MIAX

GUERNSEY, Channel Islands, Aug. 13, 2026 /PRNewswire/ -- The International Stock Exchange (TISE), a wholly-owned subsidiary of Miami International Holdings, Inc. (MIAX) (NYSE: MIAX), today announced that it listed 442 new securities during the first six months of 2026. This brings the total number of listings to a record 4,861 securities on TISE's Official List at 30 June 2026, an increase of 6.6% YoY. The total market value of listed securities reached a record £813 billion at 30 June 2026, an increase of 4.7% YoY. "Following a milestone year for the exchange in 2025, I am pleased to see continued growth in the total number and value of listings on TISE in the first half of 2026," said Cees Vermaas, Chief Executive Officer of TISE. "Although global macro-economic conditions have generated uncertainty across international bond markets over the past six months, our robust performance confirms TISE's position as a leading European bond listing venue." Additional H1 2026 Highlights The total number of private equity debt securities listed on TISE reached 2,090 at 30 June 2026. There were 159 new private equity debt securities listed on TISE during H1 2026. The total number of high yield bonds listed on TISE reached 565 at 30 June 2026 with 72 new high yield bonds listed during H1 2026, an increase of 9.1% YoY. The total number of securitisation bonds on TISE's Official List reached 650 at 30 June 2026 with 56 new securitisations listed during H1 2026. TISE listed 125 securities in June 2026, an increase of 47.1% YoY. The total number of securities admitted under TISE's Equity Listing Rules for Specialist Companies reached 27 at 30 June 2026. The total number of UK REITs listed reached 41 at 30 June 2026, with TISE retaining its position as the largest market for listed UK REITs. At 30 June 2026, TISE issuers were domiciled in 39 different territories globally, with UK-domiciled issuers representing the largest source of new listings at 43.4%, 32.4% from European Union domiciled issuers; and 5.9% securities listed by U.S. domiciled issuers during H1 2026. About TISE TISE provides financial markets and securities services to companies globally. TISE's Qualified Investor Bond Market (QIBM) is a leading market in Europe for listing high yield bonds, structured finance products and securitization transactions. TISE lists a pool of investment funds, UK REITs and hosts a sustainable finance segment, TISE Sustainable. TISE is headquartered in Guernsey, Channel Islands. To learn more about TISE, visit www.tisegroup.com. About MIAX Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX operates eight exchanges across options, futures, equities and international markets including MIAX® Options, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures®, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant and Notice Registered Broker-Dealer with the National Futures Association for purposes of facilitating transactions of security futures. To learn more about MIAX, please visit www.miaxglobal.com. Disclaimer and Cautionary Note Regarding Forward-Looking Statements The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company), and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law. Media Contact: [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/tise-reports-h1-2026-listing-results-sets-records-for-total-number-and-value-of-listings-302849149.html

Image source: The Motley Fool. Wednesday, August 5, 2026 at 5:00 p.m. ET Senior Vice President and Head of Investor Relations - John T. Williams Chairman and Chief Executive Officer - Thomas P. Gallagher Chief Financial Officer - Lance Emmons Chief Information Officer - Douglas Schafer Jr. Chief Executive Officer of MIAX Futures and Chief Strategy Officer of MIH - Shelly Brown Operator: Thank you for standing by. My name is Alan, and I will be your conference operator today. At this time, I would like to welcome everyone to the Miami International Holdings, Inc. Second Quarter 2026 Earnings Call. [Operator Instructions] It is now my pleasure to turn the call over to John T. Williams, Senior Vice President and Head of Investor Relations. You may begin your conference. John T. Williams: Thank you, operator. Good afternoon, and thank you for joining us for MIAX's Second Quarter 2026 Earnings Conference Call. I'm John T. Williams, Head of Investor Relations. With us today are Thomas P. Gallagher, Chairman and Chief Executive Officer; and Lance Emmons, Chief Financial Officer. We will also have Douglas Schafer Jr., Chief Information Officer; and Shelly Brown, Chief Executive Officer of MIAX Futures and Chief Strategy Officer of MIH, joining us for the Q&A session following our prepared remarks. Our earnings announcement was released prior to this call, and we have published an accompanying slide presentation on our Investor Relations website at ir.miaxglobal.com. In addition, this call is being webcast, and an archived version will be available there shortly after the conclusion of the call. Our discussion today includes forward-looking statements that are based on the expectations, estimates and projections regarding the company's future performance, anticipated events or trends and other matters that are not historical facts. The forward-looking statements in our discussion are subject to various assumptions, risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These statements are not guarantees of future performance, and therefore, you should not place undue reliance on them. We refer you to our earnings press release and filings with the SEC for a more detailed discussion of the risks and uncertainties that could impact the future operating results and financial condition of MIAX. We do not intend to update any forward-looking statements made on this conference call to reflect events or circumstances after today or to reflect new information or the occurrence of unanticipated events, except as required by law. During today's call, we will refer to non-GAAP measures as defined and reconciled in our earnings materials. With that, I'll now turn the call over to Tom. Thomas Gallagher: Thanks, John, and good afternoon, everyone. We appreciate you joining us today. MIAX had a strong second quarter, delivering record net revenue as the industry trading environment continued to work in our favor. We were also thrilled to launch our first group of Bloomberg futures products, an important milestone that creates the foundation for our financial futures ecosystem. I'll first walk you through what drove our results, then hand things over to Lance for the financial details. Three things stood out to us in this quarter. First, our net revenue reached a record level and our margins once again improved, and we did it while continuing to invest in our product pipeline. Second, our first group of Bloomberg Financial Futures products is live. Screens are lit, market depth and volumes are in line with our expectations and enabling retail access is the next big step. Third, our options business continues to grow profitably as we balance market share with discipline on revenue per contract. During the quarter, market conditions remained volatile as geopolitical tensions, trade policy uncertainty and continued AI-related market swings led to elevated options volumes. These market conditions might give some businesses pause. But remember that for MIAX, sustained market volatility drives higher demand for the risk management tools we offer and increased contract volumes on our exchanges. As a result of these market conditions and the strength of our platform, second quarter total net revenue grew 35% year-over-year to $141 million. Adjusted EBITDA margin improved by more than 700 basis points year-over-year to 54%, while our adjusted diluted EPS was $0.48. The story in Q2 was very similar to Q1. Options business strength, operating leverage and momentum across our exchanges. Let's now talk about our business segments. Our second quarter market share in multi-listed options was 16.5%, essentially flat versus the prior year period and a bit lower than what we saw in the first quarter. However, revenue per contract or RPC, was a strength again this quarter, driven largely by mix. We continue to see opportunity for option share gains over time as we build out new functionality and calibrate pricing where it makes sense to do so. A growing pipeline of new listings, including SpaceX and SK Hynix are part of a broader trend of additional IPO supply that is good for MIAX and the broader options market. Our early market share in these new listings is tracking ahead of our overall market share. We view this as an additive volume driver and believe volumes will grow as additional companies come to market. Before moving on to the futures business, we note that as disclosed in our recent 8-K filing, we resolved the Nasdaq litigation and now consider this matter closed. Turning now to futures. We were pleased with the performance of our agricultural futures business versus Q1 as ADV grew 20% and capture rates improved by 14%. We are also pleased with the progress we've made with our Bloomberg financial futures. Step one was getting tight in liquid markets in our recently launched B500 and B100 futures contracts. Connecting retail brokers to the platform is the next milestone, and that work is actively underway. As a reminder, the institutional size B500 contract and the smaller T&E B500 and T&E B100 contracts are designed to serve both institutional and retail participants. These products deliver similar broad equity market exposure as S&P 500 and Nasdaq-100 products with the added benefits of earlier inclusion of new IPOs and a very competitive fee structure. We believe the index composition, our fee structure, our technology and the existing relationships we have with market makers and trading firms deliver a strong foundation for our new products. This also provides market participants with compelling reasons to choose our Bloomberg Index product over incumbents. We think of ourselves as a disruptor in this category, and we believe there is room for a differentiated alternative to take root and grow the overall pie, not just take share. It's still early, but we very much like our position. I want to spend a moment on why we're excited about where this can go. Bloomberg maintains a broad global suite of index products, and we have a services license agreement with them to develop a suite of branded proprietary products. Our 10-year exclusive license allows us to list index futures, options on futures and cash index options based on the B500, B100 and B500 volatility indices in North and South America. We also believe that the clearing and settlement agreement we've announced with the Options Clearing Corporation, or OCC, which is the world's largest equity derivatives clearing organization, will make it easier for market participants to transact in financial futures trading on our MIAX Futures Exchange. Our FCM is in the process of applying for OCC membership, further demonstrating our strong commitment to financial futures. In that connection, we are increasing its net capital by $40 million. I also want to spend a moment on perpetual futures or perps, which came up frequently in many investor conversations over the past few months. Our focus remains on our core options and futures businesses, though we're open to offering new supplemental products if and when regulatory approval and market demand exists. Our technology with some enhancements is capable of supporting these products on our MIAX Futures Exchange. We welcome the CFTC's framework bringing perpetual contracts into regulated U.S. markets. This policy shift, if it takes hold, could bring volumes that are currently being executed on offshore venues to U.S. regulated markets. We recognize that the CFTC's recent approvals in this area have led to litigation. On the other hand, we see these recent developments as a potential opportunity. Accordingly, we are pursuing a path of active regulatory engagement with our regulators, both at the CFTC and the SEC as well as with our MIAX Futures Exchange members and prospective new partners to identify emerging opportunities. As potential opportunities arise, we may leverage our modern agile trading and clearing infrastructure as well as our CFTC-licensed futures exchange and futures clearinghouse to consider offering capital-efficient derivatives products. One brief comment on our ownership stake in Rothera. As a reminder, we hold our remaining 10% stake at cost with any future distributions flowing through as dividend income. As a passive minority investor, we're not involved in the day-to-day management of the business, but we are excited about the recent progress and volumes as they publicly announced. With that, I'll turn it over to Lance to walk through our second quarter financial results. Lance Emmons: Thanks, Tom, and good afternoon. It was a strong quarter across the business, and I'm glad to walk you through the details. I'll start by briefly recapping MIAX's revenue model. We generate revenue from transaction and non-transaction fees. Our key transaction fee revenue drivers are industry trading volumes, market share and revenue per contract or share, which measures the average revenue we earn per contract or share traded. As a reminder, we post RPC and capture rates on a 3-month rolling average basis on our IR website. Non-transaction fee revenue comes from access fees, which customers pay to connect to our exchanges, market data earned through direct subscriptions and our participation in the U.S. [ pay ] plans and listings fees, primarily in our International segment. Q2 total net revenue grew 35% year-over-year to a record $141 million, reflecting continued options business strength and growth from our other business segments. Adjusted Q2 operating expenses were $64 million compared to $57 million in the prior year period. This increase was primarily due to planned headcount expansion, advertising and promotion expenses related to our brand campaign and marketing programs for our Bloomberg financial futures. Adjusted EBITDA was $77 million, up 57% year-over-year, and adjusted EBITDA margin was 54% compared to 47% in the year ago period. We continue to generate operating leverage given our revenue growth, high incremental margins and largely fixed cost base. Adjusted earnings grew 41% year-over-year to $53 million in Q2 compared to $38 million in the prior year period. Now let's move on to Q2 segment performance. Options segment net revenue was $124 million, up 34% year-over-year. This represents average daily volume of 11 million contracts, a 25% year-over-year increase that was in line with industry ADV growth. Options segment net revenues were driven by an increase in both net transaction fees and non-transaction fees. Growth in net transaction fees reflected higher RPC and industry ADV, slightly offset by lower market share. Non-transaction fee growth of 36% was primarily due to increased member connections, our January 1 fee increases and market data sales. I'll note that Q2 '26 included $1.8 million in data sales revenue from a recently introduced historical report offering. As we discussed last quarter, this type of revenue is episodic, and therefore, we would not model it into future quarterly estimates. Turning to market share and RPC. Q2 options market share was 16.5%, relatively flat year-over-year and down from 17.3% in the first quarter. As you know, our options market share varies month-to-month and quarter-to-quarter, and Q2 was part of that normal pattern. We've continued to deliver record quarterly revenue, and that's the outcome we managed toward. Q2 RPC reflected a shift in mix and tiers toward higher pricing, a byproduct of our lower Q2 market share. Due to ongoing mix and tier effects as well as fee changes, including work-related ones that became effective on July 1, we would not recommend modeling our Q2 RPC of $0.124 into the second half of the year. With that in mind, and although it's difficult to guide on capture rates, we expect second half RPC will be closer to what we saw in the previous few quarters. Our Equities segment net revenue was $6 million, up from $4 million in the prior year period, primarily due to higher net transaction fees. Equities capture was less inverted in the quarter compared to the year ago period. Futures segment net revenue was $5 million, which was flat compared to the prior year period. Our first Bloomberg financial futures products launched in May and did not contribute materially to the Q2 results. Our International segment net revenue was $6 million compared to $2 million in the year ago period due to the acquisition of TISE in June of 2025. Operationally, our efforts to streamline sales and marketing across our international listings businesses are underway and progressing well. Turning to our balance sheet. We ended the quarter with cash and cash equivalents of $660 million and outstanding debt of less than $2 million, which matures in December. Now let's walk through our updated 2026 guidance. Full details, including comparison to our prior guidance, can be found on Slide 16 of our earnings deck. We are lowering our full year 2026 adjusted operating expense guidance to between $260 million and $270 million compared to the prior $265 million to $275 million range. Our expense expectations for the rest of the year still include a planned increase in marketing costs, including quoting incentives associated with our Bloomberg Index futures products. Based on recent grants, we now expect full year share-based compensation expense in a range between $29 million and $32 million versus the prior $27 million to $30 million range. We continue to expect full year capital expenditures in the range between $40 million and $45 million. As a reminder, we front-loaded CapEx in the first half and do not expect any material cost increases over the remainder of the year. We expect depreciation and amortization expense in the range between $35 million and $39 million compared to the prior range of $33 million to $38 million. Our Q2 adjusted effective tax rate was 27%. We continue to expect our full year rate will be in the 27% to 29% range. I'll now turn it back over to Tom. Thomas Gallagher: Thanks, Lance. We're happy with our progress this quarter and remain confident in the road ahead. We'll keep leveraging the 4 competitive pillars you heard me talk about many times -- our high-performance technology, our broad range of regulatory licenses, our diverse and expanding product range and our deep customer relationships. These remain our core competitive advantages. There's a lot to be excited about here at MIAX. Getting retail distribution for our Bloomberg products is our top near-term priority, and we continue to see opportunity in an improving IPO pipeline, strong retail demand for options and growth of structured products that use options in their strategies. We sincerely appreciate you joining us today. As a reminder, Doug and Shelly are here with Lance and me for our Q&A. So, let's begin. Operator: [Operator Instructions] Our first question today comes from Patrick Moley from Piper Sandler. Patrick Moley: So, congrats on the quarter. I wanted to dive into the options business. You saw record volumes, record high RPC. Lance, I know you said in your prepared remarks there, you don't want people to extrapolate the RPC this quarter expected to be in line with where it's been the last couple of quarters. So, could you maybe just talk about what drove the step-up this quarter? What's going into that assumption that it comes back down? And then, Tom, you talked about calibrating price where it makes sense to pursue share gains. Could you maybe just talk about that as well? And should we read that as you potentially being open to tweaking that to maybe recapture some share that's maybe been lost here year-to-date? Apologies for the multipart question. Thomas Gallagher: Thank you, Patrick. Appreciate that question. Those series of questions. I'll turn it over to you, Lance, with respect to the RPC and your comments during the early part of our call. Lance Emmons: Yes, Patrick, good to hear from you. The increase really from like $0.11 in the first quarter to $0.124 in the second quarter, really driven by a couple of factors. One is as market share lowered, we had less volume at sort of the highest rebate tiers or lowest fee tiers. So, it's sort of a natural sort of seesaw with those. We also saw some favorable mix in terms of higher capture flow that kind of ebbs and flows from period to period. As we look ahead, market share has sort of rebounded about 17.1% in July, still early, obviously, early days in August, but improved from there a little bit further. So, with that, we think, again, the tier effects will sort of bring the rate back down. We're also looking at sort of more normalized mix. Mix is very difficult to predict, obviously, as you know, from day-to-day or month-to-month. So, difficult to predict on that. We also did a couple of fee changes in July and August to try to again find that right balance between capture rate and market share. And then the fourth thing, again, it all kind of contribute roughly about the same, I would say, in terms of our expectation. The really 2 impacts there. One is just as volumes have been growing faster than our regulatory fee, the rate -- the effect on the RPC naturally comes down. And then a small part as well just due to the new methodology that came out July 1. So, I think if you take all 4 of those items, that's why we're kind of -- sort of expecting closer to the last couple of quarters, which kind of range between by about $0.103 in the third quarter to $0.11 in the first quarter. Thomas Gallagher: Yes. And then on the last part of your question about trading off some of the RPC for increases in volume, I think when you look at the volume for July, which is historically a low period of time, we came in at -- I think it was just over 17%, Shelly, 17.1%. And Patrick, August looks even better as we obviously are only in the first couple of days. We absolutely look at RPC and market share, and we do want to continue our momentum in terms of market share. And from time to time, we do adjust some of the tiers. In fact, one of the things that we're looking at, and we did, in fact, do, Shelly, tiers or pricing in August on Sapphire. Any comment on that, Shelly? Shelly Brown: We made pricing changes in Sapphire, primarily for the trading floor. We tried some pricing changes in July on Pearl to try to attract further high profit flow. We reverted some of those for this month did not have the expected impact. Again, managing market share and RPC is really as much an art as it is a science. We certainly recognize that market share and RPC are inversely correlated. We're always trying to maximize the net revenue. So, we continue to work with the art as we move forward. Patrick Moley: Congrats on the quarter, guys. Operator: The next question comes from Michael Cyprys of Morgan Stanley. Michael Cyprys: Just wanted to ask about the financial futures that you launched this quarter in partnership with Bloomberg. I was hoping you could elaborate a bit on the competitive fee structure that you alluded to. And maybe you could talk to some of the steps that you're going to be taking in the coming months as you think about, I guess, step 2, which is bringing retail brokers on board? And maybe you can comment on what that pipeline looks like, what your expectation is kind of going into the end of the year in terms of onboarding retail brokers? And ultimately, what do you think it's going to take to drive success with that [ community ]? Thomas Gallagher: Great. Michael, thanks very much for the question. I appreciate that. I'll have Shelly talk to the fee structure, but we're very excited about the Bloomberg product launches, which started on May 17. Our screens are lit. The depth of the market and the volumes over the past 60 days are right in line with our expectations. And now as you were mentioning, our focus is on enabling retail engagement. So, we're having outreach to a number of the, I would call the trading firms that we're hoping to get engaged, working with them with respect to educational programs, marketing programs and trying to educate initially the retail users with respect to the benefits of trading the B500. We've already talked about in prior calls about the index methodology, the rules-based approach to listing the securities in the index and also the benefits of the way the index is constructed, particularly as the IPO pipeline improves and more large caps come into this index. So, Shelly, maybe a little bit regarding the use of fees and the fee structuring to garner initial market share. Shelly Brown: Thank you, Tom, and thank you, Michael, for the question. We're very pleased with the progress that Tom said. Things are going as expected with the liquidity providers. We have additional liquidity providers coming on board over the next several weeks. As far as the retail firms, several are working through various phases of connectivity and working out clearing arrangements. We're working with several firms that expect to -- we expect will be enabling customer activity over the next several weeks. So, we're very excited about that. There's been a lot of interest from several retail firms. So that's the progress. It's still very early in the game. We're only a few months in. So, we're about where we expected to be. And I think we'll start seeing retail exposure to the product over the next several months -- next couple of months. The fee structure is really designed to incentivize retail firms to introduce their clients to the product. So, it's a different way of looking at marketing a product. As Tom said, we're working closely with the marketing teams at the retail firms to put together educational programs. We're looking at sponsoring events with customers. But again, providing the right incentives to the retail firms to want to interact with us. And of course, we have that technology advantage over the competitors. Thomas Gallagher: And Michael, our goal is really to grow the overall pie. Maybe Shelly, you could comment on that in terms of your strategy. Shelly Brown: It's not just taking market share from the incumbents. It's growing the index pie. The industry is looking for competition. There hasn't been any competition for a long time, either the broad market or the technology market. So, bringing these products to market with Bloomberg is really a breath of fresh air for the industry. Retail, institutional and liquidity provider sides are all excited to have competition within the business. Thomas Gallagher: We also, as we announced earlier today that we've made application with OCC for our FCM, and we consider having that OCC approval when it's fully completed an important step in terms of getting the retail engagement for the B500 Mini and the B100 Mini. Operator: The next question comes from Ken Worthington of JPMorgan. Kenneth Worthington: Maybe first on expenses. You're lowering guidance on adjusted operating expenses, and you're doing this in the context of higher stock-based comp and depreciation. And you're also doing this in the context of a pretty robust volume environment. So, what are the pieces that are lower here versus your prior expectations? And how are you managing to kind of take the adjusted operating expense outlook down? Shelly Brown: Yes. Good question, Ken. So, in terms of OpEx and share-based comp, 2 things there that are somewhat tied together. As the compensation committee updated the executive compensation plans, now that we're a public company, we moved a little less towards cash-based compensation, so that comes out of OpEx and a little more into share-based compensation. So those 2 are mostly tied together. In terms of other OpEx, again, I think it's just looking at sort of the run rate how we've been spending and where we expect expenses to go from here from our current run rate after those 2 changes is really just some pickup in some marketing and fees related -- marketing and incentives related to the Bloomberg products. Kenneth Worthington: Great. Makes sense. And then just you mentioned SpaceX market share exceeds your overall average, sort of similar comments you made, I think, to my last question last quarter in your presence in the single stock options. So, what's driving the better engagement in the new products relative to the legacy options products? And is there a way to leverage what you're doing in these new products to help market share in the more mature listings? Thomas Gallagher: Ken, great question, and I'll give you that Shelly to follow up. Shelly Brown: Thank you, Tom. So, Ken, there's a number of factors. The primary one being the more liquid classes that are higher-priced equities that tend to be slightly higher volatility, we tend to do better in because of our technology, the technology that we've built that allows the market makers to be very aggressive in their quoting. This allows them to participate more with retail because they're on the market more. Their markets are tighter. So, we tend to do better in those sorts of names. And it kind of flows over also to those names that have the Monday and Wednesday weekly expirations, where we also outperform. They're very retail focused, and we do very well in those retail-focused names. Names that are more institutional focused, we don't perform quite as well in. We're getting there with the trading floor, I'm sure we'll talk about before the end of the day, bringing that institutional flow to the trading floor. So, it's really about the technology driving the better markets, which drive more retail volume to the exchange. Operator: The next question comes from Jeff Schmitt of William Blair. Jeffrey Schmitt: The non-transaction fees for options were up around 40% in the first half. And I think you called out a couple of things or fee increases on January 1 and you launched some new market data products. But could you just give us a sense of how much growth is being driven by these different factors? Thomas Gallagher: Jeff, great question. Thank you very much for that. Lance, do you want to cover that? Lance Emmons: Yes. Just in terms of access fees. So in terms of the access fees, we did some fee increases on January 1. We also had some fee waivers for when we launched the Sapphire Exchange. So, we either waived those fees or heavily discounted them. So, if you look at kind of the first 6 months of the year, I would say about half of that volume is from -- half of that increase is from fee increases and half of it is from additional connections that members -- additional connections and services that members have ascribed to. Jeffrey Schmitt: Got it. And then you've talked in the past about rolling out some new agricultural futures, I believe, later this year. But could you give us an update on when you plan to roll those out and what the underlying commodities would be? Thomas Gallagher: Yes. I'll start, and then I'll turn it over to our CEO of Futures, Shelly Brown. In late October, we are going to launch the first of a series of agricultural futures products that are primarily focused in the fertilizer area. And these are a result of demand being asked of us to provide some alternatives in this area, particularly as geopolitical events have caused a lot of upheaval in certain areas of the commodities world. Shelly, do you want to give a little more color on this for the question? Shelly Brown: Sure, Tom. I think you pretty much covered it. But adding 4 additional products that will be in the fertilizer space. They're somewhat novel products in the industry. There's been greater demand of late given the supply chain problems that have occurred due to geopolitical issues overseas. There's been demand from our customers to bring these products to market. So, we're planning to list these late this year on the commodity side of the futures exchange. Operator: Our next question comes from Patrick O'Shaughnessy of Raymond James. Patrick O'Shaughnessy: Curious about your thoughts on how CME's introduction of single stock futures might impact the equity options world. Thomas Gallagher: Okay. That's a really good question. Why don't we -- I'm going to go back to you, Shelley. Shelly Brown: Sure. So single stock futures, first off, have been around a while. There was a single stock futures product listed on -- I believe it's Chicago Futures Exchange. They delisted in 2020, I believe, due to lack of interest. The crossover would be for all intent, single stock futures are available today. You can create a single stock future by doing an options combo. If somebody wanted to create a single stack future out in IBM in December, all you have to do is do a combo, buy call, sell put if you want to be long in the synthetic future, sell call, buy put if you want to be short in the synthetic future. It's priced the same. It's simply a carry play, interest minus dividends. The area where there might be interest in this, if there's a potential regulatory arbitrage or margin arbitrage between a CFTC-regulated product versus an SEC regulated product, that's really the primary place. It also could be used as a synthetic method to create a stack loan business. It will be interesting to see how they play out with this reintroduction. Certainly, if we see that there's interest, it's something we could pursue on the MIAX Futures Exchange. There would be a relatively easy technology lift. There's a little bit of regulatory requirements, but nothing difficult. So, I believe we're going to sit back and watch for a little bit because, as I said, the last product was a failure, and we'll see. If it's successful, again, we will use both a combination of our technology and pricing to get into that market. We believe we can penetrate pretty easily if there's demand. But if there's not demand, we have better things to work on from a resource perspective. Operator: Our next question comes from Chris Brendler of Rosenblatt Securities. Christopher Brendler: Congrats on a really nice quarter. I'd love to hear a little more about the risk management aspect of volatile markets and how you guys help your clients lean into that? And any sort of quantification on the revenue impact from your risk management activities. Thomas Gallagher: Great. Shelly, you seem to be at the man of the hour here. So, I'm going to let you go up on some risk management for a little bit. Shelly Brown: Thanks for the question, Chris. And no, I didn't cue Chris up on this one. This is actually my background in the marketplace coming from the market-making side of the business. When we built MIAX, we said we're going to build a system that caters to both the market makers, the consolidators and the retail firms, and we focused very much on risk management. So, we created risk management methodologies that allow market makers to be more aggressive in their quoting. Now that risk management really comes across in 2 ways. One, the technology we built with the speed and the throughput allows market makers to know they can get in and out of the market very quickly. They can play defense when they want. Coming from Chicago, myself, being a bears fan, I know defense way more than offense. We allow the market makers to play defense. They can quote more aggressively because they know they can get out. It reduces negative expectancy trades. On top of that, we've created mechanisms similar to what we had in the trading floors back in the '80s and '90s, where our market maker can only be forced to do one trade. I can be quoting multiple options, but I make one trade. I'm now not firm in all my other quotes. We've created methodologies here within the trading system that do that instantaneously for the traders. We constantly enhance that. In fact, we came out with a new risk management tool earlier this year that allowed market makers to [ weight ] trades in the risk management tool based on the counterparty they were trading with. So, it's all about making the market makers more comfortable to quote. The more comfortable they can quote, the longer the quotes are up on the screen, the better the quotes, and that's what draws the retail to the marketplace. Christopher Brendler: That's great color. I'd love to ask a follow-up actually in the same area. Is this a capability that's sort of above and beyond what your competitors offer? Or is this a key competitive advantage for MIAX? I haven't really focused on risk management before. I'd love to hear if it's something we think is really a core part of the franchise. Shelly Brown: It really -- part of it is copyable in that the functionality, once we file a rule with the SEC, anybody can copy that and they can try to build it. But the reality is they can build the functionality, they don't have the speed and the throughput we have. Doug can speak to the technology prowess and what they've built and why it's so much different and better than the other exchanges. Doug? Douglas M. Schafer Jr: Yes, sure. Thanks, Shelly. Yes, basically, we focused on massive overbuilding of the technology so that we're not ever in a position to have to limit a market maker's intended behavior. As Shelly said, that results in deeper and tighter markets and -- there's a lot of technological things that we do that are proprietary to MIAX that allow us to achieve that with a small hardware footprint and still remain low latency, but a high determinant. So, a combination of probably 1,000 things we do on the technology side, not one big thing. And we've been in the marketplace for a number of years and still leading in round trip latency. So, it's not an easy thing to copy, I guess, best way to say it. Operator: Our next question comes from Michael Cyprys of Morgan Stanley. Michael Cyprys: I just wanted to circle back to your comments around the FCM that you have applying for, I think you said OCC membership. I was hoping you could elaborate a bit on the longer-term strategy of your FCM. I know you've had that for a moment now, helping to reduce barriers for smaller customers to access your markets, particularly on the futures of the grain side of things with the wheat contracts and such. But as new competitors emerge with direct-to-customer models across the market structure landscape as we've seen some of the success overseas. We've seen some of it in the digital space. Just how are you thinking about evolving competitive landscape in the years ahead as well as new opportunities for maybe a direct-to-customer model, perhaps even with digital wallets over time? Thomas Gallagher: Great. Thanks for the question. So, with respect to our FCM, we wanted to have the FCM become a clearing member of OCC because there are opportunities for some retail firms that want to come and access our -- not only our -- the B100, but other financial futures products over the course of the next 2 or 3 years. And when we initially bought the FCM, we wanted the FCM to be an alternative ramp to access our futures trading exchange. We had people that wanted to trade some of the products and prospective products on MIAX futures, but they didn't have an access point. So, the whole idea is to create less friction for predominantly retail firms to have access to our whole host of new financial futures products. Now that we've built the Onyx trading platform, we're off the old platform we were on, and we've completely redone the clearinghouse. So we have optionality in the clearinghouse for both our own clearing capabilities and as recently as May, MIAX futures becoming OCC cleared. I just want to add one other point to that by Shelly. Shelly Brown: Yes, traditionally, FCMs have not been members of the Options Clearing Corporation. They haven't had a need to unless they were clearing a very limited set of products. So, we chose to clear our financial futures, the Bloomberg products at OCC to enhance the margin offsets and capital efficiency for our members to trade the Bloomberg products. It actually creates a huge tailwind for those products. By having Dorman a member early on at OCC, it provides those FCMs that don't have OCC access, indirect access to clearing. So it just -- it creates another tailwind. So that's really the thought process behind the first -- one of the first movers in OCC to clear the Bloomberg products. Thomas Gallagher: And then the other aspect of your question about the trend by overseas firms to have direct access to exchanges. We still think that the FCM model for accessing the futures marketplace has a real meaningful and long-term place. There are many jobs and many responsibilities that a well-run FCM undertakes on behalf of the industry, including areas like AML and KYC and managing risk. So, while there's been a lot of direct access internationally, particularly in the perpetuals area, even as the CFTC evolves its thinking and is trying to put up new policy statements with respect to perpetual futures, we think as a starting place, the FCM should still be the main access point to the U.S. futures marketplace. Operator: Our next question comes from Patrick Moley of Piper Sandler. Patrick Moley: I wanted to ask on the cash. You've got $660 million of cash, no debt. I know you said you're going to put $40 million into the FCM. But just curious how we should think about how much of that cash balance is available or truly deployable? And what does the priority order look like in terms of organic investment, M&A or at some point, returning that capital to shareholders? Thomas Gallagher: Thanks, Patrick. As I've said in the past, it's taken us a while, and it's been a journey to get to the position that we're at today with over $600 million in capital on our balance sheet. I think the near-term uses of our capital, while it's growing, is to continue to invest in the businesses that got us here. So, we want to continue to invest in our existing futures business because we think there's more upside to that futures business, particularly as we continue to roll out new functionality on the floor. As you know, Sapphire is not even a year old as we speak here today. We also want to grow the pipeline in the futures business and create incentive programs to garner both retail and institutional flows onto the new suite of products now that the infrastructure is built and we have the Bloomberg relationship. Now having said that, we are going to be strategic with the use of this capital. And as opportunities do arise and being that we're on the eve of the 1-year anniversary of our IPO, which is hard to believe will be next Friday, a lot of people are coming to us, including member firms with new opportunities, both overseas and domestically. And we're considering the best way to use this capital. We have no plans specifically, Patrick, to answer your question about a dividend or any type of a share repurchase program. I'd like to get this first year under our belt and really assess the opportunities. But the core focus with this cash is reinvesting in our people, continuing to build out the futures business and continuing to be a leader in our technology stack that we've talked a lot about this afternoon. Patrick Moley: I can't believe it's been a year already. I didn't realize that. Thomas Gallagher: Yes. No, it's absolutely been a year, and it's been a great year. Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Mr. Tom Gallagher for any closing remarks. Thomas Gallagher: Well, thank you very much, everyone, for joining us this afternoon. Obviously, we've had a great quarter, and we're very grateful for the support of all our member firms and our shareholders that helped us get to this spot, as I said on the eve of our 1-year anniversary of our IPO. And we're going to continue to focus on those 4 pillars that got us here. We're going to continue to work closely with the members we developed these relationships with since our first launch in 2012. And I have to say we're really proud of the new relationship with Bloomberg. I think we got a real exciting second half in front of us. So, thanks very much for your participation this afternoon, and we're happy to follow up individually over the next few days and answer questions of various analysts and firms. So, thank you very much. Before you buy stock in Miami International, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Miami International wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* Now, it’s worth noting Stock Advisor’s total average return is 958% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Miami International. The Motley Fool has a disclosure policy. MIAX (MIAX) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Miami International Holdings, Inc.? Here are five stocks we like better. Record second-quarter results: Net revenue rose 35% year over year to $141 million, while adjusted EBITDA jumped 57% to $77 million, driven by elevated options activity and higher revenue per contract. Options remained the core growth engine: Options revenue increased 34% to $124 million as average daily volume reached 11 million contracts, though management expects second-half revenue per contract to normalize as market share rebounds. Futures expansion is advancing: MIAX’s Bloomberg-branded futures products are moving toward retail distribution, with brokers progressing on connectivity and clearing; the company also lowered its full-year adjusted operating expense outlook to $260 million-$270 million. Miami International (NYSE:MIAX) reported record second-quarter net revenue as elevated options activity and higher revenue per contract supported results, while the exchange operator advanced the rollout of its Bloomberg-branded financial futures products. Total net revenue rose 35% year over year to $141 million, Chief Executive Officer Thomas P. Gallagher said on the company’s second-quarter 2026 earnings call. Adjusted EBITDA increased 57% to $77 million, producing an adjusted EBITDA margin of 54%, up from 47% a year earlier. Adjusted diluted earnings per share were $0.48. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Gallagher said geopolitical tensions, trade-policy uncertainty and AI-related market swings contributed to elevated options volumes. He said volatility increases demand for the risk-management tools offered through MIAX exchanges and raises trading activity in listed contracts. The options segment generated $124 million in net revenue, a 34% increase from the prior-year period. Average daily volume reached 11 million contracts, up 25% year over year and broadly in line with industry growth, according to Chief Financial Officer Lance Emmons. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High MIAX’s share of the multi-listed options market was 16.5% in the quarter, essentially unchanged from a year earlier but down from 17.3% in the first quarter. Emmons said the company’s revenue per contract, or RPC, increased to $0.124 from $0.11 in the first quarter, primarily because lower market share meant less trading volume fell within the highest rebate and lowest fee tiers. More favorable trading mix also helped the metric. However, management cautioned against using the second-quarter RPC as a forecast for the remainder of the year. Emmons said market share rebounded to approximately 17.1% in July, which could lower RPC through tier effects, while mix normalization, fee changes and changes related to the options regulatory fee could also affect results. The company expects second-half RPC to be closer to levels reported in previous quarters. → No Hangover: Revisiting Microsoft One Week After Earnings Gallagher said MIAX periodically adjusts pricing and rebate tiers in an effort to balance revenue per contract with market share. Shelly Brown, chief executive officer of MIAX Futures and chief strategy officer of Miami International Holdings, said recent pricing changes at the company’s Sapphire and Pearl exchanges were intended to attract trading activity, though not all changes had the expected impact. The company also cited a growing pipeline of new listings, including SpaceX and SK hynix. Gallagher said MIAX’s early market share in newly listed options has been above its broader market share, which he attributed in part to the company’s technology and performance in liquid, higher-priced and more retail-focused option classes. MIAX launched its first Bloomberg Financial Futures products in May, including B500 and B100 contracts designed to provide broad equity-market exposure. Gallagher said market screens are active and that market depth and volumes have been in line with internal expectations, although the products did not contribute materially to second-quarter futures revenue. The next major objective is onboarding retail brokers. Brown said several retail firms are progressing through connectivity and clearing arrangements, and MIAX expects some firms to enable customer activity over the coming weeks. The company is also working with retail firms on education and marketing programs, including customer events and incentives intended to encourage product adoption. Management said the products are structured to serve institutional participants as well as retail traders through smaller Tini B500 and Tini B100 contracts. Gallagher said the Bloomberg index methodology, the inclusion of new initial public offerings earlier than some incumbent benchmarks, competitive fees and MIAX’s technology platform provide a foundation for the offering. MIAX also said its futures commission merchant is applying for membership in the Options Clearing Corporation, and the company plans to increase the FCM’s net capital by $40 million. Gallagher said OCC clearing could help support retail access and create margin offsets and capital efficiencies for participants trading Bloomberg financial futures. Futures segment net revenue was $5 million, unchanged from a year earlier. In agricultural futures, average daily volume increased 20% from the first quarter and capture rates improved 14%, Gallagher said. MIAX plans to introduce four additional agricultural futures products in the fertilizer market in late October or later this year, responding to customer demand tied to supply-chain disruptions and geopolitical developments. The international segment produced $6 million of net revenue, compared with $2 million in the prior-year quarter, reflecting the June 2025 acquisition of TISE. Emmons said efforts to streamline sales and marketing across the company’s international listings businesses are underway. During the question-and-answer session, Brown and Chief Information Officer Douglas Schafer highlighted the company’s risk-management capabilities and technology infrastructure. Brown said MIAX’s tools allow market makers to manage exposures and quote more aggressively, while Schafer said the company has built significant capacity into its platform to maintain low latency and high throughput. Gallagher also said MIAX has resolved its Nasdaq litigation, which the company disclosed in a recent filing, and now considers the matter closed. MIAX lowered its full-year adjusted operating expense outlook to between $260 million and $270 million, from a previous range of $265 million to $275 million. Emmons said the revision partly reflects a shift in executive compensation toward share-based compensation from cash compensation. Full-year share-based compensation is now expected to be $29 million to $32 million, compared with prior guidance of $27 million to $30 million. Capital expenditures are still projected at $40 million to $45 million. Depreciation and amortization are expected to total $35 million to $39 million, up from previous guidance of $33 million to $38 million. The company maintained its full-year adjusted effective tax-rate expectation of 27% to 29%. MIAX ended the quarter with $660 million in cash and cash equivalents and less than $2 million in debt, which matures in December. Gallagher said the company’s near-term priority is reinvesting in its existing exchanges, futures product pipeline, marketing and technology. He said MIAX has no specific plans for dividends or share repurchases and is evaluating potential domestic and international opportunities as they emerge. Miami International (NYSE:MIAX) is a U.S. exchange holding company that operates electronic trading venues and provides market infrastructure for listed options and related products. Its primary business activities include operating regulated exchanges, delivering market data feeds, and offering trading technology and connectivity services designed for professional traders, broker-dealers, and market makers. The company focuses on low-latency execution, order matching, and the operational controls required to support high-volume, automated trading strategies in listed derivatives. Products and services provided by Miami International include fully electronic order matching engines, transmittable market data and feed products, colocation and connectivity solutions, and tools for risk management and regulatory compliance. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Miami International Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Record Q2 Net revenue of $141 million (+35% YoY) Q2 GAAP diluted EPS of $0.40; Adjusted diluted EPS of $0.48 Q2 Adjusted EBITDA of $77 million (+57% YoY); Adjusted EBITDA margin of 54% (+>700 bps YoY) Updates full-year 2026 expense guidance PRINCETON, N.J. and MIAMI, Aug. 5, 2026 /PRNewswire/ -- Miami International Holdings, Inc. (MIAX or MIH) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced financial results for the second quarter of 2026. MIAX achieved strong financial performance in Q2 2026 with record net revenue, adjusted EBITDA, and adjusted earnings. Total net revenue grew 35% year-over-year to $141.1 million, adjusted EBITDA increased 57% to $76.8 million, and adjusted EBITDA margin expanded by more than 700 basis points to 54%. Adjusted diluted earnings per share was $0.48. The company's options business benefited from elevated market volatility during the quarter, which led to a 25% year-over-year increase in average daily volume to 11.0 million contracts. "We delivered another record quarter, growing net revenue 35% year-over-year and successfully navigating a shifting market backdrop, demonstrating both our ability to execute consistently as well as sustained customer demand," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. "Our options business remains strong, our model's operating leverage drove record margins, and our Bloomberg® index futures suite is now live." Mr. Gallagher added: "We remain disciplined in how we allocate capital and execute our strategy, and continue to invest in a product pipeline that we expect will contribute meaningfully to continued, long-term growth." Second Quarter 2026 Highlights All figures are compared to the second quarter of 2025 unless otherwise stated. Net revenue, defined as revenues less cost of revenues, grew 35%, or $36.5 million, to a record $141.1 million, compared to $104.7 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 $113.3 million, compared to $77.4 million in the prior-year period. The increase was primarily due to a litigation settlement charge as well as planned investments in headcount and technology to support growth initiatives, and increased marketing spend. These were partially offset by lower regulatory costs, lower share-based compensation, and 2025 acquisition-related costs. Operating income was $27.8 million, compared to $27.3 million in the prior-year period. Realized an income tax benefit of $15.4 million, primarily driven by a discrete tax benefit of $22.4 million related to share-based compensation. GAAP net income was $44.2 million, compared to $23.5 million in the prior-year period. Adjusted earnings increased 41% to $53.3 million, compared to $37.8 million in the prior-year period. Adjusted EBITDA increased 57% to $76.8 million, compared to $49.1 million in the prior-year period, driven primarily by strong growth in net revenues. Adjusted EBITDA margin expanded to 54% from 47% in the prior-year period. Second Quarter 2026 Business Updates MIAX options exchanges reached average daily volume of 11.0 million contracts in the second quarter of 2026, a 25.3% year-over-year (YoY) increase. MIAX options exchanges achieved market share of 16.5% in the second quarter of 2026, compared to 16.7% in the prior year period. Successfully launched Tini™ B100 Index Futures, Tini B500 Index Futures and B500 Index Futures during the quarter. Options Net revenue grew 34% to $124.4 million, compared to $92.8 million in the prior-year period. Growth was primarily driven by higher net transaction fees tied to increased industry volume, 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 10% to $64.9 million, compared to $59.2 million in the prior-year period. Growth was primarily due to higher net revenues, partially offset by a $22.5 million litigation settlement charge. Adjusted EBITDA grew 44% to $96.7 million, compared to $67.0 million in the prior-year period. Equities Net revenue grew 27% to $5.5 million, compared to $4.4 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved pricing. Operating loss of $2.3 million in the second quarter, compared to an operating loss of $3.1 million in the prior-year period. Growth was primarily due to higher net revenues. Adjusted EBITDA of ($0.5) million, compared to ($0.9) million in the prior-year period. Futures Net revenue was $5.1 million, compared to $5.0 million in the prior-year period. Net transaction fees were flat as increases in agricultural future revenues were offset by inverted financial futures revenue. Operating loss was $12.7 million, compared to an operating loss of $12.8 million in the prior-year period. Adjusted EBITDA of ($9.5) million, compared to ($9.0) million in the prior-year period. International Net revenue was $5.7 million, compared to $2.3 million in the prior-year period. The increase was primarily due to revenue generated by The International Stock Exchange Group Limited (TISE), which the company acquired in June 2025. Operating income was $1.1 million, compared to an operating loss of $1.2 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 ($0.6) million in the prior-year period. Capital and Liquidity As of June 30, 2026, MIAX had cash and cash equivalents of $660.5 million and total debt of $1.5 million. FY 2026 Guidance The company is updating full year 2026 expense guidance and now expects: Adjusted operating expenses, which exclude share-based compensation, depreciation and amortization, and litigation expenses, in a range between $260 million and $270 million, down from previous guidance of between $265 million and $275 million; Share-based compensation expense in a range between $29 million and $32 million, up from previous guidance of between $27 million and $30 million; Capital expenditures, including capitalization of internally developed software, in a range between $40 million and $45 million, unchanged from previous guidance; Depreciation and amortization expense in a range between $35 million and $39 million, up from previous guidance of between $33 million and $38 million; Adjusted effective tax rate post valuation allowance release in a range between 27% and 29%, unchanged from previous guidance. Webcast and Conference Call MIAX will host a webcast and conference call to review its second quarter financial results today, August 5, 2026 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 (International dial-in 412-317-6060) or access the webcast on the Investor Relations section of MIAX's website at ir.miaxglobal.com. A webcast recording and corresponding presentation will be archived under Events & Presentations at the above link following the event. Non-GAAP Financial Information Adjusted earnings, a non-GAAP financial measure, is defined as net income attributable to MIH adjusted for share-based compensation, investment gain/loss, litigation costs and settlement, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, unrealized loss on derivative and digital assets, loss on intangible asset, impairment charges, and non-GAAP tax adjustments. Adjusted EBITDA, a non-GAAP financial measure, is defined as net income attributable to MIH adjusted for interest expense and amortization of debt discount costs, interest income, income tax provision and depreciation and amortization, share-based compensation, investment gain/loss, litigation costs and settlement, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, unrealized loss on derivative and digital assets, loss on intangible asset, and impairment charges. Adjusted EBITDA margin, a non-GAAP financial measure, is defined as adjusted EBITDA divided by revenues less cost of revenues. Adjusted diluted EPS, a non-GAAP financial measure, is defined as adjusted earnings divided by diluted weighted average shares outstanding used for adjusted diluted earnings per share (which includes the impact of anti-dilutive securities on a GAAP basis). Certain components of the guidance given in this presentation with respect to our financial performance for the full year of 2026 are provided on a non-GAAP basis only without providing the most comparable guidance on a GAAP basis or a quantitative reconciliation to guidance provided on a GAAP basis. Information is presented in this manner because the preparation of such guidance on a GAAP basis and such reconciliation could not be accomplished without unreasonable efforts. The company does not have access to certain information that would be necessary to provide such guidance on a GAAP basis or such reconciliation, including non-recurring items that are not indicative of the company's ongoing operations. The company does not believe that this information is likely to be significant to an assessment of the company's ongoing operations. For a reconciliation of our non-GAAP results to our GAAP results, see the tables below. About MIAX Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX® operates eight exchanges across options, futures, equities and international markets including MIAX Options®, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures®, The Bermuda Stock Exchange, and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant and Notice Registered Broker-Dealer with the National Futures Association for purposes of facilitating transactions of security futures. To learn more about MIAX please visit www.miaxglobal.com. Disclaimer and Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expect," "anticipates," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in MIAX's public filings with the Securities and Exchange Commission. In providing forward-looking statements, the company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise. All third-party trademarks (including logos and icons) referenced by the company remain the property of their respective owners. Unless specifically identified as such, the company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the company. Any references by the company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law. Contacts: InvestorsJohn T. [email protected] MediaAndy [email protected] Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA The following table is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and adjusted EBITDA by segment ($000): Segment Operating Results The following sets forth our results of operations by segment ($000): (44)Unrealized loss on derivative and digital assets———(337)—(337)Gain on sale of business————2323Other, net(1)—(3,205)—(705)(3,911)Income (loss) before income tax provision65,047(2,336)(15,744)943(19,128)28,782Income tax benefit (expense)———(64)15,49015,426Net income (loss) attributable to Miami International Holdings, Inc$ 65,047$ (2,336)$ (15,744)$ 879$ (3,638)$ 44,208 The following summarizes revenues less cost of revenues, operating expenses, operating income (loss), adjusted EBITDA and adjusted EBITDA margin for our business segments ($000, except percentages): Reconciliations of GAAP Net Income to Adjusted Earnings The following table is a reconciliation of net income allocated to common stockholders to adjusted earnings ($000): Earnings Per Share The following table sets forth the computation of diluted net income and adjusted diluted earnings per share ($000, except share and per share data): View original content to download multimedia:https://www.prnewswire.com/news-releases/miami-international-holdings-reports-second-quarter-2026-results-302844158.html

MIAX Exchange Group reports 26.3% increase in multi-list options ADV YTD PRINCETON, N.J. and MIAMI, Aug. 5, 2026 /PRNewswire/ -- Miami International Holdings, Inc. (MIAX) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported July 2026 trading results for its U.S. exchange subsidiaries — MIAX®, MIAX Pearl®, MIAX Emerald® and MIAX Sapphire® (collectively, the MIAX Exchange Group), and MIAX Futures®. July 2026 Highlights MIAX Exchange Group reached a record year-to-date (YTD) average daily volume (ADV) of 10.9 million contracts through July 2026, a 26.3% increase from the same period in 2025 MIAX Exchange Group set a YTD market share record of 16.9% through July 2026, compared to 16.4% in the prior-year period Additional MIAX Exchange Group and MIAX Futures trading volume and market share information is included in the table below. Summary statistics including trading volume and market share by business segment, as well as rolling three-month average revenue per contract and capture rates, are available on the MIAX website at https://ir.miaxglobal.com/volume-rpc-reports. About MIAX Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX® operates eight exchanges across options, futures, equities and international markets including MIAX Options®, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures®, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant and Notice Registered Broker-Dealer with the National Futures Association for purposes of facilitating transactions of security futures. To learn more about MIAX, please visit www.miaxglobal.com. Disclaimer and Cautionary Note Regarding Forward-Looking StatementsThis press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise. All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law. MIAX Contacts: Investors [email protected] Media [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/miami-international-holdings-reports-july-2026-trading-results-302843984.html

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Miami International Holdings, Inc. (MIAX), which belongs to the Zacks Technology Services industry, could be a great candidate to consider. This company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 21.75%. For the most recent quarter, Miami International Holdings, Inc. was expected to post earnings of $0.36 per share, but it reported $0.42 per share instead, representing a surprise of 16.67%. For the previous quarter, the consensus estimate was $0.41 per share, while it actually produced $0.52 per share, a surprise of 26.83%. Thanks in part to this history, there has been a favorable change in earnings estimates for Miami International Holdings, Inc. lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank. Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Miami International Holdings, Inc. currently has an Earnings ESP of +1.76%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #2 (Buy) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on August 5, 2026. When the Earnings ESP comes up negative, investors should note that this will reduce the predictive power of the metric. But, a negative value is not indicative of a stock's earnings miss. Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate. Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Miami International Holdings, Inc. (MIAX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

PRINCETON, N.J. and MIAMI, July 9, 2026 /PRNewswire/ -- Miami International Holdings, Inc. (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, will release its financial results for the second quarter ended June 30, 2026 after the close of market trading on Wednesday, August 5, 2026. A conference call with remarks by the company's senior management will begin at 5:00 p.m. ET. Participants can access the call at 866-652-5200 (international dial-in 412-317-6060). A slide presentation will be available in the "Events & Presentations" section of MIAX's website at https://ir.miaxglobal.com/ after the earnings release is issued. The call will also be available via webcast on the "Events & Presentations" section of MIAX's website or by clicking on the webcast link here. About MIAXMiami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX® operates eight exchanges across options, futures, equities and international markets including MIAX® Options, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures®, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant. To learn more about MIAX, please visit www.miaxglobal.com. Disclaimer and Cautionary Note Regarding Forward-Looking StatementsThis press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise. All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law. MIAX Contacts: InvestorsJohn T. [email protected] MediaAndy [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/miami-international-holdings-announces-date-of-second-quarter-2026-earnings-release-and-conference-call-302821259.html

MIAX Exchange Group reports 26.0% increase in multi-list options ADV YTD PRINCETON, N.J. and MIAMI, July 7, 2026 /PRNewswire/ -- Miami International Holdings, Inc. (MIAX) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported June 2026 trading results for its U.S. exchange subsidiaries — MIAX®, MIAX Pearl®, MIAX Emerald® and MIAX Sapphire® (collectively, the MIAX Exchange Group), and MIAX Futures®. June 2026 Highlights MIAX Exchange Group reached a record year-to-date (YTD) average daily volume (ADV) of 10.9 million contracts through June 2026, a 26.0% increase from the same period in 2025 MIAX Exchange Group set a YTD market share record of 16.9% through June 2026, compared to 16.4% in the prior-year period Additional MIAX Exchange Group and MIAX Futures trading volume and market share information is included in the table below. Summary statistics including trading volume and market share by business segment, as well as rolling three-month average revenue per contract and capture rates, are available on the MIAX website at https://ir.miaxglobal.com/volume-rpc-reports. About MIAXMiami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX operates eight exchanges across options, futures, equities and international markets including MIAX® Options, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures®, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant. To learn more about MIAX, please visit www.miaxglobal.com. Disclaimer and Cautionary Note Regarding Forward-Looking StatementsThis press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise. All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law. MIAX Contacts: [email protected] [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/miami-international-holdings-reports-june-2026-trading-results-302818661.html

MIAX Exchange Group reports 23.7% increase in multi-list options ADV YTD PRINCETON, N.J. and MIAMI, June 3, 2026 /PRNewswire/ -- Miami International Holdings, Inc. (MIAX) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported May 2026 trading results for its U.S. exchange subsidiaries — MIAX®, MIAX Pearl®, MIAX Emerald® and MIAX Sapphire® (collectively, the MIAX Exchange Group), and MIAX Futures®. May 2026 Highlights MIAX Exchange Group reached a record year-to-date (YTD) average daily volume (ADV) of 10.8 million contracts through May 2026, a 23.7% increase from the same period in 2025 MIAX Exchange Group set a YTD market share record of 17.1% through May 2026, compared to 16.4% in the prior-year period MIAX Futures listed Tini™ Bloomberg 100 Index Futures on May 17 (trade date May 18) with ADV for the May 18, 2026 to May 29, 2026 period reaching 13,105 contracts Additional MIAX Exchange Group and MIAX Futures trading volume and market share information is included in the table below. Summary statistics including trading volume and market share by business segment, as well as rolling three-month average revenue per contract and capture rates, are available on the MIAX website at https://ir.miaxglobal.com/volume-rpc-reports. About MIAXMiami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX operates eight exchanges across options, futures, equities and international markets including MIAX® Options, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures®, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant. To learn more about MIAX, please visit www.miaxglobal.com.Disclaimer and Cautionary Note Regarding Forward-Looking StatementsThis press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law. MIAX Contacts: [email protected] [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/miami-international-holdings-reports-may-2026-trading-results-302789416.html

Interested in Miami International Holdings, Inc.? Here are five stocks we like better. Miami International posted record Q1 2026 results, with total net revenue up 40% year over year to $129 million and adjusted EBITDA up 66% to $66 million. Management said elevated market volatility boosted demand for options and risk-management products. The options business remained the main growth engine, with segment net revenue rising 37% to $111 million and average daily volume up 27% to 10.9 million contracts. The company also gained market share in multi-listed options to 17.3% from 16% a year earlier. MIAX highlighted several future growth initiatives, including short-dated single-name options, a stronger IPO pipeline, and the upcoming launch of Bloomberg Equity Index Futures starting May 17. The company reaffirmed full-year 2026 guidance for adjusted operating expenses of $265 million to $275 million. Miami International (NYSE:MIAX) reported record first-quarter 2026 revenue as higher options trading volumes, market volatility and expanding contributions from other business lines lifted results, executives said on the company’s earnings call. Chairman and Chief Executive Officer Thomas P. Gallagher said the quarter was shaped by “elevated volatility across asset classes,” driven by geopolitical tensions, trade policy uncertainty and shifting expectations around interest rates and growth. He said that volatility supported demand for risk management tools, including options. → Beyond NVIDIA: Picks-and-Shovels AI Plays with Strong Momentum “While most businesses are volatility adverse, for MIAX, elevated volatility is good for our business,” Gallagher said. Total net revenue rose 40% year over year to $129 million, while adjusted EBITDA increased 66% to $66 million. Adjusted EBITDA margin expanded 800 basis points to 51%. Adjusted diluted earnings per share were $0.42, and adjusted earnings rose 51% to $45 million from $30 million in the prior-year period. → 3 Ways to Target the Resources Powering AI and Data Centers Chief Financial Officer Lance Emmons said organic net revenue growth, excluding the contribution from TISE, was about 35% year over year. Adjusted operating expenses were $63 million, up from $52 million a year earlier, primarily due to planned headcount expansion and higher employer payroll taxes tied to incentive compensation timing. MIAX’s options segment remained the primary driver of results. Options segment net revenue increased 37% year over year to $111 million. Average daily volume reached 10.9 million contracts, up 27% from the prior year, outpacing the 17% growth in industry average daily volume. → Quantum Earnings Season Is Ramping Up—What to Watch From 2 Major Players The company’s multi-listed options market share was 17.3% in the first quarter, compared with 16% in the year-ago period. Emmons said options revenue growth reflected higher industry volumes, market share gains and higher revenue per contract. Non-transaction fee growth of 45% was attributed to more member connections, fee increases, market data sales and the expiration of certain MIAX Sapphire fee waivers. Emmons noted that the quarter included $2.7 million in ad hoc historical market data sales from a new offering, but cautioned that this revenue is expected to be episodic rather than recurring. Gallagher said the company is focused on the right mix of volume and economics rather than pursuing a headline market share figure. During the question-and-answer session, Shelly Brown, Chief Executive Officer of MIAX Futures and Chief Strategy Officer of MIH, said the company continues to balance market share with capture rate, with particular interest in higher-capture business from the MIAX Sapphire trading floor. Brown said trading floor market share across the industry was 8.1% in the first quarter, compared with 6.5% in 2025, and MIAX’s own share of floor volume has been rising. She said additional functionality releases are planned, including one next month, to help attract more flow to the Sapphire floor. Executives pointed to short-dated single-name options as an emerging growth area, though they said the contribution remains small. Emmons said the new single-stock weeklies are still a “small negligible contributor” but could grow over time. Brown said MIAX’s market share in the nine single-name classes with Monday and Wednesday expirations ranged from 18% to 20% of multi-listed volume, above the company’s overall market share. She said industry discussions are ongoing about whether future growth in single-name weekly options will come from adding Tuesday and Thursday expirations or from expanding to additional classes. “I believe that expanding the program across additional classes is probably the next wave,” Brown said, while noting that it remains early and that decisions will develop over the next several months. Brown also cited an improving IPO market as a potential source of future options volume, saying several large IPOs are expected this year and could generate “tremendous option volume” once they become options eligible. Gallagher said MIAX is preparing to launch Bloomberg Equity Index Futures, with the first product scheduled for the evening of May 17. The first contract will be a retail-sized product based on the Bloomberg 100 Equity Index. The company plans to follow with the B500 Tini contract on June 1 and the larger B500 contract on June 8, Brown said. She said the company chose to start with the Bloomberg 100 product after discussions with retail firms, which indicated interest from customers in the index’s composition, including software and technology companies. Gallagher said the product suite is designed to serve both institutional and retail participants. The futures will clear at the Options Clearing Corporation, which he said provides members with margin efficiencies as part of broader equity derivatives activity. Gallagher said the Bloomberg 500 and Bloomberg 100 indices use a transparent, rules-based methodology rather than a committee-driven process, which he called a structural advantage, particularly if the IPO pipeline improves. Brown said there is industry interest in more competition in index products. She said MIAX believes its technology, electronic trading model and index construction can help differentiate the offering. MIAX’s equities segment net revenue increased to $7 million from $4 million a year earlier, primarily due to higher net transaction fees from improved pricing. Emmons said equities capture was net positive for the quarter, compared with inverted in the prior-year period. Futures segment net revenue declined to $5 million from $6 million, reflecting lower listings and interest revenues and decreased net transaction fees. International segment net revenue rose to $6 million from $1 million, due to the acquisition of TISE in June 2025. Emmons said the company is beginning to streamline sales and marketing processes across its international operations. MIAX ended the quarter with $551 million in cash and cash equivalents and less than $2 million in outstanding debt. Gallagher said the company’s capital allocation priorities remain focused on organic growth opportunities, the futures business, the Bloomberg product launch, technology and people, while remaining open to acquisitions that fit its strategy. The company also discussed the sale of MIAXdx, now called Rothera. Gallagher said MIAX completed the sale of 90% of the business in January to a joint venture established by Robinhood Markets in partnership with Susquehanna International Group. MIAX retains a 10% equity stake, which Gallagher said provides long-term optionality in the prediction markets space without tying up capital or resources. MIAX reaffirmed its full-year 2026 adjusted operating expense guidance of $265 million to $275 million. Emmons said expectations for the rest of the year include planned increases in marketing costs, including quoting incentives tied to the Bloomberg Index Futures products and spending for the company’s nationwide advertising campaign. The company also reiterated expectations for full-year share-based compensation expense of $27 million to $30 million and capital expenditures of $40 million to $45 million. Emmons said capital spending was somewhat front-loaded in the first quarter because the company locked in equipment purchases ahead of AI-driven price increases. Gallagher closed the call by saying the company remains focused on its technology, regulatory licenses, product range and customer relationships. He also acknowledged the recent death of board member Murray Stahl, saying Stahl had believed in the opportunity for a global exchange operator. Miami International (NYSE:MIAX) is a U.S. exchange holding company that operates electronic trading venues and provides market infrastructure for listed options and related products. Its primary business activities include operating regulated exchanges, delivering market data feeds, and offering trading technology and connectivity services designed for professional traders, broker-dealers, and market makers. The company focuses on low-latency execution, order matching, and the operational controls required to support high-volume, automated trading strategies in listed derivatives. Products and services provided by Miami International include fully electronic order matching engines, transmittable market data and feed products, colocation and connectivity solutions, and tools for risk management and regulatory compliance. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Miami International Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

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 PRINCETON, N.J. and MIAMI, May 6, 2026 /PRNewswire/ -- Miami International Holdings, Inc. (MIAX) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today 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%. Webcast and Conference Call MIAX will host a webcast and conference call to review its first quarter financial results today, May 6, 2026 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 (international dial-in 412-317-6060) or access the webcast on the Investor Relations section of MIAX's website at ir.miaxglobal.com. A webcast recording and corresponding presentation will be archived under Events & Presentations at the above link following the event. Non-GAAP Financial Information Adjusted earnings, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for share-based compensation, investment gain/loss, litigation costs, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, unrealized gain/loss on derivative assets, and non-GAAP tax adjustments. Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for interest expense and amortization of debt discount costs, interest income, income tax provision and depreciation and amortization, share-based compensation, investment gain/loss, litigation costs, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, and unrealized gain/loss on derivative assets. Adjusted EBITDA margin, a non-GAAP financial measure, is defined as adjusted EBITDA divided by revenues less cost of revenues. Adjusted EPS, a non-GAAP financial measure, is defined as adjusted earnings divided by diluted weighted average shares outstanding used for adjusted diluted earnings per share (which includes the impact of anti-dilutive securities on a GAAP basis). Certain components of the guidance given in this presentation with respect to our financial performance for the full year of 2026 are provided on a non-GAAP basis only without providing the most comparable guidance on a GAAP basis or a quantitative reconciliation to guidance provided on a GAAP basis. Information is presented in this manner because the preparation of such guidance on a GAAP basis and such reconciliation could not be accomplished without unreasonable efforts. The Company does not have access to certain information that would be necessary to provide such guidance on a GAAP basis or such reconciliation, including non-recurring items that are not indicative of the Company's ongoing operations. The Company does not believe that this information is likely to be significant to an assessment of the Company's ongoing operations. For a reconciliation of our non-GAAP results to our GAAP results, see the tables below. About MIAX Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX® operates eight exchanges across options, futures, equities and international markets including MIAX® Options, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures™, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant. To learn more about MIAX please visit www.miaxglobal.com. Disclaimer and Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expect," "anticipates," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise. All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law. Contacts: Investors John T. Williams [email protected] Media Andy Nybo [email protected] Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA The following table is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and adjusted EBITDA by segment ($000): Segment Operating Results The following sets forth our results of operations by segment ($000): The following summarizes revenues less cost of revenues, operating expenses, operating income (loss), adjusted EBITDA and adjusted EBITDA margin for our business segments ($000, except percentages): Reconciliations of GAAP Net Income (Loss) to Adjusted Earnings The following table is a reconciliation of net income (loss) allocated to common stockholders to adjusted earnings ($000): Earnings Per Share The following table sets forth the computation of diluted income (loss) and adjusted earnings per share ($000, except share and per share data): View original content to download multimedia:https://www.prnewswire.com/news-releases/miami-international-holdings-reports-first-quarter-2026-results-302764574.html