Filing Flows › Oppenheimer Holdings (OPY) › Q3 2025
Oppenheimer Holdings (OPY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 31, 2025
Oppenheimer Holdings (OPY) reported revenue of $424M for the third quarter 2025 (Q3 2025), +14% from a year earlier and +14% from the quarter before. Operating margin was 7.5%, net earnings $21.7M (5.1% of revenue).
Oppenheimer Holdings, Q3 2025: revenue $424M (+14% year over year), operating margin 7.5%, net earnings $21.7M, operating cash flow $63.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $424M | +14% | +14% |
| Operating profit | $31.6M | -2% | -11% |
| Net earnings | $21.7M | +0.2% | -11% |
| Operating cash flow | $63.4M | +58% | +455% |
| Free cash flow | $62.2M | +60% | +455% |
What changed
Revenue was $424.4M in Q3 2025, up 14% year over year and up 14% from the previous quarter. Advisory Fees was the largest line at 32% of revenue. Investment Banking, Capital Markets added $35.8M year over year (up 185%), 70% of the total change. Investment banking - advisory declined 32%.
Operating profit was $31.6M, a 7.5% margin (down 2.0 points year over year). Operating profit fell $3.7M even though revenue rose $51.1M versus a year earlier, so costs grew faster than sales. Total costs grew 16% against revenue growth of 14%. Net earnings were $21.7M, down 11% year over year. The effective tax rate was 31.4%.
Operating cash flow was $63.4M (up 455% year over year), 292% of net earnings. Non-cash charges added back $16.6M of share-based compensation. Working capital and other items added $25.1M. Capital expenditures of $1.2M left free cash flow of $62.2M.
Questions
What was Oppenheimer Holdings' revenue in the third quarter 2025?
Oppenheimer Holdings (OPY) reported revenue of $424M for the third quarter 2025 (Q3 2025), +14% from a year earlier and +14% from the quarter before.
Was Oppenheimer Holdings profitable in the third quarter 2025?
Operating profit was $31.6M (7.5% of revenue) and net earnings $21.7M.