Miami International (NYSE:MIAX) reported record second-quarter net revenue as elevated options activity and higher revenue per contract supported results, while the exchange operator advanced the rollout of its Bloomberg-branded financial futures products.
Total net revenue rose 35% year over year to $141 million, Chief Executive Officer Thomas P. Gallagher said on the company’s second-quarter 2026 earnings call. Adjusted EBITDA increased 57% to $77 million, producing an adjusted EBITDA margin of 54%, up from 47% a year earlier. Adjusted diluted earnings per share were $0.48.
Options Revenue Reaches $124 Million
The options segment generated $124 million in net revenue, a 34% increase from the prior-year period. Average daily volume reached 11 million contracts, up 25% year over year and broadly in line with industry growth, according to Chief Financial Officer Lance Emmons.
MIAX’s share of the multi-listed options market was 16.5% in the quarter, essentially unchanged from a year earlier but down from 17.3% in the first quarter. Emmons said the company’s revenue per contract, or RPC, increased to $0.124 from $0.11 in the first quarter, primarily because lower market share meant less trading volume fell within the highest rebate and lowest fee tiers. More favorable trading mix also helped the metric.
However, management cautioned against using the second-quarter RPC as a forecast for the remainder of the year. Emmons said market share rebounded to approximately 17.1% in July, which could lower RPC through tier effects, while mix normalization, fee changes and changes related to the options regulatory fee could also affect results. The company expects second-half RPC to be closer to levels reported in previous quarters.
Gallagher said MIAX periodically adjusts pricing and rebate tiers in an effort to balance revenue per contract with market share. Shelly Brown, chief executive officer of MIAX Futures and chief strategy officer of Miami International Holdings, said recent pricing changes at the company’s Sapphire and Pearl exchanges were intended to attract trading activity, though not all changes had the expected impact.
The company also cited a growing pipeline of new listings, including SpaceX and SK hynix. Gallagher said MIAX’s early market share in newly listed options has been above its broader market share, which he attributed in part to the company’s technology and performance in liquid, higher-priced and more retail-focused option classes.
Bloomberg Futures Rollout Moves Toward Retail Access
MIAX launched its first Bloomberg Financial Futures products in May, including B500 and B100 contracts designed to provide broad equity-market exposure. Gallagher said market screens are active and that market depth and volumes have been in line with internal expectations, although the products did not contribute materially to second-quarter futures revenue.
The next major objective is onboarding retail brokers. Brown said several retail firms are progressing through connectivity and clearing arrangements, and MIAX expects some firms to enable customer activity over the coming weeks. The company is also working with retail firms on education and marketing programs, including customer events and incentives intended to encourage product adoption.
Management said the products are structured to serve institutional participants as well as retail traders through smaller Tini B500 and Tini B100 contracts. Gallagher said the Bloomberg index methodology, the inclusion of new initial public offerings earlier than some incumbent benchmarks, competitive fees and MIAX’s technology platform provide a foundation for the offering.
MIAX also said its futures commission merchant is applying for membership in the Options Clearing Corporation, and the company plans to increase the FCM’s net capital by $40 million. Gallagher said OCC clearing could help support retail access and create margin offsets and capital efficiencies for participants trading Bloomberg financial futures.
Futures, International Operations and Technology
Futures segment net revenue was $5 million, unchanged from a year earlier. In agricultural futures, average daily volume increased 20% from the first quarter and capture rates improved 14%, Gallagher said. MIAX plans to introduce four additional agricultural futures products in the fertilizer market in late October or later this year, responding to customer demand tied to supply-chain disruptions and geopolitical developments.
The international segment produced $6 million of net revenue, compared with $2 million in the prior-year quarter, reflecting the June 2025 acquisition of TISE. Emmons said efforts to streamline sales and marketing across the company’s international listings businesses are underway.
During the question-and-answer session, Brown and Chief Information Officer Douglas Schafer highlighted the company’s risk-management capabilities and technology infrastructure. Brown said MIAX’s tools allow market makers to manage exposures and quote more aggressively, while Schafer said the company has built significant capacity into its platform to maintain low latency and high throughput.
Gallagher also said MIAX has resolved its Nasdaq litigation, which the company disclosed in a recent filing, and now considers the matter closed.
Guidance and Capital Priorities
MIAX lowered its full-year adjusted operating expense outlook to between $260 million and $270 million, from a previous range of $265 million to $275 million. Emmons said the revision partly reflects a shift in executive compensation toward share-based compensation from cash compensation.
- Full-year share-based compensation is now expected to be $29 million to $32 million, compared with prior guidance of $27 million to $30 million.
- Capital expenditures are still projected at $40 million to $45 million.
- Depreciation and amortization are expected to total $35 million to $39 million, up from previous guidance of $33 million to $38 million.
- The company maintained its full-year adjusted effective tax-rate expectation of 27% to 29%.
MIAX ended the quarter with $660 million in cash and cash equivalents and less than $2 million in debt, which matures in December. Gallagher said the company’s near-term priority is reinvesting in its existing exchanges, futures product pipeline, marketing and technology. He said MIAX has no specific plans for dividends or share repurchases and is evaluating potential domestic and international opportunities as they emerge.
About Miami International (NYSE:MIAX)
Miami International (NYSE:MIAX) is a U.S. exchange holding company that operates electronic trading venues and provides market infrastructure for listed options and related products. Its primary business activities include operating regulated exchanges, delivering market data feeds, and offering trading technology and connectivity services designed for professional traders, broker-dealers, and market makers. The company focuses on low-latency execution, order matching, and the operational controls required to support high-volume, automated trading strategies in listed derivatives.
Products and services provided by Miami International include fully electronic order matching engines, transmittable market data and feed products, colocation and connectivity solutions, and tools for risk management and regulatory compliance.
