Miami International (MIAX) Q4 2025 earnings summary

Executive summary

• Achieved record adjusted net revenue and EBITDA for Q4 and FY 2025, driven by strong options segment performance, improved profitability in equities and international segments, and strategic milestones including a successful IPO, secondary offering, and sale of 90% of MIAXdx.

• Expanded international footprint with the acquisition of TISE, launched MIAX Sapphire options trading floor, MIAX Futures Onyx, and new clearing infrastructure.

• Introduced new short-term options expirations and expanded product offerings, supporting hybrid market structure and volume growth.

Financial highlights

• Q4 2025 adjusted net revenue rose 52% YoY to $125 million; adjusted EBITDA up 112% YoY to $62.2 million; adjusted EBITDA margin improved to 50% from 36% YoY; adjusted diluted EPS was $0.52.

• FY 2025 adjusted net revenue increased 56% YoY to $431 million; adjusted EBITDA up 143% YoY to $199.1 million; adjusted EBITDA margin was 46%, up from 30% YoY; adjusted diluted EPS was $1.82.

• Q4 adjusted earnings nearly tripled YoY to $57.1 million; Q4 net income attributable to stockholders was $29.9 million.

• Year-end cash and cash equivalents were $434 million with less than $2 million in outstanding debt.

Outlook and guidance

• FY 2026 adjusted operating expenses expected between $265–$275 million, up 13–18% YoY, driven by headcount and technology investments.

• Share-based compensation forecasted at $27–$30 million; capital expenditures at $40–$45 million; depreciation and amortization expected at $33–$38 million.

• Adjusted effective tax rate projected at 27–29%, with potential for further improvement as valuation allowance is released.

• Continued growth expected in options volumes, supported by elevated volatility and new product launches.