StoneX Group (SNEX) opened Q2 2026 with total revenue of about US$45.3b, basic EPS of US$2.21, and net income of US$168.9m, setting a clear marker for its latest quarter. Over the past six quarters, the company has seen revenue move from US$27.6b in Q1 2025 to US$45.3b in Q2 2026, while quarterly basic EPS shifted from US$1.18 to US$2.21 and net income from US$82.4m to US$168.9m, with trailing twelve month EPS at US$6.01 and net income at US$446.8m. For investors, the combination of these revenue and EPS trends together with a slightly higher net margin over the last year frames a business where profitability and efficiency are central to how this result will be judged.

See our full analysis for StoneX Group.

With the headline numbers on the table, the next step is to set these results against the most common narratives around StoneX Group, highlighting where the data backs the story and where it raises fresh questions.

56.3% earnings growth vs 0.3% margin

• Over the last 12 months, net income reached US$446.8m and earnings grew 56.3%, while the net profit margin sat at 0.3% compared with 0.2% the prior year, so most of the progress came from higher absolute profits on very thin margins.
• What stands out for a bullish view is that this earnings growth sits alongside only a small margin level, which means:
  • Bulls who like StoneX as a “global market plumbing and risk management hub” can point to the 56.3% trailing earnings growth as evidence that the business model has been generating higher profits even with a 0.3% margin.
  • At the same time, the margin figure shows profits are sensitive to activity levels, so the bullish case leans heavily on continued client trading and hedging demand rather than on higher margins doing the heavy lifting.

Q2 profit of US$168.9m backs multi year trend

• In Q2 2026, StoneX reported net income of US$168.9m and basic EPS of US$2.21, and over the trailing 12 months earnings averaged 18.5% per year growth over five years according to the data, which ties the latest quarter back to a longer multi year profit trend.
• Supporters highlighting a bullish multi segment story can lean on these figures, but the numbers also keep that optimism grounded:
  • On the supportive side, the trailing 12 month EPS of US$6.01 and Q2 EPS of US$2.21 show that recent quarters are a significant contributor to that 18.5% 5 year earnings growth rate in the data.
  • On the balancing side, the forecast earnings growth rate of about 5.9% per year is far below the earlier 56.3% trailing growth, so anyone with a bullish stance needs to recognise that the historic pace in the data is not what the forecasts are pointing to.

P/E of 21.4x vs DCF value of US$31.31

• StoneX trades on a trailing P/E of 21.4x at a share price of US$120.90, which is below the US Capital Markets industry average P/E of 42.8x but above the DCF fair value of US$31.31 that appears in the data.
• Critics taking a more bearish angle often focus on valuation, and the numbers here give them several talking points:
  • The P/E of 21.4x is higher than the peer average of 16.7x in the data, which can back the bearish claim that investors are paying more for each dollar of trailing earnings than for closer peers.
  • The same data show the share price above the DCF fair value of US$31.31, so a bearish view can point to a gap between the trading price and that model based value while also noting that earnings are only forecast to grow around 5.9% per year versus a 16.4% reference figure for the wider US market.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on StoneX Group's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

With earnings, margins, and valuation all pulling the story in different directions, how do these results line up with your own expectations for StoneX? If you want to see what is getting investors optimistic, it is worth checking the 3 key rewards.

See What Else Is Out There

StoneX combines thin 0.3% margins with a share price above its DCF value and a higher P/E than peers, which can leave valuation focused investors cautious.

If you are uneasy about paying up for earnings when margins are this tight, it makes sense to also look at 51 high quality undervalued stocks to quickly spot stocks priced more conservatively.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.