Miami International Holdings, Inc.

What they do

The company operates multiple U.S. options exchanges (MIAX Options, MIAX Pearl, MIAX Emerald, MIAX Sapphire), a U.S. equities exchange (MIAX Pearl Equities), a futures exchange (MIAX Futures, formerly MGEX), and international exchanges (BSX and TISE). It also owns Dorman Trading, a Futures Commission Merchant, and provides futures clearing services. Its proprietary technology is a key differentiator.

Revenue drivers

• Options — Largest segment; Q2 2026 net revenue $124.4M, up 34% YoY, driven by higher industry volumes and revenue per contract.
• International — Q2 2026 net revenue $5.7M, up 151% YoY, reflecting the TISE acquisition in June 2025.
• Equities — Q2 2026 net revenue $5.5M, up 27% YoY, from trading fees on MIAX Pearl Equities.
• Futures — Q2 2026 net revenue $5.1M, up 2% YoY, including Hard Red Spring Wheat futures and options, and clearing services.

Recent performance

In Q2 2026, total net revenue grew 35% YoY to a record $141.1M, and adjusted EBITDA rose 57% to $76.8M with a 54% margin. GAAP diluted EPS was $0.40, and adjusted diluted EPS was $0.48. For the six months ended June 30, 2026, revenue was $387.6M for the quarter; the company recognized a $50.6M gain from the MIAXdx sale. Annual net income swung from $102.1M in 2024 to a loss of $70.0M in 2025, with 2025 revenue of $1.36B and operating cash flow of $167.8M.

Strategy

Management is focused on new product launches, including Bloomberg index futures (Tini B100, Tini B500, B500 launched in Q2 2026) and exclusive rights to list Bloomberg-based products for ten years. The company sold 90% of MIAXdx to a Robinhood-SIG joint venture and retained 10%, now called Rothera. It completed the TISE acquisition in June 2025 to expand international listings. Capital allocation remains disciplined, with no long-term debt and cash of $660.5M as of June 30, 2026.

Risks

• Trading volume dependency — A significant portion of revenue is transaction-based; declines in trading volume or adverse product mix would hurt results.
• Order flow provider concentration — The company relies on order flow providers; loss of those relationships could negatively affect volumes and revenue.
• Intense competition — Faces strong competition in options, equities, and futures markets from other exchanges and venues.
• Fixed cost structure — Costs are largely fixed, so revenue declines would directly pressure profitability.

Outlook

Management expects the Bloomberg index futures suite to contribute to long-term growth, with exclusive listings in North and South America. Rothera (formerly MIAXdx) plans to launch products in Q2 2026, but that is a minority stake. The company updated full-year 2026 expense guidance, indicating continued investments in headcount, technology, and marketing. No specific revenue or EPS guidance was provided.