The beat on both revenue and adjusted EPS, combined with narrowed expense guidance, signals strong operational momentum. Watch for continued options market share gains and progress in the new financial futures product line as catalysts for further margin expansion.
Price Chart
Executive Summary
MIAX reported Q3 2026 net revenue of $131.0M (+20% YoY) and adjusted diluted EPS of $0.45, beating the $0.37 consensus. Adjusted EBITDA grew 47% to $70.8M with margin expanding to 54%. The company narrowed full-year adjusted operating expense guidance to $254M-$257M from $260M-$270M, signaling improved cost control.
Key Financial Metrics
Key Facts
- Q3 2026 net revenue of $131.0M, up 20% YoY from $109.5M
- Adjusted diluted EPS of $0.45 vs consensus of $0.37 (beat)
- GAAP diluted EPS of $0.47 vs $(1.46) in prior year
- Adjusted EBITDA of $70.8M, up 47% YoY from $48.0M
- Adjusted EBITDA margin expanded to 54% from 44%
- Options segment net revenue grew 19% to $112.6M; market share 17.4%
- Cash and cash equivalents of $698.9M; total debt of $1.5M
- Full-year adjusted operating expense guidance lowered to $254M-$257M from $260M-$270M
Financial Impact
Net revenue $131.0M (+20% YoY); Adjusted diluted EPS $0.45 vs consensus $0.37; Adjusted EBITDA $70.8M (+47% YoY)
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Options | $112.6M | +19.1% |
| Equities | $6.7M | +53.0% |
| Futures | $5.0M | +4.0% |
| International | $6.1M | +11.0% |
| Corporate/Other | $646.0K | +106.0% |
Risk Factors
- Options revenue per contract declined 4.9% YoY to $0.098, indicating pricing pressure
- Equities segment market share fell to 0.7% from 1.1% YoY
- Futures segment remains loss-making with negative adjusted EBITDA of $(8.4)M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001438472-26-000044 |
| Document: miax-20261029.htm | 0001438472-26-000044 |
| Document: 0001438472-26-000044-index-headers.html | 0001438472-26-000044 |
| Document: 0001438472-26-000044-index.html | 0001438472-26-000044 |
| Document: 0001438472-26-000044.txt | 0001438472-26-000044 |
| 8-K Data (Synthetic) | 0001438472-26-000044 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $32.61 | awaiting T+1 | awaiting T+1 | $33.63 (+3.13%) |
Oct 27, 2026 5d ago | SC 13G/A | $31.98 $31.44 | ▼ −1.69% | ▼ −1.31% | $33.63 (+5.16%) |
Oct 26, 2026 6d ago | Insider Cluster | $32.53 $31.98 | ▼ −1.69% | ▼ −2.04% | $33.63 (+3.38%) |
Oct 1, 2026 4w ago | Press Release | $33.75 $33.01 | ▼ −2.19% | ▼ −2.93% | $33.63 (−0.36%) |
Sep 4, 2026 8w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $33.63 (−22.62%) |
Sep 4, 2026 8w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $33.63 (−22.62%) |
Aug 19, 2026 10w ago | Insider Cluster | $41.32 $42.59 | ▲ +3.07% | ▲ +2.66% | $33.63 (−18.61%) |
Aug 19, 2026 10w ago | Insider Cluster | $41.32 $42.59 | ▼ −3.07% | ▼ −2.66% | $33.63 (+18.61%) |
Aug 6, 2026 12w ago | Insider Cluster | $44.23 $43.59 | ▲ +1.45% | ▲ +1.42% | $33.63 (+23.97%) |
Jul 16, 2026 15w ago | Insider Cluster | $42.33 $42.04 | ▼ −0.69% | ▼ −0.52% | $33.63 (−20.55%) |
US Market Status
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