $64.1 million, as a result of an $83.9 million increase in precious metals operating revenues, principally driven by an increase in macro volatility, driving a strong increase in client demand, combined with our expansive global footprint allowing us to benefit from regional differences in premiums, which was partially offset by a $19.8 million decline in physical agricultural and energy operating revenues. Precious metals related operating revenues were unfavorably impacted by $3.0 million unrealized losses on derivative positions related to physical inventories carried at the lower of cost or net realizable value, while the prior year period was favorably impacted by realized gains of $4.7 million on the sale of physical inventories carried at the lower of costs or net realizable value, for which losses on related derivative positions were recognized in prior periods.

StoneX Group Inc. 10-Q