StoneX Group Inc (NASDAQ: SNEX) is a financial services company that provides trade execution, clearing, market intelligence, and payments services to commercial, institutional, and self-directed retail clients across global financial markets. It makes money through transaction-based commissions and fees, bid-offer spreads on derivatives and physical contracts, net interest earned on client balances, and payments processing fees. Net operating revenues by product line for FY2025 included securities at $496.2 million, interest and fees on client balances at $338.0 million, FX/CFD contracts at $277.1 million, listed derivatives at $262.3 million, payments at $197.6 million, physical contracts at $208.7 million, and OTC derivatives at $214.3 million. The company operates four segments: Commercial, Institutional, Self-Directed/Retail, and Payments. As of September 30, 2025, StoneX employed 5,430 people and served clients in more than 180 countries. The company has never paid a cash dividend, and its credit agreements prohibit doing so. A three-for-two stock split was completed on March 21, 2025.

Revenue model

Transactional fees and commissions on listed derivatives, OTC derivatives, securities, and physical contracts; bid-offer spreads on FX and CFD contracts; net interest and fees earned on client balances on deposit; payments processing fees. Variable compensation is tied directly to revenue, with variable compensation and benefits representing 30% of net operating revenues in FY2025.

Products and services

Listed derivatives execution and clearing; OTC derivatives; securities dealing and clearing; FX and CFD contracts; cross-border payments; physical commodity contracts (including precious metals, agricultural commodities, and energy); independent wealth management through StoneX Securities Inc. (FINRA/SIPC member) and StoneX Advisors Inc. (SEC-registered investment advisor); introducing broker services; self-directed retail trading platforms.

Customers and end markets

Three client segments: commercial clients (producers, processors, and merchants managing commodity price risk); institutional clients (financial institutions, asset managers, and broker-dealers); self-directed/retail clients (individual traders accessing FX, CFD, and futures markets). The company supports more than 375 independent professionals through its independent wealth management platform. Clients are served across more than 180 countries.

Value-chain role

Intermediary and principal between clients and global financial markets. Acts as execution broker, clearing firm, market maker, dealer in fixed income securities, and payment processor. Provides access to exchanges, OTC markets, and physical commodity markets. Also operates as an independent broker-dealer and registered investment advisor through subsidiaries.

Geographic exposure

Global operations serving clients in more than 180 countries as of the FY2025 10-K filing dated November 28, 2025. Specific country or regional revenue breakdowns are not disclosed in the provided excerpts.

Source: SEC 10-K, filed 2025-11-28

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