- 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) (NYSE: 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® 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™ 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 Results | 2Q26 June 30, 2026 | 2Q25 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 Segment | 2Q26 June 30, 2026 | 2Q25 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
Adjusted earnings, a non-GAAP financial measure, is defined as net income attributable to MIH adjusted for share-based compensation, investment gain/loss, litigation costs and settlement, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, unrealized loss on derivative and digital assets, loss on intangible asset, impairment charges, and non-GAAP tax adjustments.
Adjusted EBITDA, a non-GAAP financial measure, is defined as net income attributable to MIH adjusted for interest expense and amortization of debt discount costs, interest income, income tax provision and depreciation and amortization, share-based compensation, investment gain/loss, litigation costs and settlement, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, unrealized loss on derivative and digital assets, loss on intangible asset, and impairment charges.
Adjusted EBITDA margin, a non-GAAP financial measure, is defined as adjusted EBITDA divided by revenues less cost of revenues.
Adjusted diluted EPS, a non-GAAP financial measure, is defined as adjusted earnings divided by diluted weighted average shares outstanding used for adjusted diluted earnings per share (which includes the impact of anti-dilutive securities on a GAAP basis).
Certain components of the guidance given in this presentation with respect to our financial performance for the full year of 2026 are provided on a non-GAAP basis only without providing the most comparable guidance on a GAAP basis or a quantitative reconciliation to guidance provided on a GAAP basis. Information is presented in this manner because the preparation of such guidance on a GAAP basis and such reconciliation could not be accomplished without unreasonable efforts. The company does not have access to certain information that would be necessary to provide such guidance on a GAAP basis or such reconciliation, including non-recurring items that are not indicative of the company's ongoing operations. The company does not believe that this information is likely to be significant to an assessment of the company's ongoing operations.
For a reconciliation of our non-GAAP results to our GAAP results, see the tables below.
About MIAX
Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX® operates eight exchanges across options, futures, equities and international markets including MIAX Options®, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures®, The Bermuda Stock Exchange, and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant and Notice Registered Broker-Dealer with the National Futures Association for purposes of facilitating transactions of security futures. To learn more about MIAX please visit www.miaxglobal.com.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expect," "anticipates," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in MIAX's public filings with the Securities and Exchange Commission. In providing forward-looking statements, the company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.
All third-party trademarks (including logos and icons) referenced by the company remain the property of their respective owners. Unless specifically identified as such, the company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the company. Any references by the company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.
Contacts:
Investors
John T. Williams
Media
Andy Nybo
Miami International Holdings, Inc. and Subsidiaries | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Revenues: | |||||||
Transaction and clearing fees | $ 331,884 | $ 286,139 | $ 647,294 | $ 575,443 | |||
Access fees | 34,941 | 26,106 | 68,298 | 50,189 | |||
Market data fees | 12,206 | 10,253 | 25,161 | 19,895 | |||
Other revenue | 8,598 | 5,286 | 16,566 | 9,334 | |||
Total revenues | 387,629 | 327,784 | 757,319 | 654,861 | |||
Cost of revenues: | |||||||
Liquidity payments | 206,633 | 195,651 | 430,159 | 389,697 | |||
Brokerage, clearing, and exchange fees | 15,360 | 14,481 | 31,637 | 30,935 | |||
Section 31 fees | 22,976 | 11,815 | 22,976 | 35,225 | |||
Other cost of revenues | 1,547 | 1,175 | 2,841 | 2,458 | |||
Total cost of revenues | 246,516 | 223,122 | 487,613 | 458,315 | |||
Revenues less cost of revenues | 141,113 | 104,662 | 269,706 | 196,546 | |||
Operating expenses: | |||||||
Compensation and benefits | 40,966 | 40,210 | 85,356 | 77,981 | |||
Information technology and communication costs | 10,202 | 8,851 | 19,685 | 16,399 | |||
Depreciation and amortization | 8,778 | 6,938 | 16,866 | 13,108 | |||
Occupancy costs | 2,977 | 3,002 | 6,220 | 5,450 | |||
Professional fees and outside services | 11,448 | 10,095 | 22,855 | 19,352 | |||
Marketing and business development | 3,176 | 555 | 4,160 | 1,318 | |||
Acquisition-related costs | — | 2,247 | — | 2,901 | |||
Litigation settlement | 30,000 | — | 30,000 | — | |||
General, administrative, and other | 5,769 | 5,473 | 10,799 | 10,453 | |||
Total operating expenses | 113,316 | 77,371 | 195,941 | 146,962 | |||
Operating income | 27,797 | 27,291 | 73,765 | 49,584 | |||
Non-operating (expense) income: | |||||||
Change in fair value of puttable common stock | — | (1,688) | — | (1,891) | |||
Change in fair value of puttable warrants issued with debt | — | (1,486) | — | (917) | |||
Interest income | 5,254 | 1,418 | 9,640 | 2,713 | |||
Interest expense and amortization of debt issuance costs | (44) | (4,902) | (89) | (9,332) | |||
Loss on sale of intangible asset | — | (2,054) | — | (2,054) | |||
Unrealized loss on derivative and digital assets | (337) | (4,605) | (2,878) | (47,018) | |||
Gain on sale of business | 23 | — | 50,570 | — | |||
Other, net | (3,911) | 10,681 | (2,179) | 12,360 | |||
Income before income tax provision | 28,782 | 24,655 | 128,829 | 3,445 | |||
Income tax benefit (expense) | 15,426 | (1,128) | 85,603 | (1,338) | |||
Net income attributable to Miami International Holdings, Inc | $ 44,208 | $ 23,527 | $ 214,432 | $ 2,107 | |||
Weighted-average shares of common stock outstanding | |||||||
Basic | 95,305,096 | 64,942,755 | 93,559,319 | 64,249,928 | |||
Diluted | 110,713,513 | 78,458,195 | 109,943,953 | 77,952,959 | |||
Net income per share attributable to common stock | |||||||
Basic | $ 0.46 | $ 0.36 | $ 2.29 | $ 0.03 | |||
Diluted | $ 0.40 | $ 0.30 | $ 1.95 | $ 0.03 | |||
Miami International Holdings, Inc. and Subsidiaries | |||
June 30, | December 31, | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 660,462 | $ 433,648 | |
Cash and securities segregated under federal and other regulations | 26,894 | 27,618 | |
Accounts receivable, net | 119,864 | 98,107 | |
Restricted cash | 13,654 | 6,005 | |
Clearing house performance bonds and guarantee funds | 103,279 | 70,078 | |
Receivables from broker-dealers, futures commission merchants, and clearing | 138,329 | 133,533 | |
Current portion of derivative assets | 3,819 | 6,017 | |
Other current assets | 36,248 | 39,232 | |
Assets held for sale | — | 40,976 | |
Total current assets | 1,102,549 | 855,214 | |
Investments | 28,850 | 19,180 | |
Fixed assets, net | 64,149 | 46,854 | |
Internally developed software, net | 36,401 | 36,333 | |
Goodwill | 61,942 | 62,211 | |
Other intangible assets, net | 169,019 | 170,774 | |
Deferred tax asset, net | 74,404 | — | |
Derivative assets, net of current portion | — | 5,114 | |
Other assets, net | 63,073 | 63,745 | |
Total assets | $ 1,600,387 | $ 1,259,425 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable and other liabilities | $ 135,917 | $ 69,780 | |
Accrued compensation payable | 27,115 | 39,412 | |
Current portion of long-term debt | 1,514 | 1,508 | |
Deferred transaction revenues | 9,207 | 9,572 | |
Clearing house performance bonds and guarantee funds | 102,779 | 69,578 | |
Payables to customers | 140,923 | 144,641 | |
Payables to clearing organizations | 5,716 | 11 | |
Liabilities held for sale | — | 2,758 | |
Total current liabilities | 423,171 | 337,260 | |
Deferred income taxes | 10,863 | 22,386 | |
Other non-current liabilities | 16,052 | 18,762 | |
Total liabilities | 450,086 | 378,408 | |
Commitments and contingencies | — | — | |
Stockholders' equity: | |||
Common stock - voting and nonvoting, par value $0.001 (600,000,000 authorized | 99 | 86 | |
Common stock in treasury, at cost, 603,041 shares at June 30, 2026 and 353,799 | (18,296) | (8,232) | |
Additional paid-in capital | 1,588,634 | 1,522,143 | |
Accumulated deficit | (417,907) | (632,339) | |
Accumulated other comprehensive loss, net | (2,229) | (641) | |
Total stockholders' equity | 1,150,301 | 881,017 | |
Total liabilities and stockholders' equity | $ 1,600,387 | $ 1,259,425 | |
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
The following table is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and adjusted EBITDA by segment ($000):
Three Months Ended June 30, 2026 | |||||||||||
Options | Equities | Futures | International | Corporate / | Total | ||||||
Net income (loss) allocated to common stockholders | $ 65,047 | $ (2,336) | $ (15,744) | $ 879 | $ (3,638) | $ 44,208 | |||||
Interest expense and amortization of debt issuance costs | — | — | — | — | 44 | 44 | |||||
Interest income | (114) | — | (151) | (186) | (4,803) | (5,254) | |||||
Income tax (benefit) expense | — | — | — | 64 | (15,490) | (15,426) | |||||
Depreciation and amortization | 4,494 | 1,306 | 1,800 | 551 | 627 | 8,778 | |||||
EBITDA | 69,427 | (1,030) | (14,095) | 1,308 | (23,260) | 32,350 | |||||
Share-based compensation(1) | 2,545 | 540 | 1,303 | 338 | 2,361 | 7,087 | |||||
Investment loss(2) | — | — | 3,279 | — | 731 | 4,010 | |||||
Litigation costs and settlement(3) | 24,763 | — | — | — | 8,254 | 33,017 | |||||
Unrealized loss on derivative and digital assets(4) | — | — | — | 337 | — | 337 | |||||
Gain on sale of business(5) | — | — | — | — | (23) | (23) | |||||
Adjusted EBITDA | $ 96,735 | $ (490) | $ (9,513) | $ 1,983 | $ (11,937) | 76,778 | |||||
(1) | Share-based compensation represents expenses associated with stock options of $2.8 million, restricted stock awards of $2.4 million, restricted stock units of $1.8 million, and warrants of less than $0.1 million that have been granted to employees, directors and service providers. The 2026 expense of $7.1 million is made up of $5.2 million to employees within compensation and benefits, $0.2 million to service providers within professional fees and outside services, and $1.6 million to directors within general, administrative, and other. |
(2) | Investment loss of $4.0 million represents an unrealized loss on marketable equity securities. |
(3) | Litigation costs and settlement are associated with litigation related to the Nasdaq matter. |
(4) | Reflects the aggregate unrealized loss resulting from the mark-to-market valuation of digital assets related to unlocked Pyth tokens and derivative assets related to the 125 million Pyth tokens that remain locked by the Pyth Network as of June 30, 2026. |
(5) | Represents an adjustment to the gain on the sale of MIAXdx in January 2026. |
Three Months Ended June 30, 2025 | |||||||||||
Options | Equities | Futures | International | Corporate / | Total | ||||||
Net income (loss) allocated to common stockholders | $ 59,529 | $ (3,105) | $ (12,023) | $ (7,928) | $ (12,946) | $ 23,527 | |||||
Interest expense and amortization of debt issuance costs | — | — | 35 | — | 4,867 | 4,902 | |||||
Interest income | (336) | — | (196) | (20) | (866) | (1,418) | |||||
Income tax expense | — | — | — | 77 | 1,051 | 1,128 | |||||
Depreciation and amortization | 3,405 | 1,553 | 984 | 446 | 550 | 6,938 | |||||
EBITDA | 62,598 | (1,552) | (11,200) | (7,425) | (7,344) | 35,077 | |||||
Share-based compensation(1) | 3,781 | 642 | 2,703 | 150 | 2,148 | 9,424 | |||||
Investment gain(2) | — | — | (454) | — | (8,650) | (9,104) | |||||
Litigation costs(3) | 632 | — | — | — | 211 | 843 | |||||
Acquisition-related costs(4) | — | — | — | — | 2,247 | 2,247 | |||||
Change in fair value of puttable warrants issued with debt(5) | — | — | — | — | 1,486 | 1,486 | |||||
Change in fair value of puttable common stock(6) | — | — | — | — | 1,688 | 1,688 | |||||
Loss on intangible asset(7) | — | — | — | 2,054 | — | 2,054 | |||||
Impairment charges(8) | — | — | — | — | 739 | 739 | |||||
Unrealized loss on derivative and digital assets(9) | — | — | — | 4,605 | — | 4,605 | |||||
Adjusted EBITDA | $ 67,011 | $ (910) | $ (8,951) | $ (616) | $ (7,475) | $ 49,059 | |||||
(1) | Share-based compensation represents expenses associated with stock options of $3.0 million, restricted stock awards of $6.2 million and warrants of $0.3 million that have been granted to employees, directors and service providers. The 2025 expense of $9.4 million is made up of $8.3 million to employees within compensation and benefits, $0.6 million to service providers within professional fees and outside services, and $0.5 million to directors within general, administrative, and other. |
(2) | Investment gain of $9.1 million represents an unrealized gain of $8.6 million from the TISE acquisition, and $0.5 million of unrealized gain on available for sale marketable securities. |
(3) | Litigation costs are associated with litigation related to the Nasdaq matter. |
(4) | Relates to the TISE acquisition. |
(5) | The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 Senior Secured Term Loan. The right to put warrants terminated upon completion of the IPO in August 2025. |
(6) | The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with the company's ERPs I and II that had an associated put right which required the company to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025. |
(7) | Represents the realized loss on the second tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2025 by the Pyth Network and sold by BSX during the second quarter of 2025. |
(8) | Impairment charges of $0.7 million related to owned land and building impairments. |
(9) | Reflects the unrealized loss resulting from the mark-to-market valuation of the 250 million Pyth tokens that remain locked by the Pyth Network as of June 30, 2025. |
Segment Operating Results
The following sets forth our results of operations by segment ($000):
Three Months Ended June 30, 2026 | ||||||
Options | Equities | Futures | International | Corporate / | Total | |
Revenues: | ||||||
Transaction and clearing fees | $ 276,641 | $ 34,957 | $ 20,221 | $ 65 | $ — | $ 331,884 |
Access fees | 30,756 | 3,797 | 406 | 39 | (57) | 34,941 |
Market data fees | 8,996 | 1,825 | 1,312 | 80 | (7) | 12,206 |
Other revenue | 101 | — | 2,623 | 5,560 | 314 | 8,598 |
Total revenues | 316,494 | 40,579 | 24,562 | 5,744 | 250 | 387,629 |
Cost of revenues: | ||||||
Liquidity payments | 174,153 | 28,336 | 4,144 | — | — | 206,633 |
Brokerage, clearing, and exchange fees | 1,454 | 218 | 13,688 | — | — | 15,360 |
Section 31 fees | 16,493 | 6,483 | — | — | — | 22,976 |
Other cost of revenues(1) | — | — | 1,636 | — | (89) | 1,547 |
Total cost of revenues | 192,100 | 35,037 | 19,468 | — | (89) | 246,516 |
Revenues less cost of revenues | 124,394 | 5,542 | 5,094 | 5,744 | 339 | 141,113 |
Operating expenses: | ||||||
Compensation and benefits | 18,945 | 3,915 | 9,701 | 2,297 | 6,108 | 40,966 |
Information technology and communication costs | 4,597 | 1,656 | 3,041 | 620 | 288 | 10,202 |
Depreciation and amortization | 4,494 | 1,306 | 1,800 | 551 | 627 | 8,778 |
Occupancy costs | 1,514 | 199 | 463 | 285 | 516 | 2,977 |
Professional fees and outside services | 4,860 | 327 | 256 | 308 | 5,697 | 11,448 |
Marketing and business development | 622 | 117 | 1,636 | 136 | 665 | 3,176 |
Litigation settlement | 22,500 | — | — | — | 7,500 | 30,000 |
General, administrative, and other | 1,928 | 358 | 887 | 453 | 2,143 | 5,769 |
Total operating expenses | 59,460 | 7,878 | 17,784 | 4,650 | 23,544 | 113,316 |
Operating income / (loss) | 64,934 | (2,336) | (12,690) | 1,094 | (23,205) | 27,797 |
Non-operating (expense) income: | ||||||
Interest income | 114 | — | 151 | 186 | 4,803 | 5,254 |
Interest expense and amortization of debt | — | — | — | — | (44) | (44) |
Unrealized loss on derivative and digital assets | — | — | — | (337) | — | (337) |
Gain on sale of business | — | — | — | — | 23 | 23 |
Other, net | (1) | — | (3,205) | — | (705) | (3,911) |
Income (loss) before income tax provision | 65,047 | (2,336) | (15,744) | 943 | (19,128) | 28,782 |
Income tax benefit (expense) | — | — | — | (64) | 15,490 | 15,426 |
Net income (loss) attributable to Miami International | $ 65,047 | $ (2,336) | $ (15,744) | $ 879 | $ (3,638) | $ 44,208 |
(1) | Futures segment includes $0.4 million related to access fees, $0.4 million related to market data fees, and $0.8 million related to other revenue. Corporate / Other segment includes $(0.1) million related to other revenue. |
Three Months Ended June 30, 2025 | ||||||
Options | Equities | Futures | International | Corporate / | Total | |
Revenues: | ||||||
Transaction and clearing fees | $ 232,412 | $ 34,339 | $ 19,311 | $ 77 | $ — | $ 286,139 |
Access fees | 22,208 | 3,674 | 239 | 42 | (57) | 26,106 |
Market data fees | 6,878 | 2,351 | 951 | 80 | (7) | 10,253 |
Other revenue | 261 | — | 2,616 | 2,092 | 317 | 5,286 |
Total revenues | 261,759 | 40,364 | 23,117 | 2,291 | 253 | 327,784 |
Cost of revenues: | ||||||
Liquidity payments | 161,039 | 30,855 | 3,757 | — | — | 195,651 |
Brokerage, clearing, and exchange fees | 1,000 | 286 | 13,195 | — | — | 14,481 |
Section 31 fees | 6,955 | 4,860 | — | — | — | 11,815 |
Other cost of revenues(1) | — | — | 1,175 | — | — | 1,175 |
Total cost of revenues | 168,994 | 36,001 | 18,127 | — | — | 223,122 |
Revenues less cost of revenues | 92,765 | 4,363 | 4,990 | 2,291 | 253 | 104,662 |
Operating expenses: | ||||||
Compensation and benefits | 18,409 | 3,213 | 11,834 | 1,495 | 5,259 | 40,210 |
Information technology and communication costs | 3,799 | 1,737 | 2,513 | 555 | 247 | 8,851 |
Depreciation and amortization | 3,405 | 1,553 | 984 | 446 | 550 | 6,938 |
Occupancy costs | 1,444 | 167 | 577 | 271 | 543 | 3,002 |
Professional fees and outside services | 4,185 | 490 | 719 | 390 | 4,311 | 10,095 |
Marketing and business development | 109 | 27 | 224 | 72 | 123 | 555 |
Acquisition-related costs | — | — | — | — | 2,247 | 2,247 |
General, administrative, and other | 2,221 | 281 | 952 | 212 | 1,807 | 5,473 |
Total operating expenses | 33,572 | 7,468 | 17,803 | 3,441 | 15,087 | 77,371 |
Operating income / (loss) | 59,193 | (3,105) | (12,813) | (1,150) | (14,834) | 27,291 |
Non-operating (expense) income: | ||||||
Change in fair value of puttable warrants issued | — | — | — | — | (1,486) | (1,486) |
Change in fair value of puttable common stock | — | — | — | — | (1,688) | (1,688) |
Interest income | 336 | — | 196 | 20 | 866 | 1,418 |
Interest expense and amortization of debt | — | — | (35) | — | (4,867) | (4,902) |
Loss on intangible asset | — | — | — | (2,054) | — | (2,054) |
Unrealized loss on derivative and digital assets | — | — | — | (4,605) | — | (4,605) |
Other, net | — | — | 629 | (62) | 10,114 | 10,681 |
Income (loss) before income tax provision | 59,529 | (3,105) | (12,023) | (7,851) | (11,895) | 24,655 |
Income tax expense | — | — | — | (77) | (1,051) | (1,128) |
Net income (loss) attributable to Miami International | $ 59,529 | $ (3,105) | $ (12,023) | $ (7,928) | $ (12,946) | $ 23,527 |
(1) | Includes $0.4 million related to access fees, $0.2 million related to market data fees, and $0.6 million related to other revenue. |
The following summarizes revenues less cost of revenues, operating expenses, operating income (loss), adjusted EBITDA and adjusted EBITDA margin for our business segments ($000, except percentages):
Options | Equities | |||||||||||
Three Months Ended | Three Months Ended | |||||||||||
June 30, | Percent | June 30, | Percent | |||||||||
2026 | 2025 | Change | 2026 | 2025 | Change | |||||||
Revenues less cost of revenues | $ 124,394 | $ 92,765 | 34.1 % | $ 5,542 | $ 4,363 | 27.0 % | ||||||
Operating expenses | 59,460 | 33,572 | 77.1 % | 7,878 | 7,468 | 5.5 % | ||||||
Operating income (loss) | $ 64,934 | $ 59,193 | 9.7 % | $ (2,336) | $ (3,105) | * | ||||||
Adjusted EBITDA(1) | $ 96,735 | $ 67,011 | 44.4 % | $ (490) | $ (910) | * | ||||||
Adjusted EBITDA margin(2) | 77.8 % | 72.2 % | * | * | ||||||||
Futures | International | |||||||||||
Three Months Ended | Three Months Ended | |||||||||||
June 30, | Percent | June 30, | Percent | |||||||||
2026 | 2025 | Change | 2026 | 2025 | Change | |||||||
Revenues less cost of revenues | $ 5,094 | $ 4,990 | 2.1 % | $ 5,744 | $ 2,291 | 150.7 % | ||||||
Operating expenses | 17,784 | 17,803 | (0.1) % | 4,650 | 3,441 | 35.1 % | ||||||
Operating income (loss) | $ (12,690) | $ (12,813) | * | $ 1,094 | $ (1,150) | * | ||||||
Adjusted EBITDA(1) | $ (9,513) | $ (8,951) | * | $ 1,983 | $ (616) | * | ||||||
Adjusted EBITDA margin(2) | * | * | 34.5 % | * | ||||||||
* Not meaningful | |
(1) | See Reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA above. |
(2) | Adjusted EBITDA margin represents adjusted EBITDA divided by revenues less cost of revenues. |
Reconciliations of GAAP Net Income to Adjusted Earnings
The following table is a reconciliation of net income allocated to common stockholders to adjusted earnings ($000):
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Net income allocated to common stockholders | $ 44,208 | $ 23,527 | $ 214,432 | $ 2,107 | ||||
Share-based compensation(1) | 7,087 | 9,424 | 15,963 | 18,909 | ||||
Investment (gain) loss(2) | 4,010 | (9,104) | 2,640 | (10,559) | ||||
Litigation costs and settlement(3) | 33,017 | 843 | 35,785 | 1,876 | ||||
Impairment charges(4) | — | 739 | — | 739 | ||||
Acquisition-related costs(5) | — | 2,247 | — | 2,901 | ||||
Change in fair value of puttable warrants issued with debt(6) | — | 1,486 | — | 917 | ||||
Change in fair value of puttable common stock(7) | — | 1,688 | — | 1,891 | ||||
Loss on intangible asset(8) | — | 2,054 | — | 2,054 | ||||
Unrealized loss on derivative and digital assets(9) | 337 | 4,605 | 2,878 | 47,018 | ||||
Gain on sale of business(10) | (23) | — | (50,570) | — | ||||
Total non-GAAP pre-tax adjustments | 44,428 | 13,982 | 6,696 | 65,746 | ||||
Income tax (expense) benefit related to items above(11) | (11,143) | 251 | 1,395 | (67) | ||||
One-off discrete tax adjustments(12): | ||||||||
Release of valuation allowance as of January 1, 2026 | — | — | (109,161) | — | ||||
Deferred tax re-measurements | (327) | — | 15,806 | — | ||||
Other(13) | (23,894) | — | (30,554) | — | ||||
Total non-GAAP tax adjustments | (35,364) | 251 | (122,514) | (67) | ||||
Adjusted earnings | $ 53,272 | $ 37,760 | $ 98,614 | $ 67,786 | ||||
(1) | Share-based compensation represents expenses associated with stock options, restricted stock awards, restricted stock units, and warrants that have been granted to employees, directors and service providers. |
(2) | 2026 represents the unrealized loss on marketable equity securities. 2025 investment gain of $10.6 million represents unrealized gain of $8.6 million from the TISE acquisition, and $1.9 million of unrealized gain on available for sale marketable securities |
(3) | Litigation costs and settlement are associated with litigation related to the Nasdaq matter. |
(4) | Impairment charges of $0.7 million related to owned land and building impairments. |
(5) | Relates to the TISE acquisition. |
(6) | The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 Senior Secured Term Loan. The right to put warrants terminated upon completion of the IPO in August 2025. |
(7) | The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with the company's ERPs I and II that had an associated put right which required the company to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025. |
(8) | Represents the realized loss on the second tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2025 by the Pyth Network and sold by BSX during the second quarter of 2025. |
(9) | Reflects the aggregate unrealized loss resulting from the mark-to-market valuation of digital assets related to unlocked Pyth tokens and derivative assets related to Pyth tokens that remain locked by the Pyth Network as of each balance sheet date. |
(10) | Represents the gain on the sale of MIAXdx in January 2026. |
(11) | The income tax effect of the adjustments takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). |
(12) | Removes from Adjusted earnings any one-off discrete tax adjustments that are unrelated to our core operating performance. |
(13) | Primarily relates to the removal of the permanent tax benefit for the excess tax deduction on share based compensation compared to the book expense. |
Earnings Per Share
The following table sets forth the computation of diluted net income and adjusted diluted earnings per share ($000, except share and per share data):
Three Months Ended | |||
June 30, | |||
2026 | 2025 | ||
Net income attributable to MIH | $ 44,208 | $ 23,527 | |
Add: convertible debt interest expense, net of tax | — | 118 | |
Adjusted net income attributable to MIH | $ 44,208 | $ 23,645 | |
Diluted weighted-average common shares outstanding | 110,713,513 | 78,458,195 | |
Diluted net income per share | $ 0.40 | $ 0.30 | |
Adjusted earnings | $ 53,272 | $ 37,760 | |
Diluted weighted average shares outstanding used for | 110,713,513 | 78,458,195 | |
Adjusted diluted earnings per share | $ 0.48 | $ 0.48 | |
Key Business Metrics | |||||||||||||||
Three Months Ended | Increase/ | Percent | Six Months Ended | Increase/ | Percent | ||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||
Options: | |||||||||||||||
Number of trading days | 62 | 62 | — | — % | 123 | 122 | 1 | 0.8 % | |||||||
Total contracts: | |||||||||||||||
Market contracts – Equity and ETF (in thousands) | 4,123,929 | 3,252,039 | 871,890 | 26.8 % | 7,945,384 | 6,468,272 | 1,477,112 | 22.8 % | |||||||
MIH contracts – Equity and ETF (in thousands) | 681,330 | 543,556 | 137,774 | 25.3 % | 1,344,069 | 1,058,459 | 285,610 | 27.0 % | |||||||
Average daily volume ("ADV") (defined below)(1) | |||||||||||||||
Market ADV – Equity and ETF (in thousands)(1) | 66,515 | 52,452 | 14,063 | 26.8 % | 64,597 | 53,019 | 11,578 | 21.8 % | |||||||
MIH ADV – Equity and ETF (in thousands)(1) | 10,989 | 8,767 | 2,222 | 25.3 % | 10,927 | 8,676 | 2,251 | 25.9 % | |||||||
MIH market share | 16.5 % | 16.7 % | (0.2) pts | (1.2) % | 16.9 % | 16.4 % | 0.5 pts | 3.0 % | |||||||
Total Options revenue per contract ("RPC")(2) | $0.124 | $0.117 | $0.007 | 6.0 % | $0.117 | $0.112 | $0.005 | 4.5 % | |||||||
U.S. Equities: | |||||||||||||||
Number of trading days | 62 | 62 | — | — % | 123 | 122 | 1 | 0.8 % | |||||||
Total shares: | |||||||||||||||
Market shares (in millions) | 1,253,109 | 1,139,907 | 113,202 | 9.9 % | 2,472,166 | 2,081,595 | 390,571 | 18.8 % | |||||||
MIH shares (in millions) | 11,522 | 12,093 | (571) | (4.7) % | 22,308 | 22,651 | (343) | (1.5) % | |||||||
ADV(1): | |||||||||||||||
Market ADV (in millions)(1) | 20,211 | 18,386 | 1,825 | 9.9 % | 20,099 | 17,062 | 3,037 | 17.8 % | |||||||
MIH ADV (in millions)(1) | 186 | 195 | (9) | (4.6) % | 181 | 186 | (5) | (2.7) % | |||||||
MIH market share | 0.9 % | 1.1 % | (0.2) pts | (18.2) % | 0.9 % | 1.1 % | (0.2) pts | (18.2) % | |||||||
Equities capture (per 100 shares) (defined below)(3) | $(0.001) | $(0.014) | $0.013 | * | $0.002 | $(0.017) | $0.019 | * | |||||||
Futures: | |||||||||||||||
Agricultural: | |||||||||||||||
Number of trading days | 62 | 62 | — | — % | 123 | 123 | — | — % | |||||||
Agricultural products total contracts | 803,350 | 1,124,791 | (321,441) | (28.6) % | 1,463,136 | 2,222,907 | (759,771) | (34.2) % | |||||||
Agricultural products ADV(1) | 12,957 | 18,142 | (5,185) | (28.6) % | 11,895 | 18,072 | (6,177) | (34.2) % | |||||||
Agricultural products RPC(2) | $2.262 | $1.983 | $0.279 | 14.1 % | $2.136 | $2.202 | $(0.066) | (3.0) % | |||||||
Financial: | |||||||||||||||
Number of trading days from launch(4) | 30 | na | na | na | 30 | na | na | na | |||||||
Financial products total contracts | 238,483 | na | na | na | 238,483 | na | na | na | |||||||
Financial products ADV(4) | 7,949 | na | na | na | 7,949 | na | na | na | |||||||
Financial; products RPC(2) | $(1.766) | na | na | na | $(1.766) | na | na | na | |||||||
International: | |||||||||||||||
Total listed securities (period end) | 6,109 | 5,757 | 352 | 6.1 % | 6,109 | 5,757 | 352 | 6.1 % | |||||||
* Percentage calculation is not meaningful. | |
(1) | ADV is calculated as total contracts or shares for the period divided by total trading days for the period. |
(2) | RPC represents transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees and Section 31 fees (Net Transaction Fees), divided by total contracts traded during the period. |
(3) | Equities capture per one hundred shares refers to net transaction fees, divided by one-hundredth of total shares. |
(4) | Financial futures launched on May 17 (trade date May 18). Accordingly, ADV is calculated as total contracts for the period divided by total trading days for the period beginning on May 18. |
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