Miami International Holdings Reports Third Quarter 2026 Results

MIAX delivered strong Q3 2026 growth with sharp profit and margin expansion.

What the company is saying

Miami International Holdings, Inc. (NYSE:MIAX) is highlighting a robust financial turnaround in Q3 2026, emphasizing a 20% year-over-year increase in net revenue to $131.0 million and a 47% rise in adjusted EBITDA to $70.8 million. The company frames its narrative around operational discipline, with CEO Thomas P. Gallagher attributing the results to a lean, high-margin model and disciplined expense management. The announcement stresses margin expansion, with adjusted EBITDA margin up to 54% from 44% and operating expenses down to $83.8 million from $109.8 million, largely due to the absence of prior-year IPO-related costs. MIAX also points to operational momentum, citing a 15.2% increase in average daily options volume to 11.1 million contracts and a market share gain to 17.4%. The company notes new product launches, including Bloomberg index futures on NinjaTrader and four fertilizer futures contracts. Updated full-year 2026 guidance is presented as a sign of continued cost control, with adjusted operating expenses now forecast at $254–$257 million, below previous guidance.

What the data suggests

The disclosed numbers show a decisive improvement in MIAX's financial performance. Net revenue rose 20% year-over-year to $131.0 million, while adjusted EBITDA increased 47% to $70.8 million, and the margin expanded by over 1,000 basis points to 54%. GAAP net income swung from a $102.1 million loss in Q3 2025 to a $52.5 million profit, and operating income improved from a $0.3 million loss to $47.2 million. Adjusted earnings climbed 25% to $50.1 million. The options segment drove most of the growth, with net revenue up 19% to $112.6 million and operating income up 44% to $73.9 million, despite a 4.9% decline in revenue per contract to $0.098. Equities and international segments posted strong revenue gains, though futures remained loss-making. Cash and cash equivalents stood at $698.9 million against minimal debt of $1.5 million. The company’s updated guidance lowers expected adjusted operating expenses and slightly raises capital expenditure and share-based compensation forecasts, reflecting ongoing investment but disciplined cost control. The financial disclosures are comprehensive and support the company’s claims of improved profitability and operational leverage.

Analysis

The announcement is highly factual and supported by detailed, realised financial and operational data for Q3 2026, including net revenue, adjusted EBITDA, operating income, net income, and segment-level results. The majority of claims are realised and numerically substantiated, with only a small portion (updated full-year 2026 guidance) being forward-looking. The tone is positive but proportionate to the strong improvements in profitability, margin, and market share. There is no evidence of narrative inflation or overstatement; the CEO's attribution of results to operational discipline is typical and not excessive. Capital expenditures are disclosed but are modest relative to cash balances and do not represent a large, speculative outlay with uncertain returns. The benefits described are already being realised, and the guidance updates are near-term (current fiscal year).

Risk flags

• ●Options revenue per contract declined 4.9% year-over-year to $0.098, indicating potential pricing pressure or increased competition in the options market. Sustained declines in revenue per contract could offset volume gains if not managed.
• ●Futures and equities segments remain less profitable, with the futures segment posting a $12.2 million operating loss and adjusted EBITDA of negative $8.4 million. Continued losses in these segments could drag on consolidated results if not reversed.
• ●The company’s strong Q3 performance benefited from the absence of IPO-related expenses that inflated prior-year costs. This one-time effect may not repeat, so future margin expansion will depend on continued operational discipline and revenue growth.
• ●Market share gains in options were modest, rising from 17.2% to 17.4%. If industry competition intensifies, MIAX may face challenges in sustaining both volume and pricing.
• ●The company’s updated guidance includes higher capital expenditures and share-based compensation compared to previous forecasts. If these investments do not yield expected returns, future profitability could be pressured.

Bottom line

MIAX’s Q3 2026 results show a clear and substantial improvement in profitability, margins, and cash flow, with net revenue up 20% and a swing to positive net income. The options business remains the primary growth driver, delivering higher volumes and market share, though revenue per contract slipped. The company’s cost discipline is evident in lower operating expenses and expanded margins, but some of the improvement reflects the absence of IPO-related costs from the prior year. Losses persist in the futures segment, and modest market share gains suggest competitive pressures remain. The updated guidance signals confidence in continued cost control, but higher capital and compensation spending will need to deliver returns. For investors, the most important takeaway is that MIAX’s core operations are delivering strong financial results, but sustaining this trajectory will require careful management of pricing, competition, and investment payback.

Announcement summary

(NYSE: MIAX) Miami International Holdings, Inc. announced its financial results for the third quarter of 2026. Net revenue for Q3 2026 was $131.0 million, representing a 20% increase year-over-year from $109.5 million in Q3 2025. Adjusted EBITDA rose 47% to $70.8 million, with an adjusted EBITDA margin of 54%, up from 44% in the prior-year period. Adjusted diluted earnings per share were $0.45, compared to $0.42 in Q3 2025, while GAAP diluted EPS was $0.47, up from $(1.46) in the prior-year period. The company's options business achieved a 15.2% year-over-year increase in average daily volume to 11.1 million contracts and increased market share to 17.4% from 17.2%. Options segment net revenue grew 19% to $112.6 million, with operating income up 44% to $73.9 million and adjusted EBITDA up 25% to $86.5 million. Equities segment net revenue increased 53% to $6.7 million, with an operating loss of $2.9 million and adjusted EBITDA of $1.0 million. Futures segment net revenue was $5.0 million, with an operating loss of $12.2 million and adjusted EBITDA of ($8.4) million. International segment net revenue was $6.1 million, with operating income of $1.3 million and adjusted EBITDA of $2.3 million. Total operating expenses for Q3 2026 were $83.8 million, down from $109.8 million in Q3 2025, primarily due to IPO-related expenses in the prior year. Adjusted operating expenses were $60.3 million, a 2% decrease year-over-year. Operating income was $47.2 million, compared to an operating loss of $0.3 million in Q3 2025. 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 from $39.9 million. Options exchange revenue per contract declined 4.9% year-over-year to $0.098. As of September 30, 2026, MIAX had cash and cash equivalents of $698.9 million and total debt of $1.5 million. The company updated its full-year 2026 guidance, now expecting adjusted operating expenses between $254 million and $257 million (down from $260 million to $270 million), share-based compensation expense between $30 million and $32 million, capital expenditures between $43 million and $46 million, depreciation and amortization expense between $36 million and $38 million, and an adjusted effective tax rate between 26% and 28%. MIAX launched Bloomberg index futures on NinjaTrader and four fertilizer futures contracts in Q3 2026. The company will host a webcast and conference call to review its results on October 29, 2026 at 5:00 p.m. ET. Thomas P. Gallagher, Chairman and CEO, attributed the strong results to MIAX's lean, high-margin operating model, increased options market share, and disciplined expense management.

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