Short answer
MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) filed its fiscal 2025 10-K annual report with the SEC on Mar 6, 2026. It reported revenue of $1.4B (+19.6% year over year) and net income of −$70M.
- Top risk flagged: Section 31 fee suspension May 14, 2025; $0.00 per million temporary until FY 2026 legislation enacted, impacting regulatory revenue and costs
FY2025 key financial metrics · XBRL
- Revenue
- $1.4B
- +19.6% YoY
- Net income
- −$70M
- −168.6% YoY
- Operating margin
- 6.7%
- +7.0 pp YoY
- Gross margin
- 31.6%
- +7.4 pp YoY
- EPS (diluted)
- −$1.00
- −171.9% YoY
- ROE
- -7.9%
- −35.7 pp YoY
- Operating cash flow
- $168M
- +50.6% YoY
Source: XBRL data from the MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) FY2025 10-K on SEC EDGAR. USD.
MIAMI INTERNATIONAL HOLDINGS, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Operates technology-driven regulated financial marketplaces across options, equities, futures, and international listings
- New: Exclusive 10-year license with Bloomberg for proprietary index futures and options, launching in Q2 2026
- Strategic shift: Sold 90% of MIAXdx (cryptocurrency derivatives exchange) to Robinhood/SIG joint venture in January 2026, retaining 10%
- Quantitative metric: 2025 U.S. options volume 2.4 billion contracts, up 41.1% YoY; MIAX Sapphire options exchange launched August 2024 with physical trading floor opened September 2025
- Noteworthy fact: Completed acquisition of The International Stock Exchange Group (TISEG) in June 2025, expanding into European and UK markets with 7.4% increase in listed securities
Management Discussion & Analysis
- No details on segment performance available
- Cash flow, buybacks, dividends, and capex information not included
- Forward-looking outlook or risks not mentioned in excerpt
Risk Factors
- Section 31 fee suspension May 14, 2025; $0.00 per million temporary until FY 2026 legislation enacted, impacting regulatory revenue and costs
- Exposure to UK market via TISE Acquisition for $69.7 million in June 2025, with ongoing geopolitical uncertainty in Europe
- Supply chain shift: MIAX Futures migration off CME Globex platform June 30, 2025, eliminating related fees but requiring platform transition
- Competitive pressure from proprietary futures products causing inverted pricing with liquidity payments exceeding transaction fees in Futures segment
- High-cost debt extinguishment in August 2025: $140 million loan prepaid with $36 million prepayment premium, resulting in $107.7 million loss on extinguishment
Generated from the filing text; verify against the original. How to read a 10-K
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