v3.26.3
SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company operates four reportable segments: Options, Equities, Futures, and International which is reflective of how the Company’s CODM reviews and operates.
Options – The Options segment includes listed options on the stocks of individual corporations (“equity options”) and options on exchange-traded products (“ETPs”), such as exchange-traded funds (“ETFs”), which are “multi-listed” options and listed on a non-exclusive basis. These options trade on MIAX Options, MIAX Pearl, MIAX Emerald and MIAX Sapphire, all U.S. national security exchanges. The Options segment also includes applicable market data revenue generated from OPRA Plan, the licensing of proprietary options market data and access services.
Equities – The Equities segment includes our business operations relating to listed U.S. equities and ETP transaction services that occur on MIAX Pearl. The Equities segment also includes applicable market data revenue generated from the CTA Plan, the UTP Plan, and the CQS Plan, as well as licensing of proprietary equities market data, routing services, and access services.
Futures – The Futures segment includes transaction services provided by MIAX Futures and Dorman Trading, which includes offerings for trading and clearing of futures products, the licensing of proprietary market data, as well as access services.
International – The International segment, which represents the Company’s operations outside of U.S, includes listing services for capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and insurance linked securities provided by BSX and listing of high yield bonds, private equity debt, equities, investment funds, and real estate investment trust by TISE.
Corporate and Other – Corporate and Other includes certain other business ventures, corporate costs and operations including intersegment elimination as such items are not used to evaluate the operating performance of the above segments.
An operating segment is generally defined as a component of business for which discrete financial information is available and whose results are reviewed by the CODM. Operating segments are aggregated into reportable segments if certain criteria are met. The Company’s CODM is its Chief Executive Officer who manages business operations, evaluates performance and allocates resources based on the segments’ net revenues and operating income. Revenue and cost of revenue is recorded specifically in the segment in which they are earned or to which they relate. The Company directly allocates expenses to the operating segments when reasonably possible to do so. Management provides the non-operating (expenses) income and income (loss) before tax provision at the segment-level to the CODM on a recurring basis. However, the CODM does not consider non-operating (expense) income when evaluating performance of or allocating resources to the operating segment.
The following table presents certain selected financial information for the Company’s reportable operating segments and Corporate and Other (in thousands):

Three Months Ended September 30, 2026
Options
Equities
Futures
International
Corporate and Other
Consolidated
Revenues
$317,286 $28,694 $23,772 $6,139 $292 $376,183 
Less: Cost of revenue
204,700 22,034 18,794 — (354)245,174 
Revenues less cost of revenue
112,586 6,660 4,978 6,139 646 131,009 
Operating expenses
Compensation and benefits
18,589 3,909 9,476 2,566 5,746 40,286 
Information technology and communication costs
4,359 1,608 2,763 595 276 9,601 
Depreciation and amortization
4,626 1,601 2,087 521 618 9,453 
Professional fees and outside services
7,552 1,813 517 268 5,236 15,386 
General, administrative, and other expenses
3,561 603 2,300 844 1,771 9,079 
Total operating expenses
38,687 9,534 17,143 4,794 13,647 83,805 
Operating income (loss)
73,899 (2,874)(12,165)1,345 (13,001)47,204 
Non-operating (expense) income
Interest income213 — 261 222 5,245 5,941 
Interest expense— — — — (42)(42)
Unrealized gain on derivative and digital assets— — — 9,797 — 9,797 
Other, net— — 1,905 — (724)1,181 
Income (loss) before income tax provision$74,112 $(2,874)$(9,999)$11,364 $(8,522)$64,081 
Three Months Ended September 30, 2025
Options
Equities
Futures
International
Corporate and Other
Consolidated
Revenues
$276,540 $38,028 $19,364 $5,533 $313 $339,778 
Less: Cost of revenue
182,041 33,676 14,578 — — 230,295 
Revenues less cost of revenue
94,499 4,352 4,786 5,533 313 109,483 
Operating expenses
— 
Compensation and benefits
27,373 4,712 16,574 2,720 17,374 68,753 
Information technology and communication costs
3,896 1,819 2,653 663 259 9,290 
Depreciation and amortization
3,826 1,570 1,692 435 706 8,229 
Professional fees and outside services
4,189 514 265 305 5,534 10,807 
General, administrative, and other expenses
3,851 595 2,138 627 5,498 12,709 
Total operating expenses
43,135 9,210 23,322 4,750 29,371 109,788 
Operating income (loss)
51,364 (4,858)(18,536)783 (29,058)$(305)
Non-operating (expense) income
Change in fair value of puttable common stock— — — — (338)(338)
Change in fair value of puttable warrants issued with debt— — — — (255)(255)
Interest income482 — 207 111 1,858 2,658 
Interest expense and amortization of debt issuance costs— — (36)— (3,342)(3,378)
Unrealized gain on derivative assets— — — 7,979 — 7,979 
Loss on debt extinguishment— — — (107,656)(107,656)
Other, net— — (61)— (1,534)(1,595)
Income (loss) before income tax provision$51,846 $(4,858)$(18,426)$8,873 $(140,325)$(102,890)
Nine Months Ended September 30, 2026
Options
Equities
Futures
International
Corporate and Other
Consolidated
Revenues
$939,232 $103,238 $72,672 $17,527 $833 $1,133,502 
Less: Cost of revenue
590,985 84,372 57,970 — (540)732,787 
Revenues less cost of revenue
348,247 18,866 14,702 17,527 1,373 400,715 
Operating expenses
Compensation and benefits
58,584 11,989 29,618 7,094 18,357 125,642 
Information technology and communication costs
13,259 4,809 8,718 1,668 832 29,286 
Depreciation and amortization
13,446 3,963 5,450 1,507 1,953 26,319 
Professional fees and outside services
17,270 2,412 1,078 1,038 16,443 38,241 
Litigation settlement22,500 — — — 7,500 30,000 
General, administrative, and other expenses
11,555 1,957 7,140 2,518 7,088 30,258 
Total operating expenses
136,614 25,130 52,004 13,825 52,173 279,746 
Operating income (loss)
211,633 (6,264)(37,302)3,702 (50,800)120,969 
Non-operating (expense) income
Interest income437 — 526 567 14,051 15,581 
Interest expense— — — — (131)(131)
Unrealized gain on derivative and digital assets— — — 6,919 — 6,919 
Gain on sale of business— — — — 50,570 50,570 
Other, net(1)— 30 — (1,027)(998)
Income (loss) before income tax provision$212,069 $(6,264)$(36,746)$11,188 $12,663 $192,910 
Nine Months Ended September 30, 2025
Options
Equities
Futures
International
Corporate and Other
Consolidated
Revenues
$799,393 $118,466 $67,278 $8,650 $852 $994,639 
Less: Cost of revenue
530,905 106,092 51,613 — — 688,610 
Revenues less cost of revenue
268,488 12,374 15,665 8,650 852 306,029 
Operating expenses
Compensation and benefits
62,447 11,351 39,883 5,332 27,721 146,734 
Information technology and communication costs
11,041 5,119 7,143 1,676 710 25,689 
Depreciation and amortization
10,293 4,610 3,655 1,038 1,741 21,337 
Professional fees and outside services
12,438 1,534 1,729 881 13,577 30,159 
Acquisition-related costs— — — — 2,901 2,901 
General, administrative, and other expenses
11,129 1,726 5,865 1,545 9,665 29,930 
Total operating expenses
107,348 24,340 58,275 10,472 56,315 256,750 
Operating income (loss)
161,140 (11,966)(42,610)(1,822)(55,463)49,279 
Non-operating (expense) income
Change in fair value of puttable common stock— — — — (2,229)(2,229)
Change in fair value of
puttable warrants issued
with debt
— — — — (1,172)(1,172)
Interest income1,248 — 599 131 3,393 5,371 
Interest expense and amortization of debt issuance costs— — (106)— (12,604)(12,710)
Loss on sale of intangible assets— — — (2,054)— (2,054)
Unrealized loss on derivative assets— — — (39,039)— (39,039)
Loss on debt extinguishment— — — — (107,656)(107,656)
Other, net(1)— 2,183 (62)8,645 10,765 
Income (loss) before income tax provision$162,387 $(11,966)$(39,934)$(42,846)$(167,086)$(99,445)