MIAX Reports Record Q2 2026 Revenue Growth Amid Market Volatility
Event summary
- MIAX reported Q2 2026 net revenue of $141.1 million, up 35% YoY.
- Adjusted EBITDA rose 57% YoY to $76.8 million with a margin expansion of over 700 bps to 54%.
- Options business saw a 25% YoY increase in average daily volume to 11.0 million contracts.
- Launched Tini™ B100 Index Futures, Tini B500 Index Futures, and B500 Index Futures during the quarter.
The big picture
MIAX's strong Q2 performance highlights the resilience of its options business in volatile markets and the strategic value of its product expansion. The company's ability to leverage operational efficiencies while investing in growth initiatives positions it favorably against competitors like Nasdaq, particularly as it integrates recent acquisitions like TISE.
What we're watching
- Market Volatility Impact
- How sustained market volatility will affect MIAX's options business volume and revenue per contract.
- Product Pipeline Execution
- Whether the newly launched Bloomberg® index futures suite can drive meaningful long-term growth.
- Operational Leverage
- The pace at which MIAX can maintain its record EBITDA margins amid rising operating expenses.
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