8-K: MIAX Reports Strong Q4, Full Year 2025 Financial Results

Miami International Holdings, Inc. announced robust financial performance for Q4 and full year 2025, driven by significant growth in net revenue and adjusted EBITDA, alongside key strategic achievements.

Summary

• Q4 2025 Net revenue increased 52% year-over-year to $124.5 million.
• Q4 2025 GAAP diluted EPS was $0.27.
• Q4 2025 Adjusted EBITDA more than doubled, growing 112% year-over-year to $62.2 million.
• Q4 2025 Adjusted diluted EPS was $0.52.
• Full Year 2025 Net revenue increased 56% year-over-year to $430.5 million.
• Full Year 2025 GAAP diluted EPS was ($1.00).
• Full Year 2025 Adjusted EBITDA grew 143% year-over-year to $199.1 million.
• Full Year 2025 Adjusted diluted EPS was $1.82.
• The company completed a successful IPO and secondary offering in 2025.
• Strategic sale of 90% of MIAXdx to a joint venture with Robinhood Markets, Inc. and Susquehanna International Group was completed in January 2026.
• Launched the MIAX Sapphire options trading floor in Miami and the MIAX Futures Onyx trading platform.
• Completed the acquisition of The International Stock Exchange Group Limited (TISE).
• Established 2026 adjusted operating expense guidance in the range of $265 million to $275 million.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a very positive report, demonstrating strong financial growth across key metrics and successful execution of strategic initiatives, despite a GAAP loss for the full year primarily due to non-operating adjustments.

Positives

• Net revenue for Q4 2025 grew 52% to $124.5 million, and for FY 2025 grew 56% to $430.5 million.
• Adjusted EBITDA for Q4 2025 more than doubled to $62.2 million (+112% YoY), and for FY 2025 increased 143% to $199.1 million.
• Adjusted EBITDA margin expanded to 50% in Q4 2025 from 36% in the prior-year period.
• The Options segment's net revenue grew 46% to $106.9 million, with operating income increasing 80% to $73.0 million and Adjusted EBITDA growing 66% to $82.5 million.
• MIAX options exchanges achieved a record average daily volume of 11.1 million contracts in Q4 2025, a 46.5% increase year-over-year.
• MIAX options exchanges reached a market share record of 18.2% in Q4 2025, a 14.5% increase year-over-year.
• The Equities segment's net revenue grew 245% to $6.4 million, approached operating breakeven, and achieved positive Adjusted EBITDA of $1.6 million (compared to a loss of $3.8 million in the prior-year period).
• The International segment's net revenue increased 610% to $6.0 million, with operating income of $0.9 million (compared to an operating loss of $2.8 million in the prior-year period), primarily due to the TISE acquisition.
• The company maintained a strong capital and liquidity position with cash and cash equivalents of $433.6 million and total debt of $1.5 million as of December 31, 2025.
• Successful IPO and secondary offering in 2025, along with the strategic sale of 90% of MIAXdx, demonstrate effective strategic execution.

Negatives

• Full Year 2025 GAAP diluted EPS was ($1.00), reflecting a net loss for the year.
• The Futures segment's net revenue declined 14% to $4.8 million, with an operating loss increasing to $14.2 million (from $11.0 million) and Adjusted EBITDA at ($10.0 million) (from -$6.9 million).
• The decline in the Futures segment was attributed to lower listings fees, decreased transaction fees due to lower volumes from participant migrations to MIAX Futures Onyx, and lower commodity market volatility.
• Equities MIH shares and Average Daily Volume (ADV) decreased by 7.5% year-over-year in Q4 2025.
• Equities MIH market share decreased to 0.9% in Q4 2025 from 1.4% in Q4 2024.
• The company recognized an unrealized loss on derivative assets (Pyth tokens) of $15.876 million in Q4 2025 and $54.915 million for FY 2025.

Future Outlook

For full year 2026, adjusted operating expenses are expected to be between $265 million and $275 million. Share-based compensation expense is projected between $27 million and $30 million. Capital expenditures, including capitalized internally developed software, are guided to be between $40 million and $45 million. Depreciation and amortization expense is anticipated between $33 million and $38 million. The adjusted effective tax rate post valuation allowance release is expected to be between 27% and 29%, with a significant portion of the deferred tax valuation allowance potentially no longer required within the next 12 months, subject to continued improvements in U.S. operating results.

Management Comments

• "We ended a milestone year with another exceptional quarter of progress."
• "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."

Industry Context

StockSavvy.ai notes that MIAX's strong performance in options trading, marked by record volumes and market share, reflects a broader trend of increased retail and institutional engagement in derivatives markets. The strategic acquisitions and platform launches position MIAX to capitalize on evolving market structures and expand its multi-asset class offerings, aligning with the industry's push for diversified revenue streams and technological innovation. The sale of MIAXdx to a joint venture with Robinhood and Susquehanna highlights the ongoing consolidation and strategic partnerships within the financial exchange and data services sector.

Legal Proceedings

• Litigation costs are associated with ongoing litigation related to the Nasdaq matter.

Stakeholder Impact

• Shareholders are positively impacted by strong financial performance, strategic growth, and increased adjusted EPS, although the FY 2025 GAAP EPS was a loss. The secondary offering provided liquidity for selling shareholders.
• Employees received IPO bonuses and are subject to ongoing share-based compensation, indicating continued incentives.
• Customers benefit from new trading platforms (MIAX Sapphire, MIAX Futures Onyx) and expanded product offerings, enhancing market access and services.
• Creditors are positively impacted by the company's strong cash position ($433.6 million) and low total debt ($1.5 million), indicating robust financial health and repayment capacity.

Next Steps

• Leverage technology advantage, broad range of regulatory licenses across multiple jurisdictions, diverse and expanding product range, and deep relationships with customers to drive continued growth.
• Anticipate 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 would no longer be required, subject to continued improvements in U.S. operating results.
• Host a webcast and conference call on February 25, 2026, at 5:00 p.m. ET to review the fourth quarter and full-year financial results.

Key Dates

Recommendation

The company demonstrates exceptional growth in net revenue and adjusted EBITDA, driven by strategic acquisitions and successful product launches. While GAAP EPS shows a loss for the full year, the adjusted metrics and strong operational performance, particularly in the options segment, indicate robust underlying business health and future potential. The positive outlook for 2026 and strong cash position further support a 'strong buy' recommendation for long-term investors.

Keywords

Financial Markets, Options Trading, Futures Trading, Equities Trading, SEC Filing, Earnings Report, MIAX, Exchange Operator, Financial Technology, Market Data, IPO, Acquisition, TISE, MIAXdx, Pyth Network