0000350894FALSE00003508942026-01-282026-01-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________
FORM 8-K
________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
January 28, 2026
Date of report (Date of earliest event reported)
________________________________________
GIF_sei_logo_final_black.gif
________________________________________
SEI INVESTMENTS COMPANY
(Exact name of registrant as specified in charter)
________________________________________
Pennsylvania 0-10200 23-1707341
(State or Other Jurisdiction
of Incorporation)
 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
1 Freedom Valley Drive
Oaks, Pennsylvania 19456
(Address of Principal Executive Offices and Zip Code)
(610) 676-1000
(Registrants’ Telephone Number, Including Area Code)
________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareSEICThe NASDAQ Stock Market LLC



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.    Results of Operations and Financial Condition.
On Wednesday, January 28, 2026, SEI Investments Company (the "Company") issued a press release announcing its financial and operating results for the fourth quarter ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 and incorporated in this Item 2.02 by reference. A recording of the earnings call referenced in the press release furnished as Exhibit 99.1 is available for replay on the Company’s website at ir.seic.com/events-presentations/events.
As provided in General Instruction B.2 to Form 8-K, the information furnished in this Item 2.02 and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing with the Securities and Exchange Commission, except as shall be expressly provided by specific reference in such filing.

Item 7.01.    Regulation FD Information.
A copy of an earnings presentation that is intended to be used by representatives of the Company is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to Item 7.01 and Exhibit 99.2 hereof shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing with the Securities and Exchange Commission, except as shall be expressly provided by specific reference in such filing.
Item 9.01.    Financial Statements and Exhibits.
Exhibit No.Description
99.1
99.2
104  Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SEI INVESTMENTS COMPANY
Date:January 28, 2026By:/s/ Sean J. Denham
Sean J. Denham
Chief Financial and Chief Operating Officer






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Investor contact:                        Media contact:                        
Brad Burke                            Alicia Rudd
SEI                                SEI                                
+1 610-676-5350                        +1 610-676-3887
bburke2@seic.com                        arudd@seic.com
Pages:        9

FOR IMMEDIATE RELEASE

SEI Reports Fourth-Quarter 2025 Financial Results

OAKS, Pa., Jan. 28, 2026 – 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 earnings per share)
For the Three Months Ended December 31,
For the Twelve Months Ended December 31,
20252024%20252024%
Revenues$607,925 $557,190 9%$2,297,381 $2,125,151 8%
Operating income161,618 145,544 11%627,311 551,741 14%
Operating margin27 %26 %4%27 %26 %4%
Net income attributable to SEI Investments172,501 155,771 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.”
1


Summary of Fourth-Quarter Results by Business Segment

(In thousands)For the Three Months
Ended December 31,		For the Twelve Months Ended December 31,
20252024%20252024%
Investment Managers:
Revenues$220,840 $191,262 15%$815,005 $728,390 12%
Expenses129,515 118,130 10%494,296 453,085 9%
Operating Profit91,325 73,132 25%320,709 275,305 16%
Operating Margin41 %38 %39 %38 %
Private Banks:
Revenues149,782 140,142 7%572,939 541,414 6%
Expenses120,699 120,414 —%474,935 460,375 3%
Operating Profit29,083 19,728 47%98,004 81,039 21%
Operating Margin19 %14 %17 %15 %
Investment Advisors:
Revenues156,163 139,267 12%577,397 509,408 13%
Expenses84,278 76,839 10%311,662 282,902 10%
Operating Profit71,885 62,428 15%265,735 226,506 17%
Operating Margin46 %45 %46 %44 %
Institutional Investors:
Revenues72,823 70,812 3%282,498 285,723 (1)%
Expenses38,337 38,315 —%148,132 154,701 (4)%
Operating Profit34,486 32,497 6%134,366 131,022 3%
Operating Margin47 %46 %48 %46 %
Investments in New Businesses:
Revenues8,317 15,707 (47)%49,542 60,216 (18)%
Expenses11,433 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%
Expenses384,262 372,994 3%1,489,247 1,425,762 4%
Corporate Overhead Expenses62,100 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.
2


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.
3


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.
# # #
4


SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) (Unaudited)
For the Three Months Ended December 31,For the Twelve Months Ended December 31,
2025202420252024
Asset management, admin. and distribution fees$485,429 $439,520 $1,817,079 $1,677,143 
Information processing and software servicing fees122,496 117,670 480,302 448,008 
Total revenues607,925 557,190 2,297,381 2,125,151 
Subadvisory, distribution and other asset mgmt. costs56,905 50,427 209,218 191,706 
Software royalties and other information processing costs10,017 8,726 37,723 34,229 
Compensation, benefits and other personnel227,353 200,347 821,450 770,881 
Stock-based compensation11,570 21,402 53,555 58,626 
Consulting, outsourcing and professional fees50,978 52,548 218,322 211,806 
Data processing and computer related42,841 38,863 165,530 151,653 
Facilities, supplies and other costs25,716 20,487 87,197 79,282 
Amortization13,570 10,585 46,641 41,869 
Depreciation7,357 8,261 30,434 33,358 
Total expenses446,307 411,646 1,670,070 1,573,410 
Income from operations161,618 145,544 627,311 551,741 
Net gain (loss) from investments1,560 (559)5,804 2,790 
Interest and dividend income10,210 12,947 39,921 48,897 
Interest expense(223)(144)(609)(563)
Gain on sale of business— — 94,412 — 
Other income262 — 9,684 8,151 
Equity in earnings of unconsolidated affiliate38,395 33,366 132,685 135,741 
Net gain from consolidated variable interest entities5,280 — 7,125 — 
Income before income taxes217,102 191,154 916,333 746,757 
Income taxes42,738 35,383 198,783 165,566 
Net income$174,364 $155,771 $717,550 $581,191 
Less: Net income attributable to non-controlling interests1,863 — 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 share122,199 128,642 124,082 130,073 
Diluted earnings per common share$1.38 $1.19 $5.63 $4.41 
Shares used to calculate diluted earnings per share125,251 131,421 127,076 131,727 
Dividends declared per common share$0.52 $0.49 $1.01 $0.95 
5


SEI INVESTMENTS COMPANY
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands) (Unaudited)
December 31,December 31,
20252024
Assets
Current Assets:
Cash, cash equivalents and restricted cash$399,804 $840,193 
Receivables from investment products63,317 54,118 
Receivables, net 709,748 567,634 
Securities owned33,777 29,583 
Other current assets66,691 60,282 
Total Current Assets1,273,337 1,551,810 
Property and Equipment, net384,706 395,666
Operating Lease Right-of-Use Assets26,447 28,905 
Investments428,004 315,567 
Assets of Consolidated Variable Interest Entities183,994 — 
Goodwill and intangible assets, net723,261 247,657 
Other Assets, net240,095 145,001 
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 liabilities359,823 347,513 
Current portion of long-term operating lease liabilities8,677 7,900 
Deferred revenue13,307 12,019 
Total Current Liabilities387,211 380,513 
Liabilities of Consolidated Variable Interest Entities108,504 — 
Other Long-term Liabilities60,353 51,981 
Total Liabilities556,068 432,494 
Redeemable Non-controlling Interests243,959 — 
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 value1,678,787 1,539,816 
Retained earnings792,280 758,003 
Accumulated other comprehensive loss, net(24,505)(46,975)
Total SEI Shareholders' Equity2,447,784 2,252,112 
Non-controlling interests12,033 — 
Total Shareholders' Equity$2,459,817 $2,252,112 
Total Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity$3,259,844 $2,684,606 
6


ENDING ASSET BALANCES
(In millions) (Unaudited)
Dec. 31Mar. 31Jun. 30Sep. 30Dec. 31
20242025202520252025
Investment Managers:
Collective trust fund programs (A)$202,384 $209,491 $225,690 $237,964 $243,244 
Liquidity funds188 244 307 418 579 
Total assets under management$202,572 $209,735 $225,997 $238,382 $243,823 
Client assets under administration1,032,812 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:
Equity and fixed-income programs$25,523 $25,590 $27,839 $28,408 $29,832 
Collective trust fund programs4 4 3 3 3 
Liquidity funds2,688 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 administration8,340 8,365 8,431 8,902 9,115 
Total assets$36,555 $37,629 $39,069 $40,115 $41,049 
Investment Advisors:
Equity and fixed-income programs$76,283 $75,689 $80,618 $85,245 $86,879 
Liquidity funds3,105 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 assets25,244 25,591 29,848 32,152 33,582 
Platform-only assets-deposit program2,398 2,216 2,155 2,165 2,461 
Total Platform assets$107,030 $106,649 $116,078 $122,953 $126,483 
Institutional Investors:
Equity and fixed-income programs$75,482 $76,492 $80,112 $82,676 $84,254 
Liquidity funds1,511 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 advisement5,955 5,573 6,090 6,564 3,598 
Total assets$82,948 $83,645 $87,970 $90,820 $89,456 
Investments in New Businesses:
Equity and fixed-income programs$2,747 $2,661 $2,867 $2,999 $3,044 
Liquidity funds297 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 advisement2,185 2,219 2,593 2,452 2,389 
Total assets$20,020 $20,014 $5,704 $5,695 $5,749 
LSV Asset Management:
Equity and fixed-income programs (B)$86,501 $87,114 $91,795 $95,801 $99,196 
Stratos Wealth Holdings (F)$— $— $— $— $38,377 
Total:
Equity and fixed-income programs (C)$266,536 $267,546 $283,231 $295,129 $303,205 
Collective trust fund programs202,388 209,495 225,693 237,967 243,247 
Liquidity funds7,789 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 advisement8,140 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 assets27,642 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).
7


AVERAGE ASSET BALANCES
(In millions) (Unaudited)
4th Qtr.1st Qtr.2nd Qtr.3rd Qtr.4th Qtr.
20242025202520252025
Investment Managers:
Collective trust fund programs (A)$204,954 $208,720 $215,085 $231,088 $240,285 
Liquidity funds223 256 288 385 492 
Total assets under management$205,177 $208,976 $215,373 $231,473 $240,777 
Client assets under administration1,034,500 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 programs4 4 3 3 3 
Liquidity funds2,814 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 administration8,395 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 funds3,031 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 assets25,109 25,939 27,288 30,874 33,022 
Platform-only assets-deposit program2,186 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 funds2,154 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 advisement6,991 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 funds269 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 advisement2,110 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 programs204,958 208,724 215,088 231,091 240,288 
Liquidity funds8,491 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 advisement9,101 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 assets27,295 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.
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SALES EVENTS
(In thousands) (Unaudited)
Net Recurring Sales Events
4th Qtr.1st Qtr.2nd Qtr.3rd Qtr.4th Qtr.
20242025202520252025
Investment Processing-related Businesses:
Investment Managers$18,027 $25,296 $21,928 $27,460 $19,150 
Private Banks9,245 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 Advisors1,339 888 (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.
20242025202520252025
Investment Processing-related Businesses:
Investment Managers$2,465 $835 $1,102 $2,465 $1,347 
Private Banks6,622 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.
20242025202520252025
Investment Processing-related Businesses:
Investment Managers$20,492 $26,131 $23,030 $29,925 $20,497 
Private Banks15,867 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 Advisors1,339 888 (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 


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SEI Investments Company (NASDAQ: SEIC) Q4 2025 Earnings Presentation

 
This presentation 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," "expect," "believe," ”remain” and "continue" or "appear." Our forward-looking statements include our current expectations as to: • our opportunities; • the strength of our pipelines; • our momentum and the benefits of this momentum; • our commitment to disciplined execution, transparent communication, and creating long-term value for our clients and shareholders; • the level of demand for outsourcing and client expansions; • our investment priorities; • the durability of our growth strategy; • the work that new clients will generate to retire legacy systems, execute complex data conversions, and integrate new platforms; • the incremental opportunities for our professional services offerings; • the financial impact of the loss of a previously disclosed at risk client in our Private Banking business and the duration of related deconversions; • the benefits that we and our stakeholders will receive as a consequence of our partnership with Stratos Wealth Management; • the degree to which our AI and tokenization efforts will support efficiency and scalability; • the ability of our integrated approach to break down silos and enable us to scale across segments, capture wallet share, and deliver consistent, repeatable growth; • our commitment to long-term growth, innovation and accountability; • our focus on execution and the benefits of this focus: • when we will receive the benefits, if at all, of the investments we make; • our potential, both short and long-term; • the pace of our sales events in the second half of 2025; • the timing of the closing of our partnership with Stratos Wealth Management and the source of funds for this closing; • our strategic priorities and our ability to execute against these priorities; • the demand for our products and services; • the headwinds that may affect our businesses; • the performance of our various businesses, including the margins and profitability of such businesses and the events that may affect the margins, profitability and growth prospects of these businesses; • the drivers of future revenue, margin and earnings growth; • the benefits, if any, that we or our clients may derive from acquired assets; • our run rate and the stability of the elements of that run rate; • the resiliency of our business; and • the market dynamics affecting our businesses. 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. 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. Past performance does not guarantee future results. Safe Harbor Statement 2 SEI Earnings PresentationQ4 2025

 
Q4 2025 vs. Q4 '24 vs. Q3 '25 Revenues 607.9 9.1% 5.1% Operating Income 161.6 11.0% 1.0% Net Income Attributable to SEI 172.5 10.7% 5.1% EPS $1.38 16.0% 6.2% Net Sales Events 43.6 14.1% 42.8% Operating Margin 26.6% 0.5% -1.1% Assets Under Management ($B) 554.6 16.3% 2.4% Administration, Platform & Advisement ($B) 1,290.8 18.2% 2.7% % Change Q4 2025 highlights SEI Earnings PresentationQ4 2025 SEI delivered a record quarter and year, with broad- based revenue growth and margin expansion across nearly all business units. Sales events reached $44M, one of the highest quarters in SEI history, driven by outsized Private Banking wins and strong IMS demand. Results reflect intentional alignment with long-term industry tailwinds, including outsourcing demand, public/private market convergence, and the rising need for advice; areas where SEI has concentrated investment over several years. $ in millions except EPS; AUM; and Assets under administration, platform-only, and advisement; and platform-only assets. Asset values exclude impact of Stratos acquisition closed in December Operating margin % change represents improvement or decline in margin rate vs. prior period A standout quarter to close a record 2025Q4 2025 financial snapshot 3

 
Earnings per share SEI Earnings PresentationQ4 2025 Reported Q4 EPS of $1.38, including $0.08 of unusual items: • $20M of Corporate Overhead expense related to severance and M&A fees • $3M tax benefit from energy credits and $3M revenue accrual true-up benefit within IMS EPS growth driven by core business performance, with nearly every segment contributing year-over- year, in addition to substantial investments in share repurchases • Record EPS excluding unusual items in current and prior quarters, exceeding prior record achieved in Q4 2024 Record EPS, ex-unusual items Q4 2024 Private Banks Investment Advisors Institutional Investors Investment Managers LSV Income Corporate Overhead Tax Rate & Other Share Count Q4 2025 +16% Q3 2025 Private Banks Investment Advisors Institutional Investors Investment Managers LSV Income Corporate Overhead Tax Rate & Other Share Count Q4 2025 +6% Y e a r- O v e r- Y e a r Q u a rt e r- O v e r- Q u a rt e r 4 $1.19 $0.05 $0.05 $0.01 $0.10 $0.03 -$0.13 $0.00 $0.08 $1.38 $1.30 $0.03 $0.02 $0.00 $0.04 $0.03 -$0.08 $0.03 $0.02 $1.38

 
Business unit performance SEI Earnings PresentationQ4 2025 Revenue ($M) Broad-based strength across all segments Private Banking professional services momentum accelerated revenue and expanded margins Investment Managers underlying growth remained strong driven by broad-based demand for outsourcing Advisors benefited from strong flows and cross-platform engagement despite mutual fund headwinds Institutional market tailwinds balanced the impact of Q4 client departures Business unit highlightsOperating profit ($M) $140 $191 $139 $71 $144 $207 $147 $72 $150 $221 $156 $73 Private Banking Investment Managers Investment Advisors Institutional Investors Q4 2024 Q3 2025 Q4 2025 $20 $73 $62 $32 $23 $81 $68 $34 $29 $91 $72 $34 Private Banking Investment Managers Investment Advisors Institutional Investors Q4 2024 Q3 2025 Q4 2025 +7% +15% +12% +3% +47% +25% +15% +6% 5

 
Operating margins SEI Earnings PresentationQ4 2025 -1.0% 1.0% 3.0% 5.0% Private Banking Investment Managers Investment Advisors Institutional Investors Quarter-Over-Quarter Year-Over-Year Business unit margin changes HighlightsConsolidated operating margin 10.0% 20.0% 30.0% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Consolidated operating margins expanded meaningful year-over-year and sequentially excluding $21M of severance and M&A costs Private Banking margin improvement driven by higher margin professional services and cost leverage Investment Managers margin growth driven by client momentum and timing of initiatives shifting from Q4 into 2026 Advisors margins supported by flows into new products and market appreciation; Benefit from integrated program is consistent with prior periods Institutional margins stable as market appreciation offsets client losses 6

 
Net sales events SEI Earnings PresentationQ4 2025 $15.9 $34.9 $28.2 $36.8 $24.1 $20.9 $18.7 $6.1 $11.5 $10.0 $9.7 $5.0 $9.6 $24.9 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Recurring Non-Recurring Total net sales events ($M) Net sales events of $44M in Q4 bringing full-year net sales events to a record $150M, up 17% vs. 2024 Private Banking led Q4 with $28M in net sales events, driven by two major new mandates Investment Managers delivered $20M in sales events; broad- based contributions from U.S. alternative asset managers Advisors sales were flattish, with positive off-platform ETF flows offsetting mutual fund outflows Negative Institutional sales driven by client losses in the UK Q4 sales strength caps a record $150M year 7

 
Client asset summary SEI Earnings PresentationQ4 2025 AUA and assets on platform ($B)* AUM ($B) $1,092 $1,257 $1,291 Q4 2024 Q3 2025 Q4 2025 +18% +3% $477 $542 $555 Q4 2024 Q3 2025 Q4 2025 +16% +2% Highlights • Both AUM and AUA increased on a sequential and year-over-year basis • AUA growth supported by strong client win momentum and modest market appreciation benefit • AUM increased 2%, as market appreciation offset modest Institutional outflows • LSV AUM increased 3.5%, driven by market appreciation and strong fund performance, evidenced by $22M of performance fees, or $8M at SEI’s share. Market and fund performance offset approximately $3B of net outflows *Assets under administration, advisement and platform-only 8

 
Capital allocation, liquidity, and capitalization SEI Earnings PresentationQ4 2025 Capital returned to shareholders ($M) Liquidity and capitalization ($M) $400 $0 $10,500 Cash Long-Term Debt Market Capitalization Ended Q4 with $400M cash*, no long-term debt Share repurchases totaled $101M in Q4; $616M for the full year; representing 6% of total shares outstanding from the end of 2024. Completed largest portion of Stratos acquisition, funded entirely with cash Remain committed to returning 90% to 100% of free cash flow through dividends and buybacks Highlights 9 $101 $616 $124 Q4 '25 TTM Q4 '25 Buybacks Dividends *Excludes $71M of consolidated cash associated with LSV Variable Interest Entity

 
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