MIAX · MIAMI INTERNATIONAL HOLDINGS, INC.

Miami International Holdings (MIAX) reported a record first quarter for 2026, with net revenue surging 40% year-over-year to $128.6 million. The growth was primarily driven by the options segment, which saw net revenue increase 37% to $111.3 million, fueled by higher industry volumes, market share gains (17.3% vs. 16.0% in Q1 2025), and improved revenue per contract. Non-transaction fees also rose due to increased member connections, fee increases, and new market data products. The company's GAAP net income swung to $170.2 million from a loss of $21.4 million in the prior year, largely due to a $50.5 million gain on the sale of 90% of MIAXdx and a $70.2 million income tax benefit from the release of a deferred tax asset valuation allowance. On an adjusted basis, earnings increased 51% to $45.3 million, and adjusted diluted EPS rose 11% to $0.42. Adjusted EBITDA grew 66% to $66.1 million, with margin expanding 800 basis points to 51%, reflecting strong operating leverage. Management highlighted the scalability of the technology platform and momentum across business segments. The company reaffirmed its full-year 2026 guidance, expecting adjusted operating expenses between $265 million and $275 million, capital expenditures of $40-$45 million, and an adjusted effective tax rate of 27%-29%. The balance sheet remains strong with $550.8 million in cash and minimal debt of $1.5 million.