Oppenheimer Holdings Inc. Reports Fourth Quarter and Full Year 2025 Earnings USA - English USA - English

NEW YORK, Jan. 30, 2026 /CNW/ - Oppenheimer Holdings Inc. (NYSE: OPY) (the "Company" or "Firm") today reported net income of $74.4 million or $7.08 basic earnings per share for the fourth quarter of 2025 compared with net income of $10.7 million or $1.04 basic earnings per share for the fourth quarter of 2024, an increase of 593.1%. Revenue for the fourth quarter of 2025 was $472.6 million compared to revenue of $375.4 million for the fourth quarter of 2024, an increase of 25.9%.

For the year ended December 31, 2025, the Company reported net income of $148.4 million or $14.13 basic earnings per share compared with net income of $71.6 million or $6.91 basic earnings per share for the year ended December 31, 2024, an increase of 107.4%. Revenue for the year ended December 31, 2025 was $1.6 billion compared to revenue of $1.4 billion for the year ended December 31, 2024, an increase of 14.4%.

Robert S. Lowenthal, President and CEO commented, "The Firm's operating results for the fourth quarter and full year 2025 were much improved. We achieved record full year and quarterly earnings per share with increased revenues driven by broad-based strength across our core businesses. Both of our operating segments benefited from a generally favorable macroeconomic environment, including a sustained rise in equity markets, which drove all major U.S. indices to a third straight year of double-digit gains. Markets continued to rally with support from an accommodative Federal Reserve and strong corporate earnings, helping offset concerns about trade tensions and a softening labor market. Interest in, and announced investments in artificial intelligence (AI) platforms provided significant additional strength to equity markets.

The favorable market conditions benefited our Wealth Management business, as rising asset values underpinned increased client trading activity and lifted assets under management to record levels, resulting in higher related fees compared with the prior-year period. Alternative Investments also benefited from certain sponsored hedge funds surpassing prior high-water marks, which generated meaningful incentive fees in the fourth quarter of 2025. These increases were somewhat offset by lower fees earned on our FDIC sweep product due to reduced average sweep balances. Our Capital Markets business also performed well and continued to build on the strength and momentum that we saw in the third quarter. Investment Banking, in particular, experienced a continued wave of deal activity. Underwriting and advisory transaction volumes remained strong, reflecting the benefits of prior investments we made in building our banking franchise.

We are very pleased with our 2025 financial performance which was achieved through the commitment of our employees and their continued focus on client outcomes. Revenues and earnings per share reached a new record, our balance sheet remains conservatively positioned, and our stockholders' equity and book value per share metrics reached fresh highs. Our solid operating results and capital position allowed us to return additional value to shareholders in the form of a $1.00 per share special dividend in early January. Looking ahead, our Firm remains well-positioned to navigate evolving market and economic conditions and capitalize on opportunities across our businesses. As we enter 2026, we believe that the momentum is likely to continue providing strong underpinnings to the equity markets and to results within our investment banking franchise."

Summary Operating Results (Unaudited)

('000s, except per share amounts or otherwise indicated)

4Q-25

4Q-24

FY-25

FY-24

Revenue

$ 472,630

$ 375,417

$ 1,638,071

$ 1,432,496

Compensation Expense

$ 260,119

$ 256,439

$ 1,016,506

$ 936,814

Non-compensation Expense

$ 106,541

$ 101,911

$ 410,374

$ 389,925

Pre-tax Income

$ 105,970

$ 17,067

$ 211,191

$ 105,757

Income Tax Provision

$ 32,052

$ 6,338

$ 63,232

$ 34,510

Net Income (1)

$ 74,362

$ 10,729

$ 148,403

$ 71,557

Earnings Per Share (Basic) (1)

$ 7.08

$ 1.04

$ 14.13

$ 6.91

Earnings Per Share (Diluted) (1)

$ 6.51

$ 0.92

$ 13.04

$ 6.37

Book Value Per Share

$ 93.81

$ 82.31

$ 93.81

$ 82.31

Tangible Book Value Per Share (2)

$ 76.78

$ 64.96

$ 76.78

$ 64.96

(1) Attributable to Oppenheimer Holdings Inc.

(2) Represents book value less goodwill and intangible assets divided by number of shares outstanding

Highlights

Segment Results (Unaudited)

('000s, except per share amounts or otherwise indicated)

4Q-25

4Q-24

FY-25

FY-24

Wealth Management

Revenue

$ 287,270

$ 253,515

$ 1,035,403

$ 972,052

Pre-tax Income

$ 98,839

$ 53,708

$ 292,065

$ 265,739

Assets Under Administration (billions)

$ 143.3

$ 129.5

$ 143.3

$ 129.5

Asset Under Management (billions)

$ 55.2

$ 49.4

$ 55.2

$ 49.4

Capital Markets

Revenue

$ 182,928

$ 119,325

$ 591,315

$ 447,579

Pre-tax Income (Loss)

$ 52,839

$ (4,975)

$ 56,167

$ (39,596)

Fourth Quarter Results

Wealth Management

Wealth Management reported revenue of $287.3 million for the fourth quarter of 2025, 13.3% higher compared with a year ago. Pre-tax income was $98.8 million, an increase of 84.0% compared with a year ago. Financial advisor headcount totaled 924 at the end of the fourth quarter of 2025, compared with 931 at the end of the fourth quarter of 2024.

('000s; except otherwise indicated)

4Q-25

4Q-24

Revenue

$ 287,270

$ 253,515

Commissions

$ 61,760

$ 61,020

Advisory Fees

$ 166,589

$ 129,748

Bank Deposit Sweep Income

$ 27,733

$ 32,364

Interest

$ 22,173

$ 22,561

Other

$ 9,015

$ 7,822

Total Expenses

$ 188,431

$ 199,807

Compensation

$ 138,777

$ 149,846

Non-compensation

$ 49,654

$ 49,961

Pre-tax Income

$ 98,839

$ 53,708

Compensation Ratio

48.3 %

59.1 %

Non-compensation Ratio

17.3 %

19.7 %

Pre-tax Margin

34.4 %

21.2 %

Assets Under Administration (billions)

$ 143.3

$ 129.5

Assets Under Management (billions)

$ 55.2

$ 49.4

Cash Sweep Balances (billions)

$ 3.0

Revenue:

Assets under Management (AUM):

Total Expenses:

Capital Markets

Capital Markets reported revenue of $182.9 million for the fourth quarter of 2025, 53.3% higher compared with a year ago. Pre-tax income was $52.8 million compared with a pre-tax loss of $5.0 million a year ago.

('000s; except otherwise indicated)

4Q-25

4Q-24

Revenue

$ 182,928

$ 119,325

Investment Banking

$ 97,027

$ 42,070

Advisory Fees

$ 42,751

$ 30,266

Equities Underwriting

$ 47,871

$ 9,206

Fixed Income Underwriting

$ 3,765

$ 2,192

Other

$ 2,640

$ 406

Sales and Trading

$ 85,718

$ 76,082

Equities

$ 45,050

$ 38,035

Fixed Income

$ 40,668

$ 38,047

Other

$ 183

$ 1,173

Total Expenses

$ 130,089

$ 124,300

Compensation

$ 86,077

$ 81,085

Non-compensation

$ 44,012

$ 43,215

Pre-tax Income (Loss)

$ 52,839

$ (4,975)

Compensation Ratio

47.1 %

68.0 %

Non-compensation Ratio

24.1 %

36.2 %

Pre-tax Margin

28.9 %

(4.2) %

Revenue:

Investment Banking

Sales and Trading

Total Expenses:

Full Year Results

Wealth Management

Wealth Management reported revenue of $1,035.4 million for the year ended December 31, 2025, 6.5% higher compared with the prior year. Pre-tax income was $292.1 million, an increase of 9.9% from the prior year.

('000s; except otherwise indicated)

FY-25

FY-24

Revenue

$ 1,035,403

$ 972,052

Commissions

$ 235,321

$ 221,558

Advisory Fees

$ 555,387

$ 483,390

Bank Deposit Sweep Income

$ 114,811

$ 138,771

Interest

$ 87,982

$ 88,714

Other

$ 41,902

$ 39,619

Total Expenses

$ 743,338

$ 706,313

Compensation

$ 539,694

$ 514,227

Non-compensation

$ 203,644

$ 192,086

Pre-tax Income

$ 292,065

$ 265,739

Compensation Ratio

52.1 %

52.9 %

Non-compensation Ratio

19.7 %

19.8 %

Pre-tax Margin

28.2 %

27.3 %

Assets Under Administration (billions)

$ 143.3

$ 129.5

Assets Under Management (billions)

$ 55.2

$ 49.4

Cash Sweep Balances (billions)

$ 3.0

Revenue:

Assets under Management (AUM):

Total Expenses:

Capital Markets

Capital Markets reported revenue of $591.3 million for the year ended December 31, 2025, 32.1% higher compared with the prior year. Pre-tax income was $56.2 million compared with a pre-tax loss of $39.6 million for the prior year.

('000s; except otherwise indicated)

FY-25

FY-24

Revenue

$ 591,315

$ 447,579

Investment Banking

$ 260,446

$ 166,785

Advisory Fees

$ 113,065

$ 107,222

Equities Underwriting

$ 121,821

$ 46,181

Fixed Income Underwriting

$ 18,946

$ 11,844

Other

$ 6,614

$ 1,538

Sales and Trading

$ 328,254

$ 277,262

Equities

$ 170,886

$ 134,854

Fixed Income

$ 157,368

$ 142,408

Other

$ 2,615

$ 3,532

Total Expenses

$ 535,148

$ 487,175

Compensation

$ 360,276

$ 323,612

Non-compensation

$ 174,872

$ 163,563

Pre-tax Income (Loss)

$ 56,167

$ (39,596)

Compensation Ratio

60.9 %

72.3 %

Non-compensation Ratio

29.6 %

36.5 %

Pre-tax Margin

9.5 %

(8.8) %

Revenue:

Investment Banking

Sales and Trading

Total Expenses:

Other Matters

(In millions, except number of shares and per share amounts)

FY-25

FY-24

Capital

Stockholders' Equity (1)

$ 983.8

$ 850.4

Regulatory Net Capital (2)

$ 485.1

$ 384.4

Regulatory Excess Net Capital (2)

$ 457.8

$ 357.9

Common Stock Repurchases

Repurchases

$ 3.0

$ 9.6

Number of Shares

46,292

243,806

Average Price Per Share

$ 64.36

$ 39.39

Period End Shares

10,487,240

10,331,401

Effective Tax Rate

29.9 %

32.6 %

(1) Attributable to Oppenheimer Holdings Inc.

(2) Attributable to Oppenheimer & Co. Inc. broker-dealer

Company Information

Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services. With roots tracing back to 1881, the Company is headquartered in New York and has 88 retail branch offices in the United States and institutional businesses located in London, Tel Aviv, and Hong Kong.

Forward-Looking Statements

This press release includes certain "forward-looking statements" relating to anticipated future performance. For a discussion of the factors that could cause future performance to be different than anticipated, reference is made to Factors Affecting "Forward-Looking Statements" and Part 1A – Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and Factors Affecting "Forward-Looking Statements" in Part I, Item 2 in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

Oppenheimer Holdings Inc.

Consolidated Income Statements (Unaudited)

('000s, except number of shares and per share amounts)

For the Three Months Ended

December 31,

For the Year Ended

December 31,

2025

2024

% Change

2025

2024

% Change

REVENUE

Commissions

$ 122,828

$ 113,726

8.0

$ 464,415

$ 409,710

13.4

Advisory fees

166,604

129,758

28.4

555,439

483,433

14.9

Investment banking

97,748

44,606

119.1

266,392

176,447

51.0

Bank deposit sweep income

27,733

32,364

(14.3)

114,811

138,770

(17.3)

Interest

39,737

35,932

10.6

152,982

135,537

12.9

Principal transactions, net

11,805

12,012

(1.7)

50,214

54,684

(8.2)

Other

6,175

7,019

(12.0)

33,818

33,915

(0.3)

Total revenue

472,630

375,417

25.9

1,638,071

1,432,496

14.4

EXPENSES

Compensation and related expenses

260,119

256,439

1.4

1,016,506

936,814

8.5

Communications and technology

27,446

25,501

7.6

105,770

99,361

6.5

Occupancy and equipment costs

16,132

16,248

(0.7)

63,690

63,852

(0.3)

Clearing and exchange fees

6,203

7,894

(21.4)

27,846

27,641

0.7

Interest

20,140

21,360

(5.7)

86,561

87,991

(1.6)

Other

36,620

30,908

18.5

126,507

111,080

13.9

Total expenses

366,660

358,350

2.3

1,426,880

1,326,739

7.5

Pre-tax Income

105,970

17,067

520.9

211,191

105,757

99.7

Income tax provision

32,052

6,338

405.7

63,232

34,510

83.2

Net Income

$ 73,918

$ 10,729

589.0

$ 147,959

$ 71,247

107.7

Less: Net loss attributable to

non-controlling interest, net of tax

(444)

(310)

Net income attributable to

Oppenheimer Holdings Inc.

$ 74,362

$ 10,729

593.1

$ 148,403

$ 71,557

107.4

Earnings per share attributable to Oppenheimer Holdings Inc.

Basic

$ 7.08

$ 1.04

580.8

$ 14.13

$ 6.91

104.5

Diluted

$ 6.51

$ 0.92

607.6

$ 13.04

$ 6.37

104.7

Weighted average number of common shares outstanding

Basic

10,505,084

10,331,401

1.7

10,502,853

10,349,803

1.5

Diluted

11,456,283

11,389,040

0.6

11,383,240

11,230,007

1.4

Period end number of common shares outstanding

10,487,240

10,331,401

1.5

10,487,240

10,331,401

1.5

* Percentage not meaningful

SOURCE Oppenheimer Holdings Inc.