MIAX — Miami International Holdings, Inc.

MIAX Q1 2026 Earnings Call Summary

1. Key Financial Results and Metrics:

• Total Net Revenue: $129 million, up 40% year-over-year.
• Adjusted EBITDA: $66 million, a 66% increase year-over-year, with an adjusted EBITDA margin of 51%, up 800 basis points.
• Adjusted Diluted EPS: $0.42, reflecting strong operational performance.
• Options Segment Revenue: $111 million, a 37% increase year-over-year, with average daily volume of 10.9 million contracts, up 27% year-over-year.
• Cash Position: $551 million in cash and cash equivalents, with outstanding debt of less than $2 million.

2. Strategic Updates and Business Highlights:

• MIAX continues to benefit from strong market conditions, particularly in the options market, driven by elevated volatility and increased investor participation.
• The company is set to launch Bloomberg Equity Futures on May 17, with a focus on innovative product offerings that cater to both institutional and retail investors.
• The sale of MIAXdx (now Rothera) to a joint venture with Robinhood and Susquehanna was completed, allowing MIAX to retain a 10% stake while gaining access to the predictions marketplace.
• The Sapphire trading floor achieved a milestone with its first 1 million contract day, and the company is optimistic about future growth in this area.

3. Forward Guidance and Outlook:

• MIAX reaffirmed its full-year 2026 adjusted operating expense guidance of $265 million to $275 million, anticipating increased marketing costs related to new product launches.
• The company expects continued growth in revenue and market share, particularly in options and futures, as well as ongoing investments in technology and personnel.

4. Bad News, Challenges, or Points of Concern:

• Although overall market share in options increased to 17.3%, it slightly declined sequentially, indicating potential volatility in market performance.
• The futures segment revenue decreased to $5 million from $6 million year-over-year, attributed to lower listings and transaction fees.
• The impact of upcoming regulatory fee reforms on options remains uncertain, and MIAX has not finalized its rates, which could affect future revenues.

5. Notable Q&A Insights:

• Management emphasized the importance of balancing market share with revenue capture rates, indicating a strategic focus on quality over quantity in trading volumes.
• There is optimism about the growth potential of single-name weekly options, although current contributions to revenue are still negligible.
• The company is closely monitoring the competitive landscape, particularly regarding the upcoming launch of new products and the potential for increased market share in the futures space.
• Discussions highlighted the potential for additional listings in single-name options, with a preference for expanding classes over adding more expiration days, reflecting a strategic approach to product development.

Overall, MIAX reported strong financial performance in Q1 2026, driven by its options business and strategic initiatives, while also acknowledging challenges and uncertainties in the regulatory environment and market dynamics.