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    MIAX
    Earnings call· Jun 2026(Q2 FY26)

    MIAMI INTERNATIONAL HOLDINGS Q2 FY26 earnings call MIAX

    Aug 5, 2026 Source

    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

    5

    • 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

    2

    • 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

    5
    CategoryTargetConfidence
    Adjusted Operating Expense
    $260 million to $270 million
    medium materiality
    High
    Share-Based Compensation Expense
    $29 million and $32 million
    low materiality
    High
    Capital Expenditures
    $40 million and $45 million
    medium materiality
    High
    Depreciation and Amortization Expense
    $35 million and $39 million
    low materiality
    High
    Adjusted Effective Tax Rate
    27% to 29%
    low materiality
    High

    Segment performance

    4
    SegmentRevenueYoYQoQMargin
    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 million34%——
    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 million50%——
    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 million0%——
    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 million200%——

    Operational metrics

    15
    Adjusted EBITDA
    $77 millionup 57% year-over-year
    Q2 FY26
    Adjusted EBITDA margin
    54%improved by more than 700 basis points year-over-year
    Q2 FY26
    Adjusted Diluted EPS
    $0.48
    Q2 FY26
    Adjusted Operating Expenses
    $64 millioncompared to $57 million in the prior year period
    Q2 FY26

    Increase primarily due to planned headcount expansion, advertising and promotion expenses related to brand campaign and marketing programs for Bloomberg financial futures.

    Adjusted Net Income
    $53 millionup 41% year-over-year
    Q2 FY26
    Cash and cash equivalents
    $660 million
    Q2 FY26

    Period-end balance.

    Outstanding debt
    less than $2 million
    Q2 FY26

    Debt matures in December.

    FCM Net Capital Increase
    $40 million
    near-term

    Our FCM is in the process of applying for OCC membership, further demonstrating our strong commitment to financial futures. In that connection, we are increasing its net capital by $40 million.

    Options ADV
    11 million contracts25% year-over-year increase
    Q2 FY26

    In line with industry ADV growth.

    Options Market Share
    16.5%essentially flat versus the prior year period
    Q2 FY26

    Market share varies month-to-month and quarter-to-quarter. July market share rebounded to 17.1%.

    Options RPC
    $0.124
    Q2 FY26

    Reflected a shift in mix and tiers toward higher pricing, a byproduct of lower Q2 market share. Expected to normalize closer to $0.103-$0.11 in H2 2026 due to market share rebound, mix, fee changes, and regulatory fees.

    Agricultural Futures ADV Growth
    20%versus Q1
    Q2 FY26
    Agricultural Futures Capture Rate Improvement
    14%
    Q2 FY26

    Improved versus Q1.

    Options Non-Transaction Fee Growth
    36%
    Q2 FY26
    Historical Report Data Sales Revenue
    $1.8 million
    Q2 FY26

    This type of revenue is episodic, and therefore, we would not model it into future quarterly estimates.

    Product announcements

    2
    ProductTypeDetails
    Bloomberg financial futures products (B500, B100, T&E B500, T&E B100)launch
    Agricultural futures products (fertilizer sector)launch

    Deals & partnerships

    4
    NasdaqResolved litigation

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

    Bloomberg10-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.

    TISEAcquisition 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

    3
    Market VolatilityDuring 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 Litigationrecent 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 Competitionreintroduction

    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

    5

    Bloomberg Futures Retail Onboarding

    next couple of months
    CurrentActively underway, several firms working through connectivity
    TargetEnabling 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.

    Q&A highlights

    7

    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 read6 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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.

    04

    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.

    05

    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.

    06

    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.

    AI-generated summary of the company’s earnings call. Not investment advice.