Siebert Financial (SIEB) Q4 2025 earnings summary

Executive summary

• FY2025 revenue rose to $94.2M from $83.9M, while net income fell to $5.1M from $13.3M and EPS declined to $0.13 from $0.33.

• Higher stock borrow/loan and principal trading revenue were offset by lower interest-related revenue and sharply higher personnel, technology, and other expenses.

Financial highlights

• Total revenue was $94.202M in 2025 vs $83.901M in 2024; operating income was $5.566M vs $17.468M, and net income was $5.121M vs $13.303M.

• Stock borrow/loan revenue increased to $29.034M from $19.249M; principal transactions and proprietary trading rose to $17.479M from $14.616M.

• Interest, marketing and distribution fees fell to $27.624M from $32.407M, while commissions and fees declined to $8.941M from $9.615M.

• Including a $2.4M realized gain on an equity investment, principal transaction and proprietary trading revenue benefited from market conditions and the investment gain.

• Total expenses increased to $88.636M from $66.433M, including compensation and benefits of $58.475M vs $43.999M.

Outlook and guidance

• Priorities include expanding investment banking, modernizing platforms and automation, and pursuing expense discipline and operating efficiency to support long-term profitability.

• Several Retail Platform projects are expected to go live in 2026; investments and the FusionIQ partnership are intended to support retail, correspondent clearing, and corporate services growth.

• Management expects the media segment to contribute positively over time as its music catalog and athlete pipeline develop, while noting timing and magnitude of future earnings are uncertain.