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Oppenheimer Holdings Inc. Reports Second Quarter 2026 Earnings

OPY Q2 2026 earnings show record AUM but higher stock-comp due to pay plan

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  <section data-block="information">
    <h3>Information</h3>
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  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>OPY posted 2Q-26 net income of $27.4M on $454.9M revenue, up 21.9% y/y. Adjusted EPS was $4.27; record AUM of $59.4B supports advisory revenue growth, offset by stock-comp expense and a $70M legal accrual. The catalyst is momentum in Wealth Mgmt and Capital Markets, with a $0.20 dividend adding near-term income.</p>
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  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>2Q-26 net income $27.4M, EPS $2.55; revenue $454.9M, up 21.9% y/y.</li><li>$24.9M pre-tax compensation expense tied to OPY stock price weighed results in 2Q-26.</li><li>AUM reached a record $59.4B as of 6/30/2026, supports advisory revenue growth.</li><li>Board declared quarterly dividend of $0.20 per share, payable Aug 28, 2026.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Oppenheimer Holdings Inc. (OPY)</strong>: Reported Q2-2026 results; record AUM supports advisory revenue; adjusted metrics show momentum in Wealth Mgmt and Capital Markets; stock-compensation expense weighs GAAP earnings.</li><li><strong>Oppenheimer &amp; Co. Inc. (N/A)</strong>: Wholly owned subsidiary; referenced in non-GAAP adjustments and cash sweep litigation-related accrual noted in earnings release.</li></ul>
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  <section data-block="category">
    <h3>Earnings</h3>
    <p>Category: Earnings. This release centers on quarterly and six-month results, with GAAP vs. non-GAAP reconciliation and commentary on AUM-driven revenue; the core story is earnings trajectory supported by Wealth Mgmt and Capital Markets, offset by compensation-related costs.</p>
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  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>AUM reached a record $59.4B as of 6/30/2026, underpinning advisory revenue.</li><li>GAAP 2Q-26 earnings pressured by $24.9M stock-comp expense tied to stock price.</li><li>Dividend of $0.20 per share declared, adding near-term income signal.</li></ul>
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  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>2Q-26 net income $27.351m; basic EPS $2.55; 2Q-25 net income $21.674m; basic EPS $2.06.</li><li>2Q-26 revenue $454.876m; 2Q-25 revenue $373.178m; YoY growth 21.9%.</li><li>Six months ended June 30, 2026 adjusted net income $93.2m; adjusted EPS $8.73; 2025 $56.4m; $5.38.</li><li>AUM at 6/30/2026: $59.4B; YoY increase $6.6B; asset values up $9.4B; net distributions $2.8B.</li><li>OPY Class A stock rose from $89.19 to $105.54 in the quarter; +$16.35.</li></ul>
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  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish over 6–12 months on record AUM and earnings momentum, offset by one-time comp costs.</p>
  </section>
</section>


<article>
  <header>
    <h2>Oppenheimer Holdings Inc. Reports Second Quarter 2026 Earnings (OPY)</h2>
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  <section>
    <p>New York, July 31, 2026 /CNW/ -- Oppenheimer Holdings Inc. (NYSE: OPY) (the "Company" or "Firm") today reported net income of <strong>$27.4 million</strong> or <strong>$2.55</strong> basic earnings per share for the second quarter of 2026, compared with net income of <strong>$21.7 million</strong> or <strong>$2.06</strong> basic earnings per share for the second quarter of 2025. Revenue for the second quarter of 2026 was <strong>$454.9 million</strong>, an increase of <strong>21.9%</strong>, compared with revenue of <strong>$373.2 million</strong> for the second quarter of 2025. Year to date revenue totaled <strong>$900.0 million</strong>, compared with <strong>$741.0 million</strong> for the same period in 2025. Net income for the six months ended June 30, 2026 was <strong>$6.8 million</strong> or <strong>$0.63</strong> basic earnings per share, compared with net income of <strong>$52.3 million</strong> or <strong>$4.99</strong> basic earnings per share for the same period in 2025.</p>
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  <section>
    <h3>Key Financial Highlights for OPY in Q2 2026</h3>
    <ul>
      <li>Second quarter 2026 net income: <strong>$27.4 million</strong> or <strong>$2.55</strong> per share (basic) versus <strong>$21.7 million</strong> or <strong>$2.06</strong> per share in Q2 2025.</li>
      <li>Second quarter 2026 revenue: <strong>$454.9 million</strong> (up 21.9% YoY) versus <strong>$373.2 million</strong> in Q2 2025.</li>
      <li>Year-to-date revenue through June 30, 2026: <strong>$900.0 million</strong> versus <strong>$741.0 million</strong> in the prior-year period.</li>
      <li>Six months ended June 30, 2026 net income: <strong>$6.8 million</strong> or <strong>$0.63</strong> per share (basic) versus <strong>$52.3 million</strong> or <strong>$4.99</strong> per share in the first half of 2025.</li>
    </ul>
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  <section>
    <h3>Non-GAAP Adjustments and Impact on Reported Results</h3>
    <p>Second quarter 2026 results were impacted by a <strong>$24.9 million</strong> pre-tax expense associated with an employee compensation program for financial advisors that is directly tied to the OPY stock price, which increased by <strong>$16.35</strong> per share of Class A Stock during the quarter (from <strong>$89.19</strong> to <strong>$105.54</strong>). The Company changed the program formula beginning in 2026 to reduce the number of grants awarded, although it will take several years for the impact of the revised program formula to be fully reflected. Adjusted net income (a), a non-GAAP measure which excludes the impact of this item, was <strong>$45.7 million</strong> or <strong>$4.27</strong> adjusted basic earnings per share for the second quarter of 2026, compared with <strong>$27.8 million</strong> or <strong>$2.64</strong> adjusted basic earnings per share for the second quarter of 2025. For the six months ended June 30, 2026, adjusted net income (a), which also excludes the <strong>$70 million</strong> pre-tax legal accrual related to the settlement of the Company's "cash sweep" litigation recorded in the first quarter of 2026, was <strong>$93.2 million</strong> or <strong>$8.73</strong> adjusted basic earnings per share, compared with <strong>$56.4 million</strong> or <strong>$5.38</strong> adjusted basic earnings per share for the same period in 2025. Management believes these non-GAAP measures provide supplemental insight into the Company's core operating performance.</p>
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  <section>
    <h3>CEO Commentary on Market Conditions and Performance</h3>
    <p><strong>Robert S. Lowenthal</strong>, <em>President and CEO</em> commented, "Favorable market conditions during the second quarter of 2026 helped drive the strong operating performance of our core businesses, although reported results were significantly and negatively impacted by the higher compensation expense related to stock appreciation rights for financial advisors. Equity markets registered their best quarterly performance in six years, supported by strong corporate earnings, sustained momentum in A.I. and improving sentiment around potential de-escalation in the Middle East. While renewed concerns around interest rates and A.I. valuations emerged toward quarter-end, markets largely absorbed these pressures and remained resilient. Overall, our business performed solidly during the second quarter and first half of the year. For the six months ended June 30, 2026, we reported adjusted net income (a) (non-GAAP) of $93.2 million, or $8.73 adjusted basic earnings per share (non-GAAP), reflecting the continued momentum across our Wealth Management and Capital Markets businesses."</p>
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  <section>
    <h3>Operational Context and Strategic Focus</h3>
    <p>In Wealth Management, OPY delivered strong operating results, driven by higher commission revenue from increased retail trading levels and increased advisory fees reflecting record assets under management (AUM) largely driven by market appreciation. Reported pre-tax results, however, were partially offset by lower sweep revenue. In Capital Markets, the firm saw strong performance driven by increased investment banking activity—which included a balance of both advisory and underwriting transactions—along with higher sales and trading revenue in both Equities and Fixed Income amid elevated market volatility.</p>
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  <section>
    <h3>Balance Sheet Position and Growth Outlook</h3>
    <p>OPY ended the quarter with a strong balance sheet and ample capital, positioning the firm to continue investing in its platform and capabilities. The company emphasized its focus on attracting and retaining high-quality talent to support growth initiatives and remains confident in the strength and resiliency of its Wealth Management and Capital Markets businesses as it continues to deliver value to clients and shareholders.</p>
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  <section>
    <h3>Notes on Non-GAAP Measures</h3>
    <p>Management notes that these non-GAAP measures provide supplemental insight into the Company's core operating performance. For details, refer to the accompanying press release for additional context.</p>
  </section>
</article>

OPY posted 2Q-26 net income of $27.4M on $454.9M revenue, up 21.9% y/y. Adjusted EPS was $4.27; record AUM of $59.4B supports advisory revenue growth, offset by stock-comp expense and a $70M legal accrual. The catalyst is momentum in Wealth Mgmt and Capital Markets, with a $0.20 dividend adding near-term income.

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Oppenheimer Holdings Inc. Reports Second Quarter 2026 Earnings

AI summary

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Key facts

Earnings