MIAX's Options Share Retreats After a First-Quarter Gain

The Tip Desk · August 5, 2026 · 3 min read

Net revenue reached a record $141.1 million as year-over-year growth slowed to 35% and adjusted EBITDA margin expanded to 54%.

Miami International Holdings (MIAX), a technology-driven operator of regulated financial markets, posted record second-quarter net revenue of $141.1 million, up 35% from a year earlier. That growth rate slowed from 40% in the first quarter and 52% in the fourth quarter of 2025, even as the dollar level of net revenue set a company high. Adjusted EBITDA rose 57% to $76.8 million, slower than the 66% year-over-year increase in the prior quarter, and the adjusted EBITDA margin expanded to 54% from 47% a year earlier, after 51% in the first quarter.

Options remained the engine. Options net revenue grew 34% to $124.4 million, driven by higher net transaction fees tied to increased industry volume and higher revenue per contract, plus higher non-transaction fees from increased member connections, 2026 fee increases, the expiration of certain MIAX Sapphire-related fee waivers, and new market-data products. Options operating income rose 10% to $64.9 million, partially offset by a $22.5 million litigation settlement charge. Options adjusted EBITDA grew 44% to $96.7 million.

Average daily volume on MIAX options exchanges was 11.0 million contracts, up 25.3% from a year earlier, a slower volume-growth rate than the 26.6% increase in the first quarter. Market share slipped to 16.5% from 16.7% a year earlier, after 17.3% in the first quarter. Chairman and Chief Executive Officer Thomas P. Gallagher said the options business benefited from elevated market volatility and that the Bloomberg index futures suite is now live.

The company launched Tini B100 Index Futures, Tini B500 Index Futures, and B500 Index Futures during the quarter. International net revenue was $5.7 million, up 151% from $2.3 million, primarily from The International Stock Exchange Group Limited, acquired in June 2025. The segment swung to $1.1 million of operating income from a $1.2 million loss a year earlier. Equities net revenue grew 27% to $5.5 million on higher net transaction fees from improved pricing; the operating loss narrowed to $2.3 million. Futures net revenue was $5.1 million, as agricultural futures gains were offset by inverted financial futures revenue; the operating loss was $12.7 million.

Total operating expenses were $113.3 million, including a $30.0 million litigation settlement related to the Nasdaq matter, versus $77.4 million a year earlier. The increase was also due to planned investments in headcount and technology and increased marketing spend, partially offset by lower regulatory costs, lower share-based compensation, and 2025 acquisition-related costs. Consolidated operating income was $27.8 million.

GAAP net income was $44.2 million, including a $15.4 million income-tax benefit driven by a $22.4 million discrete tax benefit related to share-based compensation. GAAP diluted earnings were $0.40 a share. Adjusted diluted earnings were $0.48 a share, unchanged from a year earlier. Adjusted earnings increased 41% to $53.3 million. Cash and cash equivalents were $660.5 million as of June 30, 2026, with total debt of $1.5 million.

The company updated full-year 2026 expense guidance. It now expects adjusted operating expenses, excluding share-based compensation, depreciation and amortization, and litigation expenses, in a range of $260 million to $270 million, down from previous guidance of $265 million to $275 million. Share-based compensation guidance was raised to $29 million to $32 million from $27 million to $30 million, and depreciation and amortization guidance was raised to $35 million to $39 million from $33 million to $38 million. Capital expenditures and the adjusted effective tax rate guidance were unchanged. Gallagher said the company remains disciplined in how it allocates capital and continues to invest in a product pipeline it expects will contribute to long-term growth.