Miami International (NYSE:MIAX) Issues Quarterly Earnings Results

Miami International (NYSE:MIAX) posted its quarterly earnings results on Wednesday. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.36 by $0.06, Zacks reports. The firm had revenue of $369.69 million for the quarter, compared to analyst estimates of $122.74 million. The company’s revenue was up 40.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 EPS.

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

• Record Q1 financials — Total net revenue was $129 million, up 40% year?over?year, adjusted EBITDA margin improved to 51% (up 800 bps) and adjusted diluted EPS was $0.42, reflecting operating leverage across the platform.
• Options franchise momentum — Options ADV averaged 10.9M contracts (up 27% YoY and outpacing industry ADV), MIAX multi?listed market share rose to 17.3%, RPC remained strong, and the MIAX Sapphire trading floor hit its first million?contract day (Apr 14).
• Bloomberg Equity Index Futures rollout — MIAX plans a phased launch starting May 17 with the Bloomberg 100 contract (followed by B500 Tini on June 1 and B500 BIG on June 8), cleared at OCC for margin efficiency and supported by targeted marketing and quoting incentives.
• MIAXdx sale and accounting impact — MIAX sold 90% of MIAXdx to a Robinhood/SIG JV, retaining a 10% stake carried at cost; the transaction generated a $51 million GAAP gain that the company says should not be modeled as recurring revenue.
• Strong balance sheet and reiterated guidance — Ended Q1 with $551 million in cash and negligible debt, reaffirmed full?year adjusted operating expense guidance of $265–$275 million and CapEx of $40–$45 million while noting near?term marketing and incentive spend for product launches.

Miami International Trading Up 0.6%

MIAX stock traded up $0.32 on Friday, hitting $50.09. The company’s stock had a trading volume of 390,077 shares, compared to its average volume of 1,271,795. The firm has a 50 day moving average of $42.13 and a two-hundred day moving average of $43.25. Miami International has a 1 year low of $28.63 and a 1 year high of $51.38. The stock has a market cap of $4.75 billion and a price-to-earnings ratio of 92.72.

Analyst Ratings Changes

MIAX has been the subject of several recent analyst reports. Zacks Research upgraded shares of Miami International from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 15th. Keefe, Bruyette & Woods boosted their price objective on shares of Miami International from $40.00 to $48.00 and gave the stock a “market perform” rating in a research report on Friday. Wall Street Zen downgraded shares of Miami International from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Weiss Ratings restated a “sell (d+)” rating on shares of Miami International in a research report on Friday, March 27th. Finally, Rosenblatt Securities boosted their price objective on shares of Miami International from $59.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Miami International has an average rating of “Moderate Buy” and a consensus target price of $51.20.

Miami International News Roundup

Here are the key news stories impacting Miami International this week:

• Positive Sentiment: Q1 results materially beat expectations: MIAX reported adjusted EPS of $0.42 vs. $0.36 consensus, revenue of $369.7M (well above estimates) and strong adjusted EBITDA/margins; company reaffirmed expense guidance — this supports upside from stronger-than-expected profitability and topline growth. MIAX Q1 2026 Results
• Positive Sentiment: Trading momentum: MIAX reported a 23.9% increase in multi-list options ADV YTD for April — higher volumes can boost exchange fee revenue and support continued revenue growth. April 2026 Trading Results
• Positive Sentiment: Rosenblatt raised its price target to $61 and maintains a Buy rating — the largest analyst uplift here, implying meaningful upside vs. recent levels and may attract buyers. Rosenblatt $61 Price Target
• Neutral Sentiment: Earnings call and transcript published — useful for digging into drivers (transaction volumes, product mix, margins) but not new headline news beyond the print. MIAX Q1 2026 Earnings Transcript Earnings Call Transcript
• Neutral Sentiment: Comparative/analytical coverage (financial reviews vs. ETNs) adds context but is unlikely to move the stock materially on its own. Financial Review vs GLDI
• Negative Sentiment: Insider selling: filings show Thomas Gallagher and Douglas Schafer Jr. sold substantial blocks of MIAX shares recently — such sales can spook investors or signal insiders taking profits. Thomas Gallagher Sells Shares Douglas Schafer Jr. Sells Shares
• Negative Sentiment: Some analysts remain cautious: JPMorgan raised its target to $45 with a Neutral rating, and Keefe, Bruyette & Woods raised to $48 with Market Perform — both targets sit below recent trade, which can cap upside and pressure sentiment. JPMorgan Price Target Raise Keefe Bruyette & Woods Price Target

Insider Transactions at Miami International

In related news, EVP Shelly Brown sold 16,000 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $47.28, for a total value of $756,480.00. Following the completion of the sale, the executive vice president owned 325,047 shares in the company, valued at $15,368,222.16. This represents a 4.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Judson Gray Teekell sold 3,000 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $47.30, for a total transaction of $141,900.00. Following the transaction, the director owned 56,338 shares of the company’s stock, valued at approximately $2,664,787.40. The trade was a 5.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 687,175 shares of company stock worth $29,675,666 over the last 90 days.

Hedge Funds Weigh In On Miami International

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. purchased a new position in shares of Miami International in the 3rd quarter valued at about $55,660,000. Alyeska Investment Group L.P. acquired a new stake in Miami International in the 3rd quarter valued at about $50,959,000. Invesco Ltd. grew its stake in Miami International by 178.8% in the 4th 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 during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in Miami International by 24.5% in 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 acquiring an additional 595,096 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in Miami International in the 3rd quarter valued at about $23,476,000.

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.