Core Insights - Oppenheimer Holdings Inc. reported significant growth in net income and revenue for both the fourth quarter and the full year of 2025, with net income increasing by 593.1% year-over-year in Q4 and 107.4% for the full year [1][2][3] Financial Performance - For Q4 2025, net income was $74.4 million, or $7.08 per share, compared to $10.7 million, or $1.04 per share, in Q4 2024, marking a 593.1% increase [1] - Revenue for Q4 2025 reached $472.6 million, up 25.9% from $375.4 million in Q4 2024 [1] - For the full year 2025, net income was $148.4 million, or $14.13 per share, compared to $71.6 million, or $6.91 per share, in 2024, reflecting a 107.4% increase [2] - Total revenue for 2025 was $1.6 billion, a 14.4% increase from $1.4 billion in 2024 [2] Business Segments - The Wealth Management segment reported Q4 2025 revenue of $287.3 million, a 13.3% increase year-over-year, with pre-tax income rising 84.0% to $98.8 million [9] - The Capital Markets segment generated revenue of $182.9 million in Q4 2025, a 53.3% increase compared to the previous year, with pre-tax income of $52.8 million compared to a loss of $5.0 million in Q4 2024 [13] - For the full year 2025, Wealth Management revenue was $1.035 billion, up 6.5% from the prior year, while Capital Markets revenue was $591.3 million, a 32.1% increase [17][22] Market Conditions - The company's performance was bolstered by favorable macroeconomic conditions, including a sustained rise in equity markets and strong corporate earnings, which helped offset concerns about trade tensions and a softening labor market [3][4] - Interest in artificial intelligence platforms contributed to the strength of equity markets, further supporting the company's revenue growth [3] Shareholder Returns - The company declared a special dividend of $1.00 per share in January 2026, totaling $10.5 million, and repurchased 46,292 shares at an average price of $64.36 during the year [5][26][28] Operating Metrics - The company's assets under management (AUM) reached a record $55.2 billion by December 31, 2025, up $5.8 billion from the previous year, primarily due to market appreciation [15][24] - Compensation expenses increased by 6.2% year-over-year, while non-compensation expenses rose by 1.8% due to higher underwriting and technology-related costs [19][20]