Filing Flows › StoneX Group (SNEX) › Q2 FY26 › vs Q2 FY25
StoneX Group (SNEX) Q2 FY26 vs Q2 FY25 (year over year)
StoneX Group's revenue rose $8.9B (+24%) from $36.9B in Q2 FY25 to $45.8B in Q2 FY26. The biggest changes: Sales of physical commodities +$8.3B (+23%); Precious metals sales under ASC Topic 606 +$397M (+70%); Principal gains, net +$275M (+142%). Gross margin 3.4% against 2.6% (+0.8 pts).
StoneX Group, Q2 FY26: revenue $45.8B (+24% year over year), operating margin 0.5%, net earnings $174M, operating cash flow $2.8B. The chart draws each line against Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Gross margin | 3.4% | 2.6% | +0.8 pts |
| Operating margin | 0.5% | 0.0% | +0.5 pts |
| Net margin | 0.4% | 0.2% | +0.2 pts |
| Free cash flow margin | 6.1% | -0.5% | +6.5 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Interest income | $578M | $389M | $189M | +49% |
| Total commission and clearing fees | $348M | $164M | $183M | +112% |
| Total sales-based commission | $236M | $93.0M | $143M | +154% |
| Exchange-traded futures and options | $189M | $71.0M | $118M | +166% |
| Equities and fixed income | $40.0M | $15.0M | $25.0M | +167% |
| Client account fees | $18.2M | $6.5M | $11.7M | +180% |
| Asset management fees | $15.9M | $14.4M | $1.5M | +10% |
| Advisory and consulting fees | $10.0M | $9.2M | $800K | +9% |
| Precious metals sales under ASC Topic 606 | $965M | $568M | $397M | +70% |
| Principal gains, net | $469M | $194M | $275M | +142% |
| Sales of physical commodities | $44.3B | $36.0B | $8.3B | +23% |
| Clearing fees | $97.8M | $48.0M | $49.8M | +104% |
| Total consulting, management, and account fees | $69.0M | $44.3M | $24.7M | +56% |
| Sweep program fees | $9.6M | $11.4M | −$1.8M | -16% |
| Revenue | $45.8B | $36.9B | $8.9B | +24% |
| Gross profit | $1.6B | $956M | $611M | +64% |
| Cost of revenue | $44.2B | $35.9B | $8.3B | +23% |
| Operating profit | $227M | −$8.6M | $236M | — |
| Operating expenses | $1.3B | $965M | $375M | +39% |
| Pre-tax earnings | $227M | $97.1M | $130M | +134% |
| Sales & marketing | $14.0M | $13.4M | $600K | +4% |
| Other operating costs | $1.3B | $951M | $374M | +39% |
| Net earnings | $174M | $71.7M | $103M | +143% |
| Income tax | $52.8M | $25.4M | $27.4M | +108% |
| Depreciation & amortization | $26.9M | $15.6M | $11.3M | +72% |
| Share-based compensation | $13.7M | $10.7M | $3.0M | +28% |
| Working capital & other | $2.6B | −$252M | $2.8B | — |
| Operating cash flow | $2.8B | −$154M | $3.0B | — |
| Free cash flow (OCF − capex) | $2.8B | −$170M | $2.9B | — |
| Capital expenditures | $21.3M | $15.3M | $6.0M | +39% |
Questions
How much did StoneX Group's revenue grow year over year in Q2 FY26?
StoneX Group's revenue rose $8.9B (+24%) from $36.9B in Q2 FY25 to $45.8B in Q2 FY26.
What drove StoneX Group's revenue change in Q2 FY26?
Sales of physical commodities +$8.3B (+23%); Precious metals sales under ASC Topic 606 +$397M (+70%); Principal gains, net +$275M (+142%).