StoneX Group

The latest six months brought in 64.8 billion dollars in total revenue, up from 41.7 billion a year earlier, and profit climbed to 156.8 million dollars from 122.2 million. That is roughly 28% more profit in a single year, and the company has now grown earnings every year for the past four.

When markets get chaotic, StoneX makes more money. Interest income alone jumped to 767 million dollars for the half year, up from 616 million, as clients traded and parked more cash. Wild swings in commodities and currencies push customers to hedge more, and that tailwind is not slowing down.

StoneX just borrowed heavily to buy futures broker R.J. O'Brien. Secured borrowings jump from 544 million dollars to about 1.2 billion once the deal and new bonds are counted. If the promised 50 million dollars in cost savings do not show up, that debt gets expensive fast.

StoneX moves enormous sums but keeps very little. Of the 64.8 billion dollars in revenue last half year, only about 1.9 billion was actually its own operating revenue, and 156.8 million landed as profit. That leaves almost no cushion if trading activity slows or costs creep up.