Filing Flows › Miami International Holdings (MIAX) › Q3 2026
Miami International Holdings (MIAX) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 2, 2026
Miami International Holdings (MIAX) reported revenue of $376M for the third quarter 2026 (Q3 2026), +11% from a year earlier and -3% from the quarter before. Operating margin was 12.5%, net earnings $52.5M (13.9% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $376M | -3% | +11% |
| Gross profit | $131M | -7% | +20% |
| Operating profit | $47.2M | +70% | — |
| Net earnings | $52.5M | +19% | — |
| Operating cash flow | $23.1M | -81% | -58% |
| Free cash flow | $21.6M | -80% | -59% |
What changed
Revenue was $376.2M in Q3 2026, up 11% year over year and down 3% from the previous quarter. Transaction and clearing fees was the largest line at 84% of revenue. Transaction and clearing fees added $23.6M year over year (up 8%), 65% of the total change. Other revenue declined 2%.
Gross margin was 34.8%, up 2.6 points from Q3 2025. Operating profit was $47.2M, a 12.5% margin (up 12.6 points year over year). Operating expenses fell 24% while revenue rose 11%. Net earnings were $52.5M. The effective tax rate was 18.1%. Non-operating items added $16.9M, 26% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $23.1M (down 58% year over year), 44% of net earnings. Non-cash charges added back $9.5M of depreciation and amortization and $7.5M of share-based compensation. Working capital and other items used $46.4M. Capital expenditures of $1.4M left free cash flow of $21.6M.
Questions
What was Miami International Holdings' revenue in the third quarter 2026?
Miami International Holdings (MIAX) reported revenue of $376M for the third quarter 2026 (Q3 2026), +11% from a year earlier and -3% from the quarter before.
Was Miami International Holdings profitable in the third quarter 2026?
Operating profit was $47.2M (12.5% of revenue) and net earnings $52.5M.