MIAX Options ADV Growth Cools After Two Faster Quarters

The Tip Desk · November 1, 2026 · 3 min read

Net revenue reached $131.0 million as year-over-year growth slowed to 20% and adjusted EBITDA margin held at 54%.

Miami International Holdings (MIAX), a technology-driven operator of regulated options, futures, equities and international exchanges, reported third-quarter 2026 net revenue of $131.0 million, up 20% from $109.5 million a year earlier.

That year-over-year pace slowed from 35% in the second quarter and 40% in the first. Net revenue also declined from a record $141.1 million in the second quarter. Adjusted EBITDA was $70.8 million, up 47% from $48.0 million a year earlier, after 57% growth in the second quarter and 66% in the first. Adjusted EBITDA margin held at 54%.

Options remained the core of the business. Options exchanges averaged 11.1 million contracts a day, a 15.2% year-over-year increase. That ADV growth cooled from 25.3% in the second quarter and 26.6% in the first. Options market share rose to 17.4% from 17.2% a year earlier. Revenue per contract declined 4.9% to $0.098.

Options net revenue grew 19% to $112.6 million. The company said growth was driven by both net transaction fees and non-transaction fees. Net transaction fees increased on higher industry volume and higher market share, partially offset by lower revenue per contract. Higher non-transaction fees were primarily driven by increased member connections and 2026 fee increases. Options operating income rose 44% to $73.9 million. Options adjusted EBITDA grew 25% to $86.5 million.

Equities net revenue grew 53% to $6.7 million, which the company attributed primarily to higher net transaction fees from improved capture. The segment posted an operating loss of $2.9 million and adjusted EBITDA of $1.0 million. Futures net revenue was $5.0 million. International net revenue was $6.1 million, up 11%, which the company said was primarily due to increased total listed securities by The International Stock Exchange Group Limited. International operating income was $1.3 million and adjusted EBITDA was $2.3 million.

GAAP diluted earnings were $0.47 a share, compared with a $1.46 loss a year earlier. Adjusted diluted earnings were $0.45 a share. GAAP net income was $52.5 million, compared with a net loss of $102.1 million a year earlier. Operating income was $47.2 million, compared with an operating loss of $0.3 million a year earlier. Total operating expenses were $83.8 million; the company said the decrease was primarily due to IPO-related expense in 2025. Adjusted operating expenses were $60.3 million.

Chairman and Chief Executive Officer Thomas P. Gallagher said the company’s lean, high-margin operating model enabled strong revenue growth and margin expansion, and that options market share increased to 17.4%. He said adjusted expenses came in below last year’s level and that adjusted EBITDA margin expanded by more than 1,000 basis points.

Gallagher said the next growth phase is underway, with Bloomberg index futures now available on NinjaTrader and four fertilizer futures contracts recently launched in response to member interest.

The company updated full-year 2026 expense guidance. It now expects adjusted operating expenses, which exclude share-based compensation, depreciation and amortization, litigation and litigation settlement expenses, and provision for notes receivable, in a range of $254 million to $257 million, down from previous guidance of $260 million to $270 million. Share-based compensation is now expected at $30 million to $32 million. Capital expenditures, including capitalization of internally developed software, are now expected at $43 million to $46 million.

Cash and cash equivalents were $698.9 million as of September 30, 2026, with total debt of $1.5 million.