Filing Flows › Oppenheimer Holdings (OPY) › Q3 2026 › vs Q3 2025
Oppenheimer Holdings (OPY) Q3 2026 vs Q3 2025 (year over year)
Oppenheimer Holdings's revenue fell $42.4M (-10%) from $424M in Q3 2025 to $382M in Q3 2026. The biggest changes: Investment Banking, Capital Markets −$42.5M (-77%); Advisory Fees +$20.5M (+15%); Other revenues −$8.7M (-16%). Operating margin 2.3% against 7.5% (-5.2 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 2.3% | 7.5% | -5.2 pts |
| Net margin | 1.4% | 5.1% | -3.7 pts |
| Free cash flow margin | 33.7% | 14.7% | +19.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Advisory Fees | $155M | $134M | $20.5M | +15% |
| Commissions from sales and trading | $107M | $112M | −$5.5M | -5% |
| Bank Deposit Sweep Income | $25.6M | $28.3M | −$2.8M | -10% |
| Investment banking - advisory | $20.5M | $22.3M | −$1.8M | -8% |
| Investment Banking, Capital Markets | $12.7M | $55.2M | −$42.5M | -77% |
| Mutual fund and insurance income | $9.1M | $8.4M | $695K | +8% |
| Other | $6.9M | $9.3M | −$2.4M | -26% |
| Other revenues | $45.6M | $54.2M | −$8.7M | -16% |
| Revenue | $382M | $424M | −$42.4M | -10% |
| Operating profit | $8.8M | $31.6M | −$22.8M | -72% |
| Costs & expenses | $373M | $393M | −$19.6M | -5% |
| Pre-tax earnings | $8.8M | $31.6M | −$22.8M | -72% |
| Net earnings | $5.4M | $21.7M | −$16.3M | -75% |
| Income tax | $3.4M | $9.9M | −$6.5M | -66% |
| Share-based compensation | $25.9M | $16.6M | $9.3M | +56% |
| Working capital & other | $101M | $25.1M | $75.9M | +303% |
| Operating cash flow | $132M | $63.4M | $68.9M | +109% |
| Free cash flow (OCF − capex) | $129M | $62.2M | $66.4M | +107% |
| Capital expenditures | $3.8M | $1.2M | $2.5M | +211% |
Questions
How much did Oppenheimer Holdings's revenue grow year over year in Q3 2026?
Oppenheimer Holdings's revenue fell $42.4M (-10%) from $424M in Q3 2025 to $382M in Q3 2026.
What drove Oppenheimer Holdings's revenue change in Q3 2026?
Investment Banking, Capital Markets −$42.5M (-77%); Advisory Fees +$20.5M (+15%); Other revenues −$8.7M (-16%).