Oppenheimer Holdings Inc. Reports First Quarter 2025 Earnings

About this update from Oppenheimer Holdings, Inc.

NEW YORK , April 25, 2025 /PRNewswire/ - Oppenheimer Holdings Inc. (NYSE: OPY) (the "Company" or "Firm") today reported net income of $30.7 million or $2.93 basic earnings per share for the first quarter of 2025, compared with net income of $26.1 million or $2.50 basic earnings per share for the first quarter of 2024. Revenue for the first quarter of 2025 was $367.8 million , an increase of 4.2%, compared to revenue of $353.1 million for the first quarter of 2024. Albert G. Lowenthal , Chairman and CEO commented, "The Firm's solid performance for the quarter underscores the ability of our diversified businesses to deliver profitable operating results in increasingly uncertain macroeconomic conditions. During the quarter, all major indices receded from prior quarter highs as the financial markets digested the new administration's swift policy changes on trade, immigration and government spending as well as initiatives on decreased regulation. Concerns that recently enacted tariffs would likely provoke a wider trade war and spur "stagflation" – a combination of slower growth and higher inflation – produced increased volatility and lower valuations for equity securities as well as pressure on the U.S. dollar. The likelihood of a recession has increased significantly, coupled with reduced consumer confidence and expectations for higher inflation resulting from increased import prices. There are dimmed hopes for a resumption of active capital market activity with little probability of increased corporate issuances of common stock through IPOs or secondaries. Should market declines persist, this will also negatively impact our assets under management ("AUM") and fees earned from that activity. We hope that recent market turbulence will convince policy makers that recent "on-off" announcements of market-moving policy is significantly impacting likely economic outcomes and that they will significantly reduce such activity. Notwithstanding the increasingly negative market sentiment, our Wealth Management business delivered strong results with a number of improvements over the prior year. The volatile markets spurred robust trading by our clients, driving higher retail commissions. Asset-based advisory fees also increased since AUM, while slightly reduced from recently established all-time highs, remained well above AUMs outstanding during the comparable period. A decline in our interest-sensitive revenues, partially offset these improvements due to lower short term interest rates and reduced FDIC sweep balances.  Our Capital Markets revenues exceeded prior year levels despite challenging market conditions that saw lower underwriting activity amid postponed transactions by corporate clients owing to policy uncertainties and volatile markets that put a damper on deal making activities and new issuance levels.  Institutional trading volumes increased in the volatile markets seen during the latter part of the 1 st quarter, which were favorable to our sales and trading revenues. The Firm ended the quarter with record equity levels and is well-positioned for our CEO-elect, Robert Lowenthal , to take advantage of the opportunities that lie ahead. I am confident that the Firm is heading into the next era with the right leadership team that will guide the Company to its best days yet. " Highlights Wealth Management Wealth Management reported revenue for the current quarter of $242.0 million , 1.7% higher compared with a year ago. Pre-tax income was $67.9 million in the current quarter, a decrease of 10.5% compared with a year ago. Financial advisor headcount at the end of the current quarter was 933, compared to 936 and 931 at the end of the first quarter of 2024 and fourth quarter of 2024, respectively. Revenue: Assets under Management (AUM): Total Expenses: Capital Markets Capital Markets reported revenue for the current quarter of $123.3 million , 10.0% higher when compared with the prior year period.  Pre-tax loss was $5.1 million compared with a pre-tax loss of $6.7 million a year ago. Revenue: Investment Banking Sales and Trading Total Expenses: Other Matters Company Information Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services. With roots tracing back to 1881, the Company is headquartered in New York and has 89 retail branch offices in the United States and institutional businesses located in London , Tel Aviv , and Hong Kong . Forward-Looking Statements This press release includes certain "forward-looking statements" relating to anticipated future performance. For a discussion of the factors that could cause future performance to be different than anticipated, reference is made to Factors Affecting "Forward-Looking Statements" and Part 1A – Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. View original content: https://www.prnewswire.com/news-releases/oppenheimer-holdings-inc-reports-first-quarter-2025-earnings-302437945.html SOURCE Oppenheimer Holdings Inc.

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