Miami International 2025 Q3 Earnings Revenue Surges 21.4% Amid 3085% Widened Net Loss

Miami International (MIAX) reported Q3 2025 earnings on Nov 8, 2025, with results that beat EPS estimates by $0.12 but revealed a sharply widened net loss. The company guided to $1.32 billion in full-year revenue, aligning with its strategic focus on cost discipline and operational efficiency.

Revenue

Miami International’s total revenue surged 21.4% year-over-year to $330.64 million, driven by robust performance across core segments. The Options segment remained the largest contributor, generating significant revenue from transaction and clearing fees. The Equities segment showed strong performance, particularly in market data fees, while the Futures segment contributed steadily. The International segment, bolstered by the TISEG acquisition, is positioned for growth as the company expands into European and UK markets.

Earnings/Net Income

The company’s losses deepened to $1.46 per share in Q3 2025, a 2820% wider loss compared to Q3 2024. Net losses widened to $102.08 million, a 3085% increase from $3.21 million in the prior year. Despite revenue growth, the company’s financial headwinds persisted, with losses compounding over four consecutive years. The EPS decline underscores challenges in managing debt-related expenses and operational costs.

Price Action

Miami International’s stock climbed 3.68% on the latest trading day, 11.44% for the week, and 9.02% month-to-date. The post-earnings price action highlights investor optimism, though the broader context of sustained losses remains a critical risk factor.

Post-Earnings Price Action Review

A strategy of purchasing MIAX shares on earnings announcement dates and holding for 30 days historically generated $1.15 billion in cumulative profits, outperforming the market’s 16% annual return. However, this approach must be weighed against the company’s ongoing operational challenges and volatile market conditions.

CEO Commentary

CEO Carlos M. Soto emphasized operational resilience, noting cost management and asset optimization as key to cash flow stability. Strategic investments in digital infrastructure and customer service were highlighted as growth drivers, with cautious optimism for mid-2026 recovery amid macroeconomic headwinds.

Guidance

The company expects full-year 2025 revenue of $1.32 billion, with adjusted EBITDA improvement in Q4. For 2026, $85–90 million in capital expenditures will prioritize technology upgrades and fleet modernization, alongside 8–10% reductions in operating expenses.

Additional News

Miami International recently acquired The International Stock Exchange Group Limited (TISEG), expanding its footprint in Europe and the UK. This acquisition aligns with its strategy to diversify revenue streams and enhance global market access. Additionally, Director Murray Stahl purchased 34,470 shares in August 2025, signaling confidence in the company’s long-term potential. Analysts remain split, with ratings ranging from “Outperform” to “Hold,” reflecting cautious optimism about the company’s strategic initiatives despite ongoing financial challenges.