Miami International (MIAX) Q3 2025 earnings summary

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.

• GAAP net loss was $102.1 million, primarily due to a $107.7 million loss on debt extinguishment and IPO-related expenses.

• Successful IPO in August 2025 raised $396.8 million in gross proceeds, enabling full repayment of senior secured debt and strengthening the cash position.

• Market share in multi-listed options reached a record 17.2% in Q3, with ADV of 9.6 million contracts, up 56% year-over-year.

Financial highlights

• Net revenue: $109.5 million (+57% YoY); adjusted EBITDA: $48 million (+157% YoY); adjusted EBITDA margin: 44% (up from 27%).

• Adjusted earnings: $40 million (+383% YoY); adjusted diluted EPS: $0.42.

• Cash and cash equivalents at quarter-end: $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 IT investments.

• Q3 2025 basic and diluted EPS: $(1.46) (vs. $(0.05) in Q3 2024).

Outlook and guidance

• Continued investment in technology and product expansion expected to drive growth, with plans to launch futures on Bloomberg indices in 2026.

• Management anticipates elevated volatility and evolving interest rate policy will support demand for risk management tools.

• Expense growth expected to moderate as major platform build-outs are complete; recurring share-based compensation to stabilize post-IPO.

• Ongoing expansion into international markets and new asset classes, with a focus on proprietary product development and data monetization.

• Future performance will be influenced by macroeconomic trends, regulatory changes, and competitive dynamics.