StoneX generated $40.2 billion of revenue in three months, more than 10 times its $3.8 billion market value. The surface reading is straightforward: this is a capital-markets business getting bigger, and much more profitable, at considerable scale.
Revenue rose 15.4% from the comparable three-month period, while net income doubled to $127.9 million. Gross profit grew 43.3%, lifting gross margin to 3.7% from 2.9%. For a business that keeps only a thin slice of its transaction volume, that extra margin matters.
Then the balance sheet complicates the picture. Inventory reached $1.2 billion, up 65.2% from $705.4 million a year earlier. Inventory grew more than four times as fast as revenue, and the company does not disclose in the current filing exactly what drove the build.
That matters because StoneX is not a software company with a costless extra sale. Its businesses finance trading activity, hold client balances, and operate in physical precious metals and supply and trading. Cash also increased to $2.2 billion from $1.3 billion, so the inventory increase did not arrive alongside a reported cash decline. It does make the balance-sheet scale of the growth harder to ignore.
Management points to better revenue capture in one important market. The 10-Q says:
"Securities rate per million (“RPM”) increased 9%, primarily driven by product mix, including improved revenue capture in fixed income markets."
10-Q 2026-08-05
In plain English, StoneX made more revenue from each million dollars of securities activity. That may help explain part of why gross profit grew faster than revenue.
The cost of that activity rose too. StoneX said:
"Interest expense increased $14.0 million, principally related to a $9.2 million increase in interest paid to clients, primarily driven by the acquisition of RJO, as well as an increase in interest expense related to financing costs in our physical precious metals and supply and trading businesses."
10-Q 2026-08-05
The receipt puts a number on a recurring feature of the model: stronger activity can bring more income, but it can also require more funding and more interest paid to clients. The current period still produced a wider gross margin and a net margin of 0.3%, up from 0.2%, though the improvement is measured in tenths of a percentage point.
The company's annual results show the broader pattern. Revenue reached $132.4 billion in fiscal 2025 after rising 32.5%, while annual net margin was just 0.2%. StoneX can report large changes in profit without becoming a high-margin business. That is the specific tension carried into this filing: operating scale is expanding, but the balance sheet and financing bill are expanding inside it.
At the latest close, StoneX shares were $75.15, down 1.5% on August 4. The stock's trailing P/E was 12.3x, a valuation detail that leaves the central operating question intact rather than answering it.
StoneX's next quarterly report will need to show whether inventory intensity has eased or widened, and whether the company gives a more specific account of what sat behind the $1.2 billion balance.
Source: StoneX Group Inc. 10-Q filed August 5, 2026, for the three months ended June 30, 2026.