MIAX's Bloomberg Futures Launch Is the Real Story Behind Another Record Quarter
Options strength and a clean balance sheet keep the cash flowing, but the future is in financial futures and retail distribution.
MIAX · Earnings Call · 2026-08-05
The options machine is still humming
MIAX entered the second quarter with the same tailwinds that have powered it through the past year: elevated volatility, a growing retail complex, and an IPO pipeline that keeps feeding new single names. The result was a record top line, with transaction fees carrying the load. Lance Emmons walked through the details: "Our Q2 total net revenue grew 35% year-over-year to $141 million, reflecting continued options business strength and growth from our other business segments." “Our Q2 total net revenue grew 35% year-over-year to a record $141 million, reflecting continued options business strength and growth from our other business segments.” — Lance Emmons, Chief Financial Officer · 2026-08-05 Options segment net revenue jumped 34% to $124 million, even as market share dipped to 16.5% from 17.3% in Q1. The RPC story was the more interesting aspect — it jumped to $0.124 due to mix and tier effects, but Lance warned against extrapolating that into the second half. The market data business also shined, with non-transaction fees up 36% year-over-year, helped by member connections and fee increases. The company's net income is now on a different plane: Net income reached $170M in the quarter (period_end 2026-04-30), a dramatic swing from the prior year's loss, though the historical series shows wide quarter-to-quarter swings.The futures pivot is no longer a PowerPoint
The real headline is that the Bloomberg financial futures suite went live. Tom Gallagher: "We were also thrilled to launch our first group of Bloomberg futures products — an important milestone that creates the foundation for our financial futures ecosystem." “We were also thrilled to launch our first group of Bloomberg futures products, an important milestone that creates the foundation for our financial futures ecosystem.” — Thomas Gallagher, Chairman and Chief Executive Officer · 2026-08-05 The company is now focused on connecting retail brokers, and expects customer activity over the next few months. Shelly Brown emphasized the competitive fee structure and the fact that this is about growing the pie, not just taking share. She also noted that the industry has been waiting for competition in the index complex: "There hasn't been any competition for a long time, either the broad market or the technology market. So, bringing these products to market with Bloomberg is really a breath of fresh air for the industry." “There hasn't been any competition for a long time, either the broad market or the technology market. So, bringing these products to market with Bloomberg is really a breath of fresh air for the industry.” — Shelly Brown, Senior Executive · 2026-05-06 That prior call (May 2026) already had the launch date set, but now the reality is taking shape. The company also revealed it is increasing its FCM net capital by $40 million and has applied for OCC membership — a move designed to reduce friction for retail firms and improve margin offsets. The theme of risk management remains central to MIAX's pitch, as Doug Schafer explained the technology advantages that let market makers quote aggressively. It's all part of building out the futures exchange as a serious alternative to the incumbents.Capital strength and strategic patience
MIAX ended the quarter with $660 million in cash and less than $2 million in debt. The company is clearly in accumulation mode, and Tom Gallagher was explicit about the near-term plan: "I think the near-term uses of our capital, while it's growing, is to continue to invest in the businesses that got us here." “I think the near-term uses of our capital, while it's growing, is to continue to invest in the businesses that got us here.” — Thomas Gallagher, Chairman and Chief Executive Officer · 2026-08-05 He also dismissed any immediate plans for dividends or buybacks, preferring to assess opportunities after the first year as a public company.We have no plans specifically, Patrick, to answer your question about a dividend or any type of a share repurchase program. I'd like to get this first year under our belt and really assess the opportunities.