MIAX Revenue and EBITDA History (2022–6M 2026)

Historical revenue and EBITDA

All figures are USD millions.

Metric interpretation

MIAX does not report a line called gross profit. The closest and most economically relevant measure is revenues less cost of revenues, which the company calls net revenue. Gross revenue includes substantial liquidity payments and other brokerage, clearing, exchange, and regulatory pass-through costs. Net revenue measures the economics retained by MIAX and is the more useful top line for assessing growth, operating leverage, and valuation.For 6M 2026, gross revenue was $757.3 million and cost of revenues was $487.6 million, leaving net revenue of $269.7 million. Adjusted EBITDA margin is calculated using net revenue.

6M 2026 EBITDA reconciliation

Reported EBITDA of $136.144 million reconciles to adjusted EBITDA of $142.840 million as follows:The excluded expenses and losses totaled $57.266 million, exceeding the $50.570 million divestiture gain by $6.696 million. Consequently, adjusted EBITDA was $6.696 million above reported EBITDA even after removing the sale gain.

Sources

• MIAX Form S-1 filed December 9, 2025, accession 0001628280-25-056175
• MIAX Form 10-Q for the six months ended June 30, 2026, accession 0001628280-26-054575