Miami International Holdings, Inc. (MIAX) Cash Flow Statement
Where MIAX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $167.8M +50.6% vs 2024
- Capital expenditures
- $22.8M 1.7% of revenue
- Free cash flow
- $145.0M 10.6% margin
- Returned to shareholders
- $21.8M 15% of free cash flow
- Change in cash
- $262.2M cash at year-end $537.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MIAX operating cash flow, capex and free cash flow
MIAX cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $120.3M2020 | $167.8M2025 | +6.9%/yr | |
| Capital expenditures | $7.7M2020 | $22.8M2025 | +24.4%/yr | |
| Free cash flow | $112.7M2020 | $145.0M2025 | +5.2%/yr | |
| Free cash flow margin | 24.9%2020 | 10.6%2025 | −14.3 pts | |
| Operating cash flow / net income | 2.122022 | 1.092024 | −1.03 | |
| Stock-based compensation | $18.1M2021 | $57.6M2025 | +33.5%/yr | |
| Capex / revenue | 1.7%2020 | 1.7%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MIAX cash flow by activity
MIAX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MIAX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$70.0M | $102.0M | −$21.4M | $57.3M | −$93.6M | −$31.9M |
| Depreciation & amortization | $29.4M | $23.4M | $21.0M | $20.3M | $21.1M | $17.4M |
| Stock-based compensation | $57.6M | $43.6M | $30.0M | $22.3M | $18.1M | — |
| Change in working capital | −$30.1M | −$8.3M | −$96.4M | $79.2M | −$23.8M | $89.5M |
| Other non-cash items | $181.0M | −$49.2M | $17.5M | −$57.5M | $102.4M | $45.3M |
| Cash from operating activities | $167.8M | $111.4M | −$49.2M | $121.6M | $24.2M | $120.3M |
| Investing activities | ||||||
| Capital expenditures | −$22.8M | −$39.0M | −$25.9M | −$20.0M | −$18.1M | −$7.7M |
| Investments (net) | −$10.0M | −$40.6M | −$64.1M | −$53.9M | $320,000 | — |
| Acquisitions & other investing | −$68.5M | $39.0M | $25.9M | $20.0M | $18.1M | −$17.3M |
| Cash from investing activities | −$101.3M | −$40.6M | −$64.1M | −$53.9M | $320,000 | −$25.0M |
| Financing activities | ||||||
| Share repurchases & issuance (net) | −$21.8M | — | — | — | — | — |
| Net borrowing (repayment) | −$103.3M | −$22.0M | −$30.6M | −$17.5M | $70.6M | — |
| Shares issued | $381.3M | $10.0M | $16.4M | $9.6M | $21.8M | $0 |
| Other financing | −$41.4M | $41.4M | −$2.4M | −$1.4M | −$352,000 | $12.1M |
| Cash from financing activities | $214.8M | $29.4M | −$16.6M | −$9.4M | $92.1M | $12.1M |
| Summary | ||||||
| Net change in cash | $262.2M | $100.3M | −$130.0M | $58.4M | $116.7M | $57.2M |
| Cash at end of period | $537.3M | $276.4M | $176.1M | $306.1M | $247.7M | $57.2M |
| Free cash flow | $145.0M | $72.4M | −$75.1M | $101.6M | $6.2M | $112.7M |
| Free cash flow margin | 10.6% | 6.4% | −7.2% | 12.7% | 0.8% | 24.9% |
| Capex / revenue | 1.7% | 3.4% | 2.5% | 2.5% | 2.4% | 1.7% |
| Operating cash flow / net income | — | 1.09 | — | 2.12 | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | $44.2M | $170.2M | $29.9M | −$102.1M | $23.5M | −$21.4M | $2.9M | −$3.2M | $107.3M | −$5.0M | −$15.0M |
| Depreciation & amortization | $8.8M | $8.1M | $8.0M | $8.2M | $6.9M | $6.2M | $6.3M | $6.0M | $5.5M | $5.5M | $5.4M |
| Stock-based compensation | $16.0M | $8.7M | $9.6M | $29.1M | $9.4M | $9.5M | $10.0M | $11.9M | $11.2M | — | — |
| Change in working capital | $73.0M | −$5.7M | −$16.9M | $14.6M | −$3.1M | −$24.7M | $14.4M | −$72.8M | $23.9M | $26.1M | −$7.6M |
| Other non-cash items | −$19.2M | −$120.4M | $16.4M | $104.8M | $18.1M | $41.7M | $5.4M | $2.1M | −$58.9M | $12.7M | $14.9M |
| Cash from operating activities | $122.8M | $60.9M | $47.0M | $54.7M | $55.0M | $11.2M | $39.0M | −$56.0M | $89.0M | $39.4M | −$2.3M |
| Investing activities | |||||||||||
| Capital expenditures | −$16.3M | −$11.7M | −$4.1M | −$4.5M | −$8.8M | −$8.1M | −$9.1M | −$10.1M | −$6.8M | −$13.1M | −$1.1M |
| Investments (net) | — | — | −$10.0M | −$4.5M | −$71.8M | −$8.1M | −$9.1M | −$11.7M | −$6.8M | — | — |
| Acquisitions & other investing | −$5.9M | $57.2M | −$2.7M | $4.5M | $8.8M | $8.1M | $9.1M | $10.1M | $6.8M | $0 | −$10.2M |
| Cash from investing activities | −$22.2M | $45.6M | −$16.8M | −$4.5M | −$71.8M | −$8.1M | −$9.1M | −$11.7M | −$6.8M | −$13.1M | −$11.3M |
| Financing activities | |||||||||||
| Share repurchases & issuance (net) | −$3.8M | −$13.3M | — | — | — | — | — | — | −$16,000 | −$936,000 | −$2.5M |
| Net borrowing (repayment) | −$41,000 | −$36,000 | −$60,000 | −$140.0M | $36.8M | −$37,000 | −$17,000 | $35.4M | — | — | — |
| Shares issued | $36.8M | $20.4M | $4.2M | $372.9M | $4.2M | $70,000 | $292,000 | $955,000 | $3.1M | $0 | $0 |
| Other financing | $0 | $0 | −$1.0M | −$58.3M | −$2.0M | −$1.9M | −$908,000 | $43.1M | −$57.4M | $5.7M | $1.1M |
| Cash from financing activities | $33.0M | $7.1M | $3.1M | $174.5M | $39.1M | −$1.9M | −$633,000 | $79.5M | −$54.3M | $4.8M | −$1.4M |
| Summary | |||||||||||
| Net change in cash | $133.6M | $133.3M | $14.1M | $224.4M | $22.4M | $1.1M | $29.3M | $11.8M | $28.0M | −$149.8M | −$25.3M |
| Cash at end of period | $804.3M | $670.7M | $537.3M | $524.4M | $298.8M | $277.5M | $276.4M | $247.1M | $235.2M | $207.3M | $149.8M |
| Free cash flow | $106.5M | $49.2M | $42.9M | $50.2M | $46.2M | $3.0M | $30.0M | −$66.1M | $82.2M | $26.3M | −$3.4M |
| Free cash flow margin | 27.5% | 13.3% | 11.6% | 14.8% | 14.1% | 0.9% | 9.3% | −23.9% | 30.8% | 9.6% | −1.3% |
| Capex / revenue | 4.2% | 3.2% | 1.1% | 1.3% | 2.7% | 2.5% | 2.8% | 3.7% | 2.5% | 4.8% | 0.4% |
| Operating cash flow / net income | 2.78 | 0.36 | 1.57 | — | 2.34 | — | 13.50 | — | 0.83 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MIAX cash generation
In fiscal 2025 (ended December 31, 2025), Miami International generated $167.8 million of cash from operations (up 50.6%) and spent $22.8 million on capital expenditures, leaving free cash flow of $145.0 million, 10.6% of revenue. It returned $21.8 million to shareholders through dividends ($0) and net share buybacks ($21.8 million). Cash and equivalents rose by $262.2 million over the year.
Related: MIAX income statement, MIAX balance sheet. See the MIAX stock overview for the latest quote and news.
MIAX cash flow FAQ
What is Miami International's free cash flow?
Miami International's free cash flow was $145.0 million in fiscal 2025: $167.8 million of operating cash flow minus $22.8 million of capital expenditures It was $72.4 million a year earlier..
How much cash does Miami International generate from operations?
Miami International generated $167.8 million of cash from operating activities in fiscal 2025.
How much does Miami International spend on capital expenditures?
Miami International spent $22.8 million on capital expenditures in fiscal 2025, 1.7% of revenue, compared with $39.0 million the year before.
How much stock does Miami International buy back?
Miami International spent $21.8 million on net share repurchases in fiscal 2025.