MIAX Revenue and EBITDA History (2022–6M 2026)
Historical revenue and EBITDA
All figures are USD millions.
| Period | Gross revenue | Net revenue / “gross profit” | Net-revenue margin | Reported EBITDA | Adjusted EBITDA | Adjusted EBITDA margin |
|---|
| FY 2022 | $797.9 | $195.6 | 24.5% | $91.9 | $57.3 | 28.8% |
| FY 2023 | $1,041.0 | $232.5 | 22.3% | $15.7 | $67.2 | 28.4% |
| FY 2024 | $1,140.1 | $275.6 | 24.2% | $139.2 | $82.1 | 29.6% |
| 9M 2024 | $816.2 | $193.9 | 23.8% | $126.6 | $52.7 | 26.9% |
| 9M 2025 | $994.6 | $306.0 | 30.8% | $(70.8) | $136.9 | 44.7% |
| 6M 2025 | $654.9 | $196.5 | 30.0% | $23.2 | $88.9 | 45.2% |
| 6M 2026 | $757.3 | $269.7 | 35.6% | $136.1 | $142.8 | 53.0% |
Metric interpretation
MIAX does not report a line called gross profit. The closest and most economically relevant measure is
revenues less cost of revenues, which the company calls net revenue. Gross revenue includes substantial liquidity payments and other brokerage, clearing, exchange, and regulatory pass-through costs. Net revenue measures the economics retained by MIAX and is the more useful top line for assessing growth, operating leverage, and valuation.
For 6M 2026, gross revenue was $757.3 million and cost of revenues was $487.6 million, leaving net revenue of $269.7 million. Adjusted EBITDA margin is calculated using net revenue.
6M 2026 EBITDA reconciliation
Reported EBITDA of $136.144 million reconciles to adjusted EBITDA of $142.840 million as follows:
| Adjustment | Effect on adjusted EBITDA |
|---|
| Reported EBITDA | $136.144 |
| Add: share-based compensation | $15.963 |
| Add: investment loss | $2.640 |
| Add: litigation costs and settlement | $35.785 |
| Add: unrealized derivative and digital-asset loss | $2.878 |
| Less: gain on sale of MIAXdx | $(50.570) |
| Adjusted EBITDA | $142.840 |
The excluded expenses and losses totaled $57.266 million, exceeding the $50.570 million divestiture gain by $6.696 million. Consequently, adjusted EBITDA was $6.696 million above reported EBITDA even after removing the sale gain.
Sources
- MIAX Form S-1 filed December 9, 2025, accession 0001628280-25-056175
- MIAX Form 10-Q for the six months ended June 30, 2026, accession 0001628280-26-054575