Miami International Holdings Reports Strong Q4 & FY 2025 Results with Triple-Digit Adjusted EBITDA Growth
MIAX sits 43% above its 52-week low of $28.63.
Summary
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.
Key Events · Earnings and Guidance · MIAX
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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.
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Significant Full-Year Growth
FY 2025 net revenue grew 56% to $430.5 million, with adjusted EBITDA up 143% to $199.1 million.
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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.
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Strategic Business Developments
Completed the sale of 90% of MIAXdx and launched new trading platforms and options expirations.
Analysis · MIAX · Crypto Assets
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.
At the time of this filing, MIAX was trading at $40.99 on NYSE in the Crypto Assets sector, with a market capitalization of approximately $3.5B. The 52-week trading range was $28.63 to $51.38. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.