• Q3 Net revenue of $131 million (+20% YoY)
• Q3 GAAP diluted EPS of $0.47; Adjusted diluted EPS of $0.45
• Q3 Adjusted EBITDA of $71 million (+47% YoY); Adjusted EBITDA margin of 54% (+>1,000 bps YoY)
• Updates full-year 2026 expense guidance

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

MIAX delivered strong financial results in Q3 2026. Total net revenue grew 20% year-over-year to $131.0 million, adjusted EBITDA increased 47% to $70.8 million, and adjusted EBITDA margin was 54%. Adjusted diluted earnings per share was $0.45. The company’s options business posted a 15% year-over-year increase in average daily volume to 11.1 million contracts.

“MIAX’s lean, high-margin operating model enabled us to deliver strong revenue growth and margin expansion in the third quarter,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. “Net revenue grew 20% year-over-year and options market share increased to 17.4%. Adjusted expenses came in below last year’s level and adjusted EBITDA margin expanded by more than 1,000 basis points.”

Mr. Gallagher added: “Our next growth phase is underway, with Bloomberg index futures now available on NinjaTrader and four fertilizer futures contracts recently launched in response to clear member interest. With a strong balance sheet and the technology, licenses and customer relationships to compete in a fast-changing market, MIAX remains well-positioned to deliver long-term value for our shareholders.”

Third Quarter 2026 Highlights

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

• Net revenue, defined as revenues less cost of revenues, grew 20%, or $21.5 million, to  $131.0 million, compared to $109.5 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 $83.8 million, compared to $109.8 million in the prior-year period. The decrease was primarily due to initial public offering (IPO) related expense in 2025.
• Total adjusted operating expenses of $60.3 million decreased 2% compared to the prior-year period.
• Operating income was $47.2 million, compared to an operating loss of  $0.3 million in the prior-year period.
• GAAP net income was $52.5 million, compared to a net loss of $102.1 million in the prior-year period.
• Adjusted earnings increased 25% to $50.1 million, compared to $39.9 million in the prior-year period.
• Adjusted EBITDA increased 47% to $70.8 million, compared to $48.0 million in the prior-year period, driven primarily by strong growth in net revenues.
• Adjusted EBITDA margin expanded to 54% from 44% in the prior-year period.
• Diluted EPS of $0.47 compared to $(1.46) in the prior-year period.
• Adjusted diluted EPS of $0.45 compared to $0.42 in the prior-year period.

Third Quarter 2026 Business Updates

• MIAX options exchanges reached average daily volume of 11.1 million contracts in the third quarter of 2026, a 15.2% year-over-year (YoY) increase.
• MIAX options exchanges achieved market share of 17.4% in the third quarter of 2026, compared to 17.2% in the prior year period.
• MIAX options exchange revenue per contract declined 4.9% YoY to $0.098.

The full results can be read here 

Source: MIAX