Core FFO per share for Q2 2025 was $0.55, down 11% year-over-year due to decreased same-store NOI and increased interest expense.
Expense growth was 4.6%, mainly from higher property taxes, marketing, repair and maintenance, and utilities, partially offset by lower personnel costs.
Net debt-to-EBITDA was 6.8x at quarter end, slightly improved from 6.9x in Q1.
Occupancy increased sequentially by 140 basis points in Q2 to 85%, further rising to 85.3% in July, narrowing the year-over-year occupancy gap.
RevPar improved for five consecutive months ending July, with the year-over-year decline narrowing from 4.2% in February to 1.6% in July.
Same-store NOI declined 6.1% year-over-year.
Same-store revenues declined 3%, driven by a 240 basis point drop in average occupancy and a 30 basis point decline in average revenue per square foot.
Interest and fee income on client balances decreased 11% year-over-year due to lower short-term interest rates but increased modestly sequentially.
Net operating revenues increased 4% year-over-year, driven by growth in securities, payments, and FX CFDs, offset by declines in physical contracts, listed and OTC derivatives.
Segment performance varied: Commercial segment revenues declined 24% with segment income down 36%, Institutional segment achieved record revenues and income growth of 27% and 41%, respectively, and Self-directed retail segment revenues and income increased 18% and 49%.
StoneX reported Q3 fiscal 2025 net income of $63.4 million with diluted EPS of $1.22, reflecting 2% net income growth but a 2% decline in EPS due to increased shares outstanding.
Trailing 12-month results showed operating revenues up 17%, net income up 26% to $296.9 million, EPS of $5.87, and return on equity of 16.6%, exceeding the 15% target.
Dafinchi