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Miami International (MIAX) investor relations material
Miami International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Net revenues grew 57% year-over-year to $109.5 million, driven by strong options trading, the launch of MIAX Sapphire, and the TISE acquisition.
Adjusted EBITDA increased 157% year-over-year to $48 million, with adjusted earnings rising to $40 million and adjusted diluted EPS reaching $0.42.
GAAP net loss was $102.1 million, primarily due to a $107.7 million loss on debt extinguishment and IPO-related share-based compensation.
Successful IPO in August 2025 raised $396.8 million–$397 million, enabling full repayment of senior secured debt and strengthening the balance sheet.
Strategic acquisitions and technology investments expanded product offerings and global reach, including the TISE acquisition and new trading platforms.
Financial highlights
Net revenue: $109.5 million (+57% YoY); adjusted EBITDA: $48 million (+157% YoY); adjusted EBITDA margin: 44%–45%.
Adjusted earnings rose to $40 million (+383% YoY); adjusted diluted EPS: $0.42 (+282% YoY).
Cash and equivalents at quarter-end: $401–$401.5 million; total debt reduced to $6.5 million.
Adjusted operating expenses were $61.6 million, up from $51.1 million, mainly due to headcount and technology investments.
GAAP net loss: $102.1 million (vs. $3.2 million loss YoY); diluted EPS: $(1.46).
Outlook and guidance
Focus on leveraging technology and regulatory licenses to expand across asset classes and geographies, with new product launches planned, including futures on Bloomberg indices in 2026.
Expectation of sustained industry growth, especially in options, driven by retail participation and new products.
Expense growth expected to moderate as major platform build-outs are complete; share-based compensation to normalize post-IPO.
Future product strategy beyond announced indices
How to sustain options market share gains?
Futures segment revenue recovery strategy
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Next Miami International earnings date
Q4 20257 Apr, 2026
Next Miami International earnings date
Q4 20257 Apr, 2026
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