Miami International (MIAX) 46th Annual William Blair Growth Stock Conference summary

Strategic vision and business model

• Founder-led approach enabled independent decision-making and a technology-first, customer-centric strategy.

• Initial focus was on building market share through low or no fees, followed by monetizing infrastructure and data as scale was achieved.

• Expansion included four U.S. options exchanges, a cash equities exchange, a futures exchange, and multiple international acquisitions.

• Diversification beyond options through acquisitions in futures, equities, and international markets.

• Emphasis on leveraging relationships with major market participants and maintaining a commitment-driven company culture.

Growth, innovation, and market trends

• Achieved 17.3% U.S. options market share by Q1 2026, with significant growth since inception in 2012.

• Benefited from secular tailwinds: U.S. options daily volume grew from 15 million (2012) to 63 million (Q1 2026), and futures from 13 million to 42 million.

• Aggressively targeting retail firms and planning to launch new financial futures products, especially as major tech IPOs are anticipated.

• Exclusive 10-year agreement with Bloomberg to launch new index-based futures products, leveraging Bloomberg’s 5,000+ indices.

• Built proprietary trading and clearing technology, moving away from third-party platforms.

Financial performance and outlook

• 60% of revenue from transaction fees, 25% from access fees, 9% from market data, and 6% from other sources including listings.

• Adjusted net revenue grew at a 29% CAGR from 2022 to 2025, reaching $431 million, with margins rising from 30% to 51% by Q1 2026.

• Q1 2026 revenue grew 40% year-over-year to $129 million, with organic growth at 35% and margin expansion of 800 basis points.

• Adjusted OpEx guidance for 2026 is $265–$275 million, with continued investment in branding and product rollouts.

• CapEx for 2026 projected at $40–$45 million, with a tax rate of 27–29% going forward.