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Acquisitions | 12 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions The Company’s consolidated financial statements include the operating results and cash flows of the acquired businesses from the dates of acquisition. Acquisitions in Fiscal 2025 Assets of JBR Recovery Limited On October 1, 2024, the Company’s subsidiary, StoneX Metals Limited, executed a sale and purchase agreement to acquire the recycling and refining business, along with certain assets, including licenses, silver inventory, and refining and recycling equipment, from JBR, a company incorporated in England and Wales. This transaction was effective on the closing date of October 1, 2024. The asset purchase was accounted for as a business acquisition in accordance with ASC 805. JBR was, at the acquisition date, one of only two UK companies accredited for the supply of “Good Delivery” silver to the London Bullion Market and is expected to enhance the Company’s supply chain integration. The purchase price consists of $8.0 million of cash consideration paid at closing, approximately $12.6 million in silver bullion paid at closing, approximately $0.7 million of silver bullion payable upon determination of final silver inventory valuation, and deferred consideration totaling $2.4 million due in two equal annual payments beginning on October 1, 2025. The business activities of JBR have been assigned to the Company’s Commercial reportable segment. The acquisition generated $4.8 million of Goodwill and $2.5 million of intangible assets. Octo Finances SA On January 31, 2025, the Company executed a share purchase agreement to acquire all of the outstanding shares of Octo Finances SA (“Octo”), a fixed income broker based in Paris, France. Octo, which specializes in bond and convertible sales, debt capital markets, and credit research, expands the Company’s offering in fixed income and strengthens its capabilities in Europe. This transaction was effective on the closing date of January 31, 2025. The purchase price consists of $7.5 million of cash consideration paid at closing, an additional $0.9 million paid within 45 days post closing, and a non-contingent earn-out valued at approximately $0.1 million split between the first two anniversaries of the closing date. The business activities of Octo have been assigned to the Company’s Institutional reportable segment. The acquisition generated $2.1 million of Goodwill and $1.9 million of intangible assets. R.J. O’Brien On April 14, 2025, the Company announced that it had entered into a definitive agreement with RTS Merger Sub Inc., RTS Investor Corp., and Westmoor Trail Partners LLC to acquire 100% ownership of RTS Investor Corp., which was the parent company for the R.J. O’Brien global business (“RJO”), including R.J. O’Brien & Associates, LLC, the oldest futures brokerage in the U.S, and selected affiliates. This transaction was effective on the closing date of July 31, 2025, subsequent to approval by regulators and completing customary closing conditions. The purchase price consideration was paid in a combination of cash and the issuance of 3,085,554 shares of the Company’s common stock, which were reissued from treasury stock. The number of shares issued was determined using a pre-close target value of $275.0 million, as per the merger agreement. The issued shares are subject to certain lock-up provisions that restrict share transfer per the terms of the relevant agreements. At closing, the Company assumed approximately $125.7 million related to a RJO subordinated debt facility. The acquisition is expected to significantly strengthen the Company’s position as a leading FCM and enhance its role as an essential part of the global financial market structure, offering institutional grade execution, clearing, custody, and prime brokerage across all asset classes. The acquisition is expected to expand the Company’s client float and add many introducing brokers to its network, while RJO’s clients benefit from the Company’s extensive range of markets, products, and services. As of September 30, 2025 the Company’s fair value and purchase price accounting are preliminary. On July 31, 2025, the net proceeds from the issuance of the Notes due 2032 were used to fund the cash portion of the purchase price and to pay related fees and expenses, as described above. See Note 11 for further discussion surrounding the Notes due 2032. Purchase Price The aggregate merger consideration was (in millions):
Cash consideration | $ | 651.9 |
Common stock | 300.1 |
Amounts receivable from sellers | (10.0) |
Total merger consideration | $ | 942.0 |
The following table summarizes the preliminary purchase price allocation as of the RJO acquisition date (in millions):
| Preliminary Purchase Price Allocation
Cash and cash equivalents | $ | 162.5 |
Cash, securities and other assets segregated under federal and other regulations | 2,182.0 |
Securities purchased under agreements to resell | 1,581.2 |
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 3,287.7 |
Receivable from clients, net | 25.6 |
Financial instruments owned, at fair value | 30.6 |
Deferred tax asset | (0.5) |
Property and equipment, net | 14.9 |
Operating right of use assets | 6.4 |
Other assets | 54.9 |
Total fair value of assets acquired | 7,345.3 |
Accounts payable and other accrued liabilities | 118.0 |
Operating lease liabilities | 11.3 |
Payable to clients | 6,637.2 |
Payables to lenders under loans | 125.7 |
Income taxes payable | 0.8 |
Deferred tax liabilities | 95.3 |
Total fair value of liabilities assumed | 6,988.3 |
Fair value of tangible net assets acquired | 357.0 |
Identifiable intangible assets acquired |
Client base | 407.7 |
Trade name | 2.9 |
Total fair value of intangible assets acquired | 410.6 |
Fair value of identifiable net assets acquired | 767.6 |
Total merger consideration | 942.0 |
Goodwill | $ | 174.4 |
RJO’s assets and liabilities in the above table were reported at fair value or values that approximate fair value, as determined by using certain estimates and assumptions that are not observable in the market. The Company used the multi-period excess earnings method to determine the estimated acquisition date fair value of client base intangible assets. The significant assumptions used to estimate the fair value of client base intangibles included expected client base attrition rate and a discount rate. Other assets and liabilities were generally valued using observable inputs. Post-Acquisition Results and Unaudited Pro Forma Information RJO’s results of operations and cash flows have been included in the Company’s consolidated financial statements for the period subsequent to July 31, 2025. For the year ended September 30, 2025, the Company’s results include total operating revenues and net income from RJO of $141.0 million and $14.7 million, respectively. The following unaudited pro forma financial information (in millions, except per share amounts) has been adjusted to give effect to the RJO merger as if it had been consummated on October 1, 2023.
| Fiscal Year Ended September 30
| 2025 | 2024
Total revenues | $ | 133,102.0 |  | $ | 100,784.7 |
Operating revenues | $ | 4,850.7 |  | $ | 4,333.1 |
Net income | $ | 329.2 |  | $ | 345.6 |
Basic earnings per share | $ | 6.37 |  | $ | 6.84 |
Diluted earnings per share | $ | 6.05 |  | $ | 6.62 |
The Company incurred costs related to the merger of $10.1 million for the year ended September 30, 2025, that are included within Professional fees on the consolidated income statement. Benchmark On March 11, 2025, the Company announced that it had signed an agreement to acquire Benchmark. Benchmark is a full-service investment banking firm offering a robust sales and trading platform, award-winning equity research, and a highly experienced investment banking team. The purchase price consideration includes cash of $57.1 million and four annual contingent payments, each capped at $7.0 million, plus a final contingent payment for any excess above the annual caps over the four year period following the close, valued together at $25.3 million. This transaction was effective on the closing date of July 31, 2025. The business activities of Benchmark have been assigned to the Company’s Institutional reportable segment. The acquisition generated $55.7 million of Goodwill and $10.2 million of intangible assets. As of September 30, 2025, the Company’s fair value and purchase price accounting are preliminary. Benchmark’s results of operations and cash flows have been included in the Company’s consolidated financial statements for the period subsequent to July 31, 2025. For the year ended September 30, 2025, the Company’s results include total operating revenues and net income from Benchmark of $11.4 million and $1.6 million, respectively. Headquartered in New York City and operating nationwide, Benchmark has been delivering exceptional client service, market access, and deep market and industry expertise for over 35 years. This acquisition will strengthen the Company’s offerings in equity and debt capital markets, with significant enhancements in equity research and investment banking. Right Corporation On September 3, 2025, the Company entered into, and closed, an agreement to acquire Right, a Montana corporation. Right Corporation provides trading and logistics services for independent meat packing operations, distributors, and end-users. The purchase price consideration includes cash of approximately $9.2 million, $2.5 million of hold-back payable within 6 months based on successful collection of customer receivables, an earn-out valued at approximately $2.6 million payable over a 4 year period following the close, and $5.0 million in extinguishment of Right’s outstanding debt on the close date. The business activities of Right have been assigned to the Company’s Commercial reportable segment. The acquisition generated $1.0 million of Goodwill and $1.9 million of intangible assets. Bamboo On March 13, 2025, the Company entered into an agreement to purchase a 20% interest in Bamboo Payment Holding LLC (“Bamboo”) for $8.0 million cash, which was funded as of July 1, 2025. Under the terms of the agreement, the Company is entitled to designate no less than 25% of the members comprising Bamboo’s board. As a result, this investment was accounted for under the equity method in accordance with relevant accounting guidance. For the year ended September 30, 2025, the Company recognized a loss of $0.3 million for the Company’s share of Bamboo’s loss. This loss is recorded in Gain on acquisitions and other gains, net on the Consolidated Income Statements. Acquisitions in Fiscal 2024 Trust Advisory Group, Ltd. On September 20, 2024, the Company’s subsidiary StoneX Advisors Inc. executed a sale and purchase agreement to acquire all of the outstanding shares of Trust Advisory Group, Ltd. (“TAG”), a Massachusetts corporation. This transaction was effective on the closing date of September 20, 2024. The purchase price consists of $1.5 million of cash consideration paid at closing, plus an estimated $1.0 million hold-back due to be paid on or before February 15, 2025 and a contingent earn-out valued at approximately $1.7 million due within 90 days after March 31, 2026. The business activities of TAG have been assigned to the Company’s Self-Directed/Retail reportable segment. The acquisition generated $2.0 million of Goodwill and $2.1 million of intangible assets. Acquisitions in Fiscal 2023 Cotton Distributors Inc. On October 31, 2022, the Company’s wholly owned subsidiary, StoneX Netherlands B.V., acquired CDI-Societe Cotonniere De Distribution S.A (“CDI”), based in Switzerland. CDI operates a global cotton merchant business with clients and producers in Brazil and West Africa as well as buyers throughout Asia. The purchase price is approximately $42.7 million, which is based on CDI’s estimated acquisition date tangible book value as defined by the terms of the purchase agreement and based on Swiss accounting practices, and an earn-out payment due to the seller. The earn-out value was determined by CDI’s performance with respect to certain contracts entered into before the acquisition date and settling after the closing date. During the year ended September 30, 2023, CDI contributed $36.9 million of Net operating revenue and $18.6 million of Net income. The gain on acquisition was principally due to the fair value of commodity forward purchases and sales contracts and fair value of identified intangible assets acquired exceeding the consideration paid for these assets.
(in millions) | Fair Value
Cash and cash equivalents | $ | 8.2 |
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties | 7.7
Receivable from clients, net | 51.9
Financial instruments owned, at fair value | 45.7
Deferred income taxes, net | (3.3)
Property and equipment, net | 0.1
Physical commodities inventory, net | 22.5
Other assets | 6.7
Total fair value of tangible assets acquired | 139.5
Accounts payable and other accrued liabilities | 40.0
Financial instruments sold, not yet purchased, at fair value | 28.3
Payables to lenders under loans | 10.1
Payables to broker-dealers, clearing organizations, and counterparties | 0.4
Payables to clients | 2.6
Income taxes payable | 0.8
Total fair value of liabilities assumed | 82.2
Fair value of tangible net assets acquired | $ | 57.3 |
Identifiable intangible assets acquired |
Client relationships | $ | 4.7 |
Supplier relationships | 3.7
Trade name | 0.4
Non-compete | 0.1
Total fair value of intangible assets acquired | 8.9
Fair value of identifiable net assets acquired | 66.2
Total merger consideration | 42.7
Gain on acquisition | $ | 23.5 |
Incomm S.A.S. On February 3, 2023, the Company’s subsidiary StoneX Commodity Solutions LLC executed a sale and purchase agreement to acquire all of the outstanding shares of Incomm S.A.S. (“Incomm”), a company duly incorporated and in existence according with the laws of Colombia. This transaction was effective on the closing date of February 3, 2023. Incomm was established to support the import of grain and feed products for Colombian clients, and is a proven resource in management of customs clearing, inventory management at destination ports and providing non-recourse trade finance for destination buyers via local Colombian banks. The purchase price consists of $0.2 million of cash consideration and also includes a contingent earn-out valued at approximately $1.3 million with annual payments over the four years following the acquisition. The contingent earn-out payments are variable in nature, as they equal a percentage of the acquired business line’s pre-tax profits, as defined in the purchase agreement. The business activities of Incomm will be assigned to the Company’s Commercial reportable segment. The acquisition generated $1.3 million of Goodwill.

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