Revenue growth has been consistent, yet the 30.4% gross margin in 2026Q1 suggests a heavy reliance on liquidity rebates that limits overall operating profitability.
| Sales/Revenue | 1.41B | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | 434.98M | 371.77M | 275.64M | 232.47M | 195.63M | 181.34M | 96.53M |
| Gross Margin % | 30.92% | 27.25% | 24.18% | 22.33% | 24.52% | 24.13% | 21.33% |
| Gross Profit Growth % | - | 34.87% | 18.57% | 18.83% | 7.88% | 87.87% | - |
| Operating Expenses | 337.75M | 335.22M | 278.47M | 235.34M | 190.29M | 157.62M | 0 |
| OpEx % of Revenue | - | 24.57% | 24.43% | 22.61% | 23.85% | 20.97% | - |
| Selling, General & Admin | 169.03M | 0 | 225.93M | 189.07M | 151M | 122.25M | 0 |
| SG&A % of Revenue | - | - | 19.82% | 18.16% | 18.92% | 16.27% | - |
| Research & Development | 0 | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - |
| Operating Income | 97.23M | 36.55M | -2.83M | -2.87M | 5.34M | 23.72M | -23.88M |
| Operating Margin % | 6.91% | 2.68% | -0.25% | -0.28% | 0.67% | 3.16% | -5.28% |
| Operating Income Growth % | - | 1393.91% | 1.43% | -153.63% | -77.47% | 199.35% | - |
| EBITDA | 128.52M | 65.93M | 20.55M | 18.16M | 25.63M | 44.78M | -6.52M |
| EBITDA Margin % | 9.14% | 4.83% | 1.8% | 1.74% | 3.21% | 5.96% | -1.44% |
| EBITDA Growth % | 186.66% | 220.88% | 13.12% | -29.12% | -42.77% | 787.28% | - |
| D&A (Non-Cash Add-back) | 31.3M | 29.38M | 23.37M | 21.03M | 20.28M | 21.06M | 17.36M |
| EBIT | 61.18M | -55.69M | 119.03M | -3.19M | 72.02M | -71.28M | -23.88M |
| Net Interest Income | 4M | -3.47M | -10.65M | -16.21M | -21.32M | -19.3M | 0 |
| Interest Income | 12.51M | 9.41M | 3.3M | 2.66M | 600K | 0 | 0 |
| Interest Expense | 8.5M | 12.89M | 13.95M | 18.88M | 21.92M | 19.3M | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - |
| Pretax Income | 52.68M | -68.58M | 105.08M | -22.07M | 50.11M | -90.58M | -44.89M |
| Pretax Margin % | 3.74% | -5.03% | 9.22% | -2.12% | 6.28% | -12.05% | -9.92% |
| Income Tax | -68.94M | 1.45M | 3.1M | -697K | -7.22M | 2.98M | -12.82M |
| Effective Tax Rate % | -130.86% | -2.11% | 2.95% | 3.16% | -14.41% | -3.29% | 28.56% |
| Net Income | 121.61M | -70.03M | 102.12M | -20.89M | 57.55M | -93.41M | -31.89M |
| Net Margin % | 8.65% | -5.13% | 8.96% | -2.01% | 7.21% | -12.43% | -7.05% |
| Net Income Growth % | 41.99% | -168.57% | 588.86% | -136.3% | 161.61% | -192.94% | - |
| Net Income (Continuing) | 121.61M | -70.03M | 101.99M | -21.37M | 57.33M | -93.56M | -32.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | -861K | -379K | -151K | 0 |
| EPS (Diluted) | 1.11 | -1.00 | 1.29 | -0.26 | 0.72 | -1.18 | -0.40 |
| EPS Growth % | -22.89% | -177.52% | 596.15% | -136.11% | 161.02% | -195% | - |
| EPS (Basic) | - | -1.00 | 1.29 | -0.26 | 0.72 | -1.18 | -0.40 |
| Diluted Shares Outstanding | 109.15M | 69.84M | 79.44M | 79.44M | 79.44M | 79.44M | 79.44M |
| Basic Shares Outstanding | 91.79M | 69.84M | 79.44M | 79.44M | 79.44M | 79.44M | 79.44M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Persistent Operating Margin Volatility
As reported in recent financial statements, MIAX has demonstrated consistent top-line growth, with quarterly revenue climbing from $257.1 million in late 2023 to $369.7 million by 2026Q1, reflecting the successful capture of market share across its multi-license options exchange platform and diversified asset classes.
The consistent upward trajectory in revenue suggests that the company's multi-license regulatory strategy is effectively attracting liquidity. Investors should monitor whether this growth remains sustainable as the firm faces increasing competitive pressure from established incumbents in the U.S. options space.
Based on the provided income statement data, MIAX maintains a gross margin of approximately 30.4%, which appears significantly lower than the 48% to 86% range observed among mature exchange peers, indicating a high reliance on liquidity rebates to incentivize trading activity on its venues.
The narrow gross margin profile suggests that the company's current fee structure is heavily weighted toward incentivizing market makers, which may limit its ability to achieve the high-margin scalability typical of the exchange industry. Future margin expansion likely depends on shifting the revenue mix toward higher-margin proprietary data and connectivity services.
According to historical quarterly filings, MIAX's operating income has fluctuated significantly, swinging from a $305,000 loss in 2025Q3 to a $43.4 million profit in 2026Q1, highlighting the difficulty in achieving consistent operating leverage while simultaneously funding aggressive infrastructure and regulatory expansion projects.
The lack of a stable operating margin trend suggests that the company's cost base remains highly sensitive to discretionary spending and acquisition-related integration. Analysts should investigate whether the recent improvement in operating income represents a permanent shift in efficiency or merely a temporary reduction in growth-related expenditures.
As indicated by the company's reported figures, net income has experienced extreme volatility, including a $170.2 million profit in 2026Q1 compared to a $102.1 million loss in 2025Q3, which appears to be driven by non-operating items rather than core operational performance improvements.
The significant variance between operating income and net income warrants further investigation into potential one-time gains or accounting adjustments that may be distorting the bottom line. Investors should focus on core operating cash flow to better understand the underlying health of the business, as reported net income appears unreliable for gauging long-term profitability.
Based on the provided data, the company's reliance on periodic stock-based compensation and fluctuating SG&A expenses suggests that its current growth trajectory may be artificially supported by capital-intensive incentives that could become unsustainable if market volatility or trading volumes were to experience a sustained downturn.
Short-term profitability appears fragile, and the company's aggressive expansion strategy may be masking underlying unit economic challenges. If the firm cannot transition from a growth-at-all-costs model to one of organic profitability, it may face significant valuation headwinds compared to its more established, cash-generative peers.
Quick answers to the most common questions about buying MIAX stock.
Miami International Holdings, Inc. (MIAX) reported a net loss of $70.0M for the fiscal year ending 2025.
Miami International Holdings, Inc. (MIAX) reported an operating income of $36.6M, resulting in an operating profit margin of 2.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Miami International Holdings, Inc. (MIAX) generated $371.8M in gross profit for the year, representing a gross profit margin of 27.3%. This demonstrates the company's core pricing power and production efficiency.