Oppenheimer Holdings Inc. — Third Quarter 2026 Earnings Summary

Oppenheimer Holdings Inc. reported third-quarter 2026 net income of $5.5 million, or $0.52 per share, a significant decline from the $21.7 million reported in the same period of 2025. Total revenue for the quarter decreased 10.0% to $382.0 million, driven by lower investment banking volumes and reduced retail trading activity, though advisory fees rose due to record-high assets under management. The reported earnings were negatively impacted by a $21.0 million pre-tax expense related to stock appreciation rights tied to the company's rising stock price. Excluding this non-cash expense and a prior legal settlement, adjusted net income for the quarter was $20.9 million, or $1.96 per share.