Miami International Holdings, Inc. 8-K
PositiveEarningsGuidanceImpairment / chargeLegal / investigation
Volatility-driven options trading and higher fees lift MIAX net revenue to a record $141M; FY2026 adjusted operating expense outlook cut.
Filed 2026-08-05 16:14 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with updated FY2026 expense guidance. Record net revenue rose 35% Y/Y to $141M, driven mainly by options activity and higher non-transaction fees as market volatility lifted trading volumes.
For FY2026, MIAX lowered its adjusted operating expense outlook and raised its share-based compensation and depreciation and amortization outlooks; capital expenditure and adjusted effective tax rate outlooks were reaffirmed.
Developments
- MIAX options exchanges handled 11.0M contracts per day on average, up 25.3% Y/Y; market share was 16.5%, vs 16.7% a year earlier.
- Launched Tini B100 Index Futures, Tini B500 Index Futures and B500 Index Futures during the quarter.
Results with guidance
| Metric | FY2026 guide |
|---|---|
| Capital expenditures | $40M-$45Mreaffirmed from $40M-$45M |
| Share-based compensation expense | $29M-$32Mraised from $27M-$30M |
| Depreciation and amortization expense | $35M-$39Mraised from $33M-$38M |
| Adjusted operating expenses (non-GAAP) | $260M-$270Mlowered from $265M-$275M |
| Adjusted effective tax rate post valuation allowance release (non-GAAP) | 27%-29%reaffirmed from 27%-29% |
Results without guidance
| Metric | Q2 2026 | Change | H1 2026 |
|---|---|---|---|
| Revenue | $141M | +35% Y/Y | — |
| Operating income | $27.8M | +2% Y/Y | — |
| Net income | $44.2M | +88% Y/Y | — |
| Diluted EPS | $0.40 | +33% Y/Y | — |
| Cash and cash equivalents | $660M | — | — |
| Total debt | $1.51M | — | — |
| Diluted shares | 111M | +41% Y/Y | 110M+41% Y/Y |
What moved the numbers
- Adjusted EBITDA, a non-GAAP measure, was $76.8M, up 57% Y/Y; adjusted EBITDA margin was 54%, vs 47%.
- Options net revenue, defined as revenue less cost of revenue, rose 34% Y/Y to $124.4M. Higher industry volume and revenue per contract supported transaction fees, while member connections, fee increases, expired fee waivers and new market data products lifted non-transaction fees. Options operating income was $64.9M, up 10% Y/Y, partly offset by a $22.5M litigation settlement charge.
- Equities net revenue rose 27% Y/Y to $5.5M, and its operating loss narrowed to $2.3M from $3.1M. Futures net revenue was $5.1M, up 2% Y/Y, with an operating loss of $12.7M vs $12.8M. International net revenue rose 151% Y/Y to $5.7M, largely reflecting the TISE acquisition; operating income was $1.1M vs a $1.2M loss.
- Operating expenses rose to $113.3M from $77.4M, including a $30M litigation settlement and planned investment in headcount and technology. A $15.4M income tax benefit, primarily reflecting a $22.4M discrete benefit related to share-based compensation, contributed to net income growth while operating income was nearly flat.
- Cash and cash equivalents were $660.5M at 6/30/2026; total debt was $1.5M.
Figures extracted from the filings and checked against their text; changes and verdicts computed from them.
The summary is written by an AI model reading the filing.
Model 005 · prompt v189 · 2026-11-06 15:45:34Z