SEI Reports Third-Quarter 2025 Financial Results

By PR Newswire | October 22, 2025, 4:01 PM

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

[email protected]  

[email protected]

 

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

SOURCE SEI Investments Company

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