Filing Flows › Miami International Holdings (MIAX) › Q2 2026
Miami International Holdings (MIAX) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 7, 2026
Miami International Holdings (MIAX) reported revenue of $388M for the second quarter 2026 (Q2 2026), +18% from a year earlier and +5% from the quarter before. Operating margin was 7.2%, net earnings $44.2M (11.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $388M | +5% | +18% |
| Gross profit | $141M | +10% | +35% |
| Operating profit | $27.8M | -40% | +2% |
| Net earnings | $44.2M | -74% | +88% |
| Operating cash flow | $123M | +102% | +123% |
| Free cash flow | $106M | +116% | +149% |
What changed
Revenue was $387.6M in Q2 2026, up 18% year over year and up 5% from the previous quarter. Transaction and clearing fees was the largest line at 86% of revenue. Transaction and clearing fees added $45.7M year over year (up 16%), 76% of the total change.
Gross margin was 36.4%, up 4.5 points from a year earlier. Operating profit was $27.8M, a 7.2% margin (down 1.2 points year over year). Of the extra revenue versus a year earlier, 1% reached operating profit, below the 8% margin then. Operating expenses grew 46% against revenue growth of 18%. Net earnings were $44.2M, up 88% year over year. The effective tax rate was -53.6%.
Operating cash flow was $122.8M (up 123% year over year), 278% of net earnings. Non-cash charges added back $8.8M of depreciation and amortization and $7.3M of share-based compensation. Working capital and other items added $62.5M. Capital expenditures of $16.3M left free cash flow of $106.5M.
Questions
What was Miami International Holdings' revenue in the second quarter 2026?
Miami International Holdings (MIAX) reported revenue of $388M for the second quarter 2026 (Q2 2026), +18% from a year earlier and +5% from the quarter before.
Was Miami International Holdings profitable in the second quarter 2026?
Operating profit was $27.8M (7.2% of revenue) and net earnings $44.2M.