MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) FY2025 10-K Annual Report
MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 6, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
MIAMI INTERNATIONAL HOLDINGS, INC. FY2025 10-K Analysis
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
- • Revenue and profitability data not disclosed in provided text
- • 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
MIAMI INTERNATIONAL HOLDINGS, INC. FY2025 Key Financial MetricsXBRL
Revenue
$1.4B
▲ +19.6% YoY
Net Income
-$70M
▼ -168.6% YoY
Gross Margin
31.6%
▲ +738bp YoY
Operating Margin
6.7%
▲ +699bp YoY
Net Margin
-5.1%
▼ -1409bp YoY
ROE
-7.9%
▼ -3573bp YoY
Total Assets
$1.3B
▲ +29.4% YoY
EPS (Diluted)
$-1.00
▼ -171.9% YoY
Operating Cash Flow
$168M
▲ +50.6% YoY
Source: XBRL data from MIAMI INTERNATIONAL HOLDINGS, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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