Oppenheimer (OPY) Q4 2025 earnings summary

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.