MIAMI INTERNATIONAL HOLDINGS, INC.
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 7, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| Page | |
|---|---|
| Part I - Financial Information | 4 |
| Item 1. Financial Statements (unaudited) | 4 |
| Condensed Consolidated Balance Sheets - As of June 30, 2026 and December 31, 2025 | 4 |
| Condensed Consolidated Statements of Operations - Three and Six Months Ended June 30, 2026 and 2025 | 5 |
| Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2026 and 2025 | 6 |
| Condensed Consolidated Statements of Changes in Stockholders’ Equity - Three and Six Months Ended June 30, 2026 and 2025 | 7 |
| Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2026 and 2025 | 9 |
| Notes to Condensed Consolidated Financial Statements | 11 |
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 44 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 86 |
| Item 4. Controls and Procedures | 89 |
| Part II - Other Information | 90 |
| Item 1. Legal Proceedings | 90 |
| Item 1A. Risk Factors | 90 |
| Item 2. Recent Sales of Unregistered Securities and Use of Proceeds | 90 |
| Item 3. Defaults Upon Senior Securities | 90 |
| Item 4. Mine Safety Disclosures | 90 |
| Item 5. Other Information | 90 |
| Item 6. Exhibits | 92 |
| Signatures | 93 |
TRADEMARK AND OTHER INFORMATION
The terms “MIAX,” the “Company,” “we,” “us” and “our” refer to Miami International Holdings, Inc. (“MIH”), together with our wholly-owned subsidiaries. The term “MIAX Exchanges” refers to our SEC regulated exchanges, each a “MIAX Exchange”: Miami International Securities Exchange, LLC (“MIAX Options”), MIAX Pearl, LLC (“MIAX Pearl”), the equities trading facility of MIAX Pearl (“MIAX Pearl Equities”), MIAX Emerald, LLC (“MIAX Emerald”) and MIAX Sapphire, LLC (“MIAX Sapphire”).
We own MIAX®, MIAX Options®, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire® and MIAX Futures®as trademarks or service marks in the United States and certain other jurisdictions. TINI™ is currently pending.
This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains references to our trademarks and service marks and to those belonging to other entities. Solely for convenience, trademarks and trade names referred to in this Quarterly Report, including logos, artwork, and other visual displays, may appear without the® or ™ symbols, but in the case of our trademarks and trade names or those of our licensors, such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other entities’ trade names, trademarks, or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other entity.
This Quarterly Report contains estimates and information concerning our industry, including market position, market size and growth rates of the markets in which we participate, that are based on industry publications and reports. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. Although we are responsible for all of the disclosure contained in this Quarterly Report and we believe the information from the industry publications and other third-party sources included in this Quarterly Report is reliable, we have not independently verified the accuracy or completeness of the data contained in such sources. Similarly, while we believe our management estimates to be reasonable, they have not been verified by any independent sources. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled “Risk Factors” in Part II, Item 1A of this Quarterly Report and our other filings with the Securities and Exchange Commission (“SEC”). These and other factors could cause results to differ materially from those expressed in these publications and reports.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements, including statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These forward-looking statements, which are subject to known and unknown risks, uncertainties, and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements. In particular, you should consider the risks and uncertainties described under “Risk Factors” in this Quarterly Report and other filings with the SEC.
While we believe we have identified material risks, these risks and uncertainties are not exhaustive. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Some factors that could cause actual results to differ include:
our expectations regarding our operating and financial results and performance, competitive position, including pricing within our industry and our ability to maintain profitability and generate profitable growth over time;
the sufficiency of our existing capital resources to fund our future operating expenses;
the timing and success of our new products and product offerings;
changes to the regulatory environment and compliance with law and regulations;
our ability to attract trading volume to our exchanges;
our ability to maintain order flow from our order flow providers;
revenues from our market data fees and access and capacity fees;
our dependence on third parties;
changes in user preferences;
our ability to attract and retain skilled management and other personnel;
our ability to minimize the risks, including credit and default risks, associated with operating a clearing house;
the growth of our business through offering new services and product offerings and acquisitions or strategic alliances;
our ability to invest in technology and keep up with rapid technological changes affecting our industry;
the impairment of our goodwill, other intangible assets or investments;
the efficacy of our risk management methods;
litigation risks and other liabilities;
our ability to protect our intellectual property rights and avoid violating the intellectual property rights of others; and
the impact on our business of global economic, political and financial market events or conditions, including regional conflicts and war.
For a detailed discussion of these and other factors that might affect our performance, see Part II, Item 1A of this Quarterly Report. We do not undertake, and expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. We caution you not to place undue reliance on the forward-looking statements, which speak only as of the date of this filing.
The Company uses its Investor Relations website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this Quarterly Report.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.