MIAX Q3 2026 Earnings Call: Revenue Up 20%, EBITDA Margin Reaches 54%
Source Tradingkey
Key Takeaways
- Q3 2026 net revenue rose 20% year over year to $131 million, supported by higher options volume, increased market share and growth in non-transaction revenue.
- Adjusted EBITDA increased to $71 million, while adjusted EBITDA margin expanded to 54% from 44% a year earlier as revenue grew against a largely fixed cost base.
- Options net revenue rose 19% to $113 million. Average daily volume increased 15% to 11.1 million contracts, and market share reached 17.4%.
- Adjusted earnings increased 25% year over year to $50 million, with adjusted diluted EPS of $0.45.
- MIAX lowered its full-year 2026 adjusted operating expense guidance to $254 million-$257 million from $260 million-$270 million, reflecting continued expense discipline.
- Bloomberg Financial Futures remained an early-stage investment. NinjaTrader became the first retail broker to distribute the products, and management expects additional brokerage platforms to come online.
Core Financial Data
| Metric | Q3 2026 | Change / Commentary |
|---|---|---|
| Net revenue | $131 million | Up 20% year over year |
| Adjusted operating expenses | $60 million | Down from $62 million a year earlier |
| Adjusted EBITDA | $71 million | Margin reached 54% |
| Adjusted EBITDA margin | 54% | Up from 44% in Q3 2025 |
| Adjusted earnings | $50 million | Up 25% year over year |
| Adjusted diluted EPS | $0.45 | — |
| Options net revenue | $113 million | Up 19% year over year |
| Equity net revenue | $7 million | Up from $4 million |
| Futures net revenue | $5 million | Bloomberg products did not contribute materially |
| International net revenue | $6 million | Up 11% year over year |
| Cash and cash equivalents | $699 million | At quarter-end |
| Outstanding debt | Less than $2 million | Matures in December 2026 |
Business and Operating Performance
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