Siebert Financial (SIEB) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was $26.8M, up from $22.6M YoY, while operating income fell to $2.2M from $4.8M and net income to $1.6M from $3.8M; diluted EPS was $0.04 vs. $0.10.

• 9M revenue rose to $70.6M from $63.9M, while operating income declined to $6.9M from $15.5M and net income to $5.6M from $11.6M.

Financial highlights

• Q3 stock borrow/stock loan revenue increased 73.7% YoY to $10.0M; principal transactions rose 9.7% to $4.6M and other income increased 92.1% to $1.4M.

• Q3 interest, marketing and distribution fees declined $1.4M YoY to $7.0M, primarily due to lower interest rates; commissions and fees were nearly unchanged at $2.3M.

• Q3 employee compensation and benefits rose $4.5M YoY to $16.4M; total expenses increased to $24.7M from $17.7M.

• 9M principal transactions included a $2.4M realized gain on an equity investment; 9M operating cash flow was $9.8M, versus cash used of $25.4M in 9M 2024.

Outlook and guidance

• Management expects recorded music operations to contribute positively as the catalogue matures, with recorded music sales, streaming and licensing expected to support future profitability; timing and earnings are uncertain.

• Several Retail Platform projects are expected to go live in early 2026; technology investments are intended to support retail, correspondent clearing, corporate services and expansion into new markets.

• Available cash, credit lines, capital-market access and operating cash flow are expected to meet current liquidity needs for the foreseeable future.