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- **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

You can ask Aime

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

You can ask Aime