Miami International Q2 Earnings Call Highlights

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Sat, August 8, 2026 astatine 1:03 PM CDT 7 min read

Key Points

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Record second-quarter results: Net gross roseate 35% twelvemonth implicit twelvemonth to $141 million, portion adjusted EBITDA jumped 57% to $77 million, driven by elevated options enactment and higher gross per contract.
Options remained the halfway maturation engine: Options gross accrued 34% to $124 cardinal arsenic mean regular measurement reached 11 cardinal contracts, though absorption expects second-half gross per declaration to normalize arsenic marketplace stock rebounds.
Futures enlargement is advancing: MIAX's Bloomberg-branded futures products are moving toward retail distribution, with brokers progressing connected connectivity and clearing; the institution besides lowered its full-year adjusted operating disbursal outlook to $260 million-$270 million.

Miami International (NYSE:MIAX) reported grounds second-quarter nett gross arsenic elevated options enactment and higher gross per declaration supported results, portion the speech relation precocious the rollout of its Bloomberg-branded fiscal futures products.

Total nett gross roseate 35% twelvemonth implicit twelvemonth to $141 million, Chief Executive Officer Thomas P. Gallagher said connected the company's second-quarter 2026 net call. Adjusted EBITDA accrued 57% to $77 million, producing an adjusted EBITDA borderline of 54%, up from 47% a twelvemonth earlier. Adjusted diluted net per stock were $0.48.

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Gallagher said geopolitical tensions, trade-policy uncertainty and AI-related marketplace swings contributed to elevated options volumes. He said volatility increases request for the risk-management tools offered done MIAX exchanges and raises trading enactment successful listed contracts.

Options Revenue Reaches $124 Million

The options conception generated $124 cardinal successful nett revenue, a 34% summation from the prior-year period. Average regular measurement reached 11 cardinal contracts, up 25% twelvemonth implicit twelvemonth and broadly successful enactment with manufacture growth, according to Chief Financial Officer Lance Emmons.

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MIAX's stock of the multi-listed options marketplace was 16.5% successful the quarter, fundamentally unchanged from a twelvemonth earlier but down from 17.3% successful the archetypal quarter. Emmons said the company's gross per contract, oregon RPC, accrued to $0.124 from $0.11 successful the archetypal quarter, chiefly due to the fact that little marketplace stock meant little trading measurement fell wrong the highest rebate and lowest interest tiers. More favorable trading premix besides helped the metric.

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