SEICMEDIUM SIGNALFINANCIAL10-K

SEI delivered strong operational performance with 23% net income growth but burned through over half its cash reserves while significantly increasing share buybacks.

The dramatic 52% decline in cash reserves from $840M to $400M, combined with 26% higher share buybacks ($628M), signals aggressive capital return to shareholders that may limit financial flexibility. However, strong underlying business performance with 23% net income growth and improved operational efficiency suggests the cash burn reflects strategic capital allocation rather than operational distress.

Comparing 2026-02-23 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

SEI demonstrated robust operational performance with net income surging 23% to $715M, supported by 16% gross profit growth and improved operating leverage. However, the company aggressively deployed capital with cash declining 52% to $400M while share buybacks increased 26% to $628M, indicating a shift toward returning excess capital to shareholders. The combination of strong earnings growth but significantly reduced cash position suggests solid business fundamentals but potentially constrained financial flexibility going forward.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-52.4%
$839.9M→$399.8M

Cash declined 52.4% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Capital Expenditure
Cash Flow
-29.7%
$32.2M→$22.6M

Capex reduced 29.7% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Share Buybacks
Cash Flow
+25.6%
$500.1M→$628.1M

Share repurchases increased 25.6% — management returning capital, signals confidence in intrinsic value.

Accounts Receivable
Balance Sheet
+25%
$567.6M→$709.7M

Receivables grew 25% — monitor days sales outstanding for collection efficiency.

Net Income
P&L
+23.1%
$581.2M→$715.3M

Net income grew 23.1% — bottom-line growth signals improving overall business health.

Interest Expense
P&L
-22.2%
$749K→$583K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Current Assets
Balance Sheet
-17.9%
$1.6B→$1.3B

Current assets declined 17.9% — monitor working capital adequacy and short-term liquidity.

Gross Profit
P&L
+15.5%
$699.4M→$808.1M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Operating Income
P&L
+13.7%
$551.7M→$627.3M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Total Liabilities
Balance Sheet
+11.4%
$388.2M→$432.5M

Liabilities increased 11.4% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-02-23
PRIOR — 2025-02-20
ADDED
Corporate overview SEI Investments Company (together, with its subsidiaries unless otherwise noted, SEI or the Company ) is a leading global provider of financial technology, operations, and asset management solutions that connect the financial services ecosystem across advice, asset management, and administration.
Our enterprise operating model unifies technology, trust based custody, and investment management 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.
In 2025, we earned approximately 57% of our revenue from technology and operations outsourcing and 38% from asset management fees, with the remainder attributable to professional services and other ancillary services.
We provide these services across four core client-oriented business segments; Investment Managers, Private Banks, Investment Advisors, and Institutional Investors.
SEI serves leading institutions globally, including 8 of the top 20 U.S.
+7 more — sign up free →
REMOVED
Corporate overview SEI Investments Company (together, with its subsidiaries unless otherwise noted, SEI or the Company ) is a leading global provider of financial technology, operations, and asset management services within the financial services industry.
We tailor our solutions and services to help our 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.
In 2024, we earned approximately 55% of our revenue from technology and operations outsourcing and 40% from asset management fees, with the remainder attributable to professional services and other ancillary services.
SEI provides these services across four core client-oriented business segments; Investment Managers, Private Banks, Investment Advisors, and Institutional Investors.
Core capabilities With our core competency pillars of technology, operations, and asset management, the breadth of the markets we serve and capabilities across investment processing, investment operations, and investment management uniquely position us in the financial services industry.
+7 more — sign up free →
MORE FINANCIAL SIGNALS
PNRGHIGHPNRG achieved exceptional profitability improvement with net income surging 2,21...
2026-04-16
BNAIHIGHBNAI underwent a dramatic reverse stock split that reduced share count by 86% wh...
2026-04-16
LAKEHIGHLAKE's financial performance deteriorated significantly with operating losses wo...
2026-04-16
NXXTHIGHNextNRG experienced massive financial deterioration with operating losses explod...
2026-04-16
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →