Miami International (MIAX) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 net revenue of $141 million, up 35% year-over-year, with adjusted EBITDA rising 57% to $77 million and margin expanding to 54%; adjusted diluted EPS was $0.48 and adjusted earnings grew 41% to $53 million.

• Total revenues for Q2 2026 reached $387.6 million, net income rose 87.9% to $44.2 million, and diluted EPS increased 33.3% to $0.40.

• Options market share remained strong at 16.5%, with ADV up 25% year-over-year; year-to-date ADV reached 10.9 million contracts, up 26.3%.

• Significant events included the launch of Bloomberg Financial Futures, sale of MIAXdx, TISE acquisition, and resolution of Nasdaq litigation.

• Cash and cash equivalents stood at $660 million, with minimal outstanding debt of $1.5 million as of June 30, 2026.

Financial highlights

• Net revenue increased 35% year-over-year to $141 million, driven by options and international segments; total Q2 revenues were $387.6 million (+18.3% YoY).

• Adjusted EBITDA rose 57% to $77 million, margin improved to 54%; adjusted EBITDA margin for Q2 2026 was 54.4%.

• Adjusted operating expenses were $64.4 million, up 13% year-over-year, mainly due to compensation, marketing, and IT.

• Cash and equivalents at June 30, 2026: $660.5 million.

• Q2 2026 basic EPS: $0.46 (+27.8% YoY); diluted EPS: $0.40 (+33.3% YoY).

Outlook and guidance

• Full-year 2026 adjusted operating expenses expected at $260–$270 million, with share-based compensation at $29–$32 million.

• Capital expenditures and software capitalization projected at $40–$45 million; depreciation and amortization at $35–$39 million.

• Adjusted effective tax rate guidance remains at 27–29%.

• Management expects continued revenue growth from trading volumes, new products, and expanded market share.