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…
Earnings analysis · 10-Q
OPY earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.93
What stood out
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Strong Revenue Growth
Revenue increased 21.0% year-over-year from $367.8 million in Q1 2025 to $445.1 million in Q1 2026.
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Adjusted EPS Growth
Adjusted diluted EPS rose 65.7% to $4.21, excluding one-time legal and compensation charges.
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Capital Markets Surge
Capital Markets revenue jumped 53.4% year-over-year, reaching $189.1 million, driven largely by investment banking fees.
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Increased Dividend Announced
The Board declared an 11.1% increase in quarterly dividend, now $0.20 per share.
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Robust Asset Management Growth
Client assets under management increased 10.6% year-over-year to $54.1 billion.
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Future Growth Focus
Management emphasized growth through strategic additions and technology platform improvements.
What to watch
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High Legal Costs
The $70 million legal settlement significantly impacted Q1 results, contributing to a net loss of $20.6 million.
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Geopolitical Uncertainty
Ongoing conflicts in the Middle East pose risks to market stability and client investment outcomes.
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Rising Expenses
Compensation-related costs surged 30.3% to $296 million year-over-year, influenced by stock appreciation rights tied to increased share value.
Management's outlook
Outlook focused on growth through strategic initiatives; no numeric guidance provided.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.