Miami International Holdings Reports Third Quarter 2026 Results
MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Miami International Holdings Reports Third Quarter 2026 Results • Q3 Net revenue of $131 million (+20% YoY) • Q3 GAAP diluted EPS of $0.47; Adjusted diluted EPS of $0.45 • Q3 Adjusted EBITDA of $71 million (+47% YoY); Adjusted EBITDA margin of 54% (+>1,000 bps YoY) • Updates full
How this was made
The 30-second read
Why it matters
The Q3 earnings beat and narrowed expense guidance suggest stronger cash generation and margin expansion, likely supporting the stock.
Market read
First-report earnings release with material financial improvements; actionable for traders looking at exchange operator stocks.
What to watch
Potential headwinds from regulatory changes or competition in futures markets could temper upside.
MIAX reported Q3 net revenue of $131 million, up 20% YoY, and updated full-year 2026 expense guidance.
Net revenue increased 20%, adjusted EBITDA increased 47%, and adjusted EBITDA margin expanded to 54% from 44%. GAAP net income was $52.5 million versus a $102.1 million loss, while full-year adjusted operating-expense guidance was lowered.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenuesGAAP | $376.2M | – | – |
| Q3 2026 transaction and clearing feesGAAP | $316.4M | – | – |
| Q3 2026 access feesGAAP | $36.95M | – | – |
| Q3 2026 market data feesGAAP | $13.88M | – | – |
| Q3 2026 other revenueGAAP | $8.94M | – | – |
| Q3 2026 total cost of revenuesGAAP | $245.2M | – | – |
| Q3 2026 net revenueGAAP | $131.0M | – | 20 % |
| Q3 2026 total operating expensesGAAP | $83.81M | – | – |
| Q3 2026 adjusted operating expensesnon-GAAP | $60.3M | – | decreased 2% |
| Q3 2026 operating income (loss)GAAP | $47.20M | – | – |
| Q3 2026 net income (loss) attributable to MIH stockholdersGAAP | $52.47M | – | – |
| Q3 2026 diluted EPSGAAP | $ 0.47 | – | – |
| Q3 2026 adjusted earningsnon-GAAP | $50.06M | – | 25 % |
| Q3 2026 adjusted diluted EPSnon-GAAP | $ 0.45 | – | 7 % |
| Q3 2026 EBITDAnon-GAAP | $67.64M | – | – |
| Q3 2026 adjusted EBITDAnon-GAAP | $70.81M | – | 47 % |
| Q3 2026 adjusted EBITDA marginnon-GAAP | 54 % | – | 23 % |
| Q3 2026 options average daily volumeother | 11.1 million contracts | – | 15.2% |
| Q3 2026 MIH options ADV – Equity and ETFother | 11,088 | – | 15.2 % |
| Q3 2026 MIH options market shareother | 17.4 % | – | 1.2 % |
| Q3 2026 total options revenue per contractother | $0.098 | – | (4.9) % |
| Q3 2026 MIH equities ADVother | 111 | – | (41.0) % |
| Q3 2026 MIH equities market shareother | 0.7 % | – | (36.4) % |
| Q3 2026 equities capture per 100 sharesother | $0.011 | – | – |
| Q3 2026 agricultural products ADVother | 11,428 | – | 42.5 % |
| Q3 2026 agricultural products RPCother | $2.32M | – | (1.9) % |
| Q3 2026 financial products ADVother | 2,683 | – | – |
| Q3 2026 financial products RPCother | −$1.43M | – | – |
| Q3 2026 international total listed securities (period end)other | 6,092 | – | 4.9 % |
| Nine months ended September 30, 2026 total revenuesGAAP | $1.13B | – | – |
| Nine months ended September 30, 2026 total cost of revenuesGAAP | $732.8M | – | – |
| Nine months ended September 30, 2026 net revenueGAAP | $400.7M | – | – |
| Nine months ended September 30, 2026 total operating expensesGAAP | $279.7M | – | – |
| Nine months ended September 30, 2026 operating incomeGAAP | $121.0M | – | – |
| Nine months ended September 30, 2026 net income attributable to Miami International Holdings, Inc.GAAP | $266.9M | – | – |
| Nine months ended September 30, 2026 diluted EPSGAAP | $ 2.42 | – | – |
| Nine months ended September 30, 2026 adjusted earningsnon-GAAP | $148.7M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| OptionsGrowth was primarily driven by both net transaction fees and non-transaction fees. Net transaction fees increased due to higher industry volume and higher market share, partially offset by lower revenue per contract. Higher non-transaction fees were primarily driven by increased member connections and 2026 fee increases. | $112.6M | – | 19 % |
| EquitiesThe increase was primarily due to higher net transaction fees from improved capture. | $6.66M | – | 53 % |
| FuturesNet transaction fees were relatively flat as increases in agricultural future revenues were offset by inverted financial futures revenue. | $4.98M | – | 4 % |
| InternationalThe increase was primarily due to increased total listed securities by The International Stock Exchange Group Limited (TISE). | $6.14M | – | 11 % |
| Corporate/OtherNo driver was provided. | $ 646 | – | 106 % |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
FY 2026 outlook
- Operating expensesAdjusted operating expenses in a range between $254 million and $257 million
- Tax rateAdjusted effective tax rate post valuation allowance release in a range between 26% and 28%
- NoteShare-based compensation expense in a range between $30 million and $32 million
- NoteCapital expenditures, including capitalization of internally developed software, in a range between $43 million and $46 million
- NoteDepreciation and amortization expense in a range between $36 million and $38 million
What drove it
- Options net revenue increased 19% to $112.6 million, led by higher industry volume, higher market share, increased member connections, and 2026 fee increases.
- MIAX options market share was 17.4%, compared to 17.2% in the prior-year period.
- Equities net revenue increased 53% to $6.7 million, primarily from higher net transaction fees from improved capture.
- International net revenue increased to $6.1 million due to increased total listed securities by TISE.
- Total operating expenses declined to $83.8 million, primarily because the prior-year period included IPO-related expense.
- The company launched four fertilizer futures contracts and made Bloomberg index futures available on NinjaTrader.
Concerns
- Total options revenue per contract declined 4.9% YoY to $0.098.
- MIH equities ADV declined 41.0% to 111 and MIH equities market share declined to 0.7% from 1.1%.
- Futures recorded an operating loss of $12.2 million and adjusted EBITDA of ($8.4) million.
- Financial products RPC was $(1.428).
- Q3 adjusted earnings included an unrealized gain on derivative and digital assets of $9.8 million and a provision for notes receivable of $6.3 million in the non-GAAP reconciliation.
What to watch
- Progress toward FY 2026 adjusted operating expenses of between $254 million and $257 million.
- Options volume, market share, revenue per contract, member connections, and non-transaction fees.
- Whether higher equities capture offsets the decline in MIH equities ADV and market share.
- Futures revenue development following the launch of financial futures and four fertilizer futures contracts.
- The impact of capital expenditures of between $43 million and $46 million and depreciation and amortization expense of between $36 million and $38 million.
Balance sheet and cash flow
- As of September 30, 2026, cash and cash equivalents were $698.9 million.
- As of September 30, 2026, total debt was $1.5 million.
- Total assets were $ 1,618,140 as of September 30, 2026, compared to $ 1,259,425 as of December 31, 2025.
- Total liabilities were $ 397,854 as of September 30, 2026, compared to $ 378,408 as of December 31, 2025.
- Total stockholders’ equity was $ 1,220,286 as of September 30, 2026, compared to $ 881,017 as of December 31, 2025.
Analysis
MIAX delivered a strong third quarter, with GAAP net revenue of $131.0 million, up 20% from $109.5 million. Total revenues increased to $376.2 million from $339.8 million, while total cost of revenues was $245.2 million compared with $230.3 million. Options remained the central contributor, generating $112.6 million of net revenue, while equities grew 53% to $6.7 million and international increased 11% to $6.1 million.
The options business combined higher industry volume and higher market share with increased member connections and 2026 fee increases. MIH options ADV increased 15.2% to 11,088, and market share increased to 17.4% from 17.2%. The offset was pricing: total options revenue per contract declined 4.9% to $0.098. In equities, higher capture supported revenue growth, but MIH equities ADV declined to 111 from 188 and market share declined to 0.7% from 1.1%.
Profitability improved sharply. Total operating expenses declined to $83.8 million from $109.8 million, principally because the year-earlier period included IPO-related expense. Operating income was $47.2 million after an operating loss of $0.3 million, and GAAP net income was $52.5 million after a net loss of $102.1 million. Adjusted EBITDA increased to $70.8 million from $48.0 million and adjusted EBITDA margin increased to 54% from 44%. The prior-year comparison also reflects accelerated share-based compensation expense and a loss on extinguishment of debt in 2025.
Segment profitability remains uneven. Options adjusted EBITDA increased to $86.5 million from $69.1 million, and international adjusted EBITDA increased to $2.3 million from $1.7 million. Equities produced adjusted EBITDA of $1.0 million following adjusted EBITDA of ($0.9) million. Futures remained loss-making, with adjusted EBITDA of ($8.4) million compared with ($9.6) million, despite agricultural-products ADV growth and the launch of financial futures.
MIAX ended the period with $698.9 million of cash and cash equivalents and $1.5 million of total debt. The company lowered its FY 2026 adjusted operating-expense range to between $254 million and $257 million from between $260 million and $270 million. It raised the capital-expenditure range to between $43 million and $46 million from between $40 million and $45 million, while guiding to an adjusted effective tax rate post valuation allowance release of between 26% and 28%.
Management, verbatim
MIAX’s lean, high-margin operating model enabled us to deliver strong revenue growth and margin expansion in the third quarter.
Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX
Net revenue grew 20% year-over-year and options market share increased to 17.4%. Adjusted expenses came in below last year’s level and adjusted EBITDA margin expanded by more than 1,000 basis points.
Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX
Our next growth phase is underway, with Bloomberg index futures now available on NinjaTrader and four fertilizer futures contracts recently launched in response to clear member interest.
Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX
Not in the filing
stated, not guessed- Prior-release outlook section was not provided; therefore, no comparison of reported results with prior guidance is presented.
- Operating cash flow was not reported in the provided document.
- Free cash flow was not reported in the provided document.
- Share repurchases were not reported in the provided document.
- Dividend declarations or payments were not reported in the provided document.
- FY 2026 revenue guidance was not reported in the provided document.
- FY 2026 gross-margin guidance was not reported in the provided document.
- A GAAP reconciliation for the non-GAAP FY 2026 guidance was not provided; the company stated it could not provide one without unreasonable efforts.
- Q3 2026 gross margin was not reported in the provided document.
- Prior-quarter comparisons for reported Q3 metrics were not reported in the provided document.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Miami International Holdings (MIAX) is a technology-driven operator of regulated financial markets across multiple asset classes.
Ticker impact
MIAX reported Q3 2026 net revenue of $131M (+20% YoY) and updated full-year expense guidance updated than prior guidance.
likely upside as market prices in stronger earnings and updated expense outlook
Quarterly results exceed prior year and expense guidance is narrowed, indicating better margins and cash flow.
Market effects
Positive earnings may boost sentiment in the financial exchanges and market infrastructure sector.
U.S. market participants may view the results as a sign of strength in regulated exchange operators.
Limited to exchange operators; minimal broader macro impact.
Counterpoint
If expense guidance is still higher than consensus, the stock could face pressure despite earnings beat.
Key entities
- ExecutiveThomas P. Gallagher
Chairman and CEO of MIAX who commented on the results.
