A month has gone by since the last earnings report for StoneX Group Inc. (SNEX Quick QuoteSNEX - Free Report) . Shares have added about 4.2% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is StoneX Group due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.

StoneX Q3 Earnings Top on Commercial and Institutional Gains

StoneX reported third-quarter fiscal 2026 earnings of $1.00 per share, which handily surpassed the Zacks Consensus Estimate of 76 cents. The bottom line jumped 85.2% year over year.

Operating revenues increased 43.3% to $1.47 billion. The top line beat the consensus mark of $1.32 billion by 11.6%. 

Results benefited from broad-based strength across Commercial and Institutional segments, with higher volatility and increased demand supporting client activity. However, weakness in the Self-Directed/Retail segment and higher expenses were the headwinds.

Net income more than doubled to $127.9 million from $63.4 million.

Revenue Mix Broadens

Net operating revenues rose 47% year over year to $719.7 million. Listed derivatives net operating revenues increased 113% to $121.2 million, while over-the-counter derivatives advanced 73% to $101.9 million.

Securities net operating revenues grew 36% to $171.3 million. Physical contracts surged 162% to $87.4 million, and interest and fees earned on client balances increased 51% to $111.9 million. However, FX and contracts-for-difference revenues declined 19% to $62.4 million.

Segment Performance and Key Products

Commercial operating revenues jumped 97% to $452.2 million. Segment income more than doubled to $181.4 million from $82.7 million in the prior-year quarter. Growth was broad-based. Listed derivatives operating revenues rose 110% to $152.5 million, OTC derivatives increased 73% to $101.8 million and physical contracts climbed 106% to $115.4 million. Average client equity in listed derivatives soared 162% to $4.54 billion.

Institutional operating revenues increased 40% to $875.3 million, while segment income rose 49% to $129.9 million. Net operating revenues for the segment jumped 56% to $312.3 million. Listed derivatives operating revenues surged 145% to $131.8 million, supported by an 83% increase in contract volume. Securities revenues grew 26% to $573.8 million as average daily volume (ADV) increased 33% to $12.26 billion. The R.J. O’Brien acquisition contributed 27 million listed derivatives contracts during the quarter.

Self-Directed/Retail operating revenues declined 13% to $96.3 million. Segment income fell 36% to $24.9 million, reflecting pressure from lower FX and CFD activity. FX and CFD operating revenues decreased 19% to $64.7 million as ADV plunged 27% to $6.81 billion. Securities revenues provided a partial offset, rising 3% to $30.4 million. Revenue per million for FX and CFD contracts improved 11% to $147.

Payments operating revenues rose 13% to $60.3 million, while segment income increased 22% to $34.4 million. Net operating revenues grew 12% to $56.4 million. The segment’s ADV increased 20% to $96 million. Revenue per million declined 7% to $9,915, indicating that stronger activity levels more than offset lower revenue capture.

Costs Rise With Business Expansion

Total fixed compensation and other expenses increased 22% year over year to $314.2 million. Fixed compensation and benefits rose 21% to $149.8 million, while non-trading technology and support costs climbed 43% to $30.1 million.

Variable compensation and benefits jumped 70% to $244 million. Transaction-based clearing expenses increased 52% to $144.3 million, and introducing broker commissions rose 87% to $93.1 million.

Capital Metrics Strengthen

As of June 30, 2026, return on equity improved to 18.4% from 13.1%, while return on tangible book value increased to 25% from 13.8%. Adjusted EBITDA rose 70% to $229.5 million.

Cash and cash equivalents totaled $2.19 billion as of June 30, 2026, compared with $1.61 billion at fiscal 2025-end. Total stockholders’ equity increased to $2.84 billion from $2.38 billion. 

Management highlighted continued integration benefits from R.J. O’Brien, which has strengthened StoneX’s futures commission merchant position.

Outlook

The R.J. O’Brien integration remains on track to be largely completed in fiscal 2026. Annualized synergies reached about $38 million at the end of the fiscal third quarter and are expected to move closer to $45-$46 million by fiscal year-end, with the rest realized in fiscal 2027. Management remains confident in achieving the $50 million annualized synergy target.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 12.17% due to these changes.

VGM Scores

At this time, StoneX Group has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. However, the stock was allocated a score of B on the value side, putting it in the second quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. It comes with little surprise StoneX Group has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

StoneX Group is part of the Zacks Financial - Miscellaneous Services industry. Over the past month, Moody's (MCO Quick QuoteMCO - Free Report) , a stock from the same industry, has gained 6.6%. The company reported its results for the quarter ended June 2026 more than a month ago.

Moody's reported revenues of $2.19 billion in the last reported quarter, representing a year-over-year change of +15.1%. EPS of $4.68 for the same period compares with $3.56 a year ago.

For the current quarter, Moody's is expected to post earnings of $4.26 per share, indicating a change of +8.7% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Moody's. Also, the stock has a VGM Score of C.