OPYMEDIUM SIGNALOPERATIONAL10-K

Oppenheimer shut down its Freedom discount brokerage subsidiary while achieving substantially higher operating income and revenue growth.

The closure of Freedom represents a strategic streamlining of operations, eliminating a lower-margin discount brokerage business that likely contributed little to overall profitability. This operational focus appears to be paying off with meaningfully improved operating leverage across the remaining wealth management platform.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

The company delivered solid revenue growth of 14.4% to $1.6 billion while operating income expanded substantially, indicating strong operational leverage and margin improvement. The balance sheet strengthened with stockholders' equity growing 15.7% and total assets expanding 10%, though share buyback activity declined significantly from $9.6 million to $3.0 million. Overall, the financial picture signals successful execution of a more focused business strategy with improved profitability metrics.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+99.7%
$105.8M→$211.2M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Share Buybacks
Cash Flow
-69%
$9.6M→$3.0M

Buyback activity reduced 69% — capital being redeployed elsewhere or cash conservation underway.

Cash & Equivalents
Balance Sheet
+15.9%
$33.1M→$38.4M

Cash grew 15.9% — improving liquidity position supports investment and shareholder returns.

Stockholders Equity
Balance Sheet
+15.7%
$850.4M→$983.8M

Equity base grew 15.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Revenue
P&L
+14.4%
$1.4B→$1.6B

Revenue growing 14.4% — solid top-line momentum, watch margins for quality of growth.

Total Assets
Balance Sheet
+10%
$3.4B→$3.7B

Asset base grew 10% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
20549 OMB APPROVAL OMB Number: 3235-0063 Expires: December 31, 2026 Estimated average burden hours per response .
The aggregate market value of the Class A non-voting common stock held by non-affiliates of the Company at June 30, 2025 was $ 685.2 million based on the per share closing price of the Class A non-voting common stock on the New York Stock Exchange on June 30, 2025 of $65.77.
and its subsidiary advisors ("OAM"), a New York-based investment adviser, Oppenheimer Trust Company of Delaware Inc.
("Freedom") as a discount securities broker-dealer based in New Jersey.
In September 2025, the Company announced its plans for Freedom to cease operations and formally deregister as a broker-dealer.
Pursuant to this action, Freedom ceased all broker-dealer activities and closed or transferred any remaining customer accounts.
On December 1, 2025, Freedom submitted a Uniform Request for Broker-Dealer Withdrawal ( Form BDW ) to the Financial Industry Regulatory Authority, Inc.
Securities and Exchange Commision (the "SEC") to formally deregister as a broker-dealer.
Freedom s deregistration became effective on January 30, 2026.
As Freedom has been winding down its business for a number of years, the closing of Freedom did not have a material impact on the Company s financial position or results of operations.
REMOVED
20549 OMB APPROVAL OMB Number: 3235-0063 Expires: May 31, 2025 Estimated average burden hours per response .
The aggregate market value of the Class A non-voting common stock held by non-affiliates of the Company at June 28, 2024 was $ 437.3 million based on the per share closing price of the Class A non-voting common stock on the New York Stock Exchange on June 28, 2024 of $47.59.
and its subsidiary advisors ("OAM"), a New York-based investment adviser, Freedom Investments, Inc.
("Freedom"), a discount securities broker-dealer based in New Jersey, Oppenheimer Trust Company of Delaware Inc.
WEALTH MANAGEMENT Through its Wealth Management division, Oppenheimer provides a comprehensive array of financial services through a network of 931 financial advisors in 88 offices located throughout the United States.
As of December 31, 2024, the Company held client assets under administration of $129.5 billion.
OAM is responsible for the Company's advisory programs and alternative investments businesses offered to the Firm s wealth management clients.
At December 31, 2024, the Company had $49.4 billion of client assets under management ("AUM") in fee-based programs.
Mutual Fund Managed Accounts - The Company offers two fee-based mutual fund managed account programs through Portfolio Advisory Services ("PAS"): (i) PAS, a non-discretionary advisory program where clients choose mutual funds approved by the Company to create strategic asset allocations; and (ii) PAS Directed, a discretionary advisory program where an Oppenheimer advisor chooses the mutual funds to create the asset allocation and portfolio construction.
Private Market Opportunities - Through a collaborative effort among the Firm s global business units, the Private Market Opportunities platform focuses on sourcing private investments across various sectors.
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