StoneX completed its acquisition of Benchmark in 2025 for $57.1 million in cash
Key Facts
StoneX Group completed its acquisition of The Benchmark Company on August 5, 2025, according to the company’s announcement, after announcing the deal agreement on March 11 of the same year. This timeline corrects the impression that a new acquisition took place on November 2, 2026. The available primary disclosures do not establish that a new agency agreement termination occurred on that date. The documented news therefore concerns the completion of a 2025 deal, not a recent acquisition or a confirmed contractual change. Benchmark provided investment banking, equity research, institutional sales and trading services, according to StoneX’s description.
StoneX said when it completed the deal that Benchmark’s team and operations would join its institutional division. It added that the Benchmark brand would remain in the near term to ensure continuity in dealings with clients and counterparties. The arrangement places the acquired business within the company’s institutional unit while retaining the brand name during the near term. The company did not link the integration in its announcement to the termination of an existing agency agreement. Nor does the disclosure support an interpretation that canceling an agency role was a condition of the integration.
In its annual report, StoneX said the acquisition added relationships with institutional investors and hedge funds and broadened its research coverage, while adding investment banking capabilities. This reflects the scope of the deal as presented by the company: expanding institutional services and adding research and advisory activity to its business. StoneX said the consideration included $57.1 million in cash. It also included four conditional annual payments, each capped at $7.0 million, plus a conditional final payment. The company valued the combined conditional payments at $25.3 million in its report for the fiscal year ended September 30, 2025.
The acquisition’s effects appeared in StoneX’s expenses in the quarter ended June 30, 2026. Compensation and other expenses rose 39% to $558.2 million, compared with $401.4 million in the same period of 2025, and the company said the increase was primarily related to acquisitions including Benchmark, RJO and others. The absolute increase was $156.8 million, according to the quarterly report. StoneX also said the increase in fixed salaries and benefits, market information and acquisition accrual expenses was primarily related to Benchmark and Octo Finances. These disclosures place acquisition costs among the company’s explanations for higher expenses during the period.
In the nine months ended June 30, 2026, StoneX’s operating revenues rose 53% to $4.473 billion, from $2.9246 billion in the corresponding period of 2025. The company attributed part of the increase to its acquisition of RJO, which contributed $603.9 million in operating revenues during the period. That figure shows RJO’s specific contribution; the report does not attribute all revenue growth to Benchmark. The company’s disclosures combine revenue expansion driven by acquisitions with increases in some expense items related to them. No subsequent development concerning an agency agreement or a future date related to one appeared in the available facts.