MIAX Q4 net revenue $124.5M (+52% YoY), adjusted EBITDA $62.2M (+112%); sets FY2026 guidance

MIAMI INTERNATIONAL HOLDINGS, INC.

2025-FY EPS reported -$1.00 revenue$1,364,073,000

Q4 GAAP diluted EPS $0.27; adjusted diluted EPS $0.52.
FY2025 net revenue $430.5M (+56% YoY); GAAP diluted EPS ($1.00), adjusted diluted EPS $1.82.
Options exchanges record average daily volume 11.1M contracts (+46.5% YoY); market share 18.2%.
Completed sale of 90% of MIAXdx to Robinhood/Susquehanna JV in Jan 2026; retained 10%.
FY2026 adjusted opex guidance $265M-275M; capex $40M-45M; D&A $33M-38M.

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