Miami International Q2 Earnings Call Highlights

Miami International NYSE: MIAX reported record second-quarter net revenue as elevated options activity and higher revenue per contract supported results, while the exchange operator advanced the rollout of its Bloomberg-branded financial futures products. Total net revenue rose 35% year over year to $141 million, Chief Executive Officer Thomas P. Gallagher said on the company’s second-quarter 2026 earnings call. Adjusted EBITDA increased 57% to $77 million, producing an adjusted EBITDA margin of 54%, up from 47% a year earlier. Adjusted diluted earnings per share were $0.48.

Gallagher said geopolitical tensions, trade-policy uncertainty and AI-related market swings contributed to elevated options volumes. He said volatility increases demand for the risk-management tools offered through MIAX exchanges and raises trading activity in listed contracts.

The options segment generated $124 million in net revenue, a 34% increase from the prior-year period. Average daily volume reached 11 million contracts, up 25% year over year and broadly in line with industry growth, according to Chief Financial Officer Lance Emmons. MIAX’s share of the multi-listed options market was 16.5% in the quarter, essentially unchanged from a year earlier but down from 17.3% in the first quarter.

Emmons said the company’s revenue per contract, or RPC, increased to $0.124 from $0.11 in the first quarter, primarily because lower market share meant less trading volume fell within the highest rebate and lowest fee tiers. More favorable trading mix also helped the metric. However, management cautioned against using the second-quarter RPC as a forecast for the remainder of the year. Emmons said market share rebounded to approximately 17.1% in July, which could lower RPC through tier effects, while mix normalization, fee changes and changes related to the options regulatory fee could also affect results. The company expects second-half RPC to be closer to levels reported in previous quarters.

Gallagher said MIAX periodically adjusts pricing and rebate tiers in an effort to balance revenue per contract with market share. Shelly Brown, chief executive officer of MIAX Futures and chief strategy officer of Miami International Holdings, said recent pricing changes at the company’s Sapphire and Pearl exchanges were intended to attract trading activity, though not all changes had the expected impact. The company also cited a growing pipeline of new listings, including SpaceX and SK hynix. Gallagher said MIAX’s early market share in newly listed options has been above its broader market share, which he attributed in part to the company’s technology and performance in liquid, higher-priced and more retail-focused option classes.

MIAX launched its first Bloomberg Financial Futures products in May, including B500 and B100 contracts designed to provide broad equity.