MIAX Q2 2026 Earnings: Options Growth Drives a 35% Net Revenue Increase

Miami International Holdings (NYSE: MIAX) reported Q2 2026 net revenue of $141.1 million, up 35% from $104.7 million a year earlier, while GAAP diluted EPS rose to $0.40 from $0.30. Options activity and non-transaction revenue drove the increase, and adjusted EBITDA rose 57% to $76.8 million, but a $30.0 million litigation settlement limited GAAP operating income growth to 2%.

Core Financial Results

The results cover the three months ended June 30, 2026, and were released on August 5, 2026. MIAX defines net revenue as total revenue less cost of revenue; its increase primarily reflected higher options industry volume, higher revenue per contract, and growth in non-transaction fees.

Adjusted profitability improved faster than net revenue, with adjusted EBITDA margin expanding by more than 700 basis points. GAAP net income also increased sharply, although it benefited from a discrete tax item discussed below.

Business and Segment Performance

Options remained MIAX’s main growth engine, contributing about 88% of consolidated net revenue. Average daily options volume increased 25.3% to approximately 11.0 million contracts, while revenue per contract rose 6.0% to $0.124. Market share edged down to 16.5% from 16.7%, indicating that volume growth was driven by broader industry activity rather than share gains.

International revenue benefited from the June 2025 acquisition of The International Stock Exchange Group Limited, while equities improved but remained unprofitable. Futures revenue was nearly flat and the segment continued to generate a sizable loss.

Options adjusted EBITDA increased 44% to $96.7 million. Higher transaction revenue was supplemented by increased member connections, 2026 fee increases, the expiration of certain MIAX Sapphire fee waivers, and new market-data products.

MIAX also launched Tini B100, Tini B500, and B500 index futures during the quarter. Financial futures recorded 238,483 contracts over 30 trading days, while financial-products revenue per contract was negative $1.766.

A $30 Million Litigation Settlement Limited GAAP Operating Growth

Operating expenses rose by $35.9 million to $113.3 million, largely because of a $30.0 million settlement related to the Nasdaq litigation matter. Planned investments in employees and technology, along with higher marketing spending, also increased expenses. These items were partly offset by lower regulatory costs, share-based compensation, and acquisition-related costs.

As a result, the 35% increase in net revenue translated into only 2% growth in GAAP operating income. The non-GAAP presentation showed a different underlying trend: MIAX added back $33.0 million of litigation costs and settlement expenses, and adjusted EBITDA increased 57%, with margin reaching 54%.

Earnings Quality and Balance Sheet

GAAP net income was supported by a $15.4 million income tax benefit, compared with a $1.1 million tax expense in the prior-year quarter. The benefit was primarily driven by a discrete $22.4 million tax benefit related to share-based compensation, meaning the 88% increase in net income was not solely attributable to operating growth.

Adjusted earnings rose 41%, but adjusted diluted EPS remained unchanged at $0.48. Diluted weighted-average shares used for adjusted EPS increased by approximately 41%, to 110.7 million from 78.5 million, absorbing the increase in adjusted earnings on a per-share basis.

MIAX ended the quarter with $660.5 million in cash and cash equivalents, compared with $433.6 million at December 31, 2025. Total debt was $1.5 million as of June 30, 2026.

Full-Year 2026 Guidance

MIAX lowered both ends of its adjusted operating expense range by $5 million. At the same time, it raised guidance for share-based compensation and depreciation and amortization, while leaving capital expenditures and the adjusted tax-rate range unchanged. Adjusted operating expenses exclude share-based compensation, depreciation and amortization, and litigation expenses.

The revised ranges point to lower expected core operating costs, but higher non-cash compensation and depreciation expenses than previously anticipated.

Recent Insider Transactions

The provided six-month insider summary reports 1,890,474 shares purchased across 65 transactions and 1,324,795 shares sold across 43 transactions, resulting in net purchases of 565,679 shares. Total insider holdings were listed at 9.48 million shares, with net purchases equal to 6.30% of those holdings.

The 10 latest reported records cover July 6 through July 15, 2026 and consist of six sales and four derivative-security exercises. The reported values below are transaction amounts rather than share counts, and the records do not establish insiders’ views on MIAX’s outlook.

Risks Investors Should Watch

• Dependence on options activity: Options generated about 88% of quarterly net revenue. Elevated volatility supported a 25.3% increase in average daily volume, so changes in industry trading activity can materially affect transaction revenue.
• Limited market-share improvement: Options market share slipped from 16.7% to 16.5% despite higher volume. Sustaining growth may require continued industry expansion, higher revenue per contract, or additional non-transaction revenue.
• Litigation-related earnings volatility: The $30.0 million settlement absorbed most of the quarter’s increase in net revenue at the GAAP operating-income level.
• Losses outside the core options business: Equities posted a $2.3 million operating loss, while futures recorded a $12.7 million loss and negative adjusted EBITDA of $9.5 million.
• Per-share and tax comparability: Adjusted EPS was flat despite higher adjusted earnings because of the larger diluted share count, while GAAP net income benefited from a discrete tax item.

Summary

MIAX’s Q2 2026 growth was led by higher options volume, better revenue per contract, and expanding non-transaction fees. Adjusted EBITDA and margin reflected substantial operating leverage, but the litigation settlement held GAAP operating-income growth near flat, while a tax benefit and higher diluted share count complicated EPS comparisons. The main items to monitor are options volume and pricing, progress in loss-making segments, and execution against the lowered adjusted operating expense range.