MIAX

MKT CAP:$4B

Miami International Holdings, Inc.

Market Cap

$4B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$45.87+$2.22 (+5.09%)

Apr 24, 2026

Company Details

Miami International Holdings, Inc., through its subsidiaries, operates various markets across options, futures, and cash equities. Its markets include options through MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire; U.S. equities ...

CEO

Thomas Gallagher

IPO Date

Aug 14, 2025

Website

www.miaxglobal.com

Key Metrics TTM

Revenue

$1.4B

+19.6% YoY

Net Income

-$70M

EPS (Diluted)

-$1.00

Free Cash Flow

$142M

Revenue / Share

$19.53

Gross Margin

30.4%

Operating Margin

5.6%

Net Margin

-5.1%

FCF Margin

10.4%

P/S

3.1x

P/E

—

Earnings Reports

FY 2025

Mar 6, 2026

$1.4B+19.6%EPS -$1.00

Q4 2025

Mar 6, 2026

$369M+14.1%EPS $0.43

Q3 2025

Nov 7, 2025

$340M+22.8%EPS -$1.46

Q2 2025

Jun 30, 2025

$328M+22.9%EPS $0.30

Q1 2025

Mar 31, 2025

$327M+19.8%EPS -$0.27

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 23	$257M	$51M	-$7M
Q1 24	$273M	$61M	-$2M
Q2 24	$267M	$63M	-$7M
Q3 24	$277M	$70M	-$1M
Q4 24	$324M	$82M	$7M
Q1 25	$327M	$92M	$22M
Q2 25	$328M	$105M	$27M
Q3 25	$340M	$109M	-$305.0K
Q4 25	$369M	$108M	$27M

Valuation

Quarter	P/S	P/E
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	2.4x	30.8x
Q4 24	2.3x	25.4x
Q1 25	2.2x	30.3x
Q2 25	2.1x	1446.1x
Q3 25	2.5x	—
Q4 25	2.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 23	-$2M	-$3M
Q1 24	$39M	$26M
Q2 24	$89M	$82M
Q3 24	-$56M	-$66M
Q4 24	$39M	$30M
Q1 25	$11M	$3M
Q2 25	$55M	$46M
Q3 25	$55M	$50M
Q4 25	$47M	$43M

Capital Expenditures

Quarter	CapEx
Q4 23	$1M
Q1 24	$13M
Q2 24	$7M
Q3 24	$10M
Q4 24	$9M
Q1 25	$8M
Q2 25	$9M
Q3 25	$5M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 24	+26.0%	+19.7%
Q1 25	+19.8%	+11.0%
Q2 25	+22.9%	+9.6%
Q3 25	+22.8%	+22.4%
Q4 25	+14.1%	+8.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$11M	4.2%
Q3 24	$12M	4.3%
Q4 24	$10M	3.1%
Q1 25	$9M	2.9%
Q2 25	$0	0.0%
Q3 25	$29M	8.6%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 24	$49M	$794.0K
Q2 24	$57M	$741.0K
Q3 24	$57M	$663.0K
Q4 24	$60M	$865.0K
Q1 25	$54M	$763.0K
Q2 25	$59M	$555.0K
Q3 25	$92M	$759.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 23	$59M	$0	$59M
Q2 24	$63M	$0	$63M
Q3 24	$125M	$0	$125M
Q4 24	$150M	$0	$150M
Q1 25	$130M	$0	$130M
Q2 25	$195M	$0	$195M
Q3 25	$401M	$0	$401M
Q4 25	$510M	$0	$510M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 23	79M	—	—
Q1 24	79M	0.0%	—
Q2 24	79M	0.0%	—
Q3 24	79M	0.0%	—
Q4 24	79M	-0.8%	-0.8%
Q1 25	78M	-0.8%	-1.7%
Q2 25	79M	+1.7%	0.0%
Q3 25	70M	-11.7%	-11.7%
Q4 25	70M	-0.4%	-11.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	$841.5K	439

Revenue / Employee