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 successful strategic milestones including IPO, secondary offering, and sale of 90% of MIAXdx to Robinhood and Susquehanna, retaining a 10% stake.

• Expanded international footprint with the acquisition of TISE, launched MIAX Sapphire options trading floor, MIAX Futures Onyx platform, and introduced new short-term options expirations and product offerings.

Financial highlights

• Q4 2025 net revenue grew 52% YoY to $125 million; adjusted EBITDA up 112% YoY to $62 million; adjusted EBITDA margin improved to 50%; adjusted diluted EPS was $0.52.

• Full-year 2025 net revenue grew 56% YoY to $431 million; adjusted EBITDA up 143% YoY to $199 million; adjusted EBITDA margin was 46%; adjusted diluted EPS was $1.82.

• Q4 adjusted earnings nearly tripled YoY to $57 million; Q4 net income attributable to stockholders was $29.9 million, up from $2.9 million YoY.

• Year-end cash and cash equivalents were $434 million with minimal debt.

Outlook and guidance

• Expect full-year 2026 adjusted operating expenses of $265–$275 million, a 13–18% YoY increase, driven by headcount and technology investments; share-based compensation forecasted at $27–$30 million; CapEx at $40–$45 million; depreciation and amortization at $33–$38 million.

• Anticipate release of deferred tax valuation allowance in 2026, with effective tax rate on adjusted earnings of 27–29%.

• Continued growth expected in options volumes, though not at 2025's 30% pace; short-dated expirations and volatility to drive demand.