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 For the Three Months For the Twelve Monthsearnings per share) Ended December 31, Ended December 31, 2024 % % 2025 2024 2025 — 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 For the Twelve Months Ended December 31, 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) 55 NM* 55 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:
— SEI ended the year with strong quarterly performance, achieving diluted EPS of $1.38, up 16% from the prior year. Results were broad based, driven by revenue growth and margin expansion across each of SEI's business segments. Several items affected comparability and collectively reduced diluted EPS by approximately $0.08, including:
— $20.1 million of elevated Corporate Overhead attributable to severance expense and third party M&A fees related to Stratos.
— A $3.0 million tax benefit from purchased energy credits.
— A $3.3 million revenue accrual true-up benefit in our Investment Managers segment.
— Fourth quarter net sales events totaled $43.6 million, bringing full-year net sales events to a record $149.9 million.
— Private Banks led the quarter with $27.5 million of net sales events reflecting demand across SEI's full suite of capabilities, including SWP software-as-a-service, implementation services, and ongoing enterprise-wide professional services.
— Investment Managers generated $20.5 million of net sales events, with more than two-thirds coming from U.S.-based alternative asset managers.
— Advisors net sales events were nearly flat for the quarter, as strong inflows into SEI-managed ETFs offset continued outflows in traditional mutual fund products.
— Institutional Investors recorded negative $5.0 million of net sales events, driven by client losses in the United Kingdom.
— Consolidated revenues and operating income increased by 9% and 11%, respectively, from Q4 2024. SEI's consolidated operating margin of 26.6% improved over the prior year despite severance and M&A expenses. Across all business segments, both revenue and operating profit increased vs. Q4 2024 and Q3 2025.
— Private Banking revenue increased 4% vs. Q3 2025 reflecting recent professional services wins. Operating margins expanded to 19%, up from 16% in Q3, driven by cost leverage and higher-margin professional services wins.
— Investment Managers delivered strong revenue and operating profit growth, even excluding the $3.3 million revenue accrual true-up, supported by recent clients wins, modest market appreciation for traditional asset managers, and the timing of certain planned investments shifting into 2026.
— Investment Advisors posted 5% operating profit growth vs. Q3 2025, with market appreciation offsetting continued mutual fund outflows. SEI's integrated cash program contributed $20.7 million, consistent with Q3 2025 and Q4 2024.
— Institutional Investors generated modest revenue and operating profit growth as market appreciation largely offset client losses.
— Ending assets under administration increased by 3%, and ending assets under management increased by 2% from Q3 to Q4. AUA growth was driven primarily by strong client win momentum and, to a lesser extent, market appreciation. AUM growth was supported by market appreciation which offset modest outflows, primarily in Institutional.
— SEI completed the first and largest close of the Stratos acquisition for $440.8 million during the quarter, funded entirely with balance sheet cash. Acquiring Stratos advances SEI's expansion into Advice, deepens insight into end-client and advisor needs, broadens distribution across RIA and broker-dealer channels, and creates new opportunities to integrate SEI's technology and investment capabilities into a rapidly growing advisory platform.
— SEI repurchased 1.2 million shares of common stock for $101.0 million during the fourth quarter 2025 at an average price of $82.61 per share, bringing total shares repurchased to 7.5 million for the year.
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:
— the benefits, if any, we will receive from increased demand for outsourcing, and the convergence of public and private markets;
— the market demand for investment advice and our ability to benefit from this demand;
— our opportunities;
— the demand for our full suite of capabilities;
— the pace of outflows in our traditional mutual fund products; 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 COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) For the Three Months For the Twelve Months Ended December 31, 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, December 31, 2025 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 2025 2025 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: $25,523 $25,590 $27,839 $28,408 $29,832 Equity and fixed-income programs Collective trust fund programs 4 4 3 3 3 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: $76,283 $75,689 $80,618 $85,245 $86,879 Equity and fixed-income programs 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: $75,482 $76,492 $80,112 $82,676 $84,254 Equity and fixed-income programs 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: $2,747 $2,661 $2,867 $2,999 $3,044Equity and fixed-income programs Liquidity funds 297 288 244 244 316 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: $86,501 $87,114 $91,795 $95,801 $99,196 Equity and fixed-income programs (B) Stratos Wealth Holdings (F) $- $- $- $- $38,377 Total: $266,536 $267,546 $283,231 $295,129 $303,205 Equity and fixed-income programs (C) 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 2025 2025 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 4 4 3 3 3 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. 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. 2024 2025 2025 2025 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) 41 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 2025 2025 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 2025 2025 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) 41 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 SEI +1 610-676-5350 +1 610-676-3887 bburke2@seic.com arudd@seic.com—
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SOURCE SEI Investments Company
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