• Q4 Net revenue of $124.5 million (+52% YoY), GAAP diluted EPS of $0.27
• Q4 Adjusted EBITDA of $62.2 million (+112% YoY), Adjusted diluted EPS of $0.52
• FY 2025 Net revenue of $430.5 million (+56% YoY), GAAP diluted EPS of ($1.00)
• FY 2025 Adjusted EBITDA of $199.1 million (+143% YoY), Adjusted diluted EPS of $1.82
• Establishes 2026 adjusted operating expense guidance

Miami International Holdings, Inc. (MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, announced results for the fourth quarter and full year 2025.

“We ended a milestone year with another exceptional quarter of progress,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. “Beyond our strong financial results and record volumes, 2025 was marked by a number of transformative strategic achievements including our successful IPO and secondary offering, the announcement of our strategic sale of 90% of MIAXdx, the launch of the MIAX Sapphire options trading floor in Miami, the launch of the MIAX Futures Onyx trading platform, and the completion of our acquisition of TISE.”

“We have built a strong foundation for capturing emerging secular growth opportunities. Looking ahead, we’ll leverage our technology advantage, broad range of regulatory licenses across multiple jurisdictions, diverse and expanding product range, and most importantly, our deep relationships with our customers to drive continued growth.”

Fourth Quarter 2025 Highlights

All figures are compared to the fourth quarter of 2024 unless otherwise stated.

• Net revenue, defined as revenues less cost of revenues, grew 52% to $124.5 million, compared to $81.7 million in the prior-year period. The increase was primarily driven by strong options business performance, including increased industry volumes and the full-year impact of the MIAX Sapphire^® electronic options exchange.
• Total operating expenses were $81.8 million, compared to $74.5 million in the prior-year period. The increase was primarily due to planned investments in headcount and technology to support our growth initiatives; increased depreciation and amortization expenses related to the launch of the MIAX Sapphire electronic and floor exchange; and the launch of the MIAX Futures Onyx trading platform.
• Operating income of $42.7 million, compared to $7.2 million in the prior-year period.
• GAAP net income of $29.9 million, compared to $2.9 million in the prior-year period.
• Adjusted earnings increased nearly three times to $57.1 million, compared to $19.6 million in the prior-year period.
• Adjusted EBITDA more than doubled to $62.2 million, compared to $29.3 million in the prior-year period, driven primarily by strong growth in net revenues.
• Adjusted EBITDA margin expanded to 50% from 36% in the prior-year period.

Business Updates

• Closed secondary public offering of 7.8 million shares of common stock at $41.00 per share in the fourth quarter of 2025. The offering consisted entirely of secondary shares.
• MIAX options exchanges reached a record average daily volume of 11.1 million contracts in the fourth quarter of 2025, a 46.5% increase year-over-year.
• MIAX options exchanges reached a market share record of 18.2% in the fourth quarter of 2025, a 14.5% increase year-over-year.
• Completed the sale of 90% of the issued and outstanding equity in MIAXdx in January 2026 to a joint venture established by Robinhood Markets, Inc. in partnership with Susquehanna International Group. MIAX retained 10% of the issued and outstanding equity of MIAXdx, now known as Rothera Exchange and Clearing LLC.
• Listed new Monday and Wednesday short term option expirations for qualifying stocks in the Short term Options Series Program.

Options

• Net revenue grew 46% to $106.9 million, compared to $73.1 million in the prior-year period. The growth was primarily driven by higher net transaction fees that benefitted from increased industry volume, higher market share, and higher revenue per contract (RPC). Higher non-transaction fees were primarily driven by the full-year impact of the launch of the MIAX Sapphire electronic options exchange.
• Operating income increased 80% to $73.0 million, compared to $40.6 million in the prior-year period. The growth was primarily due to higher net revenues.
• Adjusted EBITDA grew 66% to $82.5 million, compared to $49.7 million in the prior-year period.

Equities

• Net revenue grew 245% to $6.4 million, compared to $1.8 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved pricing. Equities capture was net neutral for the quarter as compared to historically inverted.
• Approached operating breakeven in the fourth quarter, compared to an operating loss of $6.3 million in the prior-year period.
• Adjusted EBITDA of $1.6 million, compared to ($3.8) million in the prior-year period.

Futures

• Net revenue was $4.8 million, compared to $5.6 million in the prior-year period. The decline was primarily due to lower listings fees, and decreased transaction fees due to lower volumes caused by timing of participant migrations to MIAX Futures Onyx and lower commodity market volatility, partially offset by the elimination of expenses related to CME Globex.
• Operating loss was $14.2 million, compared to an operating loss of $11.0 million in the prior-year period. The change was primarily due to lower revenue and higher operating expenses driven by increased compensation costs.
• Adjusted EBITDA of ($10.0) million, compared to ($6.9) million in the prior-year period.

International

• Net revenue was $6.0 million, compared to $0.9 million in the prior-year period. The increase was primarily due to the acquisition of The International Stock Exchange Group Limited (TISE) in June 2025.
• Operating income was $0.9 million, compared to an operating loss of $2.8 million in the prior-year period. The change was primarily due to the impact of the TISE acquisition.
• Adjusted EBITDA of $1.8 million, compared to ($2.0) million in the prior-year period.

Capital and Liquidity

• As of December 31, 2025, MIAX had cash and cash equivalents of $433.6 million and total debt of $1.5 million.

FY 2026 Guidance

For full year 2026, we expect:

• Adjusted operating expenses, which exclude share based compensation, depreciation and amortization, and litigation expenses, in a range between $265 million and $275 million;
• Share based compensation expense in a range between $27 million and $30 million;
• Capital expenditures, including capitalization of internally developed software, in a range between $40 million and $45 million;
• Depreciation and amortization expense in a range between $33 million and $38 million;
• Adjusted effective tax rate post valuation allowance release in a range between 27% and 29%. Subject to continued improvements in U.S. operating results, the Company anticipates that within the next 12 months, sufficient positive evidence should become available to reach a conclusion that a significant portion of the deferred tax valuation allowance (VA) would no longer be required. The Adjusted ETR is based on non-GAAP adjusted earnings and excludes the discrete tax benefit of the anticipated VA release.

Source: MIAX