Miami International Holdings, Inc. (MIAX) Earnings Call Transcripts

Miami International Holdings, Inc.'s Latest Earnings Call - June 9, 2026

In the Q1 2026 earnings call for Miami International Holdings, Inc. (MIAX), the company reported a significant revenue increase of 40% year-over-year, with adjusted EBITDA rising 66% to $66 million. Management highlighted a notable expansion in market share, growing 1,100 basis points since Q1 2025, and achieving operating margins exceeding 50% for the first time. The company maintained a positive outlook, indicating strong demand for their technology-driven exchange services, particularly with upcoming high-profile IPOs like SpaceX, which could further enhance trading volumes and market share.

Reported metrics

Guidance from management

Management expressed confidence in continued growth driven by technology and upcoming IPOs, with expectations for further market share gains. They indicated that the strong demand for their services is likely to persist over the next couple of years.

What management said

Yes. I think we're about SP-3 We over-index maybe 1 to 3 points in some of these most active names. So I'd expect to see similar type of trends when some of these large IPOs coming. -- again, given our technology advantage.

Yes, a very good question. So I think steady as she goes, I'm happy to report that I think we get an outsized market share in those 7 or 8 symbols. I think the volume has not been cannibalistic. I think it's been additive to the industry. Although it's early days. It's less than 6 months, Michael, since these Monday and Wednesday expirations have come on. But I think that we need another 3 to 4 months to see how thin...

What analysts pressed on

Analysts raised concerns about the potential impact of regulatory changes on the futures market, particularly regarding perpetual futures. There is also caution regarding the sustainability of market share gains amid increasing competition.

Main topics on the call

• Revenue Growth Acceleration — MIAX reported a 40% increase in net revenues year-over-year, driven by strong trading volumes and market share gains. CEO Tom Gallagher stated, "We've grown 1,100 basis points of market share," emphasizing the effectiven...
• Technological Competitive Advantage — Management reiterated the importance of their technology, claiming it allows for faster price refresh rates than competitors. Gallagher noted, "Our latency goes from 18 to maybe 2x," showcasing their reliability during m...
• Market Share Expansion — MIAX's market share reached approximately 17.25% in Q1 2026, with Gallagher expressing optimism about future growth due to new functionalities and the opening of a trading floor in Miami. He mentioned, "I feel that we ca...
• Futures Business Development — The company is entering the futures market with a focus on agricultural products and plans to launch new grain products by Q4 2026. Gallagher stated, "We have brand-new platform... we're going to create disruptive, aggre...

Read the full Miami International Holdings, Inc. transcript (June 9, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 5 Miami International Holdings, Inc. earnings call transcripts on record, spanning November 5, 2025 to August 5, 2026. Based on this history, Miami International Holdings, Inc. reports quarterly. The most recent call on file is dated August 5, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

MIAX

Exchange

NYSE

Country

US

Sector

Financials

Industry

Capital Markets

Calls on record

5

First call

November 5, 2025

Most recent

August 5, 2026

Reporting cadence

quarterly