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Oppenheimer (OPY) investor relations material
Oppenheimer Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net income for Q4 2025 was $74.4M ($7.08 basic EPS), up 593.1% year-over-year; full-year net income was $148.4M ($14.13 basic EPS), up 107.4% year-over-year.
Q4 2025 revenue reached $472.6M, a 25.9% increase year-over-year; full-year revenue was $1.64B, up 14.4% year-over-year.
Record gross revenue and EPS for both the quarter and full year, driven by strong performance in both Wealth Management and Capital Markets.
Favorable macroeconomic conditions, including rising equity markets and AI investment, supported results.
Financial highlights
Q4 2025 pre-tax income was $106.0M, up from $17.1M in Q4 2024; full-year pre-tax income was $211.2M, up from $105.8M.
Book value per share at year-end was $93.81, up from $82.31; tangible book value per share was $76.78, up from $64.96.
Compensation expense as a percentage of revenue improved to 62.1% in 2025 from 65.4% in 2024.
Effective tax rate for 2025 was 29.9%, down from 32.6% in 2024.
Outlook and guidance
Management expects continued momentum in 2026, with strong underpinnings for equity markets and investment banking.
The firm remains well-positioned to capitalize on evolving market and economic conditions.
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Net income up 11.7% YoY, shareholder returns at 50.2%, CET1 ratio at 13.33%. - RM
Record 2025 net income, originations, and efficiency set up strong 2026 growth outlook. - KPIL
27% YOY revenue growth, strong profit and order book, and improved debt metrics drive outlook. - FSV
Annual revenues rose 5% to $5.50B, led by Residential growth and improved profitability. - HEXT
Revenue up 7.6% YoY, margin expands, and AI and acquisitions drive future growth. - 4188
Net income surged on discontinued operations gains, but outlook cut due to restructuring costs. - 021240
Record-high profits and strong rental growth, with overseas expansion led by Malaysia and Thailand. - 021240
Record revenue and profit growth in 2Q'25, led by robust domestic and overseas performance. - 021240
Record-high revenue and net profit in 3Q'24, driven by robust rental growth and overseas expansion. - 021240
Record revenue and profit, with strong growth in rental accounts and overseas markets.
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