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Oppenheimer Holdings Inc. provided a second-quarter 2026 investor update, reporting total revenue of $454.9 million, up 21.9% year over year, and net income of about $27.4 million. GAAP diluted EPS was $2.38, while adjusted diluted EPS was $3.98, excluding liability-based stock appreciation rights and a $70 million cash sweep litigation settlement earlier in 2026.
Revenue growth was driven by investment banking revenue up 93.7%, higher advisory fees and commissions, partly offset by lower bank deposit sweep income. Assets under administration reached $154.7 billion and assets under management $59.4 billion at June 30, 2026, both at record levels. Despite strong quarterly results, GAAP net income for the first six months of 2026 was $6.8 million versus $52.3 million a year earlier, which includes a $70 million cash sweep litigation settlement and higher stock appreciation rights expense.
Oppenheimer Holdings Inc. reported stronger Q2 2026 results. Total revenue was $454.9M, up from $373.2M a year earlier, driven by higher advisory fees, commissions and investment banking revenue of $84.3M versus $43.5M. Net income attributable to the company rose to $27.4M, with diluted EPS of $2.38 versus $1.91.
For the first half of 2026, revenue reached $899.9M, but net income fell to $6.8M from $52.3M in 2025, primarily because other expenses include a $70M expense to settle the Advantage Bank Deposit cash sweep class action, which has received preliminary court approval and is expected to be tax deductible.
At June 30, 2026, total assets were $4.23B and bank call loans $349.9M. The main broker-dealer reported net capital of $444.8M, or 20.10% of aggregate debit items, $400.5M above its minimum requirement. The company had 10,608,340 Class A shares outstanding and declared a $0.20 quarterly dividend.
Oppenheimer Holdings reported strong second quarter 2026 results, with revenue of $454.9 million, up 21.9% from $373.2 million a year earlier. Net income was $27.4 million and basic EPS was $2.55, compared with $21.7 million and $2.06 in second quarter 2025. Results included a $24.9 million pre-tax expense from liability-based stock appreciation rights tied to a $16.35 increase in the Class A share price. Excluding this item, adjusted net income was $45.7 million and adjusted basic EPS $4.27. Year-to-date revenue reached $900.0 million, while GAAP net income was $6.8 million, reflecting the $70.0 million pre-tax legal accrual related to settlement of the “cash sweep” litigation.
Wealth Management revenue rose 10.7% to $272.7 million, but pre-tax income declined 11.4% to $55.7 million as compensation costs increased. Assets under management reached a record $59.4 billion and assets under administration $154.7 billion at June 30, 2026. Capital Markets revenue grew 45.7% to $179.2 million, and pre-tax results improved from a $3.9 million loss to $22.5 million, driven by higher advisory fees, stronger equities underwriting, and higher equities and fixed income sales and trading revenue.
Stockholders’ equity attributable to Oppenheimer Holdings was $983.4 million. Regulatory net capital at the broker-dealer subsidiary was $444.8 million, with regulatory excess net capital of $400.5 million. Compensation expense represented 67.5% of revenue, and the effective tax rate was 30.7%. The board declared a quarterly dividend of $0.20 per share, payable August 28, 2026 to shareholders of record on August 14, 2026.
Oppenheimer Holdings Inc. director and chairman Albert G. Lowenthal received an award of 40,000 shares of Restricted Class A non-voting common stock. The award was granted on February 6, 2026 and vests on the earlier of February 5, 2031, a change of control, or his death. Following this compensation grant, his direct holdings in this class of stock total 267,500 shares, and there was no open-market buying or selling involved.
OPPENHEIMER HOLDINGS INC CEO Robert S. Lowenthal reported two equity compensation awards of restricted Class A non-voting common stock. On February 6, 2026, he was awarded 100,000 restricted shares vesting on the earlier of February 5, 2031, change of control, or death. On May 8, 2026, he received another 100,000 restricted shares vesting on the earlier of December 31, 2030, change of control, or death. Both awards were recorded at a price of $0.00 per share as part of his compensation, not open-market purchases or sales. Following the latest award, his direct holdings of this restricted Class A non-voting common stock increased to 305,000 shares.
OPPENHEIMER HOLDINGS INC CFO Brad M. Watkins received an award of 2,000 shares of Restricted Class A non-voting common stock on 2/6/2026. According to the award terms, these shares vest on 2/5/2031 if he remains continuously employed by the company. After this award, his reported holdings in this class total 20,000 shares.
Oppenheimer Holdings secretary Dennis P. McNamara received an award of 2,000 shares of Restricted Class A non-voting common stock on February 6, 2026. According to the filing footnote, these shares vest on February 5, 2031, if he remains continuously employed by the company. Following this compensation-related award, McNamara holds 11,500 shares of this Class A non-voting common stock directly.
Oppenheimer Holdings Inc. reported that Class B stockholders approved all five proposals at the 2026 annual meeting, including electing nine directors, ratifying Deloitte & Touche LLP as auditor, endorsing executive pay, selecting a three‑year say‑on‑pay frequency, and adopting an amended and restated certificate of incorporation.
The company highlighted record 2025 results, with revenue of $1.64 billion, net income of $148.4 million and basic EPS of $14.13, driven by strong wealth management and investment banking performance. For Q1 2026, revenue rose to $445.1 million but Oppenheimer recorded a net loss of $20.6 million and basic EPS of $(1.93), largely reflecting a $70 million accrual for settlement of “cash sweep” class action litigation and a $22.3 million stock appreciation rights expense. On an adjusted non‑GAAP basis, Q1 2026 diluted EPS was $4.21, and the board increased the quarterly dividend to $0.20 per share.
Oppenheimer Holdings Inc. posted a first quarter 2026 investor presentation showing strong revenue growth but a net loss driven by one-time items. Revenue for 1Q-26 was $445.1 million, up 21.0% from 1Q-25, led by a 105.2% jump in investment banking fees, higher commissions and advisory fees.
The company reported a net loss of $20.6 million and basic and diluted GAAP loss per share of $(1.93), compared with earnings per share of $2.93 and $2.72 a year earlier. Results include a $70.0 million pre-tax accrual for settlement of the “cash sweep” class action litigation and a $22.3 million pre-tax expense from liability-based stock appreciation rights.
Excluding these items, adjusted basic earnings per share were $4.46 and adjusted diluted earnings per share were $4.21. As of March 31, 2026, client assets under administration were $139.8 billion and assets under management were $54.1 billion. The board increased the quarterly dividend for 1Q-26 by 11.1% to $0.20 per share.
Oppenheimer Holdings Inc. reported a first quarter 2026 net loss of $20.6 million, or $(1.93) per share, compared with net income of $30.7 million, or $2.93 per share, in the first quarter of 2025. Revenue rose to $445.1 million, up 21.0% from $367.8 million.
The loss was driven by a $70 million pre-tax legal accrual for settlement of the “cash sweep” program litigation and $22.3 million of pre-tax expense for liability-based stock appreciation rights tied to a rise in the share price from $72.29 to $89.19. Excluding these items, adjusted net income was $47.5 million with adjusted basic EPS of $4.46, up from $28.6 million and $2.74 a year earlier. Wealth Management revenue grew 4.8% to $253.7 million but pre-tax income fell 35.8% to $43.6 million, while Capital Markets revenue jumped 53.4% to $189.1 million with pre-tax income of $35.4 million versus a prior-year loss. The Board increased the quarterly dividend by 11.1% to $0.20 per share.