OPPENHEIMER HOLDINGS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data OPPENHEIMER HOLDINGS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	858	920	958	1,033	1,199	1,394	1,111	1,249	1,432	1,638
Operating expenses	880	901	913	958	1,030	1,169	1,065	1,202	1,327	1,427
Operating income			44.9	74.9	169	225	45.6	46.8	106	211
Interest expense	19.4	28.4	46.4	45.7	15.7	9.86	23.8	68.6
Pre-tax income	-21.9	19.6	44.9	74.9	169	225	45.6	46.8	106	211
Income tax			16	22	46	65.7	13.4	16.5	34.5	63.2
Income from continuing operations		21.7	28.9	53
Net income to minority interests	1.65	0.18	-0.02		0	0	-0.24	0.09	-0.31	-0.44
Net income	-1.16	22.8	28.9	53	123	159	32.4	30.2	71.6	148
EBITDA			51.7	82.5	177	233	53.2	56.7	117	222
EPS, basic	-0.09	1.72	2.18	4.10	9.73	12.57	2.77	2.81	6.91	14.13
EPS, diluted	-0.09	1.67	2.05	3.82	9.30	11.70	2.57	2.59	6.37	13.04
Shares, basic (weighted)	13.4	13.2	13.2	12.9	12.6	12.6	11.7	10.7	10.3	10.5
Shares, diluted (weighted)	13.4	13.7	14.1	13.9	13.2	13.6	12.6	11.6	11.2	11.4
Dividend per share	440.00	0.44	0.44	0.46	1.48	1.54	0.60	0.60	0.66	1.72

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	64.9	48.2	90.7	79.6	35.4	214	112	28.8	33.2	38.4
Property, plant and equipment	27.2	27.2	29	31.4	27.8	28	36.7	43.9	38.2	32.4
Lease right-of-use assets			0	160	154	150	143	141	134	119
Goodwill	138	138	138	138	138	138	138	142	144	144
Intangible assets	31.7	31.7	32.1	32.1	32.1	32.1	32.1	34.3	35.7	35
Total assets	2,237	2,439	2,240	2,465	2,714	3,043	2,714	2,875	3,383	3,722
Lease liabilities			0	203
Total liabilities	1,724	1,915	1,695	1,872	2,028	2,090	1,894	2,086	2,532	2,725
Total debt	149	199	199	150	124	124	113	113	0
Paid-in capital	41.8	36.5	41.8	47.4	41.5	78	28.6	31.8	29.7	32.7
Retained earnings	410	427	450	497	601	741	764	756	820	947
Other comprehensive income	-0.68	1.58	0.17	1.76	3.45	4.23	1.42	0.91	0.69	3.7
Shareholders' equity	511	524	545	593	686	823	794	789	850	984
Minority interests	2.63	0.36	0		0	2.07	0.72	0.07	0	13.2
Total equity	513	524	545	593	686	825	795	789	850	997
Total liabilities and equity	2,237	2,439	2,240	2,465	2,714	3,043	2,714	2,875	3,383	3,722

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.49	23	28.9	53	123	159	32.1	30.3	71.2	148
Depreciation and amortization	6.79	5.66	6.87	7.64	8.14	7.99	7.6	9.9	10.8	11
Stock-based compensation	6.2	12.6	6.71	11.8	16.2	31.1	15.9	16.9	45.5	32.2
Deferred income tax	7.76	-1.46	2.77	9.88	21.3	-0.79	-14.6	6.46	3.55	4.83
Change in payables	-70	-6.3	-2.24	-23.8	-25.6	7.67	-0.14	-48	-47.2	-32.1
Cash from operations	-66.9	-16.1	169	79.1	-54.1	228	64.5	-18.8	-108	189
Capital expenditures	-5.73	-5.61	-8.67	-10	-4.53	-8.27	-16.3	-17.1	-5.15	-5.19
Acquisitions						0	0	-2.93	-2.35	0
Cash from investing	39.7	-3.87	-8.19	-8.3	-3.94	-6.27	-14.1	-15.6	-3.84	-1.39
Debt issued	0	200	0	0	125	0
Debt repaid		-150		-50	-1.43	0	-11	-1	0	0
Stock issued	0	0.03	0.07	0.08	0.06	0.06	0.13	0.08	0.06	0
Share buybacks	-3.94	-7.46	-5.89	-8.4	-15	-7.74	-60.6	-35.1	-9.6	-2.98
Dividends paid	-5.89	-5.84	-5.83	-5.94	-18.6	-19.4	-7.04	-6.45	-6.85	-7.58
Cash from financing	28.7	3.24	-118	-82	13.9	84.6	-254	-74.8	116	-182
Net change in cash	1.55	-16.8	42.5	-11.1	-44.1	306	-204	-109	4.32	5.26
Free cash flow	-72.6	-21.7	160	69.1	-58.6	220	48.2	-35.9	-113	184
Interest paid	19.7	23.9	53.6	40.7	19	10.1	22.8	68.4	88.8	86.9
Income taxes paid			11.5	16.8	11.2	62.4	37.5	20.6	21.3	46.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $91.08 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	7.2%	Operating income / revenue.
Pre-tax margin	7.2%	Pre-tax income / revenue.
Net margin	4.9%	Net income / revenue.
FCF margin	3.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.7%	Cash from operations / revenue.
Effective tax rate	32.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.1%	Net income / average total assets.
Return on invested capital (ROIC)	9.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	4.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	99.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	66.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	90.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	61.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	107.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	66.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	104.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	71.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	43.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	56.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	160.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	42.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	15.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	75.4%	Total liabilities / total assets.
Goodwill and intangibles / assets	4.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$812.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	57.2x	Revenue / average property, plant and equipment.
FCF conversion	66.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.47	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$151.44	Revenue / diluted weighted shares.
FCF per share	$4.95	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.55	Cash from operations / diluted weighted shares.
Book value per share	$85.54	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$70.16	Tangible book value / shares outstanding.
Cash per share	$3.28	(Cash + short-term investments) / shares outstanding.
Payout ratio	21.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	32.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	4.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$975.3M	Share price x shares outstanding.
Enterprise value	$937.3M	Market cap + total debt - cash - short-term investments.
P/E	11.3x	Market cap / net income. Only when net income is positive.
P/S	0.56x	Market cap / revenue.
P/B	0.98x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.20x	Market cap / tangible book value, when positive.
P/FCF	17.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.2x	Market cap / cash from operations, when positive.
EV/Sales	0.53x	Enterprise value / revenue.
EV/EBIT	7.37x	Enterprise value / operating income, when both are positive.
EV/FCF	16.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.9%	Free cash flow / market cap.
Earnings yield	8.9%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.16x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was OPPENHEIMER HOLDINGS INC's revenue in fiscal 2025?

OPPENHEIMER HOLDINGS INC reported revenue of $1.64B for fiscal 2025, 14.4% higher than the year before.

Was OPPENHEIMER HOLDINGS INC profitable in fiscal 2025?

Yes. Net income was $148.4M, a net margin of 9.1%.

How much free cash flow did OPPENHEIMER HOLDINGS INC generate in fiscal 2025?

Cash from operations of $188.8M minus capital expenditures of $5.2M left free cash flow of $183.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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