#USA #Miami #Miami International #MIAX #Q3 2026

Miami International Holdings Reports Strong Q3 2026 Financial Results

Miami International Holdings, Inc. (MIAX or MIH), a key player in regulated financial markets, has announced impressive financial results for the third quarter of 2026. The figures, highlighting a year-on-year growth of 20% in net revenue, reflect the company’s strong operational model and market adaptability.

Quarterly Highlights

In Q3 2026, MIAX achieved a net revenue of $131 million, which signifies growth from $109.5 million compared to the same period last year. The company has also reported a 47% increase in adjusted EBITDA, which reached $71 million, and an adjusted EBITDA margin of 54%, a significant enhancement from the previous year. This robust performance resulted in adjusted diluted earnings per share (EPS) rising to $0.45 from $0.42 in the prior year, and a diluted EPS of $0.47, reversing the loss reported in the same quarter of the previous year.

Leadership Insights

Thomas P. Gallagher, Chairman and CEO of MIAX, commented on the results, emphasizing how the company’s lean operating model, paired with its strong balance sheet and technology-driven approach, has allowed for notable revenue growth and margin expansion. "Net revenue grew by 20% and our options market share rose to 17.4% during this period," Gallagher stated, further emphasizing the company's commitment to delivering long-term shareholder value.

Business Expansion and New Ventures

Looking towards the future, MIAX is entering a new phase of growth, having launched Bloomberg index futures on NinjaTrader. They also have introduced four fertilizer futures contracts in response to increased demand from members. This diversification reflects MIAX’s strategy to remain competitive in an evolving market landscape.

Financial Details

• - Total Net Revenue: $131 million (+20% YoY)
• - GAAP Net Income: $52.5 million (compared to a net loss of $102.1 million in Q3 2025)
• - Operating Income: $47.2 million, showcasing a solid turnaround from a slight operating loss in the previous year.
• - Total Operating Expenses: $83.8 million, down from $109.8 million in Q3 2025, resulting primarily from the absence of 2025's initial public offering-related expenses.

The increase in revenue has been largely attributed to the options business, which saw a 15% rise in average daily volume, now standing at 11.1 million contracts. The increase in both industry volumes and transaction fees, along with a rise in non-transaction revenue, has contributed positively to the revenue figures.

The MIAX options exchanges have experienced increased market share, up from 17.2% in the previous year quarter. However, the revenue per contract has slightly declined by 4.9% year-on-year to $0.098.

Looking Ahead

As of September 30, 2026, MIAX maintained a strong liquidity position with cash and cash equivalents totaling $698.9 million and minimal debt of $1.5 million. The company has also provided updated guidance for the entirety of fiscal year 2026, indicating a decrease in anticipated adjusted operating expenses, reflecting operational efficiency measures.

For stakeholders and interested investors, MIAX is hosting a conference call on October 29, 2026, at 5:00 p.m. ET to discuss these results in further detail. The call will provide further insights on the company’s strategic directions and operational updates.

In summary, MIAX's Q3 results reflect a strong rebound following last year’s challenges, with improved operational metrics and an optimistic outlook for continued growth in the evolving financial landscape.