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 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.