Miami International Holdings Reports Strong Q4 & FY 2025 Results with Triple-Digit Adjusted EBITDA Growth

summarizeSummary

Miami International Holdings announced robust fourth quarter and full-year 2025 financial results, featuring significant revenue growth and more than doubling adjusted EBITDA, alongside strategic business advancements and 2026 guidance.

check_boxKey Events

• Strong Q4 Financial Performance

  Net revenue increased 52% to $124.5 million, and adjusted EBITDA more than doubled to $62.2 million year-over-year.

• Significant Full-Year Growth

  FY 2025 net revenue grew 56% to $430.5 million, with adjusted EBITDA up 143% to $199.1 million.

• Record Options Trading

  MIAX options exchanges achieved record average daily volume of 11.1 million contracts and a market share record of 18.2% in Q4 2025.

• Strategic Business Developments

  Completed the sale of 90% of MIAXdx and launched new trading platforms and options expirations.

auto_awesomeAnalysis

Miami International Holdings delivered exceptional financial performance for Q4 and full-year 2025, driven by strong options business performance and strategic initiatives. The company reported a 52% year-over-year increase in Q4 net revenue and a 112% surge in adjusted EBITDA, significantly exceeding prior-year figures. Full-year adjusted diluted EPS also saw substantial growth. Key operational achievements include record options trading volumes and market share, the completion of the MIAXdx sale, and the launch of new trading platforms. The provided 2026 guidance offers investors a clear outlook on future operating expenses and capital allocation, with an anticipated release of a significant portion of the deferred tax valuation allowance within 12 months, signaling potential future tax benefits. This report indicates strong momentum and effective execution of growth strategies.