Key Highlights

  • Net Revenue rose 20% to $131.0 million from $109.5 million.
  • GAAP diluted EPS was $0.47, against a loss of $1.46 a year ago, and adjusted diluted EPS was $0.45 versus $0.42.
  • Adjusted EBITDA increased 47% to $70.8 million, with the Margin at 54% versus 44%.
  • Options Average Daily Volume rose 15.2% to 11.1 million contracts, with Market Share at 17.4%.
  • Cash and cash equivalents were $698.9 million, against total Debt of $1.5 million.

A lean exchange operator posts a 20% jump in net revenue

Miami International (NYSE:MIAX) builds and operates regulated financial markets across options, futures, equities and international venues, including MIAX Options, MIAX Pearl, MIAX Emerald, MIAX Sapphire, MIAX Futures and The International Stock Exchange. It reported third quarter 2026 results on October 29, 2026.

Net revenue, defined as revenues less cost of revenues, grew 20%, or $21.5 million, to $131.0 million from $109.5 million. The company tied the increase mainly to the Options business, citing higher industry volumes and higher non-transaction revenue. Chairman and CEO Thomas P. Gallagher called the operating model lean and high margin.

The options engine: 11.1 million contracts a day and 17.4% share

Options net revenue grew 19% to $112.6 million from $94.5 million, and the segment's adjusted EBITDA rose 25% to $86.5 million. Average daily volume reached 11.1 million contracts, up 15.2%, while market share edged up to 17.4% from 17.2%.

Revenue per contract fell 4.9% to $0.098, so the gain came from volume, share and fees rather than price per contract. Non-transaction fees benefited from more member connections and 2026 fee increases.

Smaller segments: equities up 53%, futures still loss-making

Equities net revenue grew 53% to $6.7 million on improved capture, and adjusted EBITDA turned positive at $1.0 million, compared with negative $0.9 million. Futures net revenue was $5.0 million, up 4%, with an adjusted EBITDA loss of $8.4 million versus a loss of $9.6 million.

International net revenue rose 11% to $6.1 million on more listed securities at The International Stock Exchange Group. Management also pointed to four recently launched fertilizer futures contracts.

Margins and the swing from a loss to $52.5 million of net income

Total operating expenses were $83.8 million, compared with $109.8 million, with the decline attributed mainly to IPO related expense in 2025. Adjusted operating expenses of $60.3 million were down 2%. Operating Income was $47.2 million, versus an operating loss of $0.3 million.

GAAP Net Income was $52.5 million, compared with a net loss of $102.1 million, and adjusted Earnings rose 25% to $50.1 million. Adjusted EBITDA margin widened to 54% from 44%. For the nine months, net revenue was $400.7 million, up from $306.0 million.

Cash pile, minimal debt and a lower expense guide

Cash and cash equivalents were $698.9 million at September 30, 2026, compared with $433.6 million at December 31, 2025, and total debt was $1.5 million. Stockholders' Equity was $1.22 billion.

For full-year 2026, the company now expects adjusted operating expenses of $254 million to $257 million, down from $260 million to $270 million. It sees share-based compensation of $30 million to $32 million, capital expenditures of $43 million to $46 million, Depreciation and amortization of $36 million to $38 million, and an adjusted tax rate of 26% to 28%.

What to watch as the growth phase continues

Readers following the company will likely watch whether options volume and share hold, how revenue per contract trends, and whether the smaller equities, futures and international lines keep narrowing losses and building scale.