Miami International (NYSE:MIAX) Posts Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Miami International (NYSE:MIAX) posted its quarterly earnings data on Wednesday. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.11, Zacks reports. The company had revenue of $369.43 million for the quarter, compared to the consensus estimate of $121.13 million. The firm’s quarterly revenue was up 14.0% on a year-over-year basis.

Here are the key takeaways from Miami International’s conference call:

• Strong financial results: Q4 net revenue rose 52% y/y to $125M and full-year 2025 net revenue was $431M with adjusted EBITDA of $199M and margins expanding to ~46%, driving adjusted diluted EPS of $1.82 for the year.
• Meaningful options market share and volume gains: MIAX reported a record multi-listed options share of 18.2% in Q4, with ADV of 11.1M contracts (up 46% y/y), outpacing industry ADV growth.
• New product expansion aimed at retail: MIAX is launching Bloomberg B100 and B500 futures in 2Q‑2026 (retail-sized “teeny” contracts) and rolling out short-dated Monday/Wednesday options in nine stocks to capture retail growth and hedging demand.
• Strategic portfolio shifts: The company completed a secondary share offering (no proceeds to MIAX), acquired TISE to expand internationally, and sold 90% of MIAXdx to Robinhood/Susquehanna while retaining a 10% stake — a move that creates partner alignment but reduces direct ownership and future standalone upside.
• Higher 2026 operating spend and investments: MIAX expects adjusted operating expenses of $265–275M (13%–18% growth), CapEx of $40–45M, and increased headcount/tech spend to support launches, though it notes a $434M cash balance, minimal debt, and plans to release a deferred tax valuation allowance (targeting a 27%–29% effective tax rate).

Miami International Price Performance

NYSE:MIAX traded up $1.19 during trading hours on Friday, reaching $43.04. 875,433 shares of the company traded hands, compared to its average volume of 1,281,112. The firm has a 50-day moving average price of $42.82. The firm has a market capitalization of $3.50 billion and a PE ratio of 2,153.90. Miami International has a 1 year low of $28.63 and a 1 year high of $51.38.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MIAX shares. Piper Sandler raised their price target on Miami International from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Tuesday, November 4th. Keefe, Bruyette & Woods increased their price objective on Miami International from $43.00 to $44.00 and gave the company a “market perform” rating in a research note on Thursday, November 6th. Zacks Research cut Miami International from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. JPMorgan Chase & Co. boosted their price objective on shares of Miami International from $32.00 to $37.00 and gave the company a “neutral” rating in a research report on Tuesday, November 4th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Miami International in a report on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Miami International currently has an average rating of “Hold” and an average price target of $48.00.

Hedge Funds Weigh In On Miami International

Several large investors have recently modified their holdings of MIAX. T. Rowe Price Investment Management Inc. grew its position in Miami International by 24.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,025,712 shares of the company’s stock valued at $134,282,000 after purchasing an additional 595,096 shares during the last quarter. Vanguard Group Inc. bought a new position in shares of Miami International in the third quarter worth approximately $55,660,000. Alyeska Investment Group L.P. grew its holdings in shares of Miami International by 1.6% during the fourth quarter. Alyeska Investment Group L.P. now owns 1,286,086 shares of the company’s stock valued at $57,076,000 after buying an additional 20,350 shares during the last quarter. Invesco Ltd. increased its position in shares of Miami International by 178.8% during the fourth quarter. Invesco Ltd. now owns 1,278,966 shares of the company’s stock valued at $56,761,000 after acquiring an additional 820,246 shares in the last quarter. Finally, North Reef Capital Management LP increased its position in shares of Miami International by 74.3% during the fourth quarter. North Reef Capital Management LP now owns 1,265,000 shares of the company’s stock valued at $56,141,000 after acquiring an additional 539,196 shares in the last quarter.

About Miami International

Miami International (NYSE:MIAX) is a U.S. exchange holding company that operates electronic trading venues and provides market infrastructure for listed options and related products. Its primary business activities include operating regulated exchanges, delivering market data feeds, and offering trading technology and connectivity services designed for professional traders, broker-dealers, and market makers. The company focuses on low-latency execution, order matching, and the operational controls required to support high-volume, automated trading strategies in listed derivatives.

Products and services provided by Miami International include fully electronic order matching engines, transmittable market data and feed products, colocation and connectivity solutions, and tools for risk management and regulatory compliance.