Filing Flows › Oppenheimer Holdings (OPY) › Q3 2026 › vs Q2 2026
Oppenheimer Holdings (OPY) Q3 2026 vs Q2 2026 (quarter over quarter)
Oppenheimer Holdings's revenue fell $72.9M (-16%) from $455M in Q2 2026 to $382M in Q3 2026. The biggest changes: Investment banking - advisory −$37.7M (-65%); Other revenues −$20.0M (-30%); Investment Banking, Capital Markets −$13.5M (-51%). Operating margin 2.3% against 8.7% (-6.4 pts).
Oppenheimer Holdings, Q3 2026: revenue $382M (-10% year over year), operating margin 2.3%, net earnings $5.4M, operating cash flow $132M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 2.3% | 8.7% | -6.4 pts |
| Net margin | 1.4% | 6.0% | -4.6 pts |
| Free cash flow margin | 33.7% | -12.5% | +46.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Advisory Fees | $155M | $146M | $9.4M | +6% |
| Commissions from sales and trading | $107M | $119M | −$12.2M | -10% |
| Bank Deposit Sweep Income | $25.6M | $25.0M | $601K | +2% |
| Investment banking - advisory | $20.5M | $58.1M | −$37.7M | -65% |
| Investment Banking, Capital Markets | $12.7M | $26.2M | −$13.5M | -51% |
| Mutual fund and insurance income | $9.1M | $8.5M | $542K | +6% |
| Other | $6.9M | $7.0M | −$114K | -2% |
| Other revenues | $45.6M | $65.5M | −$20.0M | -30% |
| Revenue | $382M | $455M | −$72.9M | -16% |
| Operating profit | $8.8M | $39.4M | −$30.7M | -78% |
| Costs & expenses | $373M | $415M | −$42.2M | -10% |
| Pre-tax earnings | $8.8M | $39.4M | −$30.7M | -78% |
| Net earnings | $5.4M | $27.4M | −$21.9M | -80% |
| Income tax | $3.4M | $12.1M | −$8.7M | -72% |
| Share-based compensation | $25.9M | $29.4M | −$3.5M | -12% |
| Working capital & other | $101M | −$112M | $213M | — |
| Operating cash flow | $132M | −$55.0M | $187M | — |
| Free cash flow (OCF − capex) | $129M | −$57.1M | $186M | — |
| Capital expenditures | $3.8M | $2.0M | $1.7M | +85% |
Questions
How much did Oppenheimer Holdings's revenue grow quarter over quarter in Q3 2026?
Oppenheimer Holdings's revenue fell $72.9M (-16%) from $455M in Q2 2026 to $382M in Q3 2026.
What drove Oppenheimer Holdings's revenue change in Q3 2026?
Investment banking - advisory −$37.7M (-65%); Other revenues −$20.0M (-30%); Investment Banking, Capital Markets −$13.5M (-51%).