OPPENHEIMER HOLDINGS INC — Form 8-K
Filed October 30, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 42/100
What the filing says
Oppenheimer Holdings reported Q3 2026 net income of $5.5 million ($0.52 EPS) vs. $21.7 million ($2.06 EPS) YoY, a 75% decline. Revenue fell 10% to $382.0M from $424.4M, driven by 29.7% Capital Markets revenue drop ($114.0M vs. $162.1M) and lower retail trading. A $21.0M pre-tax stock appreciation rights expense hit results as OPY stock rose $12.42/share during the quarter. YTD revenue grew 10% to $1,282.0M, but YTD net income fell 84% to $12.2M ($1.14 EPS) vs. $74.0M ($7.05 EPS), also including a $70M litigation settlement accrual recorded in Q1 2026.
Why this rating
Earnings collapse is substantial but mostly driven by non-operating items (stock comp, litigation). Core asset gathering (record AUM $59.6B) remains solid. Modest relative to company's $685M market cap but signals real operational headwinds in trading/banking.
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