Miami International Holdings Inc (MIAX) Q4 2025 Earnings Call Highlights: Record Revenue Growth ...

This article first appeared on GuruFocus.

Release Date: February 25, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Miami International Holdings Inc (NYSE: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 Points

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.

Q & A Highlights

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Q: Can you provide an update on your outlook for option volumes this year and how MIAX is positioned in terms of market share? A: Thomas P. Gallagher, CEO, explained that market dynamics in Q1 2026 are expected to continue providing volatility due to factors like tariffs, midterms, and global political tensions. He anticipates continued growth in the US options marketplace, driven by short-dated expirations introduced in January. Shelly Brown, CEO of MIAX Futures, added that the growth of the industry will continue, and the short-dated options program has been successful so far.

Q: Regarding the Bloomberg derivative products launching in 2Q, can you discuss your conversations with retail platforms and how you plan to scale over time? A: Shelly Brown noted significant interest from retail firms in smaller products, with plans to start with "teeny" contract sizes for Bloomberg 100 and 500 indexes. The focus is on working closely with liquidity providers and retail firms to create a competitive model, as the market seeks competition in pricing and technology.

Story Continues

Q: How are you planning to make the B100 and B500 index options model work for retail, particularly regarding commissions? A: Thomas P. Gallagher emphasized the strategy to engage retail by offering low-cost execution similar to options trading, aiming for quick adoption as a competitor to the S&P franchise. Shelly Brown added that they plan to work with retail firms to offer competitive products and fees, expecting industry growth similar to the options market's expansion.

Q: What are you seeing in terms of activity for the new Monday and Wednesday options, and how is market share trending? A: Shelly Brown reported successful initial volumes for the Monday and Wednesday options, with large volumes in the nine stocks listed. MIAX has outperformed in these classes, with market share over 20% compared to 17.6% overall, attributed to their technology and risk protections.

Q: Can you provide insights into your expectations for access fees and market data revenue in 2026? A: Lance Emmons, CFO, mentioned that access fees saw increases in January, with expected growth from member adoption. Market data revenue is anticipated to grow with new product launches and proprietary offerings, alongside share from tape plans. Shelly Brown highlighted high demand for new market data reports and ongoing monetization efforts.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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