Miami International Holdings Q3 revenue rises, cuts FY adj operating expense outlook
Overview
US financial markets operator's Q3 net revenue rose 20% yr/yr, driven by options business growth
Adjusted diluted EPS for Q3 beat analyst expectations
Adjusted EBITDA for Q3 rose 47% yr/yr
Outlook
Company lowers 2026 adjusted operating expense guidance to $254 mln-$257 mln from $260 mln-$270 mln
Company expects 2026 capital expenditures of $43 mln-$46 mln
Company expects 2026 adjusted effective tax rate of 26%-28%
Result Drivers
OPTIONS BUSINESS - Revenue growth was primarily driven by strong options business performance, including higher industry volumes and increased non-transaction revenue
HIGHER VOLUMES AND FEES - Co attributed options segment growth to higher industry volume, increased market share, and fee increases
LOWER OPERATING EXPENSES - Lower operating expenses supported margin expansion, mainly due to absence of IPO-related costs
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | $131 mln | ||
Q3 Adjusted EPS | Beat | $0.45 | $0.38 (7 Analysts) |
Q3 EPS | $0.47 | ||
Q3 Adjusted Net Income | $50.10 mln | ||
Q3 Adjusted EBITDA | $71 mln | ||
Q3 Operating Income | $47.20 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the financial & commodity market operators & service providers peer group is "buy"
Wall Street's median 12-month price target for Miami International Holdings, Inc. is $43.00, about 34.5% above its October 28 closing price of $31.98
Reuters Recommended Reads
Oct 27 - NYSE moves to bring all-or-nothing options to stocks and company earnings
Oct 29 - Intercontinental Exchange Q3 revenue up 15%, beats estimates
Oct 29 - Tradeweb Q3 revenue slightly beats on robust wholesale activity
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)