Miami International (MIAX) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 net revenue of $129 million, up 40% year-over-year, driven by strong options business, increased market share, and industry volatility.

• GAAP net income was $170.2 million, a turnaround from a net loss in Q1 2025, aided by a $50.5 million gain on the MIAXdx sale and a significant income tax benefit from the release of a deferred tax valuation allowance.

• Adjusted EBITDA rose 66% to $66.1 million, with margin expanding to 51% from 43% year-over-year, reflecting operational leverage.

• Options market share increased to 17.3% with average daily volume up 27% year-over-year; international segment growth was driven by the TISE acquisition.

• Completed sale of 90% of MIAXdx (now Rothera), retaining a 10% stake, and completed IPO in August 2025, raising $396.8 million.

Financial highlights

• Q1 2026 net revenue grew 40% year-over-year to $129 million; adjusted EBITDA was $66 million, up 66% year-over-year, with margin at 51%.

• Adjusted earnings increased 51% to $45 million; GAAP net income was $170.2 million, including a $50.5 million gain on MIAXdx sale and a $70 million tax benefit.

• Cash and cash equivalents stood at $551 million as of March 31, 2026, with total outstanding debt of $1.5 million.

• Operating income more than doubled to $46 million year-over-year.

Outlook and guidance

• Reaffirmed full-year 2026 adjusted operating expense guidance of $265–$275 million.

• Share-based compensation expected at $27–$30 million; capital expenditures at $40–$45 million; depreciation and amortization at $33–$38 million.

• Adjusted effective tax rate for Q1 2026 was 27.2%; projected at 27–29% for the remainder of the year.

• Management expects continued growth in Options and International segments, with ongoing investments in technology and new product launches.