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Oppenheimer Holdings (OPY) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Oppenheimer Holdings (OPY) Q3 2026 earnings results →
Q3 2026 Revenue down 10% year over year to $382M · 1¢ of every $1 of revenue kept as net profit · operating margin 2.3%
Oppenheimer Holdings made $382M in Q3 2026 (-10% Y/Y): Advisory Fees $155M, Commissions from sales and trading $107M, Other revenues $45.6M. Operating margin 2.3%, net earnings $5.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $382.0M in Q3 2026, down 10% year over year and down 16% from the previous quarter. Advisory Fees was the largest line at 41% of revenue. Investment Banking, Capital Markets lost $42.5M year over year (down 77%), 100% of the total change.
Operating profit was $8.8M, a 2.3% margin (down 5.2 points year over year). Total costs fell 5% while revenue fell 10%. Net earnings were $5.5M, down 75% year over year. The effective tax rate was 38.5%.
Operating cash flow was $132.4M (up 109% year over year), 2449% of net earnings. Non-cash charges added back $25.9M of share-based compensation. Working capital and other items added $101.0M. Capital expenditures of $3.8M left free cash flow of $128.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $382M | -10% | 2.3% | $5.4M | $132M |
| Q2 2026 | 10-Q | Jul 31, 2026 | $455M | +22% | 8.7% | $27.4M | −$55.0M |
| Q1 2026 | 10-Q | May 1, 2026 | $445M | +21% | -6.1% | −$20.6M | −$190M |
| Q4 2025 | 10-K | Feb 26, 2026 | $473M | +26% | 22.4% | $73.9M | $177M |
| Q3 2025 | 10-Q | Oct 31, 2025 | $424M | +14% | 7.5% | $21.7M | $63.4M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $373M | +13% | 8.6% | $21.7M | $40.1M |
| Q1 2025 | 10-Q | Apr 25, 2025 | $368M | +4% | 11.2% | $30.7M | −$91.7M |
Charts
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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About Oppenheimer Holdings
Oppenheimer Holdings Inc. ("OPY" or the "Parent"), through its Operating Subsidiaries (together, the "Company", the "Firm", "we", "our" or "us"), is a leading middle-market investment bank and full service broker-dealer incorporated in the State of Delaware in the United States. With roots tracing back to 1881, the Company is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (both corporate and public finance), equity and fixed income research, market-making, trust services and investment advisory and asset management services. The Parent owns, through subsidiaries, Oppenheimer & Co. Inc. ("Oppenheimer"), a New York-based securities broker-dealer and investment adviser, Oppenheimer Asset Management Inc.
In its own words, from its 10-K, filed Feb 26, 2026.
Oppenheimer Holdings against its Security Brokers, Dealers & Flotation Companies peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -10% against the peers' median +13%. Operating margin: 2.3% against the peers' median 18.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| OPY Oppenheimer Holdings | Q3 2026 | $382M | -10% | 2.3% |
| MS Morgan Stanley | Q3 2026 | $20.3B | +12% | 31.9% |
| GS Goldman Sachs Group | Q3 2026 | $18.7B | +23% | 37.5% |
| GLXY Galaxy Digital | Q3 2026 | $8.1B | -72% | 4.3% |
| BLK BlackRock | Q3 2026 | $7.8B | +19% | 30.0% |
| SCHW Schwab Charles | Q3 2026 | $7.2B | +17% | 52.7% |
| Jones Financial Companies Lllp | Q3 2026 | $5.2B | +13% | 0.0% |
| RJF Raymond James Financial | Q4 FY26 | $4.7B | +13% | 18.2% |
| JEF Jefferies Financial Group | Q3 FY26 | $3.2B | +11% | 10.9% |
Source: Oppenheimer Holdings 10-Q on SEC EDGAR · CIK 791963 · Security Brokers, Dealers & Flotation Companies
Guidance and outlook
13F: who owns OPY and who is buying
More on OPY
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Oppenheimer Holdings operating margin by quarter
- Oppenheimer Holdings net income by quarter
- Oppenheimer Holdings free cash flow by quarter
- Oppenheimer Holdings capital expenditures by quarter
- Oppenheimer Holdings Advisory Fees revenue by quarter
- Oppenheimer Holdings Commissions from sales and trading revenue by quarter
- Oppenheimer Holdings Bank Deposit Sweep Income revenue by quarter