OPPENHEIMER HOLDINGS INC — Form 8-K
Filed November 2, 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 $5.5M ($0.52 EPS) vs. $21.7M ($2.06 EPS) in Q3 2025—a 75% decline. Revenue fell 10% to $382.0M from $424.4M, driven by a 57% drop in investment banking revenue ($33.2M vs. $77.5M) and 64% decline in principal transactions ($5.4M vs. $14.9M), partially offset by 15% growth in advisory fees ($154.9M). YTD 2026 net income fell 84% to $12.2M ($1.14 EPS) despite a 10% YTD revenue increase; the decline reflects a $70M litigation settlement accrual (class action 'cash sweep' case) and $68M in stock appreciation rights expense. Stockholders' equity reached record $991.1M; tangible book value per share $75.89; market cap $1.26B.
Why this rating
Q3 net income collapse (75% YoY) and 84% YTD decline material; YTD revenue +10% masks underlying weakness. Investment banking decline severe. $70M litigation settlement ~7% of equity. Near-term headwind; offset slightly by record equity and AUM growth.
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