Miami International Holdings Revenue Jumps 20% to $131 Million in Third Quarter
Key Facts
Miami International Holdings reported third-quarter 2026 results on October 29, posting net revenue of $131.0 million, up 20% from $109.5 million in the same period last year. GAAP diluted earnings per share were $0.47, compared with a loss of $1.46 per share a year earlier. The figures put options activity at the center of the company's growth, with management attributing the revenue increase mainly to that business. Zacks cited a consensus estimate of $0.36 per share, but the estimate does not specify whether the comparison is adjusted or on a GAAP basis. It therefore is not directly comparable with the GAAP earnings per share reported by the company.
The options unit generated revenue of $112.6 million, compared with $94.5 million in the third quarter of 2025, a year-over-year increase of 19%. The company said the increase came mainly from transaction and non-transaction fees. Higher industry trading volumes and market share partly supported transaction fees, according to the earnings release. Lower revenue per contract offset some of the impact of that increase. The performance reflects revenue growth's reliance on broader activity and market share, alongside revenue not directly tied to the number of contracts traded.
Average daily trading volume on the company's options exchanges reached 11.1 million contracts in the quarter, up 15.2% year over year. Market share was 17.4%, compared with 17.2% in the same period a year earlier. The expansion in activity was accompanied by an improvement in adjusted EBITDA, which rose 47% to $70.8 million from $48.0 million. The margin widened to 54%, from 44% a year earlier. Chief Executive Thomas Gallagher said the low-cost operating model supported revenue growth and wider margins.
Total operating expenses fell to $83.8 million from $109.8 million in the third quarter last year. The company attributed the decline mainly to expenses related to its 2025 initial public offering. Revenue growth thus coincided with a lower expense base, as well as increased options activity. Cash and cash equivalents stood at $698.9 million on September 30, 2026, while total debt was $1.5 million. These figures provide a snapshot of the company's cash position at quarter-end as it works to expand its futures-market offerings.
The company lowered its 2026 adjusted operating expense forecast to $254–257 million, from a previous range of $260–270 million. At the same time, it raised its expected capital expenditure range to $43–46 million, from $40–45 million. Gallagher said Bloomberg futures contracts are now available on the NinjaTrader platform. He added that the company recently launched four fertilizer futures contracts in response to member interest. The chief executive described the next phase as the start of a new growth path led by new products and the company's strong financial position.
In trading, the company's shares closed at $31.98 on October 28, according to EL7 data. Daily closing data showed $33.98 on October 23, before the shares ended the October 28 session at the lower level. On October 29, the stock fell 1.69% during the regular session to $31.44, according to a report published by Investing.com and attributed to Reuters. After the results were announced, it rose 4.96% in after-hours trading to $33. The after-hours move followed the company's earnings announcement and updates to its 2026 operating expense and capital expenditure ranges.