# SEI INVESTMENTS CO (SEIC)

Informational only - not investment advice.

CIK: 0000350894
SIC: 6211 Security Brokers, Dealers & Flotation Companies
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6211 Security Brokers, Dealers & Flotation Companies](/industry/6211/)
Latest 10-K filed: 2026-02-23
SEC page: https://www.sec.gov/edgar/browse/?CIK=350894
Filing source: https://www.sec.gov/Archives/edgar/data/350894/000035089426000013/seic-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-23 · accession 0000350894-26-000013 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000350894.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,297,381,000 USD | 2025 | verified |
| Net income | 715,305,000 USD | 2025 | verified |
| Free cash flow | 585,018,000 USD | 2025 | computed |
| Net margin | 31.14% | 2025 | computed |
| Operating margin | 27.31% | 2025 | computed |
| Revenue YoY | +8.10% | 2025 | computed |
| ROE | 29.22% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SEIC | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 31.1% | 14.8% | 83 | 19 |
| Revenue growth | 8.1% | 14.4% | 28 | 19 |
| FCF margin | 25.5% | 14.7% | 64 | 15 |
| ROE | 29.2% | 15.1% | 89 | 19 |
| ROA | 21.6% | 1.8% | 100 | 19 |
| Liabilities / equity | 0.19 | 6.06 | 0 | 19 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6211 Security Brokers, Dealers & Flotation Companies, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2297381000 | USD | 2025 | 2026-02-23 |
| Net income | 715305000 | USD | 2025 | 2026-02-23 |
| Assets | 2684606000 | USD | 2024 | 2025-02-20 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000350894.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2013 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 1,401,545,000 | 1,526,552,000 | 1,624,167,000 | 1,649,885,000 | 1,684,058,000 | 1,918,309,000 | 1,991,037,000 | 1,919,793,000 | 2,125,151,000 | 2,297,381,000 |
| Net income |  |  | 333,817,000 | 404,389,000 | 505,868,000 | 501,426,000 | 447,286,000 | 546,593,000 | 475,467,000 | 462,258,000 | 581,191,000 | 715,305,000 |
| Operating income |  |  | 375,694,000 | 396,944,000 | 441,988,000 | 460,424,000 | 445,887,000 | 553,381,000 | 475,753,000 | 424,524,000 | 551,741,000 | 627,311,000 |
| Gross profit |  |  | 435,011,000 | 460,778,000 | 507,634,000 | 532,620,000 | 519,885,000 | 645,235,000 | 643,917,000 | 556,765,000 | 699,389,000 | 808,134,000 |
| Diluted EPS |  |  | 2.03 | 2.49 | 3.14 | 3.24 | 3.00 | 3.81 | 3.46 | 3.46 | 4.41 | 5.63 |
| Operating cash flow |  |  | 434,220,000 | 459,903,000 | 588,401,000 | 545,122,000 | 488,682,000 | 633,101,000 | 566,119,000 | 447,030,000 | 622,343,000 | 607,662,000 |
| Capital expenditures |  |  | 31,397,000 | 25,525,000 | 29,095,000 | 43,097,000 | 54,448,000 | 26,499,000 | 39,191,000 | 24,835,000 | 32,226,000 | 22,644,000 |
| Dividends paid |  |  | 84,686,000 | 88,862,000 | 94,318,000 | 100,745,000 | 103,914,000 | 105,516,000 | 109,830,000 | 114,837,000 | 120,346,000 | 124,198,000 |
| Share buybacks |  |  | 292,258,000 | 248,339,000 | 407,384,000 | 346,352,000 | 427,001,000 | 408,069,000 | 344,723,000 | 308,854,000 | 500,061,000 | 628,135,000 |
| Assets |  | 1,588,628,000 | 1,636,823,000 | 1,853,369,000 | 1,971,668,000 | 2,151,370,000 | 2,167,256,000 | 2,354,702,000 | 2,383,553,000 | 2,520,003,000 | 2,684,606,000 |  |
| Liabilities |  | 298,908,000 | 333,709,000 | 376,530,000 | 378,521,000 | 412,592,000 | 427,349,000 | 493,939,000 | 429,729,000 | 388,175,000 | 432,494,000 |  |
| Stockholders' equity | 1,156,002,000 |  |  | 1,476,839,000 | 1,593,147,000 | 1,738,778,000 | 1,739,907,000 | 1,860,763,000 | 1,953,824,000 | 2,131,828,000 | 2,252,112,000 | 2,447,784,000 |
| Cash and cash equivalents |  |  | 695,701,000 | 744,247,000 | 754,525,000 | 841,446,000 | 784,626,000 | 831,407,000 | 853,008,000 | 834,697,000 | 840,193,000 | 399,804,000 |
| Free cash flow |  |  | 402,823,000 | 434,378,000 | 559,306,000 | 502,025,000 | 434,234,000 | 606,602,000 | 526,928,000 | 422,195,000 | 590,117,000 | 585,018,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2013 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | 23.82% | 26.49% | 31.15% | 30.39% | 26.56% | 28.49% | 23.88% | 24.08% | 27.35% | 31.14% |
| Operating margin |  |  | 26.81% | 26.00% | 27.21% | 27.91% | 26.48% | 28.85% | 23.89% | 22.11% | 25.96% | 27.31% |
| Return on equity |  |  |  | 27.38% | 31.75% | 28.84% | 25.71% | 29.37% | 24.34% | 21.68% | 25.81% | 29.22% |
| Return on assets |  |  | 20.39% | 21.82% | 25.66% | 23.31% | 20.64% | 23.21% | 19.95% | 18.34% | 21.65% |  |
| Liabilities / equity |  |  |  | 0.25 | 0.24 | 0.24 | 0.25 | 0.27 | 0.22 | 0.18 | 0.19 |  |
| Current ratio |  |  | 4.16 | 4.14 | 4.03 | 4.44 | 4.10 | 3.95 | 3.65 | 4.19 | 4.08 | 3.29 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/SEIC/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000350894.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.45 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.79 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.89 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 476,759,000 | 115,661,000 | 0.87 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 484,858,000 | 120,731,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 511,579,000 | 131,400,000 | 0.99 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 518,986,000 | 139,120,000 | 1.05 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 537,396,000 | 154,900,000 | 1.19 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 557,190,000 | 155,771,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 551,344,000 | 151,517,000 | 1.17 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 559,601,000 | 227,083,000 | 1.78 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 578,511,000 | 164,204,000 | 1.30 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 607,925,000 | 172,501,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 622,183,000 | 174,487,000 | 1.40 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 641,617,000 | 195,658,000 | 1.59 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SEIC's latest 10-K: [/company/SEIC/business/](/company/SEIC/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SEIC's latest 10-K: [/company/SEIC/risk-factors/](/company/SEIC/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/350894/000035089426000048/seic-20260630.htm

Low-confidence quarantine: published MD&A gate detected tail bleed at 'Condensed Consolidated Statements of Operations' and could not re-bound cleanly.
Confidence: low
Filing date: 2026-07-27
Report date: 2026-06-30

_Quarantined: low-confidence Item 2 boundaries; no quarterly MD&A text emitted._

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/350894/000035089426000013/seic-20251231.htm
Complete FY 2025 MD&A: /company/SEIC/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-23
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

(In thousands, except share and per-share data)

This discussion reviews and analyzes the consolidated financial condition, the consolidated results of operations and other factors that may affect future financial performance. This discussion should be read in conjunction with the Consolidated Financial Statements and Notes to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.

Refer to Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024 for the discussion of the results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, which is incorporated by reference herein.

Certain information contained in this discussion is or may be considered forward-looking. Forward-looking statements relate to future operations, strategies, financial results, expenditures and other uses of capital or other developments. Forward-looking statements are based upon estimates and assumptions that involve certain judgments, risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe our assumptions are reasonable, they could be inaccurate. Our actual future revenues and income could differ materially from our expected results. Further information about factors that could materially affect our results of operations and financial condition include, but are not limited to, the discussion contained in Item 1A, Risk Factors, in this Annual Report on Form 10-K. We have no obligation to publicly update or revise any forward-looking statements.

Overview

Consolidated Summary

SEI Investments Company is a leading global provider of financial technology, operations, and asset management services within the financial services industry. Our core capabilities unify technology, operations, and asset management to power clients’ transformation across advice, asset management, and administration. We deliver modular or end‑to‑end solutions through a single, modern infrastructure that integrates platform technology, custody, operations, and investment expertise.

Investment processing fees are earned as either monthly fees for contracted services or as a percentage of the market value of our clients' assets processed on our platforms. Investment operations and investment management fees are earned as a percentage of assets under management, administration or advised assets. As of December 31, 2025, through our subsidiaries and partnerships in which we have a significant interest, we manage, advise or administer approximately $1.9 trillion in assets.

Condensed Consolidated Statements of Operations for the years ended 2025, 2024 and 2023 were:

[[GREPCENT_TABLE]]
[["Year Ended December 31,","","2025","","2024","","Percent Change*","","2023","","Percent Change"],["Revenues","","$","2,297,381","","","$","2,125,151","","","8","%","","$","1,919,793","","","11","%"],["Expenses","","1,670,070","","","1,573,410","","","6","%","","1,495,269","","","5","%"],["Income from operations","","627,311","","","551,741","","","14","%","","424,524","","","30","%"],["Gain on sale of business","","94,412","","","\u2014","","","NM","","\u2014","","","NM"],["Equity in earnings of unconsolidated affiliates","","132,685","","","135,741","","","(2)","%","","126,930","","","7","%"],["Other income and expense items","","61,925","","","59,275","","","4","%","","43,201","","","37","%"],["Income before income taxes","","916,333","","","746,757","","","23","%","","594,655","","","26","%"],["Income taxes","","198,783","","","165,566","","","20","%","","132,397","","","25","%"],["Net income","","717,550","","","581,191","","","23","%","","462,258","","","26","%"],["Less: Net income attributable to non-controlling interests","","2,245","","","\u2014","","","NM","","\u2014","","","NM"],["Net income attributable to SEI Investments Company","","$","715,305","","","$","581,191","","","23","%","","$","462,258","","","26","%"],["Diluted earnings per common share","","$","5.63","","","$","4.41","","","28","%","","$","3.46","","","27","%"]]
[[/GREPCENT_TABLE]]

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

25

Significant Items Impacting Our Financial Results in 2025

Revenues increased $172.2 million, or 8%, to $2.3 billion in 2025 compared to 2024. Net income attributable to SEI increased $134.1 million, or 23%, to $715.3 million and diluted earnings per share increased to $5.63 per share in 2025 compared to $4.41 per share in 2024. We believe the following items were significant to our business results during 2025:

•The sale of the Family Office Services business was completed in June 2025 resulting in a net gain of $94.4 million, or $0.58 diluted earnings per share recorded in the second quarter 2025. The gain from the sale is reflected in Gain on sale of business on the accompanying Consolidated Statement of Operations (See caption "Gain on sale of business" later in this discussion).

•Revenue from Assets under management, administration, and distribution fees increased in 2025 primarily from higher assets under administration due to cross sales to existing alternative investment clients of the Investment Managers segment as well as new sales within the segment. Average assets under administration increased $150.2 billion, or 15%, to $1.2 trillion during 2025, as compared to $1.0 trillion during 2024.

•Revenue from Asset management, administration and distribution fees also increased from market appreciation and positive cash flows into separately managed account programs and Strategist programs of the Investment Advisors segment. This was partially offset by negative cash flows and lower fee structures from SEI fund programs and fee reductions in separately managed account programs. Revenue growth was also partially offset by client losses in the Institutional Investors segment. Average assets under management in equity and fixed income programs, excluding LSV, increased $11.1 billion, or 6%, to $190.6 billion in 2025 as compared to $179.5 billion during 2024.

•Revenue from the SEI Integrated Cash Program in the Investment Advisors segment was $82.9 million during 2025 as compared to $51.5 million in 2024, an increase of $31.4 million due to the expansion of the program in late 2024.

•Revenue from Information processing and software servicing fees increased in 2025 primarily from new client conversions and growth from existing SEI Wealth PlatformSM (SWP) clients.

•Earnings from LSV decreased to $132.3 million in 2025 as compared to $135.7 million in 2024 due to negative cash flows from existing clients and client losses. Market appreciation of assets under management and increased performance fees partially offset the decrease in earnings from LSV.

•The increase in personnel costs was primarily due to business growth, primarily in the Investment Managers segment, and severance costs incurred from a reduction in force in fourth quarter 2025.

•Operating expenses increased primarily from higher technology and third-party vendor costs related to the Investment Managers and Private Banks segments due to business growth. In addition, direct costs associated with the separately managed accounts programs and other investment product programs of the Investment Advisors segment also contributed to the increase in operating expenses.

•Capitalized software development costs were $30.0 million in 2025, of which $19.2 million was for continued enhancements to SWP. Capitalized software development costs also include $10.8 million of software development costs in 2025 for SEI Scope, a new platform for the Investment Managers segment placed into service during the third quarter 2025.

•Amortization expense related to SWP was $29.0 million in 2025 as compared to $27.5 million in 2024. Amortization expense related to the SEI Scope platform was $2.2 million in 2025.

•Interest and dividend income, net of interest expense, was $39.9 million in 2025 as compared to $48.9 million in 2024. The decrease was due to an overall decrease in interest rates and lower invested cash balances.

•In December 2025, SEI completed the first stage of our strategic investment in the Stratos business (Stratos), a network of affiliated companies focused on supporting the success of financial advisors for a cash consideration of $440.8 million. The financial results of Stratos are included in the Investment Advisors segment and were insignificant in 2025 (See Note 14 to the Notes to Consolidated Financial Statements).

•Corporate overhead costs in 2025 include $8.5 million for one-time financial advisor fees related to the Stratos acquisition.

•Effective tax rates were 21.7% during 2025 and 22.2% during 2024 (See the caption "Income Taxes" later in this discussion for more information).

•SEI repurchased 7.5 million shares of its common stock at an average price of $82.61 per share for a total cost of $616.2 million and paid $124.2 million in cash dividends to shareholders during 2025.

•SEI made a seed capital investment of $50.0 million in the LSV Global Equity Market Neutral Fund, LP (LSV GEMNF) in July 2025 and consolidated the accounts of the fund into its financial statements. The LSV GEMNF recognized a gain of $7.1 million during 2025 from the change in fair value of the fund. SEI's portion of this gain was $5.3 million.

26

Other Significant Items Impacting Our Business

Infrastructure Investments

We believe that a critical component of our long-term success is our ability to continually improve our technology infrastructure. Accordingly, we endeavor to:

•automate selected manual processes in our operational, compliance, risk, control and other functions in order to create internal efficiencies;

•evolve our cyber-security and data privacy systems to combat known and emerging threats and meet and exceed industry and regulatory standards around the world;

•increase the resiliency and reliability of our systems; and

•create more efficient technology solutions to scale our various businesses.

We will continue to invest in improving our technology and operational infrastructure in order to maintain the foundation that we believe enables us to best serve our clients’ needs.

Business Acquisitions

To enhance our capabilities, scale our competitive presence, or enable strategic growth, we pursue selective acquisitions as part of our capital allocation strategy. If we are not able to successfully integrate our past and future acquisitions, or we do not fully realize the anticipated benefits, synergies or objectives of these transactions, we may incur additional costs such as impairment charges to goodwill or intangible assets recognized from acquisitions that could adversely affect our results of operations or financial condition.

27

Ending Asset Balances

This table presents ending asset balances of our clients, or of our clients’ customers, for which we provide management or administrative services through our subsidiaries and partnerships in which we have a significant interest.

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/SEIC/mda/fy2025/
All MD&A years: /company/SEIC/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/SEIC/mda/fy2024/): filed 2025-02-20; accession 0000350894-25-000028 (https://www.sec.gov/Archives/edgar/data/350894/000035089425000028/seic-20241231.htm)
- [FY 2023 MD&A](/company/SEIC/mda/fy2023/): filed 2024-02-20; accession 0000350894-24-000024 (https://www.sec.gov/Archives/edgar/data/350894/000035089424000024/seic-20231231.htm)
- [FY 2022 MD&A](/company/SEIC/mda/fy2022/): filed 2023-02-21; accession 0000350894-23-000012 (https://www.sec.gov/Archives/edgar/data/350894/000035089423000012/seic-20221231.htm)
- [FY 2021 MD&A](/company/SEIC/mda/fy2021/): filed 2022-02-22; accession 0000350894-22-000007 (https://www.sec.gov/Archives/edgar/data/350894/000035089422000007/seic-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6211 Security Brokers, Dealers & Flotation Companies) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [M2SL](/indicator/M2SL/): M2

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SEIC.md · JSON record: /company/SEIC.json · verified financials: /company/SEIC/financials.json / /company/SEIC/financials.csv · machine TOC for the whole site: /llms.txt