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Capital markets · Financial Services
Miami International reported revenue of $1.4B in the fiscal year ended Dec 2025, up 19.6% from the year before. Operating income was $92M, an operating margin of 6.7%, and net income was −$70M. Operating cash flow of $168M less capital expenditure of $23M left free cash flow of $145M. It held more cash than debt (net cash $432M).
Ranks among the 33 capital markets companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 1,041 | 1,140 | 1,364 |
| Cost of revenue | 809 | 864 | 934 |
| Gross profit | 232 | 276 | 431 |
| Operating income | −2.9 | −2.8 | 92.0 |
| Interest expense | 18.9 | 14.0 | 12.9 |
| Pre-tax income | −22.1 | 105 | −68.6 |
| Income tax | −0.7 | 3.1 | 1.5 |
| Net income | −20.9 | 102 | −70.0 |
| Diluted EPS | −0.37 | 1.39 | −1.00 |
| Diluted shares | 56.5 | 74.6 | 69.8 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 59.3 | 150 | 434 |
| Receivables | – | 92.4 | 98.1 |
| Current assets | – | 573 | 855 |
| Net PP&E | – | 44.5 | 46.9 |
| Goodwill | 46.8 | 46.8 | 62.2 |
| Total assets | – | 974 | 1,259 |
| Payables | – | 12.8 | 8.3 |
| Deferred revenue | – | 2.7 | 9.6 |
| Current liabilities | – | 405 | 337 |
| Short-term debt | – | 4.8 | 1.5 |
| Long-term debt | – | 32.3 | 0.0 |
| Total liabilities | – | 606 | 378 |
| Shareholders' equity | 164 | 368 | 881 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | −49.2 | 111 | 168 |
| Capital expenditure | 16.2 | 26.7 | 22.8 |
| Free cash flow | −65.4 | 84.7 | 145 |
| Depreciation & amortisation | 21.0 | 23.4 | 29.4 |
| Stock-based compensation | 30.0 | 43.6 | 57.6 |
| Acquisitions | 19.9 | 0.0 | 56.5 |
| Share buybacks | 3.3 | 12.4 | 21.8 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 9.5% | 19.6% |
| EPS growth (YoY) | – | – | −171.9% |
| Gross margin | 22.3% | 24.2% | 31.6% |
| Operating margin | −0.3% | −0.2% | 6.7% |
| Net margin | −2.0% | 9.0% | −5.1% |
| Return on equityBlank when equity is negative | −12.8% | 27.8% | −7.9% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −0.5% | 10.0% |
| Free cash flow margin | −6.3% | 7.4% | 10.6% |
| Cash conversion (CFO ÷ net income) | 2.35x | 1.09x | −2.40x |
| Receivable days | – | 30 | 26 |
| Payable days | – | 5 | 3 |
| Interest cover | −0.15x | −0.20x | 7.14x |
| Debt ÷ equity | – | 0.10x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −113 | −432 |
| Current ratio | – | 1.41x | 2.54x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.