$OPY

OPPENHEIMER HOLDINGS INC

CIK:0000791963|SEC Filings

CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenue

Commissions

$ 127,538

$ 110,025

$ 255,879

$ 220,903

Advisory fees

145,565

125,628

287,283

254,431

Investment banking

84,332

43,533

182,052

91,156

Bank deposit sweep income

24,955

28,654

51,073

58,729

Interest

39,293

38,017

76,824

74,386

Principal transactions, net

16,239

14,532

27,026

23,507

Other

16,954

12,789

19,834

17,891

Total revenue

454,876

373,178

899,971

741,003

Expenses

Compensation and related expenses

307,141

239,074

603,142

466,165

Communications and technology

27,836

26,204

54,402

52,386

Occupancy and equipment costs

15,507

15,578

31,282

31,587

Clearing and exchange fees

7,969

7,041

14,330

14,793

Interest

19,882

22,529

38,568

43,925

Other (1)

^[1]

37,096

30,542

145,803

58,561

Total expenses

415,431

340,968

887,527

667,417

Pre-tax income

39,445

32,210

12,444

73,586

Income tax provision

12,094

10,536

5,662

21,257

Net income

27,351

21,674

6,782

52,329

Net income attributable to noncontrolling interest, net of tax

Net income attributable to Oppenheimer Holdings Inc.

$ 27,351

$ 21,674

$ 6,773

$ 52,329

Earnings per share attributable to Oppenheimer Holdings Inc.

Basic (in dollars per share)

$ 2.55

$ 2.06

$ 0.63

$ 4.99

Diluted (in dollars per share)

$ 2.38

$ 1.91

$ 0.60

$ 4.63

Weighted average shares outstanding

Basic (in shares)

10,708,005

10,520,219

10,675,637

10,493,145

Diluted (in shares)

11,483,286

11,349,049

11,380,760

11,308,979

Period end shares outstanding (in shares)

10,708,005

10,517,924

10,708,005

10,517,924

[1]	Included in other expenses for the six months ended June 30, 2026 was a $70 million expense related to the settlement of the “cash sweep” program litigation. See Note 13.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 6,782	$ 52,329
Non-cash items included in net income:
Depreciation and amortization of furniture, equipment and leasehold improvements	5,076	5,527
Deferred income taxes	(8,623)	1,874
Amortization of intangible assets	333	333
Amortization of notes receivable	8,087	8,968
Provision for (reversal of) credit losses	34	(6)
Paid-in-kind interest	(179)	(52)
Share-based compensation	55,674	12,316
Amortization of right-of-use lease assets	13,604	12,901
Decrease (increase) in operating assets:
Deposits with clearing organizations	(50,661)	(44,123)
Receivables from brokers, dealers and clearing organizations	(57,227)	(48,703)
Receivables from customers	(135,758)	(72,678)
Income tax receivable	(4,591)	(1,164)
Securities owned	(281,576)	(148,712)
Notes receivable	(3,604)	(5,353)
Company-owned life insurance	(6,780)	(5,217)
Other assets	10,217	7,291
Increase (decrease) in operating liabilities:
Drafts payable	(11,166)	(9,533)
Payables to brokers, dealers and clearing organizations	225,454	273,363
Payables to customers	30,085	5,700
Securities sold under agreements to repurchase	(14,076)	(78,631)
Securities sold but not yet purchased	75,112	104,449
Accrued compensation	(75,062)	(104,109)
Income tax payable	(15,365)	(3,789)
Accounts payable and other liabilities	(10,797)	(14,652)
Cash used in operating activities	(245,007)	(51,671)
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	(2,030)	(2,808)
Proceeds from the settlement of company-owned life insurance	1,598	1,549
Cash used in investing activities	(432)	(1,259)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(14,556)	(3,788)
Repurchase of Class A non-voting common stock for cancellation	0	(671)
Payments for employee taxes withheld related to vested share-based awards	(13,057)	(9,843)
Increase in bank call loans	273,100	71,700
Cash provided by financing activities	245,487	57,398
Net increase in cash and cash equivalents	48	4,468
Cash and cash equivalents, beginning of period	38,405	33,150
Cash and cash equivalents, end of period	38,453	37,618
Schedule of non-cash financing activities
Employee share plan issuance	14,338	10,396
Supplemental disclosure of cash flow information
Cash paid during the period for interest	19,723	21,965
Cash paid during the period for income taxes, net	$ 34,032	$ 24,195

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 38,453	$ 38,405
Deposits with clearing organizations	158,268	107,607
Receivables from brokers, dealers and clearing organizations	317,228	260,001
Receivables from customers, net of allowance for credit losses of $166 ($131 in 2025)	1,550,773	1,415,049
Income tax receivables	5,997	1,406
Securities owned, including amounts pledged of $1,226,378 ($1,179,503 in 2025), at fair value	1,532,557	1,250,802
Notes receivable, net	53,482	57,965
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $106,912 ($101,962 in 2025)	29,356	32,402
Right-of-use lease assets, net of accumulated amortization of $150,336 ($137,005 in 2025)	108,822	119,111
Company-owned life insurance	115,874	109,094
Goodwill	143,607	143,607
Intangible assets	34,709	35,042
Other assets	141,600	151,924
Total Assets	4,230,726	3,722,415
Liabilities
Drafts payable	7,181	18,347
Bank call loans	349,900	76,800
Payables to brokers, dealers and clearing organizations	623,451	397,997
Payables to customers	423,779	393,694
Securities sold under agreements to repurchase	983,116	997,192
Securities sold but not yet purchased, at fair value	250,824	175,712
Accrued compensation	346,537	374,420
Income tax payable	275	15,640
Accounts payable and other liabilities	69,266	73,600
Lease liabilities	141,185	154,928
Deferred tax liabilities, net of deferred tax assets of $59,589 ($50,032 in 2025)	38,557	47,056
Total Liabilities	3,234,071	2,725,386
Commitments and contingencies (Note 13)
Stockholders' Equity
Common stock ($0.001 par value per share): Class A: shares issued and outstanding: 10,608,340 and 10,387,575 as of June 30, 2026 and December 31, 2025, respectively Class B: shares issued and outstanding: 99,665 as of each of June 30, 2026 and December 31, 2025	11	10
Additional paid-in capital	28,124	32,703
Retained earnings	950,117	947,413
Accumulated other comprehensive income	5,188	3,697
Total Oppenheimer Holdings Inc. stockholders' equity	983,440	983,823
Noncontrolling interest	13,215	13,206
Total Stockholders' Equity	996,655	997,029
Total Liabilities and Stockholders' Equity	$ 4,230,726	$ 3,722,415