Filing Flows › Oppenheimer Holdings (OPY) › Q2 2025
Oppenheimer Holdings (OPY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
Oppenheimer Holdings (OPY) reported revenue of $373M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +1% from the quarter before. Operating margin was 8.6%, net earnings $21.7M (5.8% of revenue).
Oppenheimer Holdings, Q2 2025: revenue $373M (+13% year over year), operating margin 8.6%, net earnings $21.7M, operating cash flow $40.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $373M | +1% | +13% |
| Operating profit | $32.2M | -22% | +103% |
| Net earnings | $21.7M | -29% | +111% |
| Operating cash flow | $40.1M | — | — |
| Free cash flow | $38.9M | — | — |
What changed
Revenue was $373.2M in Q2 2025, up 13% year over year and up 1% from the previous quarter. Advisory Fees was the largest line at 34% of revenue. Commissions from sales and trading added $13.5M year over year (up 15%), 32% of the total change. Bank Deposit Sweep Income declined 18%.
Operating profit was $32.2M, a 8.6% margin (up 3.8 points year over year). Of the extra revenue versus a year earlier, 38% reached operating profit, above the 5% margin then. Total costs grew 8% against revenue growth of 13%. Net earnings were $21.7M, up 111% year over year. The effective tax rate was 32.7%.
Operating cash flow was $40.1M, 185% of net earnings. Non-cash charges added back $11.6M of share-based compensation. Working capital and other items added $6.8M. Capital expenditures of $1.1M left free cash flow of $38.9M.
Questions
What was Oppenheimer Holdings' revenue in the second quarter 2025?
Oppenheimer Holdings (OPY) reported revenue of $373M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +1% from the quarter before.
Was Oppenheimer Holdings profitable in the second quarter 2025?
Operating profit was $32.2M (8.6% of revenue) and net earnings $21.7M.