Executive Summary

Q2 2025 revenue rose 12.9% year over year to $373.2M, with net income of $21.7M; basic EPS was $2.06 and diluted EPS $1.91 .
Capital Markets revenue increased 33.5% YoY to $123.0M, driven by stronger advisory and underwriting activity, narrowing the segment pre-tax loss to $(3.9)M from $(21.8)M a year ago .
Wealth Management hit record AUM of $52.8B and delivered $246.4M revenue (+5.1% YoY), though segment pre-tax income declined 2.2% YoY; bank deposit sweep income fell $6.2M YoY on lower balances and rates .
Board maintained a $0.18 quarterly dividend (payable Aug 29, 2025); stockholders’ equity reached a record $896.9M and book value per share rose to $85.27 .
Wall Street consensus estimates (S&P Global) were unavailable for Q2 2025; no formal guidance was provided, limiting assessment of beat/miss versus Street . Values retrieved from S&P Global.*

What Went Well and What Went Wrong

What Went Well

Record AUM and higher advisory fees: “AUM reached a record high of $52.8B… resulting in higher asset-based advisory fees” .
Capital Markets recovery: Advisory fees +83.0% YoY; fixed income underwriting +115.3% YoY; equities S&T +20.2% YoY; fixed income S&T +23.6% YoY .
Balance sheet strength: “The Firm continues to maintain an unlevered balance sheet… capital reaching yet another all-time high” (CEO) .

What Went Wrong

Interest-sensitive revenue headwinds: Bank deposit sweep income decreased $6.2M YoY due to lower balances and short-term rates .
Segment profitability mixed: Wealth Management pre-tax income fell 2.2% YoY; Capital Markets remained a pre-tax loss despite improvement .
Elevated operating costs: Non-compensation expenses increased 22.0% YoY at the firm level; technology, travel, and other costs rose in segments .

Financial Results

Consolidated Financials (Firm)

Metric	Q4 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	$375.4	$367.8	$373.2
Net Income ($USD Millions)	$10.7	$30.7	$21.7
EPS (Basic, $USD)	$1.04	$2.93	$2.06
EPS (Diluted, $USD)	$0.92	$2.72	$1.91
Compensation Expense ($USD Millions)	$256.4	$227.1	$239.1
Non-compensation Expense ($USD Millions)	$101.9	$99.4	$101.9
Pre-Tax Income ($USD Millions)	$17.1	$41.4	$32.2
Effective Tax Rate (%)	—	25.9%	32.7%

Notes: Q2 2025 YoY revenue growth was 12.9% ; QoQ comparison shown via period values.

Segment Breakdown

Segment	Metric	Q4 2024	Q1 2025	Q2 2025
Wealth Management	Revenue ($USD Millions)	$253.5	$242.0	$246.4
Wealth Management	Pre-Tax Income ($USD Millions)	$53.7	$67.9	$62.8
Wealth Management	Compensation Ratio (%)	59.1%	49.4%	53.7%
Wealth Management	Pre-Tax Margin (%)	21.2%	28.0%	25.5%
Capital Markets	Revenue ($USD Millions)	$119.3	$123.3	$123.0
Capital Markets	Pre-Tax Income (Loss) ($USD Millions)	$(5.0)	$(5.1)	$(3.9)
Capital Markets	Compensation Ratio (%)	68.0%	70.9%	65.5%
Capital Markets	Pre-Tax Margin (%)	(4.2)%	(4.1)%	(3.1)%

KPIs

KPI	Q4 2024	Q1 2025	Q2 2025
Assets Under Administration ($USD Billions)	$129.5	$129.9	$138.4
Assets Under Management ($USD Billions)	$49.4	$48.9	$52.8
Cash Sweep Balances ($USD Billions)	$3.0	$2.9	$2.8
Financial Advisor Headcount	931	933	927
Book Value per Share ($)	$82.31	$82.87	$85.27
Stockholders’ Equity ($USD Millions)	$850.4	$872.3	$896.9

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Formal Revenue/EPS/Margin Guidance	FY/Q3 2025	None	None	Maintained (no formal guidance provided)
Dividend per share ($)	Q3 2025	$0.18 (Q1 2025)	$0.18 (payable Aug 29, 2025)	Maintained

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript available in our document catalog; themes derived from press releases and 8-Ks .

Topic	Previous Mentions (Q4 2024)	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
Tariffs/Macro & Volatility	Strong market, AI optimism; record revenue/AUM	Policy changes, tariff risk; volatility lifted trading	Tariff suspension → market rally; concerns remain (inflation, labor, Middle East)	Improving macro backdrop with residual risks
Capital Markets Reopening	IB recovery; sales & trading up YoY	Underwriting muted; S&T strong on volatility	Advisory +83% YoY; underwriting robust; higher volumes	Positive momentum
Wealth Mgmt AUM/Fees	Record AUM; higher advisory fees	AUM modestly below recent records; advisory up	Record AUM $52.8B; advisory +7.2% YoY	Strengthening
Interest-sensitive Sweep Income	Lower YoY; rate/ balance headwinds	Decreased $6.6M YoY	Decreased $6.2M YoY	Ongoing headwind
Operating Costs (Tech/Travel)	Elevated comp (SARs), non-comp mixed	Higher tech, clearing/execution costs	Higher tech and travel costs; non-comp +22% YoY	Elevated costs persist
Hiring/Team Investments	Added personnel; improved market share	Opportunistic hires increased comp	“Maturing of investments in experienced team members” (CEO)	Strategic build-out continues

Management Commentary

“Rising markets proved quite favorable to our Wealth Management business… AUM to a fresh record… higher asset-based advisory fees… Retail trading volumes… remained robust… However, the fees we earn on our FDIC sweep program are reduced” — Robert S. Lowenthal, President & CEO (Q2) .
“The Capital Markets businesses showed a substantial increase… Institutional trading volumes were strong… Investment Banking revenue also improved… We are hopeful that higher deal volumes will continue…” — Robert S. Lowenthal (Q2) .
“The Firm’s solid performance… underscores the ability of our diversified businesses to deliver profitable operating results in increasingly uncertain macroeconomic conditions” — Albert G. Lowenthal, Chairman & CEO (Q1) /.
“Record revenue for full year 2024… buoyed by equities market strength… significant increases in the performance of the ‘Magnificent Seven’… expectation of AI’s impact” — Albert G. Lowenthal (Q4) .

Q&A Highlights

No Q2 2025 earnings call transcript identified; no Q&A available in the document set .

Estimates Context

S&P Global consensus estimates for Q2 2025 (EPS and revenue) were unavailable in our dataset for OPY; therefore, we cannot assess beat/miss versus Street for this quarter. Values retrieved from S&P Global.*
Investors should rely on reported actuals and segment trends until third-party consensus is available .

Key Takeaways for Investors

Wealth Management continues to be the anchor: record AUM ($52.8B) and higher advisory fees support recurring revenue; monitor sweep income headwinds as rates/balances evolve .
Capital Markets inflection: stronger advisory (+83% YoY) and underwriting (fixed income +115%) underpin revenue, with narrowing losses; sustained activity could push segment toward profitability .
Firm-level profitability improved YoY (pre-tax income $32.2M vs $15.9M), but higher technology/travel costs and compensation keep expense pressure elevated; watch cost discipline vs. growth .
Balance sheet strength and capital return: record stockholders’ equity ($896.9M), book value per share ($85.27), and a maintained $0.18 dividend provide defensive ballast .
Macro sensitivity remains high: tariff policy swings and volatility materially impact trading and deal flow; management commentary highlights cautious optimism into H2 2025 .
Without Street consensus, near-term trading may focus on segment momentum (IB pipelines, S&T volumes) and monthly AUM updates to infer advisory fee trajectory .
Medium term: continued hiring and platform investments aim to capture reopened capital markets; watch comp ratio trends and segment pre-tax margins for operating leverage .

Sources: Q2 2025 8-K and press release (including segment tables and consolidated income statements) . Prior quarters: Q1 2025 8-K and press release ; Q4 2024 8-K . S&P Global estimates were unavailable for Q2 2025; Values retrieved from S&P Global.*

OPPENHEIMER HOLDINGS INC (OPY)·Q2 2025 Earnings Summary