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

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

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

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

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

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Did Miami International beat or miss consensus estimates last quarter?

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

- **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.


Miami International Holdings, Inc. (MIAX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MIAX

MIAX fundamentals

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