Miami International (NYSE:MIAX – Get Free Report) announced its quarterly earnings results on Thursday. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.09, FiscalAI reports. The firm had revenue of $376.18 million during the quarter. Miami International had a net margin of 19.75% and a return on equity of 19.93%. The business’s revenue was up 243.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.42 earnings per share.
Here are the key takeaways from Miami International’s conference call:
- Third-quarter net revenue rose 20% year over year to $131 million, while adjusted EBITDA increased to $71 million and the margin expanded to 54% from 44% a year ago.
- The options business continued to gain traction, with average daily volume up 15% and market share rising to 17.4%; the Sapphire trading floor captured more than 12% of industry multi-listed trading-floor volume.
- Options revenue per contract fell to $0.098 from $0.11 in the first quarter, primarily due to July pricing changes and the revised options regulatory fee structure; management views approximately $0.10 as a reasonable near-term reset point.
- Management lowered full-year 2026 adjusted operating-expense guidance to $254 million–$257 million from $260 million–$270 million, while maintaining its expectation for continued margin expansion despite investments in new products.
- Bloomberg Financial Futures remain in the early launch phase, with NinjaTrader now distributing the products and additional retail platforms expected; MIAX is also expanding its agricultural futures lineup and plans to pursue filings for binary index and KPI options.
Miami International Trading Up 7.1%
NYSE MIAX opened at $33.67 on Friday. The stock has a 50-day moving average of $36.47 and a 200 day moving average of $41.31. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of 12.47 and a beta of 1.79. Miami International has a twelve month low of $29.06 and a twelve month high of $57.14.
Key Stories Impacting Miami International
Here are the key news stories impacting Miami International this week:
- Positive Sentiment: Strong Q3 results: MIAX reported $131 million in net revenue, up 20% year over year, while adjusted EBITDA increased 47% to $71 million. The adjusted EBITDA margin expanded to 54%, an improvement of more than 1,000 basis points, signaling substantial operating leverage. Miami International Holdings Reports Third Quarter 2026 Results
- Positive Sentiment: Earnings beat expectations: GAAP diluted EPS was $0.47, while adjusted diluted EPS was $0.45, exceeding the $0.36 consensus estimate and improving from $0.42 a year earlier. The earnings outperformance supports the view that MIAX is benefiting from rising options volumes and cost efficiency. MIAX Beats Q3 Earnings and Revenue Estimates
- Positive Sentiment: Growth initiatives could add future revenue: MIAX plans to seek an approximately 10% access-fee increase for 2027 and has filed to offer cash-settled binary options. If approved and adopted by customers, these measures could increase transaction revenue and broaden the company’s product offering. MIAX Plans Access Fee Increase and Cash-Settled Binary Options
- Neutral Sentiment: Execution remains important: Analysts highlighted options-market share gains, strong non-transaction revenue, and improving futures and international operations. However, the proposed fee increase and new binary-options product remain subject to regulatory approval and market acceptance, while investors will monitor updated full-year expense guidance. Miami International Q3 Growth and Operating Leverage
Wall Street Analyst Weigh In
MIAX has been the subject of several research reports. Rosenblatt Securities dropped their price objective on shares of Miami International from $62.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday. Morgan Stanley cut their price objective on Miami International from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Friday, October 9th. Zacks Research lowered shares of Miami International from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 26th. Keefe, Bruyette & Woods upped their target price on Miami International from $46.00 to $48.00 and gave the stock a “market perform” rating in a report on Friday, August 7th. Finally, Wall Street Zen cut shares of Miami International from a “buy” rating to a “hold” rating in a report on Sunday, August 23rd. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Miami International presently has a consensus rating of “Hold” and a consensus target price of $49.60.
View Our Latest Research Report on Miami International
Insiders Place Their Bets
In other news, EVP Shelly Brown sold 21,217 shares of the firm’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $38.61, for a total transaction of $819,188.37. Following the sale, the executive vice president owned 316,490 shares in the company, valued at $12,219,678.90. This trade represents a 6.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Harish Jayabalan sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $45.90, for a total transaction of $918,000.00. Following the transaction, the executive vice president directly owned 78,065 shares of the company’s stock, valued at $3,583,183.50. This trade represents a 20.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 517,721 shares of company stock valued at $21,408,408. Company insiders own 15.60% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in MIAX. Fifth Third Bancorp acquired a new stake in Miami International in the first quarter valued at approximately $61,000. New York State Teachers Retirement System bought a new position in Miami International in the 1st quarter valued at $84,000. Covestor Ltd grew its stake in shares of Miami International by 321.5% during the third quarter. Covestor Ltd now owns 2,508 shares of the company’s stock worth $84,000 after purchasing an additional 1,913 shares during the period. Sterling Capital Management LLC raised its position in shares of Miami International by 857.2% during the third quarter. Sterling Capital Management LLC now owns 2,575 shares of the company’s stock worth $86,000 after purchasing an additional 2,306 shares during the period. Finally, Nisa Investment Advisors LLC raised its position in Miami International by 42.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 2,641 shares of the company’s stock valued at $88,000 after buying an additional 785 shares during the last quarter.
About Miami International
Miami International Holdings, Inc (NYSE: MIAX) is a financial exchange operator that owns and manages regulated marketplaces for the trading of options and other securities. Through its exchange platforms, the company provides electronic trading, order matching, market data and related services to brokers, market makers, institutional investors and other market participants.
The company operates the MIAX exchange family, which includes MIAX, MIAX Pearl and MIAX Emerald, as well as related equities and options trading venues.
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