Miami International Holdings Reports Third Quarter 2026 Results

Miami International Holdings Reports Third Quarter 2026 Results

• Q3 Net revenue of $131 million (+20% YoY)
• Q3 GAAP diluted EPS of $0.47; Adjusted diluted EPS of $0.45
• Q3 Adjusted EBITDA of $71 million (+47% YoY); Adjusted EBITDA margin of 54% (+>1,000 bps YoY)
• Updates full-year 2026 expense guidance

PRINCETON, N.J. and MIAMI, Oct. 29, 2026 /PRNewswire/ -- Miami International Holdings, Inc. (MIAX or MIH) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced financial results for the third quarter of 2026.

MIAX delivered strong financial results in Q3 2026. Total net revenue grew 20% year-over-year to $131.0 million, adjusted EBITDA increased 47% to $70.8 million, and adjusted EBITDA margin was 54%. Adjusted diluted earnings per share was $0.45. The company's options business posted a 15% year-over-year increase in average daily volume to 11.1 million contracts.

"MIAX's lean, high-margin operating model enabled us to deliver strong revenue growth and margin expansion in the third quarter," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. "Net revenue grew 20% year-over-year and options market share increased to 17.4%. Adjusted expenses came in below last year's level and adjusted EBITDA margin expanded by more than 1,000 basis points."

Mr. Gallagher added: "Our next growth phase is underway, with Bloomberg index futures now available on NinjaTrader and four fertilizer futures contracts recently launched in response to clear member interest. With a strong balance sheet and the technology, licenses and customer relationships to compete in a fast-changing market, MIAX remains well-positioned to deliver long-term value for our shareholders."

Third Quarter 2026 Highlights

All figures are compared to the third quarter of 2025 unless otherwise stated.

• Net revenue, defined as revenues less cost of revenues, grew 20%, or $21.5 million, to $131.0 million, compared to $109.5 million in the prior-year period. The increase was primarily driven by strong options business performance, including increased industry volumes and higher non-transaction revenue.
• Total operating expenses were $83.8 million, compared to $109.8 million in the prior-year period. The decrease was primarily due to initial public offering (IPO) related expense in 2025.
• Total adjusted operating expenses of $60.3 million decreased 2% compared to the prior-year period.
• Operating income was $47.2 million, compared to an operating loss of $0.3 million in the prior-year period.
• GAAP net income was $52.5 million, compared to a net loss of $102.1 million in the prior-year period.
• Adjusted earnings increased 25% to $50.1 million, compared to $39.9 million in the prior-year period.
• Adjusted EBITDA increased 47% to $70.8 million, compared to $48.0 million in the prior-year period, driven primarily by strong growth in net revenues.
• Adjusted EBITDA margin expanded to 54% from 44% in the prior-year period.
• Diluted EPS of $0.47 compared to $(1.46) in the prior-year period.
• Adjusted diluted EPS of $0.45 compared to $0.42 in the prior-year period.

Third Quarter 2026 Business Updates

• MIAX options exchanges reached average daily volume of 11.1 million contracts in the third quarter of 2026, a 15.2% year-over-year (YoY) increase.
• MIAX options exchanges achieved market share of 17.4% in the third quarter of 2026, compared to 17.2% in the prior year period.
• MIAX options exchange revenue per contract declined 4.9% YoY to $0.098.

Summary of Selected Unaudited Condensed Consolidated Financial Results ($000, except per share amounts and percentages)
Consolidated Third Quarter Results	3Q26 September 30, 2026	3Q25 September 30, 2025	Change
Total revenues less cost of revenues ("Net revenue")	$ 131,009	$ 109,483	20 %
Operating income (loss)	$ 47,204	$ (305)	*
Net income (loss) attributable to MIH stockholders	$ 52,472	$ (102,080)	*
Diluted EPS	$ 0.47	$ (1.46)	*
Adjusted earnings**	$ 50,056	$ 39,947	25 %
Adjusted diluted EPS**	$ 0.45	$ 0.42	7 %
EBITDA**	$ 67,635	$ (93,941)	*
Adjusted EBITDA**	$ 70,809	$ 48,019	47 %
Adjusted EBITDA margin %***	54 %	44 %	23 %

* Not meaningful

** Reconciliation of non-GAAP results is included in the tables below. See "Non-GAAP Financial Information" below.

*** Adjusted EBITDA margin represents adjusted EBITDA divided by net revenue.

Segment Results ($000)
Net Revenue by Business Segment	3Q26 September 30, 2026	3Q25 September 30, 2025	Change
Options	$ 112,586	$ 94,499	19 %
Equities	6,660	4,352	53 %
Futures	4,978	4,786	4 %
International	6,139	5,533	11 %
Corporate/Other	646	313	106 %
Total	$ 131,009	$ 109,483	20 %

Options

• Net revenue grew 19% to $112.6 million, compared to $94.5 million in the prior-year period. Growth was primarily driven by both net transaction fees and non-transaction fees. Net transaction fees increased due to higher industry volume, and higher market share, partially offset by lower revenue per contract (RPC). Higher non-transaction fees were primarily driven by increased member connections, and 2026 fee increases.
• Operating income increased 44% to $73.9 million, compared to $51.4 million in the prior year period. Growth was primarily due to higher net revenues, and lower expenses as the prior-year period included accelerated share-based compensation expenses.
• Adjusted EBITDA grew 25% to $86.5 million, compared to $69.1 million in the prior-year period.

Equities

• Net revenue grew 53% to $6.7 million, compared to $4.4 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved capture.
• Operating loss of $2.9 million in the third quarter, compared to an operating loss of $4.9 million in the prior-year period. Growth was primarily due to higher net revenues.
• Adjusted EBITDA of $1.0 million, compared to ($0.9) million in the prior-year period.

Futures

• Net revenue was $5.0 million, compared to $4.8 million in the prior-year period. Net transaction fees were relatively flat as increases in agricultural future revenues were offset by inverted financial futures revenue.
• Operating loss was $12.2 million, compared to an operating loss of $18.5 million in the prior year period. Growth was primarily due to lower expenses as the prior-year period included accelerated share-based compensation expenses.
• Adjusted EBITDA of ($8.4) million, compared to ($9.6) million in the prior-year period.

International

• Net revenue was $6.1 million, compared to $5.5 million in the prior-year period. The increase was primarily due to increased total listed securities by The International Stock Exchange Group Limited (TISE).
• Operating income was $1.3 million, compared to $0.8 million in the prior-year period. The increase was primarily due to increased net revenue.
• Adjusted EBITDA of $2.3 million, compared to $1.7 million in the prior-year period.

Capital and Liquidity

• As of September 30, 2026, MIAX had cash and cash equivalents of $698.9 million and total debt of $1.5 million.

FY 2026 Guidance

The company is updating full year 2026 expense guidance and now expects:

• Adjusted operating expenses, which exclude share-based compensation, depreciation and amortization, litigation and litigation settlement expenses, and provision for notes receivable in a range between $254 million and $257 million, down from previous guidance of between $260 million and $270 million;
• Share-based compensation expense in a range between $30 million and $32 million, compared to previous guidance of between $29 million and $32 million;
• Capital expenditures, including capitalization of internally developed software, in a range between $43 million and $46 million, compared to previous guidance of between $40 million and $45 million;
• Depreciation and amortization expense in a range between $36 million and $38 million, compared to previous guidance of between $35 million and $39 million;
• Adjusted effective tax rate post valuation allowance release in a range between 26% and 28%, compared to previous guidance of between 27% and 29%.

Webcast and Conference Call

MIAX will host a webcast and conference call to review its third quarter financial results today, October 29, 2026 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 (International dial-in 412-317-6060) or access the webcast on the Investor Relations section of MIAX's website at ir.miaxglobal.com. A webcast recording and corresponding presentation will be archived under Events & Presentations at the above link following the event.

Non-GAAP Financial Information

Adjusted earnings, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for share-based compensation, investment gain/loss, litigation costs and settlement, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, unrealized gain/loss on derivative and digital assets, loss on sale of intangible asset, impairment charges, warrant modifications, one time IPO payments, loss on extinguishment of debt, provision for notes receivable, and non-GAAP tax adjustments.

Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for interest expense and amortization of debt discount costs, interest income, income tax provision and depreciation and amortization, share-based compensation, investment gain/loss, litigation costs and settlement, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, unrealized gain/loss on derivative and digital assets, loss on sale of intangible asset, impairment charges, warrant modifications, one time IPO payments, loss on extinguishment of debt, and provision for notes receivable.

Adjusted EBITDA margin, a non-GAAP financial measure, is defined as adjusted EBITDA divided by revenues less cost of revenues.

Adjusted diluted EPS, a non-GAAP financial measure, is defined as adjusted earnings divided by diluted weighted average shares outstanding used for adjusted diluted earnings per share (which includes the impact of anti-dilutive securities on a GAAP basis).

Certain components of the guidance given in this presentation with respect to our financial performance for the full year of 2026 are provided on a non-GAAP basis only without providing the most comparable guidance on a GAAP basis or a quantitative reconciliation to guidance provided on a GAAP basis. Information is presented in this manner because the preparation of such guidance on a GAAP basis and such reconciliation could not be accomplished without unreasonable efforts. The company does not have access to certain information that would be necessary to provide such guidance on a GAAP basis or such reconciliation, including non-recurring items that are not indicative of the company's ongoing operations. The company does not believe that this information is likely to be significant to an assessment of the company's ongoing operations.

For a reconciliation of our non-GAAP results to our GAAP results, see the tables below.

About MIAX

Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX operates eight exchanges across options, futures, equities and international markets including MIAX Options, MIAX Pearl, MIAX Emerald, MIAX Sapphire, MIAX Pearl Equities, MIAX Futures, The Bermuda Stock Exchange, and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant and Notice Registered Broker-Dealer with the National Futures Association for purposes of facilitating transactions of security futures. To learn more about MIAX please visit www.miaxglobal.com.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expect," "anticipates," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in MIAX's public filings with the Securities and Exchange Commission. In providing forward-looking statements, the company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.

All third-party trademarks (including logos and icons) referenced by the company remain the property of their respective owners. Unless specifically identified as such, the company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the company. Any references by the company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

Contacts:

Investors
John T. Williams
[e-mail]

Media
Andy Nybo
[e-mail]

Miami International Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) Three and Nine Months Ended September 30, 2026 and 2025 ($000, except share amounts)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenues:
Transaction and clearing fees	$ 316,420		$ 292,814		$ 963,714		$ 868,257
Access fees	36,949		27,096		105,247		77,285
Market data fees	13,877		10,730		39,038		30,625
Other revenue	8,937		9,138		25,503		18,472
Total revenues	376,183		339,778		1,133,502		994,639
Cost of revenues:
Liquidity payments	206,313		217,286		636,472		606,983
Brokerage, clearing, and exchange fees	14,212		11,612		45,849		42,547
Section 31 fees	23,028		-		46,004		35,225
Other cost of revenues	1,621		1,397		4,462		3,855
Total cost of revenues	245,174		230,295		732,787		688,610
Revenues less cost of revenues	131,009		109,483		400,715		306,029
Operating expenses:
Compensation and benefits	40,286		68,753		125,642		146,734
Information technology and communication costs	9,601		9,290		29,286		25,689
Depreciation and amortization	9,453		8,229		26,319		21,337
Occupancy costs	2,938		3,568		9,158		9,018
Professional fees and outside services	15,386		10,807		38,241		30,159
Marketing and business development	1,249		759		5,409		2,077
Acquisition-related costs	-		-		-		2,901
Litigation settlement	-		-		30,000		-
General, administrative, and other	4,892		8,382		15,691		18,835
Total operating expenses	83,805		109,788		279,746		256,750
Operating income (loss)	47,204		(305)		120,969		49,279
Non-operating (expense) income:
Change in fair value of puttable common stock	-		(338)		-		(2,229)
Change in fair value of puttable warrants issued with debt	-		(255)		-		(1,172)
Interest income	5,941		2,658		15,581		5,371
Interest expense and amortization of debt issuance costs	(42)		(3,378)		(131)		(12,710)
Loss on sale of intangible asset	-		-		-		(2,054)
Unrealized gain (loss) on derivative and digital assets	9,797		7,979		6,919		(39,039)
Loss on debt extinguishment	-		(107,656)		-		(107,656)
Gain on sale of business	-		-		50,570		-
Other, net	1,181		(1,595)		(998)		10,765
Income (loss) before income tax provision	64,081		(102,890)		192,910		(99,445)
Income tax benefit (expense)	(11,609)		810		73,994		(528)
Net income (loss) attributable to Miami International Holdings, Inc	$ 52,472		$ (102,080)		$ 266,904		$ (99,973)
Weighted-average shares of common stock outstanding
Basic	99,113,041		70,128,197		95,430,903		66,168,315
Diluted	110,799,280		70,128,197		110,249,406		66,168,315
Net income (loss) per share attributable to common stock
Basic	$ 0.53		$ (1.46)		$ 2.80		$ (1.51)
Diluted	$ 0.47		$ (1.46)		$ 2.42		$ (1.51)

Miami International Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) September 30, 2026 and December 31, 2025 ($000, except share and per share amounts)
	September 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$ 698,854		$ 433,648
Cash and securities segregated under federal and other regulations	26,797		27,618
Accounts receivable, net	95,949		98,107
Restricted cash	13,667		6,005
Clearing house performance bonds and guarantee funds	93,062		70,078
Receivables from broker-dealers, futures commission merchants, and clearing organizations	152,509		133,533
Current portion of derivative assets	8,554		6,017
Other current assets	40,298		39,232
Assets held for sale	-		40,976
Total current assets	1,129,690		855,214
Investments	28,850		19,180
Fixed assets, net	59,520		46,854
Internally developed software, net	36,667		36,333
Goodwill	62,000		62,211
Other intangible assets, net	168,947		170,774
Deferred tax asset, net	63,787		-
Derivative assets, net of current portion	-		5,114
Other assets, net	68,679		63,745
Total assets	$ 1,618,140		$ 1,259,425
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other liabilities	$ 73,438		$ 69,780
Accrued compensation payable	36,201		39,412
Current portion of long-term debt	1,517		1,508
Deferred transaction revenues	8,960		9,572
Clearing house performance bonds and guarantee funds	92,562		69,578
Payables to customers	152,070		144,641
Payables to clearing organizations	-		11
Liabilities held for sale	-		2,758
Total current liabilities	364,748		337,260
Deferred income taxes	10,877		22,386
Other non-current liabilities	22,229		18,762
Total liabilities	397,854		378,408
Commitments and contingencies	-		-
Stockholders' equity:
Common stock - voting and nonvoting, par value $0.001 (600,000,000 authorized (400,000,000 voting, 200,000,000 nonvoting)); 100,758,991 issued and 99,945,378 outstanding common stock at September 30, 2026 and 85,890,086 issued and 85,536,287 outstanding common stock at December 31, 2025	100		86
Common stock in treasury, at cost, 813,613 shares at September 30, 2026 and 353,799 shares at December 31, 2025	(27,229)		(8,232)
Additional paid-in capital	1,614,769		1,522,143
Accumulated deficit	(365,435)		(632,339)
Accumulated other comprehensive loss, net	(1,919)		(641)
Total stockholders' equity	1,220,286		881,017
Total liabilities and stockholders' equity	$ 1,618,140		$ 1,259,425

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

The following table is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and adjusted EBITDA by segment ($000):

	Three Months Ended September 30, 2026
	Options		Equities		Futures		International		Corporate / Other		Total
Net income (loss) allocated to common stockholders	$ 74,112		$ (2,874)		$ (9,999)		$ 11,295		$ (20,062)		$ 52,472
Interest expense and amortization of debt issuance costs	-		-		-		-		42		42
Interest income	(213)		-		(261)		(222)		(5,245)		(5,941)
Income tax expense	-		-		-		69		11,540		11,609
Depreciation and amortization	4,626		1,601		2,087		521		618		9,453
EBITDA	78,525		(1,273)		(8,173)		11,663		(13,107)		67,635
Share-based compensation(1)	3,086		669		1,605		384		1,795		7,539
Investment gain (loss)(2)	-		-		(1,811)		-		724		(1,087)
Litigation costs(3)	188		-		-		-		63		251
Unrealized gain on derivative and digital assets(4)	-		-		-		(9,797)		-		(9,797)
Provision for notes receivable(5)	4,694		1,574		-		-		-		6,268
Adjusted EBITDA	$ 86,493		$ 970		$ (8,379)		$ 2,250		$ (10,525)		70,809

(1)	Share-based compensation represents expenses associated with stock options of $3.3 million, restricted stock awards of $1.0 million, restricted stock units of $3.3 million, and warrants of less than $0.1 million that have been granted to employees, directors and service providers. The 2026 expense of $7.5 million is made up of $6.4 million to employees within compensation and benefits, $0.2 million to service providers within professional fees and outside services, and $0.9 million to directors within general, administrative, and other.
(2)	Investment gain of $1.1 million represents an unrealized gain on marketable equity securities.
(3)	Litigation costs associated with litigation related to the Nasdaq matter.
(4)	Reflects the aggregate unrealized gain resulting from the mark-to-market valuation of digital assets related to unlocked Pyth tokens and derivative assets related to the 125 million Pyth tokens that remain locked by the Pyth Network as of September 30, 2026.
(5)	Represents provision for certain CAT costs that are no longer expected to be recoverable.

	Three Months Ended September 30, 2025
	Options		Equities		Futures		International		Corporate / Other		Total
Net income (loss) allocated to common stockholders	$ 51,846		$ (4,858)		$ (18,426)		$ 8,477		$ (139,119)		$ (102,080)
Interest expense and amortization of debt issuance costs	-		-		36		-		3,342		3,378
Interest income	(482)		-		(207)		(111)		(1,858)		(2,658)
Income tax (benefit) expense	-		-		-		396		(1,206)		(810)
Depreciation and amortization	3,826		1,570		1,692		435		706		8,229
EBITDA	55,190		(3,288)		(16,905)		9,197		(138,135)		(93,941)
Share-based compensation(1)	13,322		2,399		7,103		511		5,763		29,098
Investment loss(2)	-		-		239		-		-		239
Litigation costs(3)	608		-		-		-		203		811
Change in fair value of puttable warrants issued with debt(4)	-		-		-		-		255		255
Change in fair value of puttable common stock(5)	-		-		-		-		338		338
Impairment charges(6)	-		-		-		-		1,978		1,978
Unrealized gain on derivative and digital assets(7)	-		-		-		(7,979)		-		(7,979)
One time IPO payments(8)	-		-		-		-		8,048		8,048
Warrant modifications(9)	-		-		-		-		1,516		1,516
Loss on extinguishment of debt(10)	-		-		-		-		107,656		107,656
Adjusted EBITDA	$ 69,120		$ (889)		$ (9,563)		$ 1,729		$ (12,378)		$ 48,019

(1)	Share-based compensation represents expenses associated with stock options of $3.7 million, restricted stock awards of $25.1 million and warrants of $0.3 million that have been granted to employees, directors and service providers. The 2025 expense of $29.1 million is made up of $27.8 million to employees within compensation and benefits, $0.9 million to service providers within professional fees and outside services, and $0.4 million to directors within general, administrative, and other.
(2)	Investment loss of $0.2 million represents an unrealized loss on available for sale marketable equity securities.
(3)	Litigation costs are associated with litigation related to the Nasdaq matter.
(4)	The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 Senior Secured Term Loan. The right to put warrants terminated upon completion of the IPO in August 2025.
(5)	The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with the Company's ERPs I and II that had an associated put right which required the Company to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025.
(6)	Impairment charges of $2.0 million related to owned land and building impairments.
(7)	Reflects the unrealized gain resulting from the mark-to-market valuation of the 250 million Pyth tokens that remain locked by the Pyth Network as of September 30, 2025.
(8)	One time IPO bonuses paid to certain employees and termination payments to former directors.
(9)	Represents expense recognized upon the extension of expiration date of certain warrants.
(10)	Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 Senior Secured Term Loan.

Segment Operating Results

The following sets forth our results of operations by segment ($000):

	Three Months Ended September 30, 2026
	Options	Equities	Futures	International	Corporate / Other	Total
Revenues:
Transaction and clearing fees	$ 274,261	$ 22,788	$ 19,300	$ 71	$ -	$ 316,420
Access fees	32,689	3,824	455	38	(57)	36,949
Market data fees	10,211	2,082	1,512	80	(8)	13,877
Other revenue	125	-	2,505	5,950	357	8,937
Total revenues	317,286	28,694	23,772	6,139	292	376,183
Cost of revenues:
Liquidity payments	185,334	16,862	4,117	-	-	206,313
Brokerage, clearing, and exchange fees	1,325	185	12,702	-	-	14,212
Section 31 fees	18,041	4,987	-	-	-	23,028
Other cost of revenues(1)	-	-	1,975	-	(354)	1,621
Total cost of revenues	204,700	22,034	18,794	-	(354)	245,174
Revenues less cost of revenues	112,586	6,660	4,978	6,139	646	131,009
Operating expenses:
Compensation and benefits	18,589	3,909	9,476	2,566	5,746	40,286
Information technology and communication costs	4,359	1,608	2,763	595	276	9,601
Depreciation and amortization	4,626	1,601	2,087	521	618	9,453
Occupancy costs	1,439	186	449	240	624	2,938
Professional fees and outside services	7,552	1,813	517	268	5,236	15,386
Marketing and business development	145	41	849	74	140	1,249
General, administrative, and other	1,977	376	1,002	530	1,007	4,892
Total operating expenses	38,687	9,534	17,143	4,794	13,647	83,805
Operating income (loss)	73,899	(2,874)	(12,165)	1,345	(13,001)	47,204
Non-operating (expense) income:
Interest income	213	-	261	222	5,245	5,941
Interest expense and amortization of debt issuance costs	-	-	-	-	(42)	(42)
Unrealized gain on derivative and digital assets	-	-	-	9,797	-	9,797
Other, net	-	-	1,905	-	(724)	1,181
Income (loss) before income tax provision	74,112	(2,874)	(9,999)	11,364	(8,522)	64,081
Income tax expense	-	-	-	(69)	(11,540)	(11,609)
Net income (loss) attributable to Miami International Holdings, Inc	$ 74,112	$ (2,874)	$ (9,999)	$ 11,295	$ (20,062)	$ 52,472

(1)	Futures segment includes $0.4 million related to access fees, $0.6 million related to market data fees, and $1.0 million related to other revenue. Corporate / Other segment includes $(0.4) million related to other revenue.

	Three Months Ended September 30, 2025
	Options	Equities	Futures	International	Corporate / Other	Total
Revenues:
Transaction and clearing fees	$ 245,406	$ 31,899	$ 15,424	$ 85	$ -	$ 292,814
Access fees	23,076	3,761	275	41	(57)	27,096
Market data fees	7,011	2,368	1,279	80	(8)	10,730
Other revenue	1,047	-	2,386	5,327	378	9,138
Total revenues	276,540	38,028	19,364	5,533	313	339,778
Cost of revenues:
Liquidity payments	180,950	33,470	2,866	-	-	217,286
Brokerage, clearing, and exchange fees	1,091	206	10,315	-	-	11,612
Section 31 fees	-	-	-	-	-	-
Other cost of revenues(1)	-	-	1,397	-	-	1,397
Total cost of revenues	182,041	33,676	14,578	-	-	230,295
Revenues less cost of revenues	94,499	4,352	4,786	5,533	313	109,483
Operating expenses:
Compensation and benefits	27,373	4,712	16,574	2,720	17,374	68,753
Information technology and communication costs	3,896	1,819	2,653	663	259	9,290
Depreciation and amortization	3,826	1,570	1,692	435	706	8,229
Occupancy costs	1,807	227	703	259	572	3,568
Professional fees and outside services	4,189	514	265	305	5,534	10,807
Marketing and business development	150	36	326	99	148	759
General, administrative, and other	1,894	332	1,109	269	4,778	8,382
Total operating expenses	43,135	9,210	23,322	4,750	29,371	109,788
Operating income (loss)	51,364	(4,858)	(18,536)	783	(29,058)	(305)
Non-operating (expense) income:
Change in fair value of puttable warrants issued with debt	-	-	-	-	(255)	(255)
Change in fair value of puttable common stock	-	-	-	-	(338)	(338)
Interest income	482	-	207	111	1,858	2,658
Interest expense and amortization of debt issuance costs	-	-	(36)	-	(3,342)	(3,378)
Loss on extinguishment of debt	-	-	-	-	(107,656)	(107,656)
Unrealized gain on derivative and digital assets	-	-	-	7,979	-	7,979
Other, net	-	-	(61)	-	(1,534)	(1,595)
Income (loss) before income tax provision	51,846	(4,858)	(18,426)	8,873	(140,325)	(102,890)
Income tax benefit (expense)	-	-	-	(396)	1,206	810
Net income (loss) attributable to Miami International Holdings, Inc	$ 51,846	$ (4,858)	$ (18,426)	$ 8,477	$ (139,119)	$ (102,080)

(1)	Includes $0.4 million related to access fees, $0.4 million related to market data fees, and $0.7 million related to other revenue.

The following summarizes revenues less cost of revenues, operating expenses, operating income (loss), adjusted EBITDA and adjusted EBITDA margin for our business segments ($000, except percentages):

		Options						Equities
		Three Months Ended						Three Months Ended
		September 30,				Percent		September 30,				Percent
		2026		2025		Change		2026		2025		Change
	Revenues less cost of revenues	$ 112,586		$ 94,499		19.1 %		$ 6,660		$ 4,352		53.0 %
	Operating expenses	38,687		43,135		(10.3) %		9,534		9,210		3.5 %
	Operating income (loss)	$ 73,899		$ 51,364		43.9 %		$ (2,874)		$ (4,858)		*
	Adjusted EBITDA(1)	$ 86,493		$ 69,120		25.1 %		$ 970		$ (889)		*
	Adjusted EBITDA margin(2)	76.8 %		73.1 %				14.6 %		*
		Futures						International
		Three Months Ended						Three Months Ended
		September 30,				Percent		September 30,				Percent
		2026		2025		Change		2026		2025		Change
	Revenues less cost of revenues	$ 4,978		$ 4,786		4.0 %		$ 6,139		$ 5,533		11.0 %
	Operating expenses	17,143		23,322		(26.5) %		4,794		4,750		0.9 %
	Operating income (loss)	$ (12,165)		$ (18,536)		*		$ 1,345		$ 783		71.8 %
	Adjusted EBITDA(1)	$ (8,379)		$ (9,563)		*		$ 2,250		$ 1,729		30.1 %
	Adjusted EBITDA margin(2)	*		*				36.7 %		31.2 %

* Not meaningful
(1)	See Reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA above.
(2)	Adjusted EBITDA margin represents adjusted EBITDA divided by revenues less cost of revenues.

Reconciliations of GAAP Net Income (Loss) to Adjusted Earnings

The following table is a reconciliation of net income (loss) allocated to common stockholders to adjusted earnings ($000):

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2026		2025		2026		2025
	Net income (loss) allocated to common stockholders	$ 52,472		$ (102,080)		$ 266,904		$ (99,973)
	Share-based compensation(1)	7,539		29,098		23,502		48,007
	Investment (gain) loss(2)	(1,087)		239		1,553		(10,320)
	Litigation costs and settlement(3)	251		811		36,036		2,687
	Impairment charges(4)	-		1,978		-		2,717
	Acquisition-related costs(5)	-		-		-		2,901
	Change in fair value of puttable warrants issued with debt(6)	-		255		-		1,172
	Change in fair value of puttable common stock(7)	-		338		-		2,229
	Loss on sale of intangible asset(8)	-		-		-		2,054
	Unrealized (gain) loss on derivative and digital assets(9)	(9,797)		(7,979)		(6,919)		39,039
	Gain on sale of business(10)	-		-		(50,570)		-
	Provision for notes receivable(11)	6,268		-		6,268		-
	One time IPO payments(12)	-		8,048		-		8,048
	Warrant modifications(13)	-		1,516		-		1,516
	Loss on extinguishment of debt(14)	-		107,656		-		107,656
	Total non-GAAP pre-tax adjustments	3,174		141,960		9,870		207,706
	Income tax (expense) benefit related to items above(15)	(720)		67		675		-
	One-off discrete tax adjustments(16):
	Release of valuation allowance as of January 1, 2026	-		-		(109,161)		-
	Deferred tax re-measurements	-		-		15,806		-
	Other(17)	(4,870)		-		(35,424)		-
	Total non-GAAP tax adjustments	(5,590)		67		(128,104)		-
	Adjusted earnings	$ 50,056		$ 39,947		$ 148,670		$ 107,733

(1)	Share-based compensation represents expenses associated with stock options, restricted stock awards, restricted stock units, and warrants that have been granted to employees, directors and service providers.
(2)	2026 represents the unrealized gain or loss on marketable equity securities. Three months ended September 30, 2025 represents an unrealized loss on available for sale marketable equity securities. The nine months ended September 30, 2025 represents an unrealized gain of $8.6 million from the TISE acquisition, and $1.7 million of unrealized gain on available for sale marketable equity securities.
(3)	Litigation costs and settlement associated with litigation related to the Nasdaq matter.
(4)	Impairment charges related to owned land and building impairments.
(5)	Relates to the TISE acquisition.
(6)	The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 Senior Secured Term Loan. The right to put warrants terminated upon completion of the IPO in August 2025.
(7)	The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with the Company's ERPs I and II that had an associated put right which required the Company to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025.
(8)	Represents the realized loss on the second tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2025 by the Pyth Network and sold by BSX during the second quarter of 2025.
(9)	Reflects the aggregate unrealized gain or loss resulting from the mark-to-market valuation of digital assets related to unlocked Pyth tokens and derivative assets related to Pyth tokens that remain locked by the Pyth Network as of each balance sheet date.
(10)	Represents the gain on the sale of MIAXdx in January 2026.
(11)	Represents provision for certain CAT costs that are no longer expected to be recoverable.
(12)	One time IPO bonuses paid to certain employees and termination payments to former directors.
(13)	Represents expense recognized upon the extension of expiration date of certain warrants.
(14)	Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 Senior Secured Term Loan.
(15)	The income tax effect of the adjustments takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s).
(16)	Removes from Adjusted earnings any one-off discrete tax adjustments that are unrelated to our core operating performance.
(17)	Primarily relates to the removal of the permanent tax benefit for the excess tax deduction on share-based compensation compared to the book expense.

Earnings Per Share

The following table sets forth the computation of diluted net income (loss) and adjusted diluted earnings per share ($000, except share and per share data):

	Three Months Ended
	September 30,
	2026		2025
Net income (loss) attributable to MIH	$ 52,472		$ (102,080)
Diluted weighted-average common shares outstanding	110,799,280		70,128,197
Diluted net income (loss) per share	$ 0.47		$ (1.46)
Adjusted earnings	$ 50,056		$ 39,947
Diluted weighted average shares outstanding used for adjusted diluted earnings per share	110,799,280		96,100,563
Adjusted diluted earnings per share	$ 0.45		$ 0.42

Key Business Metrics Three and Nine Months Ended September 30, 2026 and 2025
	Three Months Ended September 30,				Increase/ (Decrease)		Percent Change		Nine Months Ended September 30,				Increase/ (Decrease)		Percent Change
	2026		2025						2026		2025
Options:
Number of trading days	64		64		-		- %		187		186		1		0.5 %
Total contracts:
Market contracts - Equity and ETF (in thousands)	4,083,844		3,573,731		510,113		14.3 %		12,029,228		10,042,003		1,987,225		19.8 %
MIH contracts - Equity andETF (in thousands)	709,660		615,910		93,750		15.2 %		2,053,729		1,674,370		379,359		22.7 %
Average daily volume ("ADV")(defined below)(1)
Market ADV - Equity andETF (in thousands)(1)	63,810		55,840		7,970		14.3 %		64,327		53,989		10,338		19.1 %
MIHADV - Equity andETF (in thousands)(1)	11,088		9,624		1,464		15.2 %		10,983		9,002		1,981		22.0 %
MIH market share	17.4 %		17.2 %		0.2 pts		1.2 %		17.1 %		16.7 %		0.4 pts		2.4 %
Total Options revenue per contract ("RPC")(2)	$0.098		$0.103		$(0.005)		(4.9) %		$0.110		$0.108		$0.002		1.9 %
U.S. Equities:
Number of trading days	64		64		-		- %		187		186		1		0.5 %
Total shares:
Market shares (in millions)	1,084,303		1,125,194		(40,891)		(3.6) %		3,556,467		3,206,789		349,678		10.9 %
MIH shares (in millions)	7,085		12,058		(4,973)		(41.2) %		29,393		34,708		(5,315)		(15.3) %
ADV(1):
Market ADV (in millions)(1)	16,942		17,581		(639)		(3.6) %		19,019		17,241		1,778		10.3 %
MIH ADV (in millions)(1)	111		188		(77)		(41.0) %		157		187		(30)		(16.0) %
MIH market share	0.7 %		1.1 %		(0.4) pts		(36.4) %		0.8 %		1.1 %		(0.3) pts		(27.3) %
Equities capture (per 100 shares) (defined below)(3)	$0.011		$(0.015)		$0.026		*		$0.004		$(0.016)		$0.020		*
Futures:
Agricultural:
Number of trading days	64		64		-		- %		187		187		-		- %
Agricultural products total contracts	731,384		513,406		217,978		42.5 %		2,194,520		2,736,313		(541,793)		(19.8) %
Agricultural products ADV(1)	11,428		8,022		3,406		42.5 %		11,735		14,633		(2,898)		(19.8) %
Agricultural products RPC(2)	$2.323		$2.369		$(0.046)		(1.9) %		$2.198		$2.233		$(0.035)		(1.6) %
Financial:
Number of trading days from launch(4)	64		na		na		na		94		na		na		na
Financial products total contracts	171,702		na		na		na		410,185		na		na		na
Financial products ADV(4)	2,683		na		na		na		4,364		na		na		na
Financial; products RPC(2)	$(1.428)		na		na		na		$(1.624)		na		na		na
International:
Total listed securities (period end)	6,092		5,808		284		4.9 %		6,092		5,808		284		4.9 %

* Percentage calculation is not meaningful.
(1)	ADV is calculated as total contracts or shares for the period divided by total trading days for the period.
(2)	RPC represents transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees and Section 31 fees (Net Transaction Fees), divided by total contracts traded during the period.
(3)	Equities capture per one hundred shares refers to net transaction fees, divided by one-hundredth of total shares.
(4)	Financial futures launched on May 17 (trade date May 18). Accordingly, ADV is calculated as total contracts for the period divided by total trading days for the period beginning on May 18.

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