Filing Flows › Miami International Holdings (MIAX) › Q3 2025
Miami International Holdings (MIAX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Miami International Holdings (MIAX) reported revenue of $340M for the third quarter 2025 (Q3 2025), +23% from a year earlier and +4% from the quarter before. Operating margin was -0.1%, net loss $102M (30.0% of revenue).
Miami International Holdings, Q3 2025: revenue $340M (+23% year over year), operating margin -0.1%, net loss $102M, operating cash flow $54.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $340M | +4% | +23% |
| Operating profit | −$305K | — | — |
| Net earnings | −$102M | — | — |
| Operating cash flow | $54.7M | -0.5% | — |
| Free cash flow | $53.0M | +24% | — |
What changed
Revenue was $339.8M in Q3 2025, up 23% year over year and up 4% from the previous quarter. Transaction and clearing fees was the largest line at 86% of revenue. Transaction and clearing fees added $52.2M year over year (up 22%), 83% of the total change.
Gross margin was 32.2%, up 7.1 points from a year earlier. Operating costs exceeded revenue by $305K, an operating margin of -0.1%. Operating expenses grew 55% against revenue growth of 23%. The quarter ended with a net loss of $102.1M, after a profit of $23.5M the previous quarter. Net interest and other expense of $102.6M was the main reason.
Operating cash flow was $54.7M. Non-cash charges added back $8.2M of depreciation and amortization and $29.1M of share-based compensation. Working capital and other items added $119.5M. Capital expenditures of $1.7M left free cash flow of $53.0M.
Questions
What was Miami International Holdings' revenue in the third quarter 2025?
Miami International Holdings (MIAX) reported revenue of $340M for the third quarter 2025 (Q3 2025), +23% from a year earlier and +4% from the quarter before.
Was Miami International Holdings profitable in the third quarter 2025?
Operating loss was $305K (-0.1% of revenue) and net loss $102M.