0001438472-26-000023
SEC filingMiami International Holdings, Inc. (MIAX) reported total revenues of $1.36 billion for FY 2025, a 19.6% increase from $1.14 billion in FY 2024. Despite this revenue growth, the company recorded a net loss attributable to MIH of $70.0 million, a significant decline from a net income of $102.1 million in the prior year. The net loss was driven by substantial non-operating expenses, including a $107.7 million loss on debt extinguishment and a $54.9 million unrealized loss on derivative assets. Operating income was $92.0 million, a positive swing from an operating loss of $2.8 million in FY 2024. The company's cash position strengthened significantly, with cash and cash equivalents increasing to $433.6 million from $150.3 million, bolstered by $369.0 million in net proceeds from its initial public offering (IPO) in August 2025. The company completed the acquisition of The International Stock Exchange Group Limited (TISEG) in June 2025 and agreed to sell 90% of MIAXdx (Rothera) in January 2026.
For the fiscal year ended December 31, 2025, Miami International Holdings, Inc. (MIAX) reported total revenues of $1.36 billion, a 19.6% increase from $1.14 billion in FY 2024. Revenues less cost of revenues (gross profit) was $430.5 million, up 56.2% from $275.6 million, reflecting improved pricing and product mix. Operating income was $92.0 million, a significant recovery from an operating loss of $2.8 million in the prior year, driven by revenue growth and controlled operating expense increases. However, the company reported a net loss attributable to MIH of $70.0 million, a sharp reversal from net income of $102.1 million in FY 2024. This net loss was primarily due to substantial non-operating expenses, including a $107.7 million loss on debt extinguishment related to the repayment of the 2029 Senior Secured Term Loan with IPO proceeds, and a $54.9 million unrealized loss on derivative assets (Pyth tokens). Basic and diluted earnings per share were -$1.00, compared to $1.68 and $1.39, respectively, in the prior year.
Revenue growth was driven by the Options segment, which increased 30.0% year-over-year to $1.11 billion, fueled by a 41.1% increase in U.S. options trading volume to 2.4 billion contracts. The Equities segment revenue declined 18.3% to $153.3 million, as MIAX Pearl Equities volume decreased 8.2% to 45.8 billion shares and market share was 1.0%. The Futures segment revenue decreased 8.5% to $87.9 million. The International segment revenue grew 343.7% to $14.7 million, largely due to the acquisition of TISEG (The International Stock Exchange Group Limited) in June 2025. Transaction and clearing fees, the largest revenue component, were $1.19 billion (87.2% of total revenue). Access fees were $106.0 million, and market data fees were $41.6 million.
The company's gross margin (revenues less cost of revenues as a percentage of total revenues) improved to 31.6% in FY 2025 from 24.2% in FY 2024. This improvement was driven by revenue growth outpacing the increase in cost of revenues, which rose 8.0% to $933.5 million. Liquidity payments, the largest cost component, were $837.9 million. Operating expenses increased 21.6% to $338.6 million, primarily due to higher compensation and benefits ($188.3 million, up 29.7%) and professional fees ($42.8 million). Despite this increase, operating margin was 6.7%, a positive turnaround from -0.2% in the prior year. The net loss margin was -5.1%, compared to a net income margin of 9.0% in FY 2024.
Net cash provided by operating activities was strong at $167.8 million, a 50.6% increase from $111.4 million in FY 2024, driven by positive adjustments for non-cash items like share-based compensation ($57.6 million) and the unrealized loss on derivative assets. Net cash used in investing activities was $101.3 million, primarily for the TISE Acquisition ($56.5 million net), capital expenditures ($22.8 million), and software capitalization ($12.1 million). Net cash provided by financing activities was $214.8 million, dominated by $369.0 million in net IPO proceeds, partially offset by debt repayments ($140.0 million) and related costs. Consequently, cash and cash equivalents increased to $433.6 million from $150.3 million. Total assets were $1.26 billion, with current assets of $855.2 million. Total liabilities were $378.4 million, and total stockholders' equity was $881.0 million. The company had no long-term debt as of December 31, 2025, following the debt repayment.
The company's growth strategy focuses on creating new product offerings, including the exclusive Bloomberg Products (e.g., Tini B100Q Futures, B500 Standard Futures) planned for launch in Q2 2026; continuing to grow its options exchanges; expanding its futures markets; increasing its international presence through BSX and TISE; and further monetizing data and analytics capabilities. Key risks noted include dependence on transaction-based revenues, intense competition, regulatory changes, and technology risks. The company anticipates that the launch of new products, including the Bloomberg Products, is subject to market conditions, customer interest, and regulatory approvals. The sale of 90% of MIAXdx (Rothera) closed in January 2026, with the company retaining a 10% equity interest.