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In the fiscal second quarter, SNEX’s earnings beat the Zacks Consensus Estimate. Results primarily benefited from broad-based strength across all four operating segments, driven by higher volatility and increased demand, which supported client activity. The top line jumped 64% to $1.57 billion.
StoneX is expected to have witnessed solid revenue growth in the fiscal third quarter as well. The Zacks Consensus Estimate for sales of $1.32 billion suggests a 28.5% surge on a year-over-year basis. Additionally, in the past week, the consensus estimate for earnings has remained unchanged at 76 cents. This indicates an increase of 40.7% from the prior-year quarter.
Earnings Estimates
Image Source: Zacks Investment Research
StoneX doesn’t have an impressive earnings surprise history. The company’s earnings outpaced the Zacks Consensus Estimate in two of the trailing four quarters, with the average beat being 9.47%.
Earnings Surprise
Image Source: Zacks Investment Research
With SNEX’s latest earnings release approaching, should investors buy the stock now or wait until after the results are announced? Let’s examine how the company is positioned ahead of earnings.
Factors to Consider for StoneX’s Q3 Results
During the to-be-reported quarter, client activity was robust, driven by heightened volatility. Hence, StoneX’s commission and clearing fees are expected to have increased like its peers, Robinhood Markets (HOOD - Free Report) and Interactive Brokers Group (IBKR - Free Report) . HOOD, which announced quarterly numbers on July 29, recorded a 44% year-over-year jump in transaction-based revenues. Interactive Brokers, which released second-quarter results on July 21, witnessed a 30% rise in commissions.
Coming back to SNEX, the rise in its commission and clearing fees is likely to be driven by solid trading volume across different asset classes, including derivatives, FX and securities. Also, given the rise in higher interest-earning assets and securities lending activity, the company’s net interest income is expected to have increased.
StoneX’s total fixed compensation and other expenses are likely to have remained elevated in the fiscal third quarter, driven by efforts to expand platform capabilities and improve customer support. Further, expansion through acquisitions is expected to have added to expenses.
What Our Model Unveils for SNEX
Our quantitative model doesn’t conclusively predict an earnings beat for StoneX this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you see below.
Earnings ESP: StoneX has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
StoneX shares had an impressive start to fiscal 2026. In the fiscal third quarter, the stock jumped 46.9%, outperforming the Zacks Investment Bank industry’s growth of 15%. Also, it fared better than Robinhood and Interactive Brokers.
Q3 2026 Price Performance
Image Source: Zacks Investment Research
Now, let’s look at the value StoneX offers investors at current levels.
Currently, SNEX is trading at 4.78X 12-month trailing price/tangible book (P/TB), above the industry’s P/TB TTM multiple of 3.35X. Hence, the stock is trading at a premium compared with the industry.
P/TB TTM
Image Source: Zacks Investment Research
StoneX stock is trading at a discount to Robinhood, while being expensive compared with Interactive Brokers. At present, Robinhood and Interactive Brokers have a P/TB TTM of 8.99X and 1.78X, respectively.
Investment Thesis for StoneX
StoneX serves a diversified base of commercial, institutional and retail clients through commodity risk management, derivatives, securities execution, foreign exchange, clearing, physical commodities and cross-border payments. It supports more than 80,000 institutional, commercial and payments clients and over 400,000 self-directed retail accounts across nearly 180 countries.
Targeted acquisitions have expanded StoneX’s scale, product capabilities and geographic reach across commodities, wealth management, clearing, investment banking, payments, fixed income, metals and agricultural brokerage. The company is also deploying AI-enabled automation to improve processing efficiency, reconciliation, client service and software development.
StoneX’s diversified and volatility-sensitive business model generates revenues from commissions, spreads, fees and interest income. As of March 31, 2026, average client equity and sweep balances totaled nearly $15.2 billion, supporting recurring income. Sustained market volatility, higher client activity and the integration of acquired businesses should drive further revenue growth.
On the other hand, StoneX faces margin and earnings risks from declining Payments revenue per million, volatile Securities pricing and sensitivity to interest-rate and mark-to-market movements. Rising compensation, operating expenses and bad-debt provisions could further pressure profitability.
Though hedging, higher transaction volumes and low relative credit losses provide some protection, unfavorable rate moves, persistent spread compression, elevated client leverage and market volatility may keep quarterly earnings uneven and limit operating leverage.
To Buy or Not to Buy StoneX Shares Before Q3 Earnings?
Although StoneX’s fiscal third-quarter revenues are expected to have increased, the overall setup appears unfavorable amid rising cost pressures and a premium valuation.
Investors may be better off waiting for the quarterly results and management’s commentary on the performance and industry trends. Existing shareholders may hold the stock, but fresh positions seem unwarranted ahead of the earnings release.
View the Zacks #1 Rank List
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StoneX Set to Report Q3 Earnings: How to Approach SNEX Stock Now?
Key Takeaways
StoneX Group Inc. (SNEX - Free Report) is scheduled to report third-quarter fiscal 2026 results after market close on Wednesday.
In the fiscal second quarter, SNEX’s earnings beat the Zacks Consensus Estimate. Results primarily benefited from broad-based strength across all four operating segments, driven by higher volatility and increased demand, which supported client activity. The top line jumped 64% to $1.57 billion.
StoneX is expected to have witnessed solid revenue growth in the fiscal third quarter as well. The Zacks Consensus Estimate for sales of $1.32 billion suggests a 28.5% surge on a year-over-year basis. Additionally, in the past week, the consensus estimate for earnings has remained unchanged at 76 cents. This indicates an increase of 40.7% from the prior-year quarter.
Earnings Estimates
Image Source: Zacks Investment Research
StoneX doesn’t have an impressive earnings surprise history. The company’s earnings outpaced the Zacks Consensus Estimate in two of the trailing four quarters, with the average beat being 9.47%.
Earnings Surprise
Image Source: Zacks Investment Research
With SNEX’s latest earnings release approaching, should investors buy the stock now or wait until after the results are announced? Let’s examine how the company is positioned ahead of earnings.
Factors to Consider for StoneX’s Q3 Results
During the to-be-reported quarter, client activity was robust, driven by heightened volatility. Hence, StoneX’s commission and clearing fees are expected to have increased like its peers, Robinhood Markets (HOOD - Free Report) and Interactive Brokers Group (IBKR - Free Report) . HOOD, which announced quarterly numbers on July 29, recorded a 44% year-over-year jump in transaction-based revenues. Interactive Brokers, which released second-quarter results on July 21, witnessed a 30% rise in commissions.
Coming back to SNEX, the rise in its commission and clearing fees is likely to be driven by solid trading volume across different asset classes, including derivatives, FX and securities. Also, given the rise in higher interest-earning assets and securities lending activity, the company’s net interest income is expected to have increased.
StoneX’s total fixed compensation and other expenses are likely to have remained elevated in the fiscal third quarter, driven by efforts to expand platform capabilities and improve customer support. Further, expansion through acquisitions is expected to have added to expenses.
What Our Model Unveils for SNEX
Our quantitative model doesn’t conclusively predict an earnings beat for StoneX this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you see below.
Earnings ESP: StoneX has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: It carries a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
StoneX Stock Price Performance & Valuation
StoneX shares had an impressive start to fiscal 2026. In the fiscal third quarter, the stock jumped 46.9%, outperforming the Zacks Investment Bank industry’s growth of 15%. Also, it fared better than Robinhood and Interactive Brokers.
Q3 2026 Price Performance
Image Source: Zacks Investment Research
Now, let’s look at the value StoneX offers investors at current levels.
Currently, SNEX is trading at 4.78X 12-month trailing price/tangible book (P/TB), above the industry’s P/TB TTM multiple of 3.35X. Hence, the stock is trading at a premium compared with the industry.
P/TB TTM
Image Source: Zacks Investment Research
StoneX stock is trading at a discount to Robinhood, while being expensive compared with Interactive Brokers. At present, Robinhood and Interactive Brokers have a P/TB TTM of 8.99X and 1.78X, respectively.
Investment Thesis for StoneX
StoneX serves a diversified base of commercial, institutional and retail clients through commodity risk management, derivatives, securities execution, foreign exchange, clearing, physical commodities and cross-border payments. It supports more than 80,000 institutional, commercial and payments clients and over 400,000 self-directed retail accounts across nearly 180 countries.
Targeted acquisitions have expanded StoneX’s scale, product capabilities and geographic reach across commodities, wealth management, clearing, investment banking, payments, fixed income, metals and agricultural brokerage. The company is also deploying AI-enabled automation to improve processing efficiency, reconciliation, client service and software development.
StoneX’s diversified and volatility-sensitive business model generates revenues from commissions, spreads, fees and interest income. As of March 31, 2026, average client equity and sweep balances totaled nearly $15.2 billion, supporting recurring income. Sustained market volatility, higher client activity and the integration of acquired businesses should drive further revenue growth.
On the other hand, StoneX faces margin and earnings risks from declining Payments revenue per million, volatile Securities pricing and sensitivity to interest-rate and mark-to-market movements. Rising compensation, operating expenses and bad-debt provisions could further pressure profitability.
Though hedging, higher transaction volumes and low relative credit losses provide some protection, unfavorable rate moves, persistent spread compression, elevated client leverage and market volatility may keep quarterly earnings uneven and limit operating leverage.
To Buy or Not to Buy StoneX Shares Before Q3 Earnings?
Although StoneX’s fiscal third-quarter revenues are expected to have increased, the overall setup appears unfavorable amid rising cost pressures and a premium valuation.
Investors may be better off waiting for the quarterly results and management’s commentary on the performance and industry trends. Existing shareholders may hold the stock, but fresh positions seem unwarranted ahead of the earnings release.