Miami International (MIAX) financial statements
Miami International reported revenue of $1.4B in fiscal 2025, up 14.5% a year over 2 years.
Net income was -$70M and the operating margin 6.7%, against -0.3% in 2023.
Free cash flow was $133M, and the company returned $22M in net buybacks.
The diluted share count rose 24% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Miami International's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $1.0B | $1.1B | $1.4B |
| Cost of revenue | $809M | $864M | $934M |
| Gross profit | $232M | $276M | $431M |
| Operating income | -$3M | -$3M | $92M |
| Interest expense | $19M | $14M | $13M |
| Pre-tax income | -$22M | $105M | -$69M |
| Income tax | -$697,000 | $3M | $1M |
| Net income | -$21M | $102M | -$70M |
| EPS (diluted) | -$0.37 | $1.39 | -$1.00 |
| Diluted shares | 56M | 75M | 70M |
| Gross margin | 22.3% | 24.2% | 31.6% |
| Operating margin | -0.3% | -0.2% | 6.7% |
| Net margin | -2.0% | 9.0% | -5.1% |
Balance sheet
Fiscal years, from Miami International's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $59M | $150M | $434M |
| Receivables | — | $92M | $98M |
| Total current assets | — | $573M | $855M |
| Property, plant and equipment | — | $44M | $47M |
| Goodwill | $47M | $47M | $62M |
| Total assets | — | $974M | $1.3B |
| Total current liabilities | — | $405M | $337M |
| Long-term debt | — | $32M | $0 |
| Total liabilities | — | $606M | $378M |
| Shareholders' equity | $164M | $368M | $881M |
| Net debt | -$59M | -$113M | -$432M |
Cash flow
Fiscal years, from Miami International's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | -$49M | $111M | $168M |
| Capital spending | $26M | $39M | $35M |
| Free cash flow | -$75M | $72M | $133M |
| Stock-based compensation | $30M | $44M | $58M |
| Share buybacks (net) | -$3M | -$12M | -$22M |
| Net borrowing | -$32M | -$57M | -$140M |
| Free cash flow margin | -7.2% | 6.4% | 9.7% |
Questions
What was Miami International's revenue in 2025?
$1.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Miami International generate?
$133M in fiscal 2025 (operating cash flow minus capital spending).
From Miami International's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.