MIAX Delivers Breakout Results: Adjusted EBITDA Surges 112% and Market Share Jumps to 18.2% in Q4

Adjusted EBITDA More Than Doubles as Options Leadership Strengthens

Miami International Holdings (NYSE:MIAX) delivered a standout performance in the fourth quarter and full year 2025, with adjusted EBITDA surging by 112% year-over-year to $62.16 million. The company’s options exchanges not only saw record average daily volume (ADV) of 11.1 million contracts—a 46.5% jump—but also captured a 2.3 percentage point gain in U.S. options market share, reaching an all-time high of 18.2% for Q4.

Strategic Moves Behind the Growth

Several transformative milestones defined MIAX’s year, including a successful IPO and secondary share offering, the launch of MIAX Sapphire and MIAX Futures Onyx platforms, and the acquisition of The International Stock Exchange (TISE). Strategic divestments and expanded product offerings further complemented these moves, positioning MIAX for continued expansion in regulated markets across asset classes.

Record Revenue Growth and Operating Leverage Bolster Results

Net revenue for Q4 grew 52% to $124.50 million, driven primarily by the options segment’s robust performance. Operating income rose more than fivefold to $42.69 million, while net income attributable to MIAX shareholders reached $29.94 million—an increase of over 930% year-over-year. Adjusted earnings nearly tripled to $57.07 million in the quarter, while the adjusted EBITDA margin expanded to 50%, reflecting improving scale and efficiency.

Options Segment Drives Profit Machines While Sector Diversification Advances

Options remained the profit engine, with revenue growing 46% to $106.90 million and adjusted EBITDA reaching $82.51 million for the quarter—a margin of 77.2%. Meanwhile, the equities division achieved revenue growth of 245%, narrowing its operating loss to near breakeven and producing $1.61 million in adjusted EBITDA. International operations, powered by the TISE acquisition, swung from loss to profit. Futures saw revenue contract by 14% as product migration and market volatility weighed on results, posting a $10 million adjusted EBITDA loss.

Key Business Metrics Signal Strengthening Competitive Position

MIAX’s Q4 market share in U.S. options jumped to 18.2%, up from 15.9% a year ago. The average daily volume (ADV) in MIAX-listed options spiked 46.5% to 11.1 million contracts. Revenue per contract in the options segment increased 6% to $0.106, underscoring pricing power and strong demand for MIAX market access. Below, find a summary of key operational metrics for Q4:

Healthy Balance Sheet and Forward-Looking Guidance

MIAX ended the year with $433.65 million in cash and just $1.5 million in debt. For full-year 2026, the company projects adjusted operating expenses of $265–$275 million and capital expenditures of $40–$45 million. The company anticipates that positive U.S. operating trends could lead to an adjusted effective tax rate of 27–29% post-valuation allowance release, freeing further capital.

Takeaway: MIAX Cements Role as Options Powerhouse, Sets Up for Further Growth

MIAX’s breakout quarter was powered by operational scale, new platform launches, a record surge in options market share, and effective expense management. With a healthy cash position and ambitious guidance for 2026, MIAX is positioned to capture further secular growth. Investors tracking the evolution of market structure and exchange competitiveness may want to watch MIAX closely as it continues to expand its footprint across asset classes and geographies in 2026 and beyond.

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