GET DAILY SIGNALSMiami International Holdings (MIAX) Delivers +20% Revenue Growth in Q3 2026
Key Takeaways
- Miami International Holdings reported third quarter 2026 net revenue of $131 million, up 20% year over year and modestly ahead of the roughly $129 million consensus.
- Adjusted diluted earnings per share (EPS) came in at $0.45, beating analyst expectations of approximately $0.36 to $0.37, while GAAP diluted EPS was $0.47.
- Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 47% to $71 million, with the adjusted EBITDA margin expanding to 54%.
- MIAX options exchanges captured a 17.4% market share, up from 17.2% a year earlier, on average daily volume of 11.1 million contracts.
- Management lowered its full-year 2026 adjusted operating expense guidance to $254–$257 million, reflecting continued cost discipline.
Why These Results Stand Out
Miami International Holdings operates technology-driven markets for options, equities, futures, and international listings. The third-quarter performance is noteworthy because options exchanges continue to benefit from higher retail involvement, short-dated contracts, and new product launches. For investors, the report shows whether MIAX can convert broader industry volume into lasting market-share gains and improved margins while funding newer efforts such as Bloomberg Financial Futures and an expanded Sapphire trading floor. The prior-year period included one-time charges, so the year-over-year profit improvement draws extra attention to underlying operations.
Quarterly Performance Breakdown
For the period ended September 30, 2026, net revenue reached $131.0 million, a 20% increase from $109.5 million in the same quarter last year and slightly above the $129.3 million consensus. GAAP diluted EPS was $0.47, while adjusted diluted EPS rose to $0.45 from $0.42 previously and exceeded estimates of roughly $0.36 to $0.37.
Adjusted EBITDA increased 47% to $70.8 million, lifting the margin to 54%, more than 1,000 basis points higher than a year earlier. Adjusted earnings grew 25% to $50.1 million. The options segment, the largest contributor, posted net revenue of $112.6 million, up 19%, supported by higher industry volumes, greater market share, and solid non-transaction fees. Options market share reached 17.4%, and average daily volume climbed 15.2% to 11.1 million contracts, although revenue per contract slipped 4.9% to $0.098. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
Investor Response and Sentiment
The company released results after the close on October 29, 2026. Early trading indicated a favorable reaction, with shares moving higher in after-hours activity on the earnings beat and margin expansion. Investors appeared to welcome the combination of 20% revenue growth, the 47% rise in adjusted EBITDA, and tighter expense management that permitted a reduction in full-year cost guidance. Support also came from the 17.4% options market share and updates on newer initiatives, including Bloomberg Financial Futures now available on the NinjaTrader platform. The main item to monitor remains revenue per contract, which declined year over year and tends to fluctuate.
What Investors Should Watch Next
Following the report, several items merit close attention. The updated full-year 2026 guidance now projects adjusted operating expenses of $254–$257 million, down from the earlier $260–$270 million range, underscoring cost discipline even with higher fourth-quarter marketing outlays linked to Bloomberg Futures incentives.
Capital expenditures were raised slightly to $43–$46 million to accelerate some 2027 spending ahead of potential cost increases. Depreciation and amortization guidance tightened to $36–$38 million, and the adjusted effective tax rate outlook moved lower to 26%–28%.
The futures business trajectory stays important. Retail distribution of Bloomberg Financial Futures is active through NinjaTrader, with more platforms expected later in the year. Management noted recent physically settled futures launches and a measured approach to perpetual futures only where demand, regulatory clarity, and economics align.
Options market share and revenue per contract will continue to influence results. Industry volumes provide support, yet revenue per contract is expected to vary. With roughly $699 million in cash and less than $2 million in debt, the balance sheet offers flexibility for growth plans.
Integrating AI Tools Into Research
In my own workflow I regularly use Tickeron’s AI Screener to filter names across the exchange and capital markets sector. The tool lets me apply technical patterns, fundamentals, volatility measures, and AI-driven signals quickly, which helps surface comparable companies and confirm trends around earnings releases like this one. It has become a practical step when evaluating how individual operators perform relative to peers.
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Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
MIAX's RSI Oscillator ascending out of oversold territory
The RSI Indicator for MIAX moved out of oversold territory on October 15, 2026. This could be a sign that the stock is shifting from a downward trend to an upward trend. Traders may want to buy the stock or call options. The A.I.dvisor looked at 3 similar instances when the indicator left oversold territory. In 3 of the 3 cases the stock moved higher. This puts the odds of a move higher at 90%.
Technical Analysis (Indicators)
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on October 20, 2026. You may want to consider a long position or call options on MIAX as a result. In 14 of 17 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 82%.
The Moving Average Convergence Divergence (MACD) for MIAX just turned positive on October 16, 2026. Looking at past instances where MIAX's MACD turned positive, the stock continued to rise in 7 of 10 cases over the following month. The odds of a continued upward trend are 70%.
Following a +7.96% 3-day Advance, the price is estimated to grow further. Considering data from situations where MIAX advanced for three days, in 62 of 79 cases, the price rose further within the following month. The odds of a continued upward trend are 78%.
Bearish Trend Analysis
The Stochastic Oscillator may be shifting from an upward trend to a downward trend. In 8 of 11 cases where MIAX's Stochastic Oscillator exited the overbought zone, the price fell further within the following month. The odds of a continued downward trend are 73%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where MIAX declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 79%.
MIAX broke above its upper Bollinger Band on October 22, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
The Aroon Indicator for MIAX entered a downward trend on October 23, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Fundamental Analysis (Ratings)
The Tickeron SMR rating for this company is 49 (best 1 - 100 worst), indicating strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Valuation Rating of 72 (best 1 - 100 worst) indicates that the company is slightly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (2.759) is normal, around the industry mean (3.583). P/E Ratio (22.162) is within average values for comparable stocks, (8.519). Projected Growth (PEG Ratio) (0.000) is also within normal values, averaging (0.809). Dividend Yield (0.000) settles around the average of (7.168) among similar stocks. P/S Ratio (2.558) is also within normal values, averaging (16.763).
The Tickeron Price Growth Rating for this company is 78 (best 1 - 100 worst), indicating slightly worse than average price growth. MIAX’s price grows at a lower rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron PE Growth Rating for this company is 97 (best 1 - 100 worst), pointing to worse than average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is 100 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. MIAX’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 87, placing this stock worse than average.
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