Filing Flows › Miami International Holdings (MIAX) › Q2 2026 › vs Q2 2025
Miami International Holdings (MIAX) Q2 2026 vs Q2 2025 (year over year)
Miami International Holdings's revenue rose $59.8M (+18%) from $328M in Q2 2025 to $388M in Q2 2026. The biggest changes: Transaction and clearing fees +$45.7M (+16%); Access fees +$8.8M (+34%); Other revenue +$3.3M (+63%). Gross margin 36.4% against 31.9% (+4.5 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 36.4% | 31.9% | +4.5 pts |
| Operating margin | 7.2% | 8.3% | -1.2 pts |
| Net margin | 11.4% | 7.2% | +4.2 pts |
| Free cash flow margin | 27.5% | 13.0% | +14.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Transaction and clearing fees | $332M | $286M | $45.7M | +16% |
| Access fees | $34.9M | $26.1M | $8.8M | +34% |
| Market data fees | $12.2M | $10.3M | $2.0M | +19% |
| Other revenue | $8.6M | $5.3M | $3.3M | +63% |
| Revenue | $388M | $328M | $59.8M | +18% |
| Gross profit | $141M | $105M | $36.5M | +35% |
| Cost of revenue | $247M | $223M | $23.4M | +10% |
| Operating profit | $27.8M | $27.3M | $506K | +2% |
| Operating expenses | $113M | $77.4M | $35.9M | +46% |
| Pre-tax earnings | $28.8M | $24.7M | $4.1M | +17% |
| Income tax benefit | $15.4M | −$1.1M | $16.6M | — |
| Net earnings | $44.2M | $23.5M | $20.7M | +88% |
| Depreciation & amortization | $8.8M | $6.9M | $1.8M | +27% |
| Share-based compensation | $7.3M | $9.4M | −$2.1M | -23% |
| Working capital & other | $62.5M | $15.1M | $47.4M | +315% |
| Operating cash flow | $123M | $55.0M | $67.8M | +123% |
| Free cash flow (OCF − capex) | $106M | $42.7M | $63.7M | +149% |
| Capital expenditures | $16.3M | $12.2M | $4.1M | +33% |
Questions
How much did Miami International Holdings's revenue grow year over year in Q2 2026?
Miami International Holdings's revenue rose $59.8M (+18%) from $328M in Q2 2025 to $388M in Q2 2026.
What drove Miami International Holdings's revenue change in Q2 2026?
Transaction and clearing fees +$45.7M (+16%); Access fees +$8.8M (+34%); Other revenue +$3.3M (+63%).