OPY 8-K
Oppenheimer Holdings Inc (OPY)
8-K
2026-02-02
For: 2026-02-02
View Original
Added on
April 11, 2026
As filed with the Securities and Exchange Commission on February 2, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 2, 2026
(Exact name of registrant as specified in its charter)
Commission File Number 1-12043
| (State or other jurisdiction of | (I.R.S. Employer | |||||||
| incorporation or organization) | Identification No.) | |||||||
(Address of principal executive offices) (Zip Code)
(212 ) 668-8000
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
SECTION 7 – REGULATION FD
ITEM 7.01 Regulation FD Disclosure.
On February 2, 2026 , Oppenheimer Holdings Inc. (the “Company”) posted to the Investor Relations page of its website, www.oppenheimer.com, a presentation to investors regarding the Company in the form of the slides containing the information attached to this Current Report on Form 8-K as Exhibit 99.1 (the “Slides”). The Company may use the Slides, in whole or in part, and possibly with minor modifications, in connection with presentations to investors after such date.
By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.
The information contained in the Slides is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.
In accordance with General Instruction B.2 of this Current Report on Form 8-K, the information presented in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.
SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01. Financial Statements and Exhibits.
(d)Exhibits:
The following Exhibit is submitted herewith:
99.1 Investor Presentation (Fourth Quarter and Full Year 2025 Investor Update) posted on February 2, 2026
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Oppenheimer Holdings Inc.
Date: February 2, 2026 By: /s/ Brad M. Watkins --------------------------------- Brad M. Watkins Chief Financial Officer (Duly Authorized Officer and Principal Financial and Accounting Officer) | ||
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EXHIBIT INDEX
| Exhibit Number | Description | ||||
4
Oppenheimer Holdings Inc. Fourth Quarter and Full Year 2025 Investor Update
Safe Harbor Statement This presentation and other written or oral statements made from time to time by representatives of Oppenheimer Holdings Inc. ("Oppenheimer” or the “company”) may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may relate to such matters as anticipated financial performance, future revenues or earnings, business prospects, new products or services, anticipated market performance and similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the company’s current beliefs, expectations and assumptions regarding the future of the company’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the company’s control. The company cautions that a variety of factors could cause the company’s actual results to differ materially from the anticipated results or other expectations expressed in the company’s forward-looking statements. These risks and uncertainties include, but are not limited to, those risk factors discussed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025 (the “2024 10-K”) and Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 filed with the SEC on October 31, 2025 (the “2025 10-Q3”). In addition, important factors that could cause actual results to differ materially from those in the forward-looking statements include those factors discussed in Part I, “Item 2. Management’s Discussion & Analysis of Financial Condition and Results of Operations” of the 2025 10-Q3. Any forward-looking statements herein are qualified in their entirety by reference to all such factors discussed in the 2024 10-K, the 2025 10-Q3 and the company’s other SEC filings. There can be no assurance that the company has correctly or completely identified and assessed all of the factors affecting the company’s business. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made by the company in this presentation is based only on information currently available to the company and speaks only as of the date on which it is made. The company does not undertake any obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. 2
Oppenheimer is a leading investment bank and full-service investment firm that provides financial services and advice to high net worth investors, individuals, businesses and institutions. 3 • Hong Kong, China• London, UK • Geneva, Switzerland • St. Helier, Isle of Jersey • Tel Aviv, Israel (1) Represents book value less goodwill and intangible assets divided by number of shares outstanding. (2) Attributable to Oppenheimer Holdings Inc. (3) Does not reflect the $1.00/share special dividend, which was paid in January 2026. $148.4 million Net Income in 2025 $1.6 billion Revenue in 2025 Business Overview Oppenheimer Snapshot (as of 12/31/2025) Listed NYSE Ticker: OPY Stockholders' Equity ($M)(2): $983.8 Market Cap ($M): $760.56 Book Value per Share: $93.81 Tangible Book Value per Share:(1) $76.78 Share Price: $72.29 4Q-25 Earnings per Share (Basic)(2): $7.08 4Q-25 Earnings per Share (Diluted)(2): $6.51 2025 Earnings per Share (Basic)(2): $14.13 2025 Earnings per Share (Diluted)(2): $13.04 P/E Ratio (TTM): 5.12 Dividend Yield (TTM)(3): 1.00% Employees: 2,947 # of Financial Advisors: 924 Retail Branches in the US: 88 Client Assets under Administration ($B): $143.3 Assets Under Management ($B): $55.2 .
Compensation expenses modestly increased from the prior year quarter largely as a result of higher production and incentive compensation-related expenses partially offset by lower costs associated with share appreciation rights Summary Operating Results: 4Q-25 vs. 4Q-24 (Unaudited) 4 Highlights ($000’s, except otherwise indicated) For the 3-Months Ended REVENUE 12/31/2025 12/31/2024 % Change Commissions $ 122,828 $ 113,726 8.0 % Advisory fees 166,604 129,758 28.4 % Investment banking 97,748 44,606 119.1 % Bank deposit sweep income 27,733 32,364 (14.3)% Interest 39,737 35,932 10.6 % Principal transactions, net 11,805 12,012 (1.7)% Other 6,175 7,019 (12.0)% Total Revenue 472,630 375,417 25.9 % EXPENSES Compensation and related expenses 260,119 256,439 1.4 % Non-compensation related expenses 106,541 101,911 4.5 % Total Expenses 366,660 358,350 2.3 % Pre-tax income 105,970 17,067 520.9 % Net income attributable to Oppenheimer Holdings Inc. $ 74,362 $ 10,729 593.1 % Earnings per share (Basic)1 $ 7.08 $ 1.04 580.8 % Earnings per share (Diluted)1 $ 6.51 $ 0.92 607.6 % The Capital Markets segment generated near record quarterly revenue, driven by a meaningful increase in investment banking activity AUM at December 31, 2025 were at record levels due to market appreciation Non-compensation expenses increased from the prior year quarter primarily due to higher underwriting and technology-related expenses Total stockholders' equity, book value and tangible book value per share reached new record highs as a result of positive earnings Improved results in the Wealth Management segment driven by higher advisory fees attributable to a rise in billable assets under management ("AUM") and an increase in incentive fees from alternative investments 1 Attributable to Oppenheimer Holdings Inc. Record high quarterly revenue of $472.6 million, basic earnings per share of $7.08 and diluted earnings per share of $6.51
Summary Operating Results: 2025 vs. 2024 (Unaudited) 5 Highlights ($000’s, except otherwise indicated) For the 12-Months Ended REVENUE 12/31/2025 12/31/2024 % Change Commissions $ 464,415 $ 409,710 13.4 % Advisory fees 555,439 483,433 14.9 % Investment banking 266,392 176,447 51.0 % Bank deposit sweep income 114,811 138,770 (17.3)% Interest 152,982 135,537 12.9 % Principal transactions, net 50,214 54,684 (8.2)% Other 33,818 33,915 (0.3)% Total Revenue 1,638,071 1,432,496 14.4 % EXPENSES Compensation and related expenses 1,016,506 936,814 8.5 % Non-compensation related expenses 410,374 389,925 5.2 % Total Expenses 1,426,880 1,326,739 7.5 % Pre-tax income 211,191 105,757 99.7 % Net income attributable to Oppenheimer Holdings Inc. $ 148,403 $ 71,557 107.4 % Earnings per share (Basic)1 $ 14.13 $ 6.91 104.5 % Earnings per share (Diluted)1 $ 13.04 $ 6.37 104.7 % Improved results in the Wealth Management segment driven by record high full year retail commissions and record high full year advisory fees attributable to a rise in billable AUM and an increase in incentive fees Record high revenue of $1.6 billion, basic earnings per share of $14.13 and diluted earnings per share of $13.04 Compensation expenses increased from the prior year largely as a result of higher production- related expenses and incentive compensation accruals Profitable results in the Capital Markets segment driven by increased investment banking activity in addition to higher sales and trading revenue The effective tax rate for the 2025 year improved to 29.9% compared with 32.6% for the prior year as the impact of certain unfavorable permanent items and nondeductible foreign losses was reduced due to higher income levels Returned value to shareholders by declaring a $1.00 per share special dividend payable in January 2026 while repurchasing 46,292 shares during the year at an average price of $64.36 per share 1 Attributable to Oppenheimer Holdings Inc.
6 Select Financial Measures Earnings per Share ($)1 Net Income ($M)1Revenue ($M) Stockholders’ Equity ($M)1 1 Attributable to Oppenheimer Holdings Inc.
7 Segment Revenue Breakdown 4Q-25 vs. 4Q-24 Pre-Tax Income Breakdown by Segment ($M)Revenue Breakdown by Segment ($M) Wealth Management Capital Markets 4Q-25 Revenue $472.6 M 4Q-24 Revenue $375.4 M $2.4 Corp/Other $2.6 Corp/Other 61% 39% 68% 32%
8 Segment Revenue Breakdown 2025 vs. 2024 Wealth Management Capital Markets 2025 Revenue $1,638.1 M 2024 Revenue $1,432.5 M $11.4 Corp/Other $12.8 Corp/Other 63% 36% 31% 68% Revenue Breakdown by Segment ($M) Pre-Tax Income Breakdown by Segment ($M)
9 Wealth Management Well-recognized brand and one of the few independent, non-bank broker-dealers with full service capabilities Retail Services • Full-Service Brokerage • Financial Planning, Retirement Services, Insurance Solutions, Corporate & Executive Services & Trust Services • Margin & Securities Lending Advisory Services • Investment Policy Design & Implementation • Asset Allocation & Portfolio Construction • Research, Diligence & Manager Selection • Portfolio Monitoring & Reporting Retail Investments • Hedge Funds & Fund-of-Funds • Private Equity • Private Market Opportunity (Qualified Investors only) to source investments across the private markets continuum Wealth Management Revenue ($M) Pre-Tax Income ($M) and Pre-Tax Margin (%) 924 Financial Advisors At 12/31/2025 $143.3B Assets under Administration At 12/31/2025 $55.2B Assets under Management At 12/31/2025 14.9% Advisory Fees 2025 vs 2024 18% 23% 25% 27% 28%
18.4% Sales & Trading Revenues 2025 vs 2024 56.2% Investment Banking Revenues 2025 vs 2024 Capital Markets A leading capital markets business providing sophisticated investment banking, research and trading solutions Healthcare Technology Transportation & Logistics Financial Institutions Consumer & Retail Industrials & Energy Capital Markets Revenue Breakdown 2025 Capital Markets Revenue ($M) Investment Banking Focus IndustriesInstitutional Equities • Sales and Trading • Equity Research − 36 senior research analysts covering ~675 companies • Corporate Access (Conferences & NDRs) Investment Banking • Mergers & Acquisitions • Equity Capital Markets • Debt Capital Markets • Restructuring & Special Situations Fixed Income • Taxable Fixed Income Sales & Trading • Non-Taxable Fixed Income Sales & Trading • Public Finance 2025 $591.3M $32.7 5% 10
11 Capital Structure Book & Tangible Book Value per Share ($) Liquidity & Capital • Stockholders’ equity of $983.8 million as of December 31, 2025 • Book value of $93.81 and tangible book value of $76.78 per share at record levels largely as a result of positive earnings • The Board of Directors announced a quarterly dividend in the amount of $0.18 per share for the fourth quarter of 2025 payable on February 27, 2026 to holders of Class A non-voting and Class B voting common stock of record on February 13, 2026 As of December 31, 2025 ($ in thousands) Total Assets: $3,722,415 Stockholders’ Equity: $ 983,823 Broker-Dealer Regulatory Capital ($ in millions) Regulatory Net Capital: $ 485.1 Regulatory Excess Net Capital: $ 457.8 93.81 65.66 72.41 76.72 82.31 Short-term Borrowings
