Miami International Reports Strong Q4 and Full-Year 2025 Results

Highlights include record options market share, expanded futures initiatives, and strategic transactions.

Mar. 3, 2026 at 5:55am

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Miami International (NYSE:MIAX) executives highlighted strong fourth-quarter and full-year 2025 results, including surging revenue and profitability amid elevated market volatility. The company outlined priorities for 2026 such as expanded options initiatives, the launch of new Bloomberg index futures products, and recent strategic transactions including the sale of a majority stake in MIAX Derivatives Exchange.

Why it matters

Miami International's performance demonstrates the company's ability to capitalize on market conditions and execute on growth initiatives, even as it navigates a dynamic industry landscape. The strategic moves, including the MIAX Derivatives Exchange transaction, position the company to focus on its core offerings while exploring new opportunities in prediction markets and retail-focused futures products.

The details

For the fourth quarter, MIAX reported total net revenue of $125 million, up 52% year over year, while adjusted EBITDA more than doubled to $62 million. Adjusted EBITDA margin expanded 1,400 basis points to 50%, and adjusted diluted EPS was $0.52. For the full year, MIAX reported total net revenue of $431 million, a 56% increase, with adjusted EBITDA more than doubling to $199 million and adjusted EBITDA margin improving to 46%.

  • MIAX completed a December 2025 public offering of 7.8 million secondary shares.
  • MIAX announced the sale of 90% of MIAX Derivatives Exchange to Robinhood Markets in January 2026, while retaining a 10% equity stake.
  • MIAX plans to launch Bloomberg Indices futures products - B 100 and B 500 futures - in the second quarter of 2026.

The players

Thomas P. Gallagher

Chairman and CEO of Miami International.

Lance Emmons

Chief Financial Officer of Miami International.

Shelly Brown

Chief Strategy Officer and CEO of MIAX Futures at Miami International.

Robinhood Markets

An American financial services company that acquired a 90% stake in MIAX Derivatives Exchange.

Susquehanna International Group

A financial services firm that partnered with Robinhood Markets in the acquisition of MIAX Derivatives Exchange.

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What they’re saying

“2025 was an 'extraordinary year,' citing both strategic milestones and financial performance.”

— Thomas P. Gallagher, Chairman and CEO

“The Monday and Wednesday expirations program was only a few weeks old but had been 'very successful to date,' with large volume in the nine stocks and market share in line with MIAX's historical outperformance in those names.”

— Shelly Brown, Chief Strategy Officer and CEO of MIAX Futures

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

Miami International's strong financial performance and strategic initiatives, including the MIAX Derivatives Exchange transaction and the launch of new Bloomberg index futures products, demonstrate the company's ability to capitalize on market opportunities and position itself for continued growth in the options and futures markets.