-- Record Q2 Net revenue of $141 million (+35% YoY)
-- Q2 GAAP diluted EPS of $0.40; Adjusted diluted EPS of $0.48
-- Q2 Adjusted EBITDA of $77 million (+57% YoY); Adjusted EBITDA margin of
54% (+>700 bps YoY)
-- Updates full-year 2026 expense guidance
PRINCETON, N.J. and MIAMI, Aug. 5, 2026 /PRNewswire/ -- Miami International Holdings, Inc. (MIAX or MIH) $(MIAX)$, a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced financial results for the second quarter of 2026.
MIAX achieved strong financial performance in Q2 2026 with record net revenue, adjusted EBITDA, and adjusted earnings. Total net revenue grew 35% year-over-year to $141.1 million, adjusted EBITDA increased 57% to $76.8 million, and adjusted EBITDA margin expanded by more than 700 basis points to 54%. Adjusted diluted earnings per share was $0.48. The company's options business benefited from elevated market volatility during the quarter, which led to a 25% year-over-year increase in average daily volume to 11.0 million contracts.
"We delivered another record quarter, growing net revenue 35% year-over-year and successfully navigating a shifting market backdrop, demonstrating both our ability to execute consistently as well as sustained customer demand," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. "Our options business remains strong, our model's operating leverage drove record margins, and our Bloomberg$(R)$ index futures suite is now live."
Mr. Gallagher added: "We remain disciplined in how we allocate capital and execute our strategy, and continue to invest in a product pipeline that we expect will contribute meaningfully to continued, long-term growth."
Second Quarter 2026 Highlights
All figures are compared to the second quarter of 2025 unless otherwise stated.
-- Net revenue, defined as revenues less cost of revenues, grew 35%, or
$36.5 million, to a record $141.1 million, compared to $104.7 million in
the prior-year period. The increase was primarily driven by strong
options business performance, including increased industry volumes and
higher non-transaction revenue.
-- Total operating expenses were $113.3 million, compared to $77.4 million
in the prior-year period. The increase was primarily due to a litigation
settlement charge as well as planned investments in headcount and
technology to support growth initiatives, and increased marketing spend.
These were partially offset by lower regulatory costs, lower share-based
compensation, and 2025 acquisition-related costs.
-- Operating income was $27.8 million, compared to $27.3 million in the
prior-year period.
-- Realized an income tax benefit of $15.4 million, primarily driven by a
discrete tax benefit of $22.4 million related to share-based
compensation.
-- GAAP net income was $44.2 million, compared to $23.5 million in the
prior-year period.
-- Adjusted earnings increased 41% to $53.3 million, compared to $37.8
million in the prior-year period.
-- Adjusted EBITDA increased 57% to $76.8 million, compared to $49.1 million
in the prior-year period, driven primarily by strong growth in net
revenues.
-- Adjusted EBITDA margin expanded to 54% from 47% in the prior-year period.
Second Quarter 2026 Business Updates
-- MIAX options exchanges reached average daily volume of 11.0 million
contracts in the second quarter of 2026, a 25.3% year-over-year (YoY)
increase.
-- MIAX options exchanges achieved market share of 16.5% in the second
quarter of 2026, compared to 16.7% in the prior year period.
-- Successfully launched Tini$(TM)$ B100 Index Futures, Tini B500 Index
Futures and B500 Index Futures during the quarter.
Summary of Selected Unaudited Condensed Consolidated Financial Results
($000, except per share amounts and percentages)
Consolidated Second Quarter 2Q26 2Q25
Results June 30, 2026 June 30, 2025 Change
---------------------------- ------------------- ------------------- ------
Total revenues less cost of
revenues ("Net revenue") $ 141,113 $ 104,662 35 %
Operating income $ 27,797 $ 27,291 2 %
Net income attributable to
MIH stockholders $ 44,208 $ 23,527 88 %
Diluted EPS $ 0.40 $ 0.30 33 %
Adjusted earnings* $ 53,272 $ 37,760 41 %
Adjusted diluted EPS* $ 0.48 $ 0.48 -- %
EBITDA $ 32,350 $ 35,077 (8) %
Adjusted EBITDA* $ 76,778 $ 49,059 57 %
Adjusted EBITDA margin %* 54 % 47 % 16 %
* Reconciliation of non-GAAP results is included in the tables below. See
"Non-GAAP Financial Information" below.
Segment Results
($000)
Net Revenue by Business 2Q26 2Q25
Segment June 30, 2026 June 30, 2025 Change
----------------------------- ------------------ ------------------- ------
Options $ 124,394 $ 92,765 34 %
Equities 5,542 4,363 27 %
Futures 5,094 4,990 2 %
International 5,744 2,291 151 %
Corporate/Other 339 253 34 %
------------------ -------------------
Total $ 141,113 $ 104,662 35 %
Options
-- Net revenue grew 34% to $124.4 million, compared to $92.8 million in the
prior-year period. Growth was primarily driven by higher net transaction
fees tied to increased industry volume, and higher revenue per contract
$(RPC)$. Higher non-transaction fees were primarily driven by increased
member connections, 2026 fee increases, the expiration of certain MIAX
Sapphire related fee waivers, and new market data products.
-- Operating income increased 10% to $64.9 million, compared to $59.2
million in the prior-year period. Growth was primarily due to higher net
revenues, partially offset by a $22.5 million litigation settlement
charge.
-- Adjusted EBITDA grew 44% to $96.7 million, compared to $67.0 million in
the prior-year period.
Equities
-- Net revenue grew 27% to $5.5 million, compared to $4.4 million in the
prior-year period. The increase was primarily due to higher net
transaction fees from improved pricing.
-- Operating loss of $2.3 million in the second quarter, compared to an
operating loss of $3.1 million in the prior-year period. Growth was
primarily due to higher net revenues.
-- Adjusted EBITDA of ($0.5) million, compared to ($0.9) million in the
prior-year period.
Futures
-- Net revenue was $5.1 million, compared to $5.0 million in the prior-year
period. Net transaction fees were flat as increases in agricultural
future revenues were offset by inverted financial futures revenue.
-- Operating loss was $12.7 million, compared to an operating loss of $12.8
million in the prior-year period.
-- Adjusted EBITDA of ($9.5) million, compared to ($9.0) million in the
prior-year period.
International
-- Net revenue was $5.7 million, compared to $2.3 million in the prior-year
period. The increase was primarily due to revenue generated by The
International Stock Exchange Group Limited (TISE), which the company
acquired in June 2025.
-- Operating income was $1.1 million, compared to an operating loss of $1.2
million in the prior-year period. The increase was primarily due to the
impact of the TISE acquisition.
-- Adjusted EBITDA of $2.0 million, compared to ($0.6) million in the
prior-year period.
Capital and Liquidity
-- As of June 30, 2026, MIAX had cash and cash equivalents of $660.5 million
and total debt of $1.5 million.
FY 2026 Guidance
The company is updating full year 2026 expense guidance and now expects:
-- Adjusted operating expenses, which exclude share-based compensation,
depreciation and amortization, and litigation expenses, in a range
between $260 million and $270 million, down from previous guidance of
between $265 million and $275 million;
-- Share-based compensation expense in a range between $29 million and $32
million, up from previous guidance of between $27 million and $30
million;
-- Capital expenditures, including capitalization of internally developed
software, in a range between $40 million and $45 million, unchanged from
previous guidance;
-- Depreciation and amortization expense in a range between $35 million and
$39 million, up from previous guidance of between $33 million and $38
million;
-- Adjusted effective tax rate post valuation allowance release in a range
between 27% and 29%, unchanged from previous guidance.
Webcast and Conference Call
MIAX will host a webcast and conference call to review its second quarter financial results today, August 5, 2026 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 (International dial-in 412-317-6060) or access the webcast on the Investor Relations section of MIAX's website at ir.miaxglobal.com. A webcast recording and corresponding presentation will be archived under Events & Presentations at the above link following the event.
Non-GAAP Financial Information
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