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NYSE · Financials

MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX)

As-reported financials and SEC filings for MIAMI INTERNATIONAL HOLDINGS, INC. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About MIAMI INTERNATIONAL HOLDINGS, INC.

Miami International Holdings, Inc. (MIAX) operates regulated financial marketplaces across multiple asset classes including options, equities, futures, and international securities. The company runs several U.S. options exchanges, a futures exchange, and international exchanges such as the Bermuda Stock Exchange and The International Stock Exchange. MIAX serves trading firms, brokers, institutional clients, and other market participants by providing electronic trading platforms supported by proprietary technology.

Snapshot

Revenue
$1.36B
Revenue growth (YoY)
19.6%
Net income
$-70.0M
Diluted EPS
$-1.00
Gross margin
31.6%
Operating margin
6.7%
Net margin
-5.1%
FCF margin
10.6%
ROE
-7.9%
net income / fiscal-year-end equity
P/E
trailing when available, otherwise FY EPS
Market cap
$4.27B
Long-term debt / equity
0.00×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Miami International Holdings

  • Revenue grew 19.6% to $1.4B in FY2025, faster than the 9.5% the year before.
  • Operating margin turned positive at 6.7% in FY2025, from a 0.3% operating loss in FY2023.
  • Most recent quarter Q2 FY2026: revenue $388M, up 18.3% from Q2 FY2025.
  • Free cash flow was $145M in FY2025, 10.6% of revenue.
  • Net income turned to a $70M loss in FY2025, from a $102M profit in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Miami International Holdings’s fundamentals sit among the 425 Financials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin31.6%
30th percentile of 51
Operating margin6.7%
43rd percentile of 146
Net margin-5.1%
11th percentile of 377
FCF margin10.6%
36th percentile of 272
Revenue growth (YoY)+19.6%
67th percentile of 420
ROE-7.9%
18th percentile of 375
Long-term debt / equity0.00×
1st percentile of 194
Short interest5.41d
68th percentile of 420

Miami International Holdings’s long-term debt to equity of 0.00 ranks in the 1st percentile of the 194 Financials companies reporting it. Miami International Holdings’s net margin of -5.1% ranks in the 11th percentile of the 377 Financials companies reporting it.

No reported insider purchases (code P) in the last 90 days; 26 insider sales totaling $30.5M. For context, about 14% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 3 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+3 quant / multi-strat
Initiated / added
1
0 new, 1 added
Reduced / exited
6
2 trimmed, 4 exited
Combined position
$53.2M
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ2 2026$33.0M888.1KReduced
D. E. ShawquantQ2 2026$13.2M355.5KAdded
Millennium ManagementquantQ2 2026$7.0M189.1KReduced

No longer held by: AQR Capital Management (as of Q2 2026), Citadel Advisors (as of Q2 2026), Renaissance Technologies (as of Q2 2026), Soros Fund Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
26
$30.5M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-19
filed 2026-08-20
Gallagher Thomas P.Chairman & CEOSell149.7K$41.13$6.2M
2026-08-17
filed 2026-08-19
Emmons LanceEVP and CFOSell35.0K$42.83$1.5M
2026-08-17
filed 2026-08-19
Schwarzkopf CynthiaDirectorSell5.0K$42.85$214K
2026-08-04
filed 2026-08-06
Gallagher Thomas P.Chairman & CEOSell48.3K$45.69$2.2M
2026-08-04
filed 2026-08-06
Schafer Douglas M. JREVP and CIOSell48.0K$45.71$2.2M
2026-08-04
filed 2026-08-06
Comly Barbara J.EVP, GC & Corporate SecretarySell44.4K$45.69$2.0M
2026-08-04
filed 2026-08-06
Jayabalan HarishEVP, CISO and CROSell20.0K$45.90$918K
2026-08-04
filed 2026-08-06
Deitzel EdwardEVP, CRO, CCO MIAX ExchangesSell11.0K$45.78$504K
2026-08-04
filed 2026-08-06
Teekell Judson GrayDirectorSell3.0K$45.79$137K
2026-08-04
filed 2026-08-06
Eckert Kurt M.DirectorSell1.1K$45.80$49K
2026-07-15
filed 2026-07-16
Schwarzkopf CynthiaDirectorSell5.0K$42.00$210K
2026-07-13
filed 2026-07-14
Gallagher Thomas P.Chairman & CEOSell70.0K$42.52$3.0M

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
7.4M
settled 2026-08-14
Change vs prior
+18.7%
vs previous settlement
Days to cover
5.41
at avg daily volume
Avg daily volume
1.4M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-147.4M+18.7%5.41
2026-07-316.2M-17.8%5.38
2026-07-157.6M-0.2%4.46
2026-06-307.6M+57.1%1.98
2026-06-154.8M+6.8%2.20
2026-05-294.5M+28.1%3.83
2026-05-153.5M+49.9%2.40
2026-04-302.4M+4.8%2.81

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023
Revenue$1.36B$1.14B$1.04B
Gross profit$430.5M$275.6M$232.5M
Operating income$92.0M$-2.8M$-2.9M
Net income$-70.0M$102.1M$-20.9M
Diluted EPS$-1.00$1.39$-0.37

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023
Cash and equivalents$433.6M$150.3M$59.3M
Current assets$855.2M$572.8M
Total assets$1.26B$973.7M
Current liabilities$337.3M$405.2M
Long-term debt$0$32.3M
Total liabilities$378.4M$606.0M
Total equity$881.0M$367.6M$163.8M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023
Operating cash flow$167.8M$111.4M$-49.2M
Capital expenditure$22.8M$26.7M$16.2M
Free cash flow$145.0M$84.7M$-65.4M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$387.6M18.3%$44.2M$0.40
Q1 FY2026$369.7M13.0%$170.2M$1.56
Q4 FY2025$369.4M14.1%$29.9M$0.37
Q3 FY2025$339.8M22.8%$-102.1M$-1.46
Q2 FY2025$327.8M$23.5M$0.30
Q1 FY2025$327.1M$-21.4M$-0.34
Q4 FY2024$323.9M$2.9M$0.04
Q3 FY2024$276.7M$-3.2M$-0.05

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNYSE
SectorFinancials
SIC industrySecurity Brokers, Dealers & Flotation Companies
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2008
SEC CIK1438472

Selected SEC filings

10-Q2026-08-07
View on EDGAR →
8-K2026-08-05
View on EDGAR →
8-K2026-07-21
View on EDGAR →
8-K2026-06-22
View on EDGAR →
8-K2026-06-18
View on EDGAR →

Largest Financials peers

All Financials companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.