Second Quarter 2026
Filed Aug 5, 2026Record Q2 net revenue of $141 million (+35% YoY), Q2 GAAP diluted EPS of $0.40, adjusted diluted EPS of $0.48, and Q2 adjusted EBITDA of $77 million (+57% YoY).
Net revenue grew 35%, adjusted EBITDA grew 57%, and adjusted EBITDA margin expanded to 54%, led by the Options business. GAAP net income increased 88%, although the period included a $15.4 million income tax benefit and a $30.0 million litigation settlement charge.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenuesGAAP | $387,629 ($000) | – | – |
| Total cost of revenuesGAAP | $246,516 ($000) | – | – |
| Total revenues less cost of revenues (Net revenue)GAAP | $141,113 ($000) | – | 35% |
| Total operating expensesGAAP | $113,316 ($000) | – | – |
| Operating incomeGAAP | $27,797 ($000) | – | 2% |
| Income before income tax provisionGAAP | $28,782 ($000) | – | – |
| Income tax benefit (expense)GAAP | $15,426 ($000) | – | – |
| Net income attributable to MIH stockholdersGAAP | $44,208 ($000) | – | 88% |
| Basic EPSGAAP | $0.46 | – | – |
| Diluted EPSGAAP | $0.40 | – | 33% |
| EBITDAnon-GAAP | $32,350 ($000) | – | (8)% |
| Adjusted earningsnon-GAAP | $53,272 ($000) | – | 41% |
| Adjusted diluted EPSnon-GAAP | $0.48 | – | —% |
| Adjusted EBITDAnon-GAAP | $76,778 ($000) | – | 57% |
| Adjusted EBITDA marginnon-GAAP | 54% | – | 16% |
| Transaction and clearing feesGAAP | $331,884 ($000) | – | – |
| Access feesGAAP | $34,941 ($000) | – | – |
| Market data feesGAAP | $12,206 ($000) | – | – |
| Other revenueGAAP | $8,598 ($000) | – | – |
| Liquidity paymentsGAAP | $206,633 ($000) | – | – |
| Brokerage, clearing, and exchange feesGAAP | $15,360 ($000) | – | – |
| Section 31 feesGAAP | $22,976 ($000) | – | – |
| Share-based compensationother | $7,087 ($000) | – | – |
| Litigation costs and settlementother | $33,017 ($000) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| OptionsHigher net transaction fees tied to increased industry volume and higher revenue per contract, plus higher non-transaction fees from increased member connections, 2026 fee increases, expiration of certain MIAX Sapphire related fee waivers, and new market data products. | $124,394 ($000) | – | 34% |
| EquitiesHigher net transaction fees from improved pricing. | $5,542 ($000) | – | 27% |
| FuturesNet transaction fees were flat as increases in agricultural future revenues were offset by inverted financial futures revenue. | $5,094 ($000) | – | 2% |
| InternationalRevenue generated by The International Stock Exchange Group Limited (TISE), which the company acquired in June 2025. | $5,744 ($000) | – | 151% |
| Corporate/OtherNo specific driver reported. | $339 ($000) | – | 34% |
FY 2026 outlook
- Operating expensesAdjusted operating expenses in a range between $260 million and $270 million
- Tax rateAdjusted effective tax rate post valuation allowance release in a range between 27% and 29%
- NoteShare-based compensation expense in a range between $29 million and $32 million
- NoteCapital expenditures, including capitalization of internally developed software, in a range between $40 million and $45 million
- NoteDepreciation and amortization expense in a range between $35 million and $39 million
What drove it
- MIAX options exchanges average daily volume was 11.0 million contracts, a 25.3% YoY increase.
- MIAX options exchanges market share was 16.5%, compared to 16.7% in the prior-year period.
- Total Options revenue per contract was $0.124, compared to $0.117.
- International revenue benefited from TISE, acquired in June 2025.
- The company launched Tini™ B100 Index Futures, Tini B500 Index Futures and B500 Index Futures during the quarter.
- GAAP income tax benefit was $15.4 million, primarily driven by a discrete tax benefit of $22.4 million related to share-based compensation.
Concerns
- Total operating expenses were $113.3 million, compared to $77.4 million, primarily reflecting a litigation settlement charge, planned investments in headcount and technology, and increased marketing spend.
- The company recorded a $30.0 million litigation settlement in operating expenses and $33.0 million of litigation costs and settlement in its adjusted EBITDA reconciliation.
- Options market share was 16.5%, compared to 16.7% in the prior-year period.
- Futures reported an operating loss of $12.7 million and adjusted EBITDA of ($9.5) million.
- FY 2026 share-based compensation guidance increased to a range between $29 million and $32 million, and depreciation and amortization guidance increased to a range between $35 million and $39 million.
What to watch
- Options industry volume, market share, revenue per contract, member connections, market data products, and the effect of 2026 fee increases.
- Execution and revenue contribution from the Bloomberg® index futures suite and the newly launched Tini™ B100 Index Futures, Tini B500 Index Futures and B500 Index Futures.
- Futures segment transaction fees and operating losses.
- International segment contribution from TISE.
- Adjusted operating expenses within the updated range between $260 million and $270 million.
- The adjusted effective tax rate post valuation allowance release in a range between 27% and 29%.
Balance sheet and cash flow
- Cash and cash equivalents of $660.5 million as of June 30, 2026.
- Total debt of $1.5 million as of June 30, 2026.
- Total assets of $1,600,387 ($000) as of June 30, 2026, compared to $1,259,425 ($000) at December 31, 2025.
- Total liabilities of $450,086 ($000) as of June 30, 2026, compared to $378,408 ($000) at December 31, 2025.
- Total stockholders’ equity of $1,150,301 ($000) as of June 30, 2026, compared to $881,017 ($000) at December 31, 2025.
Analysis
MIAX reported record second-quarter net revenue of $141.1 million, up 35% from $104.7 million. The result was driven principally by Options, where net revenue rose 34% to $124.4 million. The company cited higher industry volumes, higher revenue per contract, increased member connections, 2026 fee increases, the expiration of certain MIAX Sapphire related fee waivers, and new market data products. Options average daily volume increased 25.3% to 11.0 million contracts, while market share was 16.5% versus 16.7% in the prior-year period.
The revenue increase generated substantial adjusted profitability leverage. Adjusted EBITDA rose 57% to $76.8 million and adjusted EBITDA margin rose to 54% from 47%. GAAP operating income increased 2% to $27.8 million because total operating expenses increased to $113.3 million from $77.4 million. Expenses included a $30.0 million litigation settlement, alongside planned headcount and technology investment and increased marketing spend. The Options segment still increased operating income 10% to $64.9 million despite a $22.5 million litigation settlement charge allocated to that segment.
GAAP net income increased 88% to $44.2 million and diluted EPS increased to $0.40 from $0.30. Results included a $15.4 million income tax benefit, primarily reflecting a $22.4 million discrete tax benefit related to share-based compensation. Adjusted earnings increased 41% to $53.3 million, while adjusted diluted EPS was unchanged at $0.48. Other segment outcomes were mixed: Equities improved to an operating loss of $2.3 million from $3.1 million, International moved to $1.1 million of operating income from a $1.2 million operating loss following the TISE acquisition, and Futures remained loss-making with an operating loss of $12.7 million.
Liquidity was substantial at June 30, 2026, with cash and cash equivalents of $660.5 million and total debt of $1.5 million. The company updated its FY 2026 expense outlook, lowering adjusted operating expense guidance to a range between $260 million and $270 million from between $265 million and $275 million. It raised share-based compensation and depreciation and amortization outlooks, while maintaining capital-expenditure and adjusted effective-tax-rate guidance. The operational focus is on sustaining Options monetization and volume, integrating International growth, and building the recently launched index futures products while containing segment losses and litigation-related costs.
Management, verbatim
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.
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® index futures suite is now live.
Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX
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.
Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported income-statement metrics were not provided.
- Gross margin was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Dividends were not reported.
- Share repurchases were not reported.
- FY 2026 revenue guidance was not reported.
- FY 2026 gross-margin guidance was not reported.
- No separate previous outlook section was provided; therefore, actual results cannot be compared with prior-period guidance in vs_prior_guidance.
AlphaAI 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.