Elaborate on the competitive fee structure for Bloomberg futures, steps for onboarding retail brokers, pipeline, and expectations for success.

Tom highlighted outreach to trading firms, educational programs, and marketing. Shelly detailed that several retail firms are working through connectivity and clearing, with customer activity expected in the next couple of months. The fee structure is designed to incentivize retail firms, and the strategy is to grow the overall index pie. OCC membership for their FCM is an important step. “Connecting retail brokers to the platform is the next milestone, and that work is actively underway.”

What components are driving the lower adjusted operating expense guidance despite higher stock-based comp and depreciation?

Shelly explained that executive compensation plans shifted from cash-based (OpEx) to share-based compensation, tying the two together. Other OpEx reduction is from managing the run rate, with some pickup expected from marketing and incentives for Bloomberg products. “As the compensation committee updated the executive compensation plans, now that we're a public company, we moved a little less towards cash-based compensation, so that comes out of OpEx and a little more into share-based compensation.”

Why does MIAX see better engagement in new products like SpaceX compared to legacy options, and how can this be leveraged for more mature listings?

Shelly explained that MIAX performs better in more liquid, higher-priced, slightly higher volatility equities due to its technology allowing market makers to be aggressive and quote tighter. This also applies to retail-focused names with Monday/Wednesday weekly expirations. The technology drives better markets, attracting retail volume. “The primary one being the more liquid classes that are higher-priced equities that tend to be slightly higher volatility, we tend to do better in because of our technology, the technology that we've built that allows the market makers to be very aggressive in their quoting.”

MIAX

Miami International Holdings (MIAX) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Financials· Aug 5, 2026

Source: earnings call transcript

Executive summary

Miami International Holdings, Inc. Q2 FY26 — Record Revenue and Bloomberg Futures Launch

Miami International Holdings achieved record net revenue and improved margins in Q2 FY26, driven by strong options performance and the successful launch of its Bloomberg financial futures. The company is now focused on enabling retail access for its new futures products and continues to leverage its technology and regulatory licenses to drive growth across its diverse product range, while strategically managing its capital for future investments.

Highlights

Total net revenue grew 35% year-over-year to a record $141 million.
Adjusted EBITDA margin improved by more than 700 basis points year-over-year to 54%.
Adjusted diluted EPS was $0.48.
Launched first group of Bloomberg futures products, with market depth and volumes in line with expectations.
Options business strength with record quarterly revenue, driven by higher RPC.

Concerns

Options market share was 16.5%, essentially flat year-over-year and down from 17.3% in Q1.
Q2 RPC of $0.124 is not expected to be sustained in H2 2026, with expectations closer to $0.103-$0.11 due to market share rebound, mix, fee changes, and regulatory fees.

Guidance & targets

Category	Target	Timeline	Confidence
Adjusted Operating Expense	$260 million to $270 million medium materiality	Full Year 2026 · FY26	High
Share-Based Compensation Expense	$29 million and $32 million low materiality	Full Year 2026 · FY26	High
Capital Expenditures	$40 million and $45 million medium materiality	Full Year 2026 · FY26	High
Depreciation and Amortization Expense	$35 million and $39 million low materiality	Full Year 2026 · FY26	High
Adjusted Effective Tax Rate	27% to 29% low materiality	Full Year 2026 · FY26	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Options Growth in net transaction fees reflected higher RPC and industry ADV, slightly offset by lower market share. Non-transaction fee growth of 36% was primarily due to increased member connections, January 1 fee increases and market data sales. average daily volume: 11 million contractsaverage daily volume growth: 25% year-over-yearmarket share: 16.5%market share vs Q1: down from 17.3%revenue per contract: $0.124	$124 million	34%	—	—
Equities Revenue was up from $4 million in the prior year period, primarily due to higher net transaction fees. Equities capture was less inverted in the quarter compared to the year ago period.	$6 million	50%	—	—
Futures Revenue was flat compared to the prior year period. Our first Bloomberg financial futures products launched in May and did not contribute materially to the Q2 results. agricultural futures ADV growth: 20% versus Q1agricultural futures capture rates improvement: 14% versus Q1	$5 million	0%	—	—
International Revenue was $6 million compared to $2 million in the year ago period due to the acquisition of TISE in June of 2025. Efforts to streamline sales and marketing across international listings businesses are underway and progressing well.	$6 million	200%	—	—

MIAX operating KPIs by quarter

MIAX operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Mar 2026 Q1 FY26	This call Jun 2026 Q2 FY26	Change vs prior quarter
Market share multi-listed options	17.3% Our market share in multi-listed options was 17.3% in the first quarter, up from 16% in the prior year period. Source: earnings call transcript	16.5% Our second quarter market share in multi-listed options was 16.5%, essentially flat versus the prior year period and a bit lower than what we saw in the first quarter. Source: earnings call transcript	-0.8 pt
Average daily volume Options	10.9M This represents average daily volume of 10.9 million contracts, a 27% year-over-year increase that outpaced industry ADV of 17%. Source: earnings call transcript	11M This represents average daily volume of 11 million contracts, a 25% year-over-year increase that was in line with industry ADV growth. Source: earnings call transcript	+0.9%
Market share options	17.3% Our options market share for the quarter was 17.3%, up year-over-year, but down slightly on a sequential basis. Source: earnings call transcript	16.5% Q2 options market share was 16.5%, relatively flat year-over-year and down from 17.3% in the first quarter. Source: earnings call transcript	-0.8 pt

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Product announcements

Product	Type	Timeline	Details
Bloomberg financial futures products (B500, B100, T&E B500, T&E B100)	launch	May
Agricultural futures products (fertilizer sector)	launch	late October

Deals & partnerships

Nasdaq Resolved litigation

As disclosed in our recent 8-K filing, we resolved the Nasdaq litigation and now consider this matter closed.

Bloomberg 10-year exclusive license to list index futures, options on futures and cash index options based on the B500, B100 and B500 volatility indices in North and South America. 10-year

Bloomberg maintains a broad global suite of index products, and we have a services license agreement with them to develop a suite of branded proprietary products.

Options Clearing Corporation (OCC) Clearing and settlement agreement

We also believe that the clearing and settlement agreement we've announced with the Options Clearing Corporation, or OCC, which is the world's largest equity derivatives clearing organization, will make it easier for market participants to transact in financial futures trading on our MIAX Futures Exchange.

TISE Acquisition of TISE

International segment net revenue was $6 million compared to $2 million in the year ago period due to the acquisition of TISE in June of 2025.

Risks & headwinds

Market Volatility During the quarter

elevated options volumes

Mitigation:Sustained market volatility drives higher demand for the risk management tools we offer and increased contract volumes on our exchanges.

Perpetual Futures Litigation recent developments

CFTC's recent approvals in this area have led to litigation.

Mitigation:Pursuing a path of active regulatory engagement with our regulators, both at the CFTC and the SEC as well as with our MIAX Futures Exchange members and prospective new partners to identify emerging opportunities.

Single Stock Futures Competition reintroduction

CME's introduction of single stock futures

Mitigation:MIAX will sit back and watch for a little bit, and if successful, will use its technology and pricing to penetrate the market, but currently has better resource priorities.

What to watch in Q3 FY26

Bloomberg Futures Retail Onboarding

next couple of months

Current Actively underway, several firms working through connectivity

Target Enabling customer activity over the next several weeks/months

Why it matters

Successful retail engagement is the next milestone for the Bloomberg financial futures, crucial for growing the overall market pie.

Connecting retail brokers to the platform is the next milestone, and that work is actively underway.

Find out whether MIAX delivers this. Inve re-checks your case every morning.

Q&A highlights

What drove the Q2 RPC step-up and why is it expected to normalize? How does management balance RPC with market share gains?

Lance explained the RPC increase was due to lower market share (less volume at highest rebate tiers) and favorable mix. He expects normalization due to market share rebound (July at 17.1%), tier effects, fee changes, and regulatory fees. Shelly added that managing market share and RPC is an art, and they adjust pricing to maximize net revenue.

“The increase really from like $0.11 in the first quarter to $0.124 in the second quarter, really driven by a couple of factors. One is as market share lowered, we had less volume at sort of the highest rebate tiers or lowest fee tiers.”

asked by Patrick Moley · answered by Lance Emmons

2 min read 6 chapters

Detailed narrative

Record Financial Performance

MIAX delivered a strong second quarter with record net revenue of $141 million, a 35% year-over-year increase, driven by robust options trading. The company also achieved a significant improvement in adjusted EBITDA margin, reaching 54%, up over 700 basis points year-over-year, demonstrating strong operating leverage from its largely fixed cost base. Adjusted diluted EPS for the quarter was $0.48, reflecting the overall financial strength.

Bloomberg Financial Futures Launch

The company successfully launched its first group of Bloomberg financial futures products in May, with initial market depth and volumes meeting expectations. The focus is now on connecting retail brokers to the platform, leveraging a competitive fee structure and the index's early inclusion of new IPOs to grow the overall market pie rather than just taking share from incumbents.

The exclusive 10-year license with Bloomberg covers a broad suite of index products for North and South America.

Options Business Dynamics

While options market share was 16.5%, slightly down from 17.3% in Q1, the segment delivered record quarterly revenue due to strong revenue per contract (RPC) of $0.124, driven by mix shifts. Management indicated that future RPC is expected to normalize closer to prior quarters' levels (around $0.103-$0.11) as market share rebounds and fee changes take effect, balancing market share gains with pricing discipline.

New listings like SpaceX and SK Hynix are tracking ahead of overall market share.

Strategic Capital Allocation

MIAX ended the quarter with a strong cash position of $660 million and minimal debt (less than $2 million). The immediate priority for capital deployment is reinvestment in existing businesses, particularly the futures segment, to roll out new functionality and incentive programs.

The company is also evaluating strategic M&A opportunities, with no current plans for dividends or share repurchases as it approaches its one-year IPO anniversary, focusing on assessing opportunities.

Risk Management as a Competitive Advantage

The company highlighted its advanced risk management technology as a core competitive pillar, enabling market makers to quote more aggressively and efficiently. This proprietary system, characterized by speed, throughput, and low latency, allows for deeper and tighter markets, which in turn attracts retail volume and differentiates MIAX from competitors. This capability is seen as difficult to copy due to its complex, multi-faceted nature.

Futures Business Expansion

Beyond the Bloomberg products, MIAX is preparing to launch new agricultural futures products in late October, focusing on the fertilizer sector to meet customer demand arising from geopolitical supply chain issues. The company is also actively engaging with regulators regarding perpetual futures, viewing recent CFTC developments as a potential opportunity to leverage its agile trading and clearing infrastructure.

The FCM is applying for OCC membership to enhance capital efficiency for members.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.