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Oppenheimer Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$129M in Q3 2026 · $57.4M over twelve months

Operating cash flow$132M
Capital spending−$3.8M
Free cash flow+$129M
Cash / net income24.5×

Analysis

In Q3 2026, Oppenheimer Holdings generated $132M of operating cash flow and spent $3.8M on capital projects, leaving free cash flow of $129M. That is $66.4M more than in Q3 2025 ($62.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $64.3M; the largest uses were other financing ($39.5M), dividends ($18.6M), capital spending ($7.0M); besides operations, cash came from other investing ($2.7M); the cash balance fell by $281K.

Operating cash flow was $132M against net income of $5.4M — 24.5× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$25.9M, employee-related liabilities +$20.2M, prepaid and other assets +$12.8M.

Free cash flow

Oppenheimer Holdings: free cash flow by quarterOppenheimer Holdings: free cash flow by quarter$71.5MQ4 2024−$93.4MQ1 2025$38.9MQ2 2025$62.2MQ3 2025$176MQ4 2025−$190MQ1 2026−$57.1MQ2 2026$129MQ3 2026
Operating cash flow less capital spending.
Oppenheimer Holdings: operating cash flow against capital spendingOppenheimer Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$74.7M$3.3MQ4 2024−$91.7M$1.7MQ1 2025$40.1M$1.1MQ2 2025$63.4M$1.2MQ3 2025$177M$1.2MQ4 2025−$190M$0Q1 2026−$55.0M$2.0MQ2 2026$132M$3.8MQ3 2026
Latest (Q3 2026): Operating cash flow $132M, Capital spending $3.8M.

Capital allocation, year by year

Oppenheimer Holdings: where the cash came from (up) and went (down), by fiscal yearOppenheimer Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $228MFY2021: Shares issued $58KFY2021: Capital spending −$8.3MFY2021: Buybacks −$7.7MFY2021: Dividends −$19.4M$228MFY2021FY2022: Operating cash flow $64.5MFY2022: Net borrowing −$10.9MFY2022: Shares issued $127KFY2022: Capital spending −$16.3MFY2022: Buybacks −$60.6MFY2022: Dividends −$7.0M$64.6MFY2022FY2023: Operating cash flow −$18.8MFY2023: Net borrowing −$1.0MFY2023: Shares issued $75KFY2023: Capital spending −$17.1MFY2023: Acquisitions −$2.9MFY2023: Buybacks −$35.1MFY2023: Dividends −$6.5M$75KFY2023FY2024: Operating cash flow −$108MFY2024: Shares issued $64KFY2024: Capital spending −$5.1MFY2024: Acquisitions −$2.4MFY2024: Buybacks −$9.6MFY2024: Dividends −$6.8M$64KFY2024FY2025: Operating cash flow $189MFY2025: Capital spending −$5.2MFY2025: Buybacks −$3.0MFY2025: Dividends −$7.6M$189MFY2025
Over these 5 years operating cash flow totalled $354M; the largest uses were operating cash flow ($127M) and buybacks ($116M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$38.0M
Debtnone
Net cash$38.0M

Oppenheimer Holdings funds itself: free cash flow was $57.4M over the last twelve months, with $38.0M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Oppenheimer Holdings: sources (+) and uses (−) of cash, Q3 2026Oppenheimer Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$132MOther financing−$128MCapital spending−$3.8MDividends−$2.1MOther investing$695KCash drawn (+) / kept (−)$446K
Oppenheimer Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Oppenheimer Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$64.3MOther financing−$39.5MDividends−$18.6MCapital spending−$7.0MOther investing$2.7MBuybacks−$2.3MCash drawn (+) / kept (−)$281K

From profit to cash

Oppenheimer Holdings: net income to operating cash flow, Q3 2026Oppenheimer Holdings: net income to operating cash flow, Q3 2026Net income$5.4MStock-based pay$25.9MDeferred taxes−$2.6MPayables−$4.4MEmployee-related liabilities$20.2MPrepaid and other assets$12.8MIncome taxes payable$13KOperating cash flow$132M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$132M−$3.8M—−$2.1M$446K$129M
Q2 2026−$55.0M−$2.0M—−$2.1M−$3.9M−$57.1M
Q1 2026−$190M——−$12.4M$3.8M−$190M
Q4 2025$177M−$1.2M−$2.3M−$1.9M−$117K$176M
Q3 2025$63.4M−$1.2M—−$1.9M−$670K$62.2M
Q2 2025$40.1M−$1.1M−$581K−$1.9M−$922K$38.9M
Q1 2025−$91.7M−$1.7M−$90K−$1.9M−$3.5M−$93.4M
Q4 2024$74.7M−$3.3M—−$1.9M−$908K$71.5M

Oppenheimer Holdings: income statement and cash flow

Oppenheimer Holdings, Q3 2026: revenue $382M (-10% year over year), operating margin 2.3%. The chart follows the revenue to costs, profit and cash.

Oppenheimer Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.