Forex.com Q2 Update: Trading Volumes Surge, Revenue Slips

Forex.com Q2 update shows trading volumes surged while revenue slipped due to lower RPM and tighter margins. StoneX, the parent firm of Forex.com and City Index, reported $70.9 million in revenue from FX and contracts for difference (CFDs) trading for the January–March quarter, reflecting a 12% decrease compared to the same quarter last year.

Nonetheless, for the six-month span from October 2024 to March 2025, FX and CFDs revenue increased 9% year-over-year to $169.5 million. Despite the half-year gain, the quarterly figures highlight a clear sequential slowdown.

The company’s financial report, released on Thursday, also revealed a 10% year-over-year increase in average daily trading volume (ADV) in FX and CFDs, which reached $11.5 billion. However, revenue per million (RPM) declined 19% to $97, signaling a mismatch between volume and earnings.

Forex.com Q2 Update Reveals Mixed Performance

StoneX’s retail division remained the leading force behind its FX and CFDs operations. Operating revenue from the retail segment came in at $63 million for the March quarter, down 13% from a year earlier, while net operating revenue dipped 15% to $55.4 million.

Retail ADV surged 34%, though RPM also dropped 34% to $116, indicating tighter margins even amid growing client activity.

StoneX entered the retail trading sector in 2020 through its $236 million acquisition of GAIN Capital, the parent of Forex.com and City Index. This deal more than doubled its global retail account base to 295,000. Today, the platforms collectively serve over 400,000 retail clients worldwide.

The company recently expanded into Asia by launching Forex.com in Singapore after obtaining a local regulatory license.

Operating revenue trends

Although FX and CFDs revenue softened, the segment still contributed significantly to StoneX’s overall quarterly operating revenue of $956 million—a 17% rise year-over-year. After accounting for costs, net operating revenue totaled $487.3 million, with net income jumping 35% to $71.7 million.

“Over the last several years, though we have benefited from a rising interest rate environment, volatility—a key driver of our business—has been generally muted,” said Sean O’Connor, CEO of StoneX. “Since the beginning of this fiscal year, increased market volatility, combined with strong client acquisition and engagement, has helped offset the decline in short-term interest rates.”

In another strategic move, StoneX has inked a definitive deal to purchase R.J. O’Brien—the oldest futures brokerage in the U.S.—for $900 million in equity, further bolstering its futures trading footprint.

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