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

Miami International (NYSE:MIAX) issued its quarterly earnings results on Wednesday. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.11, Zacks reports.

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 Stock Performance

NYSE MIAX traded up $1.36 during trading hours on Wednesday, hitting $40.92. The company’s stock had a trading volume of 1,903,689 shares, compared to its average volume of 1,262,236. Miami International has a 12 month low of $28.63 and a 12 month high of $51.38. The stock has a 50 day moving average price of $42.93. The company has a market capitalization of $3.33 billion and a P/E ratio of 2,045.75.

Institutional Trading of Miami International

A number of large investors have recently made changes to their positions in MIAX. State of Wyoming bought a new position in Miami International in the 4th quarter worth $26,000. National Bank of Canada FI purchased a new stake in Miami International in the third quarter worth about $29,000. Stifel Financial Corp purchased a new stake in Miami International in the fourth quarter worth about $211,000. Armistice Capital LLC bought a new position in shares of Miami International in the fourth quarter worth about $264,000. Finally, Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Miami International during the 4th quarter valued at about $264,000.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Zacks Research lowered shares of Miami International from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Keefe, Bruyette & Woods lifted 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. Weiss Ratings reissued a “sell (d+)” rating on shares of Miami International in a report on Monday, December 29th. Piper Sandler raised their price target on Miami International from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Finally, Wall Street Zen cut shares of Miami International from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $47.20.

Miami International Company Profile

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.