Miami International Q4 Earnings Call Highlights

Core Insights - The growth of short-dated options is identified as a key industry trend, with MIAX highlighting the success of new Monday and Wednesday expirations in single stocks, which are expected to contribute to volume growth in 2026 [1][6] Financial Performance - MIAX reported total net revenue of $431 million for the full year 2025, a 56% increase from the prior year, with adjusted EBITDA more than doubling to $199 million and an adjusted EBITDA margin improving to 46%, reflecting a 1,600 basis point year-over-year increase [4] - For Q4 2025, total net revenue reached $125 million, up 52% year over year, with adjusted EBITDA also more than doubling to $62 million and an adjusted EBITDA margin expanding 1,400 basis points to 50% [5] Market Share and Volume - MIAX achieved a record market share of 18.2% in multi-listed options during Q4, up from 15.9% in the prior-year period, with average daily volume at 11.1 million contracts, representing a 46% year-over-year increase, outpacing the industry average growth of approximately 28.4% [2][6] Strategic Developments - MIAX completed a secondary offering of 7.8 million shares in December 2025, enhancing liquidity without receiving proceeds [9] - The company sold 90% of MIAX Derivatives Exchange (MIAXdx) to Robinhood Markets while retaining a 10% equity stake, allowing MIAX to focus on core offerings [10] - MIAX launched its trading floor in Q3 2025, performing in line with expectations and demonstrating the value of floor-based trading in a hybrid market structure [10] Future Initiatives - MIAX plans to launch Bloomberg Indices futures products in Q2 2026, having rescheduled the launch to ensure reliability and performance [12] - The company will introduce retail-sized contracts aimed at retail broker demand for low trading fees, with a focus on execution costs [13] - MIAX expects adjusted operating expenses for 2026 to be between $265 million and $275 million, reflecting a 13% to 18% increase over 2025 due to headcount and technology costs for new product launches [17] Segment Performance - In Q4, options generated net revenue of $107 million, up 46% year over year, while equities revenue increased to $6 million from $2 million, and futures revenue decreased to $5 million from $6 million [16]