Miami International Holdings, Inc. (MIAX) Income Statement
MIAX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMIAX revenue and net income
Where MIAX's revenue goes
2025Each bar shows an amount and its share of revenue. MIAX kept −5.1% of revenue as net income.
MIAX profit margins
MIAX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +19.6% | +19.6% | +24.7% | — |
| Gross profit | +34.9% | +23.9% | +31.0% | — |
| Operating income | — | +89.8% | — | — |
| Net income | −168.6% | — | — | — |
| EPS (diluted) | −23.1% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MIAX quarterly EPS vs estimates
Miami International beat the analyst EPS estimate in 4 of the last 5 quarters. Next report: October 29, 2026 (estimate $0.37).
MIAX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $1.36B | $1.14B | $1.04B | $797.9M | $751.5M | $452.5M |
| Cost of revenue | $992.3M | $864.4M | $808.5M | $602.3M | $570.2M | $355.9M |
| Gross profit | $371.8M | $275.6M | $232.5M | $195.6M | $181.3M | $96.5M |
| Sales, general & admin | $270.9M | $225.9M | $189.1M | $151.0M | $122.2M | — |
| Total operating expenses | $335.2M | $278.5M | $235.3M | $190.3M | $157.6M | — |
| Operating income | $36.6M | −$2.8M | −$2.9M | $5.3M | $23.7M | −$23.9M |
| Interest income | $9.4M | $3.3M | $2.7M | $600,000 | $0 | — |
| Interest expense | $12.9M | $14.0M | $18.9M | $21.9M | $19.3M | — |
| Income before taxes | −$68.6M | $105.1M | −$22.1M | $50.1M | −$90.6M | −$44.9M |
| Income taxes | $1.4M | $3.1M | −$697,000 | −$7.2M | $3.0M | −$12.8M |
| Net income | −$70.0M | $102.1M | −$20.9M | $57.6M | −$93.4M | −$31.9M |
| EBITDA | −$26.3M | $142.4M | $17.8M | $92.3M | −$50.2M | −$6.5M |
| EPS (diluted) | $1.00 | $1.30 | −$0.26 | — | — | — |
| Gross margin | 27.3% | 24.2% | 22.3% | 24.5% | 24.1% | 21.3% |
| Operating margin | 2.7% | −0.2% | −0.3% | 0.7% | 3.2% | −5.3% |
| Net margin | −5.1% | 9.0% | −2.0% | 7.2% | −12.4% | −7.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $387.6M | $369.7M | $369.4M | $339.8M | $327.8M | $327.1M | $323.9M | $276.7M | $266.6M | $272.9M | $257.1M |
| Cost of revenue | $246.5M | $257.3M | $244.9M | $230.3M | $223.1M | $235.2M | $242.2M | $207.1M | $203.1M | $212.0M | $206.2M |
| Gross profit | $141.1M | $112.4M | $124.5M | $109.5M | $104.7M | $91.9M | $81.7M | $69.6M | $63.5M | $60.9M | $50.8M |
| Sales, general & admin | $8.9M | $17.4M | $64.1M | $92.3M | $59.3M | $55.2M | $60.6M | $57.4M | $58.0M | $50.0M | $50.5M |
| Total operating expenses | $113.3M | $69.0M | $81.8M | $109.8M | $77.4M | $69.6M | $74.5M | $70.7M | $70.9M | $62.3M | $52.9M |
| Operating income | $27.8M | $43.4M | $42.7M | −$305,000 | $27.3M | $22.3M | $7.2M | −$1.2M | −$7.5M | −$1.7M | −$7.5M |
| Interest income | $5.3M | $4.4M | $4.0M | $2.7M | $1.4M | $1.3M | — | $840,000 | — | — | — |
| Interest expense | $44,000 | $45,000 | $176,000 | $3.4M | $4.9M | $4.4M | $6.4M | $1.4M | $2.0M | $4.2M | $6.6M |
| Income before taxes | $28.8M | $100.0M | $30.9M | −$102.9M | $24.7M | −$21.2M | $3.3M | −$1.6M | $108.6M | −$5.2M | −$16.4M |
| Income taxes | −$15.4M | −$70.2M | $922,000 | −$810,000 | $1.1M | $210,000 | $374,000 | $1.6M | $1.4M | −$195,000 | −$1.3M |
| Net income | $44.2M | $170.2M | $29.9M | −$102.1M | $23.5M | −$21.4M | $2.9M | −$3.2M | $107.4M | −$5.0M | −$15.0M |
| EBITDA | $37.6M | $108.2M | $39.1M | −$91.3M | $36.5M | −$10.6M | $15.9M | $5.8M | $116.2M | $3.8M | −$2.1M |
| EPS (diluted) | $0.48 | $0.42 | $0.52 | $0.02 | $0.46 | — | — | — | — | — | — |
| Gross margin | 36.4% | 30.4% | 33.7% | 32.2% | 31.9% | 28.1% | 25.2% | 25.1% | 23.8% | 22.3% | 19.8% |
| Operating margin | 7.2% | 11.7% | 11.6% | −0.1% | 8.3% | 6.8% | 2.2% | −0.4% | −2.8% | −0.6% | −2.9% |
| Net margin | 11.4% | 46.0% | 8.1% | −30.0% | 7.2% | −6.5% | 0.9% | −1.2% | 40.3% | −1.8% | −5.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MIAX's financial statements (latest annual report filed March 6, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MIAX financial results
In fiscal year 2025 (ended December 31, 2025), Miami International reported revenue of $1.4 billion, up 19.6% from the year before. It had a net loss of $70.0 million, a net profit margin of −5.1%. Diluted earnings per share came to $1.00. Over five years revenue grew at an average rate of 24.7% a year.
See the MIAX stock overview for the latest quote and news, or the MIAX chart for price history and technical indicators.
MIAX income statement FAQ
What is Miami International's annual revenue?
Miami International reported total revenue of $1.4 billion for fiscal year 2025, which ended on December 31, 2025. That was up 19.6% from $1.1 billion the previous year.
Is Miami International profitable?
No. Miami International reported a net loss of $70.0 million in fiscal 2025, a net profit margin of −5.1%; its operating margin was 2.7%.
What is Miami International's gross margin?
Miami International's gross margin was 27.3% in fiscal 2025: for every $100 of revenue, Miami International kept $27 after the direct cost of its products and services.
How fast is Miami International growing?
Revenue grew 24.7% a year on average over the last five fiscal years, from $452.5 million to $1.4 billion.
What are Miami International's earnings per share?
Miami International earned $1.00 per diluted share in fiscal 2025, compared with $1.30 a year earlier.
When will Miami International report its next earnings?
Miami International is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does Miami International's fiscal year end?
Miami International's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 6, 2026.