What factors drove the changes in Miami International's revenue and profit?

What is Miami International's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Miami International year over year?

What guidance did Miami International's management provide for the next earnings period?

What does Miami International do and what are its main business segments?

What were the key takeaways from Miami International's earnings call?

Did Miami International beat or miss consensus estimates last quarter?

What were the key takeaways from Miami International’s earnings call?

- **Record Financial Performance**: Q4 2025 revenue up 52% YoY, EBITDA margin 50%, full-year EBITDA +100% to $199 million.
- **Market Share Leadership**: Options market share 18.2% (vs. 15.9% prior year), ADV +46% to 11.1M contracts.
- **Strategic Moves**: Sold MIAXdx stake to enter prediction markets, delayed Bloomberg futures launch to Q2 2026 for reliability.
- **Growth Drivers**: Elevated volatility, short-dated options, and retail product launches to fuel 2026 expansion.
- **Cost Management**: 2026 operating expenses guided at +13%-18%, supported by tech investments and headcount growth.

**【CEO Summary Section】**
- Q4 2025 total net revenue grew 52% YoY to $125 million, with adjusted EBITDA doubling to $62 million and a 50% margin. Full-year revenue rose 55% to $431 million, EBITDA more than doubled to $199 million, and EPS was $1.82.
- Market share in multi-listed options reached 18.2% (Q4 2025 vs. 15.9% prior year), with ADV up 46% to 11.1 million contracts, outpacing industry growth of 28.4%.
- Strategic sale of 90% of MIAXdx to Robinhood/Susquehanna in January 2026, retaining 10% equity stake for exposure to prediction markets.
- Launched MIAX Sapphire trading floor in Q3 2025, with enhancements planned for Q2 2026. Acquired TISE in June 2022, expanding international footprint.
- Rescheduled Bloomberg Index Futures (B100, B500) launch to Q2 2026 to ensure platform reliability, targeting retail-sized contracts first.
- Expect elevated volatility in 2026 due to geopolitical, policy, and AI investment factors, driving growth in short-term expirations and structured products.

**【CFO Financial Commentary】**
- Q4 2025 operating expenses rose 17% YoY to $62 million, driven by headcount expansion (+22% YoY) and IT investments for MIAX Sapphire, Futures Onyx, and BSX.
- 2026 guidance: Operating expenses $265-275 million (+13%-18%), CapEx $40-45 million, tax rate 27%-29% post-valuation allowance release.
- Segment performance: Options net revenue +46% YoY to $107 million; Equities +200% to $6 million; Futures -17% to $5 million; International +500% to $6 million (TISE acquisition).

**【Q&A Key Highlights】**
- **Options Volume Outlook**: CEO expects continued growth in 2026, citing short-dated expirations and retail demand. Q1 2026 market share stable at ~18% post-Q4 peak.
- **Bloomberg Futures Launch**: Q2 2026 launch with retail-sized contracts, targeting competition in S&P-like futures. Working with retail platforms for commission-free execution.
- **Market Share Dynamics**: Consistent 18%+ share in 2025, driven by tech advantages (low latency, risk protections). Focus on capturing retail growth in short-dated options.
- **Access Fees & Market Data**: Fee increases in Q1 2026 for Sapphire trading floor; market data revenue boosted by new reports and historical data monetization.
- **Crypto/Event Products**: No immediate plans, focusing on core options and futures expansion. Exploring crypto opportunities if aligned with strategy.

Miami International Holdings, Inc. (MIAX) Q4 2025 Earnings Call Transcript

- **Revenue Surge**: 57% YoY growth to $109 million, fueled by 17.2% market share in options and $4.7 million from TISE acquisition.
- **Balance Sheet Strength**: $401 million cash post-IPO, debt reduced by $140 million.
- **Technology Edge**: MIAX Sapphire floor captured 6.5% of industry floor volume in October, with Bloomberg index futures set to launch Q1 2026.
- **Profitability Leap**: Adjusted EBITDA up 157% to $48 million (44% margin), driven by cost control and scale.
- **Growth Catalysts**: Short-dated options, European expansion via TISE, and futures product diversification.

**【CEO Summary Section】**
- **Revenue Growth**: Net revenue rose 57% YoY to $109 million, driven by elevated industry options volumes and a 24% increase in market share to 17.2%. October market share surged to 19.4%.
- **IPO Success**: Raised $401 million, reducing debt by $140 million and enhancing liquidity for future growth initiatives.
- **Technology Expansion**: Launched MIAX Sapphire trading floor, achieving 6.5% of industry floor volume in October, and introduced MIAX Futures Onyx platform for Bloomberg index futures.
- **Strategic Acquisitions**: Acquired TISE in Guernsey to expand into European markets and enhance regulatory capabilities.

**【CFO Financial Commentary】**
- **Profitability**: Adjusted EBITDA climbed 157% YoY to $48 million (44% margin), with adjusted earnings up 400% to $40 million.
- **Expense Management**: Operating expenses rose 16% YoY to $61.6 million, driven by headcount expansion (150% increase in FTEs) and technology investments.
- **Segment Performance**: Options segment revenue grew 55% YoY to $94.5 million, while International segment revenue jumped 588% YoY to $5.5 million.

**【Q&A Highlights】**
- **Market Share Dynamics**: October's 19.4% market share reflects broader industry growth and superior liquidity from MIAX's low-latency infrastructure.
- **Product Pipeline**: Short-dated options (e.g., Bloomberg 500 Index futures) await regulatory approval, with potential launches in Q1 2026.
- **Expense Outlook**: One-time stock-based compensation ($29 million) will decline, but R&D and talent acquisition will remain key investments.
- **Retail Growth**: Short-dated options appeal to retail traders, with 67 million daily contracts in October vs. 56 million industry-wide.


Actual	0.42	0.52
Forecast	0.3015	0.4079
Surprise	+39.30%	+27.48%

Actual	109.48M	124.50M
Forecast	107.07M	120.61M
Surprise	+2.26%	+3.22%

MIAX

MIAX fundamentals

MIAX Q4 2025 Earnings

Earnings Call

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MIAX

MIAX fundamentals

MIAX Q4 2025 Earnings

Earnings Call

MIAX Earnings Call Summary for Q4/20255:00 PM on Feb 25, 2026

MIAX Earnings Call Summary for Q3/20255:00 PM on Nov 5, 2025

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