SEI Reports Fourth-Quarter 2025 Financial Results

OAKS, Pa., Jan. 28, 2026 /PRNewswire/ -- SEI Investments Company (NASDAQ: SEIC) today announced financial results for the fourth quarter 2025. Relative to the fourth quarter 2024, EPS increased by 16%, and revenue and operating income grew by 9% and 11%, respectively, with operating margin increasing to 27%.

Consolidated Overview

(In thousands, except

earnings per share)

For the Three Months

Ended December 31,

For the Twelve Months

Ended December 31,

2025

2024

2025

2024

Revenues

$607,925

$557,190

9 %

$2,297,381

$2,125,151

8 %

Operating income

161,618

145,544

11 %

627,311

551,741

14 %

Operating margin

27 %

26 %

4 %

27 %

26 %

4 %

Net income attributable

to SEI Investments

172,501

155,771

11 %

715,305

581,191

23 %

Diluted earnings per share

$1.38

$1.19

16 %

$5.63

$4.41

28 %

"We closed 2025 with an exceptional fourth quarter, capping one of the strongest years in SEI's history. Q4 results reflect solid revenue growth, margin expansion, and outstanding sales activity across the organization. What's most encouraging is that these results were not reliant on any single business or one-time event, but rather a result of disciplined execution against our strategy and the strength of our integrated enterprise model," said CEO Ryan Hicke.

"Our strong performance is a testament to the deliberate choices we've made to align our capabilities with long-term industry tailwinds. We're benefiting from increased demand for outsourcing, the convergence of public and private markets, and the continued need for high-quality advice. With clear priorities and the right team in place, we're entering 2026 with confidence."

Summary of Fourth-Quarter Results by Business Segment

(In thousands)

For the Three Months

Ended December 31,

For the Twelve Months

Ended December 31,

2025

2024

2025

2024

Investment Managers:

Revenues

$220,840

$191,262

15 %

$815,005

$728,390

12 %

Expenses

129,515

118,130

10 %

494,296

453,085

9 %

Operating Profit

91,325

73,132

25 %

320,709

275,305

16 %

Operating Margin

41 %

38 %

39 %

38 %

Private Banks:

Revenues

149,782

140,142

7 %

572,939

541,414

6 %

Expenses

120,699

120,414

— %

474,935

460,375

3 %

Operating Profit

29,083

19,728

47 %

98,004

81,039

21 %

Operating Margin

19 %

14 %

17 %

15 %

Investment Advisors:

Revenues

156,163

139,267

12 %

577,397

509,408

13 %

Expenses

84,278

76,839

10 %

311,662

282,902

10 %

Operating Profit

71,885

62,428

15 %

265,735

226,506

17 %

Operating Margin

46 %

45 %

46 %

44 %

Institutional Investors:

Revenues

72,823

70,812

3 %

282,498

285,723

(1) %

Expenses

38,337

38,315

— %

148,132

154,701

(4) %

Operating Profit

34,486

32,497

6 %

134,366

131,022

3 %

Operating Margin

47 %

46 %

48 %

46 %

Investments in New Businesses:

Revenues

8,317

15,707

(47) %

49,542

60,216

(18) %

Expenses

11,433

19,296

(41) %

60,222

74,699

(19) %

Operating Loss

(3,116)

(3,589)

(13) %

(10,680)

(14,483)

(26) %

Totals:

Revenues

$607,925

$557,190

9 %

$2,297,381

$2,125,151

8 %

Expenses

384,262

372,994

3 %

1,489,247

1,425,762

4 %

Corporate Overhead Expenses

62,100

38,652

61 %

180,878

147,648

23 %

Segment reclassification (A)

—

NM*

—

Income from Operations

$161,618

$145,544

11 %

$627,311

$551,741

14 %

(A) Primarily includes non-controlling interest and earnings from equity method investments.

* Variances noted "NM" indicate the percent change is not meaningful.

Fourth-Quarter Business Highlights:

Earnings Conference Call

A conference call and presentation to review earnings is scheduled for 5 p.m. Eastern time on Jan. 28, 2026. Analysts and investors are invited to join the call by completing the registration form. The public is invited to review the presentation and listen to the call and replay at ir.seic.com/events-presentations/events.

Link for registration form: https://register-conf.media-server.com/register/BI84c3de188f3941efaae118a827e96664

About SEI®

SEI (NASDAQ: SEIC) is a leading global provider of financial technology, operations, and asset management services within the financial services industry. SEI tailors its solutions and services to help clients more effectively deploy their capital—whether that's money, time, or talent—so they can better serve their clients and achieve their growth objectives. As of Dec. 31, 2025, SEI manages, advises, or administers approximately $1.9 trillion in assets. For more information, visit seic.com.

This release contains forward-looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology, such as "may," '"will," "can," "expect," "believe," "remain," and "continue" or "appear." Our forward-looking statements include our current expectations as to:

You should not place undue reliance on our forward-looking statements, as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe the assumptions upon which we base our forward-looking statements are reasonable, they could be inaccurate. We undertake no obligation to update our forward-looking statements. Some of the risks and important factors that could cause actual results to differ from those described in our forward-looking statements can be found in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended Dec. 31, 2024, filed with the Securities and Exchange Commission.

SEI INVESTMENTS COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data) (Unaudited)

For the Three Months

Ended December 31,

For the Twelve Months

Ended December 31,

2025

2024

2025

2024

Asset management, admin. and distribution fees

$485,429

$439,520

$1,817,079

$1,677,143

Information processing and software servicing fees

122,496

117,670

480,302

448,008

Total revenues

607,925

557,190

2,297,381

2,125,151

Subadvisory, distribution and other asset mgmt. costs

56,905

50,427

209,218

191,706

Software royalties and other information processing costs

10,017

8,726

37,723

34,229

Compensation, benefits and other personnel

227,353

200,347

821,450

770,881

Stock-based compensation

11,570

21,402

53,555

58,626

Consulting, outsourcing and professional fees

50,978

52,548

218,322

211,806

Data processing and computer related

42,841

38,863

165,530

151,653

Facilities, supplies and other costs

25,716

20,487

87,197

79,282

Amortization

13,570

10,585

46,641

41,869

Depreciation

7,357

8,261

30,434

33,358

Total expenses

446,307

411,646

1,670,070

1,573,410

Income from operations

161,618

145,544

627,311

551,741

Net gain (loss) from investments

1,560

(559)

5,804

2,790

Interest and dividend income

10,210

12,947

39,921

48,897

Interest expense

(223)

(144)

(609)

(563)

Gain on sale of business

—

94,412

—

Other income

262

—

9,684

8,151

Equity in earnings of unconsolidated affiliate

38,395

33,366

132,685

135,741

Net gain from consolidated variable interest entities

5,280

—

7,125

—

Income before income taxes

217,102

191,154

916,333

746,757

Income taxes

42,738

35,383

198,783

165,566

Net income

$174,364

$155,771

$717,550

$581,191

Less: Net income attributable to non-controlling interests

1,863

—

2,245

—

Net income attributable to SEI Investments Company

$172,501

$155,771

$715,305

$581,191

Basic earnings per common share

$1.41

$1.21

$5.76

$4.47

Shares used to calculate basic earnings per share

122,199

128,642

124,082

130,073

Diluted earnings per common share

$1.38

$1.19

$5.63

$4.41

Shares used to calculate diluted earnings per share

125,251

131,421

127,076

131,727

Dividends declared per common share

$0.52

$0.49

$1.01

$0.95

SEI INVESTMENTS COMPANY

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands) (Unaudited)

December 31,

2025

December 31,

2024

Assets

Current Assets:

Cash, cash equivalents and restricted cash

$399,804

$840,193

Receivables from investment products

63,317

54,118

Receivables, net

709,748

567,634

Securities owned

33,777

29,583

Other current assets

66,691

60,282

Total Current Assets

1,273,337

1,551,810

Property and Equipment, net

384,706

395,666

Operating Lease Right-of-Use Assets

26,447

28,905

Investments

428,004

315,567

Assets of Consolidated Variable Interest Entities

183,994

—

Goodwill and intangible assets, net

723,261

247,657

Other Assets, net

240,095

145,001

Total Assets

$3,259,844

$2,684,606

Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity

Current Liabilities:

Accounts payable

$5,404

$13,081

Accrued liabilities

359,823

347,513

Current portion of long-term operating lease liabilities

8,677

7,900

Deferred revenue

13,307

12,019

Total Current Liabilities

387,211

380,513

Liabilities of Consolidated Variable Interest Entities

108,504

—

Other Long-term Liabilities

60,353

51,981

Total Liabilities

556,068

432,494

Redeemable Non-controlling Interests

243,959

—

Shareholders' Equity:

Common stock, $0.01 par value, 750,000 shares authorized; 122,232 and 126,840

shares issued and outstanding

1,222

1,268

Capital in excess of par value

1,678,787

1,539,816

Retained earnings

792,280

758,003

Accumulated other comprehensive loss, net

(24,505)

(46,975)

Total SEI Shareholders' Equity

2,447,784

2,252,112

Non-controlling interests

12,033

—

Total Shareholders' Equity

$2,459,817

$2,252,112

Total Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity

$3,259,844

$2,684,606

ENDING ASSET BALANCES

(In millions) (Unaudited)

Dec. 31

Mar. 31

Jun. 30

Sep. 30

Dec. 31

Investment Managers:

2024

2025

Collective trust fund programs (A)

$202,384

$209,491

$225,690

$237,964

$243,244

Liquidity funds

188

244

307

418

579

Total assets under management

$202,572

$209,735

$225,997

$238,382

$243,823

Client assets under administration

1,032,812

1,061,067

1,128,325

1,204,843

1,239,606

Total assets

$1,235,384

$1,270,802

$1,354,322

$1,443,225

$1,483,429

Private Banks:

Equity and fixed-income programs

$25,523

$25,590

$27,839

$28,408

$29,832

Collective trust fund programs

Liquidity funds

2,688

3,670

2,796

2,802

2,099

Total assets under management

$28,215

$29,264

$30,638

$31,213

$31,934

Client assets under administration

8,340

8,365

8,431

8,902

9,115

Total assets

$36,555

$37,629

$39,069

$40,115

$41,049

Investment Advisors:

Equity and fixed-income programs

$76,283

$75,689

$80,618

$85,245

$86,879

Liquidity funds

3,105

3,153

3,457

3,391

3,561

Total Platform assets under management

$79,388

$78,842

$84,075

$88,636

$90,440

Platform-only assets

25,244

25,591

29,848

32,152

33,582

Platform-only assets-deposit program

2,398

2,216

2,155

2,165

2,461

Total Platform assets

$107,030

$106,649

$116,078

$122,953

$126,483

Institutional Investors:

Equity and fixed-income programs

$75,482

$76,492

$80,112

$82,676

$84,254

Liquidity funds

1,511

1,580

1,768

1,580

1,604

Total assets under management

$76,993

$78,072

$81,880

$84,256

$85,858

Client assets under advisement

5,955

5,573

6,090

6,564

3,598

Total assets

$82,948

$83,645

$87,970

$90,820

$89,456

Investments in New Businesses:

Equity and fixed-income programs

$2,747

$2,661

$2,867

$2,999

$3,044

Liquidity funds

297

288

244

316

Total assets under management

$3,044

$2,949

$3,111

$3,243

$3,360

Client assets under administration (E)

14,791

14,846

—

Client assets under advisement

2,185

2,219

2,593

2,452

2,389

Total assets

$20,020

$20,014

$5,704

$5,695

$5,749

LSV Asset Management:

Equity and fixed-income programs (B)

$86,501

$87,114

$91,795

$95,801

$99,196

Stratos Wealth Holdings (F)

$—

$38,377

Total:

Equity and fixed-income programs (C)

$266,536

$267,546

$283,231

$295,129

$303,205

Collective trust fund programs

202,388

209,495

225,693

237,967

243,247

Liquidity funds

7,789

8,935

8,572

8,435

8,159

Total assets under management

$476,713

$485,976

$517,496

$541,531

$554,611

Client assets under advisement

8,140

7,792

8,683

9,016

5,987

Client assets under administration (D)

1,055,943

1,084,278

1,136,756

1,213,745

1,248,721

Platform-only assets

27,642

27,807

32,003

34,317

36,043

Stratos Wealth Holdings

—

38,377

Total assets

$1,568,438

$1,605,853

$1,694,938

$1,798,609

$1,883,739

(A)

Collective trust fund program assets in the Investment Managers segment are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs.

(B)

Equity and fixed-income programs include $1.5 billion of assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee (as of December 31, 2025).

(C)

Equity and fixed-income programs include $8.1 billion of assets in various asset allocation funds (as of December 31, 2025).

(D)

In addition to the assets presented, SEI also administers an additional $13.0 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of December 31, 2025).

(E)

Client assets under administration related to the Family Office Services business divested on June 30, 2025.

(F)

Stratos Wealth Holdings is a family of companies that provide financial services to $38.4 billion in client assets across business models and affiliation structures (as of November 30, 2025).

AVERAGE ASSET BALANCES

(In millions) (Unaudited)

4th Qtr.

1st Qtr.

2nd Qtr.

3rd Qtr.

4th Qtr.

2024

2025

Investment Managers:

Collective trust fund programs (A)

$204,954

$208,720

$215,085

$231,088

$240,285

Liquidity funds

223

256

288

385

492

Total assets under management

$205,177

$208,976

$215,373

$231,473

$240,777

Client assets under administration

1,034,500

1,061,282

1,098,925

1,174,961

1,225,392

Total assets

$1,239,677

$1,270,258

$1,314,298

$1,406,434

$1,466,169

Private Banks:

Equity and fixed-income programs

$26,067

$25,894

$26,533

$28,051

$29,087

Collective trust fund programs

Liquidity funds

2,814

2,961

2,771

2,834

2,371

Total assets under management

$28,885

$28,859

$29,307

$30,888

$31,461

Client assets under administration

8,395

8,488

8,266

8,665

8,977

Total assets

$37,280

$37,347

$37,573

$39,553

$40,438

Investment Advisors:

Equity and fixed-income programs

$77,866

$77,287

$76,629

$82,735

$85,896

Liquidity funds

3,031

3,119

3,464

3,378

3,418

Total Platform assets under management

$80,897

$80,406

$80,093

$86,113

$89,314

Platform-only assets

25,109

25,939

27,288

30,874

33,022

Platform-only assets-deposit program

2,186

2,187

2,152

2,136

2,135

Total Platform assets

$108,192

$108,532

$109,533

$119,123

$124,471

Institutional Investors:

Equity and fixed-income programs

$77,400

$76,493

$77,843

$80,802

$83,739

Liquidity funds

2,154

1,655

1,853

1,810

1,947

Total assets under management

$79,554

$78,148

$79,696

$82,612

$85,686

Client assets under advisement

6,991

5,741

5,841

6,274

5,413

Total assets

$86,545

$83,889

$85,537

$88,886

$91,099

Investments in New Businesses:

Equity and fixed-income programs

$2,819

$2,801

$2,732

$2,934

$3,021

Liquidity funds

269

274

244

255

288

Total assets under management

$3,088

$3,075

$2,976

$3,189

$3,309

Client assets under administration (E)

14,961

14,630

14,917

—

Client assets under advisement

2,110

2,205

2,329

2,428

2,408

Total assets

$20,159

$19,910

$20,222

$5,617

$5,717

LSV Asset Management:

Equity and fixed-income programs (B)

$88,880

$87,790

$89,422

$92,969

$97,304

Stratos Wealth Holdings (F)

$—

$38,085

Total:

Equity and fixed-income programs (C)

$273,032

$270,265

$273,159

$287,491

$299,047

Collective trust fund programs

204,958

208,724

215,088

231,091

240,288

Liquidity funds

8,491

8,265

8,620

8,662

8,516

Total assets under management

$486,481

$487,254

$496,867

$527,244

$547,851

Client assets under advisement

9,101

7,946

8,170

8,702

7,821

Client assets under administration (D)

1,057,856

1,084,400

1,122,108

1,183,626

1,234,369

Platform-only assets

27,295

28,126

29,440

33,010

35,157

Stratos Wealth Holdings

—

38,085

Total assets

$1,580,733

$1,607,726

$1,656,585

$1,752,582

$1,863,283

(A)

Collective trust fund program average assets in the Investment Managers segment are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs.

(B)

Equity and fixed-income programs during fourth-quarter 2025 include $1.5 billion of average assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee.

(C)

Equity and fixed-income programs include $7.5 billion of average assets in various asset allocation funds during fourth-quarter 2025.

(D)

In addition to the assets presented, SEI also administers an additional $12.3 billion of average assets in Funds of Funds assets during fourth-quarter 2025 on which SEI does not earn an administration fee.

(E)

Client assets under administration related to the Family Office Services business divested on June 30, 2025.

(F)

Stratos Wealth Holdings is a family of companies that provide financial services to $38.1 billion in client assets across business models and affiliation structures during fourth-quarter 2025 through November 30, 2025.

SALES EVENTS

(In thousands) (Unaudited)

Net Recurring Sales Events

4th Qtr.

2024

1st Qtr.

2025

2nd Qtr.

2025

3rd Qtr.

2025

4th Qtr.

2025

Investment Processing-related Businesses:

Investment Managers

$18,027

$25,296

$21,928

$27,460

$19,150

Private Banks

9,245

7,059

254

(6,713)

5,670

Total Investment Processing-related Businesses

$27,272

$32,355

$22,182

$20,747

$24,820

Asset Management-related Businesses:

Private Banks-AMD

$495

($58)

($174)

($1,674)

($1,567)

Investment Advisors

1,339

888

(1,654)

1,230

(728)

Institutional Investors

(2,673)

2,544

(594)

(5,025)

Total Asset Management-related Businesses

($839)

$871

$716

($1,038)

($7,320)

Newer Initiatives:

Investments in New Businesses

$1,778

$3,614

$1,245

$1,208

$1,248

Total Net Recurring Sales Events

$28,211

$36,840

$24,143

$20,917

$18,748

Non-Recurring Sales Events

4th Qtr.

1st Qtr.

2nd Qtr.

3rd Qtr.

4th Qtr.

2024

2025

Investment Processing-related Businesses:

Investment Managers

$2,465

$835

$1,102

$2,465

$1,347

Private Banks

6,622

7,060

2,373

7,087

23,409

Total Investment Processing-related Businesses

$9,087

$7,895

$3,475

$9,552

$24,756

Newer Initiatives:

Investments in New Businesses

$921

$1,834

$1,552

$71

$95

Total Non-Recurring Sales Events

$10,008

$9,729

$5,027

$9,623

$24,851

Total Sales Events

4th Qtr.

1st Qtr.

2nd Qtr.

3rd Qtr.

4th Qtr.

2024

2025

Investment Processing-related Businesses:

Investment Managers

$20,492

$26,131

$23,030

$29,925

$20,497

Private Banks

15,867

14,119

2,627

374

29,079

Total Investment Processing-related Businesses

$36,359

$40,250

$25,657

$30,299

$49,576

Asset Management-related Businesses:

Private Banks-AMD

$495

($58)

($174)

($1,674)

($1,567)

Investment Advisors

1,339

888

(1,654)

1,230

(728)

Institutional Investors

(2,673)

2,544

(594)

(5,025)

Total Asset Management-related Businesses

($839)

$871

$716

($1,038)

($7,320)

Newer Initiatives:

Investments in New Businesses

$2,699

$5,448

$2,797

$1,279

$1,343

Total Sales Events

$38,219

$46,569

$29,170

$30,540

$43,599

Investor contact:

Media contact:

Brad Burke

Alicia Rudd

SEI

+1 610-676-5350

+1 610-676-3887

[email protected]

SOURCE SEI Investments Company