Filing Flows › Miami International Holdings (MIAX) › Q4 2025
Miami International Holdings (MIAX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 6, 2026
Miami International Holdings (MIAX) reported revenue of $369M for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and +9% from the quarter before. Operating margin was 11.6%, net earnings $29.9M (8.1% of revenue).
Miami International Holdings, Q4 2025: revenue $369M (+14% year over year), operating margin 11.6%, net earnings $29.9M, operating cash flow $47.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $369M | +9% | +14% |
| Gross profit | $125M | +14% | +52% |
| Operating profit | $42.7M | — | +496% |
| Net earnings | $29.9M | — | +936% |
| Operating cash flow | $47.0M | -14% | +20% |
| Free cash flow | $42.9M | -19% | +30% |
What changed
Revenue was $369.4M in Q4 2025, up 14% year over year and up 9% from the previous quarter. Transaction and clearing fees was the largest line at 87% of revenue.
Gross margin was 33.7%, up 8.5 points from a year earlier. Operating profit was $42.7M, a 11.6% margin (up 9.3 points year over year). Of the extra revenue versus a year earlier, 78% reached operating profit, above the 2% margin then. Operating expenses grew 10% against revenue growth of 14%. Net earnings were $29.9M, up 936% year over year. The effective tax rate was 3.0%.
Operating cash flow was $47.0M (up 20% year over year), 157% of net earnings. Non-cash charges added back $8.0M of depreciation and amortization and $9.6M of share-based compensation. Capital expenditures of $4.1M left free cash flow of $42.9M.
Questions
What was Miami International Holdings' revenue in the fourth quarter 2025?
Miami International Holdings (MIAX) reported revenue of $369M for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and +9% from the quarter before.
Was Miami International Holdings profitable in the fourth quarter 2025?
Operating profit was $42.7M (11.6% of revenue) and net earnings $29.9M.