Miami International Holdings Reports First Quarter 2026 Results

Published: 2026-05-06 16:12:14 ET MIAX

Published on 05/06/2026 at 04:12 pm EDT

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.

First Quarter 2026 Business Updates

Summary of Selected Unaudited Condensed Consolidated Financial Results

($000, except per share amounts and percentages)

Consolidated First Quarter Results

1Q26

March 31, 2026

1Q25

March 31, 2025

Change

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

March 31, 2026

1Q25

March 31, 2025

Change

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

Equities

Futures

International

Capital and Liquidity

FY 2026 Guidance

The company reaffirms its full year 2026 expense guidance and expects:

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:

InvestorsJohn T. [email protected]

MediaAndy [email protected]

Miami International Holdings, Inc. and SubsidiariesCondensed 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 clearingorganizations

149,303

133,533

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

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(400,000,000 voting, 200,000,000 nonvoting); 94,722,622 issued and 94,211,531outstanding common stock at March 31, 2026 and 85,890,086 issued and 85,536,287common stock at December 31, 2025

Common stock in treasury, at cost, 511,091 shares at March 31, 2026 and 353,799shares at December 31, 2025

(14,545)

(8,232)

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 / Other

Total

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

—

Interest income

(110)

—

(114)

(159)

(4,003)

(4,386)

Income tax (benefit) expense

—

(70,244)

(70,177)

Depreciation and amortization

4,326

1,056

1,563

435

708

8,088

EBITDA

77,126

(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)

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 /Other

Total

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

—

4,395

4,430

Interest income

(430)

—

(196)

—

(669)

(1,295)

Income tax expense

—

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

Litigation costs(4)

775

—

258

1,033

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)

—

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 / Other

Total

Revenues:

Transaction and clearing fees

$ 266,818

$ 27,888

$ 20,643

$ 61

$ —

$ 315,410

Access fees

29,118

3,867

390

(57)

33,357

Market data fees

9,482

2,157

1,244

(8)

12,955

Other revenue

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

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)

Unrealized loss on derivative assets

—

(2,541)

—

(2,541)

Gain on sale of business

—

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 / Other

Total

Revenues:

Transaction and clearing fees

$ 234,512

$ 34,307

$ 20,449

$ 36

$ —

$ 289,304

Access fees

20,384

3,480

237

(57)

24,083

Market data fees

6,198

2,287

1,085

(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

261

166

763

Acquisition-related costs

—

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

Change in fair value of puttable common stock

—

(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

—

1,679

Income (loss) before income tax provision

51,012

(4,003)

(9,485)

(43,868)

(14,866)

(21,210)

Income tax expense

—

(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

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

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)

(6)

(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 for adjusted diluted earnings per share

109,154,227

78,075,760

Adjusted diluted earnings per share

$ 0.42

$ 0.38

Key Business MetricsThree Months Ended March 31, 2026 and 2025

Three Months Ended March 31,

Increase/ (Decrease)

Percent Change

2026

2025

Options:

Number of trading days

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

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

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

—

— %

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/miami-international-holdings-reports-first-quarter-2026-results-302764574.html

SOURCE MIAX