Miami International Holdings, Inc.

Q2 total net revenue grew 35% year over year to a record $141 million. Adjusted EBITDA was $77 million, up 57% year over year, and adjusted EBITDA margin expanded to 54% from 47%; adjusted diluted EPS was $0.48. Adjusted operating expenses were $64 million versus $57 million a year ago, and adjusted earnings were $53 million, up 41% year over year. Options segment net revenue was $124 million, up 34%, with average daily volume of 11 million contracts, up 25%; options market share was 16.5%. Equities net revenue was $6 million, futures net revenue was $5 million, and international net revenue was $6 million. For 2026, MIAX lowered adjusted operating expense guidance to $260 million-$270 million, raised share-based compensation guidance to $29 million-$32 million, kept capital expenditures at $40 million-$45 million, raised depreciation and amortization guidance to $35 million-$39 million, and reiterated a 27% to 29% full-year tax rate.

Tom Gallagher said the quarter reflected record revenue, margin expansion, and continued investment in the product pipeline. He emphasized that volatility is a tailwind for MIAX’s options franchise and highlighted the launch of Bloomberg Financial Futures as a key milestone that lays the foundation for a broader futures ecosystem. His tone was upbeat and confident, with the main near-term priority being retail distribution for the Bloomberg products.

Lance Emmons framed the quarter as strong across the business, with record net revenue of $141 million, adjusted EBITDA of $77 million, and adjusted EBITDA margin of 54%. He explained that OpEx rose to $64 million mainly because of planned headcount growth and marketing for Bloomberg futures, while full-year adjusted operating expense guidance was lowered to $260 million-$270 million due to run-rate discipline and some compensation mix shifting from cash to stock-based pay. He also noted $660 million of cash and cash equivalents, less than $2 million of debt, and guidance of $40 million-$45 million of capex, $29 million-$32 million of share-based compensation, $35 million-$39 million of D&A, and a 27% to 29% tax rate.

Analysts focused on the step-up in options RPC, the path to selling Bloomberg futures to retail brokers, the reasons for lower OpEx guidance, and how MIAX plans to deploy its $660 million cash balance. Management said Q2 RPC benefited from lower market share, favorable mix, and tier effects, but should normalize closer to recent quarters; they also said market share rebounded to about 17.1% in July and they are adjusting pricing tiers to balance RPC and share. On Bloomberg futures, they said liquidity providers are coming on board and several retail firms are moving through connectivity and clearing work, with customer activity expected over the next several weeks to months. On cash, Tom Gallagher said the priority is reinvestment in the business, especially futures and technology, and that there are no current plans for a dividend or share repurchase program.