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MI

MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX)·Q3 2025 Earnings Summary

Executive Summary

  • Net revenue rose 57% year over year to $109.5M, driven by record options volumes and higher market share; adjusted EBITDA more than doubled to $48.0M with a 44% margin .
  • GAAP diluted EPS was $(1.46) due to one-time debt extinguishment and IPO-related costs; adjusted diluted EPS was $0.42, a significant beat versus S&P Global EPS consensus of $0.332 (3 estimates) — bold beat driven by options strength and operating scale *.
  • Options market share reached a record 17.2% in Q3 and surged to 19.4% in October; ADVs hit records, positioning continued momentum into Q4 as a potential stock catalyst .
  • Balance sheet strengthened post-IPO: cash and equivalents $401.5M; total debt reduced to $6.5M, removing put liabilities and funding growth investments .

What Went Well and What Went Wrong

What Went Well

  • Options segment outperformance: net revenue +55% to $94.5M; adjusted EBITDA +70% to $69.1M; market share record at 17.2%, with October climbing to 19.4% .
  • Technology and market infrastructure: launch of MIAX Sapphire trading floor; management reiterated low latency, high throughput, and determinism as key differentiators supporting liquidity provision in volatile markets .
  • Adjusted profitability scaled efficiently: adjusted EBITDA +157% to $48.0M; margin expanded to 44% from 27% YoY, reflecting operating leverage despite growth investments .

What Went Wrong

  • GAAP results impacted by one-time items: net loss of $102.1M driven by $107.7M loss on debt extinguishment, IPO-related bonuses/fees, and warrant modifications; GAAP EBITDA was negative .
  • Futures softness: net revenue fell 9% YoY to $4.8M; operating loss widened to $(18.5)M amid participant migrations to the new platform and lower commodity volatility .
  • Equities economics remain negative: net revenue improved to $4.4M but capture remains inverted; market share ~1.1% and capture per 100 shares still negative, albeit less so .

Financial Results

Quarterly Sequential Performance (Consolidated)

MetricQ1 2025Q2 2025Q3 2025
Total Revenues ($USD)$323.0M*$322.5M*$330.6M*
Net Income ($USD)$(21.4)M*$23.5M*$(102.1)M
Diluted EPS ($USD)$(0.34)*$0.26*$(1.46)
Total Operating Expenses ($USD)$304.1M*$295.6M*$109.8M
Cash and Equivalents ($USD)$159.1M*$195.3M*$401.5M
Total Debt ($USD)$125.6M*$164.0M*$6.5M

Values marked with * retrieved from S&P Global.

Year-over-Year Q3 Comparison (GAAP and Non-GAAP)

MetricQ3 2024Q3 2025
Net Revenue (Revenues less Cost of Revenues) ($USD)$69.6M $109.5M
Operating Loss ($USD)$(1.2)M $(0.3)M
GAAP Diluted EPS ($USD)$(0.05) $(1.46)
Adjusted Diluted EPS ($USD)$0.11 $0.42
Adjusted EBITDA ($USD)$18.7M $48.0M
Adjusted EBITDA Margin (%)27% 44%

Segment Breakdown (Net Revenue)

SegmentQ3 2024Q3 2025
Options ($USD)$60.9M $94.5M
Equities ($USD)$2.2M $4.4M
Futures ($USD)$5.3M $4.8M
International ($USD)$0.8M $5.5M
Corporate/Other ($USD)$0.3M $0.3M
Total ($USD)$69.6M $109.5M

KPIs and Operating Metrics

KPIQ3 2024Q3 2025
Options Industry ADV (000s)44,451 55,840
MIH Options ADV (000s)6,164 9,624
MIH Options Market Share (%)13.9% 17.2%
Options RPC ($/contract)$0.095 $0.103
Equities Market Share (%)1.6% 1.1%
Equities Capture ($ per 100 shares)$(0.040) $(0.015)
Futures Agricultural Contracts784,097 513,406
Futures Agricultural RPC ($/contract)$2.508 $2.369

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Financial guidance (Revenue, EPS, Margins, OpEx, OI&E, Tax, Segment)Q4 2025 / FY 2025N/ANo formal quantitative guidance provided; management emphasized momentum and product pipeline (Bloomberg index futures in Q1 2026) Maintained N/A

Note: No explicit numerical guidance ranges were issued in the press release or on the call -.

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q3 2025)Trend
Options share/ADV expansionAugust/September PRs reported rising ADV and market share records (Sep market share 17.6%, ADV 10.8M; Aug ADV 9.5M, share 17.3%) Q3 share 17.2%; October share 19.4% and ADV 13.1M; multiple daily records Accelerating
MIAX Sapphire trading floorLaunch announced Sept 16; expands access to full multi-listed options market Floor contributed ~0.35% of multi-list volume in Oct; captured ~6.5% of floor volume; platform differentiation stressed Early contribution, room to grow
Technology differentiationEmphasis on low latency, high throughput, determinism across exchanges Reinforced as core edge, enabling liquidity in volatility; “church for Easter Sunday” readiness Consistent narrative
Futures growth and product pipelineOnyx platform launched; regulatory pathway and pipeline discussed Announced support for financial futures; Bloomberg 500/100 Index futures planned for Q1 2026; OCC clearing for margin efficiencies Building toward launch
Equities capture improvementMarket share low; negative capture persists Capture less negative; focus on maximizing net revenue and profitability Incremental progress

Management Commentary

  • “MIH produced strong results in the third quarter while also executing on a successful initial public offering... Elevated volatility supported record volumes, contributing to strong performance in our options business.” — Thomas P. Gallagher, CEO .
  • “MIAX differentiates its technology by providing low latency, high throughput, and industry-leading determinism... even during extreme volatility, we were ready, and our technology performed without issue.” — CEO prepared remarks .
  • “Our adjusted EBITDA increased 157% year over year to $48 million... demonstrating our ability to scale efficiently while also continuing to invest in our growth initiatives.” — Lance Emmons, CFO .
  • “We plan to list futures on the Bloomberg 500 Index in collaboration with Bloomberg... products will clear at the Options Clearing Corporation, providing improved margin efficiencies.” — CEO .

Q&A Highlights

  • Sapphire trading floor impact: October floor captured ~6.5% of industry floor volume (~0.35% of total multi-list), contributing fractionally to recent share gains; ample runway for growth .
  • Zero-DTE single-stock options: path depends on regulatory approvals; MIAX ready to list on all four options exchanges upon approval; sees significant retail-driven growth opportunity .
  • Revenue per contract and pricing: minor mix-driven tick-down; temporary regulatory fee reduction; focus remains on maximizing positive net revenue even at lower capture when accretive .
  • Expense outlook and SBC: expect less expense growth as major builds completed; IPO-driven RSA vesting caused lumpy Q3 SBC; options-related SBC considered more recurring going forward .

Estimates Context

  • EPS vs consensus: Adjusted diluted EPS $0.42 beat S&P Global consensus $0.332 by ~$0.09; 3 estimates — bold beat, supported by options volumes, market share, and margin expansion *.
  • Revenue consensus: S&P Global revenue consensus not available; reported total revenues $339.8M and net revenue $109.5M .
  • Implications: Street EPS estimates likely to be revised up on stronger options economics and October momentum; GAAP loss driven by one-time items should have limited impact on forward EPS modeling .

Values marked with * retrieved from S&P Global.

Estimates Comparison Table

MetricQ3 2025 ConsensusQ3 2025 Actual
Primary EPS (Adj. diluted EPS proxy) ($USD)0.332* (3 estimates)*0.42
Revenue ($USD)N/A$339.8M (Total revenues)

Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

  • Options engine driving the story: record ADV and market share translate into higher net revenue and expanding adjusted margins; October acceleration is a near-term catalyst .
  • Non-GAAP vs GAAP: one-time debt extinguishment and IPO expenses obscure GAAP EPS; adjusted earnings power and margin profile improved materially YoY—focus models on non-GAAP run-rate .
  • Product pipeline as upside optionality: Bloomberg index futures (OCC-cleared) in Q1 2026 can broaden revenue streams and capital efficiencies for participants; watch regulatory progress and launch dates .
  • Equities remains a work-in-progress: capture still inverted but improving; limited contribution near term; management prioritizes net revenue maximization and data opportunities .
  • Futures transition noise likely temporary: Onyx migration dampened volumes and widened losses; expect normalization and incremental products to improve segment economics over time .
  • Cost discipline post-build: major platform investments completed; CFO guides to slower expense growth, supporting incremental margins as volumes scale .
  • Monitor structural tailwinds: continued retail participation, short-dated options expansion, and elevated volatility support sustained options volume growth, underpinning medium-term thesis .