Filing Flows › Miami International Holdings (MIAX) › Q3 2026 › vs Q2 2026
Miami International Holdings (MIAX) Q3 2026 vs Q2 2026 (quarter over quarter)
Miami International Holdings's revenue fell $11.4M (-3%) from $388M in Q2 2026 to $376M in Q3 2026. The biggest changes: Transaction and clearing fees −$15.5M (-5%); Access fees +$2.0M (+6%); Market data fees +$1.7M (+14%). Gross margin 34.8% against 36.4% (-1.6 pts).
Miami International Holdings, Q3 2026: revenue $376M (+11% year over year), operating margin 12.5%, net earnings $52.5M, operating cash flow $23.1M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 34.8% | 36.4% | -1.6 pts |
| Operating margin | 12.5% | 7.2% | +5.4 pts |
| Net margin | 13.9% | 11.4% | +2.5 pts |
| Free cash flow margin | 5.7% | 27.5% | -21.7 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Transaction and clearing fees | $316M | $332M | −$15.5M | -5% |
| Access fees | $36.9M | $34.9M | $2.0M | +6% |
| Market data fees | $13.9M | $12.2M | $1.7M | +14% |
| Other revenue | $8.9M | $8.6M | $339K | +4% |
| Revenue | $376M | $388M | −$11.4M | -3% |
| Gross profit | $131M | $141M | −$10.1M | -7% |
| Cost of revenue | $245M | $247M | −$1.3M | -0.5% |
| Other income, net | $16.9M | $985K | $15.9M | 17× |
| Operating profit | $47.2M | $27.8M | $19.4M | +70% |
| Operating expenses | $83.8M | $113M | −$29.5M | -26% |
| Pre-tax earnings | $64.1M | $28.8M | $35.3M | +123% |
| Net earnings | $52.5M | $44.2M | $8.3M | +19% |
| Income tax | $11.6M | −$15.4M | $27.0M | — |
| Depreciation & amortization | $9.5M | $8.8M | $675K | +8% |
| Share-based compensation | $7.5M | $7.3M | $249K | +3% |
| Working capital & other | $46.4M | −$62.5M | $109M | — |
| Operating cash flow | $23.1M | $123M | −$99.7M | -81% |
| Free cash flow (OCF − capex) | $21.6M | $106M | −$84.8M | -80% |
| Capital expenditures | $1.4M | $16.3M | −$14.9M | -91% |
Questions
How much did Miami International Holdings's revenue grow quarter over quarter in Q3 2026?
Miami International Holdings's revenue fell $11.4M (-3%) from $388M in Q2 2026 to $376M in Q3 2026.
What drove Miami International Holdings's revenue change in Q3 2026?
Transaction and clearing fees −$15.5M (-5%); Access fees +$2.0M (+6%); Market data fees +$1.7M (+14%).