Miami International (NYSE:MIAX) Posts Earnings Results, Beats Expectations By $0.06 EPS

Key Points

• Q1 beat and strong margins — Miami International reported adjusted EPS of $0.42 versus $0.36 expected, with total net revenue of $129M (+40% YoY) and a 51% adjusted EBITDA margin (+800 bps); the company ended the quarter with about $551M cash, negligible debt, and reaffirmed full‑year expense and CapEx guidance.
• Options franchise and new product rollout — Options ADV averaged 10.9M contracts (+27% YoY) as MIAX multi‑listed market share rose to 17.3% (MIAX Sapphire hit a million‑contract day), and MIAX is launching Bloomberg Equity Index Futures in a phased rollout starting May 17, cleared at OCC.
• MIAXdx sale was non‑recurring — MIAX sold 90% of MIAXdx to a Robinhood/SIG JV (retaining 10% at cost) and recorded a $51M GAAP gain the company says should not be modeled as recurring; there was also notable insider selling, largely executed under pre‑arranged 10b5‑1 plans.

Miami International (NYSE:MIAX - Get Free Report) released its quarterly earnings results on Wednesday. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.36 by $0.06, Zacks reports.

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 Stock Down 0.4%

Miami International stock traded down $0.18 during mid-day trading on Wednesday, hitting $47.53. The company had a trading volume of 1,323,106 shares, compared to its average volume of 1,274,756. The business has a fifty day moving average of $41.93 and a 200 day moving average of $43.20. 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 $4.51 billion and a price-to-earnings ratio of 88.02.

Insider Buying and Selling

In other news, EVP Barbara J. Comly sold 29,667 shares of the business's stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $43.64, for a total value of $1,294,667.88. Following the completion of the sale, the executive vice president directly owned 843,844 shares of the company's stock, valued at approximately $36,825,352.16. The trade was a 3.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Murray Stahl sold 121,054 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $40.92, for a total value of $4,953,529.68. Following the completion of the sale, the director owned 4,689,466 shares of the company's stock, valued at approximately $191,892,948.72. This represents a 2.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 687,175 shares of company stock valued at $29,675,666 over the last ninety days.

Hedge Funds Weigh In On Miami International

Several institutional investors have recently bought and sold shares of the company. State of Wyoming acquired a new position in shares of Miami International during the fourth quarter worth about $26,000. National Bank of Canada FI acquired a new stake in Miami International in the third quarter valued at $29,000. Stifel Financial Corp purchased a new position in shares of Miami International in the 4th quarter valued at about $211,000. Police & Firemen s Retirement System of New Jersey acquired a new position in Miami International during the fourth quarter worth about $264,000. Finally, Armistice Capital LLC acquired a new stake in shares of Miami International during the 4th quarter valued at approximately $264,000.

Analysts Set New Price Targets

Several research firms have recently commented on MIAX. Keefe, Bruyette & Woods assumed coverage on shares of Miami International in a research note on Wednesday, April 8th. They issued a "market perform" rating and a $40.00 price objective for the company. Morgan Stanley boosted their target price on Miami International from $48.00 to $50.00 and gave the stock an "overweight" rating in a research note on Friday, April 10th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $59.00 price target on shares of Miami International in a research report on Tuesday, April 7th. Weiss Ratings reissued a "sell (d+)" rating on shares of Miami International in a research report on Friday, March 27th. Finally, Wall Street Zen lowered shares of Miami International from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.60.

Key Headlines Impacting Miami International

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

• Positive Sentiment: Q1 results beat and strong operating momentum: MIAX reported adjusted EPS of $0.42 vs. consensus $0.36, GAAP diluted EPS $1.56, net revenue $128.6M (+40% YoY), adjusted EBITDA $66.1M (+66% YoY) and a 51% adjusted EBITDA margin (+800 bps). Management reaffirmed full‑year adjusted operating expense guidance — this supports earnings growth expectations. Read More.
• Positive Sentiment: Volume trends improving: MIAX reported a 23.9% increase in multi-list options ADV YTD across its MIAX exchange group and renewed strength in trading products, which should support fee revenue and margins if sustained. Read More.
• Positive Sentiment: Analyst and institutional interest: Recent upgrades and price-target increases (e.g., Morgan Stanley raised its target to $50) and large institutional stakes (Vanguard, Invesco and others accumulating meaningful positions) indicate buy-side conviction in MIAX’s growth/market-share story. Read More.
• Neutral Sentiment: Significant insider selling reported: Multiple executives and directors (including the CEO) sold shares in early May — large blocks were executed under pre-arranged Rule 10b5-1 plans. While the sales raise short‑term float/liquidity concerns, they were pre-planned and insiders retain substantial ownership, which mutes a strictly negative read. Read More.

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.

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