---
title: "16:10 ETMiami International Holdings Reports Second Quarter 2026 Results"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/295007438.md"
description: "Miami International Holdings reported record Q2 2026 results, with net revenue rising 35% YoY to $141.1 million and adjusted EBITDA increasing 57% to $76.8 million. Adjusted diluted EPS was $0.48. The company cited strong options business performance driven by market volatility and launched new index futures products. Operating expenses increased due to litigation settlements and growth investments."
datetime: "2026-08-05T20:11:41.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/295007438.md)
  - [en](https://longbridge.com/en/news/295007438.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/295007438.md)
generator: "portal-rs"
---

# 16:10 ETMiami International Holdings Reports Second Quarter 2026 Results

-   *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*

, /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.

**Summary of Selected Unaudited Condensed Consolidated Financial Results**

($000, except per share amounts and percentages)

**Consolidated Second Quarter Results**

**2Q26**

June 30, 2026

**2Q25**

June 30, 2025

**Change**

Total revenues less cost of revenues ("Net revenue")

$ 141,113

$ 104,662

35 %

Operating income

$ 27,797

$ 27,291

2 %

Net income attributable to MIH stockholders

$ 44,208

$ 23,527

88 %

Diluted EPS

$ 0.40

$ 0.30

33 %

Adjusted earnings\*

$ 53,272

$ 37,760

41 %

Adjusted diluted EPS\*

$ 0.48

$ 0.48

— %

EBITDA

$ 32,350

$ 35,077

(8) %

Adjusted EBITDA\*

$ 76,778

$ 49,059

57 %

Adjusted EBITDA margin %\*

54 %

47 %

16 %

\* Reconciliation of non-GAAP results is included in the tables below. See "Non-GAAP Financial Information" below.

**Segment Results**

($000)

**Net Revenue by Business Segment** 

**2Q26**

June 30, 2026

**2Q25**

June 30, 2025

**Change** 

Options

$ 124,394

$ 92,765

34 %

Equities

5,542

4,363

27 %

Futures

5,094

4,990

2 %

International

5,744

2,291

151 %

Corporate/Other

339

253

34 %

**Total**

**$ 141,113**

**$ 104,662**

35 %

***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:**

**Investors**  
John T. Williams  
\[email protected\]

**Media**  
Andy Nybo  
\[email protected\]

**Miami International Holdings, Inc. and Subsidiaries**  
**Condensed Consolidated Statements of Operations (Unaudited)**  
**Three and Six Months Ended June 30, 2026 and 2025**  
($000, except share amounts)

**Three Months Ended June 30,**

**Six Months Ended June 30,**

**2026**

**2025**

**2026**

**2025**

Revenues:

Transaction and clearing fees

$ 331,884

$ 286,139

$ 647,294

$ 575,443

Access fees

34,941

26,106

68,298

50,189

Market data fees

12,206

10,253

25,161

19,895

Other revenue

8,598

5,286

16,566

9,334

Total revenues

387,629

327,784

757,319

654,861

Cost of revenues:

Liquidity payments

206,633

195,651

430,159

389,697

Brokerage, clearing, and exchange fees

15,360

14,481

31,637

30,935

Section 31 fees

22,976

11,815

22,976

35,225

Other cost of revenues

1,547

1,175

2,841

2,458

Total cost of revenues

246,516

223,122

487,613

458,315

Revenues less cost of revenues

141,113

104,662

269,706

196,546

Operating expenses:

Compensation and benefits

40,966

40,210

85,356

77,981

Information technology and communication costs

10,202

8,851

19,685

16,399

Depreciation and amortization

8,778

6,938

16,866

13,108

Occupancy costs

2,977

3,002

6,220

5,450

Professional fees and outside services

11,448

10,095

22,855

19,352

Marketing and business development

3,176

555

4,160

1,318

Acquisition-related costs

—

2,247

—

2,901

Litigation settlement

30,000

—

30,000

—

General, administrative, and other

5,769

5,473

10,799

10,453

Total operating expenses

113,316

77,371

195,941

146,962

Operating income

27,797

27,291

73,765

49,584

Non-operating (expense) income:

Change in fair value of puttable common stock

—

(1,688)

—

(1,891)

Change in fair value of puttable warrants issued with debt

—

(1,486)

—

(917)

Interest income

5,254

1,418

9,640

2,713

Interest expense and amortization of debt issuance costs

(44)

(4,902)

(89)

(9,332)

Loss on sale of intangible asset

—

(2,054)

—

(2,054)

Unrealized loss on derivative and digital assets

(337)

(4,605)

(2,878)

(47,018)

Gain on sale of business

23

—

50,570

—

Other, net

(3,911)

10,681

(2,179)

12,360

Income before income tax provision

28,782

24,655

128,829

3,445

Income tax benefit (expense)

15,426

(1,128)

85,603

(1,338)

Net income attributable to Miami International Holdings, Inc

$ 44,208

$ 23,527

$ 214,432

$ 2,107

Weighted-average shares of common stock outstanding

Basic

95,305,096

64,942,755

93,559,319

64,249,928

Diluted

110,713,513

78,458,195

109,943,953

77,952,959

Net income per share attributable to common stock

Basic

$ 0.46

$ 0.36

$ 2.29

$ 0.03

Diluted

$ 0.40

$ 0.30

$ 1.95

$ 0.03

**Miami International Holdings, Inc. and Subsidiaries**  
**Condensed Consolidated Balance Sheets (Unaudited)**  
**June 30, 2026 and December 31, 2025**  
($000, except share and per share amounts)

**June 30,  
2026**

**December 31,  
2025**

**Assets**

Current assets:

Cash and cash equivalents

$ 660,462

$ 433,648

Cash and securities segregated under federal and other regulations

26,894

27,618

Accounts receivable, net

119,864

98,107

Restricted cash

13,654

6,005

Clearing house performance bonds and guarantee funds

103,279

70,078

Receivables from broker-dealers, futures commission merchants, and clearing  
organizations

138,329

133,533

Current portion of derivative assets

3,819

6,017

Other current assets

36,248

39,232

Assets held for sale

—

40,976

Total current assets

1,102,549

855,214

Investments

28,850

19,180

Fixed assets, net

64,149

46,854

Internally developed software, net

36,401

36,333

Goodwill

61,942

62,211

Other intangible assets, net

169,019

170,774

Deferred tax asset, net

74,404

—

Derivative assets, net of current portion

—

5,114

Other assets, net

63,073

63,745

Total assets

$ 1,600,387

$ 1,259,425

**Liabilities and Stockholders' Equity**

Current liabilities:

Accounts payable and other liabilities

$ 135,917

$ 69,780

Accrued compensation payable

27,115

39,412

Current portion of long-term debt

1,514

1,508

Deferred transaction revenues

9,207

9,572

Clearing house performance bonds and guarantee funds

102,779

69,578

Payables to customers

140,923

144,641

Payables to clearing organizations

5,716

11

Liabilities held for sale

—

2,758

Total current liabilities

423,171

337,260

Deferred income taxes

10,863

22,386

Other non-current liabilities

16,052

18,762

Total liabilities

450,086

378,408

Commitments and contingencies

—

—

Stockholders' equity:

Common stock - voting and nonvoting, par value $0.001 (600,000,000 authorized  
(400,000,000 voting, 200,000,000 nonvoting); 99,213,601 issued and 98,610,560  
outstanding common stock at June 30, 2026 and 85,890,086 issued and 85,536,287  
outstanding common stock at December 31, 2025

99

86

Common stock in treasury, at cost, 603,041 shares at June 30, 2026 and 353,799  
shares at December 31, 2025

(18,296)

(8,232)

Additional paid-in capital

1,588,634

1,522,143

Accumulated deficit

(417,907)

(632,339)

Accumulated other comprehensive loss, net

(2,229)

(641)

Total stockholders' equity

1,150,301

881,017

Total liabilities and stockholders' equity

$ 1,600,387

$ 1,259,425

**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):

**Three Months Ended June 30, 2026**

**Options**

**Equities**

**Futures**

**International**

**Corporate /  
Other**

**Total**

Net income (loss) allocated to common stockholders

$ 65,047

$ (2,336)

$ (15,744)

$ 879

$ (3,638)

$ 44,208

Interest expense and amortization of debt issuance costs

—

—

—

—

44

44

Interest income

(114)

—

(151)

(186)

(4,803)

(5,254)

Income tax (benefit) expense

—

—

—

64

(15,490)

(15,426)

Depreciation and amortization

4,494

1,306

1,800

551

627

8,778

EBITDA

69,427

(1,030)

(14,095)

1,308

(23,260)

32,350

Share-based compensation(1)

2,545

540

1,303

338

2,361

7,087

Investment loss(2)

—

—

3,279

—

731

4,010

Litigation costs and settlement(3)

24,763

—

—

—

8,254

33,017

Unrealized loss on derivative and digital assets(4)

—

—

—

337

—

337

Gain on sale of business(5)

—

—

—

—

(23)

(23)

Adjusted EBITDA

$ 96,735

$ (490)

$ (9,513)

$ 1,983

$ (11,937)

76,778

(1)

Share-based compensation represents expenses associated with stock options of $2.8 million, restricted stock awards of $2.4 million, restricted stock units of $1.8 million, and warrants of less than $0.1 million that have been granted to employees, directors and service providers. The 2026 expense of $7.1 million is made up of $5.2 million to employees within compensation and benefits, $0.2 million to service providers within professional fees and outside services, and $1.6 million to directors within general, administrative, and other.

(2)

Investment loss of $4.0 million represents an unrealized loss on marketable equity securities.

(3)

Litigation costs and settlement are associated with litigation related to the Nasdaq matter.

(4)

Reflects the aggregate unrealized loss resulting from the mark-to-market valuation of digital assets related to unlocked Pyth tokens and derivative assets related to the 125 million Pyth tokens that remain locked by the Pyth Network as of June 30, 2026.

(5)

Represents an adjustment to the gain on the sale of MIAXdx in January 2026.

**Three Months Ended June 30, 2025**

**Options**

**Equities**

**Futures**

**International**

**Corporate /  
Other**

**Total**

Net income (loss) allocated to common stockholders

$ 59,529

$ (3,105)

$ (12,023)

$ (7,928)

$ (12,946)

$ 23,527

Interest expense and amortization of debt issuance costs

—

—

35

—

4,867

4,902

Interest income

(336)

—

(196)

(20)

(866)

(1,418)

Income tax expense

—

—

—

77

1,051

1,128

Depreciation and amortization

3,405

1,553

984

446

550

6,938

EBITDA

62,598

(1,552)

(11,200)

(7,425)

(7,344)

35,077

Share-based compensation(1)

3,781

642

2,703

150

2,148

9,424

Investment gain(2)

—

—

(454)

—

(8,650)

(9,104)

Litigation costs(3)

632

—

—

—

211

843

Acquisition-related costs(4)

—

—

—

—

2,247

2,247

Change in fair value of puttable warrants issued with debt(5)

—

—

—

—

1,486

1,486

Change in fair value of puttable common stock(6)

—

—

—

—

1,688

1,688

Loss on intangible asset(7)

—

—

—

2,054

—

2,054

Impairment charges(8)

—

—

—

—

739

739

Unrealized loss on derivative and digital assets(9)

—

—

—

4,605

—

4,605

Adjusted EBITDA

$ 67,011

$ (910)

$ (8,951)

$ (616)

$ (7,475)

$ 49,059

(1)

Share-based compensation represents expenses associated with stock options of $3.0 million, restricted stock awards of $6.2 million and warrants of $0.3 million that have been granted to employees, directors and service providers. The 2025 expense of $9.4 million is made up of $8.3 million to employees within compensation and benefits, $0.6 million to service providers within professional fees and outside services, and $0.5 million to directors within general, administrative, and other.

(2)

Investment gain of $9.1 million represents an unrealized gain of $8.6 million from the TISE acquisition, and $0.5 million of unrealized gain on available for sale marketable securities.

(3)

Litigation costs are associated with litigation related to the Nasdaq matter.

(4)

Relates to the TISE acquisition.

(5)

The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 Senior Secured Term Loan. The right to put warrants terminated upon completion of the IPO in August 2025.

(6)

The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with the company's ERPs I and II that had an associated put right which required the company to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025.

(7)

Represents the realized loss on the second tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2025 by the Pyth Network and sold by BSX during the second quarter of 2025.

(8)

Impairment charges of $0.7 million related to owned land and building impairments.

(9)

Reflects the unrealized loss resulting from the mark-to-market valuation of the 250 million Pyth tokens that remain locked by the Pyth Network as of June 30, 2025.

**Segment Operating Results**

The following sets forth our results of operations by segment ($000):

**Three Months Ended June 30, 2026**

**Options**

**Equities**

**Futures**

**International**

**Corporate /  
Other**

**Total**

Revenues:

Transaction and clearing fees

$ 276,641

$ 34,957

$ 20,221

$ 65

$ —

$ 331,884

Access fees

30,756

3,797

406

39

(57)

34,941

Market data fees

8,996

1,825

1,312

80

(7)

12,206

Other revenue

101

—

2,623

5,560

314

8,598

Total revenues

316,494

40,579

24,562

5,744

250

387,629

Cost of revenues:

Liquidity payments

174,153

28,336

4,144

—

—

206,633

Brokerage, clearing, and exchange fees

1,454

218

13,688

—

—

15,360

Section 31 fees

16,493

6,483

—

—

—

22,976

Other cost of revenues(1)

—

—

1,636

—

(89)

1,547

Total cost of revenues

192,100

35,037

19,468

—

(89)

246,516

Revenues less cost of revenues

124,394

5,542

5,094

5,744

339

141,113

Operating expenses:

Compensation and benefits

18,945

3,915

9,701

2,297

6,108

40,966

Information technology and communication costs

4,597

1,656

3,041

620

288

10,202

Depreciation and amortization

4,494

1,306

1,800

551

627

8,778

Occupancy costs

1,514

199

463

285

516

2,977

Professional fees and outside services

4,860

327

256

308

5,697

11,448

Marketing and business development

622

117

1,636

136

665

3,176

Litigation settlement

22,500

—

—

—

7,500

30,000

General, administrative, and other

1,928

358

887

453

2,143

5,769

Total operating expenses

59,460

7,878

17,784

4,650

23,544

113,316

Operating income / (loss)

64,934

(2,336)

(12,690)

1,094

(23,205)

27,797

Non-operating (expense) income:

Interest income

114

—

151

186

4,803

5,254

Interest expense and amortization of debt  
issuance costs

—

—

—

—

(44)

(44)

Unrealized loss on derivative and digital assets

—

—

—

(337)

—

(337)

Gain on sale of business

—

—

—

—

23

23

Other, net

(1)

—

(3,205)

—

(705)

(3,911)

Income (loss) before income tax provision

65,047

(2,336)

(15,744)

943

(19,128)

28,782

Income tax benefit (expense)

—

—

—

(64)

15,490

15,426

Net income (loss) attributable to Miami International  
 Holdings, Inc

$ 65,047

$ (2,336)

$ (15,744)

$ 879

$ (3,638)

$ 44,208

(1)

Futures segment includes $0.4 million related to access fees, $0.4 million related to market data fees, and $0.8 million related to other revenue. Corporate / Other segment includes $(0.1) million related to other revenue.

**Three Months Ended June 30, 2025**

**Options**

**Equities**

**Futures**

**International**

**Corporate /  
Other**

**Total**

Revenues:

Transaction and clearing fees

$ 232,412

$ 34,339

$ 19,311

$ 77

$ —

$ 286,139

Access fees

22,208

3,674

239

42

(57)

26,106

Market data fees

6,878

2,351

951

80

(7)

10,253

Other revenue

261

—

2,616

2,092

317

5,286

Total revenues

261,759

40,364

23,117

2,291

253

327,784

Cost of revenues:

Liquidity payments

161,039

30,855

3,757

—

—

195,651

Brokerage, clearing, and exchange fees

1,000

286

13,195

—

—

14,481

Section 31 fees

6,955

4,860

—

—

—

11,815

Other cost of revenues(1)

—

—

1,175

—

—

1,175

Total cost of revenues

168,994

36,001

18,127

—

—

223,122

Revenues less cost of revenues

92,765

4,363

4,990

2,291

253

104,662

Operating expenses:

Compensation and benefits

18,409

3,213

11,834

1,495

5,259

40,210

Information technology and communication costs

3,799

1,737

2,513

555

247

8,851

Depreciation and amortization

3,405

1,553

984

446

550

6,938

Occupancy costs

1,444

167

577

271

543

3,002

Professional fees and outside services

4,185

490

719

390

4,311

10,095

Marketing and business development

109

27

224

72

123

555

Acquisition-related costs

—

—

—

—

2,247

2,247

General, administrative, and other

2,221

281

952

212

1,807

5,473

Total operating expenses

33,572

7,468

17,803

3,441

15,087

77,371

Operating income / (loss)

59,193

(3,105)

(12,813)

(1,150)

(14,834)

27,291

Non-operating (expense) income:

Change in fair value of puttable warrants issued  
with debt

—

—

—

—

(1,486)

(1,486)

Change in fair value of puttable common stock

—

—

—

—

(1,688)

(1,688)

Interest income

336

—

196

20

866

1,418

Interest expense and amortization of debt  
issuance costs

—

—

(35)

—

(4,867)

(4,902)

Loss on intangible asset

—

—

—

(2,054)

—

(2,054)

Unrealized loss on derivative and digital assets

—

—

—

(4,605)

—

(4,605)

Other, net

—

—

629

(62)

10,114

10,681

Income (loss) before income tax provision

59,529

(3,105)

(12,023)

(7,851)

(11,895)

24,655

Income tax expense

—

—

—

(77)

(1,051)

(1,128)

Net income (loss) attributable to Miami International  
 Holdings, Inc

$ 59,529

$ (3,105)

$ (12,023)

$ (7,928)

$ (12,946)

$ 23,527

(1)

Includes $0.4 million related to access fees, $0.2 million related to market data fees, and $0.6 million related to other revenue.

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):

**Options**

**Equities**

**Three Months Ended**

**Three Months Ended**

**June 30,**

**Percent**

**June 30,**

**Percent**

**2026**

**2025**

**Change**

**2026**

**2025**

**Change**

Revenues less cost of revenues

$ 124,394

$ 92,765

34.1 %

$ 5,542

$ 4,363

27.0 %

Operating expenses

59,460

33,572

77.1 %

7,878

7,468

5.5 %

Operating income (loss)

$ 64,934

$ 59,193

9.7 %

$ (2,336)

$ (3,105)

\*

Adjusted EBITDA(1)

$ 96,735

$ 67,011

44.4 %

$ (490)

$ (910)

\*

Adjusted EBITDA margin(2)

77.8 %

72.2 %

\*

\*

**Futures**

**International**

**Three Months Ended**

**Three Months Ended**

**June 30,**

**Percent**

**June 30,**

**Percent**

**2026**

**2025**

**Change**

**2026**

**2025**

**Change**

Revenues less cost of revenues

$ 5,094

$ 4,990

2.1 %

$ 5,744

$ 2,291

150.7 %

Operating expenses

17,784

17,803

(0.1) %

4,650

3,441

35.1 %

Operating income (loss)

$ (12,690)

$ (12,813)

\*

$ 1,094

$ (1,150)

\*

Adjusted EBITDA(1)

$ (9,513)

$ (8,951)

\*

$ 1,983

$ (616)

\*

Adjusted EBITDA margin(2)

\*

\*

34.5 %

\*

\* Not meaningful

(1)

See Reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA above.

(2)

Adjusted EBITDA margin represents adjusted EBITDA divided by revenues less cost of revenues.

**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):

**Three Months Ended**

**Six Months Ended**

**June 30,**

**June 30,**

**2026**

**2025**

**2026**

**2025**

**Net income allocated to common stockholders**

**$ 44,208**

**$ 23,527**

**$ 214,432**

**$ 2,107**

Share-based compensation(1)

7,087

9,424

15,963

18,909

Investment (gain) loss(2)

4,010

(9,104)

2,640

(10,559)

Litigation costs and settlement(3)

33,017

843

35,785

1,876

Impairment charges(4)

—

739

—

739

Acquisition-related costs(5)

—

2,247

—

2,901

Change in fair value of puttable warrants issued with debt(6)

—

1,486

—

917

Change in fair value of puttable common stock(7)

—

1,688

—

1,891

Loss on intangible asset(8)

—

2,054

—

2,054

Unrealized loss on derivative and digital assets(9)

337

4,605

2,878

47,018

Gain on sale of business(10)

(23)

—

(50,570)

—

**Total non-GAAP pre-tax adjustments**

**44,428**

**13,982**

**6,696**

**65,746**

Income tax (expense) benefit related to items above(11)

(11,143)

251

1,395

(67)

One-off discrete tax adjustments(12):

Release of valuation allowance as of January 1, 2026

—

—

(109,161)

—

Deferred tax re-measurements

(327)

—

15,806

—

Other(13)

(23,894)

—

(30,554)

—

**Total non-GAAP tax adjustments**

**(35,364)**

**251**

**(122,514)**

**(67)**

**Adjusted earnings**

**$ 53,272**

**$ 37,760**

**$ 98,614**

**$ 67,786**

(1)

Share-based compensation represents expenses associated with stock options, restricted stock awards, restricted stock units, and warrants that have been granted to employees, directors and service providers.

(2)

2026 represents the unrealized loss on marketable equity securities. 2025 investment gain of $10.6 million represents unrealized gain of $8.6 million from the TISE acquisition, and $1.9 million of unrealized gain on available for sale marketable securities

(3)

Litigation costs and settlement are associated with litigation related to the Nasdaq matter.

(4)

Impairment charges of $0.7 million related to owned land and building impairments.

(5)

Relates to the TISE acquisition.

(6)

The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 Senior Secured Term Loan. The right to put warrants terminated upon completion of the IPO in August 2025.

(7)

The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with the company's ERPs I and II that had an associated put right which required the company to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025.

(8)

Represents the realized loss on the second tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2025 by the Pyth Network and sold by BSX during the second quarter of 2025.

(9)

Reflects the aggregate unrealized loss resulting from the mark-to-market valuation of digital assets related to unlocked Pyth tokens and derivative assets related to Pyth tokens that remain locked by the Pyth Network as of each balance sheet date.

(10)

Represents the gain on the sale of MIAXdx in January 2026.

(11)

The income tax effect of the adjustments takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s).

(12)

Removes from Adjusted earnings any one-off discrete tax adjustments that are unrelated to our core operating performance.

(13)

Primarily relates to the removal of the permanent tax benefit for the excess tax deduction on share based compensation compared to the book expense.

**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):

**Three Months Ended**

**June 30,**

**2026**

**2025**

Net income attributable to MIH

$ 44,208

$ 23,527

Add: convertible debt interest expense, net of tax

—

118

Adjusted net income attributable to MIH

$ 44,208

$ 23,645

Diluted weighted-average common shares outstanding

110,713,513

78,458,195

Diluted net income per share

$ 0.40

$ 0.30

Adjusted earnings

$ 53,272

$ 37,760

Diluted weighted average shares outstanding used for  
adjusted diluted earnings per share

110,713,513

78,458,195

Adjusted diluted earnings per share

$ 0.48

$ 0.48

**Key Business Metrics**  
**Three and Six Months Ended June 30, 2026 and 2025**

**Three Months Ended  
June 30,**

**Increase/  
(Decrease)**

**Percent  
Change**

**Six Months Ended  
June 30,**

**Increase/  
(Decrease)**

**Percent  
Change**

**2026**

**2025**

**2026**

**2025**

**Options:**

Number of trading days

62

62

—

— %

123

122

1

0.8 %

Total contracts:

Market contracts – Equity and ETF (in thousands)

4,123,929

3,252,039

871,890

26.8 %

7,945,384

6,468,272

1,477,112

22.8 %

MIH contracts – Equity and ETF (in thousands)

681,330

543,556

137,774

25.3 %

1,344,069

1,058,459

285,610

27.0 %

Average daily volume ("ADV") (defined below)(1)

Market ADV – Equity and ETF (in thousands)(1)

66,515

52,452

14,063

26.8 %

64,597

53,019

11,578

21.8 %

MIH ADV – Equity and ETF (in thousands)(1)

10,989

8,767

2,222

25.3 %

10,927

8,676

2,251

25.9 %

MIH market share

16.5 %

16.7 %

(0.2) pts

(1.2) %

16.9 %

16.4 %

0.5 pts

3.0 %

Total Options revenue per contract ("RPC")(2)

$0.124

$0.117

$0.007

6.0 %

$0.117

$0.112

$0.005

4.5 %

**U.S. Equities:**

Number of trading days

62

62

—

— %

123

122

1

0.8 %

Total shares:

Market shares (in millions)

1,253,109

1,139,907

113,202

9.9 %

2,472,166

2,081,595

390,571

18.8 %

MIH shares (in millions)

11,522

12,093

(571)

(4.7) %

22,308

22,651

(343)

(1.5) %

ADV(1):

Market ADV (in millions)(1)

20,211

18,386

1,825

9.9 %

20,099

17,062

3,037

17.8 %

MIH ADV (in millions)(1)

186

195

(9)

(4.6) %

181

186

(5)

(2.7) %

MIH market share

0.9 %

1.1 %

(0.2) pts

(18.2) %

0.9 %

1.1 %

(0.2) pts

(18.2) %

Equities capture (per 100 shares) (defined below)(3)

$(0.001)

$(0.014)

$0.013

\*

$0.002

$(0.017)

$0.019

\*

**Futures:**

Agricultural:

Number of trading days

62

62

—

— %

123

123

—

— %

Agricultural products total contracts

803,350

1,124,791

(321,441)

(28.6) %

1,463,136

2,222,907

(759,771)

(34.2) %

Agricultural products ADV(1)

12,957

18,142

(5,185)

(28.6) %

11,895

18,072

(6,177)

(34.2) %

Agricultural products RPC(2)

$2.262

$1.983

$0.279

14.1 %

$2.136

$2.202

$(0.066)

(3.0) %

Financial:

Number of trading days from launch(4)

30

na

na

na

30

na

na

na

Financial products total contracts

238,483

na

 na

na

238,483

na

 na

na

Financial products ADV(4)

7,949

na

 na

na

7,949

na

 na

na

Financial; products RPC(2)

$(1.766)

 na

 na

na

$(1.766)

 na

 na

na

**International:**

Total listed securities (period end)

6,109

5,757

352

6.1 %

6,109

5,757

352

6.1 %

\* Percentage calculation is not meaningful.

(1)

ADV is calculated as total contracts or shares for the period divided by total trading days for the period.

(2)

RPC represents transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees and Section 31 fees (Net Transaction Fees), divided by total contracts traded during the period.

(3)

Equities capture per one hundred shares refers to net transaction fees, divided by one-hundredth of total shares.

(4)

Financial futures launched on May 17 (trade date May 18). Accordingly, ADV is calculated as total contracts for the period divided by total trading days for the period beginning on May 18.

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**