Key Highlights

  • Oppenheimer Holdings (NYSE:OPY) reported third quarter 2026 Revenue of USD 382.0 million, down 10.0 percent from USD 424.4 million, and Net Income of USD 5.5 million against USD 21.7 million a year earlier.
  • Wealth Management revenue rose 2.5 percent to USD 266.2 million, while Capital Markets revenue fell 29.7 percent to USD 114.0 million.
  • Results included a USD 21.0 million pre-tax expense tied to a long-term incentive compensation program for financial advisors, while Assets under management hit a record USD 59.6 billion.
  • Diluted EPS was USD 0.47, a USD 0.20 quarterly Dividend is payable November 27, 2026, and shares of Oppenheimer (NYSE:OPY) fell roughly 20 percent on October 30.

Profit Falls Even as Client Assets Hit Records

The company release dated October 30, 2026 shows a split picture. Oppenheimer Holdings (NYSE:OPY) reported record assets under management of USD 59.6 billion at September 30, 2026, assets under administration of USD 153.7 billion and record stockholders' Equity of USD 991.1 million. Yet revenue of USD 382.0 million fell 10.0 percent, and net income attributable to the company dropped to USD 5.5 million from USD 21.7 million. Basic EPS was USD 0.52 and diluted EPS USD 0.47, compared with USD 2.06 basic a year earlier, a decline of about three quarters. Wealth Management, the steadier fee-based arm, still grew, which separates this quarter from a broad deterioration in the franchise.

Two Businesses Pulling in Opposite Directions

Wealth Management earns recurring fees and commissions from advisors and client assets, which makes it steadier. Capital Markets earns from trading, Underwriting and advisory work, which tends to be lumpy, and its revenue fell 29.7 percent to USD 114.0 million. Oppenheimer Holdings (NYSE:OPY) also carried a USD 21.0 million pre-tax charge linked to the long-term incentive compensation program for financial advisors. Set against net income of USD 5.5 million, that single expense is large, which is simple arithmetic on two published numbers. Whether it recurs depends on how the program is structured and how it is accounted for in future quarters, which the release summary does not detail.

Dividend, Risks and What to Watch

The board declared a quarterly dividend of USD 0.20 per share, payable November 27, 2026 to holders of record on November 13, 2026. With roughly 10.6 million shares, implied by net income divided by basic EPS, the payout is about USD 2.1 million, a modest sum against record equity. The risks are cyclical capital markets revenue, advisor compensation costs and market sensitivity of fee income. Published market data showed shares falling roughly 20 percent on the day. Investors will watch whether Capital Markets recovers and whether the advisor program expense persists. This is a snapshot of reported figures, not a forecast.

Where Things Stand

The brokerage is Oppenheimer Holdings (NYSE:OPY), and the profit plunge reflects a weak Capital Markets quarter and a USD 21.0 million advisor incentive charge, not a drop in client assets. Wealth Management grew 2.5 percent, and assets under management reached a record. The balance of evidence is mixed: the Franchise is expanding, but Earnings are volatile and the market punished the miss. The next catalysts are the dividend payment on November 27, 2026 and fourth quarter capital markets activity.