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Miami International Holdings vs MarketAxess Holdings: MIAX and MKTX compared
Miami International Holdings is the larger company: $376M of revenue in its latest quarter (Q3 2026) against $210M for MarketAxess Holdings (Q3 2026). Miami International Holdings is growing faster (+11% against +0.8% a year earlier). MarketAxess Holdings is more profitable, with an operating margin of 35.4% against 12.5%.
Where the money goes: MIAX and MKTX
Miami International Holdings (MIAX) · Q3 2026
Miami International Holdings, Q3 2026: revenue $376M (+11% year over year), operating margin 12.5%, net earnings $52.5M, operating cash flow $23.1M. The chart follows the revenue to costs, profit and cash.
MarketAxess Holdings (MKTX) · Q3 2026
MarketAxess Holdings, Q3 2026: revenue $210M (+0.8% year over year), operating margin 35.4%, net earnings $54.0M, operating cash flow $247M. The chart follows the revenue to costs, profit and cash.
| Miami International Holdings (MIAX) | MarketAxess Holdings (MKTX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $376M | $210M |
| Revenue growth, Y/Y | +11% | +0.8% |
| Gross margin | 34.8% | — |
| Operating margin | 12.5% | 35.4% |
| Net earnings | $52.5M | $54.0M |
| Net margin | 13.9% | 25.7% |
| Operating cash flow | $23.1M | $247M |
| Free cash flow | $21.6M | $85.7M |
| Market value | $3.8B | $5.8B |
| P/E | 11.8× | 18.9× |
| Analysts’ mean target | $44.80 | $162.22 |
Where the revenue comes from
Miami International Holdings
- Transaction and clearing fees: $316M (84%)
- Access fees: $36.9M (10%)
- Market data fees: $13.9M (4%)
- Other revenue: $8.9M (2%)
MarketAxess Holdings
- Commission Revenue: $180M (86%)
- Information Services: $15.2M (7%)
- Post Trade Services: $11.4M (5%)
- Technology Services: $3.9M (2%)
Questions
Which is bigger, Miami International Holdings or MarketAxess Holdings?
Miami International Holdings is the larger company: $376M of revenue in its latest quarter (Q3 2026) against $210M for MarketAxess Holdings (Q3 2026).
Is Miami International Holdings or MarketAxess Holdings growing faster?
Miami International Holdings is growing faster (+11% against +0.8% a year earlier).
Which is more profitable, Miami International Holdings or MarketAxess Holdings?
MarketAxess Holdings is more profitable, with an operating margin of 35.4% against 12.5%.
More: Miami International Holdings earnings · how Miami International Holdings makes money · MarketAxess Holdings earnings · how MarketAxess Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 2, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.