Miami International Holdings Reports Strong Financial Growth in Q4 and Full Year 2025
In a recent press release, Miami International Holdings, Inc. (MIAX), a leading technology-driven firm dedicated to operating regulated financial markets, shared its remarkable financial results for the fourth quarter and the entire fiscal year of 2025. The report highlighted a 52% year-over-year increase in net revenue, reaching $124.5 million for the fourth quarter, alongside a full-year revenue of $430.5 million, reflecting a 56% growth compared to the previous year.
According to Thomas P. Gallagher, MIAX Chairman and CEO, 2025 marked a milestone for the firm, characterized by transformative strategic achievements, including the successful completion of their initial public offering (IPO) and a secondary offering, alongside the launch of the MIAX Sapphire options trading floor in Miami and the MIAX Futures Onyx trading platform. Gallagher expressed enthusiasm for their accomplished year: "We ended a milestone year with another exceptional quarter of progress. Beyond our strong financial results and record volumes, we’ve built a strong foundation for capturing emerging secular growth opportunities."
In the fourth quarter alone, adjusted earnings skyrocketed nearly three times to $57.1 million, while the adjusted EBITDA more than doubled to $62.2 million as compared to Q4 of 2024. It was noted that GAAP diluted earnings per share was reported at $0.27, a significant increase from the previous year's $0.04. Operating income also surged to $42.7 million, drastically improved from just $7.2 million in the respective quarter of the prior year.
A further breakdown reveals MIAX's options segment was particularly robust, generating $106.9 million in net revenue, propelled by higher market share and increased transaction volumes. Moreover, the average daily volume reached record levels, averaging 11.1 million contracts, representing a staggering 46.5% increase year-over-year. In terms of market share, MIAX options exchanges achieved an impressive market share rate of 18.2% in the fourth quarter, compared to 15.9% in the previous year.
In terms of operational adjustments, total operating expenses were reported at $81.8 million, principally owing to investments aimed at supporting continued growth initiatives, including enhancements in technology and an increased workforce. Results from the international segment also demonstrated growth, with a 610% increase in revenue, tied to the acquisition of The International Stock Exchange Group Limited earlier in 2025.
Looking forward, MIAX has established a forecast for the 2026 fiscal year, anticipating adjusted operating expenses to range from $265 million to $275 million, inclusive of expected capital expenditures. 2026 is positioned to continue this upward trajectory, fueled by advanced technological capabilities and a commitment to regulatory compliance across various jurisdictions.
Finally, MIAX will host a webcast and conference call to present a detailed review of its fourth-quarter and full-year financial performance on the later date of February 25, 2026.
According to Thomas P. Gallagher, MIAX Chairman and CEO, 2025 marked a milestone for the firm, characterized by transformative strategic achievements, including the successful completion of their initial public offering (IPO) and a secondary offering, alongside the launch of the MIAX Sapphire options trading floor in Miami and the MIAX Futures Onyx trading platform. Gallagher expressed enthusiasm for their accomplished year: "We ended a milestone year with another exceptional quarter of progress. Beyond our strong financial results and record volumes, we’ve built a strong foundation for capturing emerging secular growth opportunities."
In the fourth quarter alone, adjusted earnings skyrocketed nearly three times to $57.1 million, while the adjusted EBITDA more than doubled to $62.2 million as compared to Q4 of 2024. It was noted that GAAP diluted earnings per share was reported at $0.27, a significant increase from the previous year's $0.04. Operating income also surged to $42.7 million, drastically improved from just $7.2 million in the respective quarter of the prior year.
A further breakdown reveals MIAX's options segment was particularly robust, generating $106.9 million in net revenue, propelled by higher market share and increased transaction volumes. Moreover, the average daily volume reached record levels, averaging 11.1 million contracts, representing a staggering 46.5% increase year-over-year. In terms of market share, MIAX options exchanges achieved an impressive market share rate of 18.2% in the fourth quarter, compared to 15.9% in the previous year.
In terms of operational adjustments, total operating expenses were reported at $81.8 million, principally owing to investments aimed at supporting continued growth initiatives, including enhancements in technology and an increased workforce. Results from the international segment also demonstrated growth, with a 610% increase in revenue, tied to the acquisition of The International Stock Exchange Group Limited earlier in 2025.
Looking forward, MIAX has established a forecast for the 2026 fiscal year, anticipating adjusted operating expenses to range from $265 million to $275 million, inclusive of expected capital expenditures. 2026 is positioned to continue this upward trajectory, fueled by advanced technological capabilities and a commitment to regulatory compliance across various jurisdictions.
Finally, MIAX will host a webcast and conference call to present a detailed review of its fourth-quarter and full-year financial performance on the later date of February 25, 2026.
Topics Financial Services & Investing）
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