StoneX’s fourth quarter results were met with a negative market reaction, despite the company’s substantial year-on-year revenue and profit growth. Management highlighted several drivers behind the quarter, including record performance in listed derivatives and precious metals trading, as well as the impact of the R.J. O’Brien acquisition. CEO Philip Smith attributed the strong precious metals results to StoneX’s global logistics capabilities and the unique structure of its metals business, noting, “Our global footprint and logistics expertise allowed StoneX to record its best revenue quarter ever.” The company also experienced higher expenses, driven in part by acquisition-related costs and increased legal fees.

Is now the time to buy SNEX? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From StoneX’s Q4 Earnings Call

• Jeffrey Schmitt (William Blair) asked about the drivers behind the precious metals outperformance and the extent of R.J. O’Brien client cross-selling; CEO Philip Smith responded that most gains were driven by overall market volatility and retail demand, with limited direct contribution from RJO clients thus far.

• Jeffrey Schmitt (William Blair) followed up on integration synergies, asking if there was upside to the $50 million target; CFO William Dunaway said realizations are tracking as planned, with potential for further gains as U.S. consolidation completes.

• Jeffrey Schmitt (William Blair) questioned institutional segment growth, specifically in U.S. equity market making; Smith stated the business is at an early stage, with most gains driven by equities and fixed income, and the potential for future growth remains.

• Daniel Fannon (Jefferies) asked about the sustainability of client activity in volatile environments; Smith explained that while StoneX benefits from volatility, extreme swings can negatively impact clients, requiring active client engagement and risk management.

• Lukas Jaeger (Liberty One Investment Management) probed the decline in FX/CFD rate per million and trends in client activity; Dunaway replied that current levels represent a normalization after an exceptional prior-year period, with no major concerns on client engagement.

Catalysts in Upcoming Quarters

In upcoming quarters, our analysts will be watching (1) progress on the integration and consolidation of R.J. O’Brien’s operations, especially in the U.S.; (2) expansion and monetization in new commercial and environmental markets such as power and carbon trading; and (3) the ability to sustain strong performance in precious metals and institutional segments amid shifting market volatility. Additionally, improvements in cost synergies and efficiency gains from digital initiatives will be key markers of success.

StoneX currently trades at $125.56, up from $117.37 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).

Our Favorite Stocks Right Now

Your portfolio can’t afford to be based on yesterday’s story. The risk in a handful of heavily crowded stocks is rising daily.

The names generating the next wave of massive growth are right here in our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 244% over the last five years (as of June 30, 2025).

Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today.