- Q1 Net revenue of $128.6 million (+40% YoY)
- Q1 GAAP diluted EPS of $1.56; Adjusted diluted EPS of $0.42
- Q1 Adjusted EBITDA of $66.1 million (+66% YoY); Adjusted EBITDA margin of 51% (+800 bps YoY)
- Reaffirms full-year 2026 adjusted operating expense guidance
PRINCETON, N.J. and MIAMI, May 6, 2026 /PRNewswire/ -- Miami International Holdings, Inc. (MIAX) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced financial results for the first quarter of 2026.
MIAX achieved record quarterly revenue and strong financial performance in Q1 2026. Total net revenue grew 40% year-over-year to $128.6 million, adjusted EBITDA increased 66% to $66.1 million, and adjusted EBITDA margin expanded 800 basis points to 51%. Adjusted diluted earnings per share was $0.42. The company also capitalized on elevated market volatility in Q1, increasing market share in multi-listed options to 17.3% in Q1 2026 from 16.0% in the prior year period, representing average daily volume of 10.9 million contracts and a 27% year-over-year increase.
"We came out of the gate strong in Q1, delivering record quarterly revenue and continued margin expansion while executing well across all of our business segments," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. "Our strong results reflect the scalability of our technology platform, the resilience of our business model, and the momentum we carry into what we expect will be another exciting year of growth and product innovation."
Mr. Gallagher added: "MIAX continues to invest in technology and people, collaborating closely with our member firms and customers to drive growth across our exchanges. As we expand into new asset classes, launch new products, and deepen our relationships, we remain focused on leveraging these advantages to deliver sustained growth and long-term shareholder value."
First Quarter 2026 Highlights
All figures are compared to the first quarter of 2025 unless otherwise stated.
- Net revenue, defined as revenues less cost of revenues, grew 40%, or $36.7 million, to $128.6 million, compared to $91.9 million in the prior-year period. The increase was primarily driven by strong options business performance, including increased industry volumes and market share, as well as higher non-transaction revenue.
- Total operating expenses were $82.6 million, compared to $69.6 million in the prior-year period. The increase was primarily due to planned investments in headcount and technology to support our growth initiatives, timing of employer-related payroll taxes, and increased legal expenses, partially offset by lower regulatory costs.
- Operating income more than doubled to $46.0 million, compared to $22.3 million in the prior-year period.
- Non-operating income of $54.1 million includes a $50.5 million gain on the sale of MIAXdx.
- We had an income tax benefit of $70.2 million, primarily resulting from the release of our deferred tax asset valuation allowance.
- GAAP net income was $170.2 million, compared to a net loss of $21.4 million in the prior-year period.
- Adjusted earnings increased 51% to $45.3 million, compared to $30.0 million in the prior-year period.
- Adjusted EBITDA increased 66% to $66.1 million, compared to $39.9 million in the prior-year period, driven primarily by strong growth in net revenues.
- Adjusted EBITDA margin expanded to 51% from 43% in the prior-year period.
First Quarter 2026 Business Updates
- MIAX options exchanges reached average daily volume of 10.9 million contracts in the first quarter of 2026, a 26.6% year-over-year (YoY) increase.
- MIAX options exchanges achieved market share of 17.3% in the first quarter of 2026, compared to 16.0% in the prior year period.
- Listed new Monday and Wednesday short-term option expirations for nine actively traded names in January 2026, expanding the short-dated options program and creating additional volume opportunity across our four options exchanges.
- Completed the sale of 90% of the issued and outstanding equity in MIAXdx in January 2026 to a joint venture established by Robinhood Markets, Inc. in partnership with Susquehanna International Group. MIAX retained 10% of the issued and outstanding equity of MIAXdx, now known as Rothera Exchange and Clearing LLC.
Summary of Selected Unaudited Condensed Consolidated Financial Results
($000, except per share amounts and percentages)
Consolidated First Quarter Results 1Q26 1Q25 Change
March 31, 2026 March 31, 2025
Total revenues less cost of revenues ("Net revenue") $128,593 $91,884 40 %
Operating income $45,968 $22,293 106 %
Net income (loss) attributable to MIH stockholders $170,224 $(21,420) **
Diluted EPS $1.56 $(0.34) **
Adjusted earnings* $45,342 $30,026 51 %
Adjusted diluted EPS* $0.42 $0.38 11 %
EBITDA $103,794 $(11,905) **
Adjusted EBITDA* $66,062 $39,859 66 %
Adjusted EBITDA margin %* 51 % 43 % 18 %
* Reconciliation of non-GAAP results is included in the tables below. See "Non-GAAP Financial Information" below.
** Not meaningful
Segment Results
($000)
Net Revenue by Business Segment 1Q26 1Q25 Change
March 31, 2026 March 31, 2025
Options $111,267 $81,224 37 %
Equities 6,664 3,659 82 %
Futures 4,630 5,889 (21) %
International 5,644 826 583 %
Corporate/Other 388 286 36 %
Total $128,593 $91,884 40 %
Options
- Net revenue grew 37% to $111.3 million, compared to $81.2 million in the prior-year period. Growth was primarily driven by higher net transaction fees tied to increased industry volume, higher market share, and higher revenue per contract (RPC). Higher non-transaction fees were primarily driven by increased member connections, 2026 fee increases, the expiration of certain MIAX Sapphire related fee waivers, and new market data products.
- Operating income increased 44% to $72.8 million, compared to $50.6 million in the prior-year period. Growth was primarily due to higher net revenues.
- Adjusted EBITDA grew 43% to $83.3 million, compared to $58.2 million in the prior-year period.
Equities
- Net revenue grew 82% to $6.7 million, compared to $3.7 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved pricing as Equities capture was positive for the quarter as compared to historically inverted.
- Operating loss of $1.1 million in the first quarter, compared to an operating loss of $4.0 million in the prior-year period. Growth was primarily due to higher net revenues.
- Adjusted EBITDA of $0.9 million, compared to ($1.7) million in the prior-year period.
Futures
- Net revenue was $4.6 million, compared to $5.9 million in the prior-year period. The decline was primarily due to a decline in transaction fees and lower volumes caused by timing of participant migrations to MIAX Futures Onyx, reduced commodity market volatility, and lower RPC, partially offset by the elimination of expenses related to CME Globex. Also contributing to the decrease were lower listings fees and interest income.
- Operating loss was $12.4 million, compared to an operating loss of $11.3 million in the prior-year period primarily due to lower revenue.
- Adjusted EBITDA of ($8.6) million, compared to ($7.2) million in the prior-year period.
International
- Net revenue was $5.6 million, compared to $0.8 million in the prior-year period. The increase was primarily due to the acquisition of The International Stock Exchange Group Limited (TISE) in June 2025.
- Operating income was $1.3 million, compared to an operating loss of $1.5 million in the prior-year period. The increase was primarily due to the impact of the TISE acquisition.
- Adjusted EBITDA of $2.0 million, compared to ($1.0) million in the prior-year period.
Capital and Liquidity
- As of March 31, 2026, MIAX had cash and cash equivalents of $550.8 million and total debt of $1.5 million.
FY 2026 Guidance
The company reaffirms its full year 2026 expense guidance and expects:
- Adjusted operating expenses, which exclude share-based compensation, depreciation and amortization, and litigation expenses, in a range between $265 million and $275 million;
- Share-based compensation expense in a range between $27 million and $30 million;
- Capital expenditures, including capitalization of internally developed software, in a range between $40 million and $45 million;
- Depreciation and amortization expense in a range between $33 million and $38 million;
- Adjusted effective tax rate post valuation allowance release in a range between 27% and 29%.
Webcast and Conference Call
MIAX will host a webcast and conference call to review its first quarter financial results today, May 6, 2026 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 (international dial-in 412-317-6060) or access the webcast on the Investor Relations section of MIAX's website at ir.miaxglobal.com. A webcast recording and corresponding presentation will be archived under Events & Presentations at the above link following the event.
Non-GAAP Financial Information
Adjusted earnings, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for share-based compensation, investment gain/loss, litigation costs, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, unrealized gain/loss on derivative assets, and non-GAAP tax adjustments.
Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for interest expense and amortization of debt discount costs, interest income, income tax provision and depreciation and amortization, share-based compensation, investment gain/loss, litigation costs, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, and unrealized gain/loss on derivative assets.
Adjusted EBITDA margin, a non-GAAP financial measure, is defined as adjusted EBITDA divided by revenues less cost of revenues.
Adjusted EPS, a non-GAAP financial measure, is defined as adjusted earnings divided by diluted weighted average shares outstanding used for adjusted diluted earnings per share (which includes the impact of anti-dilutive securities on a GAAP basis).
Certain components of the guidance given in this presentation with respect to our financial performance for the full year of 2026 are provided on a non-GAAP basis only without providing the most comparable guidance on a GAAP basis or a quantitative reconciliation to guidance provided on a GAAP basis. Information is presented in this manner because the preparation of such guidance on a GAAP basis and such reconciliation could not be accomplished without unreasonable efforts. The Company does not have access to certain information that would be necessary to provide such guidance on a GAAP basis or such reconciliation, including non-recurring items that are not indicative of the Company's ongoing operations. The Company does not believe that this information is likely to be significant to an assessment of the Company's ongoing operations.
For a reconciliation of our non-GAAP results to our GAAP results, see the tables below.
About MIAX
Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX® operates eight exchanges across options, futures, equities and international markets including MIAX® Options, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures™, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant. To learn more about MIAX please visit www.miaxglobal.com.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expect," "anticipates," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.
All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.
Contacts:
Investors
John T. Williams
investor.relations@miaxglobal.com
Media
Andy Nybo
media@miaxglobal.com
Miami International Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31, 2026 and 2025
($000, except share and per share amounts)
Three Months Ended March
31,
2026 2025
Revenues:
Transaction and clearing fees $315,410 $289,304
Access fees 33,357 24,083
Market data fees 12,955 9,642
Other revenue 7,968 4,048
Total revenues 369,690 327,077
Cost of revenues:
Liquidity payments 223,526 194,046
Brokerage, clearing, and exchange fees 16,277 16,454
Section 31 fees - 23,410
Other cost of revenues 1,294 1,283
Total cost of revenues 241,097 235,193
Revenues less cost of revenues 128,593 91,884
Operating expenses:
Compensation and benefits 44,390 37,771
Information technology and communication costs 9,483 7,548
Depreciation and amortization 8,088 6,170
Occupancy costs 3,243 2,448
Professional fees and outside services 11,407 9,257
Marketing and business development 984 763
Acquisition-related costs - 654
General, administrative, and other 5,030 4,980
Total operating expenses 82,625 69,591
Operating income 45,968 22,293
Non-operating (expense) income:
Change in fair value of puttable common stock - (203)
Change in fair value of puttable warrants issued with debt - 569
Interest income 4,386 1,295
Interest expense and amortization of debt issuance costs (45) (4,430)
Unrealized loss on derivative assets (2,541) (42,413)
Gain on sale of business 50,547
Other, net 1,732 1,679
Income (loss) before income tax provision 100,047 (21,210)
Income tax benefit (expense) 70,177 (210)
Net income (loss) attributable to Miami International Holdings, Inc $170,224 $(21,420)
Weighted-average shares of common stock outstanding
Basic 91,793,374 63,549,403
Diluted 109,154,227 63,549,403
Net income (loss) per share attributable to common stock
Basic $1.85 $(0.34)
Diluted $1.56 $(0.34)
Miami International Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31, 2026 and 2025
($000, except share and per share amounts)
March 31,
2026 December 31, 2025
Assets
Current assets:
Cash and cash equivalents $550,786 $433,648
Cash and securities segregated under federal and other regulations 26,794 27,618
Accounts receivable, net 106,850 98,107
Restricted cash 14,419 6,005
Clearing house performance bonds and guarantee funds 78,699 70,078
Receivables from broker-dealers, futures commission merchants, and clearing 149,303 133,533
organizations
Current portion of derivative assets 4,709 6,017
Other current assets 39,811 39,232
Assets held for sale - 40,976
Total current assets 971,371 855,214
Investments 29,180 19,180
Fixed assets, net 53,464 46,854
Internally developed software, net 36,518 36,333
Goodwill 61,912 62,211
Other intangible assets, net 169,210 170,774
Deferred tax asset, net 59,673
Derivative assets, net of current portion 3,881 5,114
Other assets, net 58,971 63,745
Total assets $1,444,180 $1,259,425
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other liabilities $84,029 $69,780
Accrued compensation payable 19,638 39,412
Current portion of long-term debt 1,511 1,508
Deferred transaction revenues 10,397 9,572
Clearing house performance bonds and guarantee funds 78,199 69,578
Payables to customers 153,056 144,641
Payables to clearing organizations 4,068 11
Liabilities held for sale - 2,758
Total current liabilities 350,898 337,260
Deferred income taxes 10,866 22,386
Other non-current liabilities 16,860 18,762
Total liabilities 378,624 378,408
Commitments and contingencies -
Stockholders' equity:
Common stock - voting and nonvoting, par value $0.001 (600,000,000 authorized 95 86
(400,000,000 voting, 200,000,000 nonvoting); 94,722,622 issued and 94,211,531
outstanding common stock at March 31, 2026 and 85,890,086 issued and 85,536,287
common stock at December 31, 2025
Common stock in treasury, at cost, 511,091 shares at March 31, 2026 and 353,799 (14,545) (8,232)
shares at December 31, 2025
Additional paid-in capital 1,544,484 1,522,143
Accumulated deficit (462,115) (632,339)
Accumulated other comprehensive loss, net (2,363) (641)
Total stockholders' equity 1,065,556 881,017
Total liabilities and stockholders' equity $1,444,180 $1,259,425
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
The following table is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and adjusted EBITDA by segment ($000):
Three Months Ended March 31, 2026
Options Equities Futures International Corporate / Total
Other
Net income (loss) allocated to common shareholders $72,910 $(1,054) $(11,003) $(1,186) $110,557 $170,224
Interest expense and amortization of debt issuance costs 45 45
Interest income (110) (114) (159) (4,003) (4,386)
Income tax (benefit) expense 67 (70,244) (70,177)
Depreciation and amortization 4,326 1,056 1,563 435 708 8,088
EBITDA 77,126 2 (9,554) (843) 37,063 103,794
Share-based compensation(1) 4,079 897 1,910 306 1,684 8,876
Investment gain(2) (980) (390) (1,370)
Litigation costs(3) 2,076 692 2,768
Unrealized loss on derivative assets(4) 2,541 2,541
Gain on sale of business(5) (50,547) (50,547)
Adjusted EBITDA $83,281 $899 $(8,624) $2,004 $(11,498) $66,062
(1) Share-based compensation represents expenses associated with stock options of $4.6 million, restricted stock awards of $4.3 million, and warrants of less than $0.1 million that have been granted to employees, directors and service providers. The 2026 expense of $8.9
million is made up of $8.2 million to employees within compensation and benefits, $0.4 million to service providers within professional fees and outside services, and $0.2 million to directors within general, administrative, and other.
(2)
Investment gain of $1.4 million represents an unrealized gain on marketable equity securities.
(3)
Litigation costs are associated with ongoing litigation related to the Nasdaq matter.
(4)
Reflects the unrealized loss resulting from the mark-to-market valuation of the 250 million Pyth tokens that remain locked by the Pyth Network as of March 31, 2026.
(5)
Represents the gain on the sale of MIAXdx in January 2026.
Three Months Ended March 31, 2025
Options Equities Futures International Corporate / Total
Other
Net income (loss) allocated to common shareholders $51,012 $(4,003) $(9,485) $(43,868) $(15,076) $(21,420)
Interest expense and amortization of debt issuance costs 35 4,395 4,430
Interest income (430) (196) (669) (1,295)
Income tax expense 210 210
Depreciation and amortization 3,062 1,487 979 157 485 6,170
EBITDA 53,644 (2,516) (8,667) (43,711) (10,655) (11,905)
Share-based compensation(1) 3,803 791 2,882 316 1,693 9,485
Investment gain(2) (1,455) (1,455)
Acquisition-related costs(3) 654 654
Litigation costs(4) 775 258 1,033
Change in fair value of puttable warrants issued with debt(5) (569) (569)
Change in fair value of puttable common stock(6) 203 203
Unrealized loss on derivative assets(7) 42,413 42,413
Adjusted EBITDA $58,222 $(1,725) $(7,240) $(982) $(8,416) $39,859
(1) Share-based compensation represents expenses associated with stock options of $2.6 million, restricted stock awards of $6.5 million and warrants of $0.4 million that have been granted to employees, directors and service providers. The 2025 expense of $9.5 million is made
up of $8.6 million to employees within compensation and benefits, $0.6 million to service providers within professional fees and outside services, and $0.2 million to directors within general, administrative, and other.
(2)
Investment gain of $1.5 million represents an unrealized gain on available for sale marketable securities.
(3)
Relates to the TISE acquisition.
(4)
Litigation costs are associated with ongoing litigation related to the Nasdaq matter.
(5) The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 Senior Secured Term Loan. The right to put warrants terminated upon completion of the IPO in August
2025.
(6) The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with the Company's ERPs I and II that had an associated put right which required the Company to repurchase a certain percentage of
the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025.
(7)
Reflects the unrealized loss resulting from the mark-to-market valuation of the 375 million Pyth tokens that remain locked by the Pyth Network as of March 31, 2025.
Segment Operating Results
The following sets forth our results of operations by segment ($000):
Three Months Ended March 31, 2026
Options Equities Futures International Corporate / Total
Other
Revenues:
Transaction and clearing fees $266,818 $27,888 $20,643 $61
$ - $315,410
Access fees 29,118 3,867 390 39 (57) 33,357
Market data fees 9,482 2,157 1,244 80 (8) 12,955
Other revenue 34 53 2,061 5,464 356 7,968
Total revenues 305,452 33,965 24,338 5,644 291 369,690
Cost of revenues:
Liquidity payments 192,986 27,101 3,439 223,526
Brokerage, clearing, and exchange fees 1,199 200 14,878 16,277
Other cost of revenues(1) 1,391 (97) 1,294
Total cost of revenues 194,185 27,301 19,708 (97) 241,097
Revenues less cost of revenues 111,267 6,664 4,630 5,644 388 128,593
Operating expenses:
Compensation and benefits 21,050 4,165 10,441 2,231 6,503 44,390
Information technology and communication costs 4,303 1,545 2,914 453 268 9,483
Depreciation and amortization 4,326 1,056 1,563 435 708 8,088
Occupancy costs 1,601 214 495 254 679 3,243
Professional fees and outside services 4,858 272 305 462 5,510 11,407
Marketing and business development 171 57 341 222 193 984
General, administrative, and other 2,158 409 1,018 324 1,121 5,030
Total operating expenses 38,467 7,718 17,077 4,381 14,982 82,625
Operating income / (loss) 72,800 (1,054) (12,447) 1,263 (14,594) 45,968
Non-operating (expense) income:
Interest income 110 114 159 4,003 4,386
Interest expense and amortization of debt issuance costs (45) (45)
Unrealized loss on derivative assets (2,541) (2,541)
Gain on sale of business 50,547 50,547
Other, net 1,330 402 1,732
Income (loss) before income tax provision 72,910 (1,054) (11,003) (1,119) 40,313 100,047
Income tax benefit (expense) (67) 70,244 70,177
Net income (loss) attributable to Miami International Holdings, Inc $72,910 $(1,054) $(11,003) $(1,186) $110,557 $170,224
(1) Futures segment other cost of revenues includes $0.4 million related to access fees, $0.3 million related to market data fees, and $0.7 million related to other revenue. Corporate /Other
segment incudes $(0.1) million related to other revenue.
Three Months Ended March 31, 2025
Options Equities Futures International Corporate / Total
Other
Revenues:
Transaction and clearing fees $234,512 $34,307 $20,449 $36
$ - $289,304
Access fees 20,384 3,480 237 39 (57) 24,083
Market data fees 6,198 2,287 1,085 80 (8) 9,642
Other revenue 3,026 671 351 4,048
Total revenues 261,094 40,074 24,797 826 286 327,077
Cost of revenues:
Liquidity payments 163,528 27,990 2,528 194,046
Brokerage, clearing, and exchange fees 1,119 238 15,097 16,454
Section 31 fees 15,223 8,187 23,410
Other cost of revenues(1) 1,283 1,283
Total cost of revenues 179,870 36,415 18,908 235,193
Revenues less cost of revenues 81,224 3,659 5,889 826 286 91,884
Operating expenses:
Compensation and benefits 16,665 3,426 11,475 1,117 5,088 37,771
Information technology and communication costs 3,346 1,563 1,977 458 204 7,548
Depreciation and amortization 3,062 1,487 979 157 485 6,170
Occupancy costs 1,119 141 443 156 589 2,448
Professional fees and outside services 4,064 530 745 186 3,732 9,257
Marketing and business development 214 90 261 32 166 763
Acquisition-related costs 654 654
General, administrative, and other 2,171 425 1,270 175 939 4,980
Total operating expenses 30,641 7,662 17,150 2,281 11,857 69,591
Operating income / (loss) 50,583 (4,003) (11,261) (1,455) (11,571) 22,293
Non-operating (expense) income:
Change in fair value of puttable warrants issued with debt 569 569
Change in fair value of puttable common stock (203) (203)
Interest income 430 196 669 1,295
Interest expense and amortization of debt issuance costs (35) (4,395) (4,430)
Unrealized loss on derivative assets (42,413) (42,413)
Other, net (1) 1,615 65 1,679
Income (loss) before income tax provision 51,012 (4,003) (9,485) (43,868) (14,866) (21,210)
Income tax expense (210) (210)
Net income (loss) attributable to Miami International Holdings, Inc $51,012 $(4,003) $(9,485) $(43,868) $(15,076) $(21,420)
(1) Futures other cost of revenues includes $0.3 million related to access fees, $0.3 million related to market data fees, and
$0.7 million related to other revenue.
The following summarizes revenues less cost of revenues, operating expenses, operating income (loss), adjusted EBITDA and adjusted EBITDA margin for our business segments ($000, except percentages):
Options
Equities
Three Months Ended Three Months Ended
March 31, Percent March 31, Percent
2026 2025 Change 2026 2025 Change
Revenues less cost of
revenues $111,267 $81,224 37.0 % $6,664 $3,659 82.1 %
Operating expenses 38,467 30,641 25.5 % 7,718 7,662 0.7 %
Operating income (loss) $72,800 $50,583 43.9 % $(1,054) $(4,003)
*
Adjusted EBITDA(1) $83,281 $58,222 43.0 % $899 $(1,725)
*
Adjusted EBITDA margin(2) 74.8 % 71.7 % 13.5 %
*
Futures
International
Three Months Ended Three Months Ended
March 31, Percent March 31, Percent
2026 2025 Change 2026 2025 Change
Revenues less cost of
revenues $4,630 $5,889 (21.4) % $5,644 $826 583.3 %
Operating expenses 17,077 17,150 (0.4) % 4,381 2,281 92.1 %
Operating income (loss) $(12,447) $(11,261)
* $1,263 $(1,455)
*
Adjusted EBITDA(1) $(8,624) $(7,240)
* $2,004 $(982)
*
Adjusted EBITDA margin(2)
*
* 35.5 %
*
* Not meaningful
(1) See Reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA above.
(2) Adjusted EBITDA margin represents adjusted EBITDA divided by revenues less
cost of revenues.
Reconciliations of GAAP Net Income (Loss) to Adjusted Earnings
The following table is a reconciliation of net income (loss) allocated to common stockholders to adjusted earnings ($000):
Three Months Ended
March 31,
2026 2025
Net income (loss)
allocated to common
shareholders $170,224 $(21,420)
Share-based
compensation(1) 8,876 9,485
Investment gain(2) (1,370) (1,455)
Litigation costs(3) 2,768 1,033
Acquisition-related
costs(4) 654
Change in fair value
of puttable warrants
issued with debt(5) (569)
Change in fair value
of puttable common
stock(6) 203
Unrealized loss on
derivative assets(7) 2,541 42,413
Gain on sale of
business(8) (50,547)
Total non-GAAP pre-
tax adjustments (37,732) 51,764
Income tax (expense)
benefit related to
items above(9) 12,538 (318)
One-off discrete tax
adjustments(10):
Release of valuation
allowance as of
January 1, 2026 (109,161)
Deferred tax re-
measurements 16,133
Other(11) (6,660)
Total non-GAAP tax
adjustments (87,150) (318)
Adjusted earnings $45,342 $30,026
(1)
Share-based compensation represents expenses associated with stock options, restricted stock awards and warrants that have been granted to employees, directors and service providers.
(2)
Represents unrealized gain on marketable equity securities.
(3)
Litigation costs are associated with ongoing litigation related to the Nasdaq matter.
(4)
Relates to the TISE acquisition.
(5) The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 Senior Secured Term Loan. The right to put warrants terminated upon completion of the IPO in August
2025.
(6) The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with the Company's ERPs I and II that had an associated put right which required the Company to repurchase a certain percentage
of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025.
(7)
Reflects the unrealized loss resulting from the mark-to-market valuation of Pyth tokens that remain locked by the Pyth Network as of each balance sheet date.
(8)
Represents the gain on the sale of MIAXdx in January 2026.
(9)
Income tax effect is calculated on the pre-tax adjustments to net income, other than share-based compensation which is adjusted as a non-cash expense for which there is a tax deduction, based on the tax laws in the jurisdictions in which we operate.
(10)
Removes from adjusted earnings any one-off discrete tax adjustments that are unrelated to our core operating performance.
(11)
Primarily relates to the removal of the permanent tax benefit for the excess tax deduction on share-based compensation compared to the book expense.
Earnings Per Share
The following table sets forth the computation of diluted income (loss) and adjusted earnings per share ($000, except share and per share data):
Three Months Ended
March 31,
2026 2025
Net income (loss) attributable to MIH $170,224 $(21,420)
Weighted-average common shares outstanding 109,154,227 63,549,403
Diluted net income (loss) per share $1.56 $(0.34)
Adjusted earnings $45,342 $30,026
Diluted weighted average shares outstanding used 109,154,227 78,075,760
for adjusted diluted earnings per share
Adjusted diluted earnings per share $0.42 $0.38
Key Business Metrics
Three Months Ended March 31, 2026 and 2025
Three Months Ended Increase/ Percent
March 31, (Decrease) Change
2026 2025
Options:
Number of trading days 61 60 1 1.7 %
Total contracts:
Market contracts - Equity and ETF (in thousands) 3,821,454 3,216,233 605,221 18.8 %
MIH contracts - Equity and ETF (in thousands) 662,739 514,903 147,836 28.7 %
Average daily volume ("ADV")(defined below)(1)
Market ADV - Equity and ETF (in thousands)(1) 62,647 53,604 9,043 16.9 %
MIH ADV - Equity and ETF (in thousands)(1) 10,865 8,582 2,283 26.6 %
MIH market share 17.3 % 16.0 %
1.3 pts 8.1 %
Total Options revenue per contract ("RPC")(2) $0.110 $0.106 $0.004 3.8 %
U.S. Equities:
Number of trading days 61 60 1 1.7 %
Total shares:
Market shares (in millions) 1,219,057 941,688 277,369 29.5 %
MIH shares (in millions) 10,787 10,557 230 2.2 %
ADV(1):
Market ADV (in millions)(1) 19,985 15,695 4,290 27.3 %
MIH ADV (in millions)(1) 177 176 1 0.6 %
MIH market share 0.9 % 1.1 % (0.2) pts (18.2) %
Equities capture (per 100 shares) (defined below)(3) $0.005 $(0.020) $0.025
*
Futures:
Number of trading days 61 61 - %
Agricultural products total contracts 659,786 1,098,116 (438,330) (39.9) %
Agricultural products ADV(1) 10,816 18,002 (7,186) (39.9) %
Agricultural products RPC(2) $1.982 $2.426 $(0.444) (18.3) %
International:
Total listed securities (period end)(4) 6,083 1,206
*
*
* Percentage calculation is not meaningful.
(1)
ADV is calculated as total contracts or shares for the period divided by total trading days for the period.
(2) RPC represents transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees and Section 31 fees (Net Transaction Fees), divided by total contracts
traded during the period.
(3) Equities capture per one hundred shares refers to transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees, and Section 31 fees (Net Transaction
Fees), divided by one-hundredth of total shares.
(4)
Q1 2025 does not include TISE which was acquired in June 2025.
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SOURCE MIAX
