Miami International Holdings (MIAX) Q4 FY2025 earnings: revenue $369 million

Miami International Holdings, Inc. (MIAX) reported revenue of $369 million for Q4 FY2025, the quarter ended 31 December 2025. Net income was $30 million, and diluted earnings per share $0.27. The figures are the company's own, from the 10-K it filed with the SEC on 6 March 2026.

Revenue$369 million

Net income$30 million

Diluted EPS$0.27

QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	A year earlier	Change on the year
Revenue	369	340	n/a	n/a
Cost of revenue	245	230	n/a	n/a
Gross profit	125	109	n/a	n/a
Gross margin	33.7%	32.2%	n/a
Operating income	42.7	-0.3	n/a	n/a
Operating margin	11.6%	-0.1%	n/a
Interest expense	0.2	3.4	n/a	n/a
Pre-tax income	30.9	-103	n/a	n/a
Income tax	0.9	-0.8	n/a	n/a
Effective tax rate	3.0%	n/a	n/a
Net income	29.9	-102	n/a	n/a
Net margin	8.1%	-30.0%	n/a
Diluted EPS	$0.27	-$1.46	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2025	Q3 FY2025	A year earlier	Change on the year
Operating cash flow	47.0	54.7	n/a	n/a
Capital expenditure	4.1	1.7	n/a	n/a
Free cash flow	42.9	53.0	n/a	n/a
Free cash flow margin	11.6%	15.6%	n/a
Cash from investing	-16.8	-4.5	n/a	n/a
Cash from financing	3.1	174	n/a	n/a
Depreciation and amortisation	8.0	8.2	n/a	n/a
Share-based compensation	9.6	29.1	n/a	n/a
Buybacks	0.0	19.9	n/a	n/a
Diluted shares, weighted	110m	70m	n/a	n/a
Shares outstanding at period end	86m	81m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	A year earlier	Change on the year
Shareholders' equity	881	832	n/a	n/a
Debt	1.5	6.5	n/a	n/a
Operating lease liabilities	16.8	18.6	n/a	n/a
Finance lease liabilities	0.4	0.4	n/a	n/a
Other liabilities	360	368	n/a	n/a
Total liabilities and equity	1,259	1,225	n/a	n/a
Fixed assets	46.9	47.9	n/a	n/a
Goodwill	62.2	64.7	n/a	n/a
Intangible assets	171	189	n/a	n/a
Investments	19.2	14.2	n/a	n/a
Cash and equivalents	434	401	n/a	n/a
Receivables	98.1	99.9	n/a	n/a
Other assets	429	408	n/a	n/a
Total assets	1,259	1,225	n/a	n/a

Questions

What was Miami International Holdings' revenue in Q4 FY2025?

Miami International Holdings (MIAX) reported revenue of $369 million for Q4 FY2025, the quarter ended 31 December 2025.

How much did Miami International Holdings earn in Q4 FY2025?

Net income for Q4 FY2025 was $30 million, and diluted earnings per share $0.27.

When did Miami International Holdings report Q4 FY2025 results?

Miami International Holdings filed its 10-K for the year that ended with the quarter on 6 March 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 7 quarters

	Q3 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	277	327	328	340	369	370	388
Cost of revenue	207	235	223	230	245	241	247
Gross profit	69.6	91.9	105	109	125	129	141
Gross margin	25%	28%	32%	32%	34%	35%	36%
Operating income	-1.2	22.3	27.3	-0.3	42.7	46.0	27.8
Operating margin	-0%	7%	8%	-0%	12%	12%	7%
Interest expense	2.2	4.4	4.9	3.4	0.2	0.0	0.0
Pre-tax income	-1.6	-21.2	24.7	-103	30.9	100	28.8
Tax rate	n/a	n/a	5%	n/a	3%	-70%	-54%
Net income	-3.2	-21.4	23.5	-102	29.9	170	44.2
Net margin	-1%	-7%	7%	-30%	8%	46%	11%
Diluted EPS	-$0.05	-$0.34	$0.30	-$1.46	$0.27	$1.56	$0.40
Operating cash flow	n/a	11.2	55.0	54.7	47.0	60.9	123
Capital expenditure	n/a	4.7	12.2	1.7	4.1	11.7	16.3
Free cash flow	n/a	6.5	42.7	53.0	42.9	49.2	106
Buybacks	n/a	1.9	0.0	19.9	0.0	13.3	3.8
Shares outstanding	81m	95m	99m	81m	86m	94m	99m
Filing	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 6 March 2026: the filing.