MIAX Q2 2026 - Preliminary Earnings Alert

Event: Quartr Q2 2026 event Retrieved: 2026-08-06T11:15:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=earnings presentation available (the 8-K attached to this event is the July 2026 monthly trading-volume release, not the quarterly results) | financials=Quartr standardized financials stop at Q1 2026 | transcript=available and complete

Consensus scorecard

• Consensus scorecard, bulleted equivalent:
  • Revenue / net revenue (total revenues less cost of revenues): Quartr actual $141.1m against API Ninjas consensus $135.857m - Beat +$5.244m, +3.9%.
  • EPS / adjusted diluted: Quartr actual $0.48 against API Ninjas consensus $0.408 - Beat +$0.072, +17.5%.

Reported results and guidance

• Reported results, bulleted equivalent (Q2 2026 vs Q2 2025): net revenue $141.1m vs $104.7m (+34.8%); total operating expenses $113,316k vs $77,371k (+46.5%); adjusted operating expenses $64,434k vs $57,180k (+12.7%); income before income tax provision $28,782k vs $24,655k (+16.7%); income tax benefit $15,426k vs expense $(1,128)k; net income allocated to common shareholders $44,208k vs $23,527k (+87.9%); EBITDA $32,350k vs $35,077k (−7.8%); adjusted EBITDA $76,778k vs $49,059k (+56.5%); adjusted EBITDA margin 54% vs 47%; adjusted earnings $53,272k vs $37,760k (+41.1%); adjusted diluted EPS $0.48; D&A $8,778k vs $6,938k (+26.5%); adjusted effective tax rate 27.2% vs 2.3%; headcount 440 vs 433.

• Net revenue by segment, bulleted equivalent: Options $124,394k vs $92,765k (+34.1%, +$31.6m); Equities $5,542k vs $4,363k (+27.0%, +$1.2m); Futures $5,094k vs $4,990k (+2.1%, +$0.1m); International $5,744k vs $2,291k (+150.7%, +$3.5m); Other $0.3m in both periods; total $141.1m vs $104.7m.

• Segment adjusted EBITDA, bulleted equivalent: Options $96,735k vs $67,011k (+44.4%), margin 77.8% vs 72.2%; Equities $(490)k vs $(910)k; Futures $(9,513)k vs $(8,951)k; International $1,983k vs $(616)k, margin 34.4% vs not meaningful.

• Operating KPIs, bulleted equivalent: options ADV 10,989k vs 8,767k contracts (+25.3%); options market share 16.5% vs 16.7%; options RPC $0.124 vs $0.117 (+6.0%); equities ADV 186m vs 195m shares (−4.6%); equities market share 0.9% vs 1.1%; equities capture $(0.001) vs $(0.014) per 100 shares; agricultural futures ADV 12,957 vs 18,142 (−28.6%); agricultural open interest 89,703 vs 63,880 (+40.4%); agricultural RPC $2.262 vs $1.983 (+14.1%); financial futures ADV 7,949 contracts over 30 trading days since the 18 May 2026 launch; securities listed 6,109 vs 5,757 (+6.1%).

• GAAP-to-adjusted operating expense bridge, bulleted equivalent: compensation and benefits $40,966k less $5,219k share-based compensation = $35,747k; IT and communication $10,202k unadjusted; D&A $8,778k fully removed; occupancy $2,977k unadjusted; professional fees and outside services $11,448k less $229k share-based compensation and $3,017k litigation costs = $8,202k; litigation settlement $30,000k fully removed; marketing and business development $3,176k unadjusted; general, administrative and other $5,769k less $1,639k share-based compensation = $4,130k; total $113,316k less $48,882k = $64,434k.

• Adjusted operating expense by line, bulleted equivalent: compensation and benefits $35.7m vs $31.9m (+$3.8m); IT and communication $10.2m vs $8.9m (+$1.3m); professional fees and outside services $8.2m vs $8.6m (−$0.4m); general, administrative and other $4.1m vs $4.2m (−$0.1m); marketing and business development $3.2m vs $0.6m (+$2.6m); occupancy $3.0m in both periods; total $64.4m vs $57.2m.

• Non-GAAP adjustment bridge, bulleted equivalent (Q2 2026 vs Q2 2025): investment loss $4,010k vs gain $(9,104)k; share-based compensation $7,087k vs $9,424k; litigation costs and settlement $33,017k vs $843k; acquisition-related costs nil vs $2,247k; change in fair value of puttable warrants nil vs $1,486k; change in fair value of puttable common stock nil vs $1,688k; loss on intangible asset nil vs $2,054k; impairment charges nil vs $739k; unrealized loss on derivative and digital assets $337k vs $4,605k; gain on sale of business $(23)k vs nil; total pre-tax adjustments $44,428k vs $13,982k; total tax adjustments $(35,364)k vs $251k.

• Balance sheet, bulleted equivalent (30 Jun 2026 vs 31 Dec 2025): cash and cash equivalents $660,462k vs $433,648k (+52.3%); segregated cash and securities $26,984k vs $27,618k; restricted cash $13,654k vs $6,005k; assets held for sale nil vs $40,976k; other current assets $401,449k vs $346,967k; total current assets $1,102,549k vs $855,214k; goodwill and other intangibles $230,961k vs $232,985k; deferred tax assets, net $74,404k vs none shown; other assets $192,473k vs $171,226k; total assets $1,600,387k vs $1,259,425k; current portion of long-term debt $1,514k vs $1,508k; liabilities held for sale nil vs $2,758k; other liabilities $448,572k vs $374,142k; total liabilities $450,086k vs $378,408k; total equity $1,150,301k vs $881,017k.

Guidance (full-year 2026, updated from guidance originally presented 25 February 2026 and reiterated 6 May 2026):

• Guidance, bulleted equivalent: adjusted operating expenses now $260-270m from $265-275m (lowered $5m at both ends); share-based compensation now $29-32m from $27-30m (raised $2m at both ends); capital expenditures and capitalized internally developed software unchanged at $40-45m; depreciation and amortization now $35-39m from $33-38m; adjusted effective tax rate post valuation-allowance release unchanged at 27-29%. No revenue, EBITDA or earnings guidance is provided.

• Share count sensitivity, bulleted equivalent: for the quarter ending 30 September 2026 the company illustrates pro forma fully diluted weighted average shares of 107,995,407 at an assumed $30.00 average price, 109,681,490 at $35.00, 110,989,912 at $40.00, 112,112,380 at $45.00 and 113,013,864 at $50.00.

• Scorecard recap: net revenue of $141.1m beat consensus by 3.9% and adjusted diluted EPS of $0.48 beat the $0.408 estimate by 17.5%.

• Options is the whole company economically: it produced $124.4m of the $141.1m of net revenue (88.2%) and $96.7m of adjusted EBITDA against a group total of $76.8m.

• The July 2026 monthly volume release filed to this same event reports year-to-date options ADV of 10.9 million contracts through July, up 26.3%, and a year-to-date options market share record of 16.9% against 16.4% a year earlier.

• Total cash and cash equivalents were $660m at 30 June 2026 and total outstanding debt was $1.5m.

• A $30.0m litigation settlement related to the Nasdaq matter is charged in GAAP operating expenses this quarter and excluded from every adjusted measure.

• A $23.9m release of the valuation allowance as of 1 January 2026 is removed from adjusted earnings, and the adjusted effective tax rate is 27.2% against 2.3% a year earlier.

Key bullish aspects

• Both scorecard metrics beat: net revenue $141.1m against $135.857m consensus (+3.9%) and adjusted diluted EPS $0.48 against $0.408 (+17.5%).
• Net revenue grew 34.8% year over year to a company record $141.1m, and adjusted EBITDA grew 56.5% to a record $76.8m, so incremental adjusted EBITDA margin on the revenue growth was roughly 76%.
• Adjusted EBITDA margin expanded more than 700 basis points to 54% from 47%.
• Adjusted operating expenses rose only 12.7% against 34.8% net revenue growth, and full-year adjusted operating expense guidance was lowered $5m at both ends to $260-270m.
• Options net revenue rose 34.1% to $124.4m on 25.3% ADV growth and a 6.0% increase in revenue per contract, so pricing and volume both contributed.
• Options segment adjusted EBITDA rose 44.4% to $96.7m and options adjusted EBITDA margin expanded 560 basis points to 77.8%.
• Non-transaction options revenue rose 36%, driven by access fees on more member connections, fee increases, the expiration of certain MIAX Sapphire fee waivers, and market data including $1.8m of ad-hoc historical sales.
• The International segment turned profitable: net revenue rose 150.7% to $5.7m and adjusted EBITDA swung to $2.0m from $(0.6)m, on the TISE business acquired in June 2025 and 6.1% growth in securities listed to 6,109.
• Equities net revenue rose 27.0% to $5.5m on an improved capture rate despite a 4.6% ADV decline, and the segment adjusted EBITDA loss narrowed to $(0.5)m from $(0.9)m.
• Agricultural futures revenue per contract rose 14.1% to $2.262 and agricultural open interest rose 40.4% to 89,703 contracts.
• Financial futures, launched 18 May 2026, already ran 7,949 contracts of ADV over the 30 trading days since launch, and the company describes record ADV post-migration to the MIAX Futures Onyx platform.
• Cash and cash equivalents rose 52.3% over six months to $660.5m against total outstanding debt of $1.5m, and total equity rose 30.6% to $1,150.3m.
• Net income allocated to common shareholders rose 87.9% to $44.2m and adjusted earnings rose 41.1% to $53.3m.
• A $74.4m net deferred tax asset was recognized on the balance sheet at 30 June 2026 where none was shown at 31 December 2025.
• Year-to-date options market share of 16.9% through July 2026 is a company record against 16.4% in the prior-year period, and year-to-date options ADV of 10.9 million contracts is up 26.3%.

Key bearish aspects

• Quarterly U.S. multi-listed options market share fell to 16.5% from 16.7%: industry ADV grew 27% while MIAX options ADV grew 25.3%, so the company lost share in its core business during the quarter even as the year-to-date figure set a record.
• Options market share of 16.5% in Q2'26 is the lowest of the six quarters shown in the deck's KPI history, which runs 16.0%, 16.7%, 17.2%, 18.2%, 17.3%, 16.5%.
• GAAP total operating expenses rose 46.5% to $113.3m, well ahead of the 34.8% net revenue growth, and GAAP EBITDA actually fell 7.8% to $32.4m.
• A $30.0m litigation settlement plus $3.0m of litigation costs relating to the Nasdaq matter were charged this quarter, against $0.8m of litigation costs a year earlier.
• The entire year-over-year increase in net income allocated to common shareholders is more than accounted for by tax: income before income tax provision rose only 16.7% to $28.8m, while a $15.4m tax benefit replaced a $1.1m tax expense.
• The adjusted effective tax rate rose to 27.2% from 2.3%, and full-year guidance is 27-29%, so the tax tailwind that flattered prior periods is gone.
• Equities market share fell to 0.9% from 1.1% and equities ADV fell 4.6% to 186 million shares; capture remains negative at $(0.001) per 100 shares.
• Agricultural futures ADV fell 28.6% to 12,957 contracts, and the Futures segment adjusted EBITDA loss widened to $(9.5)m from $(9.0)m.
• Futures net revenue was essentially flat at $5.1m because increases in agricultural futures were offset by inverted financial futures revenue - the new financial futures products are currently running negative net transaction revenue through incentive programs.
• Share-based compensation guidance was raised $2m at both ends to $29-32m and depreciation and amortization guidance was raised to $35-39m from $33-38m, partly offsetting the adjusted operating expense reduction.
• Marketing and business development expense rose to $3.2m from $0.6m on the "Excellence in Every Exchange" nationwide advertising campaign, a more than fivefold increase.
• Compensation and benefits rose $3.8m on higher headcount (440 from 433) and higher cash bonuses tied to profitability.
• Adjusted earnings of $53.3m excludes $44.4m of pre-tax items and $35.4m of tax adjustments against $44.2m of GAAP net income allocated to common shareholders, so the adjustments are larger than the reported result itself.
• The company gives no revenue, EBITDA or earnings guidance - only expense, capital expenditure, D&A and tax-rate ranges.
• The share count sensitivity table shows fully diluted weighted average shares rising with the share price, from 108.0 million at an assumed $30.00 to 113.0 million at $50.00, so per-share dilution increases as the stock appreciates.
• The Company recorded a $4.0m unrealized investment loss on marketable equity securities this quarter against a $9.1m investment gain a year earlier.

Key uncertainties

• The 8-K attached to this Quartr event is the July 2026 monthly trading-volume press release, not the quarterly earnings release; the quarterly actuals in this report come from the Q2 2026 earnings presentation, and the quarterly earnings press release itself is not among the Quartr documents for this event.
• The presentation does not disclose total revenues (gross) or cost of revenues for Q2 2026, so the gross revenue line and cost of revenues cannot be shown; net revenue is a company-defined non-GAAP measure equal to total revenues less cost of revenues.
• GAAP diluted EPS is not disclosed in the presentation, and the diluted weighted average share count used for adjusted diluted EPS is not printed, so the $0.48 cannot be tied to a stated share count.
• The $30.0m litigation settlement is described only as an amount recognized in connection with a loss contingency related to the Nasdaq matter; no total exposure, remaining reserve, or resolution timetable is given.
• Total non-GAAP tax adjustments of $(35,364)k are reconciled by two named items totalling $(35,037)k, so a residual of roughly $(0.3)m under "Other" is not separately printed.
• The valuation allowance release is dated as of 1 January 2026 but appears as a Q2 2026 adjustment; the presentation does not explain the timing or the interim allocation.
• Options market share fell year over year in the quarter while year-to-date share set a record; the presentation does not reconcile the quarterly loss of share against the year-to-date gain or say whether the June and July trends continued.
• Financial futures revenue is described as "inverted" - the incentive programs promoting liquidity in Bloomberg B500, Tini B500 and Tini B100 are not sized, and no cost, duration or breakeven volume is given.
• The $1.8m of ad-hoc historical market data sales inside options non-transaction revenue is explicitly one-off, but the recurring run rate of options non-transaction revenue is not stated.
• Segment adjusted EBITDA sums to $88.7m across Options, Equities, Futures and International against a group adjusted EBITDA of $76.8m; the presentation does not disclose the unallocated corporate amount that bridges the difference.
• "Other" net revenue of $0.3m in each period is not defined.
• Other current assets of $401.4m and other liabilities of $448.6m are the largest balance sheet lines after cash and are not broken out, so the composition of the balance sheet outside cash cannot be assessed.
• Goodwill and other intangible assets of $231.0m are shown as a single line, and the TISE purchase accounting completed in June 2025 is not detailed.
• The equities capture rate improved from $(0.014) to $(0.001) per 100 shares but remains negative; the presentation does not indicate when or whether the segment is expected to reach positive capture.
• No cash flow statement is included in the presentation, so operating cash flow, capital expenditure and free cash flow for the quarter are unavailable; only full-year capital expenditure guidance of $40-45m is given.
• Prior-quarter comparatives are provided only for KPIs, not for revenue, expenses or earnings, so no sequential financial comparison is possible from this document.

Market context

• API Ninjas snapshot: MIAX $45.96 on NYSE, volume 1,757,025, quote timestamped 2026-08-06T11:13:24Z, retrieved 2026-08-06T11:15:00Z. The results were published after the U.S. close on 2026-08-05 and the call has already been held; this is a single pre-market quote of unstated session basis, not a measured reaction to the release.

Source limitations

• Every actual above comes from the Quartr Q2 2026 earnings presentation (document 3975197) attached to Quartr event 661758. The only report-type document Quartr attaches to this event, 3667849, is the "Miami International Holdings Reports July 2026 Trading Results" 8-K, which carries monthly volume and market share statistics and no quarterly financial actuals; the year-to-date ADV and market share figures cited above are from that document.
• Quartr standardized financials for company 20962 stop at Q1 2026 (event 568998), so no standardized Q2 2026 income statement was available to cross-check the presentation.
• API Ninjas supplied actual revenue of $141,113,000 and actual EPS of $0.48 for this event as diagnostics; the displayed actuals and both beat/miss calculations use the company presentation figures, calculated locally as Quartr actual minus API Ninjas estimate. The API row for 2026-08-05 carried no fiscal year or quarter, so the exact ticker-and-date match against the Quartr event date of 2026-08-05 is the match path used.
• The API Ninjas revenue estimate is on the net revenue basis, consistent with the company's presentation: Quartr's standardized Q1 2026 gross profit of $128,593,000 equals the API Ninjas Q1 2026 actual revenue of $128,593,000 for this ticker.
• Net revenue, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted diluted EPS, adjusted operating expenses and adjusted effective tax rate are non-GAAP measures as defined by the company.
• Net revenue is stated in the presentation to one decimal in millions ($141.1m); the segment components sum to $141.074m and the company states that totals may not foot due to rounding.
• Year-over-year percentage changes and margin-point changes above are calculated from the presentation's own figures; where the presentation prints a percentage, the calculated value agrees.
• The GAAP operating expense line detail for Q2 2025 is not printed by line in the reconciliation; the Q2 2025 adjusted operating expense line items are taken from the adjusted expense chart and sum to the stated $57.2m total.
• The Q2 2025 adjusted diluted EPS figure is not printed in this deck, so no year-over-year change is shown for that metric.
• Balance sheet comparatives are to 31 December 2025, the fiscal year end, not to the prior-year quarter.
• MIAXdx was sold in January 2026; the 31 December 2025 balance sheet carries it as assets and liabilities held for sale.
• The transcript for this event is available and complete but was not read for this preliminary stage; management's account of options share, financial futures incentives and the Nasdaq settlement is assessed in the post-call report.
• The Form 10-Q for the quarter ended 30 June 2026 is referenced by the presentation but is not among the Quartr documents for this event.

Source links

• Quartr Q2 2026 earnings presentation
• Quartr presentation Q2 2026 highlights page
• Quartr presentation options segment page
• Quartr presentation futures segment page
• Quartr presentation equities segment page
• Quartr presentation international segment page
• Quartr presentation KPI history page
• Quartr presentation financial summary page
• Quartr presentation adjusted operating expense page
• Quartr presentation net revenue by segment page
• Quartr presentation balance sheet page
• Quartr presentation 2026 guidance page
• Quartr presentation adjusted EBITDA reconciliation page
• Quartr presentation adjusted earnings reconciliation page
• Quartr presentation adjusted tax rate reconciliation page
• Quartr July 2026 trading results 8-K