Open the filing on EDGARMiami 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 PRINCETON, N.J. and MIAMI - August 5, 2026 - 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. August 5, 2026
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 TiniTM 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 EquitiesTM, 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 investor.relations@miaxglobal.com Media Andy Nybo media@miaxglobal.com
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 Statements of Operations (Unaudited) Three and Six Months Ended June 30, 2026 and 2025 ($000, except 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 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)
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 Change2026 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 % MI HA DV - 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 % MI HA DV (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 0 - % 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.