OPY

MKT CAP:$1B

Oppenheimer Holdings Inc.

Market Cap

$1B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$113.86+$41.22 (+56.75%)

Apr 21, 2026

Company Details

Oppenheimer Holdings Inc., through its subsidiaries, operates as a middle-market investment bank and full-service broker-dealer in the Americas, Europe, the Middle East, and Asia. The company offers brokerage services covering exchange-trad...

CEO

Robert Steven Lowenthal

IPO Date

Oct 6, 1982

Website

www.oppenheimer.com

Key Metrics TTM

Revenue

$1.6B

+14.4% YoY

Net Income

$148M

EPS (Diluted)

$13.04

Free Cash Flow

$184M

Revenue / Share

$143.40

Gross Margin

52.1%

Operating Margin

23.7%

Net Margin

9.1%

FCF Margin

11.2%

P/S

0.7x

P/E

7.5x

Earnings Reports

FY 2025

Feb 26, 2026

$1.6B+14.4%EPS $13.04

Q4 2025

Feb 26, 2026

$473M+25.9%EPS $6.51

Q3 2025

Oct 31, 2025

$424M+13.7%EPS $1.90

Q2 2025

Aug 1, 2025

$373M+12.9%EPS $1.91

Q1 2025

Apr 25, 2025

$368M+4.2%EPS $2.72

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$266M	$74M	$38M
Q2 22	$237M	$53M	$18M
Q3 22	$294M	$108M	$71M
Q4 22	$314M	$109M	$73M
Q1 23	$322M	$109M	$71M
Q2 23	$306M	$113M	$74M
Q3 23	$313M	$111M	$71M
Q4 23	$308M	$108M	$69M
Q1 24	$353M	$126M	$85M
Q2 24	$331M	$103M	$63M
Q3 24	$373M	$128M	$87M
Q4 24	$375M	$111M	$69M
Q1 25	$368M	$133M	$91M
Q2 25	$373M	$127M	$85M
Q3 25	$424M	$127M	$85M
Q4 25	$473M	$466M	$126M

Valuation

Quarter	P/S	P/E
Q1 22	0.9x	8.5x
Q2 22	0.9x	11.7x
Q3 22	1.0x	15.2x
Q4 22	1.0x	34.2x
Q1 23	0.9x	29.4x
Q2 23	0.9x	34.4x
Q3 23	0.9x	26.7x
Q4 23	0.9x	36.7x
Q1 24	0.9x	26.6x
Q2 24	0.8x	18.1x
Q3 24	0.8x	15.4x
Q4 24	0.8x	15.5x
Q1 25	0.8x	14.5x
Q2 25	0.7x	12.6x
Q3 25	0.7x	13.1x
Q4 25	0.7x	7.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$152M	-$155M
Q2 22	-$79M	-$79M
Q3 22	$148M	$139M
Q4 22	$148M	$143M
Q1 23	-$86M	-$90M
Q2 23	-$65M	-$71M
Q3 23	$67M	$64M
Q4 23	$72M	$67M
Q1 24	-$79M	-$79M
Q2 24	-$309M	-$310M
Q3 24	$11M	$11M
Q4 24	$42M	$39M
Q1 25	-$92M	-$93M
Q2 25	$40M	$39M
Q3 25	$63M	$62M
Q4 25	$177M	$176M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$183.0K
Q3 22	$9M
Q4 22	$5M
Q1 23	$4M
Q2 23	$6M
Q3 23	$3M
Q4 23	$5M
Q1 24	$258.0K
Q2 24	$1M
Q3 24	$220.0K
Q4 24	$3M
Q1 25	$2M
Q2 25	$1M
Q3 25	$1M
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-28.7%	-23.3%
Q2 22	-30.3%	-18.8%
Q3 22	-6.7%	-9.5%
Q4 22	-14.1%	+2.5%
Q1 23	+20.9%	+9.9%
Q2 23	+29.1%	+5.8%
Q3 23	+6.3%	+8.4%
Q4 23	-1.7%	-0.5%
Q1 24	+9.8%	+6.8%
Q2 24	+8.0%	+15.2%
Q3 24	+19.4%	+18.3%
Q4 24	+21.8%	+27.7%
Q1 25	+4.2%	+3.4%
Q2 25	+12.9%	+7.5%
Q3 25	+13.7%	+18.6%
Q4 25	+25.9%	+13.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	1.1%
Q2 22	-$5M	-2.3%
Q3 22	$1M	0.5%
Q4 22	$17M	5.4%
Q1 23	$2M	0.6%
Q2 23	$6M	1.9%
Q3 23	$2M	0.6%
Q4 23	$0	0.0%
Q1 24	$2M	0.5%
Q2 24	$13M	3.8%
Q3 24	$7M	2.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$17M	3.9%
Q4 25	$3M	0.7%

OpEx Breakdown

Quarter	G&A
Q1 22	$36M
Q2 22	$35M
Q3 22	$37M
Q4 22	$37M
Q1 23	$38M
Q2 23	$39M
Q3 23	$40M
Q4 23	$40M
Q1 24	$40M
Q2 24	$40M
Q3 24	$41M
Q4 24	$42M
Q1 25	$42M
Q2 25	$42M
Q3 25	$42M
Q4 25	$340M

Revenue Segments

Quarter	Asset Management Segment	Capital Markets	Corporate And Other Segment	Private Client
Q1 22	$27M	$85M	$3M	$151M
Q2 22	$24M	$71M	-$3M	$144M
Q3 22	$25M	$91M	-$320.0K	$179M
Q4 22	$23M	$91M	-$2M	$202M
Q1 23	$24M	$90M	$4M	$203M

Revenue by Geography

Quarter	Americas	Asia	Europe / Middle East
Q1 22	$252M	$2M	$12M
Q2 22	$226M	$1M	$10M
Q3 22	$279M	$1M	$14M
Q4 22	$302M	$1M	$11M
Q1 23	$310M	$1M	$11M
Q2 23	$295M	$585.0K	$10M
Q3 23	$300M	$607.0K	$12M
Q4 23	$294M	$555.0K	$13M
Q1 24	$341M	$947.0K	$11M
Q2 24	$316M	$728.0K	$13M
Q3 24	$361M	$937.0K	$12M
Q4 24	$358M	$1M	$16M
Q1 25	$355M	$764.0K	$12M
Q2 25	$359M	$628.0K	$14M
Q3 25	$408M	$669.0K	$16M
Q4 25	$451M	$532.0K	$21M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$47M	$0	$47M
Q2 22	$37M	$0	$37M
Q3 22	$37M	$0	$37M
Q4 22	$112M	$0	$112M
Q1 23	$30M	$0	$30M
Q2 23	$29M	$0	$29M
Q3 23	$31M	$0	$31M
Q4 23	$29M	$0	$29M
Q1 24	$28M	$0	$28M
Q2 24	$33M	$0	$33M
Q3 24	$32M	$0	$32M
Q4 24	$33M	$0	$33M
Q1 25	$37M	$0	$37M
Q2 25	$38M	$0	$38M
Q3 25	$38M	$0	$38M
Q4 25	$38M	$0	$38M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	13M	-1.0%	+1.5%
Q2 22	12M	-11.3%	-12.4%
Q3 22	12M	+1.8%	-10.8%
Q4 22	12M	-1.8%	-12.3%
Q1 23	12M	-0.1%	-11.4%
Q2 23	11M	-7.9%	-8.0%
Q3 23	11M	+3.8%	-6.2%
Q4 23	11M	-1.2%	-5.5%
Q1 24	11M	-2.7%	-8.0%
Q2 24	11M	+1.0%	+0.9%
Q3 24	11M	+1.5%	-1.4%
Q4 24	11M	+1.0%	+0.7%
Q1 25	11M	-1.0%	+2.5%
Q2 25	11M	+0.6%	+2.1%
Q3 25	11M	+0.9%	+1.5%
Q4 25	11M	-0.2%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$91.3K	3K
Q2 22	$81.4K	3K
Q3 22	$101.0K	3K
Q4 22	$107.7K	3K
Q1 23	$110.5K	3K
Q2 23	$105.1K	3K
Q3 23	$107.4K	3K
Q4 23	$104.8K	3K
Q1 24	$120.0K	3K
Q2 24	$112.4K	3K
Q3 24	$126.9K	3K
Q4 24	$124.4K	3K
Q1 25	$121.9K	3K
Q2 25	$123.7K	3K
Q3 25	$140.6K	3K
Q4 25	$160.4K	3K

Revenue / Employee