SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third quarter 2025. Relative to the third quarter 2024, EPS increased by 9%, and revenue and operating income grew by 8% and 11%, respectively, with operating margin increasing to 28%.
Consolidated Overview(In thousands, except For the Three Months For the Nine Monthsearnings per share) Ended September 30, Ended September 30, 2025 2024 % 2025 2024 %Revenues $578,511 $537,396 8% $1,689,456 $1,567,961 8%Operating income 159,961 143,832 11% 465,693 406,197 15%Operating margin 28% 27% 4% 28% 26% 8%Net income attributable 164,204 154,900 6% 542,804 425,420 28%to SEI InvestmentsDiluted earnings per share $1.30 $1.19 9% $4.25 $3.23 32%
“SEI delivered another strong quarter, surpassing $100 million in net sales events year to date-a record for our company through the third quarter. Excluding one-time items, third-quarter earnings per share also hit a record high. Our growth is underscored by the disciplined execution of our clear enterprise strategy, and we have confidence in our healthy sales pipelines,” said CEO Ryan Hicke.
“We are making targeted investments in technology and talent, allocating capital to the highest-return opportunities, and driving margin expansion. We're excited for the significant opportunity ahead, and our confidence in SEI's ability to outperform and deliver long-term, sustainable value for our clients and shareholders has never been stronger.”
Summary of Third-Quarter Results by Business Segment(In thousands) For the Three Months For the Nine Months Ended September 30, Ended September 30, 2025 2024 % 2025 2024 %Investment Managers:Revenues $207,050 $184,607 12% $594,165 $537,128 11%Expenses 125,934 114,118 10% 364,781 334,955 9%Operating Profit 81,116 70,489 15% 229,384 202,173 13%Operating Margin 39% 38% 39% 38%Private Banks:Revenues 143,994 138,734 4% 423,157 401,272 5%Expenses 120,763 115,097 5% 354,236 339,961 4%Operating Profit 23,231 23,637 (2)% 68,921 61,311 12%Operating Margin 16% 17% 16% 15%Investment Advisors:Revenues 147,465 126,836 16% 421,234 370,141 14%Expenses 79,128 70,152 13% 227,384 206,063 10%Operating Profit 68,337 56,684 21% 193,850 164,078 18%Operating Margin 46% 45% 46% 44%Institutional Investors:Revenues 71,826 71,626 -% 209,675 214,911 (2)%Expenses 38,068 37,851 1% 109,795 116,386 (6)%Operating Profit 33,758 33,775 -% 99,880 98,525 1%Operating Margin 47% 47% 48% 46%Investments in New Businesses:Revenues 8,176 15,593 (48)% 41,225 44,509 (7)%Expenses 11,863 18,440 (36)% 48,789 55,403 (12)%Operating Loss (3,687) (2,847) 30% (7,564) (10,894) (31)%Totals:Revenues $578,511 $537,396 8% $1,689,456 $1,567,961 8%Expenses 375,756 355,658 6% 1,104,985 1,052,768 5%Corporate Overhead Expenses 42,794 37,906 13% 118,778 108,996 9%Income from Operations $159,961 $143,832 11% $465,693 $406,197 15%
Third-Quarter Business Highlights:
— SEI achieved diluted EPS of $1.30, up 9% from the prior year, driven by strong revenue growth and margin expansion across the business. Several items affected comparability in the quarter, but the net impact to EPS was negligible:
— A $0.03 benefit from insurance proceeds and a $0.01 benefit from an earn-out accrual adjustment in the Advisors business.
— Expenses of $0.02 related to M&A for the planned acquisition ofStratos and $0.02 of severance costs.
— Prior period results included positive contributions from unusual items, adding $0.08 to EPS in Q3 2024 and $0.58 in Q2 2025. Excluding these items,SEI delivered strong sequential and year-over-year EPS growth.
— Net sales events totaled $30.5 million for the third quarter 2025, bringing net sales events for the nine-month period to a record $106.3 million. Sales events were led by record results from Investment Managers, reflecting strong demand for outsourcing and client expansions. Sales pipelines across all of SEI's businesses remain robust.
— Consolidated revenues and operating income increased by 8% and 11%, respectively, from Q3 2024. SEI's consolidated operating margin of 28% improved over both the prior year and prior quarter, reflecting operating leverage on strong revenue growth and cost discipline.
— Private Banks operating profit declined by 2% due to the benefit of unusual items in Q3 2024; absent these items both revenue and margins improved relative to the prior year.
— Investment Managers operating profit increased 15%, driven by double-digit revenue growth in alternatives. Traditional revenue in Investment Managers also grew at a healthy pace, benefiting in part from favorable market conditions.
— Investment Advisors operating profit growth of 21% reflects the benefit of market appreciation, underlying business momentum, a $2M earn-out true-up and the $21M contribution fromSEI's integrated cash program, up $10M from Q3 2024.
— Institutional Investors revenue and profit were flat, reflecting lower equity exposure and less benefit from market appreciation relative to Advisors.
— Ending assets under administration increased by 7%, and ending assets under management increased by 5% from Q2 to Q3.
— The majority of growth in assets under administration came from alternatives which do not benefit from market appreciation; growth reflects continued momentum in the Investment Managers alternatives business.
— AUM growth was supported by market appreciation in addition to modestly positive net asset flows in Advisors, as ETF and SMA net inflows offset outflows in traditional mutual funds.
— SEI repurchased 1.6 million shares of common stock for $141.6 million during the third quarter 2025 at an average price of $90.02 per share, bringing total shares repurchased to 9.3 million for the trailing 12 months.
Earnings Conference Call
A conference call and presentation to review earnings is scheduled for 5 p.m. Eastern time on Oct. 22, 2025. 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.
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 Sept. 30, 2025, SEI manages, advises, or administers approximately $1.8 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:
— our opportunities;
— our ability to outperform and deliver long-term, sustainable value for our clients and shareholders
— the drivers of our growth;
— the strength of our pipelines; and
— when and if we will generate net annualized recurring revenues from sales events that occurred during the quarter, as well as the amount of any such revenue.
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 COMPANYCONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data) (Unaudited) For the Three Months For the Nine Months Ended September 30, Ended September 30, 2025 2024 2025 2024Asset management, admin. and distribution fees $461,964 $423,859 $1,331,650 $1,237,623Information processing and software servicing fees 116,547 113,537 357,806 330,338Total revenues 578,511 537,396 1,689,456 1,567,961Subadvisory, distribution and other asset mgmt. costs 55,072 47,969 152,313 141,279Software royalties and other information processing costs 9,434 8,936 27,706 25,503Compensation, benefits and other personnel 203,739 191,740 594,097 570,534Stock-based compensation 13,956 13,696 41,985 37,224Consulting, outsourcing and professional fees 54,401 53,291 167,344 159,258Data processing and computer related 41,569 37,556 122,689 112,790Facilities, supplies and other costs 20,982 21,622 61,481 58,795Amortization 11,912 10,413 33,071 31,284Depreciation 7,485 8,341 23,077 25,097Total expenses 418,550 393,564 1,223,763 1,161,764Income from operations 159,961 143,832 465,693 406,197Net gain from investments 1,992 427 4,244 3,349Interest and dividend income 10,207 13,579 29,711 35,950Interest expense (109) (141) (386) (419)Gain on sale of business – – 94,412 -Other income 4,922 8,151 9,422 8,151Equity in earnings of unconsolidated affiliate 31,903 36,513 94,290 102,375Net gain from consolidated variable interest entities 1,845 – 1,845 -Income before income taxes 210,721 202,361 699,231 555,603Income taxes 46,135 47,461 156,045 130,183Net income $164,586 $154,900 $543,186 $425,420Less: Net income attributable to non-controlling interests 382 – 382 -Net income attributable to SEI Investments Company $164,204 $154,900 $542,804 $425,420Basic earnings per common share $1.33 $1.20 $4.35 $3.26Shares used to calculate basic earnings per share 123,099 129,418 124,710 130,550Diluted earnings per common share $1.30 $1.19 $4.25 $3.23Shares used to calculate diluted earnings per share 126,325 130,671 127,684 131,830Dividends declared per common share $- $- $0.49 $0.46
SEI INVESTMENTS COMPANYCONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited) September 30, December 31, 2025 2024AssetsCurrent Assets:Cash and cash equivalents $792,822 $840,193Receivables from investment products 50,563 54,118Receivables, net of allowance for doubtful accounts of $2,228 and $1,435 670,116 567,634Securities owned 31,242 29,583Other current assets 66,975 60,282Total Current Assets 1,611,718 1,551,810Property and Equipment, net of accumulated depreciation of $461,304 and $493,219 156,065 159,643Operating Lease Right-of-Use Assets 24,065 28,905Capitalized Software, net of accumulated amortization of $661,413 and $641,071 235,559 236,023Investments 293,865 315,567Assets of Consolidated Variable Interest Entities 170,657 -Goodwill 168,430 170,287Intangible Assets, net of accumulated amortization of $44,506 and $55,835 61,387 77,370Deferred Contract Costs 49,113 45,855Deferred Income Taxes 17,490 51,984Other Assets, net 56,761 47,162Total Assets $2,845,110 $2,684,606Liabilities, Redeemable Non-controlling Interests and Shareholders' EquityCurrent Liabilities:Accounts payable $7,871 $13,081Accrued liabilities 254,162 347,513Current portion of long-term operating lease liabilities 7,083 7,900Deferred revenue 12,307 12,019Total Current Liabilities 281,423 380,513Liabilities of Consolidated Variable Interest Entities 100,492 -Long-term Income Taxes Payable – 803Long-term Operating Lease Liabilities 19,234 24,235Other Long-term Liabilities 24,552 26,943Total Liabilities 425,701 432,494Redeemable Non-controlling Interests 18,852 -Shareholders' Equity:Common stock, $0.01 par value, 750,000 shares authorized; 122,633 and 126,840 1,226 1,268shares issued and outstandingCapital in excess of par value 1,648,817 1,539,816Retained earnings 774,892 758,003Accumulated other comprehensive loss, net (24,378) (46,975)Total Shareholders' Equity 2,400,557 2,252,112Total Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity $2,845,110 $2,684,606
SEI INVESTMENTS COMPANYCONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited) For the Nine Months Ended September 30, 2025 2024Cash flows from operating activities:Net income $543,186 $425,420Less: Net income attributable to non-controlling interests (382) -Adjustments to reconcile net income to net cash provided by operating activities: (56,368) 1,654Net cash provided by operating activities, excluding variable interest entities 486,436 427,074Net cash used in operating activities of consolidated variable interest entities (5,172) -Net cash provided by operating activities $481,264 $427,074Net cash provided by/(used in) investing activities $40,497 ($57,185)Net cash used in financing activities ($516,474) ($310,392)Effect of exchange rate changes on cash, cash equivalents and restricted cash 11,953 6,941Net increase in cash and cash equivalents 17,240 66,438Cash, cash equivalents and cash and cash equivalents held at consolidated variable 840,193 834,998interest entities, beginning of periodCash, cash equivalents and cash and cash equivalents held at consolidated variable $857,433 $901,436interest entities, end of periodReconciliation of Cash, cash equivalents and cash and cash equivalents held at September 30, December 31,consolidated variable interest entities to the Consolidated Balance Sheets: 2025 2024Cash and cash equivalents $792,822 $840,193Cash and cash equivalents held at consolidated variable interest entities 64,611 -Total cash and cash equivalents and cash and cash equivalents held at consolidated $857,433 $840,193variable interest entities
ENDING ASSET BALANCES(In millions) (Unaudited) Sep. 30 Dec. 31 Mar. 31 Jun. 30 Sep. 30 2024 2024 2025 2025 2025Investment Managers:Collective trust fund programs (A) $204,429 $202,384 $209,491 $225,690 $237,964Liquidity funds 233 188 244 307 418Total assets under management $204,662 $202,572 $209,735 $225,997 $238,382Client assets under administration 1,022,515 1,032,812 1,061,067 1,128,325 1,204,843Total assets $1,227,177 $1,235,384 $1,270,802 $1,354,322 $1,443,225Private Banks:Equity and fixed-income programs $26,565 $25,523 $25,590 $27,839 $28,408Collective trust fund programs 5 4 4 3 3Liquidity funds 2,948 2,688 3,670 2,796 2,802Total assets under management $29,518 $28,215 $29,264 $30,638 $31,213Client assets under administration 8,349 8,340 8,365 8,431 8,902Total assets $37,867 $36,555 $37,629 $39,069 $40,115Investment Advisors:Equity and fixed-income programs $78,361 $76,283 $75,689 $80,618 $85,245Liquidity funds 2,790 3,105 3,153 3,457 3,391Total Platform assets under management $81,151 $79,388 $78,842 $84,075 $88,636Platform-only assets 24,501 25,244 25,591 29,848 32,152Platform-only assets-deposit program 2,447 2,398 2,216 2,155 2,165Total Platform assets $108,099 $107,030 $106,649 $116,078 $122,953Institutional Investors:Equity and fixed-income programs $79,252 $75,481 $76,491 $80,112 $82,676Collective trust fund programs 1 1 1 – -Liquidity funds 1,829 1,511 1,580 1,768 1,580Total assets under management $81,082 $76,993 $78,072 $81,880 $84,256Client assets under advisement 8,038 5,955 5,573 6,090 6,564Total assets $89,120 $82,948 $83,645 $87,970 $90,820Investments in New Businesses:Equity and fixed-income programs $2,825 $2,747 $2,661 $2,867 $2,999Liquidity funds 246 297 288 244 244Total assets under management $3,071 $3,044 $2,949 $3,111 $3,243Client assets under administration (E) 15,110 14,791 14,846 – -Client assets under advisement 2,021 2,185 2,219 2,593 2,452Total assets $20,202 $20,020 $20,014 $5,704 $5,695LSV Asset Management:Equity and fixed-income programs (B) $93,855 $86,501 $87,114 $91,795 $95,801Total:Equity and fixed-income programs (C) $280,858 $266,535 $267,545 $283,231 $295,129Collective trust fund programs 204,435 202,389 209,496 225,693 237,967Liquidity funds 8,046 7,789 8,935 8,572 8,435Total assets under management $493,339 $476,713 $485,976 $517,496 $541,531Client assets under advisement 10,059 8,140 7,792 8,683 9,016Client assets under administration (D) 1,045,974 1,055,943 1,084,278 1,136,756 1,213,745Platform-only assets 26,948 27,642 27,807 32,003 34,317Total assets $1,576,320 $1,568,438 $1,605,853 $1,694,938 $1,798,609
(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 $1.4 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 September 30, 2025).(C) Equity and fixed-income programs include $6.9 billion of assets invested in various asset allocation funds (as of September 30, 2025).(D) In addition to the assets presented, SEI also administers an additional $11.5 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of September 30, 2025).(E) Client assets under administration related to the Family Office Services business divested on June 30, 2025.
AVERAGE ASSET BALANCES(In millions) (Unaudited) 3rd Qtr. 4th Qtr. 1st Qtr. 2nd Qtr. 3rd Qtr. 2024 2024 2025 2025 2025Investment Managers:Collective trust fund programs (A) $198,839 $204,954 $208,720 $215,085 $231,088Liquidity funds 245 223 256 288 385Total assets under management $199,084 $205,177 $208,976 $215,373 $231,473Client assets under administration 1,005,111 1,034,500 1,061,282 1,098,925 1,174,961Total assets $1,204,195 $1,239,677 $1,270,258 $1,314,298 $1,406,434Private Banks:Equity and fixed-income programs $25,823 $26,067 $25,894 $26,533 $28,051Collective trust fund programs 5 4 4 3 3Liquidity funds 2,858 2,814 2,961 2,771 2,834Total assets under management $28,686 $28,885 $28,859 $29,307 $30,888Client assets under administration 8,074 8,395 8,488 8,266 8,665Total assets $36,760 $37,280 $37,347 $37,573 $39,553Investment Advisors:Equity and fixed-income programs $76,111 $77,866 $77,287 $76,629 $82,735Liquidity funds 4,264 3,031 3,119 3,464 3,378Total Platform assets under management $80,375 $80,897 $80,406 $80,093 $86,113Platform-only assets 23,194 25,109 25,939 27,288 30,874Platform-only assets-deposit program 1,176 2,186 2,187 2,152 2,136Total Platform assets $104,745 $108,192 $108,532 $109,533 $119,123Institutional Investors:Equity and fixed-income programs $77,473 $77,399 $76,492 $77,843 $80,802Collective trust fund programs 1 1 1 – -Liquidity funds 2,046 2,154 1,655 1,853 1,810Total assets under management $79,520 $79,554 $78,148 $79,696 $82,612Client assets under advisement 7,925 6,991 5,741 5,841 6,274Total assets $87,445 $86,545 $83,889 $85,537 $88,886Investments in New Businesses:Equity and fixed-income programs $2,432 $2,819 $2,801 $2,732 $2,934Liquidity funds 546 269 274 244 255Total assets under management $2,978 $3,088 $3,075 $2,976 $3,189Client assets under administration (E) 14,973 14,961 14,630 14,917 -Client assets under advisement 1,885 2,110 2,205 2,329 2,428Total assets $19,836 $20,159 $19,910 $20,222 $5,617LSV Asset Management:Equity and fixed-income programs (B) $93,195 $88,880 $87,790 $89,422 $92,969Total:Equity and fixed-income programs (C) $275,034 $273,031 $270,264 $273,159 $287,491Collective trust fund programs 198,845 204,959 208,725 215,088 231,091Liquidity funds 9,959 8,491 8,265 8,620 8,662Total assets under management $483,838 $486,481 $487,254 $496,867 $527,244Client assets under advisement 9,810 9,101 7,946 8,170 8,702Client assets under administration (D) 1,028,158 1,057,856 1,084,400 1,122,108 1,183,626Platform-only assets 24,370 27,295 28,126 29,440 33,010Total assets $1,546,176 $1,580,733 $1,607,726 $1,656,585 $1,752,582
(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 third-quarter 2025 include $1.4 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 $6.8 billion of average assets invested in various asset allocation funds during third-quarter 2025.(D) In addition to the assets presented, SEI also administers an additional $11.5 billion of average assets in Funds of Funds assets during third-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.
SALES EVENTS(In thousands) (Unaudited)Net Recurring Sales Events 3rd Qtr. 4th Qtr. 1st Qtr. 2nd Qtr. 3rd Qtr. 2024 2024 2025 2025 2025Investment Processing-related Businesses:Investment Managers $23,319 $18,027 $25,296 $21,928 $27,460Private Banks 9,417 9,245 7,059 254 (6,713)Total Investment Processing-related Businesses $32,736 $27,272 $32,355 $22,182 $20,747Asset Management-related Businesses:Private Banks-AMD ($854) $495 ($58) ($174) ($1,674)Investment Advisors 2,686 1,339 888 (1,654) 1,230Institutional Investors (576) (2,673) 41 2,544 (594)Total Asset Management-related Businesses $1,256 ($839) $871 $716 ($1,038)Newer Initiatives:Investments in New Businesses $936 $1,778 $3,614 $1,245 $1,208Total Net Recurring Sales Events $34,928 $28,211 $36,840 $24,143 $20,917Non-Recurring Sales Events 3rd Qtr. 4th Qtr. 1st Qtr. 2nd Qtr. 3rd Qtr. 2024 2024 2025 2025 2025Investment Processing-related Businesses:Investment Managers $712 $2,465 $835 $1,102 $2,465Private Banks 8,796 6,622 7,060 2,373 7,087Total Investment Processing-related Businesses $9,508 $9,087 $7,895 $3,475 $9,552Newer Initiatives:Investments in New Businesses $1,976 $921 $1,834 $1,552 $71Total Non-Recurring Sales Events $11,484 $10,008 $9,729 $5,027 $9,623Total Sales Events 3rd Qtr. 4th Qtr. 1st Qtr. 2nd Qtr. 3rd Qtr. 2024 2024 2025 2025 2025Investment Processing-related Businesses:Investment Managers $24,031 $20,492 $26,131 $23,030 $29,925Private Banks 18,213 15,867 14,119 2,627 374Total Investment Processing-related Businesses $42,244 $36,359 $40,250 $25,657 $30,299Asset Management-related Businesses:Private Banks-AMD ($854) $495 ($58) ($174) ($1,674)Investment Advisors 2,686 1,339 888 (1,654) 1,230Institutional Investors (576) (2,673) 41 2,544 (594)Total Asset Management-related Businesses $1,256 ($839) $871 $716 ($1,038)Newer Initiatives:Investments in New Businesses $2,912 $2,699 $5,448 $2,797 $1,279Total Sales Events $46,412 $38,219 $46,569 $29,170 $30,540
Investor contact: Media contact:Brad Burke Leslie WojcikSEI SEI+1 610-676-5350 +1 610-676-4191bburke2@seic.com lwojcik@seic.com
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