MIAX Q3 Revenue Rises 20% as Expense Outlook Falls

Miami International Holdings, Inc. (MIAX) reported a 20% increase in third-quarter net revenue and a 47% rise in adjusted EBITDA, driven primarily by higher options trading and non-transaction fees. The exchange operator also lowered its full-year adjusted operating expense forecast, while outlining further expansion of its futures product lineup.

Net revenue rose to $131.0 million in the third quarter of 2026 from $109.5 million a year earlier. Adjusted EBITDA increased to $70.8 million from $48.0 million, lifting the adjusted EBITDA margin to 54% from 44%. Adjusted earnings reached $50.1 million, compared with $39.9 million in the prior-year quarter, and adjusted diluted earnings were $0.45 per share.

On a GAAP basis, net income allocated to common shareholders was $52.5 million, compared with a loss of $102.1 million in the third quarter of 2025. The prior-year result included a $107.7 million loss on the extinguishment of debt, while the latest quarter included items such as a $9.8 million unrealized gain on derivative and digital assets and a $6.3 million provision for notes receivable.

Adjusted operating expenses declined 2% to $60.3 million. GAAP operating expenses fell to $83.8 million from $109.8 million, with the year-earlier period including higher share-based compensation and one-time IPO payments.

Options business drives growth

Options remained MIAX’s largest business, generating net revenue of $112.6 million, up 19% year over year. Adjusted EBITDA for the segment increased 25% to $86.5 million, and its adjusted EBITDA margin expanded to 76.8% from 73.1%.

Average daily options volume rose 15% to 11.1 million contracts, slightly above the presentation’s reported 14% growth in industry volume. MIAX’s share of the U.S. multi-listed options market was 17.4%, compared with 17.2% a year earlier. Revenue per contract declined 5% to $0.098, partially offsetting the benefit of higher volume.

Non-transaction options revenue increased 38%. MIAX attributed the gain to higher access fees from additional member connections and fee increases, along with growth in market-data revenue. The quarter included $2.0 million of ad hoc historical-data sales. MIAX Sapphire accounted for 12.4% of multi-listed trading-floor volume during the quarter, equivalent to 0.6% of total industry market share.

Equities revenue rises despite lower volume

The equities segment posted 53% net revenue growth to $6.7 million even as average daily volume fell 41% to 111 million shares. Market share declined to 0.7% from 1.1%.

The improvement reflected a stronger capture rate, which rose to $0.011 per 100 shares from negative $0.015 a year earlier. Adjusted EBITDA was $1.0 million, compared with an adjusted EBITDA loss of $889,000 in the prior-year quarter, producing a 14.6% adjusted margin.

Futures net revenue increased 4% to $5.0 million, while the segment’s adjusted EBITDA loss narrowed to $8.4 million from $9.6 million. Agricultural futures average daily volume rose 43% to 11,428 contracts, and period-end open interest increased 6% to 80,280. Agricultural revenue per contract declined 2% to $2.323.

MIAX said higher agricultural futures activity helped lift net transaction fees by 11%, partially offset by inverted financial-futures revenue. Financial futures recorded average daily volume of 2,683 contracts. NinjaTrader began offering MIAX’s Bloomberg products to its customers as part of the company’s financial-futures distribution strategy.

International net revenue advanced 11% to $6.1 million as the number of listed securities increased 5% to 6,092. Adjusted EBITDA rose 30% to $2.3 million, with the adjusted margin widening to 36.7% from 31.2%. The company said it is streamlining sales and marketing for its international listings business.

Expense guidance reduced

MIAX now expects full-year 2026 adjusted operating expenses of $254 million to $257 million, down from its previous range of $260 million to $270 million. The company also forecasts an adjusted effective tax rate of 26% to 28%, compared with its prior 27% to 29% range.

Share-based compensation is expected to be $30 million to $32 million, versus the prior range of $29 million to $32 million. Forecast capital expenditures and capitalized internally developed software were revised to $43 million to $46 million from $40 million to $45 million. Depreciation and amortization are projected at $36 million to $38 million, compared with the earlier $35 million to $39 million range.

The company ended September with $698.9 million of cash and cash equivalents and $1.5 million of outstanding debt.

MIAX launched four fertilizer futures products in October and said additional agricultural products are in development. It also plans further scaling of its Bloomberg equity-index futures and distribution during the fourth quarter and in 2027. B500 and B100 options are expected to launch in 2027, with options on futures planned subsequently. The company is also developing cash-settled binary index options and binary options linked to key performance indicators on its SEC-registered exchange.

Execution of those initiatives remains subject to uncertainty. MIAX identified its competitive and rapidly changing operating environment, product development, international expansion, entry into new asset classes and the monetization of data and analytics among the areas covered by its forward-looking statements. Current operating pressures disclosed in the presentation include lower options revenue per contract, reduced equities volume and market share, and continued adjusted losses in the futures segment.