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Miami International Holdings (MIAX) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · Miami International Holdings (MIAX) Q3 2026 earnings results →
Q3 2026 Revenue up 11% year over year to $376M · 14¢ of every $1 of revenue kept as net profit · operating margin 12.5%
Miami International Holdings made $376M in Q3 2026 (+11% Y/Y): Transaction and clearing fees $316M, Access fees $36.9M, Market data fees $13.9M. Operating margin 12.5%, net earnings $52.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.
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What changed this quarter
Revenue was $376.2M in Q3 2026, up 11% year over year and down 3% from the previous quarter. Transaction and clearing fees was the largest line at 84% of revenue. Transaction and clearing fees added $23.6M year over year (up 8%), 65% of the total change. Other revenue declined 2%.
Gross margin was 34.8%, up 2.6 points from Q3 2025. Operating profit was $47.2M, a 12.5% margin (up 12.6 points year over year). Operating expenses fell 24% while revenue rose 11%. Net earnings were $52.5M. The effective tax rate was 18.1%. Non-operating items added $16.9M, 26% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $23.1M (down 58% year over year), 44% of net earnings. Non-cash charges added back $9.5M of depreciation and amortization and $7.5M of share-based compensation. Working capital and other items used $46.4M. Capital expenditures of $1.4M left free cash flow of $21.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 2, 2026 | $376M | +11% | 12.5% | $52.5M | $23.1M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $388M | +18% | 7.2% | $44.2M | $123M |
| Q1 2026 | 10-Q | May 8, 2026 | $370M | +13% | 12.4% | $170M | $60.9M |
| Q4 2025 | 10-K | Mar 6, 2026 | $369M | +14% | 11.6% | $29.9M | $47.0M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $340M | +23% | -0.1% | −$102M | $54.7M |
Charts
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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Customers and suppliers named in filings
Buys from
- GS · Stated in 10-K (named, share not stated) · source
- MS · Stated in 10-K (named, share not stated) · source
About Miami International Holdings
The following description of our business should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. This description contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward-looking statements due to the factors set forth in “Risk Factors” and elsewhere in this Annual Report on Form 10-K. We are a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies. Our MIAX Exchanges, MIAX Futures Exchange and Bermuda Stock Exchange marketplaces are enabled by our in-house built, proprietary technology.
In its own words, from its 10-K, filed Mar 6, 2026.
Miami International Holdings against its Security Brokers, Dealers & Flotation Companies peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +13%. Operating margin: 12.5% against the peers' median 18.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MIAX Miami International Holdings | Q3 2026 | $376M | +11% | 12.5% |
| MS Morgan Stanley | Q3 2026 | $20.3B | +12% | 31.9% |
| GS Goldman Sachs Group | Q3 2026 | $18.7B | +23% | 37.5% |
| GLXY Galaxy Digital | Q3 2026 | $8.1B | -72% | 4.3% |
| BLK BlackRock | Q3 2026 | $7.8B | +19% | 30.0% |
| SCHW Schwab Charles | Q3 2026 | $7.2B | +17% | 52.7% |
| Jones Financial Companies Lllp | Q3 2026 | $5.2B | +13% | 0.0% |
| RJF Raymond James Financial | Q4 FY26 | $4.7B | +13% | 18.2% |
| JEF Jefferies Financial Group | Q3 FY26 | $3.2B | +11% | 10.9% |
Source: Miami International Holdings 10-Q on SEC EDGAR · CIK 1438472 · Security Brokers, Dealers & Flotation Companies
Guidance and outlook
13F: who owns MIAX and who is buying
More on MIAX
- How Miami International Holdings makes money: revenue by segment
- Miami International Holdings next earnings date and what analysts expect
- Miami International Holdings stock forecast, price target and fair value
- Who owns Miami International Holdings stock: holders, funds and Congress trades
- Miami International Holdings guidance and outlook
- Is Miami International Holdings a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results
- Miami International Holdings gross margin by quarter
- Miami International Holdings operating margin by quarter
- Miami International Holdings net income by quarter
- Miami International Holdings free cash flow by quarter
- Miami International Holdings capital expenditures by quarter
- Miami International Holdings Transaction and clearing fees revenue by quarter
- Miami International Holdings Access fees revenue by quarter
- Miami International Holdings Market data fees revenue by quarter
Compare MIAX with
- Miami International Holdings vs Piper Sandler Companies (MIAX vs PIPR)
- Miami International Holdings vs Oppenheimer Holdings (MIAX vs OPY)
- Miami International Holdings vs Navient Holdings (MIAX vs NAVI)
- Miami International Holdings vs MarketAxess Holdings (MIAX vs MKTX)
- Miami International Holdings vs WisdomTree (MIAX vs WT)