Miami International (MIAX) Financials

$51.42 -0.02 (-0.05%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$51.40 -0.02 (-0.04%)

As of 05/22/2026 07:15 PM Eastern

Annual Income Statements for Miami International

This table shows Miami International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-21	102	-70
Consolidated Net Income / (Loss)	-21	102	-70
Net Income / (Loss) Continuing Operations	-21	102	-70
Total Pre-Tax Income	-22	105	-69
Total Operating Income	-2.87	-2.83	92
Total Gross Profit	232	276	431
Total Revenue	1,041	1,140	1,364
Operating Revenue	1,041	1,140	1,364
Total Cost of Revenue	809	864	934
Operating Cost of Revenue	809	864	934
Total Operating Expenses	235	278	339
Selling, General & Admin Expense	88	97	103
Research & Development Expense	5.56	3.06	2.76
Depreciation Expense	21	23	29
Other Operating Expenses / (Income)	118	155	200
Restructuring Charge	2.72	0.00	2.90
Total Other Income / (Expense), net	-19	108	-161
Interest Expense	19	14	121
Interest & Investment Income	0.25	-0.81	9.41
Other Income / (Expense), net	-0.57	123	-49
Income Tax Expense	-0.70	3.10	1.45
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.48	-0.14	0.00
Basic Earnings per Share	($0.37)	$1.68	($1.00)
Weighted Average Basic Shares Outstanding	56.46M	60.70M	69.84M
Diluted Earnings per Share	($0.37)	$1.39	($1.00)
Weighted Average Diluted Shares Outstanding	56.46M	74.63M	69.84M
Weighted Average Basic & Diluted Shares Outstanding	-	-	91.65M

This table shows Miami International's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q1 2025	Q3 2025	Q1 2026
Period end date	9/30/2024	3/31/2025	9/30/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-3.20	-21	-102	170
Consolidated Net Income / (Loss)	-3.21	-21	-102	170
Net Income / (Loss) Continuing Operations	-3.21	-21	-102	170
Total Pre-Tax Income	-1.65	-21	-103	100
Total Operating Income	-1.16	22	-0.31	46
Total Gross Profit	70	92	109	129
Total Revenue	277	327	340	370
Operating Revenue	277	327	340	370
Total Cost of Revenue	207	235	230	241
Operating Cost of Revenue	207	235	230	241
Total Operating Expenses	71	70	110	83
Selling, General & Admin Expense	24	22	28	26
Research & Development Expense	0.66	0.76	0.76	0.98
Depreciation Expense	6.05	6.17	8.23	8.09
Other Operating Expenses / (Income)	40	40	72	48
Restructuring Charge	0.00	0.65	0.00	0.00
Total Other Income / (Expense), net	-0.49	-44	-103	54
Interest Expense	2.21	4.43	111	0.05
Interest & Investment Income	0.84	1.30	2.66	4.39
Other Income / (Expense), net	0.88	-40	5.79	50
Income Tax Expense	1.56	0.21	-0.81	-70
Basic Earnings per Share	($0.05)	($0.34)	($1.46)	$1.85
Weighted Average Basic Shares Outstanding	63.25M	63.55M	70.13M	91.79M
Diluted Earnings per Share	($0.05)	($0.34)	($1.46)	$1.56
Weighted Average Diluted Shares Outstanding	63.25M	63.55M	70.13M	109.15M
Weighted Average Basic & Diluted Shares Outstanding	-	-	81.44M	94.91M

This table details how cash moves in and out of Miami International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-130	100	281
Net Cash From Operating Activities	-49	111	168
Net Cash From Continuing Operating Activities	-49	111	168
Net Income / (Loss) Continuing Operations	-21	102	-70
Consolidated Net Income / (Loss)	-21	102	-70
Depreciation Expense	21	23	29
Amortization Expense	1.88	2.84	3.02
Non-Cash Adjustments To Reconcile Net Income	-70	75	173
Changes in Operating Assets and Liabilities, net	19	-92	32
Net Cash From Investing Activities	-64	-41	-101
Net Cash From Continuing Investing Activities	-64	-41	-101
Purchase of Property, Plant & Equipment	-26	-39	-35
Acquisitions	-20	0.00	-56
Purchase of Investments	-18	-1.58	-10
Net Cash From Financing Activities	-17	29	215
Net Cash From Continuing Financing Activities	-17	29	215
Repayment of Debt	-32	-63	-178
Repurchase of Common Equity	-3.31	-12	-25
Issuance of Debt	1.49	35	37
Issuance of Common Equity	17	10	381
Other Financing Activities, net	0.54	60	0.00
Effect of Exchange Rate Changes	0.00	0.00	-0.09
Cash Interest Paid	17	13	9.83
Cash Income Taxes Paid	0.60	0.46	1.64

This table details how cash moves in and out of Miami International's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q1 2025	Q4 2025	Q1 2026
Period end date	12/31/2024	3/31/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	29	1.14	33	113
Net Cash From Operating Activities	39	11	47	61
Net Cash From Continuing Operating Activities	39	11	47	61
Net Income / (Loss) Continuing Operations	2.89	-21	30	170
Consolidated Net Income / (Loss)	2.89	-21	30	170
Depreciation Expense	6.27	6.17	8.04	8.09
Amortization Expense	0.93	1.01	0.05	0.00
Non-Cash Adjustments To Reconcile Net Income	-11	17	-17	-46
Changes in Operating Assets and Liabilities, net	40	8.41	26	-71
Net Cash From Investing Activities	-9.06	-8.14	-17	46
Net Cash From Continuing Investing Activities	-9.06	-8.14	-17	46
Purchase of Property, Plant & Equipment	-9.06	-8.14	-6.83	-14
Acquisitions	-	0.00	-	60
Net Cash From Financing Activities	-0.63	-1.91	3.08	7.11
Net Cash From Continuing Financing Activities	-0.63	-1.91	3.08	7.11
Repayment of Debt	-0.61	-0.04	-0.06	-0.04
Repurchase of Common Equity	-0.32	-1.94	-1.01	-13
Issuance of Common Equity	0.29	0.07	4.16	20
Effect of Exchange Rate Changes	-	0.00	-0.01	-0.43
Cash Interest Paid	3.38	3.54	0.88	0.01
Cash Income Taxes Paid	0.19	0.01	0.37	0.02

This table presents Miami International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2025
Period end date	12/31/2024	12/31/2025
Total Assets	974	1,259
Total Current Assets	573	855
Cash & Equivalents	150	434
Restricted Cash	6.27	34
Accounts Receivable	92	98
Other Current Assets	324	249
Other Current Nonoperating Assets	0.00	41
Plant, Property, & Equipment, net	44	47
Total Noncurrent Assets	356	357
Long-Term Investments	31	19
Goodwill	47	62
Intangible Assets	146	207
Noncurrent Deferred & Refundable Income Taxes	-	0.00
Other Noncurrent Operating Assets	132	69
Total Liabilities & Shareholders' Equity	974	1,259
Total Liabilities	606	378
Total Current Liabilities	405	337
Short-Term Debt	4.77	1.51
Accounts Payable	120	70
Current Deferred Revenue	2.71	9.57
Current Employee Benefit Liabilities	34	39
Other Current Liabilities	243	214
Other Current Nonoperating Liabilities	0.00	2.76
Total Noncurrent Liabilities	201	41
Noncurrent Deferred & Payable Income Tax Liabilities	11	22
Other Noncurrent Operating Liabilities	158	19
Commitments & Contingencies	0.00	0.00
Total Equity & Noncontrolling Interests	368	881
Total Preferred & Common Equity	368	881
Total Common Equity	368	881
Common Stock	931	1,522
Retained Earnings	-562	-632
Treasury Stock	-0.78	-8.23
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.64

This table presents Miami International's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2025	Q1 2026
Period end date	9/30/2025	3/31/2026
Total Assets	1,225	1,444
Total Current Assets	792	971
Cash & Equivalents	401	551
Restricted Cash	36	41
Accounts Receivable	100	107
Other Current Assets	255	273
Other Current Nonoperating Assets	-	0.00
Plant, Property, & Equipment, net	48	53
Total Noncurrent Assets	385	419
Long-Term Investments	14	29
Goodwill	65	62
Intangible Assets	225	206
Noncurrent Deferred & Refundable Income Taxes	-	60
Other Noncurrent Operating Assets	81	63
Total Liabilities & Shareholders' Equity	1,225	1,444
Total Liabilities	393	379
Total Current Liabilities	349	351
Short-Term Debt	4.96	1.51
Accounts Payable	82	84
Current Deferred Revenue	9.17	10
Current Employee Benefit Liabilities	32	20
Other Current Liabilities	220	235
Other Current Nonoperating Liabilities	-	0.00
Total Noncurrent Liabilities	44	28
Noncurrent Deferred & Payable Income Tax Liabilities	22	11
Other Noncurrent Operating Liabilities	21	17
Commitments & Contingencies	0.00	0.00
Total Equity & Noncontrolling Interests	832	1,066
Total Preferred & Common Equity	832	1,066
Total Common Equity	832	1,065
Common Stock	1,503	1,544
Retained Earnings	-662	-462
Treasury Stock	-8.23	-15
Accumulated Other Comprehensive Income / (Loss)	-0.63	-2.36

This table displays calculated financial ratios and metrics derived from Miami International's official financial filings.

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	0.00	81,435,030.00
DEI Adjusted Shares Outstanding	0.00	0.00	81,435,030.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	-0.86
Growth Metrics	-	-	-
Profitability Metrics	-	-	-
Net Operating Profit after Tax (NOPAT)	-2.01	-2.74	64
Return On Investment Capital (ROIC_SIMPLE)	-	-0.68%	7.29%
Earnings before Interest and Taxes (EBIT)	-3.44	120	43
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	19	146	75
Valuation Ratios	-	-	-
Leverage & Solvency	-	-	-
Liquidity Ratios	-	-	-
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-220	-76
Efficiency Ratios	-	-	-
Capital & Investment Metrics	-	-	-
Invested Capital	0.00	217	358
Increase / (Decrease) in Invested Capital	0.00	217	141
Book Value per Share	$0.00	$6.06	$10.82
Tangible Book Value per Share	$0.00	$2.87	$7.51
Total Capital	0.00	405	883
Total Debt	0.00	37	1.51
Total Long-Term Debt	0.00	32	0.00
Net Debt	0.00	-151	-485
Capital Expenditures (CapEx)	26	39	35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	16	52
Debt-free Net Working Capital (DFNWC)	0.00	172	519
Net Working Capital (NWC)	0.00	168	518
Net Nonoperating Expense (NNE)	19	-105	134
Net Nonoperating Obligations (NNO)	0.00	-151	-523
Total Depreciation and Amortization (D&A)	23	26	32
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.00)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	69.84M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.00)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	69.84M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	91.65M
Normalized Net Operating Profit after Tax (NOPAT)	-0.10	-2.74	66
Debt Service Ratios	-	-	-
Payout Ratios	-	-	-

This table displays calculated financial ratios and metrics derived from Miami International's official financial filings.

Metric	Q3 2024	Q1 2025	Q3 2025	Q1 2026
Period end date	9/30/2024	3/31/2025	9/30/2025	3/31/2026
DEI Shares Outstanding	-	0.00	-	91,651,482.00
DEI Adjusted Shares Outstanding	-	0.00	-	91,651,482.00
DEI Earnings Per Adjusted Shares Outstanding	-	0.00	-	1.86
Growth Metrics	-	-	-	-
Revenue Growth	0.00%	0.00%	22.82%	13.03%
EBITDA Growth	0.00%	0.00%	137.82%	1,052.88%
EBIT Growth	0.00%	0.00%	2,073.38%	629.49%
NOPAT Growth	0.00%	0.00%	73.68%	401.19%
Net Income Growth	0.00%	0.00%	-3,085.02%	894.70%
EPS Growth	0.00%	0.00%	-2,820.00%	558.82%
Operating Cash Flow Growth	0.00%	0.00%	0.00%	443.96%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	-71.33%	0.00%	29.55%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-
Gross Margin	25.14%	28.09%	32.22%	34.78%
EBITDA Margin	2.08%	-3.33%	4.04%	28.08%
Operating Margin	-0.42%	6.82%	-0.09%	12.43%
EBIT Margin	-0.10%	-5.53%	1.61%	25.89%
Profit (Net Income) Margin	-1.16%	-6.55%	-30.04%	46.05%
Tax Burden Percent	194.71%	100.99%	99.21%	170.14%
Interest Burden Percent	592.09%	117.34%	-1,875.50%	104.54%
Effective Tax Rate	0.00%	0.00%	0.00%	-70.14%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	133.49%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	103.79%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	-60.36%
Return on Equity (ROE)	0.00%	0.00%	0.00%	73.13%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	25.22%
Return on Assets (ROA)	0.00%	0.00%	0.00%	44.85%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	73.12%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.81	16	-0.21	78
NOPAT Margin	-0.29%	4.77%	-0.06%	21.16%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	-45.81%	29.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-0.03%	7.33%
Cost of Revenue to Revenue	74.86%	71.91%	67.78%	65.22%
SG&A Expenses to Revenue	8.61%	6.66%	8.38%	7.01%
R&D to Revenue	0.24%	0.23%	0.22%	0.27%
Operating Expenses to Revenue	25.56%	21.28%	32.31%	22.35%
Earnings before Interest and Taxes (EBIT)	-0.28	-18	5.49	96
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5.77	-11	14	104
Valuation Ratios	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	3.39	3.99
Price to Tangible Book Value (P/TBV)	0.00	0.00	5.21	5.32
Price to Revenue (P/Rev)	0.00	0.00	0.00	3.02
Price to Earnings (P/E)	0.00	0.00	0.00	34.93
Dividend Yield	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	2.86%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	6.14	8.14
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	2.58
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	19.13
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	23.21
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	13.59
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	16.68
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-
Debt to Equity	0.00	0.00	0.01	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00
Financial Leverage	0.00	0.00	-0.53	-0.58
Leverage Ratio	0.00	0.00	1.47	1.36
Compound Leverage Factor	0.00	0.00	-27.62	1.42
Debt to Total Capital	0.00%	0.00%	0.77%	0.14%
Short-Term Debt to Total Capital	0.00%	0.00%	0.59%	0.14%
Long-Term Debt to Total Capital	0.00%	0.00%	0.18%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	0.00%	99.23%	99.85%
Debt to EBITDA	0.00	0.00	0.00	0.01
Net Debt to EBITDA	0.00	0.00	0.00	-3.27
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.01
Net Debt to NOPAT	0.00	0.00	0.00	-2.32
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	0.00	0.00	7.99
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.01%
Liquidity Ratios	-	-	-	-
Current Ratio	0.00	0.00	2.27	2.77
Quick Ratio	0.00	0.00	1.44	1.87
Cash Flow Metrics	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	-387	-368
Operating Cash Flow to CapEx	0.00%	137.41%	0.00%	426.47%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-3.49	-8,170.58
Operating Cash Flow to Interest Expense	0.00	2.53	0.00	1,352.76
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.69	0.00	1,035.56
Efficiency Ratios	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.97
Accounts Receivable Turnover	0.00	0.00	0.00	13.17
Inventory Turnover	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	26.31
Accounts Payable Turnover	0.00	0.00	0.00	11.18
Days Sales Outstanding (DSO)	0.00	0.00	0.00	27.72
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	32.65
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	-4.92
Capital & Investment Metrics	-	-	-	-
Invested Capital	0.00	0.00	387	446
Invested Capital Turnover	0.00	0.00	0.00	6.31
Increase / (Decrease) in Invested Capital	0.00	0.00	387	446
Enterprise Value (EV)	0.00	0.00	2,379	3,629
Market Capitalization	345	345	2,823	4,248
Book Value per Share	$0.00	$0.00	$11.86	$11.63
Tangible Book Value per Share	$0.00	$0.00	$7.73	$8.70
Total Capital	0.00	0.00	838	1,067
Total Debt	0.00	0.00	6.46	1.51
Total Long-Term Debt	0.00	0.00	1.51	0.00
Net Debt	0.00	0.00	-445	-620
Capital Expenditures (CapEx)	0.00	8.14	0.00	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	11	30
Debt-free Net Working Capital (DFNWC)	0.00	0.00	448	622
Net Working Capital (NWC)	0.00	0.00	443	620
Net Nonoperating Expense (NNE)	2.39	37	102	-92
Net Nonoperating Obligations (NNO)	0.00	0.00	-445	-620
Total Depreciation and Amortization (D&A)	6.05	7.18	8.23	8.09
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	2.13%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	44.22%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	44.11%
Earnings Adjustments	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.46)	$1.85
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	70.13M	91.79M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.46)	$1.56
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	70.13M	109.15M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	81.44M	94.91M
Normalized Net Operating Profit after Tax (NOPAT)	-0.81	16	-0.21	32
Normalized NOPAT Margin	-0.29%	4.91%	-0.06%	8.70%
Pre Tax Income Margin	-0.60%	-6.48%	-30.28%	27.06%
Debt Service Ratios	-	-	-	-
EBIT to Interest Expense	-0.13	-4.08	0.05	2,126.80
NOPAT to Interest Expense	-0.37	3.52	0.00	1,738.04
EBIT Less CapEx to Interest Expense	0.00	-5.92	0.00	1,809.60
NOPAT Less CapEx to Interest Expense	0.00	1.68	0.00	1,420.84
Payout Ratios	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	30.04%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise read on MIAMI INTERNATIONAL HOLDINGS, INC. (NYSE: MIAX) using the latest quarterly figures you provided (Q4 2025, with context from Q3 2025 and Q4 2024). The data show a notable improvement in Q4 2025 after a challenging mid-2025 period, with solid operating cash flow and a stronger quarter-end liquidity position.

Net income in Q4 2025 was 29.94 million, signaling quarterly profitability recovery.
Net cash from continuing operating activities in Q4 2025 was 46.99 million, indicating strong cash generation from core operations.
Q4 2025 financing activity was positive (net 3.08 million), aided by a 4.16 million issuance of common equity, showing capacity to raise capital when needed.
Net change in cash and equivalents in Q4 2025 was 33.23 million, continuing a cash-accumulating trend into year-end.
Q3 2025 revenue of 339.78 million with gross profit of 109.48 million yields a gross margin in the low 30s% range, indicating solid topline scale despite later-quarter profitability pressure.

Non-cash adjustments to reconcile net income in Q4 2025 were negative 17.48 million, a drag on cash reconciliation despite positive cash flow.
Balance sheet features sizable non-current assets (intangible assets 225.11 million and goodwill 64.74 million), contributing to a substantial non-current asset base that could carry impairment risk in weaker periods.

Q3 2025 net income continuing operations fell to -102.08 million, driven by large non-operating costs and heavy expense items outside core operations.
Total other income / (expense), net in Q3 2025 was -102.585 million, amplifying losses beyond operating results.
Interest expense in Q3 2025 was -111.034 million, a major drag on profitability and a key earnings risk factor to watch.

05/23/26 10:02 AM ETAI Generated. May Contain Errors.

Miami International Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Miami International's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Miami International's net income appears to be on a downward trend, with a most recent value of -$70.03 million in 2025, rising from -$21.37 million in 2023. The previous period was $101.99 million in 2024. Find out what analysts predict for Miami International in the coming months.

Miami International's total operating income in 2025 was $91.97 million, based on the following breakdown:

Total Gross Profit: $430.53 million
Total Operating Expenses: $338.56 million

Over the last 2 years, Miami International's total revenue changed from $1.04 billion in 2023 to $1.36 billion in 2025, a change of 31.0%.

Miami International's total liabilities were at $378.41 million at the end of 2025, a 37.6% decrease from 2024, and a 37.6% decrease since 2024.

In the past 1 years, Miami International's cash and equivalents has ranged from $150.34 million in 2024 to $433.65 million in 2025, and is currently $433.65 million as of their latest financial filing in 2025.

Over the last 2 years, Miami International's book value per share changed from 0.00 in 2023 to 10.82 in 2025, a change of 1,081.9%.

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Financial statements for NYSE:MIAX last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Miami International (MIAX) Financials

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Miami International (MIAX) Financials

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Financials Breakdown Chart

Key Financial Trends

Miami International Financials - Frequently Asked Questions

When does Miami International's financial year end?

How has Miami International's net income changed over the last 2 years?

What is Miami International's operating income?

How has Miami International's revenue changed over the last 2 years?

How much debt does Miami International have?

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How has Miami International's book value per share changed over the last 2 years?

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