StoneX Group (SNEX) Financials

StoneX Group’s financial profile has expanded materially over the available four-year period. Total assets increased from $19.4 billion in Q3 2022 to $54.0 billion in Q3 2026, while total common equity rose from $1.05 billion to $2.84 billion. This growth reflects the scale of StoneX’s trading, clearing and financing activities, although the balance sheet also carries substantial collateral-related liabilities.

Revenue and profitability have generally trended higher. Q3 2026 revenue was $39.4 billion, up from $34.3 billion in the restated Q3 2025 period and $18.8 billion in Q3 2022. Net income increased to $127.9 million in Q3 2026 from $63.4 million a year earlier and $49.1 million in Q3 2022. However, results have been uneven during fiscal 2026: Q3 revenue declined from $45.0 billion in Q2, while net income fell from $174.3 million to $127.9 million.

The company’s cash flow remains highly volatile. Operating cash flow was positive in Q2 2026 at $2.80 billion but turned negative at $1.21 billion in Q3, primarily because of a $1.39 billion use of operating capital. This pattern is consistent with a transaction-driven financial business, where customer balances, securities and other working-capital accounts can shift significantly between quarters.

• Strong long-term earnings growth: Q3 net income rose approximately 160% from $49.1 million in Q3 2022 to $127.9 million in Q3 2026, while revenue more than doubled over the same period.
• Improved year-over-year profitability: Compared with the restated Q3 2025 period, Q3 2026 revenue increased about 15% and net income roughly doubled.
• Growing shareholder equity: Common equity reached $2.84 billion in Q3 2026, up from $1.98 billion in Q3 2025 and $1.05 billion in Q3 2022. Retained earnings have increased steadily throughout the reported history.
• Moderate capital spending: Q3 2026 purchases of property and equipment were $16.2 million, and total investing cash outflow was only $14.5 million, limiting the company’s need to fund growth through heavy capital expenditures.
• Lower credit-loss pressure in Q3: The provision for credit losses was $1.0 million in Q3 2026, down from $12.4 million in Q2, which supported pretax income despite lower quarterly revenue.
• Large, expanding operating platform: Trading account securities increased to $30.0 billion in Q3 2026 from $19.6 billion in Q3 2025 and $6.6 billion in Q3 2022. This supports StoneX’s scale but also makes reported assets and revenue sensitive to market activity and customer flows.
• Share-count changes complicate per-share comparisons: Diluted shares outstanding rose to 124.5 million in Q3 2026 from 81.5 million in Q2 and 112.4 million in the restated Q3 2025 period. Diluted EPS was still $1.00 in Q3, above $0.54 a year earlier, but the sharp fluctuations warrant investor attention.
• High balance-sheet leverage: Total liabilities were $51.2 billion against $2.84 billion of equity in Q3 2026. Short-term debt alone stood at $42.0 billion, making liquidity management and collateral requirements important risks.
• Negative Q3 operating cash flow: StoneX used $1.21 billion in operating cash during Q3 2026 after generating $2.80 billion in Q2. The volatility was driven primarily by operating-capital movements rather than reported losses, but sustained cash outflows could pressure liquidity.
• Sequential earnings slowdown: Q3 2026 revenue fell approximately 12% from Q2, and net income declined about 27%. This suggests that quarterly performance remains exposed to changes in trading volumes, market volatility and customer activity.

Overall, StoneX shows strong multi-year growth in revenue, earnings and equity, but investors should evaluate the company differently from a traditional low-leverage operating business. Its large short-term debt balance, restricted cash, fluctuating working-capital needs and highly variable quarterly cash flow are central to understanding the risk profile.