Oppenheimer (OPY) investor relations material

Executive summary

• Revenue for Q2 2026 reached $454.9M, up 21.9% year-over-year, driven by strong investment banking, advisory fees, and higher commissions from record AUM levels.

• Net income for Q2 2026 was $27.4M ($2.55 basic EPS), up from $21.7M ($2.06 basic EPS) in Q2 2025; adjusted net income (Non-GAAP) was $45.7M ($4.27 adjusted basic EPS), excluding a $24.9M pre-tax stock appreciation rights expense.

• Year-to-date revenue was $900M, up from $741M in the same period last year; adjusted net income for the first half was $93.2M, reflecting exclusion of a $70M legal settlement and $47.2M stock appreciation rights expense.

• Assets under administration and management hit record highs at $154.7B and $59.4B, respectively, as of June 30, 2026, reflecting market appreciation and net inflows.

• The company maintains a strong balance sheet and capital position, supporting ongoing investments in technology and talent.

Financial highlights

• Q2 2026 basic EPS (GAAP) was $2.55, up from $2.06 in Q2 2025; adjusted basic EPS (Non-GAAP) was $4.27, up from $2.64.

• Compensation expenses rose 28.5% year-over-year to $307.1M, mainly due to higher stock appreciation rights and incentive accruals.

• Book value per share at Q2 2026 was $91.84; tangible book value per share was $75.19.

• Effective tax rate for Q2 2026 was 30.7%, down from 32.7% in Q2 2025.

• Regulatory net capital was $444.8M, with excess net capital of $400.5M.

Outlook and guidance

• Management expects continued investment in technology, compliance, and talent to support long-term growth and remains confident in business resiliency.

• Focus remains on expanding wealth management and capital markets through hiring, technology investment, and selective acquisitions.

• Ongoing integration of AI solutions to enhance productivity and client service.