Oppenheimer revenue climbs 21% to $445M amid major legal accrual

Oppenheimer Holdings (NYSE:OPY) reported financial results for the first quarter of 2026, characterized by strong top-line momentum tempered by significant non-recurring charges.

The firm generated total revenue of $445.1 million, representing a 21.0% increase over the first quarter of 2025.

The quarterly bottom line was heavily impacted by a $70 million pre-tax legal accrual established for a pending settlement, as well as a $22.3 million pre-tax mark-to-market charge related to stock-based compensation.

Consequently, the firm reported a GAAP net loss of $20.6 million, or $(1.93) per diluted share.

However, on an adjusted basis—stripping out these specific items—Oppenheimer delivered strong profitability with adjusted net income of $47.5 million, or $4.46 per diluted share.

The firm’s Wealth Management and Asset Management divisions continued to benefit from favorable market conditions and client inflows.

Assets under management (AUM) reached $54.1 billion by the end of the quarter, reflecting the firm's successful efforts in attracting and retaining high-net-worth client assets.

The increase in revenue was largely driven by higher fee-based income and improved performance across capital markets activities.

Demonstrating confidence in its underlying cash flow and long-term stability, Oppenheimer’s Board of Directors approved an 11.1% increase in the quarterly cash dividend, raising it to $0.20 per share.