Document

New York, October 31, 2025 – Oppenheimer Holdings Inc. (NYSE: OPY) (the "Company" or "Firm") today reported net income of $21.7 million or $2.06 basic earnings per share for the third quarter of 2025, compared with net income of $24.5 million or $2.38 basic earnings per share for the third quarter of 2024. Third quarter 2025 results were significantly impacted by higher pre-tax compensation expenses for liability-based awards totaling $13.5 million or $0.95 basic earnings per share (after tax), attributable to an increase in the OPY Class A share price (increased $8.30 per share during the quarter). Revenue for the third quarter of 2025 was $424.4 million, an increase of 13.7%, compared to revenue of $373.4 million for the third quarter of 2024.

Robert S. Lowenthal, President and CEO commented, "I am very pleased with our third quarter operating performance which saw a substantial increase in investment banking revenues amid a still-favorable capital raising environment. Market concerns about lingering inflation, a weakening labor market and eroding central bank independence were outweighed by the positive sentiments emanating from the Federal Reserve embarking on a new rate cutting cycle. In addition, continuing enthusiasm around the potential for spending related to the utilization of artificial intelligence (AI) resulted in extended rallies that pushed all major indices to new record highs in September. These conditions spurred a significant rise in new equity issuance volumes and resulted in significantly higher investment banking revenues during the third quarter.

The momentum in the financial markets also provided a positive backdrop for our Wealth Management business, as rising markets propelled assets under management (“AUM”) to a new all-time high. This in turn drove higher fee-based revenues while strong investor sentiment also led to higher transaction volumes and commissions. Our Wealth Management results, however, were adversely impacted by reduced interest-sensitive sweep income largely due to lower average sweep balances and rates.

With three-quarters of the year now behind us, we have already exceeded the Company’s full year 2024 operating results. As we enter the fourth quarter, we remain focused on our clients, helping them raise, manage and allocate their capital. Our success is a reflection of good client outcomes and long-term relationships built over many market cycles. We are optimistic about the future and the many investment opportunities available, while remaining cautious and vigilant about the uncertainties that could emerge."


Summary Operating Results (Unaudited)
('000s, except per share amounts or otherwise indicated)
Firm	3Q-25		3Q-24
Revenue	$	424,438	$	373,352
Compensation Expenses	$	290,222	$	237,935
Non-compensation Expenses	$	102,581	$	100,047
Pre-Tax Income	$	31,635	$	35,370
Income Tax Provision	$	9,923	$	10,862
Net Income (1)	$	21,712	$	24,508
Earnings Per Share (Basic) (1)	$	2.06	$	2.38
Earnings Per Share (Diluted) (1)	$	1.90	$	2.16
Book Value Per Share	$	87.47	$	81.10
Tangible Book Value Per Share (2)	$	70.48	$	64.03

Wealth Management
Revenue	$	259,726	$	246,049
Pre-Tax Income	$	62,528	$	72,015
Assets Under Administration (billions)	$	143.5	$	129.8
Assets Under Management (billions)	$	55.1	$	49.1
Capital Markets
Revenue	$	162,145	$	124,030
Pre-Tax Income (Loss)	$	12,289	$	(6,144)

(1) Attributable to Oppenheimer Holdings Inc.
(2) Represents book value less goodwill and intangible assets divided by number of shares outstanding.

Highlights

•Higher revenue for the third quarter of 2025 was primarily driven by robust equity underwriting volumes, an increase in transaction-based commissions and greater advisory fees attributable to a rise in billable AUM

•Rising equities markets propelled both assets under administration and assets under management to new record highs at September 30, 2025

•Compensation expenses increased from the prior year quarter largely as the result of greater production-related expenses, higher bonus accruals and elevated costs associated with stock appreciation rights tied to the Company's share price

•Non-compensation expenses increased from the prior year quarter primarily due to higher underwriting and technology-related expenses partially offset by lower interest costs

•Total stockholders' equity, book value and tangible book value per share reached new record highs as a result of positive earnings

•Retail commissions increased 12.7% from the prior year period primarily due to higher retail transaction volumes

•Advisory fees increased 10.5% due to higher AUM during the billing period

•Bank deposit sweep income decreased $6.5 million from a year ago due to lower average cash sweep balances and lower short-term interest rates

•Interest revenue decreased 8.0% from a year ago primarily due to lower short-term interest rates

•Other revenue increased slightly from a year ago due to a number of items, including an increase in the cash surrender value of Company-owned life insurance policies, which fluctuates based on changes in the fair value of the policies' underlying investments and greater death benefit insurance proceeds

Assets under Management (AUM):

•AUM reached a record high of $55.1 billion at September 30, 2025, which is the basis for advisory fee billings for October 2025

•The increase in AUM from the prior year period was comprised of higher asset values of $6.8 billion on existing client holdings, offset by net distributions of $0.8 billion including remittances

Total Expenses:

•Compensation expenses increased 18.9% from the prior year period primarily due to higher production related expenses and elevated expenses associated with share appreciation rights

•Non-compensation expenses were flat from a year ago


('000s, except otherwise indicated)
	3Q-25			3Q-24

Revenue	$	259,726		$	246,049
Commissions	$	61,862		$	54,872
Advisory Fees	$	134,396		$	121,619
Bank Deposit Sweep Income	$	28,349		$	34,875
Interest	$	22,381		$	24,331
Other	$	12,738		$	10,352

Total Expenses	$	197,198		$	174,034
Compensation	$	148,978		$	125,270
Non-compensation	$	48,220		$	48,764

Pre-Tax Income	$	62,528		$	72,015

Compensation Ratio	57.4		%	50.9		%
Non-compensation Ratio	18.6		%	19.8		%
Pre-Tax Margin	24.1		%	29.3		%

Assets Under Administration (billions)	$	143.5		$	129.8
Assets Under Management (billions)	$	55.1		$	49.1
Cash Sweep Balances (billions)	$	2.8		$	2.8

Revenue:

Investment Banking

•Advisory fees earned from investment banking activities decreased 33.3% compared with the prior year period primarily due to the absence of a large restructuring related transaction that closed in the prior year period

•Equities underwriting fees increased significantly when compared with the prior year period due to robust underwriting volumes with large completed transactions in the financial institutions and technology sectors

Sales and Trading

•Equities sales and trading revenue increased 32.5% compared with the prior year period mostly due to higher overall trading volumes, including greater options-related commissions

•Fixed income sales and trading revenue increased 8.0% compared with a year ago largely due to higher trading volumes and interest income on trading inventory

Total Expenses:

•Compensation expenses increased 21.2% compared with the prior year period largely due to greater production-related expenses and higher incentive compensation accruals

•Non-compensation expenses were modestly higher than a year ago primarily due to an increase in underwriting expenses associated with increased activity


('000s)
	3Q-25			3Q-24

Revenue	$	162,145		$	124,030

Investment Banking	$	75,045		$	50,098
Advisory Fees	$	21,865		$	32,798
Equities Underwriting	$	48,326		$	12,588
Fixed Income Underwriting	$	3,818		$	4,390
Other	$	1,036		$	322

Sales and Trading	$	86,753		$	72,755
Equities	$	44,139		$	33,303
Fixed Income	$	42,614		$	39,452

Other	$	347		$	1,177

Total Expenses	$	149,856		$	130,174
Compensation	$	106,245		$	87,649
Non-compensation	$	43,611		$	42,525

Pre-Tax Income (Loss)	$	12,289		$	(6,144)

Compensation Ratio	65.5		%	70.7		%
Non-compensation Ratio	26.9		%	34.3		%
Pre-Tax Margin	7.6		%	(5.0)		%

•The Board of Directors announced a quarterly dividend of $0.18 per share payable on November 28, 2025 to holders of Class A non-voting and Class B voting common stock of record on November 14, 2025

•Compensation expense as a percentage of revenue was higher at 68.4% during the current period versus 63.7% during the same period last year

•The effective tax rate for the current period was 31.4%, slightly higher when compared with 30.7% for the prior year period due to the impact of certain unfavorable permanent items


(In millions, except number of shares and per share amounts)
	3Q-25			3Q-24
Capital
Stockholders' Equity (1)	$	920.3		$	837.8
Regulatory Net Capital (2)	$	383.0		$	487.5
Regulatory Excess Net Capital (2)	$	351.7		$	464.6

Common Stock Repurchases
Repurchases	$	—		$	0.3
Number of Shares	—			5,981
Average Price	$	—		$	49.30

Period End Shares	10,520,549			10,331,401
Effective Tax Rate	31.4		%	30.7		%

(1) Attributable to Oppenheimer Holdings Inc.
(2) Attributable to Oppenheimer & Co. Inc. broker-dealer

Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services. With roots tracing back to 1881, the Company is headquartered in New York and has 88 retail branch offices in the United States and institutional businesses located in London, Tel Aviv, and Hong Kong.


Oppenheimer Holdings Inc.
Consolidated Income Statements (Unaudited)
('000s, except number of shares and per share amounts)

		For the Three Months Ended September 30,					For the Nine Months Ended September 30,
		2025		2024		% Change	2025		2024		% Change
REVENUE
	Commissions	$	120,684	$	103,079	17.1	$	341,587	$	295,984	15.4
	Advisory fees	134,404		121,631		10.5	388,835		353,675		9.9
	Investment banking	77,488		52,185		48.5	168,644		131,841		27.9
	Bank deposit sweep income	28,349		34,875		(18.7)	87,078		106,406		(18.2)
	Interest	38,859		38,034		2.2	113,245		99,605		13.7
	Principal transactions, net	14,902		14,364		3.7	38,409		42,672		(10.0)
	Other	9,752		9,184		6.2	27,643		26,896		2.8
	Total revenue	424,438		373,352		13.7	1,165,441		1,057,079		10.3
EXPENSES
	Compensation and related expenses	290,222		237,935		22.0	756,387		680,375		11.2
	Communications and technology	25,938		24,602		5.4	78,324		73,860		6.0
	Occupancy and equipment costs	15,971		16,240		(1.7)	47,558		47,604		(0.1)
	Clearing and exchange fees	6,850		7,125		(3.9)	21,643		19,747		9.6
	Interest	22,496		24,103		(6.7)	66,421		66,631		(0.3)
	Other	31,326		27,977		12.0	89,887		80,172		12.1
	Total expenses	392,803		337,982		16.2	1,060,220		968,389		9.5

Pre-tax income		31,635		35,370		(10.6)	105,221		88,690		18.6
Income tax provision		9,923		10,862		(8.6)	31,180		28,172		10.7
Net income		$	21,712	$	24,508	(11.4)	$	74,041	$	60,518	22.3

Less: Net loss attributable to non-controlling interest, net of tax		—		—			—		(310)
Net income attributable to Oppenheimer Holdings Inc.		$	21,712	$	24,508	(11.4)	$	74,041	$	60,828	21.7

Earnings per share attributable to Oppenheimer Holdings Inc.
	Basic	$	2.06	$	2.38	(13.4)	$	7.05	$	5.87	20.1
	Diluted	$	1.90	$	2.16	(12.0)	$	6.53	$	5.45	19.8

Weighted average number of common shares outstanding
	Basic	10,519,722		10,332,927		1.8	10,502,101		10,355,982		1.4
	Diluted	11,450,346		11,277,865		1.5	11,349,801		11,156,536		1.7

Period end number of common shares outstanding		10,520,549		10,331,401		1.8	10,520,549		10,331,401		1.8