MIAX reports 20% net revenue growth as options volume rises

Miami International Holdings, the exchange operator known as MIAX, reported $131 million in third-quarter net revenue, up 20% from a year earlier, as its options business handled more contracts.

The company reported net income attributable to stockholders of $52.5 million under generally accepted accounting principles, compared with a $102.1 million loss in the third quarter of 2025. Its results cover the consolidated company, which operates markets across multiple geographies.

In its Oct. 29 earnings release, MIAX attributed the increase in net revenue primarily to its options business, including higher industry volumes and non-transaction revenue. Net revenue is total revenue less cost of revenues.

The release was datelined Princeton, New Jersey, and Miami. MIAX operates exchanges in options, equities, futures and international markets, so its reported revenue and earnings should not be treated as Miami-only figures.

Options drove the increase

The options segment generated $112.6 million in net revenue, up from $94.5 million a year earlier. MIAX said higher industry volume and market share helped transaction fees, while more member connections and fee increases contributed to non-transaction revenue.

Average daily volume across the company’s options exchanges reached 11.1 million contracts, a 15.2% increase from the prior-year quarter. Their market share was 17.4%, compared with 17.2% a year earlier. MIAX also reported that options exchange revenue per contract fell 4.9% to $0.098.

The other segments were smaller by net revenue. Equities contributed $6.7 million, futures $5 million and international operations $6.1 million. Those figures are company segment results, not a breakdown by South Florida location.

Operating income was $47.2 million, compared with an operating loss of $0.3 million a year earlier. Total operating expenses fell to $83.8 million from $109.8 million; MIAX said the prior-year period included expenses related to its initial public offering.

How the adjusted measure differs

MIAX reported adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, of $70.8 million, up from $48 million. Its adjusted EBITDA margin was 54%, compared with 44% in the prior-year period.

Adjusted EBITDA is a non-GAAP measure and is separate from the $52.5 million GAAP net income attributable to stockholders. MIAX’s definition adjusts net income for items including interest, taxes, depreciation and amortization, share-based compensation and certain other gains, losses and costs. The company includes a reconciliation in its release.

The company also lowered its full-year forecast for adjusted operating expenses to a range of $254 million to $257 million, from its prior range of $260 million to $270 million. That forecast is an adjusted measure and reflects management’s expectations, not a completed full-year result.

At Sept. 30, MIAX reported $698.9 million in cash and cash equivalents and $1.5 million in total debt. Its shares trade on the New York Stock Exchange under the ticker MIAX.