The adjusted EPS of $4.27 is the clean read-through — GAAP $2.55 is noise from the stock-appreciation-rights charge that mechanically scales with OPY's own rising share price. Revenue growth of 21.9% with record AUM and a 93.7% surge in investment banking revenue confirms the momentum narrative from Q4 2025. The dividend increase to $0.20/share signals management confidence. Watch for continued advisory fee momentum and whether the compensation ratio normalizes as the revised grant formula takes effect over several years.
Price Chart
Executive Summary
Oppenheimer Holdings reported Q2 2026 GAAP EPS of $2.55 on revenue of $454.9M (+21.9% YoY), but headline results were heavily distorted by a $24.9M pre-tax stock appreciation rights expense tied to the rising OPY share price. Adjusted (non-GAAP) EPS was $4.27, up 61.7% YoY from $2.64, reflecting strong underlying momentum in Wealth Management (record AUM of $59.4B) and Capital Markets (investment banking revenue +93.7% YoY). The GAAP miss vs any consensus is noise — the adjusted numbers show a clean beat driven by broad-based revenue growth and operating leverage, though the Wealth Management segment saw pre-tax income decline 11.4% due to the compensation charge.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $454.9M, +21.9% YoY from $373.2M
- GAAP basic EPS $2.55 vs $2.06 YoY (+23.8%)
- Adjusted basic EPS (non-GAAP) $4.27 vs $2.64 YoY (+61.7%)
- Wealth Management AUM hit record $59.4B, +12.5% YoY
- Capital Markets pre-tax income swung to $22.5M profit from -$3.9M loss YoY
- Investment banking revenue $84.3M, +93.7% YoY driven by advisory fees +158.5%
- Quarterly dividend raised to $0.20/share from $0.18
- GAAP results include $24.9M pre-tax stock appreciation rights expense tied to OPY stock price increase
Financial Impact
Adjusted EPS of $4.27 represents a 61.7% YoY increase, driven by 21.9% revenue growth and strong operating leverage in Capital Markets (pre-tax margin improved from -3.1% to +12.6%)
Risk Factors
- Stock appreciation rights expense will continue to create GAAP volatility tied to OPY's own share price
- Wealth Management pre-tax income declined 11.4% YoY despite revenue growth, due to compensation cost inflation
- Bank deposit sweep income declined 12.9% YoY due to lower short-term interest rates
- Cash sweep litigation settlement ($70M pre-tax) recorded in Q1 2026 remains a cash flow overhang
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-051237 |
| Document: opy-20260731.htm | 0001628280-26-051237 |
| Document: 0001628280-26-051237-index-headers.html | 0001628280-26-051237 |
| Document: 0001628280-26-051237-index.html | 0001628280-26-051237 |
| Document: 0001628280-26-051237.txt | 0001628280-26-051237 |
| 8-K Data (Synthetic) | 0001628280-26-051237 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 31, 2026 12w ago | 8-K | $106.64 $103.09 | ▼ −3.33% | ▼ −5.78% | $105.13 (−1.42%) |
Jul 31, 2026 12w ago | Press Release | $106.64 $103.09 | ▼ −3.33% | ▼ −5.78% | $105.13 (−1.42%) |
May 4, 2026 25w ago | 8-K | $98.58 $109.79 | ▲ +11.37% | ▲ +9.52% | $105.13 (+6.64%) |
Mar 30, 2026 30w ago | Court Ruling | $87.56 $104.84 | ▲ +19.73% | ▲ +3.24% | $105.13 (+20.07%) |
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