SNEXHIGH SIGNALFINANCIAL10-K

StoneX substantially expanded its balance sheet with assets growing from $27.5B to $45.3B while simultaneously increasing its FCM operations and workforce by 20%.

The dramatic balance sheet expansion, coupled with meaningful revenue growth and increased segregated client assets, suggests StoneX is rapidly scaling its commodities trading and financial services operations. The company appears to be gaining significant market share in futures commission merchant services, now operating two of the largest non-bank FCMs in the U.S. rather than just one.

Comparing 2025-11-28 vs 2024-11-29View on EDGAR →
FINANCIAL ANALYSIS

StoneX delivered substantial growth across key metrics, with revenue expanding 32.5% to $132.4B while gross profit grew 20.1% to $4.1B and net income increased 17.3% to $305.9M. The balance sheet expanded dramatically with total assets growing from $27.5B to $45.3B, primarily driven by increased trading activities and client assets. The company maintained strong liquidity with cash growing 26.5% to $1.6B while stockholders' equity strengthened 39.1% to $2.4B, indicating robust capital generation supporting the business expansion.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+66.5%
$25.8B→$42.9B

Liabilities grew 66.5% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Assets
Balance Sheet
+64.8%
$27.5B→$45.3B

Asset base grew 64.8% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+39.1%
$1.7B→$2.4B

Equity base grew 39.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Inventory
Balance Sheet
+34.7%
$681.1M→$917.5M

Inventory surged 34.7% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Revenue
P&L
+32.5%
$99.9B→$132.4B

Strong top-line growth of 32.5% — accelerating demand or successful expansion into new markets.

Cash & Equivalents
Balance Sheet
+26.5%
$1.3B→$1.6B

Cash grew 26.5% — improving liquidity position supports investment and shareholder returns.

Gross Profit
P&L
+20.1%
$3.4B→$4.1B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Net Income
P&L
+17.3%
$260.8M→$305.9M

Net income grew 17.3% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2025-11-28
PRIOR — 2024-11-29
ADDED
As of November 21, 2025, there were 52,243,891 shares of the registrant s common stock outstanding.
Form 10-K Summary 140 Signatures 141 Table of C ontents Throughout this document, unless the context otherwise requires, the terms Company , we , us and our refer to StoneX Group Inc.
Our businesses are supported by our global infrastructure of regulated operating subsidiaries, advanced technology platforms and team of more than 5,400 employees as of September 30, 2025.
3 Table of C ontents We focus on mitigating exposure to market risk, ensuring adequate liquidity to maintain our daily operations and making non-interest expenses variable, to the greatest extent possible.
We operate two of the largest non-bank futures commission merchants ( FCM ) in the United States ( U.S.
) as measured by their required client segregated and foreign secured assets of $7.4 billion and $6.3 billion, respectively, as of September 30, 2025.
4 Table of C ontents Advisory Services We provide value-added advisory services and high-touch trade execution across a variety of financial markets, including commodities, foreign currencies, interest rates, institutional asset management and independent wealth management.
We operate a comprehensive investment banking platform which provides both investment banking services and equity research.
This includes participating in the underwriting and trading of equity securities, agency mortgage-backed, commercial mortgage-backed, asset-backed and municipal securities as well as structured credit in domestic and international markets.
Physical Trading We act as a principal to support the needs of our clients in a variety of physical commodities, primarily precious metals, as well as across the commodity complex, including energy and renewable fuels, grains, oil seeds, cotton, coffee, cocoa, edible oils, feed products and meats.
REMOVED
As of November 22, 2024, there were 31,929,644 shares of the registrant s common stock outstanding.
Our businesses are supported by our global infrastructure of regulated operating subsidiaries, our advanced technology platforms and our team of more than 4,500 employees as of September 30, 2024.
One of our subsidiaries is one of the largest non-bank futures commission merchant ( FCM ) in the United States ( U.S.
) as measured by its $5.7 billion in required client segregated assets as of September 30, 2024 and our United Kingdom ( U.K.
We also participate in the underwriting and trading of agency mortgage-backed, commercial mortgage-backed, asset-backed and municipal securities as well as structured credit in domestic and international markets.
Physical Trading We act as a principal to support the needs of our clients in a variety of physical commodities, primarily precious metals, as well as across the commodity complex, including renewable fuels, grains, oil seeds, cotton, coffee, cocoa, fats and oils and feed products.
In addition, we originate, structure and place debt instruments in the domestic and international capital markets.
These instruments include agency mortgage-backed, commercial mortgage-backed, asset-backed and municipal securities, as well as structured credit.
FCM held $5.7 billion in required client segregated assets, which makes us one the largest non-bank FCMs in the U.S., as measured by required client segregated assets.
In addition, our independent wealth management business offers a comprehensive product suite to retail investors in the United States.
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