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SEI Investments (SEIC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 27, 2025
SEI Investments (SEIC) reported revenue of $579M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +3% from the quarter before. Operating margin was 27.7%, net earnings $165M (28.4% of revenue).
SEI Investments, Q3 2025: revenue $579M (+8% year over year), operating margin 27.7%, net earnings $165M, operating cash flow $238M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $579M | +3% | +8% |
| Gross profit | $203M | +7% | +12% |
| Operating profit | $160M | +8% | +11% |
| Net earnings | $165M | -28% | +6% |
| Operating cash flow | $238M | +147% | +19% |
| Free cash flow | $230M | +148% | +19% |
What changed
Revenue was $578.5M in Q3 2025, up 8% year over year and up 3% from the previous quarter. Investment operations fees was the largest line at 38% of revenue. Investment operations fees added $28.1M year over year (up 15%), 68% of the total change. Investment processing fees - SaaS declined 10%.
Gross margin was 35.0%, up 1.2 points from a year earlier. Operating profit was $160.0M, a 27.7% margin (up 0.9 points year over year). Of the extra revenue versus a year earlier, 39% reached operating profit, above the 27% margin then. Operating expenses grew 13% against revenue growth of 8%. Net earnings were $164.2M, up 6% year over year. The effective tax rate was 21.9%. Non-operating items added $50.8M, 24% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $238.3M (up 19% year over year), 145% of net earnings. Non-cash charges added back $14.0M of share-based compensation. Working capital and other items added $59.7M. Capital expenditures of $8.6M left free cash flow of $229.6M.
Questions
What was SEI Investments' revenue in the third quarter 2025?
SEI Investments (SEIC) reported revenue of $579M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +3% from the quarter before.
Was SEI Investments profitable in the third quarter 2025?
Operating profit was $160M (27.7% of revenue) and net earnings $165M.
Source: SEI Investments 10-Q on SEC EDGAR.