Strong organic growth in options and improved profitability justify the beat. However, the futures segment remains a drag. The reaffirmed expense guidance provides stability but lacks top-line outlook. Watch for any intra-quarter guidance updates or further market share gains.
Price Chart
Executive Summary
MIAX reported Q1 2026 net revenue of $128.6M (+40% YoY) and adjusted EPS of $0.42, beating consensus of $0.36 by 17%. The company also reaffirmed its full-year adjusted operating expense guidance. Growth was driven by the options segment, while the futures segment declined. GAAP results included a $50.5M gain from the sale of MIAXdx and a $70.2M tax benefit from valuation allowance release.
Key Financial Metrics
Key Facts
- Q1 2026 net revenue $128.6M, +40% YoY from $91.9M
- Adjusted diluted EPS $0.42 vs consensus $0.36, +16.7% beat
- Adjusted EBITDA $66.1M, +66% YoY; EBITDA margin 51% vs 43%
- Options net revenue $111.3M, +37% YoY; market share 17.3%
- Futures net revenue $4.6M, -21% YoY
- Cash and equivalents $550.8M, total debt $1.5M
- Reaffirmed FY2026 adjusted opex guidance $265M-$275M
Financial Impact
Net revenue $128.6M, adjusted EPS $0.42, EBITDA $66.1M
Risk Factors
- Declining futures segment revenue (-21% YoY)
- Dependence on options market volatility
- Potential dilution from increased share count (109.2M diluted shares)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-031291 |
| Document: miax-20260506.htm | 0001628280-26-031291 |
| Document: 0001628280-26-031291-index-headers.html | 0001628280-26-031291 |
| Document: 0001628280-26-031291-index.html | 0001628280-26-031291 |
| Document: 0001628280-26-031291.txt | 0001628280-26-031291 |
| 8-K Data (Synthetic) | 0001628280-26-031291 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Insider Cluster | — | awaiting T+1 | — | — |
Oct 1, 2026 25d ago | Press Release | $33.75 $33.01 | ▼ −2.19% | ▼ −2.93% | $33.98 (+0.68%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $33.98 (−21.81%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $33.98 (−21.81%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▲ +3.07% | ▲ +2.66% | $33.98 (−17.76%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▼ −3.07% | ▼ −2.66% | $33.98 (+17.76%) |
Aug 6, 2026 11w ago | Insider Cluster | $44.23 $43.59 | ▲ +1.45% | ▲ +1.42% | $33.98 (+23.17%) |
Jul 16, 2026 14w ago | Insider Cluster | $42.33 $42.04 | ▼ −0.69% | ▼ −0.52% | $33.98 (−19.73%) |
Jul 14, 2026 14w ago | Insider Cluster | $42.43 $42.89 | ▲ +1.08% | ▲ +1.63% | $33.98 (−19.92%) |
Jul 7, 2026 15w ago | Insider Cluster | $41.86 $42.99 | ▲ +2.70% | ▲ +1.85% | $33.98 (−18.82%) |
US Market Status
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