Miami International Holdings Reports Fourth Quarter and Full Year 2025 Financial Results

Core Insights - Miami International Holdings, Inc. reported significant financial growth for the fourth quarter and full year of 2025, with adjusted EBITDA of $199.1 million, a 143% increase year-over-year, and net revenue of $430.5 million, up 56% year-over-year [1][2] Financial Performance - Q4 2025 adjusted EBITDA reached $62.2 million, a 112% increase from $29.3 million in Q4 2024 [1] - Q4 net revenue was $124.5 million, reflecting a 52% increase compared to $81.7 million in the same quarter of the previous year [1] - The adjusted diluted EPS for FY 2025 was $1.82, while GAAP diluted EPS was ($1.00) [1] - Operating income for Q4 2025 was $42.7 million, compared to $7.2 million in Q4 2024, marking a 496% increase [1] Business Developments - The company successfully completed an IPO and secondary offering, and announced the strategic sale of 90% of MIAXdx [1] - MIAX options exchanges achieved a record market share of 18.2% in Q4 2025, a 14.5% increase year-over-year [1] - The average daily volume for MIAX options exchanges reached 11.1 million contracts in Q4 2025, a 46.5% increase year-over-year [1] Segment Performance - Options segment net revenue grew 46% to $106.9 million, driven by increased industry volumes and market share [1] - Equities segment net revenue surged 245% to $6.4 million, primarily due to higher transaction fees [2] - Futures segment net revenue decreased to $4.8 million, down from $5.6 million in the prior year, attributed to lower transaction fees [2] Capital and Liquidity - As of December 31, 2025, the company had cash and cash equivalents of $433.6 million and total debt of $1.5 million [2] - For FY 2026, the company anticipates adjusted operating expenses to be between $265 million and $275 million [2]