Miami International Sees 52% Q4 Revenue Surge and Doubles EBITDA
Miami International posted fourth-quarter net revenue of $125 million, a 52% increase year over year, and doubled adjusted EBITDA to $62 million with a 50% margin. Full-year 2025 revenue rose 56% to $431 million, adjusted EBITDA reached $199 million, and net cash totaled $434 million against under $2 million debt.
1. Record Financial Results
Miami International reported Q4 net revenue of $125 million, up 52% year-over-year, and adjusted EBITDA of $62 million, doubling both EBITDA and margin to 50%. Full-year 2025 net revenue rose 56% to $431 million while adjusted EBITDA more than doubled to $199 million, with adjusted diluted EPS of $1.82.
2. Strategic Capital and Investments
In December, the company completed a 7.8 million-share secondary offering of existing shares to enhance liquidity and sold 90% of its MIAXdx unit to Robinhood and SIG while retaining a 10% stake. It ended 2025 with cash of $434 million and less than $2 million of debt and launched the MIAX Sapphire trading floor.
3. Options Market Share Growth
MIAX achieved a record 18.2% share of the multi-listed options market in Q4, with average daily volume of 11.1 million contracts, a 46% year-over-year rise that outpaced the industry’s 28.4% growth. Management highlighted rapid uptake of Monday and Wednesday short-dated options across nine stocks as a key driver for 2026 volume.
4. Futures Roadmap and Expense Outlook
MIAX Futures postponed the launch of Bloomberg B100 and B500 index futures to Q2 2026, planning retail-sized contracts first. The company guided 2026 adjusted operating expenses to $265 million–$275 million and expects elevated volatility to support trading and growth initiatives.