Miami International (NYSE:MIAX) executives highlighted strong fourth-quarter and full-year 2025 results while outlining priorities for 2026, including expanded options initiatives and the launch of new Bloomberg index futures products. Management also discussed recent strategic transactions and investments in technology and market structure capabilities during the company’s earnings conference call.
2025 results: revenue and profitability surged amid elevated volatility
Chairman and CEO Thomas P. Gallagher said 2025 was an “extraordinary year,” citing both strategic milestones and financial performance. For the fourth quarter, MIAX reported total net revenue of $125 million, up 52% year over year, while adjusted EBITDA more than doubled to $62 million. Adjusted EBITDA margin expanded 1,400 basis points to 50%, and adjusted diluted EPS was $0.52.
CFO Lance Emmons attributed the performance to the company’s ability to scale while investing in growth initiatives. He also noted that adjusted operating expenses rose to $62 million in the fourth quarter from $53 million a year earlier, primarily due to higher compensation and benefits from planned headcount expansion, along with increased IT and communications costs tied to MIAX Sapphire and new technology platforms for MIAX Futures and BSX.
Options momentum: record Q4 share and focus on short-dated expirations
MIAX said it continued to gain share in multi-listed options. In the fourth quarter, market share reached a record 18.2%, up from 15.9% in the prior-year period. Average daily volume was 11.1 million contracts, a 46% year-over-year increase, which management said outpaced industry average daily volume growth of approximately 28.4%.
Gallagher said the company intends to continue balancing market share growth with “healthy RPC levels,” and he emphasized MIAX’s technology performance during high-volume periods. Looking to 2026, he said MIAX expects volatility to remain elevated due to geopolitics, domestic policy and political dynamics, tariff impacts, and the “evolving AI investment cycle.”
Executives repeatedly pointed to the growth of short-dated options as a key industry trend. Gallagher highlighted rapid growth in new Monday and Wednesday short-term expirations in single stocks, calling it an increasingly important segment for both retail and institutional participants. MIAX listed Monday and Wednesday short-term options in nine actively traded classes, which the company expects to contribute to volume growth in 2026.
In the Q&A, Chief Strategy Officer and MIAX Futures CEO Shelly Brown said the Monday and Wednesday expirations program was only a few weeks old but had been “very successful to date,” with large volume in the nine stocks and market share in line with MIAX’s historical outperformance in those names. Brown added that before the program began, MIAX market share in those nine stocks was “just over 20%,” above the overall market share level cited on the call. She said it was still too early to quantify the total impact on industry volume.
On market share trends early in 2026, Brown noted October was an outlier, and said that looking across November, December, and January, share had been “very consistent.” She added that MIAX evaluates market share relative to capture and said the company was comfortable with current levels.
Strategic developments: secondary offering, MIAXdx sale, and floor build-out
Gallagher reviewed several strategic actions taken during 2025 and into early 2026:
- Secondary offering: MIAX completed a December public offering of 7.8 million shares consisting entirely of secondary shares. Gallagher said MIAX did not sell shares or receive proceeds, but the transaction enhanced liquidity as the company continues to evolve as a public company.
- MIAXdx transaction: MIAX announced the sale of 90% of MIAX Derivatives Exchange (MIAXdx) to Robinhood Markets in partnership with Susquehanna International Group, while retaining a 10% equity stake. Management said the transaction closed in January 2026 and provides “expedited access” to prediction markets through the retained stake while allowing MIAX to focus on core offerings.
- MIAX Sapphire trading floor: Gallagher said the Miami-based options trading floor launched in the third quarter and was performing in line with expectations, demonstrating the continued value of floor-based trading in a hybrid market structure. He said MIAX plans additional functionality enhancements in the first half of 2026.
During the Q&A, management said March fee changes primarily reflected the expiration of a non-transaction fee waiver for Sapphire floor members. Brown said the company did not change transaction fees as part of the March change, and that MIAX’s practice has been to waive or reduce non-transaction fees when launching a new venue to facilitate onboarding and early volume growth.
Futures roadmap: Bloomberg index futures launch pushed to Q2 2026
Management said MIAX Futures is a key growth initiative. Gallagher cited the launch of MIAX Futures Onyx and completion of a new clearing infrastructure, describing it as a proprietary trading and clearing platform with state-of-the-art risk management capabilities.
MIAX plans to launch Bloomberg Indices futures products—B 100 and B 500 futures—in the second quarter of 2026. Gallagher said the company previously communicated a February launch date but rescheduled to ensure reliability and performance consistent with its options platforms and to ensure that “the full ecosystem of participants” is connected on day one.
Brown said MIAX will introduce retail-sized contracts first—what she described as “teeny” contract sizes—aimed at retail broker demand for low trading fees. In response to questions on retail adoption, Gallagher and Brown emphasized that retail platforms prioritize execution costs, and they discussed pursuing alternative pricing mechanisms to reduce retail execution costs. Brown said MIAX believes it can work with retail firms to engage retail customers, while noting she would not disclose the full pricing strategy.
Brown also outlined how the broader product suite could evolve over time. She said the company is launching futures first, with options to follow later depending on futures adoption, since futures provide hedging support for options. She added that when options are listed, MIAX expects to include short-dated options, referencing the success of short-dated activity in other index products. Brown also said a differentiator is that the Bloomberg 100 and 500 products would clear at the Options Clearing Corporation.
Segment performance and 2026 guidance
Emmons provided fourth-quarter segment results:
- Options: Net revenue of $107 million, up 46% year over year, supported by 18.2% market share and elevated industry volumes.
- Equities: Net revenue of $6 million, up from $2 million, primarily from higher net transaction fees tied to improved pricing. Emmons said equity capture was net neutral for the quarter compared with historically inverted results, and Gallagher said the equity business reached break-even adjusted EBITDA in the fourth quarter.
- Futures: Net revenue of $5 million, down from $6 million, driven by lower listings revenue and decreased transaction fees tied to migration timing to MIAX Futures Onyx and lower commodity volatility, partially offset by elimination of CME Globex-related expenses.
- International: Net revenue of $6 million, up from $1 million, primarily due to the June 2025 acquisition of TISE.
On the balance sheet, Emmons said MIAX ended 2025 with $434 million in cash and less than $2 million in outstanding debt. He added that MIAXdx assets and liabilities were classified as held for sale as of December 31, 2025.
For 2026, MIAX guided to adjusted operating expenses of $265 million to $275 million, representing a 13% to 18% increase over 2025. Emmons said the outlook reflects increased headcount and technology costs for new product launches, higher public company expenses, and increased branding and advertising. Management also guided to:
- Share-based compensation: $27 million to $30 million (down year over year due to IPO-related accelerations, partially offset by new 2026 grants)
- CapEx: $40 million to $45 million
- Depreciation and amortization: $33 million to $38 million
Emmons also said MIAX expects to release its deferred tax valuation allowance during 2026, reflecting the ability to realize the benefit of net operating losses. After the release, the company expects an effective tax rate on adjusted earnings of 27% to 29%.
In the Q&A, management said it does not provide a top-line outlook given the transaction-based nature of a significant portion of revenue, but Emmons noted there is some sensitivity in expenses and that the company has discretionary investments it could scale back if volumes do not develop as anticipated.
About Miami International (NYSE:MIAX)
Miami International (NYSE:MIAX) is a U.S. exchange holding company that operates electronic trading venues and provides market infrastructure for listed options and related products. Its primary business activities include operating regulated exchanges, delivering market data feeds, and offering trading technology and connectivity services designed for professional traders, broker-dealers, and market makers. The company focuses on low-latency execution, order matching, and the operational controls required to support high-volume, automated trading strategies in listed derivatives.
Products and services provided by Miami International include fully electronic order matching engines, transmittable market data and feed products, colocation and connectivity solutions, and tools for risk management and regulatory compliance.
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