0000791963false00007919632021-01-292021-01-29

As filed with the Securities and Exchange Commission on January 31, 2025
___________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 31, 2025

OPPENHEIMER HOLDINGS INC.
(Exact name of registrant as specified in its charter)

Commission File Number 1-12043
Delaware 98-0080034
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
85 Broad Street
New York, New York 10004
(Address of principal executive offices) (Zip Code)
(212) 668-8000
(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Non-Voting Common StockOPYThe New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



SECTION 2 – FINANCIAL INFORMATION

ITEM 2.02. Results of Operations and Financial Condition.

(a)On January 31, 2025, Oppenheimer Holdings Inc. (the “Company”) issued a press release announcing its fourth quarter and full year 2024 earnings. A copy of the January 31, 2025 press release is furnished as Exhibit 99.1 to this Report and is incorporated herein by reference.

The information contained in this Item 2.02 and the related exhibit attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information or such exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The information set forth in this Item 2.02 or any exhibit related to this Item 2.02 on this Form 8-K shall not be deemed an admission as to the materiality of any information in the referenced items.


SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. Financial Statements and Exhibits.

(d)Exhibits:

The following exhibit is furnished (not filed) with this Current Report on Form 8-K:

99.1 Oppenheimer Holdings Inc.'s Press Release dated January 31, 2025
2



SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.


Oppenheimer Holdings Inc.
Date: January 31, 2025

By: /s/ Brad M. Watkins
---------------------------------
Brad M. Watkins
Chief Financial Officer
(Duly Authorized Officer)

3



EXHIBIT INDEX

4

Exhibit 99.1
Oppenheimer Holdings Inc. Reports Fourth Quarter and Full Year 2024 Earnings

New York, January 31, 2025 – Oppenheimer Holdings Inc. (NYSE: OPY) (the "Company" or "Firm") today reported net income of $10.7 million or $1.04 basic earnings per share for the fourth quarter of 2024 compared with net income of $11.1 million or $1.07 basic earnings per share for the fourth quarter of 2023. Fourth quarter and full year 2024 results were significantly impacted by higher pre-tax compensation expenses for liability-based awards totaling $20.5 million and $32.6 million, respectively, attributable to an increase in OPY Class A share price. Revenue for the fourth quarter of 2024 was $375.4 million compared to revenue of $308.3 million for the fourth quarter of 2023, an increase of 21.8%.
For the year ended December 31, 2024, the Company reported net income of $71.6 million or $6.91 basic earnings per share compared with net income of $30.2 million or $2.81 basic earnings per share for the year ended December 31, 2023. Revenue for the year ended December 31, 2024 was $1.4 billion compared to revenue of $1.2 billion for the year ended December 31, 2023, an increase of 14.7%.
Effective in the fourth quarter of 2024, the Company combined the former Private Client and Asset Management business segments to form the Wealth Management segment.

Summary Operating Results (Unaudited)
('000s, except per share amounts or otherwise indicated)
4Q-244Q-23FY-24FY-23
Revenue$375,417 $308,289 $1,432,496 $1,248,825 
Compensation Expense$256,439 $193,196 $936,814 $782,396 
Non-compensation Expense$101,911 $97,261 $389,925 $419,659 
Pre-Tax Income $17,067 $17,832 $105,757 $46,770 
Income Taxes Provision$6,338 $6,236 $34,510 $16,498 
Net Income (1)
$10,729 $11,100 $71,557 $30,179 
Adjusted Net Income (1)(a)
N/A$16,100 N/A$43,179 
Earnings Per Share (Basic) (1)
$1.04 $1.07 $6.91 $2.81 
Adjusted Earnings Per Share (Basic) (1)(a)
N/A$1.56 N/A$4.02 
Earnings Per Share (Diluted) (1)
$0.92 $0.98 $6.37 $2.59 
Adjusted Earnings Per Share (Diluted) (1)(a)
N/A$1.42 N/A$3.71 
Book Value Per Share$82.31 $76.72 $82.31 $76.72 
Tangible Book Value Per Share (2)
$64.96 $59.54 $64.96 $59.54 
(1) Attributable to Oppenheimer Holdings Inc.
(2) Represents book value less goodwill and intangible assets divided by number of shares outstanding



Highlights

•Record revenue for the full year 2024 driven by higher advisory fees attributable to a rise in billable assets under management ("AUM"), an increase in transaction-based commissions as well as significantly improved investment banking and interest revenue
•AUM at December 31, 2024 were at record levels due to market appreciation
•Compensation expenses increased from the prior year largely as a result of higher production related expenses, incentive compensation accruals and elevated costs associated with stock appreciation rights
•Lower non-compensation expenses for the full year 2024 primarily reflect lower legal and regulatory costs, partially offset by higher interest expense on short-term borrowings
•The Company repurchased 243,806 shares of Class A non-voting common stock during the full year 2024 under its previously announced share repurchase program and successfully completed the redemption of all outstanding Senior Secured Notes in the fourth quarter of 2024
•Total stockholders' equity, book value per share and tangible book value per share at December 31, 2024 reached record levels as a result of positive earnings

Albert G. Lowenthal, Chairman and CEO commented, "The Firm registered strong results of operations for the full year 2024 on the back of record high revenue generated by our diverse businesses. Our reported results were negatively impacted (with full year expense totaling $32.6 million pre-tax) by the increase in our stock price in 2024 and its conversion to expense in certain liability awards previously made to employees, making the recent recognition of our stock by investors, a mixed blessing.

Our results were buoyed by an equities market that had a strong increase in popular averages, as lower interest rates and a strong domestic economy powered the S&P 500 to 57 new record closes and its best consecutive years in over two decades. Equity markets were led by significant increases in the performance of the “Magnificent Seven,” propelled by the expectation of the impact of A.I. on the economy in future years. Most economic indicators currently suggest that the economy is well on its way to achieving a “soft landing” as we move into 2025.

The continued rise of the markets drove the outstanding results shown in our Wealth Management business. Asset-based advisory fees, in particular, grew significantly from the prior year in large part due to AUM reaching a fourth-consecutive all-time high at year-end. Retail trading volumes also remained elevated throughout the year, boosting transaction-based commissions. However, these positive drivers were offset to a degree by both lower interest-sensitive sweep income owing to lower average sweep balances, as well as higher share-based compensation expenses associated with stock appreciation rights granted to financial advisors. In the fourth quarter of 2024 alone, we recognized $20.5 million of expense related to these stock appreciation rights due to the significant increase in share price of our Class A non-voting common stock. In comparison, we recognized a relatively modest expense of $4.3 million in the fourth quarter of 2023.

In our Capital Markets businesses, we saw our 2024 investment banking results benefit from a somewhat improved market environment which drove higher new issuance and transaction activity levels when compared to the prior year. Though our revenue increased in 2024, we believe that capital markets conditions (and related transaction volumes) have yet to reach their full potential and expect that our business will stand to benefit when they do. Our institutional trading business also performed quite well in 2024, with higher sales and trading revenue attributed to greater volumes and increased market share.

Overall, we are extremely pleased with the accomplishments that we achieved in 2024. We ended the year with record revenue, AUM, stockholders’ equity and book value per share levels, and a significantly de-levered balance sheet after completing the redemption of our Senior Secured Notes earlier in the fourth quarter of 2024. We remain optimistic about our future and look forward to continuing to serve our clients."
1



2



Segment Results (Unaudited)
('000s, except per share amounts or otherwise indicated)
4Q-244Q-23FY-24FY-23
Wealth Management(b)
Revenue$253,515 $225,280 $972,052 $890,187 
Pre-Tax Income$53,708 $60,070 $265,739 $218,535 
Assets Under Administration (billions)$129.5 $118.2 $129.5 $118.2 
Asset Under Management (billions)$49.4 $43.9 $49.4 $43.9 
Capital Markets
Revenue$119,325 $81,457 $447,579 $345,897 
Pre-Tax Loss$(4,975)$(18,179)$(39,596)$(62,961)

Fourth Quarter Results

Wealth Management(b)

Wealth Management reported revenue of $253.5 million for the fourth quarter of 2024, 12.5% higher compared with a year ago. Pre-tax income was $53.7 million, a decrease of 10.6% compared with a year ago. Financial advisor headcount was 931 at the end of the fourth quarter of 2024, unchanged from the fourth quarter of 2023, representing the first year in many in which the addition of new advisors offset the retirement of existing advisors.
Revenue:
•Retail commissions increased 21.8% from a year ago primarily driven by higher retail trading activity
•Advisory fees increased 23.3% from a year ago due to higher AUM valuations during the billing period
•Bank deposit sweep income for the fourth quarter of 2024 decreased $5.2 million from a year ago due to lower cash sweep balances and lower short-term interest rates
•Interest revenue increased 8.1% from a year ago due to higher average margin loan balances
•Other revenue decreased $3.7 million compared with a year ago primarily due to fewer death benefit insurance proceeds and a smaller markup of the cash surrender value of Company-owned life insurance policies when compared to the prior year quarter
Assets under Management (AUM):
▪AUM were $49.4 billion, a new record, at December 31, 2024, which is the basis for advisory fee billings for January 2025
▪The increase in AUM from December 31, 2023 to December 31, 2024 was comprised of higher asset values of $6.4 billion on existing client holdings, offset by net distributions of $0.9 billion
Total Expenses:
•Compensation expenses increased 27.5% compared with the prior year period primarily due to greater production related expenses and elevated costs associated with share appreciation rights
•Non-compensation expenses increased 4.9% compared with a year ago mainly as a result of higher interest expense on short-term borrowings and higher external portfolio management costs, which are directly related to the increase in AUM

('000s; except otherwise indicated)
4Q-244Q-23
Revenue$253,515 $225,280 
Commissions$61,020 $50,098 
Advisory Fees $129,748 $105,259 
Bank Deposit Sweep Income$32,364 $37,534 
Interest$22,561 $20,875 
Other$7,822 $11,514 
Total Expenses$199,807 $165,210 
Compensation$149,846 $117,563 
Non-compensation$49,961 $47,647 
Pre-Tax Income$53,708 $60,070 
Compensation Ratio59.1 %52.2 %
Non-compensation Ratio19.7 %21.1 %
Pre-Tax Margin21.2 %26.7 %
Assets Under Administration (billions)$129.5 $118.2 
Assets Under Management (billions)$49.4 $43.9 
Cash Sweep Balances (billions)$3.0 $3.4 
























3






Capital Markets

Capital Markets reported revenue of $119.3 million for the fourth quarter of 2024, 46.5% higher compared with a year ago. Pre-tax loss was $5.0 million compared with a pre-tax loss of $18.2 million a year ago reflecting the costs associated with adding experienced new personnel.

Revenue:
Investment Banking
•Advisory fees earned from investment banking activities increased 137.6% compared with a year ago due to higher transaction volumes
•Equity underwriting fees increased 57.7% when compared with a year ago due to higher new issuance levels
•Fixed income underwriting fees were relatively flat with the prior year period
Sales and Trading
•Equities sales and trading revenue increased 22.3% compared with a year ago due to higher client activity levels
•Fixed income sales and trading revenue increased 30.8% compared to the prior year period primarily due to an increase in trading income attributable to higher volumes and increased market share

Total Expenses:
•Compensation expenses increased 39.0% compared with the prior year period primarily due to higher incentive compensation and the cost associated with new personnel
•Non-compensation expenses increased 4.7% compared with a year ago as a result of higher interest and underwriting-related expenses


    


































('000s; except otherwise indicated)
4Q-244Q-23
Revenue$119,325 $81,457 
Investment Banking$42,070 $20,704 
Advisory Fees $30,266 $12,740 
Equities Underwriting$9,206 $5,837 
Fixed Income Underwriting$2,192 $1,781 
Other$406 $346 
Sales and Trading$76,082 $60,170 
Equities$38,035 $31,092 
Fixed Income$38,047 $29,078 
Other$1,173 $583 
Total Expenses$124,300 $99,636 
Compensation$81,085 $58,346 
Non-compensation$43,215 $41,290 
Pre-Tax Loss$(4,975)$(18,179)
Compensation Ratio68.0 %71.6 %
Non-compensation Ratio36.2 %50.7 %
Pre-Tax Margin(4.2)%(22.3)%

































4







Full Year Results

Wealth Management(b)

Wealth Management reported revenue of $972.1 million for the year ended December 31, 2024, 9.2% higher compared with the prior year. Pre-tax income was $265.7 million, an increase of 21.6% from the prior year.
Revenue:
•Retail commissions increased significantly from the prior year due to higher overall client activity
•Advisory fees increased 16.4% from the prior year due to higher billable AUM during the year
•Bank deposit sweep income for the full year decreased $34.0 million or 19.7% from the prior year due to lower short-term interest rates and lower cash sweep balances
•Interest revenue increased 4.2% from the prior year due to higher average margin loan balances
•Other revenue increased 30.6% compared with the prior year primarily due to higher death benefit proceeds and allocated syndicate fees

Assets under Management (AUM):
▪AUM were $49.4 billion, a new record, at December 31, 2024, which is the basis for advisory fee billings for January 2025
▪The increase in AUM from December 31, 2023 to December 31, 2024 was comprised of higher asset values of $6.4 billion on existing client holdings, offset by net distributions of $0.9 billion
Total Expenses:
•Compensation expenses increased 21.3% from the prior year primarily due to greater production related expenses and elevated costs associated with share appreciation rights
•Non-compensation expenses decreased 22.4% from the prior year primarily due to significantly lower legal and regulatory costs
('000s; except otherwise indicated)
FY-24FY-23
Revenue$972,052 $890,187 
Commissions$221,558 $186,496 
Advisory Fees $483,390 $415,450 
Bank Deposit Sweep Income$138,771 $172,807 
Interest$88,714 $85,105 
Other$39,619 $30,329 
Total Expenses$706,313 $671,652 
Compensation$514,227 $424,031 
Non-compensation$192,086 $247,621 
Pre-Tax Income$265,739 $218,535 
Compensation Ratio52.9 %47.6 %
Non-compensation Ratio19.8 %27.8 %
Pre-Tax Margin27.3 %24.6 %
Assets Under Administration (billions)$129.5 $118.2 
Assets Under Management (billions)$49.4 $43.9 
Cash Sweep Balances (billions)$3.0 $3.4 
`

Capital Markets

Capital Markets reported revenue of $447.6 million for the year ended December 31, 2024, 29.4% higher compared with the prior year. Pre-tax loss was $39.6 million compared with pre-tax loss of $63.0 million for the prior year.

Revenue:
Investment Banking
•Advisory fees earned from investment banking activities increased 54.0% compared with the prior year due to an increase in restructuring-related mandates and higher transaction volumes, particularly in the healthcare industry
•Equities underwriting fees increased 36.2% compared with the prior year due to higher new issuance volumes
•Fixed income underwriting fees were up 79.6% compared with the prior year primarily driven by an uptick in new issuance activity
Sales and Trading
•Equities sales and trading revenue increased 5.2% compared with the prior year due to higher trading volumes
•Fixed income sales and trading revenue increased 37.4% compared with the prior year driven by higher trading income attributable to higher volumes and increased market share

Total Expenses:
•Compensation expenses were higher than the prior year due to greater incentive compensation accruals and higher salary expenses associated with opportunistic hires
•Non-compensation expenses were 17.2% higher compared with the prior year mainly due to an increase in interest expense in financing trading inventories





('000s; except otherwise indicated)
FY-24FY-23
Revenue$447,579 $345,897 
Investment Banking$166,785 $111,734 
Advisory Fees $107,222 $69,623 
Equities Underwriting$46,181 $33,904 
Fixed Income Underwriting$11,844 $6,594 
Other$1,538 $1,613 
Sales and Trading$277,262 $231,867 
Equities$134,854 $128,216 
Fixed Income$142,408 $103,651 
Other$3,532 $2,296 
Total Expenses$487,175 $408,858 
Compensation$323,612 $269,330 
Non-compensation$163,563 $139,528 
Pre-Tax Loss$(39,596)$(62,961)
Compensation Ratio72.3%77.9%
Non-compensation Ratio36.5%40.3%
Pre-Tax Margin(8.8)%(18.2)%



5







Other Matters

•The Board of Directors announced a quarterly dividend in the amount of $0.18 per share for the fourth quarter of 2024 payable on February 28, 2025 to holders of Class A non-voting and Class B voting common stock of record on February 14, 2025
•Compensation expense as a percentage of revenue was 65.4% during the 2024 year versus 62.7% for the prior year
•The effective tax rate for the 2024 year improved to 32.6% compared with 35.3% for the prior year primarily due to the absence of the non-deductible $13.0 million regulatory settlement, which was recorded in 2023















(In millions, except number of shares and per share amounts)
FY-24FY-23
Capital
Stockholders' Equity (1)
$850.4 $789.2 
Regulatory Net Capital (2)
$381.4 $453.6 
Regulatory Excess Net Capital (2)
$357.9 $435.0 
Common Stock Repurchases
Share Repurchase Program
Repurchases$9.6 $17.6 
Number of Shares 243,806 463,335 
Average Price Per Share$39.39 $38.07 
"Dutch Auction" Tender Offer
Repurchases$— $17.49 
Number of Shares— 437,183 
Average Price Per Share$— $40.00 
Period End Shares10,331,40110,286,448
Effective Tax Rate32.6 %35.3 %
(1) Attributable to Oppenheimer Holdings Inc.
(2) Attributable to Oppenheimer & Co. Inc. broker-dealer
Notes

(a) Adjusted net income and earnings per share attributable to Oppenheimer Holdings Inc. (a non-GAAP financial measure) excludes $5.0 million and $13.0 million of expense related to a regulatory settlement that was recognized during the fourth quarter of 2023 and year-ended December 31, 2023, respectively. Refer to the schedule on page 7 for additional explanation of non-GAAP financial measures and a reconciliation of adjusted net income and earnings per share to U.S. GAAP.

(b) Effective in the fourth quarter of 2024, the Company combined the former Private Client and Asset Management business segments to form the Wealth Management segment. Our Capital Markets and Corporate/Other segments were not impacted by these changes. To provide historical information on a basis consistent with the revised segment presentation, the Company recast prior period segment results.

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 88 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, 2023 and Factors Affecting "Forward-Looking Statements" in Part I, Item 2 in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.



6



Oppenheimer Holdings Inc.
Consolidated Income Statements (Unaudited)
('000s, except number of shares and per share amounts)
For the Three Months Ended
December 31,		For the Year Ended
December 31,
20242023% Change20242023% Change
REVENUE
Commissions$113,726 $90,074 26.3$409,710 $349,248 17.3
Advisory fees129,758 105,465 23.0483,433 415,679 16.3
Investment banking44,606 22,311 99.9176,447 117,665 50.0
Bank deposit sweep income32,364 37,534 (13.8)138,770 172,807 (19.7)
Interest35,932 25,859 39.0135,537 104,550 29.6
Principal transactions, net12,012 18,712 (35.8)54,684 65,347 (16.3)
Other7,019 8,334 (15.8)33,915 23,529 44.1
Total revenue375,417 308,289 21.81,432,496 1,248,825 14.7
EXPENSES
Compensation and related expenses256,439 193,196 32.7936,814 782,396 19.7
Communications and technology25,501 23,508 8.599,361 91,321 8.8
Occupancy and equipment costs16,248 16,380 (0.8)63,852 66,002 (3.3)
Clearing and exchange fees7,894 6,687 18.027,641 24,928 10.9
Interest21,360 18,246 17.187,991 68,599 28.3
Other30,908 32,440 (4.7)111,080 168,809 (34.2)
Total expenses358,350 290,457 23.41,326,739 1,202,055 10.4
Pre-tax Income17,067 17,832 (4.3)105,757 46,770 126.1
Income tax provision6,338 6,236 1.634,510 16,498 109.2
Net Income$10,729 $11,596 (7.5)$71,247 $30,272 135.4
Less: Net income (loss) attributable to
non-controlling interest, net of tax		— 496 *(310)93 *
Net income attributable to
Oppenheimer Holdings Inc.		$10,729 $11,100 (3.3)$71,557 $30,179 137.1
Earnings per share attributable to Oppenheimer Holdings Inc.
        Basic$1.04 $1.07 (2.8)$6.91 $2.81 145.9
        Diluted$0.92 $0.98 (6.1)$6.37 $2.59 145.9
Weighted average number of common shares outstanding
Basic10,331,401 10,326,996 —10,349,803 10,736,166 (3.6)
Diluted11,389,040 11,305,198 0.711,230,007 11,645,708 (3.6)
Period end number of common shares outstanding10,331,401 10,286,448 0.410,331,401 10,286,448 0.4
  * Percentage not meaningful






















7


Explanation of Non-GAAP Financial Measures

The Company included certain non-GAAP financial measures within this Earnings Release to supplement the U.S. GAAP financial information. Adjusted results begin with information prepared in accordance with U.S. GAAP, and such results are adjusted to exclude certain items. Specifically, we included non-GAAP measures that adjust the Company’s net income and earnings per share to exclude the expense associated with a non-recurring regulatory settlement. The Company believes that these non-GAAP financial measures provide additional useful information for investors because they permit investors to view the financial measures on a basis consistent with how management views the operating performance of the Firm. These non-GAAP financial measures, when presented in conjunction with comparable U.S. GAAP measures, also are useful to investors when comparing the Company’s results across different financial reporting periods on a consistent basis.

The following tables reconcile our non-GAAP financial measures to their respective U.S. GAAP measures. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, as a substitute for, or superior to, the analysis of U.S. GAAP financial measures.

Net Income Attributable to Oppenheimer Holdings Inc. and Earnings Per Share U.S. GAAP Reconciliation

Reconciliation of net income attributable to Oppenheimer Holdings Inc. to adjusted net income attributable to Oppenheimer Holdings Inc., reconciliation of basic earnings per share to adjusted basic earnings per share, and reconciliation of diluted earnings per share to adjusted diluted earnings per share are as follows:

('000s, except per share amounts)For the Three Months EndedFor the Year Ended
December 31, 2023December 31, 2023
Net income attributable to Oppenheimer Holdings Inc. (U.S. GAAP)$11,100 $30,179 
Net income impact of regulatory settlement5,000 13,000 
Adjusted net income attributable to Oppenheimer Holdings Inc. (non-GAAP)$16,100 $43,179 
Basic earnings per share (U.S. GAAP)$1.07 $2.81 
Basic earnings per share impact of regulatory settlement$0.49 $1.21 
Adjusted basic earnings per share (non-GAAP)$1.56 $4.02 
Diluted earnings per share (U.S. GAAP)$0.98 $2.59 
Diluted earnings per share impact of regulatory settlement$0.44 $1.12 
Adjusted diluted earnings per share (non-GAAP)$1.42 $3.71 







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Cover
Jan. 29, 2021
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 31, 2025
Entity Registrant Name OPPENHEIMER HOLDINGS INC.
Entity Central Index Key 0000791963
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 1-12043
Entity Tax Identification Number 98-0080034
Entity Address, Address Line One 85 Broad Street
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10004
City Area Code 212
Local Phone Number 668-8000
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Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Non-Voting Common Stock
Trading Symbol OPY
Security Exchange Name NYSE
Entity Emerging Growth Company false
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