Miami International Holdings reported higher third-quarter revenue and profitability, led by growth in its options business. Net revenue rose 20% year over year to $131 million, while adjusted EBITDA increased 47% to $70.8 million.
The exchange operator also highlighted new futures products and updated its full-year 2026 expense guidance. The announcement provided no revised guidance figures.
Key details
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Revenue growth was driven mainly by options. Net revenue—revenue less cost of revenue—grew by $21.5 million from a year earlier. MIAX attributed the increase primarily to stronger options activity, including higher industry volumes, and increased non-transaction revenue.
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Options trading activity and market share edged higher. Average daily volume across MIAX’s options exchanges rose 15.2% to 11.1 million contracts. Market share increased to 17.4%, from 17.2% a year earlier.
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Adjusted profitability improved. Adjusted EBITDA reached $70.8 million, versus $48.0 million, and its margin expanded to 54% from 44%. Adjusted earnings rose 25% to $50.1 million. Adjusted diluted earnings per share increased to $0.45 from $0.42.
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Reported results also turned positive. Operating income was $47.2 million, compared with an operating loss of $0.3 million in the prior-year quarter. Net income was $52.5 million, versus a net loss of $102.1 million; diluted earnings per share were $0.47, compared with a loss of $1.46 per share.
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Lower expenses contributed to the comparison. Total operating expenses fell to $83.8 million from $109.8 million, primarily because the year-earlier period included initial-public-offering-related expenses. Adjusted operating expenses, which exclude certain items, were $60.3 million, down 2%.
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The company is expanding its futures offering. Bloomberg index futures became available on NinjaTrader, and MIAX recently launched four fertilizer futures contracts, which it said responded to member interest.
Plain-English implications
MIAX’s results show stronger options activity alongside a wider adjusted operating margin. The large year-over-year improvement in reported earnings also compares with a prior-year quarter that included IPO-related expenses; the company did not attribute the entire net-income swing to that item.