Consolidated Overview
(In thousands, except earnings per share)
For the Three Months Ended March 31,
2026
2025
%
U.S. GAAP Basis Revenues
$622,183
$551,344
13 %
Income from operations
189,486
157,097
21 %
Operating margin
30 %
28 %
7 %
Net income attributable to SEI Investments
174,487
151,517
15 %
Diluted earnings per share
$1.40
$1.17
20 %
Non-GAAP Basis(1)
Adjusted income from operations
$198,683
$160,546
24 %
Adjusted diluted earnings per share
$1.44
$1.19
21 %
Adjusted operating margin
32 %
29 %
10 %
(1) See Non-GAAP Information and Reconciliations on pgs 10-11
"We began 2026 with a defining quarter for SEI, validating our strategy, execution, and the scalability of our operating model. We delivered strong earnings growth, meaningful margin expansion, and incredible sales results, driven by broad-based momentum across our core growth engines," said CEO Ryan Hicke.
"Client demand for outsourcing, technology and administrative excellence, and professional services continues to accelerate. Additionally, evidence of progress in asset management is building, and our ongoing investment in AI and automation is strengthening the foundation of a more nimble, innovative, scalable, and resilient enterprise. We believe SEI is well positioned to deliver sustained value for our clients, employees, and shareholders."
Summary of First-Quarter Results by Business Segment
(In thousands)
For the Three Months Ended March 31,
2026
2025
%
Investment Managers: Revenues
$220,717
$192,048
15 %
Expenses
133,839
117,211
14 %
Operating Profit
86,878
74,837
16 %
Operating Margin
39 %
39 %
Private Banks: Revenues
152,262
137,714
11 %
Expenses
120,031
114,749
5 %
Operating Profit
32,231
22,965
40 %
Operating Margin
21 %
17 %
Investment Advisors: Revenues
169,695
136,576
24 %
Expenses
96,357
72,455
33 %
Non-controlling interests and other, net (A)
1,337
—
NM*
Operating Profit
72,001
64,121
12 %
Operating Margin
42 %
47 %
Institutional Investors: Revenues
71,516
68,506
4 %
Expenses
37,137
35,870
4 %
Operating Profit
34,379
32,636
5 %
Operating Margin
48 %
48 %
Investments in New Businesses: Revenues
7,993
16,500
(52) %
Expenses
9,193
18,496
(50) %
Operating Loss
(1,200)
(1,996)
(40) %
Totals: Revenues
$622,183
$551,344
13 %
Expenses
396,557
358,781
11 %
Corporate Overhead Expenses
36,140
35,466
2 %
Income from operations (B)
$189,486
$157,097
21 %
Adjusted income from operations
$198,683
$160,546
24 %
(A) Primarily includes non-controlling interest and earnings from equity method investments.
(B) Excludes non-controlling interests and other, net
* Variances noted "NM" indicate the percent change is not meaningful.
First-Quarter Business Highlights:
SEI started the year with strong quarterly performance, achieving diluted EPS of $1.40, up 20% from the prior year. On an adjusted basis, EPS increased by 21% relative to the prior year, driven by strong topline growth and margin expansion across SEI's businesses.
First quarter net sales events totaled $67.2 million, with $57.1 million of that total being recurring; both the total sales events and recurring sales events represent record levels for SEI.
Private Banks net sales events totaled $6.5 million, reflecting continued demand across SEI's full suite of capabilities, including enterprise-wide professional services, implementation services, and the SEI Wealth PlatformSM. Of the $4.0 million of net sales events within Investments in New Businesses, $1.4 million were won in partnership with Private Banking.
Investment Managers led the quarter with $50.5 million of net sales events, driven by multiple enterprise-level mandates with first-time outsourcers. These larger wins were supplemented with contributions from both the IMS traditional and alternatives business, both in the US and globally.
Investment Advisors net sales events of $7.0 million demonstrate continued progress in SEI's asset management offering, with Q1 momentum driven by ETFs, SMAs, and custody-only solutions. Institutional Investors recorded negative $2.9 million of net sales events, driven by a large defined benefit client meeting their funding objectives and annuitizing their plan.
Consolidated revenues and operating income increased by 13% and 21%, respectively, from Q1 2025. On an adjusted basis, operating income increased by 24% from Q1 2025, with SEI's adjusted operating margin increasing to 32%, up 281 bps. Across all business segments, both revenue and operating profit increased vs. Q1 2025.
Private Banking revenue increased 11% and operating margins increased 449 bps vs. Q1 2025, driving operating profit 40% higher. Strong growth reflects a growing contribution from professional services, including the record wins achieved in Q4 of last year, and continued execution against Private Banking's five-pillar margin enhancement strategy.
Investment Managers delivered double-digit revenue and operating profit growth vs. last year, as sales event momentum translates into financial performance. The slight margin decline vs. Q4 2025 was expected and primarily driven by the Q4 2025 revenue accrual true-up which did not recur in first quarter.
Investment Advisors posted 24% revenue and 12% operating profit growth versus the prior year, although comparisons are impacted by the first full quarter of Stratos results. During the quarter, Stratos contributed $19.0 million to revenue and $3.1 million to operating profit, which includes $6.0 million of expense associated with acquired intangible asset amortization, before considering non-controlling interest. SEI's integrated cash program contributed $20.4 million, consistent with Q3 2025 and Q4 2025.
Institutional Investors generated single-digit revenue and operating profit growth compared to the prior year driven by market appreciation and cost discipline.
Ending assets under administration increased by 4%, and ending assets under management was flat from Q4 to Q1. AUA growth was driven primarily by strong client win momentum. Ending AUM as of Q1 was essentially flat with Q4, as healthy net inflows in Advisors offset market depreciation in March.
SEI repurchased 2.6 million shares of common stock for $208.3 million during the first quarter 2026 at an average price of $81.55 per share.
Earnings Conference Call
A conference call and presentation to review earnings is scheduled for 5 p.m. Eastern time on Apr. 22, 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/BI47d1ce35e5544d58aa8cc411a54ff9cf
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 Mar. 31, 2026, 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 demand for our products and solutions;
the degree to which our investments are strengthening the foundation of a more nimble, innovative, scalable and resilient enterprise;
whether we are positioned to deliver sustained value for our clients, employees and shareholders; 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, 2025, filed with the Securities and Exchange Commission.
Investor contact:
Media contact:
Brad Burke
Alicia Rudd
SEI
SEI
+1 610-676-5350
+1 610-676-3887
[email protected]
[email protected]
SEI INVESTMENTS COMPANYCONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) (Unaudited)
For the Three Months Ended March 31,
2026
2025
Asset management, admin. and distribution fees
$497,984
$432,143
Information processing and software servicing fees
124,199
119,201
Total revenues
622,183
551,344
Subadvisory, distribution and other asset mgmt. costs
56,746
47,532
Software royalties and other information processing costs
9,932
9,081
Compensation, benefits and other personnel
206,315
190,784
Stock-based compensation
14,496
14,138
Consulting, outsourcing and professional fees
54,403
56,001
Data processing and computer related
44,873
39,319
Facilities, supplies and other costs
20,322
18,755
Amortization
18,354
10,710
Depreciation
7,256
7,927
Total expenses
432,697
394,247
Income from operations
189,486
157,097
Net (loss) gain from investments
(369)
493
Interest and dividend income
7,162
10,221
Interest expense
(473)
(185)
Other income
450
—
Equity in earnings of unconsolidated affiliates
32,476
28,747
Net gain from consolidated variable interest entities
2,079
—
Income before income taxes
230,811
196,373
Income taxes
54,024
44,856
Net income
$176,787
$151,517
Less: Net income attributable to non-controlling interests
2,300
—
Net income attributable to SEI Investments Company
$174,487
$151,517
Basic earnings per common share
$1.43
$1.20
Shares used to calculate basic earnings per share
121,659
126,561
Diluted earnings per common share
$1.40
$1.17
Shares used to calculate diluted earnings per share
124,494
129,450
SEI INVESTMENTS COMPANY
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands) (Unaudited)
March 31,2026
December 31,2025
Assets
Current Assets:
Cash and cash equivalents
$363,149
$399,804
Receivables from investment products
55,126
63,317
Receivables, net
710,083
709,748
Securities owned
32,093
33,777
Other current assets
73,107
66,691
Total Current Assets
1,233,558
1,273,337
Property and Equipment, net
149,415
150,434
Operating Lease Right-of-Use Assets
34,669
26,447
Capitalized Software, net
230,746
234,272
Investments
331,371
428,004
Assets of Consolidated Variable Interest Entities
214,921
183,994
Goodwill
388,380
354,989
Intangible assets, net
479,517
368,272
Other Assets, net
212,677
240,095
Total Assets
$3,275,254
$3,259,844
Liabilities, Redeemable Non-controlling Interests and Equity
Current Liabilities:
Accounts payable
$6,685
$5,404
Accrued liabilities
237,722
359,823
Current portion of long-term operating lease liabilities
10,054
8,677
Deferred revenue
18,360
13,307
Total Current Liabilities
272,821
387,211
Long-term Debt
32,415
—
Liabilities of Consolidated Variable Interest Entities
136,542
108,504
Other Long-term Liabilities
76,791
60,353
Total Liabilities
518,569
556,068
Redeemable Non-controlling Interests
269,901
243,959
Equity:
Shareholders' Equity:
Common stock, $0.01 par value, 750,000 shares authorized; 120,386 and 122,232 shares issued and outstanding
1,204
1,222
Capital in excess of par value
1,696,702
1,678,787
Retained earnings
781,778
792,280
Accumulated other comprehensive loss, net
(29,430)
(24,505)
Total SEI Shareholders' Equity
2,450,254
2,447,784
Non-controlling interests
36,530
12,033
Total Equity
$2,486,784
$2,459,817
Total Liabilities, Redeemable Non-controlling Interests and Equity
$3,275,254
$3,259,844
ENDING ASSET BALANCES
(In millions) (Unaudited)
Mar. 31
Jun. 30
Sep. 30
Dec. 31
Mar. 31
Investment Managers:
2025
