The Four-Engine Business Model — Commercial, Institutional, Retail, Payments

StoneX runs four operating segments, each with a distinct client base, profit profile, and growth trajectory. Understanding how Commercial, Institutional, Self-Directed/Retail, and Payments work — and which segment grew 36% in fiscal 2025 versus which one delivered a 58% segment margin — is the difference between a generic "I want to work in finance" answer and an interview answer that signals you've studied the firm.