Earnings analysis · 10-Q
MIAX earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
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…
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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.
Reported figures
- Earnings per share
- $1.56
- Segment
- Options
- Segment
- Equities
- Segment
- Futures
- Segment
- International
What stood out
-
Significant Revenue Growth
Total revenue rose to $369.7 million, up 13.0% from $327.1 million year-over-year.
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Dramatic EPS Recovery
Diluted EPS soared to $1.56 from a loss of $0.34 in Q1 2025.
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Outstanding Operating Income Increase
Operating income jumped to $45.968 million from $22.293 million, a 106.2% increase.
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Strong Free Cash Flow
Operational cash flow was robust at $60.9 million for the quarter.
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Successful Sale of MIAXdx
Realized a gain of $50.5 million from the sale of MIAXdx.
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Subscriber Growth
Options segment transaction and clearing fees increased 13.8%, driven by increased market share.
What to watch
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Declining Equities Segment
Equities segment revenues fell 18.7% year-over-year to $27.9 million.
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Increased Operating Expenses
Total operating expenses increased 18.7% to $82.6 million, driven by compensation and legal costs.
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Unrealized Loss on Derivatives
An unrealized loss of $2.5 million on derivative assets related to locked Pyth tokens.
Management's outlook
Management expresses cautious optimism but highlights potential headwinds in operational expenses and market volatility.
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.