10-Q: MIAX Holdings Reports Strong Q1 2026 Growth

Miami International Holdings, Inc. (MIAX) reported a significant increase in net income and revenues for the first quarter of 2026, driven by strong performance in its Options segment and the impact of recent acquisitions.

Summary

• Miami International Holdings, Inc. (MIAX) reported a net income of $170.2 million for the first quarter of 2026, a substantial increase from a net loss of $21.4 million in the same period of 2025.
• Total revenues grew by 13.0% to $369.7 million, primarily driven by a 9.0% increase in transaction and clearing fees, a 38.5% rise in access fees, and a 34.4% increase in market data fees.
• The Options segment showed robust growth, with revenues less cost of revenues increasing by 37.0% to $111.3 million, and operating income rising by 43.9% to $72.8 million.
• The Equities segment also saw a significant improvement, with revenues less cost of revenues increasing by 82.1% to $6.7 million, and the operating loss narrowing.
• The International segment experienced a substantial revenue increase of 583.3% to $5.6 million, largely due to the acquisition of TISEG in June 2025.
• The company's cash position strengthened, with cash and cash equivalents increasing to $550.8 million from $433.6 million at the end of 2025.
• The company completed the sale of 90% of MIAXdx (now Rothera Exchange and Clearing LLC) in January 2026, recognizing a gain of $50.5 million.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this filing positively due to strong revenue growth, significant improvement in profitability, and a strengthened balance sheet, indicating robust operational performance and successful strategic initiatives.

Positives

• Significant increase in net income to $170.2 million from a net loss of $21.4 million in the prior year's quarter.
• Total revenues increased by 13.0% to $369.7 million.
• Strong performance in the Options segment, with revenues less cost of revenues up 37.0% and operating income up 43.9%.
• Improved performance in the Equities segment, with revenues less cost of revenues up 82.1% and a narrowed operating loss.
• Substantial revenue growth in the International segment (583.3%) following the TISEG acquisition.
• Increased cash and cash equivalents to $550.8 million.
• Successful sale of MIAXdx, resulting in a $50.5 million gain.
• Positive operating income of $46.0 million, a significant improvement from $22.3 million in the prior year.
• Increased Options market share to 17.3% from 16.0%.

Negatives

• Futures segment experienced a 21.4% decrease in revenues less cost of revenues, with an operating loss of $12.4 million.
• Equities segment reported an operating loss of $1.0 million.
• Decrease in U.S. Equities market share to 0.9% from 1.1%.
• Futures agricultural products ADV decreased by 39.9% and RPC decreased by 18.3%.

Risks

• The loss of, or a significant reduction of, participation by the top three customers could have a material adverse effect on the Company's business, financial position, results of operations and cash flows.
• Ongoing litigation related to the Nasdaq matter could impact financial results.
• Uncertainties and regulatory/litigation developments related to the funding of the CAT (Consolidated Audit Trail) could impact costs and reimbursement.
• Potential for increased competition and introduction of new or competing financial products or services.
• Macroeconomic factors such as inflation, potential recession, and geopolitical events could impact market volatility and trading volumes.

Future Outlook

The company's future revenues and net income are expected to be influenced by trading volumes, market share, new product launches, demand for market data and access services, industry consolidation, pricing pressures, CAT funding developments, regulatory changes, competitive landscape, and macroeconomic conditions.

Management Comments

• We believe our future revenues and net income will continue to be influenced by a number of trends, including: trading volumes in listed equity options, futures, equity securities and ETFs; our ability to maintain or expand market share in listed equity options, listed futures, and listed equity securities and ETFs; our ability to develop and successfully launch proprietary futures and options products based on licensed Bloomberg indexes, and to generate sufficient trading activity to support their long-term viability; the demand for and pricing structure of the U.S. Tape Plan market data distributed by the Securities Information Processors (SIPs) and the market data distributed by OPRA which determine the pool size of the industry market data revenue we receive based on a known formula using trading and/or quoting activity, as required by NMS; consolidation and expansion of our customers and competitors in the industry; the demand for information about, or access to, our markets, which is dependent on the products we trade, our importance as a liquidity center and the quality and pricing of our data and access services; continuing pressure in transaction fee pricing due to intense competition and the proposed new ORF model and the impact on regulatory fee revenue; inverted pricing, where liquidity payments exceed transaction revenues, implemented to attract volume in listed equity securities and ETFs and volumes on our proprietary products; ongoing costs, funding uncertainties, and regulatory and litigation developments related to historical, current and future funding of the implementation and operation of the CAT, including risks related to the collection of promissory notes issued to fund CAT; regulatory changes relating to market structure and increased capital requirements and those which affect certain types of instruments, transactions, pricing structures, capital market participants or reporting or compliance requirements; the potential introduction of new or competing financial products or services by competitors in the industry, including those enabled by new technologies; and significant structural, political and monetary issues as well as macroeconomic effects of global events, including developments in tariffs, changes in inflation, fluctuations in commodity prices, potential recession, and prevailing interest rate levels, and geopolitical developments such as regional conflicts or wars, which have resulted and may continue to result in an increased or subdued market volatility, changes in trading volumes, and greater market uncertainty.

Industry Context

StockSavvy.ai notes that MIAX's strong Q1 2026 performance aligns with broader trends of increased trading volumes in options and equities, driven by market volatility and retail participation. The company's strategic acquisitions and technology investments position it well within the competitive exchange landscape.

Legal Proceedings

• Nasdaq litigation alleging infringement of seven patents and trade secret misappropriation; PTAB invalidated Nasdaq's asserted patents, and the company has filed counterclaims including antitrust violations, patent misuse, sham litigation, and fraud on the USPTO. Court denied summary judgment motions and bifurcated equitable defenses, with a two-phase trial planned.
• Petition for review filed in the 11th Circuit challenging the SEC's approval of the CAT's revised funding model, which could impact the ability to recoup CAT costs.
• Waco Case petition to shut down CAT based on constitutional grounds is pending, with a stay in place.

Related Party Transactions

• Agreements with companies affiliated with certain stockholders, directors, and executive officers for consulting services. $0.7 million paid for consulting services in Q1 2025; no payments made in Q1 2026.

Stakeholder Impact

• Shareholders: Positive impact due to increased profitability and improved financial position, as evidenced by the significant increase in net income and EPS.
• Employees: Potential for continued investment in talent and compensation, as indicated by increased compensation and benefits expenses.
• Customers: Continued provision of exchange services, with potential impacts from fee structures and market data offerings.
• Creditors: Company's strong cash position and improved profitability are positive for creditors.

Next Steps

• Continue to monitor trading volumes and market share across all segments.
• Evaluate the impact of new SEC Section 31 fee rates effective April 4, 2026.
• Manage ongoing litigation related to the Nasdaq matter.
• Monitor developments and potential impacts of CAT funding model changes and related litigation.

Key Dates

Recommendation

The company has demonstrated exceptional financial performance in Q1 2026, with significant revenue growth, a dramatic improvement in profitability, and a strong balance sheet. The successful integration of acquisitions and strategic divestitures, coupled with positive operational trends in key segments like Options, suggests a robust growth trajectory. While risks related to litigation and CAT funding exist, the overall financial health and market position warrant a strong buy recommendation.

Keywords

Miami International Holdings, MIAX, Form 10-Q, Quarterly Report, Financial Results, Options Trading, Equities Trading, Futures Trading, Market Data, Access Fees, Transaction Fees, TISE Acquisition, MIAXdx Sale, IPO