• Q1 Net revenue of $128.6 million (+40% YoY)
• Q1 GAAP diluted EPS of $1.56; Adjusted diluted EPS of $0.42
• Q1 Adjusted EBITDA of $66.1 million (+66% YoY); Adjusted EBITDA margin of 51% (+800 bps YoY)
• Reaffirms full-year 2026 adjusted operating expense guidance

Miami International Holdings, Inc., a technology-driven leader in building and operating regulated financial markets across multiple asset classes, announced financial results for the first quarter of 2026.

MIAX achieved record quarterly revenue and strong financial performance in Q1 2026. Total net revenue grew 40% year-over-year to $128.6 million, adjusted EBITDA increased 66% to $66.1 million, and adjusted EBITDA margin expanded 800 basis points to 51%. Adjusted diluted earnings per share was $0.42. The company also capitalized on elevated market volatility in Q1, increasing market share in multi-listed options to 17.3% in Q1 2026 from 16.0% in the prior year period, representing average daily volume of 10.9 million contracts and a 27% year-over-year increase.

“We came out of the gate strong in Q1, delivering record quarterly revenue and continued margin expansion while executing well across all of our business segments,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. “Our strong results reflect the scalability of our technology platform, the resilience of our business model, and the momentum we carry into what we expect will be another exciting year of growth and product innovation.”

Mr. Gallagher added: “MIAX continues to invest in technology and people, collaborating closely with our member firms and customers to drive growth across our exchanges. As we expand into new asset classes, launch new products, and deepen our relationships, we remain focused on leveraging these advantages to deliver sustained growth and long-term shareholder value.”

First Quarter 2026 Highlights

All figures are compared to the first quarter of 2025 unless otherwise stated. 

• Net revenue, defined as revenues less cost of revenues, grew 40%, or $36.7 million, to $128.6 million, compared to $91.9 million in the prior-year period. The increase was primarily driven by strong options business performance, including increased industry volumes and market share, as well as higher non-transaction revenue.
• Total operating expenses were $82.6 million, compared to $69.6 million in the prior-year period. The increase was primarily due to planned investments in headcount and technology to support our growth initiatives, timing of employer-related payroll taxes, and increased legal expenses, partially offset by lower regulatory costs.
• Operating income more than doubled to $46.0 million, compared to $22.3 million in the prior-year period.
• Non-operating income of $54.1 million includes a $50.5 million gain on the sale of MIAXdx.
• We had an income tax benefit of $70.2 million, primarily resulting from the release of our deferred tax asset valuation allowance.
• GAAP net income was $170.2 million, compared to a net loss of $21.4 million in the prior-year period.
• Adjusted earnings increased 51% to $45.3 million, compared to $30.0 million in the prior-year period.
• Adjusted EBITDA increased 66% to $66.1 million, compared to $39.9 million in the prior-year period, driven primarily by strong growth in net revenues.
• Adjusted EBITDA margin expanded to 51% from 43% in the prior-year period.

First Quarter 2026 Business Updates

• MIAX options exchanges reached average daily volume of 10.9 million contracts in the first quarter of 2026, a 26.6% year-over-year (YoY) increase.
• MIAX options exchanges achieved market share of 17.3% in the first quarter of 2026, compared to 16.0% in the prior year period.
• Listed new Monday and Wednesday short-term option expirations for nine actively traded names in January 2026, expanding the short-dated options program and creating additional volume opportunity across our four options exchanges.
• Completed the sale of 90% of the issued and outstanding equity in MIAXdx in January 2026 to a joint venture established by Robinhood Markets, Inc. in partnership with Susquehanna International Group. MIAX retained 10% of the issued and outstanding equity of MIAXdx, now known as Rothera Exchange and Clearing LLC.

Options 

• Net revenue grew 37% to $111.3 million, compared to $81.2 million in the prior-year period. Growth was primarily driven by higher net transaction fees tied to increased industry volume, higher market share, 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 44% to $72.8 million, compared to $50.6 million in the prior-year period. Growth was primarily due to higher net revenues.
• Adjusted EBITDA grew 43% to $83.3 million, compared to $58.2 million in the prior-year period.

Equities

• Net revenue grew 82% to $6.7 million, compared to $3.7 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved pricing as Equities capture was positive for the quarter as compared to historically inverted.
• Operating loss of $1.1 million in the first quarter, compared to an operating loss of $4.0 million in the prior-year period. Growth was primarily due to higher net revenues.
• Adjusted EBITDA of $0.9 million, compared to ($1.7) million in the prior-year period.

Futures 

• Net revenue was $4.6 million, compared to $5.9 million in the prior-year period. The decline was primarily due to a decline in transaction fees and lower volumes caused by timing of participant migrations to MIAX Futures Onyx, reduced commodity market volatility, and lower RPC, partially offset by the elimination of expenses related to CME Globex. Also contributing to the decrease were lower listings fees and interest income.
• Operating loss was $12.4 million, compared to an operating loss of $11.3 million in the prior-year period primarily due to lower revenue.
• Adjusted EBITDA of ($8.6) million, compared to ($7.2) million in the prior-year period.

International

• Net revenue was $5.6 million, compared to $0.8 million in the prior-year period. The increase was primarily due to the acquisition of The International Stock Exchange Group Limited (TISE) in June 2025.
• Operating income was $1.3 million, compared to an operating loss of $1.5 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 ($1.0) million in the prior-year period.

Capital and Liquidity

• As of March 31, 2026, MIAX had cash and cash equivalents of $550.8 million and total debt of $1.5 million.

FY 2026 Guidance

The company reaffirms its full year 2026 expense guidance and expects:

• Adjusted operating expenses, which exclude share-based compensation, depreciation and amortization, and litigation expenses, in a range between $265 million and $275 million;
• Share-based compensation expense in a range between $27 million and $30 million;
• Capital expenditures, including capitalization of internally developed software, in a range between $40 million and $45 million;
• Depreciation and amortization expense in a range between $33 million and $38 million;
• Adjusted effective tax rate post valuation allowance release in a range between 27% and 29%.

Source: MIAX