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Sei Investments Company
SEI Reports Third-Quarter 2025 Financial Results
Business
Oct 22 2025
4 min read

SEI Reports Third-Quarter 2025 Financial Results

OAKS, Pa., Oct. 22, 2025 /PRNewswire/ -- 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 earnings per share)

For the Three Months Ended September 30,

For the Nine Months  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 to SEI Investments

164,204

154,900

6 %

542,804

425,420

28 %

Diluted 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 Ended September 30,

For the Nine Months  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 of Stratos 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 from SEI'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 COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

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

For the Three Months  Ended September 30,

For the Nine Months  Ended September 30,

2025

2024

2025

2024

Asset management, admin. and distribution fees

$461,964

$423,859

$1,331,650

$1,237,623

Information processing and software servicing fees

116,547

113,537

357,806

330,338

Total revenues

578,511

537,396

1,689,456

1,567,961

Subadvisory, distribution and other asset mgmt. costs

55,072

47,969

152,313

141,279

Software royalties and other information processing costs

9,434

8,936

27,706

25,503

Compensation, benefits and other personnel

203,739

191,740

594,097

570,534

Stock-based compensation

13,956

13,696

41,985

37,224

Consulting, outsourcing and professional fees

54,401

53,291

167,344

159,258

Data processing and computer related

41,569

37,556

122,689

112,790

Facilities, supplies and other costs

20,982

21,622

61,481

58,795

Amortization

11,912

10,413

33,071

31,284

Depreciation

7,485

8,341

23,077

25,097

Total expenses

418,550

393,564

1,223,763

1,161,764

Income from operations

159,961

143,832

465,693

406,197

Net gain from investments

1,992

427

4,244

3,349

Interest and dividend income

10,207

13,579

29,711

35,950

Interest expense

(109)

(141)

(386)

(419)

Gain on sale of business

—

—

94,412

—

Other income

4,922

8,151

9,422

8,151

Equity in earnings of unconsolidated affiliate

31,903

36,513

94,290

102,375

Net gain from consolidated variable interest entities

1,845

—

1,845

—

Income before income taxes

210,721

202,361

699,231

555,603

Income taxes

46,135

47,461

156,045

130,183

Net income

$164,586

$154,900

$543,186

$425,420

Less: Net income attributable to non-controlling interests

382

—

382

—

Net income attributable to SEI Investments Company

$164,204

$154,900

$542,804

$425,420

Basic earnings per common share

$1.33

$1.20

$4.35

$3.26

Shares used to calculate basic earnings per share

123,099

129,418

124,710

130,550

Diluted earnings per common share

$1.30

$1.19

$4.25

$3.23

Shares used to calculate diluted earnings per share

126,325

130,671

127,684

131,830

Dividends declared per common share

$—

$—

$0.49

$0.46

 

SEI INVESTMENTS COMPANY

CONSOLIDATED BALANCE SHEETS

(In thousands) (Unaudited)

September 30,

December 31,

2025

2024

Assets

Current Assets:

  Cash and cash equivalents

$792,822

$840,193

  Receivables from investment products

50,563

54,118

  Receivables, net of allowance for doubtful accounts of $2,228 and $1,435

670,116

567,634

  Securities owned

31,242

29,583

  Other current assets

66,975

60,282

Total Current Assets

1,611,718

1,551,810

Property and Equipment, net of accumulated depreciation of $461,304 and $493,219

156,065

159,643

Operating Lease Right-of-Use Assets

24,065

28,905

Capitalized Software, net of accumulated amortization of $661,413 and $641,071

235,559

236,023

Investments

293,865

315,567

Assets of Consolidated Variable Interest Entities

170,657

—

Goodwill

168,430

170,287

Intangible Assets, net of accumulated amortization of $44,506 and $55,835

61,387

77,370

Deferred Contract Costs

49,113

45,855

Deferred Income Taxes

17,490

51,984

Other Assets, net

56,761

47,162

Total Assets

$2,845,110

$2,684,606

Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity

Current Liabilities:

  Accounts payable

$7,871

$13,081

  Accrued liabilities

254,162

347,513

  Current portion of long-term operating lease liabilities

7,083

7,900

  Deferred revenue

12,307

12,019

Total Current Liabilities

281,423

380,513

Liabilities of Consolidated Variable Interest Entities

100,492

—

Long-term Income Taxes Payable

—

803

Long-term Operating Lease Liabilities

19,234

24,235

Other Long-term Liabilities

24,552

26,943

Total Liabilities

425,701

432,494

Redeemable Non-controlling Interests

18,852

—

Shareholders' Equity:

Common stock, $0.01 par value, 750,000 shares authorized; 122,633 and 126,840 shares issued and outstanding

1,226

1,268

Capital in excess of par value

1,648,817

1,539,816

Retained earnings

774,892

758,003

Accumulated other comprehensive loss, net

(24,378)

(46,975)

Total Shareholders' Equity

2,400,557

2,252,112

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

$2,845,110

$2,684,606

 

SEI INVESTMENTS COMPANY

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)

For the Nine Months Ended September 30,

2025

2024

Cash flows from operating activities:

Net income

$543,186

$425,420

Less: Net income attributable to non-controlling interests

(382)

—

Adjustments to reconcile net income to net cash provided by operating activities:

(56,368)

1,654

Net cash provided by operating activities, excluding variable interest entities

486,436

427,074

Net cash used in operating activities of consolidated variable interest entities

(5,172)

—

Net cash provided by operating activities

$481,264

$427,074

Net 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

6,941

Net increase in cash and cash equivalents

17,240

66,438

Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, beginning of period

840,193

834,998

Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, end of period

$857,433

$901,436

Reconciliation of Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities to the Consolidated Balance Sheets:

September 30,

December 31,

2025

2024

Cash and cash equivalents

$792,822

$840,193

Cash and cash equivalents held at consolidated variable interest entities

64,611

—

Total cash and cash equivalents and cash and cash equivalents held at consolidated variable interest entities

$857,433

$840,193

   

ENDING ASSET BALANCES

(In millions)  (Unaudited)

Sep. 30

Dec. 31

Mar. 31

Jun. 30

Sep. 30

2024

2024

2025

2025

2025

Investment Managers:

Collective trust fund programs (A)

$204,429

$202,384

$209,491

$225,690

$237,964

Liquidity funds

233

188

244

307

418

Total assets under management

$204,662

$202,572

$209,735

$225,997

$238,382

Client assets under administration

1,022,515

1,032,812

1,061,067

1,128,325

1,204,843

Total assets

$1,227,177

$1,235,384

$1,270,802

$1,354,322

$1,443,225

Private Banks:

Equity and fixed-income programs

$26,565

$25,523

$25,590

$27,839

$28,408

Collective trust fund programs

5

4

4

3

3

Liquidity funds

2,948

2,688

3,670

2,796

2,802

Total assets under management

$29,518

$28,215

$29,264

$30,638

$31,213

Client assets under administration

8,349

8,340

8,365

8,431

8,902

Total assets

$37,867

$36,555

$37,629

$39,069

$40,115

Investment Advisors:

Equity and fixed-income programs

$78,361

$76,283

$75,689

$80,618

$85,245

Liquidity funds

2,790

3,105

3,153

3,457

3,391

Total Platform assets under management

$81,151

$79,388

$78,842

$84,075

$88,636

Platform-only assets

24,501

25,244

25,591

29,848

32,152

Platform-only assets-deposit program

2,447

2,398

2,216

2,155

2,165

Total Platform assets

$108,099

$107,030

$106,649

$116,078

$122,953

Institutional Investors:

Equity and fixed-income programs

$79,252

$75,481

$76,491

$80,112

$82,676

Collective trust fund programs

1

1

1

—

—

Liquidity funds

1,829

1,511

1,580

1,768

1,580

Total assets under management

$81,082

$76,993

$78,072

$81,880

$84,256

Client assets under advisement

8,038

5,955

5,573

6,090

6,564

Total assets

$89,120

$82,948

$83,645

$87,970

$90,820

Investments in New Businesses:

Equity and fixed-income programs

$2,825

$2,747

$2,661

$2,867

$2,999

Liquidity funds

246

297

288

244

244

Total assets under management

$3,071

$3,044

$2,949

$3,111

$3,243

Client assets under administration (E)

15,110

14,791

14,846

—

—

Client assets under advisement

2,021

2,185

2,219

2,593

2,452

Total assets

$20,202

$20,020

$20,014

$5,704

$5,695

LSV Asset Management:

Equity and fixed-income programs (B)

$93,855

$86,501

$87,114

$91,795

$95,801

Total:

Equity and fixed-income programs (C)

$280,858

$266,535

$267,545

$283,231

$295,129

Collective trust fund programs

204,435

202,389

209,496

225,693

237,967

Liquidity funds

8,046

7,789

8,935

8,572

8,435

Total assets under management

$493,339

$476,713

$485,976

$517,496

$541,531

Client assets under advisement

10,059

8,140

7,792

8,683

9,016

Client assets under administration (D)

1,045,974

1,055,943

1,084,278

1,136,756

1,213,745

Platform-only assets

26,948

27,642

27,807

32,003

34,317

Total 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

2025

Investment Managers:

Collective trust fund programs (A)

$198,839

$204,954

$208,720

$215,085

$231,088

Liquidity funds

245

223

256

288

385

Total assets under management

$199,084

$205,177

$208,976

$215,373

$231,473

Client assets under administration

1,005,111

1,034,500

1,061,282

1,098,925

1,174,961

Total assets

$1,204,195

$1,239,677

$1,270,258

$1,314,298

$1,406,434

Private Banks:

Equity and fixed-income programs

$25,823

$26,067

$25,894

$26,533

$28,051

Collective trust fund programs

5

4

4

3

3

Liquidity funds

2,858

2,814

2,961

2,771

2,834

Total assets under management

$28,686

$28,885

$28,859

$29,307

$30,888

Client assets under administration

8,074

8,395

8,488

8,266

8,665

Total assets

$36,760

$37,280

$37,347

$37,573

$39,553

Investment Advisors:

Equity and fixed-income programs

$76,111

$77,866

$77,287

$76,629

$82,735

Liquidity funds

4,264

3,031

3,119

3,464

3,378

Total Platform assets under management

$80,375

$80,897

$80,406

$80,093

$86,113

Platform-only assets

23,194

25,109

25,939

27,288

30,874

Platform-only assets-deposit program

1,176

2,186

2,187

2,152

2,136

Total Platform assets

$104,745

$108,192

$108,532

$109,533

$119,123

Institutional Investors:

Equity and fixed-income programs

$77,473

$77,399

$76,492

$77,843

$80,802

Collective trust fund programs

1

1

1

—

—

Liquidity funds

2,046

2,154

1,655

1,853

1,810

Total assets under management

$79,520

$79,554

$78,148

$79,696

$82,612

Client assets under advisement

7,925

6,991

5,741

5,841

6,274

Total assets

$87,445

$86,545

$83,889

$85,537

$88,886

Investments in New Businesses:

Equity and fixed-income programs

$2,432

$2,819

$2,801

$2,732

$2,934

Liquidity funds

546

269

274

244

255

Total assets under management

$2,978

$3,088

$3,075

$2,976

$3,189

Client assets under administration (E)

14,973

14,961

14,630

14,917

—

Client assets under advisement

1,885

2,110

2,205

2,329

2,428

Total assets

$19,836

$20,159

$19,910

$20,222

$5,617

LSV Asset Management:

Equity and fixed-income programs (B)

$93,195

$88,880

$87,790

$89,422

$92,969

Total:

Equity and fixed-income programs (C)

$275,034

$273,031

$270,264

$273,159

$287,491

Collective trust fund programs

198,845

204,959

208,725

215,088

231,091

Liquidity funds

9,959

8,491

8,265

8,620

8,662

Total assets under management

$483,838

$486,481

$487,254

$496,867

$527,244

Client assets under advisement

9,810

9,101

7,946

8,170

8,702

Client assets under administration (D)

1,028,158

1,057,856

1,084,400

1,122,108

1,183,626

Platform-only assets

24,370

27,295

28,126

29,440

33,010

Total 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

2025

Investment Processing-related Businesses:

Investment Managers

$23,319

$18,027

$25,296

$21,928

$27,460

Private Banks

9,417

9,245

7,059

254

(6,713)

Total Investment Processing-related Businesses

$32,736

$27,272

$32,355

$22,182

$20,747

Asset Management-related Businesses:

Private Banks-AMD

($854)

$495

($58)

($174)

($1,674)

Investment Advisors

2,686

1,339

888

(1,654)

1,230

Institutional 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

$1,208

Total Net Recurring Sales Events

$34,928

$28,211

$36,840

$24,143

$20,917

Non-Recurring Sales Events

3rd Qtr.

4th Qtr.

1st Qtr.

2nd Qtr.

3rd Qtr.

2024

2024

2025

2025

2025

Investment Processing-related Businesses:

Investment Managers

$712

$2,465

$835

$1,102

$2,465

Private Banks

8,796

6,622

7,060

2,373

7,087

Total Investment Processing-related Businesses

$9,508

$9,087

$7,895

$3,475

$9,552

Newer Initiatives:

Investments in New Businesses

$1,976

$921

$1,834

$1,552

$71

Total Non-Recurring Sales Events

$11,484

$10,008

$9,729

$5,027

$9,623

Total Sales Events

3rd Qtr.

4th Qtr.

1st Qtr.

2nd Qtr.

3rd Qtr.

2024

2024

2025

2025

2025

Investment Processing-related Businesses:

Investment Managers

$24,031

$20,492

$26,131

$23,030

$29,925

Private Banks

18,213

15,867

14,119

2,627

374

Total Investment Processing-related Businesses

$42,244

$36,359

$40,250

$25,657

$30,299

Asset Management-related Businesses:

Private Banks-AMD

($854)

$495

($58)

($174)

($1,674)

Investment Advisors

2,686

1,339

888

(1,654)

1,230

Institutional 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

$1,279

Total Sales Events

$46,412

$38,219

$46,569

$29,170

$30,540

 

Investor contact :   

Media contact:  

Brad Burke     

Leslie Wojcik

SEI   

SEI 

+1 610-676-5350

+1 610-676-4191

bburke2@seic.com  

lwojcik@seic.com

 

Cision View original content:https://www.prnewswire.com/news-releases/sei-reports-third-quarter-2025-financial-results-302591869.html

SOURCE SEI Investments Company