Miami International posted record Q1 2026 results, with total net revenue up 40% year over year to $129 million and adjusted EBITDA up 66% to $66 million. Management said elevated market volatility boosted demand for options and risk-management products.
The options business remained the main growth engine, with segment net revenue rising 37% to $111 million and average daily volume up 27% to 10.9 million contracts. The company also gained market share in multi-listed options to 17.3% from 16% a year earlier.
MIAX highlighted several future growth initiatives, including short-dated single-name options, a stronger IPO pipeline, and the upcoming launch of Bloomberg Equity Index Futures starting May 17. The company reaffirmed full-year 2026 guidance for adjusted operating expenses of $265 million to $275 million.
Miami International (NYSE:MIAX) reported record first-quarter 2026 revenue as higher options trading volumes, market volatility and expanding contributions from other business lines lifted results, executives said on the company’s earnings call.
Chairman and Chief Executive Officer Thomas P. Gallagher said the quarter was shaped by “elevated volatility across asset classes,” driven by geopolitical tensions, trade policy uncertainty and shifting expectations around interest rates and growth. He said that volatility supported demand for risk management tools, including options.
“While most businesses are volatility adverse, for MIAX, elevated volatility is good for our business,” Gallagher said.
Total net revenue rose 40% year over year to $129 million, while adjusted EBITDA increased 66% to $66 million. Adjusted EBITDA margin expanded 800 basis points to 51%. Adjusted diluted earnings per share were $0.42, and adjusted earnings rose 51% to $45 million from $30 million in the prior-year period.
Chief Financial Officer Lance Emmons said organic net revenue growth, excluding the contribution from TISE, was about 35% year over year. Adjusted operating expenses were $63 million, up from $52 million a year earlier, primarily due to planned headcount expansion and higher employer payroll taxes tied to incentive compensation timing.
Options Business Drives Growth
MIAX’s options segment remained the primary driver of results. Options segment net revenue increased 37% year over year to $111 million. Average daily volume reached 10.9 million contracts, up 27% from the prior year, outpacing the 17% growth in industry average daily volume.
The company’s multi-listed options market share was 17.3% in the first quarter, compared with 16% in the year-ago period. Emmons said options revenue growth reflected higher industry volumes, market share gains and higher revenue per contract. Non-transaction fee growth of 45% was attributed to more member connections, fee increases, market data sales and the expiration of certain MIAX Sapphire fee waivers.
Emmons noted that the quarter included $2.7 million in ad hoc historical market data sales from a new offering, but cautioned that this revenue is expected to be episodic rather than recurring.
Gallagher said the company is focused on the right mix of volume and economics rather than pursuing a headline market share figure. During the question-and-answer session, Shelly Brown, Chief Executive Officer of MIAX Futures and Chief Strategy Officer of MIH, said the company continues to balance market share with capture rate, with particular interest in higher-capture business from the MIAX Sapphire trading floor.
Brown said trading floor market share across the industry was 8.1% in the first quarter, compared with 6.5% in 2025, and MIAX’s own share of floor volume has been rising. She said additional functionality releases are planned, including one next month, to help attract more flow to the Sapphire floor.
Short-Dated Options and IPO Pipeline Seen as Tailwinds
Executives pointed to short-dated single-name options as an emerging growth area, though they said the contribution remains small. Emmons said the new single-stock weeklies are still a “small negligible contributor” but could grow over time.
Brown said MIAX’s market share in the nine single-name classes with Monday and Wednesday expirations ranged from 18% to 20% of multi-listed volume, above the company’s overall market share. She said industry discussions are ongoing about whether future growth in single-name weekly options will come from adding Tuesday and Thursday expirations or from expanding to additional classes.
“I believe that expanding the program across additional classes is probably the next wave,” Brown said, while noting that it remains early and that decisions will develop over the next several months.
Brown also cited an improving IPO market as a potential source of future options volume, saying several large IPOs are expected this year and could generate “tremendous option volume” once they become options eligible.
Bloomberg Futures Launch Set for May
Gallagher said MIAX is preparing to launch Bloomberg Equity Index Futures, with the first product scheduled for the evening of May 17. The first contract will be a retail-sized product based on the Bloomberg 100 Equity Index.
The company plans to follow with the B500 Tini contract on June 1 and the larger B500 contract on June 8, Brown said. She said the company chose to start with the Bloomberg 100 product after discussions with retail firms, which indicated interest from customers in the index’s composition, including software and technology companies.
Gallagher said the product suite is designed to serve both institutional and retail participants. The futures will clear at the Options Clearing Corporation, which he said provides members with margin efficiencies as part of broader equity derivatives activity.
Gallagher said the Bloomberg 500 and Bloomberg 100 indices use a transparent, rules-based methodology rather than a committee-driven process, which he called a structural advantage, particularly if the IPO pipeline improves.
Brown said there is industry interest in more competition in index products. She said MIAX believes its technology, electronic trading model and index construction can help differentiate the offering.
Other Segments and Balance Sheet
MIAX’s equities segment net revenue increased to $7 million from $4 million a year earlier, primarily due to higher net transaction fees from improved pricing. Emmons said equities capture was net positive for the quarter, compared with inverted in the prior-year period.
Futures segment net revenue declined to $5 million from $6 million, reflecting lower listings and interest revenues and decreased net transaction fees. International segment net revenue rose to $6 million from $1 million, due to the acquisition of TISE in June 2025. Emmons said the company is beginning to streamline sales and marketing processes across its international operations.
MIAX ended the quarter with $551 million in cash and cash equivalents and less than $2 million in outstanding debt. Gallagher said the company’s capital allocation priorities remain focused on organic growth opportunities, the futures business, the Bloomberg product launch, technology and people, while remaining open to acquisitions that fit its strategy.
The company also discussed the sale of MIAXdx, now called Rothera. Gallagher said MIAX completed the sale of 90% of the business in January to a joint venture established by Robinhood Markets in partnership with Susquehanna International Group. MIAX retains a 10% equity stake, which Gallagher said provides long-term optionality in the prediction markets space without tying up capital or resources.
Guidance Reaffirmed
MIAX reaffirmed its full-year 2026 adjusted operating expense guidance of $265 million to $275 million. Emmons said expectations for the rest of the year include planned increases in marketing costs, including quoting incentives tied to the Bloomberg Index Futures products and spending for the company’s nationwide advertising campaign.
The company also reiterated expectations for full-year share-based compensation expense of $27 million to $30 million and capital expenditures of $40 million to $45 million. Emmons said capital spending was somewhat front-loaded in the first quarter because the company locked in equipment purchases ahead of AI-driven price increases.
Gallagher closed the call by saying the company remains focused on its technology, regulatory licenses, product range and customer relationships. He also acknowledged the recent death of board member Murray Stahl, saying Stahl had believed in the opportunity for a global exchange operator.
About Miami International (NYSE:MIAX)
Miami International (NYSE:MIAX) is a U.S. exchange holding company that operates electronic trading venues and provides market infrastructure for listed options and related products. Its primary business activities include operating regulated exchanges, delivering market data feeds, and offering trading technology and connectivity services designed for professional traders, broker-dealers, and market makers. The company focuses on low-latency execution, order matching, and the operational controls required to support high-volume, automated trading strategies in listed derivatives.
Products and services provided by Miami International include fully electronic order matching engines, transmittable market data and feed products, colocation and connectivity solutions, and tools for risk management and regulatory compliance.
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