Miami International Holdings, Inc. 8-K
EarningsGuidance lowered
Options volume and non-transaction fees drove growth; FY2026 adjusted expense guidance was cut while capex guidance rose.
Filed 2026-10-29 16:15 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results with updated FY2026 expense guidance. Total revenue growth slowed to +10.7% Y/Y from +35.0% in Q2, while options trading activity and higher non-transaction fees supported net revenue, defined as revenue less cost of revenue.
For FY2026, guidance for adjusted operating expenses and the adjusted effective tax rate was lowered; capital expenditure guidance was raised, while share-based compensation and depreciation and amortization ranges were narrowed.
Developments
- Bloomberg index futures became available on NinjaTrader.
- MIAX launched four fertilizer futures contracts in response to member interest.
Results with guidance
| Metric | FY2026 guide |
|---|---|
| Capital expenditures | $43M-$46Mraised from $40M-$45M |
| Share-based compensation expense | $30M-$32Mnarrowed from $29M-$32M |
| Depreciation and amortization expense | $36M-$38Mnarrowed from $35M-$39M |
| Adjusted operating expenses (non-GAAP) | $254M-$257Mlowered from $260M-$270M |
| Adjusted effective tax rate post valuation allowance release (non-GAAP) | 26%-28%lowered from 27%-29% |
Results without guidance
| Metric | Q3 2026 | Change | 9M 2026 |
|---|---|---|---|
| Revenue | $376M | +11% Y/Y, +167% Q/Q | $1.13B+14% Y/Y |
| Operating income | $47.2M | vs -$305K Y/Y, +70% Q/Q | $121M+145% Y/Y |
| Net income | $52.5M | vs -$102M Y/Y, +19% Q/Q | $267Mvs -$100.0M Y/Y |
| Diluted EPS | $0.47 | vs -$1.46 Y/Y, +18% Q/Q | $2.42vs -$1.51 Y/Y |
| Cash and cash equivalents | $699M | +5.8% Q/Q | — |
| Total debt | $1.52M | +0.2% Q/Q | — |
| Diluted shares | 111M | +58% Y/Y, +0.1% Q/Q | 110M+67% Y/Y |
What moved the numbers
- Options net revenue was $112.6M, up 19% Y/Y, and operating income was $73.9M vs $51.4M. Average daily volume reached 11.1M contracts, up 15% Y/Y; market share was 17.4% vs 17.2%, while revenue per contract was $0.098, down 4.9% Y/Y. Higher industry volume, market share and non-transaction fees drove growth, partly offset by lower revenue per contract.
- Equities net revenue was $6.66M, up 53% Y/Y, and operating loss narrowed to $(2.87)M from $(4.86)M, primarily on improved transaction-fee capture.
- Futures net revenue was $4.98M vs $4.79M, and operating loss narrowed to $(12.2)M from $(18.5)M, mainly on lower expenses. Agricultural futures contracts rose 42.5% Y/Y to 731,384, while agricultural revenue per contract fell 1.9% to $2.323. Financial futures recorded 171,702 contracts after launching in May.
- International net revenue was $6.14M, up 11% Y/Y, and operating income increased to $1.35M from $0.783M as listed securities rose 4.9% to 6,092.
- Total operating expenses were $83.8M vs $109.8M, primarily because the prior-year quarter included IPO-related expense; adjusted operating expenses were $60.3M, down 2% Y/Y. The GAAP comparison also reflects a $107.7M debt-extinguishment loss in the prior-year quarter and a $9.80M unrealized gain on derivative and digital assets in Q3 2026.
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 15:48:07Z