OAKS, Pa., July 22, 2026 /PRNewswire/ -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the second quarter 2026. Relative to the second quarter 2025, EPS declined by 11%, and revenue and operating income grew by 15% and 33%, respectively, with operating margin increasing to 31%. On an adjusted basis, EPS and operating income grew 38% and 36%, respectively, with the adjusted operating margin increasing to 32%.
Consolidated Overview (In thousands, except earnings per share)
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For the Three Months | For the Six Months | |||||
2026 | 2025 | % | 2026 | 2025 | % | |
U.S. GAAP Basis | ||||||
Revenues | $641,617 | $559,601 | 15 % | $1,263,800 | $1,110,945 | 14 % |
Income from operations | 197,016 | 148,635 | 33 % | 386,502 | 305,732 | 26 % |
Operating margin | 31 % | 27 % | 15 % | 31 % | 28 % | 11 % |
Net income attributable | ||||||
to SEI Investments | 195,658 | 227,083 | (14) % | 370,145 | 378,600 | (2) % |
Diluted earnings per share | $1.59 | $1.78 | (11) % | $2.99 | $2.95 | 1 % |
Non-GAAP Basis(1) | ||||||
Adjusted income from | ||||||
operations | $206,951 | $152,612 | 36 % | $405,634 | $313,158 | 30 % |
Adjusted diluted earnings | ||||||
per share | $1.66 | $1.20 | 38 % | $3.10 | $2.40 | 29 % |
Adjusted operating margin | 32 % | 27 % | 19 % | 32 % | 28 % | 14 % |
(1) See Non-GAAP Information and Reconciliations on pg 11 | ||||||
"SEI's record-setting second-quarter results are evidence that the strategic and operational changes we've made over the last four years are translating into meaningful financial performance," said CEO Ryan Hicke.
"We've been deliberate in how we allocate capital, evolve our value proposition, and focus our resources on the areas where we believe we can create sustainable competitive advantage. Those efforts are driving stronger sales quality, expanding margins, and creating greater leverage across the enterprise, while allowing us to continue investing in the capabilities, talent, and innovation that will shape SEI's future."
Summary of Second-Quarter Results by Business Segment | ||||||
(In thousands) | For the Three Months | For the Six Months | ||||
2026 | 2025 | % | 2026 | 2025 | % | |
Investment Managers: | ||||||
Revenues | $227,679 | $195,067 | 17 % | $448,396 | $387,115 | 16 % |
Expenses | 136,078 | 121,636 | 12 % | 269,917 | 238,847 | 13 % |
Operating Profit | 91,601 | 73,431 | 25 % | 178,479 | 148,268 | 20 % |
Operating Margin | 40 % | 38 % | 40 % | 38 % | ||
Private Banks: | ||||||
Revenues | 156,879 | 141,449 | 11 % | 309,141 | 279,163 | 11 % |
Expenses | 125,220 | 118,724 | 5 % | 245,251 | 233,473 | 5 % |
Operating Profit | 31,659 | 22,725 | 39 % | 63,890 | 45,690 | 40 % |
Operating Margin | 20 % | 16 % | 21 % | 16 % | ||
Investment Advisors: | ||||||
Revenues | 177,897 | 137,193 | 30 % | 347,592 | 273,769 | 27 % |
Expenses | 101,866 | 75,801 | 34 % | 198,223 | 148,256 | 34 % |
Non-controlling interests and | ||||||
other, net (A) | 1,361 | — | NM* | 2,698 | — | NM |
Operating Profit | 74,670 | 61,392 | 22 % | 146,671 | 125,513 | 17 % |
Operating Margin | 42 % | 45 % | 42 % | 46 % | ||
Institutional Investors: | ||||||
Revenues | 69,702 | 69,343 | 1 % | 141,218 | 137,849 | 2 % |
Expenses | 36,826 | 35,857 | 3 % | 73,963 | 71,727 | 3 % |
Operating Profit | 32,876 | 33,486 | (2) % | 67,255 | 66,122 | 2 % |
Operating Margin | 47 % | 48 % | 48 % | 48 % | ||
Investments in New Businesses: | ||||||
Revenues | 9,460 | 16,549 | (43) % | 17,453 | 33,049 | (47) % |
Expenses | 10,039 | 18,430 | (46) % | 19,232 | 36,926 | (48) % |
Operating Loss | (579) | (1,881) | (69) % | (1,779) | (3,877) | (54) % |
Totals: | ||||||
Revenues | $641,617 | $559,601 | 15 % | $1,263,800 | $1,110,945 | 14 % |
Expenses | 410,029 | 370,448 | 11 % | 806,586 | 729,229 | 11 % |
Corporate Overhead Expenses | 34,572 | 40,518 | (15) % | 70,712 | 75,984 | (7) % |
Income from operations (B) | $197,016 | $148,635 | 33 % | $386,502 | $305,732 | 26 % |
Adjusted income from operations | $206,951 | $152,612 | 36 % | $405,634 | $313,158 | 30 % |
(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.
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Second-Quarter Business Highlights:
- SEI delivered strong second-quarter results, with diluted EPS of $1.59 and adjusted diluted EPS of $1.66. On an adjusted basis, EPS increased 38% relative to the prior year, driven by strong revenue growth, margin expansion, and a 3% reduction in share count from SEI's share repurchase program.
- Second quarter net sales events totaled $43.5 million, bringing year-to-date sales events to $110.6 million. Recurring sales events totaled $32.6 million during the quarter.
- Private Banks generated $10.1 million of sales events, reflecting continued demand across SEI's capabilities. Private Banking sales activity was driven by new regional banking client wins, the conversion of clients from TRUST 3000® to the SEI Wealth PlatformSM, and continued momentum for professional services.
- Investment Managers led the quarter with $32.0 million of sales events. Approximately half came from new client wins, including continued contribution from the two large relationships announced last quarter. The remainder was driven primarily by expanded relationships with existing clients and professional services activity associated with implementing several significant wins announced over the last year. Approximately three-quarters of sales events came from alternative investments.
- Advisors and Institutional generated negative $2.8 million of net sales events. Sales activity in newer product categories, including ETFs and SMAs, continued during the quarter, though those products generally carry lower fee rates than traditional mutual funds.
- Consolidated revenues and operating income increased by 15% and 33%, respectively, from Q2 2025. On an adjusted basis, operating income increased by 36% with adjusted operating margins increasing to 32%, up 5 percentage points from Q2 2025. Revenue increased by $82.0 million, while expenses increased by $33.6 million, reflecting strong operating leverage despite continued investment across the business.
- Private Banking revenue increased 11% and operating profit increased 39% versus Q2 2025, as strong sales execution over the past year continued to translate into financial performance.
- Investment Managers revenue increased 17% and operating profit increased 25% versus Q2 2025 as sales momentum translated into financial performance. Operating margin increased to 40%.
- Investment Advisors revenue increased 30% and operating profit increased 22% versus the prior year, benefiting from higher market values and the contribution from Stratos. Excluding Stratos, Advisors margins increased by over three percentage points from Q2 2025.
- Institutional Investors revenue increased 1% versus Q2 2025, while operating profit declined 2%, reflecting continued investment in sales and leadership initiatives.
- Ending assets under administration increased 5% during the quarter, driven by the funding of alternative mandates and market appreciation for traditional mandates. Ending assets under management increased 9.5% to $606.7 billion, driven by strong market appreciation.
- LSV generated $2.0 billion of net inflows during the quarter, driven primarily by the funding of a large new mandate. Combined with market appreciation, total LSV assets increased by nearly $17 billion during the quarter. LSV investment performance remained strong. Performance fees totaled approximately $17 million during the quarter, of which approximately $6.5 million was attributable to SEI.
- During the quarter, SEI repurchased 1.3 million shares of common stock for $112.4 million at an average price of $86.92 per share.
Earnings Conference Call
A conference call and presentation to review earnings is scheduled for 5 p.m. Eastern time on Wednesday, July 22, 2026. A live webcast of the call will be available on SEI's Investor Relations website at ir.seic.com/events-presentations/events, where a replay will also be posted following the call.
Participants may also access the call by telephone by dialing 877-407-8293 (in the U.S.) or +1 201-689-8349 (International). Please dial in at least 10 minutes prior to the start of the call.
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 June 30, 2026, SEI manages, advises, or administers approximately $2.1 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 degree to which, if any, the strategic and operational changes that we have made will translate into financial performance;
- whether our capital allocation strategies and investments will create sustainable competitive advantage;
- the durability of the quality of our sales, margin expansion and enterprise leverage;
- the benefits of our investments;
- the level of demand for our capabilities;
- the effects of our operating leverage;
- our investment priorities;
- LSV performance; 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 December 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 |
SEI INVESTMENTS COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data) (Unaudited)
| ||||
For the Three Months | For the Six Months | |||
2026 | 2025 | 2026 | 2025 | |
Asset management, admin. and distribution fees | $513,482 | $437,543 | $1,011,466 | $869,686 |
Information processing and software servicing fees | 128,135 | 122,058 | 252,334 | 241,259 |
Total revenues | 641,617 | 559,601 | 1,263,800 | 1,110,945 |
Subadvisory, distribution and other asset mgmt. costs | 59,980 | 49,709 | 116,726 | 97,241 |
Software royalties and other information processing costs | 9,677 | 9,191 | 19,609 | 18,272 |
Compensation, benefits and other personnel | 207,839 | 199,574 | 414,154 | 390,358 |
Stock-based compensation | 16,313 | 13,891 | 30,809 | 28,029 |
Consulting, outsourcing and professional fees | 56,269 | 56,942 | 110,672 | 112,943 |
Data processing and computer related | 46,862 | 41,801 | 91,735 | 81,120 |
Facilities, supplies and other costs | 21,453 | 21,744 | 41,775 | 40,499 |
Amortization | 19,137 | 10,449 | 37,491 | 21,159 |
Depreciation | 7,071 | 7,665 | 14,327 | 15,592 |
Total expenses | 444,601 | 410,966 | 877,298 | 805,213 |
Income from operations | 197,016 | 148,635 | 386,502 | 305,732 |
Net gain from investments | 3,550 | 1,759 | 3,181 | 2,252 |
Interest and dividend income | 7,012 | 9,283 | 14,174 | 19,504 |
Interest expense | (562) | (92) | (1,035) | (277) |
Gain on sale of business | — | 94,412 | — | 94,412 |
Other income | — | 4,500 | 450 | 4,500 |
Equity in earnings of unconsolidated affiliates | 38,694 | 33,640 | 71,170 | 62,387 |
Net gain from consolidated variable interest entities | 7,475 | — | 9,554 | — |
Income before income taxes | 253,185 | 292,137 | 483,996 | 488,510 |
Income taxes | 53,645 | 65,054 | 107,669 | 109,910 |
Net income | $199,540 | $227,083 | $376,327 | $378,600 |
Less: Net income attributable to non-controlling interests | 3,882 | — | 6,182 | — |
Net income attributable to SEI Investments Company | $195,658 | $227,083 | $370,145 | $378,600 |
Basic earnings per common share | $1.63 | $1.82 | $3.06 | $3.02 |
Shares used to calculate basic earnings per share | 120,339 | 124,470 | 120,999 | 125,516 |
Diluted earnings per common share | $1.59 | $1.78 | $2.99 | $2.95 |
Shares used to calculate diluted earnings per share | 123,334 | 127,278 | 123,914 | 128,364 |
Dividends declared per common share | $0.52 | $0.49 | $0.52 | $0.49 |
SEI INVESTMENTS COMPANY CONSOLIDATED CONDENSED BALANCE SHEETS(In thousands) (Unaudited)
| ||
June 30, | December 31, | |
2026 | 2025 | |
Assets | ||
Current Assets: | ||
Cash and cash equivalents | $395,664 | $399,804 |
Receivables from investment products | 60,535 | 63,317 |
Receivables, net | 783,400 | 709,748 |
Securities owned | 25,532 | 33,777 |
Other current assets | 78,095 | 66,691 |
Total Current Assets | 1,343,226 | 1,273,337 |
Property and Equipment, net | 151,885 | 150,434 |
Operating Lease Right-of-Use Assets | 32,345 | 26,447 |
Capitalized Software, net | 227,215 | 234,272 |
Investments | 318,909 | 428,004 |
Assets of Consolidated Variable Interest Entities | 206,955 | 183,994 |
Goodwill | 389,420 | 354,989 |
Intangible assets, net | 470,524 | 368,272 |
Other Assets, net | 183,859 | 240,095 |
Total Assets | $3,324,338 | $3,259,844 |
Liabilities, Redeemable Non-controlling Interests and Equity | ||
Current Liabilities: | ||
Accounts payable | $10,547 | $5,404 |
Accrued liabilities | 225,607 | 359,823 |
Current portion of long-term debt | 3,487 | — |
Current portion of long-term operating lease liabilities | 10,169 | 8,677 |
Deferred revenue | 15,718 | 13,307 |
Total Current Liabilities | 265,528 | 387,211 |
Long-term Debt | 29,483 | — |
Liabilities of Consolidated Variable Interest Entities | 121,300 | 108,504 |
Other Long-term Liabilities | 61,128 | 60,353 |
Total Liabilities | 477,439 | 556,068 |
Redeemable Non-controlling Interests | 311,027 | 243,959 |
Equity: | ||
Shareholders' Equity: Common stock, $0.01 par value, 750,000 shares authorized; 119,977 and 122,232 shares issued and outstanding | 1,200 | 1,222 |
Capital in excess of par value | 1,714,294 | 1,678,787 |
Retained earnings | 813,820 | 792,280 |
Accumulated other comprehensive loss, net | (29,616) | (24,505) |
Total SEI Shareholders' Equity | 2,499,698 | 2,447,784 |
Non-controlling interests | 36,174 | 12,033 |
Total Equity | $2,535,872 | $2,459,817 |
Total Liabilities, Redeemable Non-controlling Interests and Equity | $3,324,338 | $3,259,844 |
SEI INVESTMENTS COMPANY CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
| ||
For the Six Months | ||
2026 | 2025 | |
Cash flows from operating activities: | ||
Net income | $376,327 | $378,600 |
Adjustments to reconcile net income to net cash provided by operating activities: | (28,960) | (135,595) |
Net cash provided by operating activities | $347,367 | $243,005 |
Net cash provided by investing activities | $16,863 | $65,268 |
Net cash used in financing activities | ($356,918) | ($419,220) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (5,406) | 17,103 |
Net change in cash and cash equivalents and cash and cash equivalents held at | 1,906 | (93,844) |
Cash, cash equivalents and cash and cash equivalents held at consolidated variable | 470,595 | 840,193 |
Cash, cash equivalents and cash and cash equivalents held at consolidated variable | $472,501 | $746,349 |
Reconciliation of Cash, cash equivalents and cash and cash equivalents held at |
June 30, | December 31, |
Cash and cash equivalents | $395,664 | $399,804 |
Cash and cash equivalents held at consolidated variable interest entities | 76,837 | 70,791 |
Total cash and cash equivalents and cash and cash equivalents held at consolidated | $472,501 | $470,595 |
ENDING ASSET BALANCES (In millions) (Unaudited)
| |||||
Jun. 30 | Sep. 30 | Dec. 31 | Mar. 31 | Jun. 30 | |
Investment Managers: | 2025 | 2025 | 2025 | 2026 | 2026 |
Collective trust fund programs (A) | $225,690 | $237,964 | $243,244 | $243,900 | $265,265 |
Liquidity funds | 307 | 418 | 579 | 536 | 464 |
Total assets under management | $225,997 | $238,382 | $243,823 | $244,436 | $265,729 |
Client assets under administration | 1,128,325 | 1,204,843 | 1,239,606 | 1,284,781 | 1,351,307 |
Total assets | $1,354,322 | $1,443,225 | $1,483,429 | $1,529,217 | $1,617,036 |
Private Banks: Equity and fixed-income programs | $27,839 | $28,408 | $29,832 | $29,753 | $32,520 |
Collective trust fund programs | 3 | 3 | 3 | 4 | 4 |
Liquidity funds | 2,796 | 2,802 | 2,099 | 2,178 | 1,709 |
Total assets under management | $30,638 | $31,213 | $31,934 | $31,935 | $34,233 |
Client assets under administration | 8,431 | 8,902 | 9,115 | 9,143 | 9,405 |
Total assets | $39,069 | $40,115 | $41,049 | $41,078 | $43,638 |
Investment Advisors: Equity and fixed-income programs | $80,618 | $85,245 | $86,879 | $86,612 | $94,390 |
Liquidity funds | 3,457 | 3,391 | 3,561 | 3,485 | 3,391 |
Total Platform assets under management | $84,075 | $88,636 | $90,440 | $90,097 | $97,781 |
Platform-only assets | 29,848 | 32,152 | 33,582 | 34,070 | 38,308 |
Platform-only assets-deposit program | 2,155 | 2,165 | 2,461 | 2,294 | 2,358 |
Total Platform assets | $116,078 | $122,953 | $126,483 | $126,461 | $138,447 |
Institutional Investors: Equity and fixed-income programs | $80,112 | $82,676 | $84,254 | $82,195 | $86,690 |
Liquidity funds | 1,768 | 1,580 | 1,604 | 1,503 | 1,559 |
Total assets under management | $81,880 | $84,256 | $85,858 | $83,698 | $88,249 |
Client assets under advisement | 6,090 | 6,564 | 3,598 | 3,549 | 3,790 |
Total assets | $87,970 | $90,820 | $89,456 | $87,247 | $92,039 |
Investments in New Businesses: Equity and fixed-income programs | $2,867 | $2,999 | $3,044 | $3,087 | $3,351 |
Liquidity funds | 244 | 244 | 316 | 252 | 236 |
Total assets under management | $3,111 | $3,243 | $3,360 | $3,339 | $3,587 |
Client assets under advisement | 2,593 | 2,452 | 2,389 | 2,185 | 2,506 |
Total assets | $5,704 | $5,695 | $5,749 | $5,524 | $6,093 |
LSV Asset Management: Equity and fixed-income programs (B) | $91,795 | $95,801 | $99,196 | $100,567 | $117,146 |
Stratos Wealth Holdings (E) | $— | $— | $38,637 | $38,291 | $41,889 |
Total: Equity and fixed-income programs (C) | $283,231 | $295,129 | $303,205 | $302,214 | $334,097 |
Collective trust fund programs | 225,693 | 237,967 | 243,247 | 243,904 | 265,269 |
Liquidity funds | 8,572 | 8,435 | 8,159 | 7,954 | 7,359 |
Total assets under management | $517,496 | $541,531 | $554,611 | $554,072 | $606,725 |
Client assets under advisement | 8,683 | 9,016 | 5,987 | 5,734 | 6,296 |
Client assets under administration (D) | 1,136,756 | 1,213,745 | 1,248,721 | 1,293,924 | 1,360,712 |
Platform-only assets | 32,003 | 34,317 | 36,043 | 36,364 | 40,666 |
Stratos Wealth Holdings | — | — | 38,637 | 38,291 | 41,889 |
Total assets | $1,694,938 | $1,798,609 | $1,883,999 | $1,928,385 | $2,056,288 |
(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 June 30, 2026). |
(C) | Equity and fixed-income programs include $8.9 billion of assets in various asset allocation funds (as of June 30, 2026). |
(D) | In addition to the assets presented, SEI also administers an additional $14.3 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of June 30, 2026). |
(E) | Beginning June 30, 2026, assets related to Stratos Wealth Holdings are no longer reported on a one month lag. Prior period asset balances have been revised to conform with the current period presentation. |
AVERAGE ASSET BALANCES (In millions) (Unaudited)
| |||||
2nd Qtr. | 3rd Qtr. | 4th Qtr. | 1st Qtr. | 2nd Qtr. | |
2025 | 2025 | 2025 | 2026 | 2026 | |
Investment Managers: | |||||
Collective trust fund programs (A) | $215,085 | $231,088 | $240,285 | $248,851 | $259,655 |
Liquidity funds | 288 | 385 | 492 | 565 | 506 |
Total assets under management | $215,373 | $231,473 | $240,777 | $249,416 | $260,161 |
Client assets under administration | 1,098,925 | 1,174,961 | 1,225,392 | 1,280,581 | 1,332,630 |
Total assets | $1,314,298 | $1,406,434 | $1,466,169 | $1,529,997 | $1,592,791 |
Private Banks: | |||||
Equity and fixed-income programs | $26,533 | $28,051 | $29,087 | $30,696 | $32,005 |
Collective trust fund programs | 3 | 3 | 3 | 3 | 4 |
Liquidity funds | 2,771 | 2,834 | 2,371 | 2,150 | 1,717 |
Total assets under management | $29,307 | $30,888 | $31,461 | $32,849 | $33,726 |
Client assets under administration | 8,266 | 8,665 | 8,977 | 9,282 | 9,455 |
Total assets | $37,573 | $39,553 | $40,438 | $42,131 | $43,181 |
Investment Advisors: | |||||
Equity and fixed-income programs | $76,629 | $82,735 | $85,896 | $88,403 | $92,424 |
Liquidity funds | 3,464 | 3,378 | 3,418 | 3,518 | 3,338 |
Total Platform assets under management | $80,093 | $86,113 | $89,314 | $91,921 | $95,762 |
Platform-only assets | 27,288 | 30,874 | 33,022 | 34,485 | 36,768 |
Platform-only assets-deposit program | 2,152 | 2,136 | 2,135 | 2,309 | 2,273 |
Total Platform assets | $109,533 | $119,123 | $124,471 | $128,715 | $134,803 |
Institutional Investors: | |||||
Equity and fixed-income programs | $77,843 | $80,802 | $83,739 | $84,393 | $85,302 |
Liquidity funds | 1,853 | 1,810 | 1,947 | 1,941 | 1,702 |
Total assets under management | $79,696 | $82,612 | $85,686 | $86,334 | $87,004 |
Client assets under advisement | 5,841 | 6,274 | 5,413 | 3,657 | 3,703 |
Total assets | $85,537 | $88,886 | $91,099 | $89,991 | $90,707 |
Investments in New Businesses: | |||||
Equity and fixed-income programs | $2,732 | $2,934 | $3,021 | $3,106 | $3,260 |
Liquidity funds | 244 | 255 | 288 | 319 | 258 |
Total assets under management | $2,976 | $3,189 | $3,309 | $3,425 | $3,518 |
Client assets under administration (E) | 14,917 | — | — | — | — |
Client assets under advisement | 2,329 | 2,428 | 2,408 | 2,335 | 2,425 |
Total assets | $20,222 | $5,617 | $5,717 | $5,760 | $5,943 |
LSV Asset Management: | |||||
Equity and fixed-income programs (B) | $89,422 | $92,969 | $97,304 | $104,619 | $115,862 |
Stratos Wealth Holdings (F) | $— | $— | $38,507 | $39,317 | $40,559 |
Total: | |||||
Equity and fixed-income programs (C) | $273,159 | $287,491 | $299,047 | $311,217 | $328,853 |
Collective trust fund programs | 215,088 | 231,091 | 240,288 | 248,854 | 259,659 |
Liquidity funds | 8,620 | 8,662 | 8,516 | 8,493 | 7,521 |
Total assets under management | $496,867 | $527,244 | $547,851 | $568,564 | $596,033 |
Client assets under advisement | 8,170 | 8,702 | 7,821 | 5,992 | 6,128 |
Client assets under administration (D) | 1,122,108 | 1,183,626 | 1,234,369 | 1,289,863 | 1,342,085 |
Platform-only assets | 29,440 | 33,010 | 35,157 | 36,794 | 39,041 |
Stratos Wealth Holdings | — | — | 38,507 | 39,317 | 40,559 |
Total assets | $1,656,585 | $1,752,582 | $1,863,705 | $1,940,530 | $2,023,846 |
(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 second-quarter 2026 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 $8.6 billion of average assets in various asset allocation funds during second-quarter 2026. |
(D) | In addition to the assets presented, SEI also administers an additional $13.8 billion of average assets in Funds of Funds assets during second-quarter 2026 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) | Beginning in second-quarter 2026, average assets related to Stratos Wealth Holdings are no longer reported on a one month lag. Prior period average assets have been revised to conform with the current period presentation. |
SALES EVENTS (In thousands) (Unaudited) Net Recurring Sales Events
| ||||||
2nd Qtr. 2025 | 3rd Qtr. 2025 | 4th Qtr. 2025 | 1st Qtr. 2026 | 2nd Qtr. 2026 | ||
Investment Processing-related Businesses: | ||||||
Investment Managers | $21,928 | $27,460 | $19,150 | $46,848 | $27,856 | |
Private Banks | 254 | (6,713) | 5,670 | 1,571 | 4,207 | |
Total Investment Processing-related Businesses | $22,182 | $20,747 | $24,820 | $48,419 | $32,063 | |
Asset Management-related Businesses: | ||||||
Private Banks-AMD | ($174) | ($1,674) | ($1,567) | $1,983 | $2,938 | |
Investment Advisors | (1,654) | 1,230 | (728) | 7,044 | (1,685) | |
Institutional Investors | 2,544 | (594) | (5,025) | (2,935) | (1,102) | |
Total Asset Management-related Businesses | $716 | ($1,038) | ($7,320) | $6,092 | $151 | |
Newer Initiatives: | ||||||
Investments in New Businesses | $1,245 | $1,208 | $1,248 | $2,631 | $361 | |
Total Net Recurring Sales Events | $24,143 | $20,917 | $18,748 | $57,142 | $32,575 | |
Professional Services Sales Events | ||||||
2nd Qtr. | 3rd Qtr. | 4th Qtr. | 1st Qtr. | 2nd Qtr. | ||
2025 | 2025 | 2025 | 2026 | 2026 | ||
Investment Processing-related Businesses: | ||||||
Investment Managers | $1,102 | $2,465 | $1,347 | $3,672 | $4,179 | |
Private Banks | 2,373 | 7,087 | 23,409 | 4,950 | 5,934 | |
Total Investment Processing-related Businesses | $3,475 | $9,552 | $24,756 | $8,622 | $10,113 | |
Newer Initiatives: | ||||||
Investments in New Businesses | $1,552 | $71 | $95 | $1,389 | $768 | |
Total Professional Services Sales Events | $5,027 | $9,623 | $24,851 | $10,011 | $10,881 | |
Total Sales Events | ||||||
2nd Qtr. | 3rd Qtr. | 4th Qtr. | 1st Qtr. | 2nd Qtr. | ||
2025 | 2025 | 2025 | 2026 | 2026 | ||
Investment Processing-related Businesses: | ||||||
Investment Managers | $23,030 | $29,925 | $20,497 | $50,520 | $32,035 | |
Private Banks | 2,627 | 374 | 29,079 | 6,521 | 10,141 | |
Total Investment Processing-related Businesses | $25,657 | $30,299 | $49,576 | $57,041 | $42,176 | |
Asset Management-related Businesses: | ||||||
Private Banks-AMD | ($174) | ($1,674) | ($1,567) | $1,983 | $2,938 | |
Investment Advisors | (1,654) | 1,230 | (728) | 7,044 | (1,685) | |
Institutional Investors | 2,544 | (594) | (5,025) | (2,935) | (1,102) | |
Total Asset Management-related Businesses | $716 | ($1,038) | ($7,320) | $6,092 | $151 | |
Newer Initiatives: | ||||||
Investments in New Businesses | $2,797 | $1,279 | $1,343 | $4,020 | $1,129 | |
Total Sales Events | $29,170 | $30,540 | $43,599 | $67,153 | $43,456 | |
Non-GAAP Information & Reconciliations
(In thousands, except per share data) (Unaudited)
We present certain non-GAAP financial measures to supplement the consolidated financial statements prepared in accordance with GAAP. Management believes these measures provide useful information to investors by enhancing the understanding of our core operating performance and facilitating comparisons across reporting periods. These non-GAAP measures are also used by our management to evaluate operating results, allocate resources, and assess performance against strategic objectives.
These non-GAAP financial measures should be viewed in addition to, and not as a substitute for, reported results prepared in accordance with GAAP.
The following schedules reconcile U.S. GAAP financial measures to non-GAAP financial measures for the three and six months ended June 30, 2026 and 2025:
For the Three Months | For the Six Months | |||
2026 | 2025 | 2026 | 2025 | |
Net income attributable to SEI Investments Company (U.S. GAAP basis) | $195,658 | $227,083 | $370,145 | $378,600 |
Non-GAAP adjustments: | ||||
Acquisition-related: | ||||
Third party costs (A) | — | 820 | — | 820 |
Intangible assets amortization & impairments (B) | 7,057 | 3,157 | 13,691 | 6,606 |
Total acquisition-related | 7,057 | 3,977 | 13,691 | 7,426 |
Gain on sale of asset/business (C) | — | (94,412) | — | (94,412) |
Litigation settlements and insurance proceeds (D) | 3,808 | (4,500) | 3,808 | (4,500) |
Income tax effect (E) | (2,338) | 21,142 | (3,891) | 20,354 |
Adjusted net income attributable to SEI Investments Company (non- | ||||
GAAP basis) | $204,185 | $153,290 | $383,753 | $307,468 |
Diluted EPS (U.S. GAAP basis) | $1.59 | $1.78 | $2.99 | $2.95 |
Adjusted diluted EPS (non-GAAP basis) | $1.66 | $1.20 | $3.10 | $2.40 |
Diluted weighted average shares outstanding | 123,334 | 127,278 | 123,914 | 128,364 |
Income from operations (U.S. GAAP Basis) | $197,016 | $148,635 | $386,502 | $305,732 |
Operating margin (U.S. GAAP Basis) | 31 % | 27 % | 31 % | 28 % |
Non-GAAP adjustments: | ||||
Acquisition-related: | ||||
Third party costs (A) | — | 820 | — | 820 |
Intangible assets amortization & impairments (B) | 9,935 | 3,157 | 19,132 | 6,606 |
Total acquisition-related | 9,935 | 3,977 | 19,132 | 7,426 |
Adjusted income from operations (non-GAAP Basis) | $206,951 | $152,612 | $405,634 | $313,158 |
Adjusted operating margin (non-GAAP basis) | 32 % | 27 % | 32 % | 28 % |
(A) | This non-GAAP adjustment removes incremental and directly attributable costs incurred to execute acquisitions, such as third-party advisory, legal, accounting, valuation, and due diligence. For 2025, this non-GAAP adjustment consisted of the legal costs, advisory fees, and due diligence fees in relation to the Stratos acquisition. Management believes adjusting for these charges helps the reader's ability to understand our core operating results and increases comparability quarter to quarter. |
(B) | This non-GAAP adjustment removes the impact of amortization expense associated with acquired intangible assets (e.g., customer relationships, technology, trade names). This non-GAAP adjustment removes only amortization recorded in the current period related to acquired intangibles from prior acquisitions. The non-GAAP adjustments in 2026 include the amortization of the acquired intangibles from the Stratos acquisition, which closed in December 2025. Management included the Stratos related amortization expense net of the 42.5% NCI adjustment for the adjusted EPS calculation. However, this adjustment is not inclusive of the NCI portion for adjusted operating margin. The associated revenues are not adjusted. Management believes adjusting for these charges helps the reader's ability to understand our core operating results and increases comparability quarter to quarter. |
(C) | This non-GAAP adjustment removes realized gains on the sale of assets owned or entities under our control, out of the normal course of business. In 2025, the adjustment consisted of the realized gain from the sale of Family Office Services (FOS). Management believes adjusting for these gains helps the reader's ability to understand our core operating results and increases comparability quarter to quarter. |
(D) | This non-GAAP adjustment removes individually significant litigation settlements and insurance proceeds. In 2026, this non-GAAP adjustment was related to litigation settlements. In 2025, this non-GAAP adjustment consisted of a $4.5M settlement related to a vendor matter. Management included both of these transactions as non-GAAP adjustments since they were both out of the normal course of business. Management believes adjusting for these items helps the reader's ability to understand our core operating results and increases comparability quarter to quarter. |
(E) | Income tax effects are presented as a separate reconciling item (not netted within each adjustment). For performance measures, the tax effect reflects current and deferred tax expense commensurate with the adjusted measure of profitability. The methodology used (e.g., statutory rate, effective rate, or discrete item approach) is consistently applied. All of the above items use a systematic approach. |
View original content:https://www.prnewswire.com/news-releases/sei-reports-second-quarter-2026-financial-results-302832550.html
SOURCE SEI Investments Company