OPY

EX-99.1

2 ex991-20268xkq3pressrelease.htm

EX-99.1

Document

Exhibit 99.1

Oppenheimer Holdings Inc. Reports Third Quarter 2026 Earnings

New York, October 30, 2026 – Oppenheimer Holdings Inc. (NYSE: OPY) (the "Company" or "Firm") today reported net income of $5.5 million or $0.52 basic earnings per share for the third quarter of 2026, compared with net income of $21.7 million or $2.06 basic earnings per share for the third quarter of 2025. Revenue for the third quarter of 2026 was $382.0 million, a decrease of 10.0%, compared with revenue of $424.4 million for the third quarter of 2025. Year to date revenue totaled $1,282.0 million, an increase of 10.0%, compared with $1,165.4 million for the same period in 2025. Net income for the nine months ended September 30, 2026 was $12.2 million or $1.14 basic earnings per share, compared with net income of $74.0 million or $7.05 basic earnings per share for the same period in 2025.

Third quarter 2026 results were impacted by a $21.0 million pre-tax expense associated with a long-term employee incentive compensation program for financial advisors that is directly tied to the OPY stock price, which increased by $12.42 per share of Class A Stock during the quarter (from $105.54 to $117.96), compared to an $8.14 per share increase (from $65.77 to $73.91) during the same period last year. The Company changed the program formula beginning in 2026 to reduce the number of grants awarded, although it will take several years for the impact of the revised program formula to be fully reflected. Adjusted net income (a), a non-GAAP measure which excludes the impact of this item, was $20.9 million or $1.96 adjusted basic earnings per share (a) for the third quarter of 2026, compared with $31.7 million or $3.01 adjusted basic earnings per share (a) for the third quarter of 2025. For the nine months ended September 30, 2026, adjusted net income (a), which also excludes the $70 million pre-tax legal accrual related to the settlement of the Company's "cash sweep" litigation recorded in the first quarter of 2026, was $114.1 million or $10.68 adjusted basic earnings per share (a), compared with $88.1 million or $8.39 adjusted basic earnings per share (a) for the same period in 2025. Management believes these non-GAAP measures provide supplemental insight into the Company’s core operating performance.

Robert S. Lowenthal, President and CEO commented, "The Firm's operating results for the third quarter reflected generally constructive market conditions, although earnings were disappointing due to lower retail trading activity, reduced investment banking volumes and higher expense associated with the increased value of stock appreciation rights resulting from the change in the Company's stock price during the quarter. Client asset levels grew, with assets under management ("AUM") ending the quarter at a record-high level, and assets under administration ("AUA") remaining above the prior year levels. However, trading activity moderated from the elevated levels experienced during the prior year and IPO activity slowed as issuers faced an uncertain reception, and investors navigated an environment marked by interest rate uncertainty, continued inflation concerns and the approaching U.S. midterm election cycle.

Our Wealth Management business benefited from record high AUM levels, which drove increased advisory fee revenues, although reduced retail trading activity resulted in lower transaction-based revenues. Our Capital Markets business was impacted by lower advisory and underwriting activity as corporate clients took a more cautious approach to strategic transactions and capital raising initiatives were largely unavailable to smaller issuers during the quarter, while pockets of volatility provided opportunities for certain of our trading businesses.

The Company ended the quarter with stockholders' equity reaching a record high and ample levels of liquidity and capital. Our financial strength provides us with the flexibility to continue investing in our businesses and our people while pursuing opportunities for growth across the Firm."

1

Summary Operating Results (Unaudited)

('000s, except per share amounts or otherwise indicated)

Firm3Q-263Q-25

Revenue$382,004 $424,438

Compensation expenses$264,755 $290,222

Non-compensation expenses$108,457 $102,581

Pre-tax income$8,792 $31,635

Income tax provision$3,388 $9,923

Net income (1) $5,459 $21,712

Adjusted net income (Non-GAAP) (1)(a) $20,921 $31,679

Earnings per share (Basic) (1) $0.52 $2.06

Adjusted earnings per share (Basic) (Non-GAAP) (1)(a) $1.96 $3.01

Earnings per share (Diluted) (1) $0.47 $1.90

Adjusted earnings per share (Diluted)

(Non-GAAP) (1)(a) $1.81 $2.77

Book value per share$92.53 $87.47

Tangible book value per share (2) $75.89 $70.48

Wealth Management

Revenue$266,171 $259,726

Pre-tax income $55,631 $62,528

AUA (billions)$153.7 $143.5

AUM (billions)$59.6 $55.1

Capital Markets

Revenue$114,032 $162,145

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