Miami International Holdings Posts Robust Earnings Surge

Miami International Holdings, Inc. ((MIAX)) has held its Q4 earnings call. Read on for the main highlights of the call.

Miami International Holdings, Inc. delivered a confident and largely upbeat earnings call, underscoring powerful revenue growth, sharply higher margins and record options market share. Management acknowledged pockets of pressure, including futures softness, higher expenses and timing delays, but framed them as the cost of building a broader, more durable trading franchise.

Explosive Top-Line Growth Across 2025

Total net revenue surged 52% year over year in Q4 to $125 million, while full-year 2025 revenue jumped 56% to $431 million. Management credited elevated market volatility and strong volume gains across its platforms, positioning the company as a growing force in exchange-traded derivatives.

EBITDA Doubles With Major Margin Expansion

Adjusted EBITDA more than doubled to $62 million in Q4 and reached $199 million for 2025, underscoring significant operating leverage. The company’s adjusted EBITDA margin expanded roughly 1,400 basis points in Q4 to 50% and about 1,600 basis points for the year to 46%, signaling improving scale and cost efficiency.

EPS Performance Shows Earnings Power

Adjusted diluted EPS came in at $0.52 for Q4 and $1.82 for the full year, with quarterly adjusted earnings nearly tripling to $57 million from $20 million a year ago. This acceleration in profitability highlights how rising volumes and better margins are flowing through to shareholders.

Record Options Market Share and Volume Gains

MIAX notched a record 18.2% market share in multi-listed options during Q4, up from 15.9% in the prior year. Average daily volume hit 11.1 million contracts, a 46% increase that outpaced the industry’s roughly 28.4% growth, confirming continued share gains against larger incumbents.

Options Segment Leads With Tech Edge

Options segment net revenue rose 46% year over year in Q4 to $107 million, cementing the unit as the company’s profit engine. Management highlighted low-latency, high-throughput technology and rising demand for short-dated expirations as key drivers of this outperformance.

Strategic Deals and New Product Platforms

The company executed several strategic moves, including a secondary public offering and the sale of 90% of MIAXdx to major partners while retaining a 10% stake. It also acquired TISE for international reach, launched MIAX Futures Onyx and the MIAX Sapphire trading floor, and is planning Bloomberg B100/B500 futures for retail-sized contracts in 2026.

Cash-Rich Balance Sheet Supports Growth

MIAX closed the year with $434 million in cash and less than $2 million in debt, giving it meaningful financial flexibility. Management emphasized that this strong balance sheet provides ample capacity to fund technology investments, integration work and future strategic opportunities.

Equities and International Units Gain Traction

The equities segment reached breakeven adjusted EBITDA in Q4 on net revenue of $6 million, up from $2 million a year earlier, though it remains a small contributor. International revenue increased to $6 million from $1 million, reflecting the impact of the TISE acquisition and expanding non-U.S. ambitions.

Futures Revenue Hit by Timing and Volatility

Futures segment net revenue slipped to $5 million in Q4 from $6 million a year ago amid lower listings revenue and reduced transaction fees. Management tied the softness to the timing of participant migrations to MIAX Futures Onyx and lower commodity volatility, positioning it as a temporary headwind.

Operating Expenses Climb With Investment Cycle

Adjusted operating expenses rose to $62 million in Q4 from $53 million, driven by higher compensation, headcount, and IT and communications spending. For 2026, the company guided adjusted operating expenses to $265–$275 million, up 13%–18% year over year as it invests in growth, public company infrastructure and brand.

Volume Sensitivity Remains a Key Risk

Roughly 60% of MIAX’s revenue is transaction-based, making results highly sensitive to trading volumes and volatility conditions. Management stressed the uncertainty this creates for top-line predictability but noted that some discretionary spending could be pulled back if volumes disappoint.

Bloomberg Futures Launch Pushed to 2026

The launch of Bloomberg B100 and B500 futures has been postponed from February to the second quarter of 2026 to ensure system reliability and full participant connectivity. While the delay pushes out expected revenue, the company framed it as a deliberate move to safeguard client experience and long-term adoption.

New Fees at Sapphire May Shift Behavior

Non-transaction fee waivers for members of the MIAX Sapphire trading floor are set to end at month-end, with charges beginning March 1. Management indicated this change could temporarily affect member economics or connection patterns as participants adapt to the new fee structure.

Equities Remain Small, With Pivot From Fringe Areas

Despite reaching breakeven, the equities unit still represents a modest slice of overall revenue and remains in transition. The company is de-emphasizing certain emerging product areas, including by selling most of MIAXdx and deprioritizing tokenization or crypto, to focus on core exchange strengths.

Guidance Highlights Investment, Taxes and Flexibility

For 2026, MIAX projected adjusted operating expenses of $265–$275 million, with share-based compensation of $27–$30 million and CapEx of $40–$45 million alongside depreciation and amortization of $33–$38 million. Management expects to release its deferred tax valuation allowance in 2026, moving to an adjusted effective tax rate around the high‑20s, and reiterated its strong cash position and ability to trim discretionary spend if trading volumes weaken.

MIAX’s earnings call painted the picture of a fast-growing exchange group using a fortified balance sheet and technology edge to capture share, particularly in options. While futures softness, higher costs and launch delays temper the near-term picture, the company’s record profitability, expanding footprint and disciplined risk framing left a broadly constructive impression for investors.