Miami | 8-K: FY2026 Q2 Revenue: USD 387.63 M

Revenue: As of FY2026 Q2, the actual value is USD 387.63 M.

EPS: As of FY2026 Q2, the actual value is USD 0.4, beating the estimate of USD 0.365.

EBIT: As of FY2026 Q2, the actual value is USD 28.83 M.

Overall Financial Performance (Second Quarter 2026 vs. Second Quarter 2025)

• Net revenue grew 35% to a record $141.1 million, up from $104.7 million in the prior-year period.
• Operating income was $27.8 million, compared to $27.3 million in the prior-year period.
• 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, up from $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.
• Adjusted EBITDA margin expanded by more than 700 basis points to 54%, up from 47% in the prior-year period.
• Total operating expenses were $113.3 million, compared to $77.4 million in the prior-year period, primarily due to a litigation settlement charge and planned investments in headcount and technology.
• Miami International Holdings, Inc. realized an income tax benefit of $15.4 million, driven by a discrete tax benefit of $22.4 million related to share-based compensation.

Liquidity (As of June 30, 2026)

• Cash and cash equivalents were $660.5 million.
• Total debt was $1.5 million.

Segment Revenue (Second Quarter 2026 vs. Second Quarter 2025)

• Options: Net revenue grew 34% to $124.4 million, compared to $92.8 million.
• Equities: Net revenue grew 27% to $5.5 million, compared to $4.4 million.
• Futures: Net revenue was $5.1 million, compared to $5.0 million.
• International: Net revenue was $5.7 million, compared to $2.3 million, primarily due to the acquisition of The International Stock Exchange Group Limited (TISE) in June 2025.
• Corporate/Other: Net revenue was $0.339 million, compared to $0.253 million.

Segment Operating Performance (Second Quarter 2026 vs. Second Quarter 2025)

• Options: Operating income increased 9.7% to $64.9 million, compared to $59.2 million.
• Options: Adjusted EBITDA grew 44.4% to $96.7 million, compared to $67.0 million.
• Equities: Operating loss was - $2.3 million, compared to an operating loss of - $3.1 million.
• Equities: Adjusted EBITDA was - $0.5 million, compared to - $0.9 million.
• Futures: Operating loss was - $12.7 million, compared to an operating loss of - $12.8 million.
• Futures: Adjusted EBITDA was - $9.5 million, compared to - $9.0 million.
• International: Operating income was $1.1 million, compared to an operating loss of - $1.2 million.
• International: Adjusted EBITDA was $2.0 million, compared to - $0.6 million.

Operational Metrics (Second Quarter 2026 vs. Second Quarter 2025)

• Options: Average daily volume (ADV) reached 11.0 million contracts, a 25.3% year-over-year increase.
• Options: Market share was 16.5%, compared to 16.7% in the prior year period.
• Options: Total Options revenue per contract (RPC) was $0.124, up from $0.117.
• U.S. Equities: Miami International Holdings, Inc.’s ADV was 186 million shares, a -4.6% decrease year-over-year.
• U.S. Equities: Market share was 0.9%, compared to 1.1%.
• U.S. Equities: Equities capture per 100 shares was - $0.001, compared to - $0.014.
• Futures (Agricultural): Total contracts were 803,350, a -28.6% year-over-year decrease.
• Futures (Agricultural): ADV was 12,957, a -28.6% year-over-year decrease.
• Futures (Agricultural): RPC was $2.262, up from $1.983.
• Futures (Financial): Financial products, launched on May 17, 2026, had total contracts of 238,483, ADV of 7,949, and RPC of - $1.766.
• International: Total listed securities at period end were 6,109, a 6.1% increase year-over-year.
• Miami International Holdings, Inc. successfully launched Tini™ B100 Index Futures, Tini B500 Index Futures, and B500 Index Futures during the quarter.

Outlook / Guidance (Full-Year 2026)

Miami International Holdings, Inc. updated its full-year 2026 expense guidance, now expecting adjusted operating expenses between $260 million and $270 million, which is a decrease from previous guidance. Share-based compensation expense is projected to be between $29 million and $32 million, an increase from prior guidance, while capital expenditures are expected to remain unchanged between $40 million and $45 million. Additionally, depreciation and amortization expense is projected to increase to a range of $35 million to $39 million.