Filing Flows › Miami International Holdings (MIAX) › Q1 2026
Miami International Holdings (MIAX) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Miami International Holdings (MIAX) reported revenue of $370M for the first quarter 2026 (Q1 2026), +13% from a year earlier and +0.1% from the quarter before. Operating margin was 12.4%, net earnings $170M (46.0% of revenue).
Miami International Holdings, Q1 2026: revenue $370M (+13% year over year), operating margin 12.4%, net earnings $170M, operating cash flow $60.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $370M | +0.1% | +13% |
| Gross profit | $129M | +3% | +40% |
| Operating profit | $46.0M | +8% | +106% |
| Net earnings | $170M | +468% | — |
| Operating cash flow | $60.9M | +30% | +444% |
| Free cash flow | $49.2M | +15% | +656% |
What changed
Revenue was $369.7M in Q1 2026, up 13% year over year and roughly flat from the previous quarter. Transaction and clearing fees was the largest line at 85% of revenue. Transaction and clearing fees added $26.1M year over year (up 9%), 61% of the total change.
Gross margin was 34.8%, up 6.7 points from a year earlier. Operating profit was $46.0M, a 12.4% margin (up 5.6 points year over year). Of the extra revenue versus a year earlier, 56% reached operating profit, above the 7% margin then. Operating expenses grew 19% against revenue growth of 13%. Net earnings were $170.2M. The effective tax rate was -70.1%. Non-operating items added $54.1M, 54% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $60.9M (up 444% year over year), 36% of net earnings. Non-cash charges added back $8.1M of depreciation and amortization and $8.7M of share-based compensation. Working capital and other items used $126.1M. Capital expenditures of $11.7M left free cash flow of $49.2M.
Questions
What was Miami International Holdings' revenue in the first quarter 2026?
Miami International Holdings (MIAX) reported revenue of $370M for the first quarter 2026 (Q1 2026), +13% from a year earlier and +0.1% from the quarter before.
Was Miami International Holdings profitable in the first quarter 2026?
Operating profit was $46.0M (12.4% of revenue) and net earnings $170M.