Miami International Holdings Inc (NYSE:MIAX)

Q4 2025 Miami International Holdings Inc Earnings Call Transcript

Feb 25, 2026 / 10:00 PM GMT

Release Date Price: $40.99 (+3.61%)

Transcript 10-K8-K

Key Points

Positve

Miami International Holdings Inc (MIAX) reported a 52% year-over-year increase in total net revenue for Q4 2025, reaching $125 million.
Adjusted EBITDA more than doubled year-over-year to $62 million, with an improved margin of 50%.
The company's market share in multi-listed options grew to a record 18.2% in Q4, up from 15.9% in the prior year.
MIAX completed a successful secondary public offering, enhancing liquidity and marking a milestone in its evolution as a public company.
The strategic sale of 90% of MX Derivatives Exchange to Robinhood Markets and Susquehanna International Group provides expedited access to growing prediction markets.

Negative

The launch of Bloomberg Index futures products was delayed from February to the second quarter of 2026 to ensure reliability and performance.
The company's future segment saw a decline in net revenue from $6 million to $5 million year-over-year due to lower listings revenues and decreased transaction fees.
Increased operating expenses were reported, primarily due to higher compensation and benefits costs driven by planned expansion of headcount.
There is uncertainty regarding the launch of crypto and event-based products, as the company is currently focused on expanding its core options and futures business.
The company faces challenges in maintaining market share amidst competitive pressures and evolving market dynamics.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MIAX.N - Miami International Holdings Inc
Q4 2025 Miami International Holdings Inc Earnings Call
Feb 25, 2026 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon and thank you for joining us from Miami International Holdings, or MAx's 4th quarter and full year 2025 earnings conference call. I'm John T. Williams, head of investor relations. With us today are Thomas P. Gallagher, Chairman and Chief Executive Officer, and Lance Emmons, Chief Financial Officer. We will also have Douglas Schaeffer Jr. Chief Information Officer, and Shelley Brown, Chief Executive Officer of MAXx Futures and Chief Strategy Officer, joining us for the Q&A session following our.

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Unidentified_2 [2]
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