Monitor 2026 operating expense execution against guidance and watch for integration benefits from TISE acquisition. The negative full-year GAAP EPS despite strong revenue growth suggests significant non-recurring charges that need to be evaluated for sustainability.
Price Chart
Executive Summary
MIAX reported strong Q4 and full-year 2025 financial results with net revenue up 52% YoY to $124.5 million and Adjusted EBITDA up 112% YoY to $62.2 million. The company also announced 2026 adjusted operating expense guidance and completed the sale of 90% of MIAXdx. Despite strong operational performance, full-year GAAP diluted EPS was negative ($1.00) due to significant one-time charges.
Key Financial Metrics
Key Facts
- Q4 net revenue of $124.5 million (+52% YoY)
- Q4 GAAP diluted EPS of $0.27
- Q4 Adjusted EBITDA of $62.2 million (+112% YoY)
- FY 2025 net revenue of $430.5 million (+56% YoY)
- FY 2025 GAAP diluted EPS of ($1.00)
- FY 2025 Adjusted EBITDA of $199.1 million (+143% YoY)
- Completed sale of 90% of MIAXdx to Robinhood/SIG joint venture
- Established 2026 adjusted operating expense guidance of $265-275 million
Financial Impact
Q4 revenue growth of 52% YoY and Adjusted EBITDA growth of 112% YoY, but full-year GAAP net loss of $70 million
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Options | $106.9M | +46.0% |
| Equities | $6.4M | +245.0% |
| Futures | $4.8M | -14.0% |
| International | $6.0M | +610.0% |
Risk Factors
- Full-year GAAP net loss of $70 million despite strong revenue growth
- Significant one-time charges impacting profitability (IPO payments, debt extinguishment, etc.)
- Future operating expense guidance could pressure margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001438472-26-000017 |
| Document: miax-20260225.htm | 0001438472-26-000017 |
| Document: 0001438472-26-000017-index-headers.html | 0001438472-26-000017 |
| Document: 0001438472-26-000017-index.html | 0001438472-26-000017 |
| Document: 0001438472-26-000017.txt | 0001438472-26-000017 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G/A | $33.03 | awaiting T+1 | — | $32.53 (−1.51%) |
Oct 26, 2026 1d ago | Insider Cluster | $33.16 | awaiting T+1 | — | $32.53 (−1.90%) |
Oct 1, 2026 26d ago | Press Release | $33.75 $33.01 | ▼ −2.19% | ▼ −2.93% | $32.53 (−3.61%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $32.53 (−25.15%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $32.53 (−25.15%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▲ +3.07% | ▲ +2.66% | $32.53 (−21.27%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▼ −3.07% | ▼ −2.66% | $32.53 (+21.27%) |
Aug 6, 2026 11w ago | Insider Cluster | $44.23 $43.59 | ▲ +1.45% | ▲ +1.42% | $32.53 (+26.45%) |
Jul 16, 2026 14w ago | Insider Cluster | $42.33 $42.04 | ▼ −0.69% | ▼ −0.52% | $32.53 (−23.15%) |
Jul 14, 2026 15w ago | Insider Cluster | $42.43 $42.89 | ▲ +1.08% | ▲ +1.63% | $32.53 (−23.33%) |
US Market Status
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