Short answer
MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) filed its Q3 2025 10-Q quarterly report on Nov 7, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $995M with net income of −$100M.
Q3 2025 key financials · XBRL
- Revenue
- $995M
- Net income
- −$100M
- Operating margin
- 5.0%
- Gross margin
- 30.8%
- EPS (diluted)
- −$1.51
Source: XBRL data from the MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) Q3 2025 10-Q on SEC EDGAR. USD.
MIAMI INTERNATIONAL HOLDINGS, INC. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Risk Factors
- New regulatory risk: 11th Circuit invalidated 2023 SEC CAT Funding Order (July 25, 2025), risking loss of $ millions in SRO CAT fee reimbursements
- Updated market risk: trading volume 58.4% of revenues for Q3 FY2025; volume shifts to lower-fee products could materially reduce revenues
- Legal/compliance risk: regulatory challenges to non-transaction fees (connectivity, access, market data) could decrease MIAX Exchanges' revenue
- Competitive risk: launch of Bloomberg-index licensed proprietary products in H1 2026 faces entrenched competitors, adoption uncertain
- Financial risk: reliance on continued order flow from firms with expired equity incentive periods, potential attrition post-IPO may reduce trading volumes
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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