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Miami International Holdings, Inc. (MIAX)
NYSE:MIAX
Earnings Data
Report Date
Nov 11, 2026After Close (Confirmed)
Period Ending
2026 (Q3)Consensus EPS Forecast
―Last Year’s EPS
0.42Same Quarter Last Year
Strong Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a predominantly positive operational and financial story: strong top-line growth, substantial margin expansion, record options market share and solid cash on the balance sheet. Management highlighted multiple strategic initiatives (product launches, acquisitions, strategic sale and partnerships) that position the company for further growth. Key risks were also acknowledged — rising operating expenses, revenue sensitivity to market volatility, a modest near-term pullback in futures revenue, and a delayed futures launch — but these were framed as manageable and tied to deliberate investments and timing. On balance, the positive results and strategic progress materially outweigh near-term execution and timing challenges.Company Guidance
Strong Top-Line Growth
Total net revenue grew 52% year-over-year in Q4 to $125 million and 56% year-over-year for full year 2025 to $431 million, reflecting substantial revenue expansion driven by elevated market volatility and volume gains.
Material EBITDA and Margin Expansion
Adjusted EBITDA more than doubled year-over-year to $62 million in Q4 and $199 million for full year 2025; adjusted EBITDA margin expanded ~1,400 basis points in Q4 to 50% and ~1,600 basis points for the full year to 46%.
Earnings Per Share Improvement
Q4 adjusted diluted EPS was $0.52 and full year adjusted diluted EPS was $1.82; adjusted earnings nearly tripled year-over-year in Q4 to $57 million from $20 million a year earlier.
Record Options Market Share and Volume Growth
Multi-listed options market share reached a record 18.2% in Q4 (up from 15.9% prior year); average daily volume (ADV) for MIAX was 11.1 million contracts in Q4, a 46% year-over-year increase that outpaced industry ADV growth (~28.4%).
Options Segment Outperformance
Options segment net revenue was $107 million in Q4, up 46% year-over-year, benefiting from technology advantages (low latency, high throughput) and demand for short-dated expirations.
Strategic Transactions and Product Expansion
Completed a secondary public offering (7.8M secondary shares) and strategic sale of 90% of MIAXdx to Robinhood/Susquehanna while retaining a 10% stake; acquired TISE (international expansion) and launched MIAX Futures Onyx and MIAX Sapphire trading floor; Bloomberg B100/B500 futures planned for Q2 2026 (retail-size contracts).
Solid Balance Sheet and Financial Flexibility
Year-end cash balance of $434 million with less than $2 million of outstanding debt, providing financial flexibility to invest in growth initiatives.
Equities and International Traction
Equities segment reached breakeven adjusted EBITDA in Q4 with net revenue of $6 million (vs. $2 million prior year); International segment net revenue increased to $6 million from $1 million year-over-year, driven by the TISE acquisition.
Miami International Holdings, Inc. (MIAX) Earnings, Revenues Date & History
MIAX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
MIAX Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 25, 2026 | $40.99 | $41.85 | +2.10% |
Nov 05, 2025 | $45.83 | $47.02 | +2.60% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Miami International Holdings, Inc. (MIAX) report earnings?
Miami International Holdings, Inc. (MIAX) is schdueled to report earning on Nov 11, 2026, After Close (Confirmed).
What is Miami International Holdings, Inc. (MIAX) earnings time?
Miami International Holdings, Inc. (MIAX) earnings time is at Nov 11, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MIAX EPS forecast?
Currently, no data Available