Filing Flows › Miami International Holdings (MIAX) › Q2 2026 › vs Q1 2026
Miami International Holdings (MIAX) Q2 2026 vs Q1 2026 (quarter over quarter)
Miami International Holdings's revenue rose $17.9M (+5%) from $370M in Q1 2026 to $388M in Q2 2026. The biggest changes: Transaction and clearing fees +$16.5M (+5%); Access fees +$1.6M (+5%); Market data fees −$749K (-6%). Gross margin 36.4% against 34.8% (+1.6 pts).
Miami International Holdings, Q2 2026: revenue $388M (+18% year over year), operating margin 7.2%, net earnings $44.2M, operating cash flow $123M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 36.4% | 34.8% | +1.6 pts |
| Operating margin | 7.2% | 12.4% | -5.3 pts |
| Net margin | 11.4% | 46.0% | -34.6 pts |
| Free cash flow margin | 27.5% | 13.3% | +14.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Transaction and clearing fees | $332M | $315M | $16.5M | +5% |
| Access fees | $34.9M | $33.4M | $1.6M | +5% |
| Market data fees | $12.2M | $13.0M | −$749K | -6% |
| Other revenue | $8.6M | $8.0M | $630K | +8% |
| Revenue | $388M | $370M | $17.9M | +5% |
| Gross profit | $141M | $129M | $12.5M | +10% |
| Cost of revenue | $247M | $241M | $5.4M | +2% |
| Operating profit | $27.8M | $46.0M | −$18.2M | -40% |
| Operating expenses | $113M | $82.6M | $30.7M | +37% |
| Pre-tax earnings | $28.8M | $100M | −$71.3M | -71% |
| Income tax benefit | $15.4M | $70.2M | −$54.8M | -78% |
| Net earnings | $44.2M | $170M | −$126M | -74% |
| Depreciation & amortization | $8.8M | $8.1M | $690K | +9% |
| Share-based compensation | $7.3M | $8.7M | −$1.4M | -16% |
| Working capital & other | $62.5M | −$126M | $189M | — |
| Operating cash flow | $123M | $60.9M | $61.9M | +102% |
| Free cash flow (OCF − capex) | $106M | $49.2M | $57.3M | +116% |
| Capital expenditures | $16.3M | $11.7M | $4.6M | +40% |
Questions
How much did Miami International Holdings's revenue grow quarter over quarter in Q2 2026?
Miami International Holdings's revenue rose $17.9M (+5%) from $370M in Q1 2026 to $388M in Q2 2026.
What drove Miami International Holdings's revenue change in Q2 2026?
Transaction and clearing fees +$16.5M (+5%); Access fees +$1.6M (+5%); Market data fees −$749K (-6%).