MIAX earnings analysis
What we found in MIAX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Miami International Holdings reported strong Q1 2026 results, with revenues of $369.7 million, marking a 13.0% increase year-over-year. The company reported diluted EPS of $1.56, significantly up from a loss of $0.34 in Q1 2025, supported by strong performance in the Options and International segments. Management highlighted robust trading volumes and effective cost control as key growth drivers, while also issuing a cautious outlook on operational challenges ahead.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Significant Revenue Growth
- Total revenue rose to $369.7 million, up 13.0% from $327.1 million year-over-year.
- Dramatic EPS Recovery
- Diluted EPS soared to $1.56 from a loss of $0.34 in Q1 2025.
- Outstanding Operating Income Increase
- Operating income jumped to $45.968 million from $22.293 million, a 106.2% increase.
- Strong Free Cash Flow
- Operational cash flow was robust at $60.9 million for the quarter.
- Successful Sale of MIAXdx
- Realized a gain of $50.5 million from the sale of MIAXdx.
- Subscriber Growth
- Options segment transaction and clearing fees increased 13.8%, driven by increased market share.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Declining Equities Segment
- Equities segment revenues fell 18.7% year-over-year to $27.9 million.
- Increased Operating Expenses
- Total operating expenses increased 18.7% to $82.6 million, driven by compensation and legal costs.
- Unrealized Loss on Derivatives
- An unrealized loss of $2.5 million on derivative assets related to locked Pyth tokens.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.56
- Segment
- Options
- Segment
- Equities
- Segment
- Futures
- Segment
- International
What they said about what is next.
Management expresses cautious optimism but highlights potential headwinds in operational expenses and market volatility.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing MIAX makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever