Miami International Holdings, Inc.
NYSE: MIAX · FINANCIAL SERVICES · CAPITAL MARKETS
Updated 2026-06-05
Miami International Holdings, Inc. (MIAX) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $120.34M | $24.23M | $121.63M | $-49.20M | $111.44M | $167.83M |
| Capital expenditures | $7.66M | $18.06M | $20.03M | $25.89M | $39.01M | $22.79M |
| Depreciation | — | — | — | — | — | — |
| Stock-based comp | — | $18.11M | $22.32M | $30.03M | $43.63M | $57.57M |
| Free cash flow | $112.69M | $6.17M | $101.60M | $-75.09M | $72.43M | $145.04M |
| Investing cash flow | — | — | — | — | — | — |
| Financing cash flow | — | — | — | — | — | — |
| Dividends paid | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — |
| Net change in cash | — | — | — | — | — | — |
Frequently asked questions
What is Miami International Holdings, Inc.'s revenue?
Miami International Holdings, Inc.'s trailing twelve-month revenue is $1.41B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is MIAX?
In its most recent fiscal year, MIAX ran a gross margin of 27.25%, an operating margin of 2.68%, and a net margin of -5.13%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does MIAX generate?
MIAX produced $145.04M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is MIAX's balance sheet healthy?
MIAX holds $509.73M in cash and equivalents against — in long-term debt, on $881.02M of shareholder equity. That debt is best read against the cash flow the business throws off each year.