Oppenheimer Holdings Inc. Reports Fourth Quarter and Full Year 2025 Earnings
Rhea-AI Summary
Oppenheimer Holdings (NYSE: OPY) reported record results for Q4 and full-year 2025. Q4 net income $74.4M ($7.08 basic EPS) vs $10.7M last year; Q4 revenue $472.6M (+25.9%). For FY-2025, net income $148.4M ($14.13 basic EPS) and revenue $1.64B (+14.4%).
Strength came from Wealth Management AUM record of $55.2B and a Capital Markets revenue surge driven by investment banking activity. The firm declared a $1.00 special dividend and repurchased shares during 2025.
Positive
- Q4 net income +593% to $74.4M
- FY net income +107% to $148.4M
- Q4 revenue +25.9% to $472.6M
- AUM reached record $55.2B at Dec 31, 2025
- Declared $1.00 per-share special dividend
Negative
- Bank deposit sweep income declined, reducing fee revenue
- Compensation expense rose to $1,016.5M for FY-25
- Non-compensation expenses increased, driven by underwriting and tech
Market Reaction
Following this news, OPY has gained 9.55%, reflecting a notable positive market reaction. Our momentum scanner has triggered 7 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $83.49. This price movement has added approximately $77M to the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
OPY gained 1.37% while sector peers were mixed: HIVE -4.84%, FUFU -1.38%, BTBT -0.94% versus AMRK +2.17% and SWIN +3.8%. With no peers in the momentum scanner, the move appears stock-specific rather than a coordinated capital-markets sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 31 | Q3 2025 earnings | Neutral | +0.7% | Revenue grew and Capital Markets improved but net income declined year-over-year. |
| Aug 01 | Q2 2025 earnings | Positive | -3.3% | Net income more than doubled and revenue rose 12.9% with segment-wide strength. |
| Apr 25 | Q1 2025 earnings | Positive | -0.6% | Higher net income and revenue amid macro concerns and softer Wealth Management margins. |
| Jan 31 | FY 2024 earnings | Positive | -5.1% | Record revenue and AUM but higher compensation expenses weighed on EPS and sentiment. |
| Oct 25 | Q3 2024 earnings | Positive | +11.4% | Strong revenue growth across segments and record AUM supported a strong share-price gain. |
Earnings releases have often been fundamentally positive, but share reactions have been mixed, with several instances of negative or muted moves despite strong revenue and record AUM.
Over the last five earnings events from Oct 2024 through Oct 2025, Oppenheimer consistently reported revenue growth and, in several quarters, record levels of AUM and capital strength. Notable milestones include record revenue and rising AUM to $49.4B in full-year 2024, plus improving Capital Markets performance through 2025. Share-price reactions to these earnings have varied, at times declining despite strong fundamentals, underscoring that prior compensation expense and macro commentary have influenced how results were received.
Historical Comparison
Past five earnings releases saw an average move of about 4.25%, with mixed reactions despite generally improving revenues and AUM.
Earnings since late 2024 show steady revenue growth, record AUM, and a turnaround in Capital Markets from losses to profitability, while compensation costs and macro commentary have influenced prior market reactions.
Market Pulse Summary
The stock is up +9.6% following this news. A strong positive reaction aligns with record Q4 and full-year 2025 earnings, including net income of $74.4M for the quarter and $148.4M for the year. Historical earnings moves averaged about 4.25% with mixed alignment to fundamentals, so any outsized jump could reflect short-term enthusiasm. Investors may monitor compensation trends, Capital Markets sustainability, and dividend policy as potential drivers of whether strength consolidates or fades.
Key Terms
assets under management financial
regulatory net capital financial
advisory fees financial
equities underwriting financial
pre-tax margin financial
bank deposit sweep income financial
AI-generated analysis. Not financial advice.
For the year ended December 31, 2025, the Company reported net income of
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
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
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
- Record gross revenue for the fourth quarter and full year 2025
- Record basic and diluted earnings per share for the fourth quarter and the full year 2025
- The Capital Markets segment generated near record quarterly revenue, driven by a meaningful increase in investment banking activity
- Improved results in the Wealth Management segment driven by record high full year retail commissions and record high full year advisory fees attributable to a rise in billable assets under management ("AUM") and an increase in incentive fees from alternative investments
- Compensation expenses increased from the prior year largely as a result of higher production-related expenses and incentive compensation accruals
- Increased non-compensation expenses for the full year 2025 reflect higher underwriting and technology-related expenses
- Total stockholders' equity, book value per share and tangible book value per share at December 31, 2025 reached record levels as a result of positive earnings
- Returned value to shareholders by declaring a
$1.00 $64.36
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
('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 | $ 3.0 |
Revenue:
- Retail commissions were relatively flat compared to the prior year
- Advisory fees increased
28.4% from a year ago due to higher AUM valuations during the billing period and higher incentive fees from alternative investments - Bank deposit sweep income for the fourth quarter of 2025 decreased
$4.6 million - Interest revenue was relatively unchanged compared with the prior year
- Other revenue increased slightly from a year ago due to a number of items, including an increase in the cash surrender value of Company-owned life insurance policies, which fluctuates based on changes in the fair value of the policies' underlying investments
Assets under Management (AUM):
- AUM of
$55.2 billion - The
$5.8 billion
Total Expenses:
- Compensation expenses decreased
7.4% from the prior year period primarily due to lower costs associated with share appreciation rights, partially offset by higher production-related expenses - Non-compensation expenses were relatively flat compared with the prior year
Capital Markets
Capital Markets reported revenue of
('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
- Advisory fees earned from investment banking activities increased
41.3% compared with a year ago due to greater participation in M&A and restructuring transactions with higher associated fees - Equity underwriting fees increased
$38.7 million - Fixed income underwriting fees increased
$1.6 million 71.8% , compared with a year ago due to a higher number of public finance transactions
Sales and Trading
- Equities sales and trading revenue increased
18.4% from a year ago due to higher trading volumes, including increased options-related commission - Fixed income sales and trading revenue increased
6.9% from the prior year period largely due to higher trading volumes and higher interest income on trading inventory
Total Expenses:
- Compensation expenses increased
6.2% from the prior year period primarily due to greater production-related expenses - Non-compensation expenses increased
1.8% from a year ago as a result of higher underwriting-related expenses and technology-related expenses, partially offset by lower clearance and execution costs
Full Year Results
Wealth Management
Wealth Management reported revenue of
('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 | $ 3.0 |
Revenue:
- Retail commissions increased
6.2% from the prior year, reaching a record high, driven by higher retail transaction volumes - Advisory fees increased
14.9% from the prior year, setting a new record, due to higher billable AUM and increased incentive fees from alternative investments - Bank deposit sweep income for the full year decreased
$24.0 million 17.3% from the prior year due to lower average cash sweep balances and lower short-term interest rates - Interest revenue was flat with the prior year
- Other revenue increased
5.8% compared with the prior year primarily due to allocated syndicate fees and changes in market value of the Firm's investments in hedge funds and private equity funds
Assets under Management (AUM):
- AUM of
$55.2 billion - The
$5.8 billion
Total Expenses:
- Compensation expenses increased
5.0% from the prior year primarily due to greater production-related expenses, partially offset by lower costs associated with share appreciation rights - Non-compensation expenses increased
6.0% from the prior year due to number of items, including higher technology-related expenses and external portfolio manager costs that are directly related to higher AUM
Capital Markets
Capital Markets reported revenue of
('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
- Advisory fees earned from investment banking activities increased
5.4% compared with the prior year due to greater participation in M&A transactions with higher associated fees - Equities underwriting fees increased
163.8% compared with the prior year due to higher new issuance activity in the financial institutions, healthcare and technology sectors during second half of this year - Fixed income underwriting fees were up
$7.1 million 60.0% , compared with the prior year due to a higher number of public finance transactions
Sales and Trading
- Equities sales and trading revenue increased
26.7% compared with the prior year due to higher trading volumes, including increased options-related commissions - Fixed income sales and trading revenue increased
10.5% compared with the prior year driven by higher trading income attributable to higher volumes and interest income earned on trading inventory
Total Expenses:
- Compensation expenses were higher than the prior year primarily due to higher incentive compensation and production-related expenses
- Non-compensation expenses were
6.9% higher compared with the prior year mainly due to an increase in technology and underwriting expenses, partially offset by lower interest 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 | ||
- The Board of Directors announced a quarterly dividend in the amount of
$0.18 - The Company paid a special dividend of
$1.00 $10.5 million - Compensation expense as a percentage of revenue was
62.1% during the 2025 year versus65.4% for the prior year - The effective tax rate for the 2025 year improved to
29.9% compared with32.6% for the prior year as the impact of certain unfavorable permanent items and nondeductible foreign losses was reduced due to higher income levels in the year ended December 31, 2025
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
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) | — | * | (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 | ||||||||||||
View original content:https://www.prnewswire.com/news-releases/oppenheimer-holdings-inc-reports-fourth-quarter-and-full-year-2025-earnings-302674542.html
SOURCE Oppenheimer Holdings Inc.
FAQ
What were Oppenheimer (OPY) Q4 2025 earnings per share and net income?
How did Oppenheimer's full-year 2025 revenue and net income compare to 2024?
What drove Oppenheimer (OPY) Capital Markets revenue growth in Q4 2025?
What changed in Oppenheimer's Wealth Management metrics for 2025 and Q4?
How did Oppenheimer return capital to shareholders after 2025 results?
