MIAX financial statements
The full income statement, balance sheet, and cash-flow statement for Miami International Holdings Inc. (MIAX), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Revenue | 1.36B+19.6% | 1.14B+9.5% | 1.04B | |
| 431M+56.2% | 276M+18.6% | 232M | ||
| Cost of revenue | 934M+8.0% | 864M+6.9% | 809M | |
| 339M+21.6% | 278M+18.3% | 235M | ||
| Amortization of intangibles | 904K+84.9% | 489K | — | |
| Provision for credit losses | 47.0K+27.0% | 37.0K+516.7% | 6.00K | |
| Operating income | 92.0M+3355.5% | -2.83M+1.4% | -2.87M | |
| Interest expense | 12.9M-7.6% | 14.0M-26.1% | 18.9M | |
| Interest & investment income | 9.41M+185.1% | 3.30M+23.9% | 2.66M | |
| Other non-operating income | 11.0M+642.4% | 1.48M-67.5% | 4.54M | |
| Gain (loss) on equity securities | 10.4M+1056.1% | -1.08M-132.9% | 3.30M | |
| Pre-tax income | -68.6M-165.3% | 105M+576.1% | -22.1M | |
| Income tax | 1.45M-53.2% | 3.10M+544.0% | -697K | |
| -70.0M-168.6% | 102M+588.9% | -20.9M | ||
| Net income to non-controlling interest | 0.00+100.0% | -137K+71.6% | -482K | |
| -$1.00-171.9% | $1.39+475.7% | -$0.37 | ||
| EPS (basic) | -$1.00-159.5% | $1.68+554.1% | -$0.37 | |
| Weighted-avg shares (basic) | 69.8M+15.1% | 60.7M+7.5% | 56.5M | |
| Weighted-avg shares (diluted) | 69.8M-6.4% | 74.6M+32.2% | 56.5M | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 855M+49.3% | 573M | — | ||
| Cash & equivalents | 434M+188.4% | 150M+153.6% | 59.3M | |
| Accounts receivable | 98.1M+6.2% | 92.4M | — | |
| Other current assets | 39.2M+68.4% | 23.3M | — | |
| 1.26B+29.4% | 974M | — | ||
| Property, plant & equipment | 46.9M+5.3% | 44.5M | — | |
| Operating lease right-of-use | 15.1M-2.2% | 15.5M | — | |
| Goodwill | 62.2M+32.9% | 46.8M+0.0% | 46.8M | |
| Intangible assets | 171M+49.5% | 114M-0.4% | 115M | |
| Long-term investments | 19.2M-38.2% | 31.0M | — | |
| Deferred tax assets | 0.00 | — | — | |
| Other non-current assets | 63.7M-22.0% | 81.7M | — | |
| 337M-16.8% | 405M | — | ||
| Accounts payable | 8.33M-35.0% | 12.8M | — | |
| Accrued liabilities | 8.97M+2.0% | 8.79M | — | |
| Deferred revenue | 9.57M+253.2% | 2.71M | — | |
| Short-term & current debt | 1.51M-68.4% | 4.77M | — | |
| Current lease liability | 6.52M-1.6% | 6.62M | — | |
| Finance lease liability (current) | 173K+14.6% | 151K | — | |
| 378M-37.6% | 606M | — | ||
| Long-term debt | 0.00-100.0% | 32.3M | — | |
| Non-current lease liability | 16.8M+8.6% | 15.4M | — | |
| Operating lease liability (total) | 23.3M | — | — | |
| Finance lease liability (total) | 540K | — | — | |
| Finance lease liability | 367K | — | — | |
| Deferred tax liabilities | 22.4M+107.9% | 10.8M | — | |
| Other non-current liabilities | 18.8M+23.7% | 15.2M | — | |
| 881M+139.7% | 368M+124.5% | 164M | ||
| Preferred stock | 0.00-100.0% | 1.00K | — | |
| Common stock | 86.0K+36.5% | 63.0K | — | |
| Additional paid-in capital | 1.52B+63.6% | 931M | — | |
| Retained earnings | -632M-12.5% | -562M | — | |
| Treasury stock | 8.23M+962.2% | 775K | — | |
| Accumulated other comprehensive income | -641K | 0.00 | — | |
| Total equity incl. non-controlling | 881M+139.7% | 368M+124.5% | 164M | |
| Total liabilities & equity | 1.26B+29.4% | 974M | — | |
| Common shares issued | 85.9M+35.9% | 63.2M | — | |
| Common shares outstanding | 85.5M+35.4% | 63.2M | — | |
| Shares outstanding (cover) | 91.7M | — | — | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 168M+50.6% | 111M+326.5% | -49.2M | ||
| Depreciation & amortization | 29.4M+25.7% | 23.4M+11.1% | 21.0M | |
| Intangible amortization | 904K+84.9% | 489K | — | |
| Share-based compensation | 57.6M+31.9% | 43.6M+45.3% | 30.0M | |
| Deferred income taxes | 474K-85.1% | 3.19M+469.0% | -864K | |
| Change in receivables | 4.51M-86.8% | 34.3M+1700.9% | -2.14M | |
| -101M-149.7% | -40.6M+36.7% | -64.1M | ||
| Capital expenditure | 22.8M-14.8% | 26.7M+65.0% | 16.2M | |
| Free cash flow | 145M+71.2% | 84.7M+229.5% | -65.4M | |
| Acquisitions | 56.5M | 0.00-100.0% | 19.9M | |
| Purchases of investments | 10.0M+533.7% | 1.58M-91.4% | 18.4M | |
| 215M+630.4% | 29.4M+276.9% | -16.6M | ||
| Long-term debt issued | 36.9M+4.0% | 35.5M+2287.2% | 1.49M | |
| Long-term debt repaid | 140M+144.2% | 57.3M+79.1% | 32.0M | |
| Common stock issued | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 21.8M+75.7% | 12.4M+275.0% | 3.31M | |
| Dividends paid | 0.00 | 0.00 | 0.00 | |
| Net change in cash | 281M+180.5% | 100M+177.1% | -130M | |
| Interest paid | 9.83M-22.1% | 12.6M-25.1% | 16.8M | |
| Income taxes paid | 784K+174.8% | -1.05M-274.1% | 602K | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Market cap | 4.07B | — | — | |
| P/S | 3.0× | — | — | |
| P/B | 4.6× | — | — | |
| P/FCF | 28.0× | — | — | |
| FCF yield | 3.6% | — | — | |
| Source filing | 10-K | 10-K | 10-K |
About this data
Source: MIAX’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MIAX filings on SEC EDGAR → Not investment advice.