SEI投資公司第二季度經調整盈利增38% 收入升15%至6.42億美元

EX-99.1
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seic-earningsreleaseex9910.htm
PRESS RELEASE

Document

 
SEI Reports Second-Quarter 2026 Financial Results

OAKS, Pa., July 22, 2026 – 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)
For the Three Months Ended June 30,
For the Six Months Ended June 30,

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.”
1

Summary of Second-Quarter Results by Business Segment

(In thousands)
For the Three Months
Ended June 30,
For the Six Months Ended June 30,

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.
2

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.

3

Earnings Conference Call
A conference call and presentation to review earnings is scheduled for 5 p.m. Eastern time onWednesday, 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

+1610-676-5350
+1 610-676-3887

[email protected]    
[email protected]

4

SEI INVESTMENTS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) (Unaudited)

For the Three Months Ended June 30,
For the Six Months Ended June 30,

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 

5

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 

6

SEI INVESTMENTS COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)

For the Six Months Ended June 30,

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 consolidated variable interest entities
1,906 

(93,844)

Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, beginning of period
470,595 

840,193 

Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, end of period
$472,501 

$746,349 

Reconciliation of Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities to the Consolidated Balance Sheets:
June 30,
December 31,

2026
2025

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 variable interest entities
$472,501 

$470,595 

7

ENDING ASSET BALANCES
(In millions) (Unaudited)

Jun. 30
Sep. 30
Dec. 31
Mar. 31
Jun. 30

2025
2025
2025
2026
2026

Investment Managers:

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. 
8

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. 
9

SALES EVENTS
(In thousands) (Unaudited)

Net Recurring Sales Events

2nd Qtr.
3rd Qtr.
4th Qtr.
1st Qtr.
2nd Qtr.

2025
2025
2025
2026
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 

10

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 Ended June 30,
For the Six Months Ended June 30,

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.
11