Miami International Holdings, Inc. (MIAX)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.5B

Net income, last twelve months

$142.3M

Earnings per share

$0.77

Gross margin

34.3%

Operating margin

7.9%

Net margin

9.7%

Free cash flow

$251.5M

Return on equity

12.4%

Market value

$3.2B

Price to earnings

41.5x

Cash

$660.5M

Debt

$1.5M

Debt to equity

0.00

Shares outstanding

98.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 5 August 2026.

• Net revenue reached $141.1 million. Net revenue rose $36.5 million, or 35%, to $141.1 million from $104.7 million. The company called it a record and attributed it mainly to the options business.
• Operating income roughly unchanged. Operating income was $27.8 million against $27.3 million. Operating expenses included a $30.0 million litigation settlement charge.
• GAAP net income rose to $44.2 million. GAAP net income was $44.2 million against $23.5 million in the prior-year period.
• Adjusted earnings and EBITDA grew. Adjusted earnings rose 41% to $53.3 million and adjusted EBITDA rose 57% to $76.8 million. Adjusted diluted EPS was $0.48, the same as a year earlier.
• Options carried most of the gain. Options net revenue rose 34% to $124.4 million. Operating income rose 10% to $64.9 million after a $22.5 million litigation settlement charge, and adjusted EBITDA grew 44% to $96.7 million.
• Equities loss narrowed on pricing. Equities net revenue rose 27% to $5.5 million. Operating loss narrowed to $2.3 million from $3.1 million.
• Futures operating loss little changed. Futures net revenue was $5.1 million against $5.0 million. Adjusted EBITDA was a loss of $9.5 million against a loss of $9.0 million.
• TISE lifted International revenue. International net revenue was $5.7 million against $2.3 million. The company attributed the increase to TISE, acquired in June 2025, and operating income was $1.1 million.
• Three index futures launched. The company launched Tini B100, Tini B500 and B500 index futures during the quarter, as listed in the business updates.
• Financial futures started in May. Financial futures launched May 17, with trade date May 18. Since launch they recorded 238,483 contracts, with average daily volume of 7,949.
• Non-transaction options fees rose. Higher non-transaction options fees were attributed to member connections, 2026 fee increases, expiring Sapphire fee waivers and new market data products.
• Operating expenses rose to $113.3 million. Total operating expenses were $113.3 million against $77.4 million. The rise included the $30.0 million litigation settlement and planned headcount, technology and marketing spending.
• Share-based compensation was lower. Share-based compensation expense was $7.1 million against $9.4 million a year earlier. Of the 2026 amount, $5.2 million was paid to employees within compensation and benefits.
• Regulatory and acquisition costs lower. Lower regulatory costs and 2025 acquisition-related costs partly offset the increase in operating expenses.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By product, FY2025

Company events

The newest 8-K filings of 20 held.

Every filing

The newest filings with the SEC of 83 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

248 funds held it at 30 Jun 2026: 136 added and 45 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Morgan Stanley (MS): revenue $78.0B, market value $299.2B
• Goldman Sachs Group Inc. (GS): revenue $66.2B, market value $270.0B
• BlackRock, Inc. (BLK): revenue $27.3B, market value $179.6B
• Charles Schwab Corp. (SCHW): revenue $26.0B, market value $153.5B
• Robinhood Markets, Inc. (HOOD): revenue $5.1B, market value $83.3B
• Interactive Brokers Group, Inc. (IBKR): revenue $6.9B, market value $37.6B
• Raymond James Financial Inc. (RJF): revenue $15.2B, market value $30.2B
• Nomura Holdings Inc. (NMR): revenue $14.4B, market value $26.5B
• SEI Investments Co. (SEIC): revenue $2.5B, market value $12.3B
• Jefferies Financial Group Inc. (JEF): revenue $8.5B, market value $10.9B

What the company does

Miami International Holdings, Inc. builds and operates regulated financial marketplaces across options, cash equities, futures and international listings. Its exchanges run on proprietary technology built in-house. In the United States it operates four options exchanges and one cash equities market regulated by the SEC, plus a futures exchange and clearing house regulated by the CFTC. It also owns listing venues in Bermuda and Guernsey and a futures broker. As of 31 December 2025 it employed 439 people, and the company says it is the 13th largest global derivatives exchange operator by contracts traded, as reported by the Futures Industry Association.

How the business is organised

The company reports four segments: Options, Equities, Futures and International. Corporate costs and other ventures sit in Corporate and Other. Options covers multi-listed options trading on MIAX Options, MIAX Pearl, MIAX Emerald and MIAX Sapphire, together with related market data and access services. Equities covers cash equities trading on MIAX Pearl Equities. Futures covers MIAX Futures, its clearing house, and Dorman Trading. International covers listings on The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE).

What it runs

The four options exchanges each use a distinct allocation and pricing model. MIAX Sapphire opened a physical trading floor in Miami, Florida in September 2025.

MIAX Pearl Equities trades United States equity securities and had 56 exchange members at the end of 2025.

MIAX Futures, established in 1881 as the Minneapolis Grain Exchange, is registered as both a designated contract market and a derivatives clearing organization. Its 2025 volume was 3.3 million contracts, under 1% of United States futures and options on futures. It clears agricultural products listed on its own market. Dorman Trading, a Chicago futures commission merchant with over 40 years in business, provides execution and clearing for introducing brokers, retail customers, institutional clients and professional traders.

On 20 January 2026 the company sold 90% of MIAXdx to a joint venture of Robinhood Markets and Susquehanna International Group. It kept 10% of the business, now called Rothera Exchange and Clearing LLC.

The company also holds a ten year exclusive license from Bloomberg Index Services Limited to list futures, options on futures and cash-settled index options on three Bloomberg indexes. Bloomberg is paid a tiered share of net transaction fees on these products. The company says it plans to list the first of them in the second quarter of 2026.

How it earns money

Transaction fees are charged to member firms for executing trades and make up the majority of revenues. Clearing fees come from trades cleared by MIAX Futures, Dorman Trading and BSX. Access fees are charged for connecting to an exchange. Market data fees come from direct subscriptions and from distributions under the United States tape plans. Other revenue includes listing fees from TISE, BSX and MIAX Futures.

Liquidity payments to market participants who provide orders are recorded as a cost of revenues. In some equities and new futures products the company pays out more in liquidity payments than it collects in transaction fees.

Who uses it

Options and equities customers are SEC-registered broker-dealers and their sponsored access clients. The MIAX Exchanges had 227 members at the end of 2025, covering 75 distinct firms. These include banks, proprietary trading firms, market makers, hedge funds and retail customers who trade through broker-dealers. MIAX Futures had 14 clearing members, most of them futures commission merchants. BSX had 16 exchange members and TISE had 44.

The filing says no customer is obliged to keep using its services.

International listings

BSX was organised in 1971 and is headquartered in Bermuda. At the end of 2025 it had 1,209 listed securities, including 746 insurance-linked securities. The company calls BSX the global leader in listing vehicles that provide catastrophic peril reinsurance coverage. Those vehicles on BSX represent about 93.2% of global issuance in that class.

TISE is headquartered in Guernsey and operates across Guernsey, Dublin, Isle of Man, Jersey and London. The company acquired it on 5 June 2025. It had 4,818 securities listed, from more than 2,500 issuers in over 35 countries. Its Qualified Investor Bond Market lists high yield bonds, private equity debt and securitization bonds, and TISE lists 41 UK real estate investment trusts, which the filing describes as the largest market for them. BSX is regulated by the Bermuda Monetary Authority and TISE by the Guernsey Financial Services Commission.

Technology, competition and people

The options and equities markets share one base technology, which the company says lets it launch new markets quickly. It reports its options exchanges were fully operational 99.99986341% of the time in 2025. It owns three issued United States patents and keeps many technologies as trade secrets.

In listed options the company competes with 14 exchanges owned by Cboe, Nasdaq, Intercontinental Exchange, BOX Holdings Group LLC, Investors Exchange LLC and MEMX. MIAX Futures mainly competes with Cboe, CME Group and ICE. The company says many competitors are larger and have greater resources. In clearing it names CME, ICE and the OCC as competitors.

Of its 439 employees, 392 work mainly in Princeton, New Jersey, Minneapolis, Minnesota and Chicago, Illinois. Another 8 are at BSX in Hamilton, Bermuda and 39 are at TISEG. None are represented by a labor union.

*From Miami International Holdings's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1438472/000143847226000023/miax-20251231.htm)*

From the company's 10-K.