Filing Flows › Oppenheimer Holdings (OPY) › Q4 2025
Oppenheimer Holdings (OPY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Oppenheimer Holdings (OPY) reported revenue of $473M for the fourth quarter 2025 (Q4 2025), +26% from a year earlier and +11% from the quarter before. Operating margin was 22.4%, net earnings $73.9M (15.6% of revenue).
Oppenheimer Holdings, Q4 2025: revenue $473M (+26% year over year), operating margin 22.4%, net earnings $73.9M, operating cash flow $177M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $473M | +11% | +26% |
| Operating profit | $106M | +235% | +521% |
| Net earnings | $73.9M | +240% | +589% |
| Operating cash flow | $177M | +179% | +137% |
| Free cash flow | $176M | +183% | +146% |
What changed
Revenue was $472.6M in Q4 2025, up 26% year over year and up 11% from the previous quarter. Advisory fees was the largest line at 35% of revenue.
Operating profit was $106.0M, a 22.4% margin (up 17.9 points year over year). Of the extra revenue versus a year earlier, 91% reached operating profit, above the 5% margin then. Total costs grew 2% against revenue growth of 26%. Net earnings were $74.4M, up 593% year over year. The effective tax rate was 30.2%.
Operating cash flow was $177.0M (up 137% year over year), 239% of net earnings. Non-cash charges added back $3.3M of share-based compensation. Working capital and other items added $99.8M. Capital expenditures of $1.2M left free cash flow of $175.8M.
Questions
What was Oppenheimer Holdings' revenue in the fourth quarter 2025?
Oppenheimer Holdings (OPY) reported revenue of $473M for the fourth quarter 2025 (Q4 2025), +26% from a year earlier and +11% from the quarter before.
Was Oppenheimer Holdings profitable in the fourth quarter 2025?
Operating profit was $106M (22.4% of revenue) and net earnings $73.9M.