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Miami International Holdings Q1 2026 Financial Results

Miami International Holdings, Inc. (MIAX) has released its financial performance results for the first quarter of 2026, showcasing remarkable achievements and solid growth dynamics across multiple asset classes.

Key Financial Metrics

During the first quarter, MIAX achieved a record net revenue of $128.6 million, reflecting a 40% increase compared to the same period last year. Moreover, the company reported an adjusted EBITDA of $66.1 million, a significant 66% surge year-over-year, with an adjusted EBITDA margin climbing to 51%, indicating healthy operational efficiency. The company also delivered a GAAP diluted EPS of $1.56 and an adjusted diluted EPS of $0.42.

Performance Highlights

MIAX capitalized on favorable market conditions in the first quarter, gaining market share in multi-listed options, which rose to 17.3% from 16.0% year earlier. The average daily volume swelled to 10.9 million contracts, marking a 27% increase year-over-year.

Thomas P. Gallagher, the Chairman and CEO, expressed pride in the company's strong performance, attributing it to the scalability of MIAX's technology platform and robust business model. Gallagher stated, “We started the year strong, delivering record quarterly revenue and margin expansion across our business segments.” He emphasized MIAX’s commitment to continuous investment in technology and deepening partnerships with member firms and customers to spur growth.

Financial Analysis

The growth in net revenue, representing a $36.7 million increase from the previous year, was fundamentally driven by enhancements in options activity, increased industry volumes, and market participation, along with elevated non-transaction revenues.

Operating Expenses: Total operating expenses rose to $82.6 million, influenced by strategic investments in headcount and technology aimed at fostering growth, as well as higher legal costs, partially counterbalanced by lower regulatory expenses.
Operating Income: Operating income more than doubled to $46.0 million, reflecting the company's efficiency and effective management of costs.
* Net Income: In a remarkable turnaround, GAAP net income soared to $170.2 million, compared to a loss of $21.4 million in the corresponding quarter of the previous year, aided by a substantial tax benefit stemming from the release of a deferred tax asset.

Business Developments

Among the significant strides made during the quarter, MIAX options exchanges recorded an average daily volume increase of 26.6% from the prior year. Furthermore, MIAX completed the strategic sale of 90% of the equity in MIAXdx to a joint venture with Robinhood Markets, marking another key development in the company’s trajectory towards growth.

In January 2026, MIAX launched new short-term option expirations for nine actively traded names, demonstrating its proactive stance in broadening product offerings.

Looking Ahead

As MIAX maintains its robust growth trajectory and focus on innovation and expansion, the company has reaffirmed its guidance for the full year 2026, expecting adjusted operating expenses between $265 million and $275 million. The ongoing commitment to technological investment and expansion into new asset classes indicates strong momentum likely to fuel continued progress in the quarters ahead.

In summary, MIAX’s first quarter results not only highlight its operational successes but also signify confidence in its strategic direction amidst a competitive financial landscape. Stakeholders can expect further developments as MIAX continues to navigate challenges and opportunities in the capital markets.