StoneX Group Inc. (SNEX) Cash Flow Statement
Where SNEX’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $4.39B +765.7% vs FY2024
- Capital expenditures
- $65.4M 0.0% of revenue
- Free cash flow
- $4.32B 3.3% margin
- Returned to shareholders
- $178.1M 4% of free cash flow
- Change in cash
- $4.85B cash at year-end $11.52B
Cash from operations
$4.39B
Capital expenditures
−$65.4M
Investments (net)
−$465.5M
Acquisitions & other
+$65.4M
Dividends
−$178.1M
Net borrowing (repayment)
+$942.4M
Other financing
+$150.5M
Change in cash
$4.85B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SNEX operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SNEX cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$27.8MFY2016 | $4.39BFY2025 | — | |
| Capital expenditures | $15.4MFY2016 | $65.4MFY2025 | +17.4%/yr | |
| Free cash flow | −$43.2MFY2016 | $4.32BFY2025 | — | |
| Free cash flow margin | −0.3%FY2016 | 3.3%FY2025 | +3.6 pts | |
| Operating cash flow / net income | −0.51FY2016 | 14.35FY2025 | +14.85 | |
| Stock-based compensation | $5.1MFY2016 | $49.0MFY2025 | +28.6%/yr | |
| Dividends paid | $1.20BFY2019 | $178.1MFY2025 | −27.2%/yr | |
| Share buybacks (net) | $19.5MFY2016 | $1.15BFY2023 | +79.1%/yr | |
| Capex / revenue | 0.1%FY2016 | 0.0%FY2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SNEX cash flow by activity
OperatingInvestingFinancingChange in cash
SNEX net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SNEX cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $305.9M | $260.8M | $149.1M | $207.1M | $116.3M | $169.6M | $85.1M | $55.5M | $6.4M | $54.7M |
| Depreciation & amortization | $99.0M | $74.6M | $19.5M | $60.3M | $48.7M | $29.6M | $14.0M | $11.6M | $9.8M | $7.8M |
| Stock-based compensation | $49.0M | $37.2M | $26.2M | $17.8M | $13.9M | $10.3M | $8.1M | $6.6M | $6.3M | $5.1M |
| Change in working capital | $3.92B | $16.7M | $45.8M | −$534.6M | $1.93B | $1.79B | $88.9M | −$574.4M | $972.1M | −$94.3M |
| Other non-cash items | $17.2M | $117.6M | −$79.8M | $19.9M | $13.2M | −$52.8M | −$500,000 | $27.1M | $42.8M | −$1.1M |
| Cash from operating activities | $4.39B | $506.9M | $160.8M | −$229.5M | $2.12B | $1.95B | $195.6M | −$473.6M | $1.04B | −$27.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$65.4M | −$65.2M | −$17.9M | −$49.5M | −$62.1M | −$16.6M | −$11.9M | −$12.5M | −$16.1M | −$15.4M |
| Investments (net) | −$465.5M | −$63.7M | −$50.8M | −$49.5M | −$59.8M | −$241.6M | −$40.8M | −$15.4M | −$22.3M | −$35.5M |
| Acquisitions & other investing | $65.4M | $65.2M | $15.7M | $49.5M | $62.1M | $16.6M | $11.9M | $12.5M | $16.1M | $15.4M |
| Cash from investing activities | −$465.5M | −$63.7M | −$53.0M | −$49.5M | −$59.8M | −$241.6M | −$40.8M | −$15.4M | −$22.3M | −$35.5M |
| Financing activities | ||||||||||
| Dividends paid | −$178.1M | −$48.1M | −$12.7M | −$9.6M | −$125.0M | −$5.5M | −$1.20B | — | — | — |
| Share repurchases & issuance (net) | — | — | −$1.15B | −$547.0M | −$11.7M | −$7.5M | −$3.8M | −$83.0M | −$55.0M | −$19.5M |
| Net borrowing (repayment) | $942.4M | $199.9M | −$154.3M | $65.7M | −$30.9M | $330.2M | $15.5M | $125.0M | $1.9M | $141.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $150.5M | $36.2M | $1.21B | $556.7M | $132.0M | −$4.9M | $1.19B | $78.9M | $58.8M | −$700,000 |
| Cash from financing activities | $914.8M | $188.0M | −$106.9M | $65.8M | −$35.6M | $312.3M | $9.6M | $120.9M | $5.7M | $121.0M |
| Summary | ||||||||||
| Net change in cash | $4.85B | $630.9M | −$4.0M | −$224.4M | $2.04B | $2.02B | $163.7M | −$372.2M | $1.02B | $48.1M |
| Cash at end of period | $11.52B | $6.67B | $2.1M | $6.29B | $6.51B | $4.47B | $2.45B | $2.29B | $2.66B | $316.2M |
| Free cash flow | $4.32B | $441.7M | $142.9M | −$279.0M | $2.06B | $1.93B | $183.7M | −$486.1M | $1.02B | −$43.2M |
| Free cash flow margin | 3.3% | 0.4% | 0.2% | −0.4% | 4.8% | 3.6% | 0.6% | −1.8% | 3.5% | −0.3% |
| Capex / revenue | 0.0% | 0.1% | 0.0% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% |
| Operating cash flow / net income | 14.35 | 1.94 | 1.08 | −1.11 | 18.25 | 11.50 | 2.30 | −8.53 | 162.09 | −0.51 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $127.9M | $168.9M | $139.0M | $85.7M | $63.4M | $71.7M | $85.1M | $76.7M | $61.9M | $53.1M | $69.1M | $50.7M |
| Depreciation & amortization | $38.2M | $30.2M | $31.9M | $33.7M | $19.4M | $22.5M | $23.4M | $22.4M | $19.6M | $18.2M | $14.4M | $17.5M |
| Stock-based compensation | $14.3M | $13.7M | $14.3M | $13.8M | $13.2M | $10.7M | $11.3M | $9.4M | $11.0M | $9.2M | $7.6M | $6.7M |
| Change in working capital | −$1.52B | $3.97B | $836.2M | $3.40B | $1.40B | −$271.0M | −$605.7M | $88.9M | −$720.1M | $707.6M | −$637.6M | $293.5M |
| Other non-cash items | $5.8M | $25.5M | −$2.28B | −$200,000 | −$2.3M | $11.6M | $8.1M | −$4.8M | $5.5M | −$4.1M | $698.9M | $2.7M |
| Cash from operating activities | −$1.34B | $4.21B | −$1.26B | $3.53B | $1.49B | −$154.5M | −$477.8M | $192.6M | −$622.1M | $784.0M | $152.4M | $371.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$16.2M | −$21.3M | −$15.2M | −$20.5M | −$16.0M | −$15.3M | −$13.6M | −$16.7M | −$18.4M | −$17.4M | −$12.7M | −$14.1M |
| Investments (net) | $1.7M | −$100,000 | −$5.0M | −$406.6M | −$16.2M | −$21.1M | −$21.6M | −$18.7M | −$18.9M | −$13.4M | −$12.7M | −$14.1M |
| Acquisitions & other investing | $128.3M | −$1.41B | −$7.9M | $20.5M | $16.0M | $15.3M | $13.6M | $16.7M | $18.4M | $17.4M | $12.7M | $14.1M |
| Cash from investing activities | $113.8M | −$1.43B | −$28.1M | −$406.6M | −$16.2M | −$21.1M | −$21.6M | −$18.7M | −$18.9M | −$13.4M | −$12.7M | −$14.1M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$12.7M |
| Share repurchases & issuance (net) | −$100,000 | −$100,000 | — | — | — | — | — | — | −$800,000 | −$30.0M | −$29.0M | −$1.02B |
| Net borrowing (repayment) | $95.9M | $76.0M | −$293.2M | $928.5M | $11.8M | −$209.1M | $211.2M | $111.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $5.5M | $3.9M | −$6.6M | −$9.8M | $2.6M | $2.6M | −$23.0M | $2.8M | −$382.0M | $410.1M | $105.9M | $947.0M |
| Cash from financing activities | $101.3M | $79.8M | −$299.8M | $918.7M | $14.4M | −$206.5M | $188.2M | $113.8M | −$382.8M | $380.1M | $76.9M | −$81.7M |
| Summary | ||||||||||||
| Net change in cash | $71.7M | $529.9M | −$1.59B | $4.05B | $1.50B | −$370.4M | −$329.6M | $294.3M | −$1.03B | $1.15B | $223.4M | $263.1M |
| Cash at end of period | $2.19B | $2.12B | $9.93B | $11.52B | $7.47B | $5.97B | $6.34B | $6.67B | $6.38B | $7.41B | $6.27B | $6.04B |
| Free cash flow | −$1.35B | $4.19B | −$1.28B | $3.51B | $1.48B | −$169.8M | −$491.4M | $175.9M | −$640.5M | $766.6M | $139.7M | $357.0M |
| Free cash flow margin | −3.4% | 9.2% | −3.3% | 10.7% | 4.2% | −0.5% | −1.8% | 0.6% | −2.4% | 3.5% | 0.7% | 2.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Operating cash flow / net income | −10.45 | 24.94 | −9.08 | 41.18 | 23.52 | −2.15 | −5.61 | 2.51 | −10.05 | 14.76 | 2.21 | 7.32 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SNEX cash generation
In fiscal 2025 (ended September 30, 2025), StoneX generated $4.4 billion of cash from operations (up 765.7%) and spent $65.4 million on capital expenditures, leaving free cash flow of $4.3 billion, 3.3% of revenue. It returned $178.1 million to shareholders through dividends ($178.1 million) and net share buybacks ($0). Cash and equivalents rose by $4.8 billion over the year.
Related: SNEX income statement, SNEX balance sheet. See the SNEX stock overview for the latest quote and news.
SNEX cash flow FAQ
What is StoneX's free cash flow?
StoneX's free cash flow was $4.3 billion in fiscal 2025: $4.4 billion of operating cash flow minus $65.4 million of capital expenditures It was $441.7 million a year earlier..
How much cash does StoneX generate from operations?
StoneX generated $4.4 billion of cash from operating activities in fiscal 2025, 14.35 times its net income of $305.9 million.
How much does StoneX spend on capital expenditures?
StoneX spent $65.4 million on capital expenditures in fiscal 2025, 0.0% of revenue, compared with $65.2 million the year before.
How much does StoneX pay in dividends?
StoneX paid $178.1 million in dividends in fiscal 2025, 4.1% of free cash flow.