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StoneX Group vs Nasdaq: SNEX and NDAQ compared
StoneX Group is the larger company: $40.2B of revenue in its latest quarter (Q3 FY26) against $2.4B for Nasdaq (Q3 2026). Nasdaq is growing faster (+21% against +15% a year earlier). Nasdaq is more profitable, with an operating margin of 30.6% against 0.4%.
Where the money goes: SNEX and NDAQ
StoneX Group (SNEX) · Q3 FY26
StoneX Group, Q3 FY26: revenue $40.2B (+15% year over year), operating margin 0.4%, net earnings $128M, operating cash flow −$1.2B. The chart follows the revenue to costs, profit and cash.
Nasdaq (NDAQ) · Q3 2026
Nasdaq, Q3 2026: revenue $2.4B (+21% year over year), operating margin 30.6%, net earnings $539M, operating cash flow $521M. The chart follows the revenue to costs, profit and cash.
| StoneX Group (SNEX) | Nasdaq (NDAQ) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 2026 |
| Revenue | $40.2B | $2.4B |
| Revenue growth, Y/Y | +15% | +21% |
| Gross margin | 3.7% | 61.9% |
| Operating margin | 0.4% | 30.6% |
| Net earnings | $128M | $539M |
| Net margin | 0.3% | 22.5% |
| Operating cash flow | −$1.2B | $521M |
| Free cash flow | — | $459M |
| Market value | $6.7B | $60.4B |
| P/E | 12.7× | 29.3× |
| Analysts’ mean target | $66.00 | $115.38 |
Where the revenue comes from
StoneX Group
- Sales of physical commodities: $38.8B (96%)
- Interest income: $616M (2%)
- Principal gains, net: $405M (1%)
- Total sales-based commission: $232M (1%)
Questions
Which is bigger, StoneX Group or Nasdaq?
StoneX Group is the larger company: $40.2B of revenue in its latest quarter (Q3 FY26) against $2.4B for Nasdaq (Q3 2026).
Is StoneX Group or Nasdaq growing faster?
Nasdaq is growing faster (+21% against +15% a year earlier).
Which is more profitable, StoneX Group or Nasdaq?
Nasdaq is more profitable, with an operating margin of 30.6% against 0.4%.
More: StoneX Group earnings · how StoneX Group makes money · Nasdaq earnings · how Nasdaq makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 5, 2026; 10-Q filed Oct 22, 2026). Fiscal quarters can end on different dates. Not investment advice.