Open the filing on EDGARMiami International Holdings Reports Third Quarter 2026 Results
- Q3 Net revenue of $131 million (+20% YoY)
- Q3 GAAP diluted EPS of $0.47; Adjusted diluted EPS of $0.45
- Q3 Adjusted EBITDA of $71 million (+47% YoY); Adjusted EBITDA margin of 54% (+>1,000 bps YoY)
- Updates full-year 2026 expense guidance PRINCETON, N.J. and MIAMI - October 29, 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 third quarter of 2026. MIAX delivered strong financial results in Q3 2026. Total net revenue grew 20% year-over-year to $131.0 million, adjusted EBITDA increased 47% to $70.8 million, and adjusted EBITDA margin was 54%. Adjusted diluted earnings per share was $0.45. The company’s options business posted a 15% year-over-year increase in average daily volume to 11.1 million contracts. “MIAX’s lean, high-margin operating model enabled us to deliver strong revenue growth and margin expansion in the third quarter,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. “Net revenue grew 20% year-over-year and options market share increased to 17.4%. Adjusted expenses came in below last year’s level and adjusted EBITDA margin expanded by more than 1,000 basis points.” Mr. Gallagher added: “Our next growth phase is underway, with Bloomberg index futures now available on NinjaTrader and four fertilizer futures contracts recently launched in response to clear member interest. With a strong balance sheet and the technology, licenses and customer relationships to compete in a fast-changing market, MIAX remains well-positioned to deliver long-term value for our shareholders.” Third Quarter 2026 Highlights All figures are compared to the third quarter of 2025 unless otherwise stated.
- Net revenue, defined as revenues less cost of revenues, grew 20%, or $21.5 million, to $131.0 million, compared to $109.5 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 $83.8 million, compared to $109.8 million in the prior-year period. The decrease was primarily due to initial public offering (IPO) related expense in 2025.
- Total adjusted operating expenses of $60.3 million decreased 2% compared to the prior-year period.
- Operating income was $47.2 million, compared to an operating loss of $0.3 million in the prior-year period.
- GAAP net income was $52.5 million, compared to a net loss of $102.1 million in the prior-year period.
- Adjusted earnings increased 25% to $50.1 million, compared to $39.9 million in the prior-year period.
- Adjusted EBITDA increased 47% to $70.8 million, compared to $48.0 million in the prior-year period, driven primarily by strong growth in net revenues.
- Adjusted EBITDA margin expanded to 54% from 44% in the prior-year period.
- Diluted EPS of $0.47 compared to $(1.46) in the prior-year period.
- Adjusted diluted EPS of $0.45 compared to $0.42 in the prior-year period. October 29, 2026
Third Quarter 2026 Business Updates
- MIAX options exchanges reached average daily volume of 11.1 million contracts in the third quarter of 2026, a 15.2% year-over-year (YoY) increase.
- MIAX options exchanges achieved market share of 17.4% in the third quarter of 2026, compared to 17.2% in the prior year period.
- MIAX options exchange revenue per contract declined 4.9% YoY to $0.098. Summary of Selected Unaudited Condensed Consolidated Financial Results ($000, except per share amounts and percentages) Consolidated Third Quarter Results 3Q26 September 30, 2026 3Q25 September 30, 2025 Change Total revenues less cost of revenues ("Net revenue") $ 131,009 $ 109,483 20 % Operating income (loss) $ 47,204 $ (305) * Net income (loss) attributable to MIH stockholders $ 52,472 $ (102,080) * Diluted EPS $ 0.47 $ (1.46) * Adjusted earnings** $ 50,056 $ 39,947 25 % Adjusted diluted EPS** $ 0.45 $ 0.42 7 % EBITDA** $ 67,635 $ (93,941) * Adjusted EBITDA** $ 70,809 $ 48,019 47 % Adjusted EBITDA margin %*** 54 % 44 % 23 % * Not meaningful ** Reconciliation of non-GAAP results is included in the tables below. See “Non-GAAP Financial Information” below. *** Adjusted EBITDA margin represents adjusted EBITDA divided by net revenue. Segment Results ($000) Net Revenue by Business Segment 3Q26 September 30, 2026 3Q25 September 30, 2025 Change Options $ 112,586 $ 94,499 19 % Equities 6,660 4,352 53 % Futures 4,978 4,786 4 % International 6,139 5,533 11 % Corporate/Other 646 313 106 % Total $ 131,009 $ 109,483 20 % Options
- Net revenue grew 19% to $112.6 million, compared to $94.5 million in the prior-year period. Growth was primarily driven by both net transaction fees and non-transaction fees. Net transaction fees increased due to higher industry volume, and higher market share, partially offset by lower revenue per contract (RPC). Higher non-transaction fees were primarily driven by increased member connections, and 2026 fee increases.
- Operating income increased 44% to $73.9 million, compared to $51.4 million in the prior year period. Growth was primarily due to higher net revenues, and lower expenses as the prior-year period included accelerated share-based compensation expenses.
- Adjusted EBITDA grew 25% to $86.5 million, compared to $69.1 million in the prior-year period. Equities
- Net revenue grew 53% to $6.7 million, compared to $4.4 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved capture.
- Operating loss of $2.9 million in the third quarter, compared to an operating loss of $4.9 million in the prior-year period. Growth was primarily due to higher net revenues.
- Adjusted EBITDA of $1.0 million, compared to ($0.9) million in the prior-year period. Futures
- Net revenue was $5.0 million, compared to $4.8 million in the prior-year period. Net transaction fees were relatively flat as increases in agricultural future revenues were offset by inverted financial futures revenue.
- Operating loss was $12.2 million, compared to an operating loss of $18.5 million in the prior year period. Growth was primarily due to lower expenses as the prior-year period included accelerated share-based compensation expenses.
- Adjusted EBITDA of ($8.4) million, compared to ($9.6) million in the prior-year period. International
- Net revenue was $6.1 million, compared to $5.5 million in the prior-year period. The increase was primarily due to increased total listed securities by The International Stock Exchange Group Limited (TISE).
- Operating income was $1.3 million, compared to $0.8 million in the prior-year period. The increase was primarily due to increased net revenue.
- Adjusted EBITDA of $2.3 million, compared to $1.7 million in the prior-year period. Capital and Liquidity
- As of September 30, 2026, MIAX had cash and cash equivalents of $698.9 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, litigation and litigation settlement expenses, and provision for notes receivable in a range between $254 million and $257 million, down from previous guidance of between $260 million and $270 million;
- Share-based compensation expense in a range between $30 million and $32 million, compared to previous guidance of between $29 million and $32 million;
- Capital expenditures, including capitalization of internally developed software, in a range between $43 million and $46 million, compared to previous guidance of between $40 million and $45 million;
- Depreciation and amortization expense in a range between $36 million and $38 million, compared to previous guidance of between $35 million and $39 million;
- Adjusted effective tax rate post valuation allowance release in a range between 26% and 28%, compared to previous guidance of between 27% and 29%.
Webcast and Conference Call MIAX will host a webcast and conference call to review its third quarter financial results today, October 29, 2026 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 (International dial-in 412-317-6060) or access the webcast on the Investor Relations section of MIAX’s website at ir.miaxglobal.com.
A webcast recording and corresponding presentation will be archived under Events & Presentations at the above link following the event. Non-GAAP Financial Information Adjusted earnings, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for share-based compensation, investment gain/loss, litigation costs 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 gain/loss on derivative and digital assets, loss on sale of intangible asset, impairment charges, warrant modifications, one time IPO payments, loss on extinguishment of debt, provision for notes receivable, and non-GAAP tax adjustments. Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for interest expense and amortization of debt discount costs, interest income, income tax provision and depreciation and amortization, share-based compensation, investment gain/loss, litigation costs 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 gain/loss on derivative and digital assets, loss on sale of intangible asset, impairment charges, warrant modifications, one time IPO payments, loss on extinguishment of debt, and provision for notes receivable.
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 September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues: Transaction and clearing fees ........................................................... $ 316,420 $ 292,814 $ 963,714 $ 868,257 Access fees .......................................................................................... 36,949 27,096 105,247 77,285 Market data fees ................................................................................. 13,877 10,730 39,038 30,625 Other revenue ...................................................................................... 8,937 9,138 25,503 18,472 Total revenues ............................................................................... 376,183 339,778 1,133,502 994,639 Cost of revenues: Liquidity payments .............................................................................. 206,313 217,286 636,472 606,983 Brokerage, clearing, and exchange fees ......................................... 14,212 11,612 45,849 42,547 Section 31 fees .................................................................................... 23,028 - 46,004 35,225 Other cost of revenues ....................................................................... 1,621 1,397 4,462 3,855 Total cost of revenues .................................................................. 245,174 230,295 732,787 688,610 Revenues less cost of revenues ................................................ 131,009 109,483 400,715 306,029 Operating expenses: Compensation and benefits ............................................................... 40,286 68,753 125,642 146,734 Information technology and communication costs ......................... 9,601 9,290 29,286 25,689 Depreciation and amortization .......................................................... 9,453 8,229 26,319 21,337 Occupancy costs ................................................................................. 2,938 3,568 9,158 9,018 Professional fees and outside services ........................................... 15,386 10,807 38,241 30,159 Marketing and business development ............................................. 1,249 759 5,409 2,077 Acquisition-related costs .................................................................... - - - 2,901 Litigation settlement ............................................................................ - - 30,000 - General, administrative, and other ................................................... 4,892 8,382 15,691 18,835 Total operating expenses ............................................................ 83,805 109,788 279,746 256,750 Operating income (loss) 47,204 (305) 120,969 49,279 Non-operating (expense) income: Change in fair value of puttable common stock ............................. - (338) - (2,229) Change in fair value of puttable warrants issued with debt .......... - (255) - (1,172) Interest income .................................................................................... 5,941 2,658 15,581 5,371 Interest expense and amortization of debt issuance costs .......... (42) (3,378) (131) (12,710) Loss on sale of intangible asset ........................................................ - - - (2,054) Unrealized gain (loss) on derivative and digital assets ................. 9,797 7,979 6,919 (39,039) Loss on debt extinguishment ............................................................ - (107,656) - (107,656) Gain on sale of business .................................................................... - - 50,570 - Other, net .............................................................................................. 1,181 (1,595) (998) 10,765 Income (loss) before income tax provision 64,081 (102,890) 192,910 (99,445) Income tax benefit (expense) ............................................................ (11,609) 810 73,994 (528) Net income (loss) attributable to Miami International Holdings, Inc. $ 52,472 $ (102,080) $ 266,904 $ (99,973) Weighted-average shares of common stock outstanding Basic ..................................................................................................... 99,113,041 70,128,197 95,430,903 66,168,315 Diluted ................................................................................................... 110,799,280 70,128,197 110,249,406 66,168,315 Net income (loss) per share attributable to common stock Basic ..................................................................................................... $ 0.53 $ (1.46) $ 2.80 $ (1.51) Diluted ................................................................................................... $ 0.47 $ (1.46) $ 2.42 $ (1.51) Miami International Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) Three and Nine Months Ended September 30, 2026 and 2025 ($000, except share amounts)
September 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents ............................................................................................................ $ 698,854 $ 433,648 Cash and securities segregated under federal and other regulations .................................... 26,797 27,618 Accounts receivable, net ................................................................................................................ 95,949 98,107 Restricted cash ................................................................................................................................ 13,667 6,005 Clearing house performance bonds and guarantee funds ........................................................ 93,062 70,078 Receivables from broker-dealers, futures commission merchants, and clearing organizations .................................................................................................................................... 152,509 133,533 Current portion of derivative assets .............................................................................................. 8,554 6,017 Other current assets ........................................................................................................................ 40,298 39,232 Assets held for sale ......................................................................................................................... - 40,976 Total current assets .................................................................................................................. 1,129,690 855,214 Investments ...................................................................................................................................... 28,850 19,180 Fixed assets, net .............................................................................................................................. 59,520 46,854 Internally developed software, net ................................................................................................ 36,667 36,333 Goodwill ............................................................................................................................................. 62,000 62,211 Other intangible assets, net ........................................................................................................... 168,947 170,774 Deferred tax asset, net ................................................................................................................... 63,787 - Derivative assets, net of current portion ...................................................................................... - 5,114 Other assets, net ............................................................................................................................. 68,679 63,745 Total assets ................................................................................................................................ $ 1,618,140 $ 1,259,425 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and other liabilities .......................................................................................... $ 73,438 $ 69,780 Accrued compensation payable .................................................................................................... 36,201 39,412 Current portion of long-term debt .................................................................................................. 1,517 1,508 Deferred transaction revenues ...................................................................................................... 8,960 9,572 Clearing house performance bonds and guarantee funds ........................................................ 92,562 69,578 Payables to customers ................................................................................................................... 152,070 144,641 Payables to clearing organizations ............................................................................................... - 11 Liabilities held for sale ..................................................................................................................... - 2,758 Total current liabilities ............................................................................................................... 364,748 337,260 Deferred income taxes .................................................................................................................... 10,877 22,386 Other non-current liabilities ............................................................................................................ 22,229 18,762 Total liabilities ............................................................................................................................ 397,854 378,408 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)); 100,758,991 issued and 99,945,378 outstanding common stock at September 30, 2026 and 85,890,086 issued and 85,536,287 outstanding common stock at December 31, 2025 ......................................... 100 86 Common stock in treasury, at cost, 813,613 shares at September 30, 2026 and 353,799 shares at December 31, 2025 ................................................................................................... (27,229) (8,232) Additional paid-in capital ................................................................................................................. 1,614,769 1,522,143 Accumulated deficit ......................................................................................................................... (365,435) (632,339) Accumulated other comprehensive loss, net .............................................................................. (1,919) (641) Total stockholders’ equity ......................................................................................................... 1,220,286 881,017 Total liabilities and stockholders’ equity ................................................................................. $ 1,618,140 $ 1,259,425 Miami International Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) September 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 September 30, 2026 Options Equities Futures International Corporate / Other Total Net income (loss) allocated to common stockholders .............. $ 74,112 $ (2,874) $ (9,999) $ 11,295 $ (20,062) $ 52,472 Interest expense and amortization of debt issuance costs ...... - - - - 42 42 Interest income ............................................................................... (213) - (261) (222) (5,245) (5,941) Income tax expense ....................................................................... - - - 69 11,540 11,609 Depreciation and amortization ...................................................... 4,626 1,601 2,087 521 618 9,453 EBITDA ............................................................................................ 78,525 (1,273) (8,173) 11,663 (13,107) 67,635 Share-based compensation(1) ....................................................... 3,086 669 1,605 384 1,795 7,539 Investment gain (loss)(2)................................................................. - - (1,811) - 724 (1,087) Litigation costs(3) ............................................................................. 188 - - - 63 251 Unrealized gain on derivative and digital assets(4) .................... - - - (9,797) - (9,797) Provision for notes receivable(5) ................................................... 4,694 1,574 - - - 6,268 Adjusted EBITDA ............................................................................ $ 86,493 $ 970 $ (8,379) $ 2,250 $ (10,525) 70,809 (1) Share-based compensation represents expenses associated with stock options of $3.3 million, restricted stock awards of $1.0 million, restricted stock units of $3.3 million, and warrants of less than $0.1 million that have been granted to employees, directors and service providers. The 2026 expense of $7.5 million is made up of $6.4 million to employees within compensation and benefits, $0.2 million to service providers within professional fees and outside services, and $0.9 million to directors within general, administrative, and other. (2) Investment gain of $1.1 million represents an unrealized gain on marketable equity securities. (3) Litigation costs associated with litigation related to the Nasdaq matter. (4) Reflects the aggregate unrealized gain 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 September 30, 2026. (5) Represents provision for certain CAT costs that are no longer expected to be recoverable. Three Months Ended September 30, 2025 Options Equities Futures International Corporate / Other Total Net income (loss) allocated to common stockholders .............. $ 51,846 $ (4,858) $ (18,426) $ 8,477 $ (139,119) $ (102,080) Interest expense and amortization of debt issuance costs ...... - - 36 - 3,342 3,378 Interest income ............................................................................... (482) - (207) (111) (1,858) (2,658) Income tax (benefit) expense ....................................................... - - - 396 (1,206) (810) Depreciation and amortization ...................................................... 3,826 1,570 1,692 435 706 8,229 EBITDA ............................................................................................ 55,190 (3,288) (16,905) 9,197 (138,135) (93,941) Share-based compensation(1) ....................................................... 13,322 2,399 7,103 511 5,763 29,098 Investment loss(2) ............................................................................ - - 239 - - 239 Litigation costs(3) ............................................................................. 608 - - - 203 811 Change in fair value of puttable warrants issued with debt(4) .. - - - - 255 255 Change in fair value of puttable common stock(5) ..................... - - - - 338 338 Impairment charges(6) .................................................................... - - - - 1,978 1,978 Unrealized gain on derivative and digital assets(7) .................... - - - (7,979) - (7,979) One time IPO payments(8) ............................................................. - - - - 8,048 8,048 Warrant modifications(9) ................................................................. - - - - 1,516 1,516 Loss on extinguishment of debt(10) ............................................... - - - - 107,656 107,656 Adjusted EBITDA ............................................................................ $ 69,120 $ (889) $ (9,563) $ 1,729 $ (12,378) $ 48,019 (1) Share-based compensation represents expenses associated with stock options of $3.7 million, restricted stock awards of $25.1 million and warrants of $0.3 million that have been granted to employees, directors and service providers.
The 2025 expense of $29.1 million is made up of $27.8 million to employees within compensation and benefits, $0.9 million to service providers within professional fees and outside services, and $0.4 million to directors within general, administrative, and other. (2) Investment loss of $0.2 million represents an unrealized loss on available for sale marketable equity securities. (3) Litigation costs are associated with litigation related to the Nasdaq matter.
(4) 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. (5) 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. (6) Impairment charges of $2.0 million related to owned land and building impairments. (7) Reflects the unrealized gain resulting from the mark-to-market valuation of the 250 million Pyth tokens that remain locked by the Pyth Network as of September 30, 2025. (8) One time IPO bonuses paid to certain employees and termination payments to former directors. (9) Represents expense recognized upon the extension of expiration date of certain warrants. (10) Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 Senior Secured Term Loan.
Segment Operating Results The following sets forth our results of operations by segment ($000): Three Months Ended September 30, 2026 Options Equities Futures International Corporate / Other Total Revenues: Transaction and clearing fees ..................................... $ 274,261 $ 22,788 $ 19,300 $ 71 $ - $ 316,420 Access fees .................................................................... 32,689 3,824 455 38 (57) 36,949 Market data fees ........................................................... 10,211 2,082 1,512 80 (8) 13,877 Other revenue ................................................................ 125 - 2,505 5,950 357 8,937 Total revenues ........................................................ 317,286 28,694 23,772 6,139 292 376,183 Cost of revenues: Liquidity payments ........................................................ 185,334 16,862 4,117 - - 206,313 Brokerage, clearing, and exchange fees ................... 1,325 185 12,702 - - 14,212 Section 31 fees .............................................................. 18,041 4,987 - - - 23,028 Other cost of revenues(1) .............................................. - - 1,975 - (354) 1,621 Total cost of revenues ............................................ 204,700 22,034 18,794 - (354) 245,174 Revenues less cost of revenues .......................... 112,586 6,660 4,978 6,139 646 131,009 Operating expenses: Compensation and benefits ......................................... 18,589 3,909 9,476 2,566 5,746 40,286 Information technology and communication costs ... 4,359 1,608 2,763 595 276 9,601 Depreciation and amortization .................................... 4,626 1,601 2,087 521 618 9,453 Occupancy costs ........................................................... 1,439 186 449 240 624 2,938 Professional fees and outside services ..................... 7,552 1,813 517 268 5,236 15,386 Marketing and business development ....................... 145 41 849 74 140 1,249 General, administrative, and other ............................. 1,977 376 1,002 530 1,007 4,892 Total operating expenses ...................................... 38,687 9,534 17,143 4,794 13,647 83,805 Operating income (loss) 73,899 (2,874) (12,165) 1,345 (13,001) 47,204 Non-operating (expense) income: Interest income .............................................................. 213 - 261 222 5,245 5,941 Interest expense and amortization of debt issuance costs ............................................................... - - - - (42) (42) Unrealized gain on derivative and digital assets ...... - - - 9,797 - 9,797 Other, net ........................................................................ - - 1,905 - (724) 1,181 Income (loss) before income tax provision 74,112 (2,874) (9,999) 11,364 (8,522) 64,081 Income tax expense ..................................................... - - - (69) (11,540) (11,609) Net income (loss) attributable to Miami International Holdings, Inc. $ 74,112 $ (2,874) $ (9,999) $ 11,295 $ (20,062) $ 52,472 (1) Futures segment includes $0.4 million related to access fees, $0.6 million related to market data fees, and $1.0 million related to other revenue. Corporate / Other segment includes $(0.4) million related to other revenue.
Three Months Ended September 30, 2025 Options Equities Futures International Corporate / Other Total Revenues: Transaction and clearing fees ..................................... $ 245,406 $ 31,899 $ 15,424 $ 85 $ - $ 292,814 Access fees .................................................................... 23,076 3,761 275 41 (57) 27,096 Market data fees ........................................................... 7,011 2,368 1,279 80 (8) 10,730 Other revenue ................................................................ 1,047 - 2,386 5,327 378 9,138 Total revenues ........................................................ 276,540 38,028 19,364 5,533 313 339,778 Cost of revenues: Liquidity payments ........................................................ 180,950 33,470 2,866 - - 217,286 Brokerage, clearing, and exchange fees ................... 1,091 206 10,315 - - 11,612 Section 31 fees .............................................................. - - - - - - Other cost of revenues(1) .............................................. - - 1,397 - - 1,397 Total cost of revenues ............................................ 182,041 33,676 14,578 - - 230,295 Revenues less cost of revenues .......................... 94,499 4,352 4,786 5,533 313 109,483 Operating expenses: Compensation and benefits ......................................... 27,373 4,712 16,574 2,720 17,374 68,753 Information technology and communication costs ... 3,896 1,819 2,653 663 259 9,290 Depreciation and amortization .................................... 3,826 1,570 1,692 435 706 8,229 Occupancy costs ........................................................... 1,807 227 703 259 572 3,568 Professional fees and outside services ..................... 4,189 514 265 305 5,534 10,807 Marketing and business development ....................... 150 36 326 99 148 759 General, administrative, and other ............................. 1,894 332 1,109 269 4,778 8,382 Total operating expenses ...................................... 43,135 9,210 23,322 4,750 29,371 109,788 Operating income (loss) 51,364 (4,858) (18,536) 783 (29,058) (305) Non-operating (expense) income: Change in fair value of puttable warrants issued with debt ......................................................................... - - - - (255) (255) Change in fair value of puttable common stock ....... - - - - (338) (338) Interest income .............................................................. 482 - 207 111 1,858 2,658 Interest expense and amortization of debt issuance costs ............................................................... - - (36) - (3,342) (3,378) Loss on extinguishment of debt .................................. - - - - (107,656) (107,656) Unrealized gain on derivative and digital assets ...... - - - 7,979 - 7,979 Other, net ........................................................................ - - (61) - (1,534) (1,595) Income (loss) before income tax provision 51,846 (4,858) (18,426) 8,873 (140,325) (102,890) Income tax benefit (expense) ...................................... - - - (396) 1,206 810 Net income (loss) attributable to Miami International Holdings, Inc. $ 51,846 $ (4,858) $ (18,426) $ 8,477 $ (139,119) $ (102,080) (1) Includes $0.4 million related to access fees, $0.4 million related to market data fees, and $0.7 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 September 30, Percent September 30, Percent 2026 2025 Change 2026 2025 Change Revenues less cost of revenues ............... $ 112,586 $ 94,499 19.1 % $ 6,660 $ 4,352 53.0 % Operating expenses .................................... 38,687 43,135 (10.3) % 9,534 9,210 3.5 % Operating income (loss) ............................. $ 73,899 $ 51,364 43.9 % $ (2,874) $ (4,858) * Adjusted EBITDA(1) ...................................... $ 86,493 $ 69,120 25.1 % $ 970 $ (889) * Adjusted EBITDA margin(2) ......................... 76.8 % 73.1 % 14.6 % *
Futures International Three Months Ended Three Months Ended September 30, Percent September 30, Percent 2026 2025 Change 2026 2025 Change Revenues less cost of revenues ............... $ 4,978 $ 4,786 4.0 % $ 6,139 $ 5,533 11.0 % Operating expenses .................................... 17,143 23,322 (26.5) % 4,794 4,750 0.9 % Operating income (loss) ............................. $ (12,165) $ (18,536) * $ 1,345 $ 783 71.8 % Adjusted EBITDA(1) ...................................... $ (8,379) $ (9,563) * $ 2,250 $ 1,729 30.1 % Adjusted EBITDA margin(2) ......................... * * 36.7 % 31.2 % * 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 (Loss) to Adjusted Earnings The following table is a reconciliation of net income (loss) allocated to common stockholders to adjusted earnings ($000): Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net income (loss) allocated to common stockholders ................ $ 52,472 $ (102,080) $ 266,904 $ (99,973) Share-based compensation(1) ................................................................ 7,539 29,098 23,502 48,007 Investment (gain) loss(2) .......................................................................... (1,087) 239 1,553 (10,320) Litigation costs and settlement(3) ............................................................ 251 811 36,036 2,687 Impairment charges(4) .............................................................................. - 1,978 - 2,717 Acquisition-related costs(5) ...................................................................... - - - 2,901 Change in fair value of puttable warrants issued with debt(6) ............ - 255 - 1,172 Change in fair value of puttable common stock(7) ............................... - 338 - 2,229 Loss on sale of intangible asset(8) .......................................................... - - - 2,054 Unrealized (gain) loss on derivative and digital assets(9) ................... (9,797) (7,979) (6,919) 39,039 Gain on sale of business(10) .................................................................... - - (50,570) - Provision for notes receivable(11) ............................................................ 6,268 - 6,268 - One time IPO payments(12) ..................................................................... - 8,048 - 8,048 Warrant modifications(13) ......................................................................... - 1,516 - 1,516 Loss on extinguishment of debt(14) ......................................................... - 107,656 - 107,656 Total non-GAAP pre-tax adjustments ............................................... 3,174 141,960 9,870 207,706 Income tax (expense) benefit related to items above(15) .................... (720) 67 675 - One-off discrete tax adjustments(16): ..................................................... Release of valuation allowance as of January 1, 2026 .................. - - (109,161) - Deferred tax re-measurements ........................................................... - - 15,806 - Other(17) ................................................................................................... (4,870) - (35,424) - Total non-GAAP tax adjustments ...................................................... (5,590) 67 (128,104) - Adjusted earnings .................................................................................. $ 50,056 $ 39,947 $ 148,670 $ 107,733 (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 gain or loss on marketable equity securities.
Three months ended September 30, 2025 represents an unrealized loss on available for sale marketable equity securities. The nine months ended September 30, 2025 represents an unrealized gain of $8.6 million from the TISE acquisition, and $1.7 million of unrealized gain on available for sale marketable equity securities. (3) Litigation costs and settlement associated with litigation related to the Nasdaq matter. (4) Impairment charges 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 gain or 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) Represents provision for certain CAT costs that are no longer expected to be recoverable. (12) One time IPO bonuses paid to certain employees and termination payments to former directors. (13) Represents expense recognized upon the extension of expiration date of certain warrants. (14) Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 Senior Secured Term Loan. (15) 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). (16) Removes from Adjusted earnings any one-off discrete tax adjustments that are unrelated to our core operating performance. (17) 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 (loss) and adjusted diluted earnings per share ($000, except share and per share data): Three Months Ended September 30, 2026 2025 Net income (loss) attributable to MIH ....................................... $ 52,472 $ (102,080) Diluted weighted-average common shares outstanding ....... 110,799,280 70,128,197 Diluted net income (loss) per share .......................................... $ 0.47 $ (1.46) Adjusted earnings ........................................................................ $ 50,056 $ 39,947 Diluted weighted average shares outstanding used for adjusted diluted earnings per share ......................................... 110,799,280 96,100,563 Adjusted diluted earnings per share ......................................... $ 0.45 $ 0.42
Key Business Metrics Three and Nine Months Ended September 30, 2026 and 2025 Three Months Ended September 30, Increase/ (Decrease) Percent Change Nine Months Ended September 30, Increase/ (Decrease) Percent Change2026 2025 2026 2025 Options: Number of trading days .................................................................. 64 64 - - % 187 186 1 0.5 % Total contracts: Market contracts - Equity and ETF (in thousands) .......... 4,083,844 3,573,731 510,113 14.3 % 12,029,228 10,042,003 1,987,225 19.8 % MIH contracts - Equity and ETF (in thousands) .............. 709,660 615,910 93,750 15.2 % 2,053,729 1,674,370 379,359 22.7 % Average daily volume (“ADV”)(defined below)(1) .......................... Market ADV - Equity and ETF (in thousands)(1) ............... 63,810 55,840 7,970 14.3 % 64,327 53,989 10,338 19.1 % MI HA DV - Equity and ETF (in thousands)(1) .................... 11,088 9,624 1,464 15.2 % 10,983 9,002 1,981 22.0 % MIH market share ............................................................................ 17.4 % 17.2 % 0.2 pts 1.2 % 17.1 % 16.7 % 0.4 pts 2.4 % Total Options revenue per contract (“RPC”)(2) .............................. $0.098 $0.103 $(0.005) (4.9) % $0.110 $0.108 $0.002 1.9 % U.S. Equities: Number of trading days .................................................................. 64 64 - - % 187 186 1 0.5 % Total shares: Market shares (in millions) .................................................. 1,084,303 1,125,194 (40,891) (3.6) % 3,556,467 3,206,789 349,678 10.9 % MIH shares (in millions) ........................................................ 7,085 12,058 (4,973) (41.2) % 29,393 34,708 (5,315) (15.3) % ADV(1): Market ADV (in millions)(1) .................................................... 16,942 17,581 (639) (3.6) % 19,019 17,241 1,778 10.3 % MI HA DV (in millions)(1) ......................................................... 111 188 (77) (41.0) % 157 187 (30) (16.0) % MIH market share ............................................................................. 0.7 % 1.1 % (0.4) pts (36.4) % 0.8 % 1.1 % (0.3) pts (27.3) % Equities capture (per 100 shares) (defined below)(3) .................. $0.011 $(0.015) $0.026 * $0.004 $(0.016) $0.020 * Futures: Agricultural: ........................................................................................
Number of trading days ................................................................... 64 64 - - % 187 187 - - % Agricultural products total contracts ............................................... 731,384 513,406 217,978 42.5 % 2,194,520 2,736,313 (541,793) (19.8) % Agricultural products ADV(1) ............................................................ 11,428 8,022 3,406 42.5 % 11,735 14,633 (2,898) (19.8) % Agricultural products RPC(2) ............................................................ $2.323 $2.369 $(0.046) (1.9) % $2.198 $2.233 $(0.035) (1.6) % Financial: ............................................................................................ Number of trading days from launch(4) .......................................... 64 na na na 94 na na na Financial products total contracts ................................................... 171,702 na na na 410,185 na na na Financial products ADV(4) ................................................................ 2,683 na na na 4,364 na na na Financial; products RPC(2) ............................................................... $(1.428) na na na $(1.624) na na na International: Total listed securities (period end) .................................................. 6,092 5,808 284 4.9 % 6,092 5,808 284 4.9 % * 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.