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

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

MetricFY2026 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

MetricQ3 2026Change9M 2026
Revenue$376M+11% Y/Y, +167% Q/Q$1.13B+14% Y/Y
Operating income$47.2Mvs -$305K Y/Y, +70% Q/Q$121M+145% Y/Y
Net income$52.5Mvs -$102M Y/Y, +19% Q/Q$267Mvs -$100.0M Y/Y
Diluted EPS$0.47vs -$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 shares111M+58% Y/Y, +0.1% Q/Q110M+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.

This summary is based on our transcription of the company's slides (EX-99.1), read by an AI model from the slide images.

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Model 005 · prompt v189 · 2026-11-06 15:48:07Z

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