MIAMI INTERNATIONAL HOLDINGS, INC.MIAX
MIAMI INTERNATIONAL HOLDINGS, INC. Segments Disclosure
SEGMENT REPORTING
The Company operates four reportable segments: Options, Equities, Futures, and International which is reflective of how the Company’s CODM reviews and operates.
Options – The Options segment includes listed options on the stocks of individual corporations (“equity options”) and options on exchange-traded products (“ETPs”), such as exchange-traded funds (“ETFs”), which are “multi-listed” options and listed on a non-exclusive basis. These options trade on MIAX Options, MIAX Pearl, MIAX Emerald and MIAX Sapphire, all U.S. national security exchanges. The Options segment also includes applicable market data revenue generated from OPRA Plan, the licensing of proprietary options market data, index licensing, and access services.
Equities – The Equities segment includes our business operations relating to listed U.S. equities and ETP transaction services that occur on MIAX Pearl. The Equities segment also includes applicable market data revenue generated from the CTA Plan, the UTP Plan, and the CQS Plan, as well as licensing of proprietary equities market data, routing services, and access services.
Futures – The Futures segment includes transaction services provided by MIAX Futures, Dorman Trading and MIAXdx, which includes offerings for trading and clearing of futures products, the licensing of proprietary market data, as well as access services.
International – The International segment, which represents the Company’s operations outside of U.S., includes listing services for capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and insurance linked securities provided by BSX and listing of high yield bonds and private equity debt by TISE.
Corporate and Other – Corporate and Other includes certain other business ventures, corporate costs and operations including intersegment elimination as such items are not used to evaluate the operating performance of the above segments.
An operating segment is generally defined as a component of business for which discreet financial information is available and whose results are reviewed by the CODM. Operating segments are aggregated into reportable segments if certain criteria are met. The Company’s CODM is its Chief Executive Officer who manages business operations, evaluates performance and allocates resources based on the segments net revenues and operating income. Revenue and cost of revenue is recorded specifically in the segment in which they are earned or to which they relate. The Company directly allocates expenses to the operating segments when reasonably possible to do so. Beginning in the third quarter of 2025, Management concluded that non-operating (expenses) income and income (loss) before tax provision at the segment-level are provided to the CODM on a recurring basis. However, the CODM does not consider non-operating (expense) income when evaluating performance of or allocating resources to the operating segment.
The following table presents certain selected financial information for the Company’s reportable operating segments and Corporate and Other (in thousands):
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Options | Equities | Futures | International | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||
| Revenues | $ | 1,107,019 | $ | 153,346 | $ | 87,869 | $ | 14,689 | $ | 1,150 | $ | 1,364,073 | |||||||||||||||||||||||
| Less: Cost of revenue | 731,628 | 134,596 | 67,399 | — | (80) | 933,543 | |||||||||||||||||||||||||||||
| Revenues less cost of revenue | $ | 375,391 | $ | 18,750 | $ | 20,470 | $ | 14,689 | $ | 1,230 | $ | 430,530 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Compensation and benefits | 80,950 | 14,194 | 52,022 | 8,352 | 32,795 | 188,313 | |||||||||||||||||||||||||||||
| Information technology and communication costs | 15,161 | 6,943 | 9,890 | 2,381 | 992 | 35,367 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 14,620 | 5,639 | 5,169 | 1,500 | 2,451 | 29,379 | |||||||||||||||||||||||||||||
| Professional fees and outside services | 15,733 | 1,708 | 2,380 | 1,321 | 21,650 | 42,792 | |||||||||||||||||||||||||||||
| Acquisition-related costs | — | — | — | — | 2,901 | 2,901 | |||||||||||||||||||||||||||||
| General, administrative, and other expenses | 14,822 | 2,280 | 7,849 | 2,092 | 12,767 | 39,810 | |||||||||||||||||||||||||||||
| Total operating expenses | 141,286 | 30,764 | 77,310 | 15,646 | 73,556 | 338,562 | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 234,105 | $ | (12,014) | $ | (56,840) | $ | (957) | $ | (72,326) | $ | 91,968 | |||||||||||||||||||||||
| Non-operating (expense) income | |||||||||||||||||||||||||||||||||||
| Change in fair value of warrants on puttable shares & puttable common stock | — | — | — | — | (2,229) | (2,229) | |||||||||||||||||||||||||||||
| Change in fair value of puttable warrants issued with debt | — | — | — | — | (1,172) | (1,172) | |||||||||||||||||||||||||||||
| Interest income | 1,592 | — | 785 | 305 | 6,732 | 9,414 | |||||||||||||||||||||||||||||
| Interest expense and amortization of debt issuance costs | — | — | (111) | — | (12,775) | (12,886) | |||||||||||||||||||||||||||||
| Gain (loss) on intangible asset | — | — | — | (2,054) | — | (2,054) | |||||||||||||||||||||||||||||
| Unrealized gain (loss) on derivative assets | — | — | — | (54,915) | — | (54,915) | |||||||||||||||||||||||||||||
| Loss on debt extinguishment | — | — | — | — | (107,656) | (107,656) | |||||||||||||||||||||||||||||
| Other, net | (2) | — | 2,456 | (62) | 8,559 | 10,951 | |||||||||||||||||||||||||||||
| Income (loss) before income tax provision | $ | 235,695 | $ | (12,014) | $ | (53,710) | $ | (57,683) | $ | (180,867) | $ | (68,579) | |||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Options | Equities | Futures | International | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||
| Revenues | $ | 851,754 | $ | 187,769 | $ | 96,075 | $ | 3,311 | $ | 1,163 | $ | 1,140,072 | |||||||||||||||||||||||
Less: Cost of revenue | 604,187 | 185,407 | 74,834 | — | — | 864,428 | |||||||||||||||||||||||||||||
| Revenues less cost of revenue | $ | 247,567 | $ | 2,362 | $ | 21,241 | $ | 3,311 | $ | 1,163 | $ | 275,644 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
Compensation and benefits | 59,466 | 13,573 | 44,072 | 8,357 | 19,757 | 145,225 | |||||||||||||||||||||||||||||
Information technology and communication costs | 11,691 | 5,570 | 9,241 | 2,255 | 410 | 29,167 | |||||||||||||||||||||||||||||
Depreciation and amortization | 11,216 | 5,919 | 3,446 | 584 | 2,207 | 23,372 | |||||||||||||||||||||||||||||
Professional fees and outside services | 20,523 | 2,404 | 4,977 | 790 | 18,962 | 47,656 | |||||||||||||||||||||||||||||
General, administrative, and other expenses | 11,104 | 2,044 | 6,717 | 2,119 | 11,065 | 33,049 | |||||||||||||||||||||||||||||
| Total operating expenses | 114,000 | 29,510 | 68,453 | 14,105 | 52,401 | 278,469 | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 133,567 | $ | (27,148) | $ | (47,212) | $ | (10,794) | $ | (51,238) | $ | (2,825) | |||||||||||||||||||||||
| Non-operating (expense) income | |||||||||||||||||||||||||||||||||||
| Change in fair value of warrants on puttable shares & puttable common stock | — | — | — | — | (10,594) | (10,594) | |||||||||||||||||||||||||||||
| Change in fair value of puttable warrants issued with debt | — | — | — | — | (4,662) | (4,662) | |||||||||||||||||||||||||||||
| Interest income | 1,264 | — | 899 | — | 1,139 | 3,302 | |||||||||||||||||||||||||||||
| Interest expense and amortization of debt issuance costs | — | — | (173) | — | (13,778) | (13,951) | |||||||||||||||||||||||||||||
| Impairment of investment | — | — | — | — | (4,108) | (4,108) | |||||||||||||||||||||||||||||
| Gain (loss) on intangible asset | — | — | — | 52,604 | — | 52,604 | |||||||||||||||||||||||||||||
| Unrealized gain (loss) on derivative assets | — | — | — | 83,840 | — | 83,840 | |||||||||||||||||||||||||||||
| Other, net | — | — | 1,878 | — | (403) | 1,475 | |||||||||||||||||||||||||||||
| Income (loss) before income tax provision | $ | 134,831 | $ | (27,148) | $ | (44,608) | $ | 125,650 | $ | (83,644) | $ | 105,081 | |||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| Options | Equities | Futures | International | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||
| Revenues | $ | 788,287 | $ | 165,168 | $ | 83,728 | $ | 3,244 | $ | 580 | $ | 1,041,007 | |||||||||||||||||||||||
| Less: Cost of revenue | 575,137 | 173,608 | 59,793 | — | — | 808,538 | |||||||||||||||||||||||||||||
| Revenues less cost of revenue | $ | 213,150 | $ | (8,440) | $ | 23,935 | $ | 3,244 | $ | 580 | $ | 232,469 | |||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Compensation and benefits | 49,180 | 11,750 | 31,960 | 4,704 | 13,091 | 110,685 | |||||||||||||||||||||||||||||
| Information technology and communication costs | 10,635 | 5,188 | 5,840 | 487 | 363 | 22,513 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 10,553 | 5,481 | 1,501 | 498 | 2,997 | 21,030 | |||||||||||||||||||||||||||||
| Professional fees and outside services | 18,005 | 3,441 | 5,177 | 649 | 17,441 | 44,713 | |||||||||||||||||||||||||||||
| Acquisition-related costs | — | — | — | — | 2,723 | 2,723 | |||||||||||||||||||||||||||||
| General, administrative, and other expenses | 8,032 | 2,193 | 8,627 | 1,444 | 13,375 | 33,671 | |||||||||||||||||||||||||||||
| Total operating expenses | 96,405 | 28,053 | 53,105 | 7,782 | 49,990 | 235,335 | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 116,745 | $ | (36,493) | $ | (29,170) | $ | (4,538) | $ | (49,410) | $ | (2,866) | |||||||||||||||||||||||
| Non-operating (expense) income | |||||||||||||||||||||||||||||||||||
| Change in fair value of puttable common stock | — | — | — | — | (26) | (26) | |||||||||||||||||||||||||||||
| Loss on extinguishment of puttable common stock liability | — | — | — | — | (5,085) | (5,085) | |||||||||||||||||||||||||||||
| Interest income | 1,477 | — | 605 | — | 582 | 2,664 | |||||||||||||||||||||||||||||
| Interest expense and amortization of debt issuance costs | — | — | (91) | — | (18,784) | (18,875) | |||||||||||||||||||||||||||||
| Impairment of investment | — | — | — | — | (2,419) | (2,419) | |||||||||||||||||||||||||||||
| Other, net | — | — | 2,633 | — | 1,905 | 4,538 | |||||||||||||||||||||||||||||
| Income (loss) before income tax provision | $ | 118,222 | $ | (36,493) | $ | (26,023) | $ | (4,538) | $ | (73,237) | $ | (22,069) | |||||||||||||||||||||||
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.