SEI Investments Company (SEIC) Cash Flow Statement
Where SEIC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $607.7M −2.4% vs 2024
- Capital expenditures
- $22.6M 1.0% of revenue
- Free cash flow
- $585.0M 25.5% margin
- Returned to shareholders
- $752.3M 129% of free cash flow
- Change in cash
- −$440.4M cash at year-end $399.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SEIC operating cash flow, capex and free cash flow
SEIC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $425.2M2016 | $607.7M2025 | +4.0%/yr | |
| Capital expenditures | $81.8M2016 | $22.6M2025 | −13.3%/yr | |
| Free cash flow | $343.4M2016 | $585.0M2025 | +6.1%/yr | |
| Free cash flow margin | 24.5%2016 | 25.5%2025 | +1.0 pts | |
| Operating cash flow / net income | 1.272016 | 0.852025 | −0.43 | |
| Stock-based compensation | $16.0M2016 | $53.6M2025 | +14.4%/yr | |
| Dividends paid | $84.7M2016 | $124.2M2025 | +4.3%/yr | |
| Share buybacks (net) | $292.3M2016 | $628.1M2025 | +8.9%/yr | |
| Capex / revenue | 5.8%2016 | 1.0%2025 | −4.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SEIC cash flow by activity
SEIC net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SEIC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $717.5M | $581.2M | $462.3M | $475.5M | $546.6M | $447.3M | $501.4M | $505.9M | $404.4M | $333.8M |
| Depreciation & amortization | $77.1M | $75.2M | $74.0M | $87.9M | $92.6M | $83.9M | $80.9M | $77.7M | $75.6M | $71.8M |
| Stock-based compensation | $53.6M | $58.6M | $31.3M | $39.4M | $41.5M | $27.0M | $24.6M | $23.8M | $36.4M | $16.0M |
| Change in working capital | −$168.8M | −$58.6M | −$83.4M | $19.3M | −$34.2M | −$73.4M | −$35.8M | −$22.2M | −$19.3M | $963,000 |
| Other non-cash items | −$71.7M | −$34.1M | −$37.1M | −$56.0M | −$13.4M | $3.8M | −$25.9M | $3.2M | −$37.1M | $2.6M |
| Cash from operating activities | $607.7M | $622.3M | $447.0M | $566.1M | $633.1M | $488.7M | $545.1M | $588.4M | $459.9M | $425.2M |
| Investing activities | ||||||||||
| Capital expenditures | −$22.6M | −$56.6M | −$58.8M | −$74.5M | −$52.5M | −$78.6M | −$77.2M | −$73.3M | −$86.6M | −$81.8M |
| Investments (net) | −$33.7M | −$117.3M | −$77.7M | −$17.1M | −$21.2M | $12.5M | −$3.5M | −$35.6M | −$172.3M | −$79.6M |
| Acquisitions & other investing | −$342.7M | $56.6M | −$5.0M | $1.7M | −$91.2M | −$1.4M | $2.5M | −$14.5M | $86.6M | $81.8M |
| Cash from investing activities | −$399.1M | −$117.3M | −$141.5M | −$89.8M | −$164.9M | −$67.5M | −$78.2M | −$123.4M | −$172.3M | −$79.6M |
| Financing activities | ||||||||||
| Dividends paid | −$124.2M | −$120.3M | −$114.8M | −$109.8M | −$105.5M | −$103.9M | −$100.7M | −$94.3M | −$88.9M | −$84.7M |
| Share repurchases & issuance (net) | −$628.1M | −$500.1M | −$308.9M | −$344.7M | −$408.1M | −$427.0M | −$346.4M | −$407.4M | −$248.3M | −$292.3M |
| Net borrowing (repayment) | — | $0 | $0 | −$40.0M | $40.0M | $40.0M | $40.0M | −$30.0M | $30.0M | $30.0M |
| Shares issued | $144.2M | $126.0M | $87.9M | $58.2M | $55.2M | $49.4M | $60.9M | $88.0M | $0 | $0 |
| Other financing | $18.6M | $0 | $4.4M | −$868,000 | −$4.0M | −$40.6M | −$40.4M | $0 | $53.6M | $27.3M |
| Cash from financing activities | −$589.5M | −$494.4M | −$331.3M | −$437.2M | −$422.3M | −$482.1M | −$386.6M | −$443.7M | −$253.6M | −$319.7M |
| Summary | ||||||||||
| Net change in cash | −$440.4M | $5.2M | −$18.4M | $21.6M | $44.0M | −$56.8M | $86.5M | $10.3M | $48.5M | $16.0M |
| Cash at end of period | $399.8M | $840.2M | $835.0M | $853.4M | $831.8M | $787.7M | $844.5M | $758.0M | $744.2M | $695.7M |
| Free cash flow | $585.0M | $565.8M | $388.2M | $491.6M | $580.6M | $410.1M | $468.0M | $515.1M | $373.3M | $343.4M |
| Free cash flow margin | 25.5% | 26.6% | 20.2% | 24.7% | 30.3% | 24.4% | 28.4% | 31.7% | 24.5% | 24.5% |
| Capex / revenue | 1.0% | 2.7% | 3.1% | 3.7% | 2.7% | 4.7% | 4.7% | 4.5% | 5.7% | 5.8% |
| Operating cash flow / net income | 0.85 | 1.07 | 0.97 | 1.19 | 1.16 | 1.09 | 1.09 | 1.16 | 1.14 | 1.27 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $199.5M | $176.8M | −$543.2M | $164.2M | $227.1M | $151.5M | $155.8M | $154.9M | $139.1M | $131.4M | $120.7M | $115.7M |
| Depreciation & amortization | $26.2M | $25.6M | $36.8M | $19.4M | $18.1M | $18.6M | $18.8M | $18.8M | $18.9M | $18.8M | $18.6M | $19.0M |
| Stock-based compensation | −$14.5M | $14.5M | $14.1M | $14.0M | $13.9M | $14.1M | $21.4M | $13.7M | $12.5M | $11.1M | $7.8M | $8.0M |
| Change in working capital | −$18.8M | $18.8M | −$87.5M | $12.4M | −$65.3M | −$35.4M | $6.0M | $24.4M | −$56.3M | −$32.7M | −$16.3M | $17.9M |
| Other non-cash items | −$66.6M | −$14.1M | $706.2M | $28.3M | −$97.3M | −$2.4M | −$6.8M | −$11.7M | $597,000 | −$16.2M | −$29.9M | $3.0M |
| Cash from operating activities | $125.8M | $221.6M | $126.4M | $238.3M | $96.5M | $146.5M | $195.3M | $200.0M | $114.7M | $112.3M | $101.0M | $163.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$12.0M | −$12.0M | −$1.6M | −$17.0M | −$8.7M | −$16.0M | −$10.9M | −$12.1M | −$14.1M | −$19.3M | −$9.1M | −$15.2M |
| Investments (net) | $26.3M | −$1.9M | −$3.4M | −$9.8M | $103.6M | −$38.4M | −$60.1M | $3.9M | −$23.4M | −$37.6M | −$93.3M | −$22.4M |
| Acquisitions & other investing | $14.8M | $1.6M | −$434.6M | $2.0M | $8.7M | $16.0M | $10.9M | $12.1M | $14.1M | $19.3M | $9.1M | $15.2M |
| Cash from investing activities | $29.1M | −$12.2M | −$439.6M | −$24.8M | $103.6M | −$38.4M | −$60.1M | $3.9M | −$23.4M | −$37.6M | −$93.3M | −$22.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$63.7M | −$63.7M | −$857,000 | −$44,000 | −$61.0M | −$62.3M | −$8,000 | −$120.3M | −$60.0M | −$60.4M | −$4,000 | −$4,000 |
| Share repurchases & issuance (net) | $214.8M | −$214.8M | −$100.6M | −$144.2M | −$179.6M | −$203.7M | −$247.2M | −$89.1M | −$116.9M | −$46.8M | −$71.9M | −$80.7M |
| Shares issued | $50.9M | $39.6M | $28.3M | $28.5M | $62.9M | $24.5M | $63.2M | $8.4M | $9.4M | $45.0M | $35.5M | $33.2M |
| Other financing | −$320.5M | $495,000 | $133,000 | $18.5M | $0 | $0 | $0 | $120.3M | $0 | $0 | $0 | −$7.9M |
| Cash from financing activities | −$118.5M | −$238.4M | −$73.0M | −$97.3M | −$177.7M | −$241.5M | −$184.0M | −$80.7M | −$167.5M | −$62.2M | −$36.4M | −$55.4M |
| Summary | ||||||||||||
| Net change in cash | $32.3M | −$36.7M | −$386.8M | $111.1M | $35.4M | −$129.2M | −$61.2M | $132.8M | −$78.3M | $11.9M | −$19.7M | $77.4M |
| Cash at end of period | $472.5M | $363.1M | $470.6M | $857.4M | $746.3M | $711.0M | $840.2M | $901.4M | $768.6M | $846.9M | $835.0M | $854.7M |
| Free cash flow | $137.7M | $209.6M | $124.8M | $221.3M | $105.2M | $130.5M | $184.3M | $187.9M | $100.6M | $92.9M | $92.0M | $148.3M |
| Free cash flow margin | 21.4% | 33.7% | 20.5% | 38.2% | 18.8% | 23.7% | 33.1% | 35.0% | 19.4% | 18.2% | 19.0% | 31.1% |
| Capex / revenue | 1.9% | 1.9% | 0.3% | 2.9% | 1.5% | 2.9% | 2.0% | 2.3% | 2.7% | 3.8% | 1.9% | 3.2% |
| Operating cash flow / net income | 0.63 | 1.25 | — | 1.45 | 0.43 | 0.97 | 1.25 | 1.29 | 0.82 | 0.85 | 0.84 | 1.41 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SEIC cash generation
In fiscal 2025 (ended December 31, 2025), SEI Investments generated $607.7 million of cash from operations (down 2.4%) and spent $22.6 million on capital expenditures, leaving free cash flow of $585.0 million, 25.5% of revenue. It returned $752.3 million to shareholders through dividends ($124.2 million) and net share buybacks ($628.1 million). Cash and equivalents fell by $440.4 million over the year.
Related: SEIC income statement, SEIC balance sheet, SEIC dividend history. See the SEIC stock overview for the latest quote and news.
SEIC cash flow FAQ
What is SEI Investments's free cash flow?
SEI Investments's free cash flow was $585.0 million in fiscal 2025: $607.7 million of operating cash flow minus $22.6 million of capital expenditures It was $565.8 million a year earlier..
How much cash does SEI Investments generate from operations?
SEI Investments generated $607.7 million of cash from operating activities in fiscal 2025, 0.85 times its net income of $717.5 million.
How much does SEI Investments spend on capital expenditures?
SEI Investments spent $22.6 million on capital expenditures in fiscal 2025, 1.0% of revenue, compared with $56.6 million the year before.
How much stock does SEI Investments buy back?
SEI Investments spent $628.1 million on net share repurchases in fiscal 2025.
How much does SEI Investments pay in dividends?
SEI Investments paid $124.2 million in dividends in fiscal 2025, 21.2% of free cash flow.