The strong core operating performance, especially in Capital Markets advisory and Wealth Management AUM growth, supports a positive outlook. However, the stock appreciation rights expense will continue to distort GAAP earnings as long as the stock appreciates. Monitor Q3 for sustained investment banking momentum and any change in the compensation program's impact.
Price Chart
Executive Summary
Oppenheimer Holdings reported strong Q2 2026 results with revenue of $454.9M (+21.9% YoY) and GAAP EPS of $2.55 (+23.8% YoY), driven by record AUM in Wealth Management and a sharp rebound in Capital Markets (pre-tax swing from -$3.9M to +$22.5M). Adjusted EPS (non-GAAP) of $4.27 (+61.7% YoY) excludes a $24.9M stock appreciation rights charge tied to the stock's 18.3% quarterly rise, underscoring core operating momentum.
Key Facts
- Revenue $454.9M vs $373.2M in Q2 2025, +21.9% YoY
- GAAP net income $27.4M, EPS $2.55 basic / $2.38 diluted
- Adjusted net income $45.7M, adjusted EPS $4.27 basic / $3.98 diluted
- Wealth Management AUM record $59.4B (+12.5% YoY); AUA $154.7B
- Capital Markets revenue $179.2M (+45.7% YoY), pre-tax income $22.5M vs loss of $3.9M
- Investment banking advisory fees surged 158.5% to $58.1M
- Quarterly dividend maintained at $0.20/share
- Stock appreciation rights expense of $24.9M (pre-tax) due to stock price increase
Financial Impact
Revenue growth of 21.9% and adjusted EPS growth of 61.7% YoY; GAAP EPS impacted by $2.33/share non-cash stock appreciation rights charge
Risk Factors
- Stock appreciation rights expense is volatile and directly tied to OPY's share price, creating GAAP earnings noise
- Bank deposit sweep income declined 12.9% YoY due to lower short-term interest rates
- Wealth Management pre-tax margin compressed to 20.4% from 25.5% due to higher compensation costs
- H1 2026 GAAP net income of $6.8M was depressed by $70M legal accrual for cash sweep litigation settlement
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302839555 |
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% | $105.00 (−1.53%) |
Jul 31, 2026 12w ago | Press Release | $106.64 $103.09 | ▼ −3.33% | ▼ −5.78% | $105.00 (−1.53%) |
May 4, 2026 25w ago | 8-K | $98.58 $109.79 | ▲ +11.37% | ▲ +9.52% | $105.00 (+6.52%) |
Mar 30, 2026 30w ago | Court Ruling | $87.56 $104.84 | ▲ +19.73% | ▲ +3.24% | $105.00 (+19.92%) |
US Market Status
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