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SEGMENT REPORTING
 6 Months Ended
Jun. 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 June 30, 2026
Options
Equities
Futures
International
Corporate and Other
Consolidated
Revenues
$316,494 $40,579 $24,562 $5,744 $250 $387,629 
Less: Cost of revenue
192,100 35,037 19,468 — (89)246,516 
Revenues less cost of revenue
124,394 5,542 5,094 5,744 339 141,113 
Operating expenses
Compensation and benefits
18,945 3,915 9,701 2,297 6,108 40,966 
Information technology and communication costs
4,597 1,656 3,041 620 288 10,202 
Depreciation and amortization
4,494 1,306 1,800 551 627 8,778 
Professional fees and outside services
4,860 327 256 308 5,697 11,448 
Litigation settlement22,500 — — — 7,500 30,000 
General, administrative, and other expenses
4,064 674 2,986 874 3,324 11,922 
Total operating expenses
59,460 7,878 17,784 4,650 23,544 113,316 
Operating income (loss)
64,934 (2,336)(12,690)1,094 (23,205)27,797 
Non-operating (expense) income
Interest income114 — 151 186 4,803 5,254 
Interest expense— — — — (44)(44)
Unrealized loss on derivative and digital assets— — — (337)— (337)
Gain on sale of business— — — — 23 23 
Other, net(1)— (3,205)— (705)(3,911)
Income (loss) before income tax provision$65,047 $(2,336)$(15,744)$943 $(19,128)$28,782 
Three Months Ended June 30, 2025
Options
Equities
Futures
International
Corporate and Other
Consolidated
Revenues
$261,759 $40,364 $23,117 $2,291 $253 $327,784 
Less: Cost of revenue
168,994 36,001 18,127 — — 223,122 
Revenues less cost of revenue
92,765 4,363 4,990 2,291 253 104,662 
Operating expenses
— 
Compensation and benefits
18,409 3,213 11,834 1,495 5,259 40,210 
Information technology and communication costs
3,799 1,737 2,513 555 247 8,851 
Depreciation and amortization
3,405 1,553 984 446 550 6,938 
Professional fees and outside services
4,185 490 719 390 4,311 10,095 
Acquisition-related costs— — — — 2,247 2,247 
General, administrative, and other expenses
3,774 475 1,753 555 2,473 9,030 
Total operating expenses
33,572 7,468 17,803 3,441 15,087 77,371 
Operating income (loss)
59,193 (3,105)(12,813)(1,150)(14,834)$27,291 
Non-operating (expense) income
Change in fair value of puttable common stock— — — — (1,688)(1,688)
Change in fair value of puttable warrants issued with debt— — — — (1,486)(1,486)
Interest income336 — 196 20 866 1,418 
Interest expense and amortization of debt issuance costs— — (35)— (4,867)(4,902)
Loss on sale of intangible assets— — — (2,054)— (2,054)
Unrealized loss on derivative assets— — — (4,605)— (4,605)
Other, net— — 629 (62)10,114 10,681 
Income (loss) before income tax provision$59,529 $(3,105)$(12,023)$(7,851)$(11,895)$24,655 
Six Months Ended June 30, 2026
Options
Equities
Futures
International
Corporate and Other
Consolidated
Revenues
$621,946 $74,544 $48,900 $11,388 $541 $757,319 
Less: Cost of revenue
386,285 62,338 39,176 — (186)487,613 
Revenues less cost of revenue
235,661 12,206 9,724 11,388 727 269,706 
Operating expenses
Compensation and benefits
39,995 8,080 20,142 4,528 12,611 85,356 
Information technology and communication costs
8,900 3,201 5,955 1,073 556 19,685 
Depreciation and amortization
8,820 2,362 3,363 986 1,335 16,866 
Professional fees and outside services
9,718 599 561 770 11,207 22,855 
Litigation settlement22,500 — — — 7,500 30,000 
General, administrative, and other expenses
7,994 1,354 4,840 1,674 5,317 21,179 
Total operating expenses
97,927 15,596 34,861 9,031 38,526 195,941 
Operating income (loss)
137,734 (3,390)(25,137)2,357 (37,799)73,765 
Non-operating (expense) income
Interest income224 — 265 345 8,806 9,640 
Interest expense— — — — (89)(89)
Unrealized loss on derivative and digital assets— — — (2,878)— (2,878)
Gain on sale of business— — — — 50,570 50,570 
Other, net(1)— (1,875)— (303)(2,179)
Income (loss) before income tax provision$137,957 $(3,390)$(26,747)$(176)$21,185 $128,829 
Six Months Ended June 30, 2025
Options
Equities
Futures
International
Corporate and Other
Consolidated
Revenues
$522,853 $80,438 $47,914 $3,117 $539 $654,861 
Less: Cost of revenue
348,864 72,416 37,035 — — 458,315 
Revenues less cost of revenue
173,989 8,022 10,879 3,117 539 196,546 
Operating expenses
Compensation and benefits
35,074 6,639 23,309 2,612 10,347 77,981 
Information technology and communication costs
7,145 3,300 4,490 1,013 451 16,399 
Depreciation and amortization
6,467 3,040 1,963 603 1,035 13,108 
Professional fees and outside services
8,249 1,020 1,464 576 8,043 19,352 
Acquisition-related costs— — — — 2,901 2,901 
General, administrative, and other expenses
7,278 1,131 3,727 918 4,167 17,221 
Total operating expenses
64,213 15,130 34,953 5,722 26,944 146,962 
Operating income (loss)
109,776 (7,108)(24,074)(2,605)(26,405)49,584 
Non-operating (expense) income
Change in fair value of puttable common stock— — — — (1,891)(1,891)
Change in fair value of
puttable warrants issued
with debt
— — — — (917)(917)
Interest income766 — 392 20 1,535 2,713 
Interest expense and amortization of debt issuance costs— — (70)— (9,262)(9,332)
Loss on sale of intangible assets— — — (2,054)— (2,054)
Unrealized loss on derivative assets— — — (47,018)— (47,018)
Other, net(1)— 2,244 (62)10,179 12,360 
Income (loss) before income tax provision$110,541 $(7,108)$(21,508)$(51,719)$(26,761)$3,445