Oppenheimer Holdings Inc. reported third-quarter 2026 earnings on October 30, 2026, disclosing net income of $5.5 million and revenue of $382.0 million, both down sharply from the prior-year quarter.

Key Highlights

  • Net income of $5.5 million ($0.52 basic EPS) for Q3 2026, compared with $21.7 million ($2.06 basic EPS) in Q3 2025, according to the filing.
  • Revenue of $382.0 million for Q3 2026, a decrease of 10.0% from $424.4 million in Q3 2025, the company disclosed.
  • A $21.0 million pre-tax expense tied to a stock appreciation rights program for financial advisors, driven by a $12.42 per share increase in Class A Stock price (from $105.54 to $117.96) during the quarter, per the filing.
  • Adjusted net income (non-GAAP) of $20.9 million ($1.96 adjusted basic EPS) for Q3 2026, excluding the stock appreciation rights impact, compared with $31.7 million ($3.01) in Q3 2025.
  • AUM reached a record $59.6 billion at September 30, 2026, up from $55.1 billion at September 30, 2025, the filing stated.
  • Stockholders' equity reached a record $991.1 million at September 30, 2026, according to the company.
  • Capital Markets pre-tax loss of $9.9 million in Q3 2026, compared with pre-tax income of $12.3 million in Q3 2025, driven by sharply lower investment banking revenue.

Oppenheimer Holdings Q3 2026 Results: Stock Appreciation Rights and Lower Banking Revenue Weigh on Earnings

Oppenheimer Holdings Inc. (NYSE:OPY) reported Q3 2026 net income of $5.5 million, or $0.52 basic earnings per share, a significant decline from the $21.7 million, or $2.06 basic earnings per share, recorded in the same quarter of 2025. The company attributed the year-over-year decline in part to a $21.0 million pre-tax expense associated with a long-term employee incentive compensation program for financial advisors that is directly tied to the OPY stock price. The stock rose $12.42 per share during Q3 2026, compared with an $8.14 per share increase in the same period of 2025. The company noted it changed the program formula beginning in 2026 to reduce the number of grants awarded, but stated "it will take several years for the impact of the revised program formula to be fully reflected."

Revenue for the quarter totaled $382.0 million, down 10.0% from $424.4 million in Q3 2025. The Wealth Management segment reported revenue of $266.2 million, 2.5% higher than the prior-year period, with advisory fees rising 15.3% to $154.9 million on the back of higher average AUM. However, retail commissions fell 13.9% to $53.3 million due to lower retail trading activity, and bank deposit sweep income declined $2.8 million from a year ago reflecting lower average short-term interest rates. The Capital Markets segment reported revenue of $114.0 million, a decrease of 29.7% from $162.1 million in Q3 2025. Equities underwriting fees fell 82.0% from the prior year period, the filing disclosed, primarily due to fewer transactions. Advisory fees from investment banking activities decreased 8.4% due to fewer M&A transactions. Equities sales and trading revenue increased 14.7%, the company reported, mostly due to higher trading volumes and growth in options-related commission revenue.

For the nine months ended September 30, 2026, the company reported net income of $12.2 million, or $1.14 basic earnings per share, compared with $74.0 million, or $7.05 basic earnings per share, for the same period in 2025. The year-to-date figures were also affected by a $70 million pre-tax legal accrual related to the settlement of the company's "cash sweep" litigation recorded in the first quarter of 2026. Adjusted net income for the nine-month period, excluding that accrual and the stock appreciation rights impact, was $114.1 million, or $10.68 adjusted basic earnings per share, compared with $88.1 million, or $8.39, for the same period in 2025. Year-to-date revenue totaled $1,282.0 million, an increase of 10.0% from $1,165.4 million in the comparable 2025 period.

What Was Disclosed

Oppenheimer Holdings disclosed its Q3 2026 and nine-month 2026 financial results, including revenue, net income, segment performance for Wealth Management and Capital Markets, AUM and AUA levels, stockholders' equity, and non-GAAP adjusted earnings figures excluding specific compensation and legal items.