OPY earnings analysis
What we found in OPY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Oppenheimer Holdings Inc. reported a 21.0% year-over-year revenue increase to $445.1 million for Q1 2026, though core earnings were negatively impacted by a $70 million legal settlement, leading to a diluted EPS loss of $(1.93). The Wealth Management segment grew modestly, while Capital Markets saw substantial growth of 53.4% in revenue compared to the prior year. Despite challenges, management expressed commitment to supporting clients and expanding through strategic hiring and technology investments.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue increased 21.0% year-over-year from $367.8 million in Q1 2025 to $445.1 million in Q1 2026.
- Adjusted EPS Growth
- Adjusted diluted EPS rose 65.7% to $4.21, excluding one-time legal and compensation charges.
- Capital Markets Surge
- Capital Markets revenue jumped 53.4% year-over-year, reaching $189.1 million, driven largely by investment banking fees.
- Increased Dividend Announced
- The Board declared an 11.1% increase in quarterly dividend, now $0.20 per share.
- Robust Asset Management Growth
- Client assets under management increased 10.6% year-over-year to $54.1 billion.
- Future Growth Focus
- Management emphasized growth through strategic additions and technology platform improvements.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Legal Costs
- The $70 million legal settlement significantly impacted Q1 results, contributing to a net loss of $20.6 million.
- Geopolitical Uncertainty
- Ongoing conflicts in the Middle East pose risks to market stability and client investment outcomes.
- Rising Expenses
- Compensation-related costs surged 30.3% to $296 million year-over-year, influenced by stock appreciation rights tied to increased share value.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.93
- Segment
- Wealth Management: $253.7M (up 4.8% YoY)
- Segment
- Capital Markets: $189.1M (up 53.4% YoY)
- Segment
- Corporate/Other: $2.3M (down 11.1% YoY)
What they said about what is next.
Outlook focused on growth through strategic initiatives; no numeric guidance provided.
The filing reads worse than the one before it.
What came before.
- 10-K · February 26, 2026
- Oppenheimer reports record 2025 results with revenue of $1,638,071,000 and net income of $147,959,000, driven by growth in advisory fees ($555,439,000) and commissions ($464,415,000). The firm highlights strength in Q4…
- 10-Q · October 31, 2025
- Oppenheimer reported Q3 revenue of $424.438 million (up $51.086 million vs. Q3 2024) but diluted EPS declined to $1.90 from $2.16 a year ago. Pre-tax income fell to $31.635 million versus $35.370 million in Q3 2024,…
- 10-Q · April 25, 2025
- Oppenheimer reported quarter revenue of $367,825,000 (up from $353,138,000 a year ago) and diluted EPS of $2.72 (up from $2.37). Pre-tax income increased to $41,376,000 and operating margin expanded to ~11.3% of…
- 10-Q · April 26, 2024
- Oppenheimer reported quarterly revenue of $353,138,000 and diluted EPS of $2.37 for the three months ended March 31, 2024, up from $321,679,000 revenue and $1.22 diluted EPS in the prior-year quarter. Pre-tax income…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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