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Miami International Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$21.6M in Q3 2026 · $220M over twelve months

Operating cash flow$23.1M
Capital spending−$1.4M
Free cash flow+$21.6M
Cash / net income0.4×
Cash conversion cycle21 days

Analysis

In Q3 2026, Miami International Holdings generated $23.1M of operating cash flow and spent $1.4M on capital projects, leaving free cash flow of $21.6M. That is $31.3M less than in Q3 2025 ($53.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $254M; the largest uses were capital spending ($33.6M), buybacks ($26.0M), net borrowing (+) / repaid (−) ($168K); besides operations, cash came from other financing ($78.7M), other investing ($35.7M); the cash balance rose by $308M.

Operating cash flow was $23.1M against net income of $52.5M — 0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$64.3M, receivables +$23.9M, deferred taxes +$10.6M.

Its cash conversion cycle was 21 days (receivables 26 + inventory 0 − payables 5).

Free cash flow

Miami International Holdings: free cash flow by quarterMiami International Holdings: free cash flow by quarter$32.9MQ4 2024$6.5MQ1 2025$42.7MQ2 2025$53.0MQ3 2025$42.9MQ4 2025$49.2MQ1 2026$106MQ2 2026$21.6MQ3 2026
Operating cash flow less capital spending.
Miami International Holdings: operating cash flow against capital spendingMiami International Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$39.0M$6.1MQ4 2024$11.2M$4.7MQ1 2025$55.0M$12.2MQ2 2025$54.7M$1.7MQ3 2025$47.0M$4.1MQ4 2025$60.9M$11.7MQ1 2026$123M$16.3MQ2 2026$23.1M$1.4MQ3 2026
Latest (Q3 2026): Operating cash flow $23.1M, Capital spending $1.4M.

Capital allocation, year by year

Miami International Holdings: where the cash came from (up) and went (down), by fiscal yearMiami International Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2023: Operating cash flow −$49.2MFY2023: Net borrowing −$30.6MFY2023: Capital spending −$16.2MFY2023: Acquisitions −$19.9MFY2023: Buybacks −$3.3MFY2023FY2024: Operating cash flow $111MFY2024: Net borrowing −$22.0MFY2024: Capital spending −$26.7MFY2024: Buybacks −$12.4M$111MFY2024FY2025: Operating cash flow $168MFY2025: Net borrowing −$103MFY2025: Shares issued $369MFY2025: Capital spending −$22.8MFY2025: Acquisitions −$56.5MFY2025: Buybacks −$21.8M$537MFY2025
Over these 3 years operating cash flow totalled $230M; the largest uses were net borrowing ($156M) and acquisitions ($76.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$699M
Debt$1.5M
Net cash$697M
Due within a year$1.5M

Miami International Holdings funds itself: free cash flow was $220M over the last twelve months, and $699M of cash and investments stands against $1.5M of debt ($1.5M due within a year, 460.7× covered by cash).

Where the cash came from and went

Miami International Holdings: sources (+) and uses (−) of cash, Q3 2026Miami International Holdings: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$28.1MOperating cash flow$23.1MOther financing$18.4MBuybacks−$8.9MOther investing−$3.0MCapital spending−$1.4MExchange rates$60KNet borrowing (+) / repaid (−)−$31K
Miami International Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Miami International Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$308MOperating cash flow$254MOther financing$78.7MOther investing$35.7MCapital spending−$33.6MBuybacks−$26.0MExchange rates−$376KNet borrowing (+) / repaid (−)−$168K

From profit to cash

Miami International Holdings: net income to operating cash flow, Q3 2026Miami International Holdings: net income to operating cash flow, Q3 2026Net income$52.5MDepreciation & amortization$9.5MStock-based pay$7.5MDeferred taxes$10.6MReceivables$23.9MPayables−$64.3MEmployee-related liabilities$9.1MDeferred revenue−$267KPrepaid and other assets−$2.8MOther liabilities−$938KOperating cash flow$23.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202626—521
Q2 202627—621
Q1 202625—421
Q4 202525—321

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$23.1M−$1.4M—−$8.9M−$31K−$28.1M$21.6M
Q2 2026$123M−$16.3M−$59.8M−$3.8M−$41K−$134M$106M
Q1 2026$60.9M−$11.7M$59.8M−$13.3M−$36K−$113M$49.2M
Q4 2025$47.0M−$4.1M——−$60K−$33.2M$42.9M
Q3 2025$54.7M−$1.7M—−$19.9M−$29K−$224M$53.0M
Q2 2025$55.0M−$12.2M−$56.5M—−$37K−$22.4M$42.7M
Q1 2025$11.2M−$4.7M—−$1.9M−$37K−$1.1M$6.5M
Q4 2024$39.0M−$6.1M—−$318K−$17K−$29.3M$32.9M

Miami International Holdings: income statement and cash flow

Miami International Holdings, Q3 2026: revenue $376M (+11% year over year), operating margin 12.5%. The chart follows the revenue to costs, profit and cash.

Miami International Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.