3 weeks ago
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MarketBeat
Sat, February 28, 2026 astatine 11:35 AM CST 9 min read
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Strong 2025 financials: MIAX reported Q4 nett gross of $125M (+52% YoY) and adjusted EBITDA of $62M, with full-year nett gross of $431M and adjusted EBITDA of $199M, and it ended 2025 with $434M currency and nether $2M indebtedness portion guiding 2026 adjusted operating expenses to $265M–$275M.
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Options momentum and merchandise focus: MIAX gained a grounds 18.2% multi-listed options marketplace stock (Q4 ADV 11.1M contracts, +46% YoY) and is prioritizing accelerated maturation successful short-dated Monday/Wednesday expirations arsenic a operator of 2026 volume.
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Strategic moves and futures roadmap: The institution completed a 7.8M-share secondary offering, sold 90% of MIAXdx to Robinhood/SIG portion retaining 10%, launched the MIAX Sapphire trading floor, and pushed the motorboat of Bloomberg B100/B500 futures to Q2 2026 with retail-sized contracts planned first.
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Miami International (NYSE:MIAX) executives highlighted beardown fourth-quarter and full-year 2025 results portion outlining priorities for 2026, including expanded options initiatives and the motorboat of caller Bloomberg scale futures products. Management besides discussed caller strategical transactions and investments successful exertion and marketplace operation capabilities during the company’s net league call.
Chairman and CEO Thomas P. Gallagher said 2025 was an “extraordinary year,” citing some strategical milestones and fiscal performance. For the 4th quarter, MIAX reported full nett gross of $125 million, up 52% twelvemonth implicit year, portion adjusted EBITDA much than doubled to $62 million. Adjusted EBITDA borderline expanded 1,400 ground points to 50%, and adjusted diluted EPS was $0.52.
→ Diamondback Sees Resilient Demand Despite Cautious Guidance
For the afloat year, MIAX reported full nett gross of $431 million, a 56% summation from the anterior year. Adjusted EBITDA much than doubled to $199 million, and adjusted EBITDA borderline improved to 46%—a 1,600 ground constituent year-over-year increase. Adjusted diluted EPS for 2025 was $1.82.
CFO Lance Emmons attributed the show to the company’s quality to standard portion investing successful maturation initiatives. He besides noted that adjusted operating expenses roseate to $62 cardinal successful the 4th fourth from $53 cardinal a twelvemonth earlier, chiefly owed to higher compensation and benefits from planned headcount expansion, on with accrued IT and communications costs tied to MIAX Sapphire and caller exertion platforms for MIAX Futures and BSX.
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