Filing Flows › Miami International Holdings (MIAX) › Q3 2026 › vs Q3 2025
Miami International Holdings (MIAX) Q3 2026 vs Q3 2025 (year over year)
Miami International Holdings's revenue rose $36.4M (+11%) from $340M in Q3 2025 to $376M in Q3 2026. The biggest changes: Transaction and clearing fees +$23.6M (+8%); Access fees +$9.9M (+36%); Market data fees +$3.1M (+29%). Gross margin 34.8% against 32.2% (+2.6 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 34.8% | 32.2% | +2.6 pts |
| Operating margin | 12.5% | -0.1% | +12.6 pts |
| Net margin | 13.9% | -30.0% | +44.0 pts |
| Free cash flow margin | 5.7% | 15.6% | -9.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Transaction and clearing fees | $316M | $293M | $23.6M | +8% |
| Access fees | $36.9M | $27.1M | $9.9M | +36% |
| Market data fees | $13.9M | $10.7M | $3.1M | +29% |
| Other revenue | $8.9M | $9.1M | −$201K | -2% |
| Revenue | $376M | $340M | $36.4M | +11% |
| Gross profit | $131M | $109M | $21.5M | +20% |
| Cost of revenue | $245M | $230M | $14.9M | +6% |
| Other income, net | $16.9M | −$103M | $119M | — |
| Operating profit | $47.2M | −$305K | $47.5M | — |
| Operating expenses | $83.8M | $110M | −$26.0M | -24% |
| Pre-tax earnings | $64.1M | −$103M | $167M | — |
| Net earnings | $52.5M | −$102M | $155M | — |
| Income tax | $11.6M | −$810K | $12.4M | — |
| Depreciation & amortization | $9.5M | $8.2M | $1.2M | +15% |
| Share-based compensation | $7.5M | $29.1M | −$21.6M | -74% |
| Working capital & other | $46.4M | −$119M | $166M | — |
| Operating cash flow | $23.1M | $54.7M | −$31.6M | -58% |
| Free cash flow (OCF − capex) | $21.6M | $53.0M | −$31.3M | -59% |
| Capital expenditures | $1.4M | $1.7M | −$298K | -17% |
Questions
How much did Miami International Holdings's revenue grow year over year in Q3 2026?
Miami International Holdings's revenue rose $36.4M (+11%) from $340M in Q3 2025 to $376M in Q3 2026.
What drove Miami International Holdings's revenue change in Q3 2026?
Transaction and clearing fees +$23.6M (+8%); Access fees +$9.9M (+36%); Market data fees +$3.1M (+29%).