Miami International Holdings (MIAX) Cash Flow: Operating & Free Cash Flow

Miami International Holdings (MIAX) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Miami International Holdings generated $167.83M of operating cash flow and spent $34.87M on capital expenditures. That left free cash flow of $132.97M, up 57.0% from $84.70M a year earlier, or 9.7% of revenue. It repurchased $21.83M of its own shares.

Miami International Holdings Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Miami International Holdings, Inc. (MIAX) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Operating Activities
Net Income	-70.03	101.99	-21.37	57.33	-93.56	-31.89
Depreciation & Amortization	29.38	23.37	21.03	20.28	21.06	17.36
Deferred Income Tax	0.47	3.19	-0.86	-7.19	0.41	0.00
Stock Based Compensation	57.57	43.63	30.03	22.32	18.11	0.00
Change in Working Capital	-30.09	-8.34	-96.36	79.18	-23.79	89.55
Change in Accounts Receivable	9.12	-34.31	2.14	2.80	-13.19	-33.36
Change in Accounts Payable	-40.64	26.57	-12.62	-6.60	11.60	34.56
Change in Other Working Capital	3.88	-6.17	-90.79	82.98	-22.21	88.36
Other Operating Activities	3.88	-49.21	17.48	-50.29	102.00	45.32
Net Cash from Operating Activities	167.83	111.44	-49.20	121.63	24.23	120.34
Investing Activities
Capital Expenditures	-34.87	-26.74	-16.20	-20.03	-18.06	-7.66
Acquisitions	-56.46	0.00	-19.88	-24.25	0.00	-0.72
Purchases of Investments	-10.00	-1.58	-18.37	-9.65	-4.84	-7.12
Sales/Maturities of Investments	0.00	-12.27	-9.69	0.00	23.22	0.00
Other Investing Activities	-12.08	0.00	0.00	0.00	0.00	0.74
Net Cash from Investing Activities	-101.33	-40.59	-64.14	-53.93	0.32	-24.98
Financing Activities
Debt Repayment	-140.16	-57.47	-32.14	-17.54	70.62	-2.09
Common Stock Issued	381.33	10.15	16.81	9.57	21.84	14.25
Common Stock Repurchased	-21.83	-12.42	-3.31	0.00	0.00	0.00
Other Financing Activities	-41.44	53.79	0.91	-1.38	-0.35	-0.08
Net Cash from Financing Activities	214.77	29.41	-16.62	-9.35	92.11	12.08
Summary
Effect of Forex Changes on Cash	-0.09	0.00	0.00	0.00	0.00	-50.20
Net Change in Cash	281.19	100.26	-129.96	58.35	116.66	57.24
Cash at Beginning of Period	276.40	176.14	306.09	247.74	131.09	0.00
Cash at End of Period	557.58	276.40	176.14	306.09	247.74	57.24
Free Cash Flow	132.97	84.70	-65.40	101.60	6.17	112.69
Supplemental Disclosures
Interest Paid	9.83	12.62	16.84	18.57	15.52	9.52
Income Taxes Paid	1.21	-1.05	0.60	2.52	0.35	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Miami International Holdings Cash Flow

What is Miami International Holdings's free cash flow?

Miami International Holdings generated free cash flow of $132.97M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $167.83M minus $34.87M of capital expenditures. That was up 57.0% from $84.70M a year earlier. Free cash flow equaled 9.7% of revenue.

How much does Miami International Holdings spend on capital expenditures?

Miami International Holdings spent $34.87M on capital expenditures in fiscal 2025, compared with $26.74M a year earlier. That equals 20.8% of operating cash flow.

Does Miami International Holdings pay dividends or buy back shares?

Yes. In fiscal 2025 Miami International Holdings returned $21.83M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition