MIAX reports record first-quarter revenue as 2026 earnings rise

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MIAX reports record Q1 earnings

Highlights

MIAX reports record first-quarter 2026 revenue with adjusted diluted EPS at $0.42 and adjusted earnings up 51% to $45.3 million.
Options exchanges post 10.9 million average daily contracts traded, up 26.6% year over year, with market share rising to 17.3% from 16.0%.
MIAX divests 90% equity in MIAXdx to a Robinhood and Susquehanna joint venture, retaining 10% and rebranding the unit as Rothera Exchange and Clearing LLC.

First-quarter performance and exchange activity

As reported by MIAX Exchanges, the operator posts record quarterly revenue in the first quarter of 2026 and says trading conditions help lift both volumes and profitability. Adjusted diluted earnings per share is $0.42, while adjusted earnings increase 51% to $45.3 million from $30.0 million in the prior-year period.

Options activity remains a key driver in the quarter. MIAX options exchanges reach average daily volume of 10.9 million contracts, up 26.6% year over year, and market share in multi-listed options increases to 17.3% from 16.0% a year earlier.

Chairman and Chief Executive Officer Thomas P. Gallagher says the company enters 2026 with momentum across its business segments and continues to benefit from the scalability of its technology platform. He adds that MIAX is investing in technology and staffing as it works with member firms and customers to expand into new asset classes and launch additional products.

Asset moves and outlook for growth

During the quarter, MIAX also expands its short-dated options offering by listing new Monday and Wednesday expirations for nine actively traded names in January 2026. The move broadens the program across its four options exchanges and creates additional opportunities for trading volume.

The company also completes the sale of 90% of the issued and outstanding equity in MIAXdx in January 2026 to a joint venture established by Robinhood Markets, Inc. and Susquehanna International Group. MIAX retains a 10% stake in the business, now known as Rothera Exchange and Clearing LLC.

On a GAAP basis, net income is $170.2 million in the quarter, compared with a net loss of $21.4 million a year earlier. MIAX is scheduled to host a webcast and conference call on May 6, 2026, to review the results with investors.

In our earlier coverage of Robinhood (HOOD), we analyzed how the stock moved on the back of operational updates, including a new feature that lets eligible users receive dividends up to one month early. We also highlighted the company’s Q1 2026 performance signals—higher net revenue and growth in funded customers and platform assets—while noting that near-term price action remained technically mixed within a defined trading range.

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