Miami International Holdings, Inc.MIAX
What Miami International Holdings, Inc. does.
The following description of our business should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. This description contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward-looking statements due to the factors set forth in “Risk Factors” and elsewhere in this Annual Report on
We are a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies. Our MIAX Exchanges, MIAX Futures Exchange and Bermuda Stock Exchange marketplaces are enabled by our in-house built, proprietary technology. We believe the speed and performance of our proprietary technology coupled with our fully integrated, award-winning customer service, sets us apart from our competitors.
Our MIAX Exchange trading platform was originally built to meet the high-performance quoting demands of the U.S. options trading industry. We are regarded as a market leader relative to many of our peers with respect to our technology, based on feedback from our customers. We differentiate our trading platform with our throughput, latency, reliability and wire-order determinism.
Revenue and profit, by fiscal year.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | — | $1.0B | $1.1B | $1.4B |
| Net income | — | -$20.9M | $102.1M | -$70.0M |
| Free cash flow | — | -$65.4M | $84.7M | $145.0M |
More on MIAX.
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Figures from Miami International Holdings, Inc.'s filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.