Miami International

Miami International Holdings runs electronic marketplaces for trading stocks and options. These platforms help professional traders and regular investors buy and sell assets quickly. Its custom technology connects users to markets in the United States and abroad.

Where the Money Comes From

• Options: Trading services for US stock derivatives, which are contracts based on share prices; generated 83% of revenue in the first quarter of 2026.
• Equities: A dedicated marketplace for buying and selling US stocks; provided 9% of revenue during the first quarter of 2026.
• Futures: Trading and clearing for commodity contracts like wheat through specialized market licenses; made up 7% of revenue in early 2026.
• International: Listing and trading services for companies on global exchanges in Bermuda and Europe; contributed 2% of revenue in the first quarter of 2026.

The Roadmap to Expansion

• Sold 90% of LedgerX to a joint venture involving Robinhood and SIG in January 2026.
• Acquired International Stock Exchange Group Limited in June 2025 to expand its reach into European and UK markets.
• Completed an initial public offering on August 15, 2025, to list shares on the New York Stock Exchange.
• Launched the MIAX Sapphire exchange in early 2026 to increase its number of US options trading venues.

Why MIAX is Different

The company uses its own custom-built technology platform to power every exchange it operates. This internal software allows the firm to run multiple markets efficiently and launch new trading products with high speed.

A Look at the Numbers

• Total revenue hit $369.7 million in the first quarter of 2026, a 13% increase from the prior year.
• Net income rose to $170.2 million in the first quarter of 2026, up from a $21.4 million loss in early 2025.
• Operating income grew to $46 million in the first quarter of 2026, more than double the $22.3 million earned in the same period of 2025.
• Free cash flow jumped to $49.2 million in early 2026, up from $3 million in the first quarter of the previous year.
• Three major customers accounted for 45% of total revenue during the first quarter of 2026.

Bottom Line

Miami International has evolved from a US options specialist into a global operator of multiple financial markets. Its strategy focuses on using internal technology and acquisitions to build a more diverse and international business.