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How Miami International Holdings (MIAX) makes money
Miami International Holdings (MIAX) made $376M of revenue in the third quarter 2026 (Q3 2026), +11% from a year earlier. Transaction and clearing fees brought in $316M (84%); Access fees brought in $36.9M (10%); Market data fees brought in $13.9M (4%). Of every dollar of revenue, 35¢ was left as gross profit, 13¢ was left as operating profit, 14¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Transaction and clearing fees | $316M | 84.1% | -5% | +8% |
| Access fees | $36.9M | 9.8% | +6% | +36% |
| Market data fees | $13.9M | 3.7% | +14% | +29% |
| Other revenue | $8.9M | 2.4% | +4% | -2% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $376M | 100.0% |
| Cost of revenue | $245M | 65.2% |
| Gross profit | $131M | 34.8% |
| Operating expenses | $83.8M | 22.3% |
| Operating profit | $47.2M | 12.5% |
| Income tax | $11.6M | 3.1% |
| Net earnings | $52.5M | 13.9% |
| Operating cash flow | $23.1M | 6.1% |
| Free cash flow | $21.6M | 5.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $376M | +11% |
| Q2 2026 | $388M | +18% |
| Q1 2026 | $370M | +13% |
| Q4 2025 | $369M | +14% |
| Q3 2025 | $340M | +23% |
From Miami International Holdings' 10-Q filed Nov 2, 2026 (on EDGAR).
Questions
How does Miami International Holdings make money?
Miami International Holdings (MIAX) made $376M of revenue in the third quarter 2026 (Q3 2026), +11% from a year earlier. Transaction and clearing fees brought in $316M (84%); Access fees brought in $36.9M (10%); Market data fees brought in $13.9M (4%). Of every dollar of revenue, 35¢ was left as gross profit, 13¢ was left as operating profit, 14¢ was left as net earnings.
What is Miami International Holdings' biggest business?
Transaction and clearing fees: $316M in the third quarter 2026, 84% of revenue, +8% from a year earlier.
What is Miami International Holdings' profit margin?
Net earnings were $52.5M, 13.9% of revenue, in the third quarter 2026; the operating margin was 12.5%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.