EX-99.23exhibit992-4q25earningsrel.htmEX-99.2 Document
Exhibit 99.2
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
December 31, 2025
Table of Contents
GAAP-Basis Financial Information:
5-Year Summary of Results
2
Consolidated Results of Operations
3
Consolidated Statement of Condition
5
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis
6
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis - Year-to-Date
7
Selected Average Balances by Currency - Rates Earned and Paid
8
Investment Portfolio Holdings by Asset Class
9
Allowance for Credit Losses
11
Assets Under Custody and/or Administration
12
Assets Under Management
13
Line of Business Information
14
Capital:
Regulatory Capital
15
Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity
16
Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information
17
Reconciliation of Pre-tax Margin Excluding Notable Items
21
Reconciliations of Constant Currency FX Impacts
22
This financial information should be read in conjunction with State Street's news release dated January 16, 2026.
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
5-YEAR SUMMARY OF RESULTS
(Dollars in millions, except per share amounts, or where otherwise noted)
2021
2022
2023
2024
2025
Year ended December 31:
Total fee revenue
$
10,012
$
9,606
$
9,480
$
10,156
$
10,980
Net interest income
1,905
2,544
2,759
2,923
2,960
Other income
110
(2)
(294)
(79)
4
Total revenue
12,027
12,148
11,945
13,000
13,944
Provision for credit losses
(33)
20
46
75
59
Total expenses
8,889
8,801
9,583
9,530
10,154
Income before income tax expense
3,171
3,327
2,316
3,395
3,731
Income tax expense
478
553
372
708
786
Net income
2,693
2,774
1,944
2,687
2,945
Net income available to common shareholders
$
2,572
$
2,660
$
1,821
$
2,483
$
2,717
Per common share:
Diluted earnings per common share
$
7.19
$
7.19
$
5.58
$
8.21
$
9.40
Average diluted common shares outstanding (in thousands)
357,962
370,109
326,568
302,226
289,019
Cash dividends declared per common share
$
2.18
$
2.40
$
2.64
$
2.90
$
3.20
Closing price per share of common stock (at year end)
93.00
77.57
77.46
98.15
129.01
Average balance sheet:
Investment securities
$
111,730
$
111,929
$
105,765
$
104,784
$
110,586
Total assets
299,743
286,430
274,696
311,723
343,505
Total deposits
235,404
222,874
205,111
225,611
253,002
Ratios and other metrics:
Return on average common equity
10.7 %
%
11.1 %
%
8.2 %
%
11.1 %
%
11.5 %
%
Return on average tangible common equity(1)
17.2
17.4
13.3
17.9
17.9
Pre-tax margin
26.4
27.4
19.4
26.1
26.8
Pre-tax margin, excluding notable items(2)
27.6
28.4
26.4
27.6
29.2
Net interest margin, fully taxable-equivalent basis
0.74
1.03
1.20
1.10
1.00
Common equity tier 1 ratio(3)(4)
14.3
13.6
11.6
10.9
11.7
Tier 1 capital ratio(3)(4)
16.1
15.4
13.4
13.2
14.4
Total capital ratio(3)(4)
17.5
16.8
15.2
14.8
16.1
Tier 1 leverage ratio(3)
6.1
6.0
5.5
5.2
5.5
Supplementary leverage ratio(3)
7.4
7.0
6.2
6.2
6.5
Assets under custody and/or administration (in trillions)
$
43.68
$
36.74
$
41.81
$
46.56
$
53.80
Assets under management (in trillions)
4.14
3.48
4.13
4.72
5.67
(1) Return on average tangible common equity is calculated by dividing the net income available to common shareholders (GAAP-basis) for the relevant period by average tangible common equity (non-GAAP). Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(2) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of pre-tax margin excluding notable items for details.
(3) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end.
(4) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches.
2
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS
Quarters
% Change
Year-to-Date
% Change
(Dollars in millions, except per share amounts, or where otherwise noted)
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
4Q25
vs.
4Q24
4Q25
vs.
3Q25
2024
2025
YTD2025
vs.
YTD2024
Fee revenue:
Servicing fees
$
1,228
$
1,239
$
1,266
$
1,283
$
1,275
$
1,304
$
1,357
$
1,388
8.2 %
%
2.3 %
%
$
5,016
$
5,324
6.1 %
%
Management fees
510
511
527
576
562
562
612
662
14.9
8.2
2,124
2,398
12.9
Foreign exchange trading services
331
336
374
360
362
431
416
405
12.5
(2.6)
1,401
1,614
15.2
Securities finance
96
108
116
118
114
126
138
127
7.6
(8.0)
438
505
15.3
Front office software and data
144
152
146
197
158
169
167
163
(17.3)
(2.4)
639
657
2.8
Lending related and other fees
63
62
62
62
67
61
60
58
(6.5)
(3.3)
249
246
(1.2)
Software and processing fees
207
214
208
259
225
230
227
221
(14.7)
(2.6)
888
903
1.7
Other fee revenue
50
48
125
66
32
66
79
59
(10.6)
(25.3)
289
236
(18.3)
Total fee revenue
2,422
2,456
2,616
2,662
2,570
2,719
2,829
2,862
7.5
1.2
10,156
10,980
8.1
Net interest income:
Interest income
2,889
2,998
3,081
3,009
2,922
3,055
2,918
2,749
(8.6)
(5.8)
11,977
11,644
(2.8)
Interest expense
2,173
2,263
2,358
2,260
2,208
2,326
2,203
1,947
(13.8)
(11.6)
9,054
8,684
(4.1)
Net interest income
716
735
723
749
714
729
715
802
7.1
12.2
2,923
2,960
1.3
Other income:
Gains (losses) related to investment securities, net
—
—
(80)
1
—
—
1
3
nm
nm
(79)
4
nm
Total other income
—
—
(80)
1
—
—
1
3
nm
nm
(79)
4
nm
Total revenue
3,138
3,191
3,259
3,412
3,284
3,448
3,545
3,667
7.5
3.4
13,000
13,944
7.3
Provision for credit losses
27
10
26
12
12
30
9
8
(33.3)
(11.1)
75
59
(21.3)
Expenses:
Compensation and employee benefits
1,252
1,099
1,134
1,212
1,262
1,280
1,162
1,331
9.8
14.5
4,697
5,035
7.2
Information systems and communications
432
454
463
480
497
523
517
557
16.0
7.7
1,829
2,094
14.5
Transaction processing services
248
250
255
245
258
260
276
256
4.5
(7.2)
998
1,050
5.2
Occupancy
103
106
105
123
103
105
106
173
40.7
63.2
437
487
11.4
Other
478
360
351
380
330
361
373
424
11.6
13.7
1,569
1,488
(5.2)
Total expenses
2,513
2,269
2,308
2,440
2,450
2,529
2,434
2,741
12.3
12.6
9,530
10,154
6.5
Income before income tax expense
598
912
925
960
822
889
1,102
918
(4.4)
(16.7)
3,395
3,731
9.9
Income tax expense
135
201
195
177
178
196
241
171
(3.4)
(29.0)
708
786
11.0
Net income
$
463
$
711
$
730
$
783
$
644
$
693
$
861
$
747
(4.6)
(13.2)
$
2,687
$
2,945
9.6
3
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
Quarters
% Change
Year-to-Date
% Change
(Dollars in millions, except per share amounts, or where otherwise noted)
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
4Q25
vs.
4Q24
4Q25
vs.
3Q25
2024
2025
YTD2025
vs.
YTD2024
Adjustments to net income:
Dividends on preferred stock
$
(45)
$
(55)
$
(48)
$
(54)
$
(46)
$
(63)
$
(58)
$
(59)
(9.3)%
%
(1.7)%
%
$
(202)
$
(226)
(11.9)%
%
Earnings allocated to participating securities
—
(1)
—
(1)
(1)
—
(1)
—
nm
nm
(2)
(2)
—
Net income available to common shareholders
$
418
$
655
$
682
$
728
$
597
$
630
$
802
$
688
(5.5)
(14.2)
$
2,483
$
2,717
9.4
Per common share:
Basic earnings
$
1.38
$
2.18
$
2.29
$
2.50
$
2.07
$
2.20
$
2.83
$
2.46
(1.6)
(13.1)
$
8.33
$
9.55
14.6
Diluted earnings
1.37
2.15
2.26
2.46
2.04
2.17
2.78
2.42
(1.6)
(12.9)
8.21
9.40
14.5
Average common shares outstanding (in thousands):
Basic
301,991
300,564
297,365
291,686
288,562
286,281
283,434
280,008
(4.0)
(1.2)
297,883
284,545
(4.5)
Diluted
305,943
304,765
301,847
296,420
292,716
290,490
288,163
284,806
(3.9)
(1.2)
302,226
289,019
(4.4)
Cash dividends declared per common share
$
0.69
$
0.69
$
0.76
$
0.76
$
0.76
$
0.76
$
0.84
$
0.84
10.5
—
$
2.90
$
3.20
10.3
Closing price per share of common stock (as of quarter end)
77.32
74.00
88.47
98.15
89.53
106.34
116.01
129.01
31.4
11.2
98.15
129.01
31.4
Book value per common share
$
72.85
$
74.50
$
78.22
$
77.95
$
80.13
$
83.16
$
85.33
$
87.01
11.6
2.0
$
77.95
$
87.01
11.6
Tangible book value per common share(1)
45.06
46.10
49.22
49.14
51.23
53.56
55.57
56.13
14.2
1.0
49.14
56.13
14.2
Balance sheet averages:
Investment securities
$
101,318
$
105,098
$
107,364
$
105,322
$
110,070
$
112,083
$
111,821
$
108,376
2.9
(3.1)
$
104,784
$
110,586
5.5
Total assets
298,570
306,298
314,640
327,181
337,291
353,779
340,480
342,448
4.7
0.6
311,723
343,505
10.2
Total deposits
218,892
220,881
225,482
237,066
243,036
260,745
254,509
253,585
7.0
(0.4)
225,611
253,002
12.1
Ratios and other metrics:
Effective tax rate
22.5 %
%
22.1 %
%
21.1 %
%
18.4 %
%
21.7 %
%
22.0 %
%
21.9 %
%
18.6 %
%
0.2 %
%
pts
(3.3)%
%
pts
20.8 %
%
21.1 %
%
0.3 %
%
pts
Return on average common equity
7.7
11.9
12.0
12.7
10.6
10.8
13.4
11.3
(1.4)
(2.1)
11.1
11.5
0.4
Return on average tangible common equity(2)
12.4
19.3
19.3
20.3
16.4
16.7
20.9
17.5
(2.8)
(3.4)
17.9
17.9
—
Pre-tax margin
19.1
28.6
28.4
28.1
25.0
25.8
31.1
25.0
(3.1)
(6.1)
26.1
26.8
0.7
Pre-tax margin, excluding notable items(3)
23.2
28.6
28.4
29.8
25.0
29.6
31.1
30.7
0.9
(0.4)
27.6
29.2
1.6
Net interest margin, fully taxable-equivalent basis
1.13
1.13
1.07
1.07
1.00
0.96
0.96
1.10
—
0.1
1.10
1.00
(0.1)
Common equity tier 1 ratio(4)(5)
11.1
11.2
11.6
10.9
11.0
10.7
11.3
11.7
0.8
0.4
10.9
11.7
0.8
Tier 1 capital ratio(4)(5)
13.2
13.3
13.9
13.2
13.8
13.3
13.9
14.4
1.2
0.5
13.2
14.4
1.2
Total capital ratio(4)(5)
14.9
15.0
15.6
14.8
15.3
14.8
15.5
16.1
1.3
0.6
14.8
16.1
1.3
Tier 1 leverage ratio(4)
5.4
5.3
5.5
5.2
5.5
5.3
5.6
5.5
0.3
(0.1)
5.2
5.5
0.3
Supplementary leverage ratio(4)
6.5
6.3
6.4
6.2
6.5
6.3
6.4
6.5
0.3
0.1
6.2
6.5
0.3
Assets under custody and/or administration (in billions)
$
43,912
$
44,312
$
46,759
$
46,557
$
46,733
$
49,000
$
51,664
$
53,800
15.6 %
%
4.1 %
%
$
46,557
$
53,800
15.6 %
%
Assets under management (in billions)
4,299
4,369
4,732
4,715
4,665
5,117
5,446
5,665
20.1
4.0
4,715
5,665
20.1
Average securities on loan(6)
301,247
334,675
349,113
354,372
358,869
386,730
404,378
411,166
16.0
1.7
334,944
390,468
16.6
(1) Tangible book value per common share is calculated by dividing the period end tangible common equity (non-GAAP) by the total common shares outstanding at period end. Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(2) Return on average tangible common equity is calculated by dividing annualized net income available to common shareholders (GAAP-basis) for the relevant period by average tangible common equity (non-GAAP). Beginning in the third quarter of 2024, quarterly annualized net income available to common shareholders is utilized in the quarterly return on average tangible common equity calculation as compared to year-to-date annualized net income available to common shareholders utilized in prior quarters. Prior quarterly periods have been revised to conform to the current presentation. Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(3) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
(4) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Capital ratios as of December 31, 2025 are estimates.
(5) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches. Refer to Regulatory Capital for details on Standardized and Advanced Approaches ratios.
(6) End-of-period securities on loan were $339,940 million, $339,111 million, $378,713 million and $327,389 million at March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively, and $376,269 million, $387,070 million, $397,730 million and $394,277 million at March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively.
nm Denotes not meaningful
4
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION
As of
% Change
(Dollars in millions, except per share amounts)
March 31, 2024
June 30, 2024
September 30, 2024
December 31, 2024
March 31, 2025
June 30, 2025
September 30, 2025
December 31, 2025
4Q25
vs.
4Q24
4Q25
vs.
3Q25
Assets:
Cash and due from banks
$
3,413
$
2,898
$
4,067
$
3,145
$
4,658
$
4,020
$
4,756
$
4,433
41.0 %
%
(6.8)%
%
Interest-bearing deposits with banks, net
125,486
99,876
105,121
112,957
119,464
118,835
122,642
126,930
12.4
3.5
Securities purchased under resale agreements
7,489
6,340
8,334
6,679
7,971
8,275
7,730
6,812
2.0
(11.9)
Trading account assets
760
780
802
768
743
791
884
827
7.7
(6.4)
Investment securities:
Investment securities available-for-sale, net
48,640
56,755
56,853
58,895
67,444
70,603
69,443
67,154
14.0
(3.3)
Investment securities held-to-maturity, net(1)
52,914
51,051
49,477
47,727
45,505
43,286
40,934
38,171
(20.0)
(6.7)
Total investment securities
101,554
107,806
106,330
106,622
112,949
113,889
110,377
105,325
(1.2)
(4.6)
Loans
38,635
39,376
41,961
43,200
44,685
47,279
46,660
46,782
8.3
0.3
Allowance for credit losses on loans(2)
135
136
162
174
176
179
190
193
10.9
1.6
Loans, net
38,500
39,240
41,799
43,026
44,509
47,100
46,470
46,589
8.3
0.3
Premises and equipment, net(3)
2,479
2,539
2,621
2,715
2,784
2,942
3,080
3,174
16.9
3.1
Accrued interest and fees receivable
4,014
4,066
4,160
4,034
4,280
4,589
4,476
4,395
8.9
(1.8)
Goodwill
7,582
7,751
7,833
7,691
7,763
7,918
7,916
8,159
6.1
3.1
Other intangible assets
1,258
1,209
1,166
1,089
1,046
1,014
958
935
(14.1)
(2.4)
Other assets
45,468
53,098
56,248
64,514
66,526
67,344
61,781
58,468
(9.4)
(5.4)
Total assets
$
338,003
$
325,603
$
338,481
$
353,240
$
372,693
$
376,717
$
371,070
$
366,047
3.6
(1.4)
Liabilities:
Deposits:
Non-interest-bearing
$
37,367
$
34,519
$
31,448
$
33,180
$
32,265
$
34,569
$
34,395
$
35,267
6.3
2.5
Interest-bearing - U.S.
148,485
140,983
145,527
166,483
168,362
169,444
169,013
168,079
1.0
(0.6)
Interest-bearing - Non-U.S.
66,032
63,658
70,454
62,257
71,429
79,011
76,591
71,004
14.0
(7.3)
Total deposits(4)
251,884
239,160
247,429
261,920
272,056
283,024
279,999
274,350
4.7
(2.0)
Securities sold under repurchase agreements
3,576
2,716
2,119
3,681
3,524
2,377
206
841
(77.2)
nm
Other short-term borrowings
11,541
13,571
10,018
9,840
11,849
9,844
9,825
3,821
(61.2)
(61.1)
Accrued expenses and other liabilities
26,823
25,657
32,185
29,201
33,726
28,254
28,710
34,051
16.6
18.6
Long-term debt
19,746
19,737
20,902
23,272
24,846
25,911
24,688
25,143
8.0
1.8
Total liabilities
313,570
300,841
312,653
327,914
346,001
349,410
343,428
338,206
3.1
(1.5)
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series G, 5,000 shares issued and outstanding
493
493
493
493
493
493
493
493
—
—
Series H, 5,000 shares issued and outstanding
494
494
—
—
—
—
—
—
nm
nm
Series I, 15,000 shares issued and outstanding
1,481
1,481
1,481
1,481
1,481
1,481
1,481
1,481
—
—
Series J, 8,500 shares issued and outstanding
—
—
842
842
842
842
842
842
—
—
Series K, 7,500 shares issued and outstanding
—
—
—
—
743
743
743
743
nm
—
Common stock, $1 par, 750,000,000 shares authorized(5)(6)
504
504
504
504
504
504
504
504
—
—
Surplus
10,724
10,721
10,723
10,722
10,693
10,698
10,704
10,705
(0.2)
—
Retained earnings
28,166
28,615
29,073
29,582
29,959
30,373
30,938
31,392
6.1
1.5
Accumulated other comprehensive income (loss)
(2,369)
(2,314)
(1,625)
(2,100)
(1,792)
(1,321)
(1,172)
(1,043)
50.3
11.0
Treasury stock, at cost(7)
(15,060)
(15,232)
(15,663)
(16,198)
(16,231)
(16,506)
(16,891)
(17,276)
(6.7)
(2.3)
Total shareholders' equity
24,433
24,762
25,828
25,326
26,692
27,307
27,642
27,841
9.9
0.7
Total liabilities and equity
$
338,003
$
325,603
$
338,481
$
353,240
$
372,693
$
376,717
$
371,070
$
366,047
3.6
(1.4)
(1) Fair value of investment securities held-to-maturity
$
46,823
$
44,916
$
44,925
$
41,906
$
40,424
$
38,485
$
36,654
$
34,166
(2) Total allowance for credit losses including off-balance sheet commitments
146
145
171
183
186
192
201
203
(3) Accumulated depreciation for premises and equipment
6,193
6,318
6,400
6,461
6,635
6,824
6,979
7,046
(4) Average total deposits
218,892
220,881
225,482
237,066
243,036
260,745
254,509
253,585
(5) Common stock shares issued
503,879,642
503,879,642
503,879,642
503,879,642
503,879,642
503,879,642
503,879,642
503,879,642
(6) Total common shares outstanding
301,504,470
299,231,005
294,191,001
288,766,452
288,676,229
285,561,974
282,217,819
279,077,907
(7) Treasury stock shares
202,375,172
204,648,637
209,688,641
215,113,190
215,203,413
218,317,668
221,661,823
224,801,735
nm Denotes not meaningful
5
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS(1)
The following table presents average rates earned and paid, on a fully taxable-equivalent basis, on consolidated average interest-earning assets and average interest-bearing liabilities for the quarters indicated. Tax-equivalent adjustments were calculated using a federal income tax rate of 21%, adjusted for applicable state income taxes, net of related federal benefit.
Quarters
% Change
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
4Q25
vs.
4Q24
4Q25
vs.
3Q25
(Dollars in millions; fully-taxable equivalent basis)
Average balance
Average rates
Average balance
Average rates
Average balance
Average rates
Average balance
Average rates
Average balance
Average rates
Average balance
Average rates
Average balance
Average rates
Average balance
Average rates
Average balance
Average balance
Assets:
Interest-bearing deposits with banks, net
$
90,230
4.45 %
%
$
87,894
4.25 %
%
$
86,884
4.02 %
%
$
90,018
3.67 %
%
$
92,780
3.36 %
%
$
98,321
3.23 %
%
$
88,130
3.03 %
%
$
94,987
2.83 %
%
5.5 %
%
7.8 %
%
Securities purchased under resale agreements(2)
6,118
10.97
6,558
10.17
6,991
10.44
7,480
9.04
7,716
8.66
9,169
7.83
8,643
7.82
7,398
8.47
(1.1)
(14.4)
Trading account assets
767
—
779
—
788
—
795
—
756
0.15
791
0.06
806
0.90
872
0.65
9.7
8.2
Investment securities:
Investment securities available-for-sale, net
46,497
4.93
53,204
5.06
57,302
5.13
57,205
4.90
63,428
4.57
67,718
4.45
69,898
4.43
68,858
4.32
20.4
(1.5)
Investment securities held-to-maturity, net
54,821
2.14
51,894
2.14
50,062
2.12
48,117
2.11
46,642
2.07
44,365
2.11
41,923
2.15
39,518
2.19
(17.9)
(5.7)
Total investment securities
101,318
3.42
105,098
3.62
107,364
3.73
105,322
3.63
110,070
3.51
112,083
3.52
111,821
3.58
108,376
3.55
2.9
(3.1)
Loans(3)
37,747
5.82
38,703
5.85
39,782
5.79
42,377
5.48
43,730
5.17
45,277
5.08
46,500
4.98
47,599
4.77
12.3
2.4
Other interest-earning assets
18,153
6.92
22,708
6.92
27,697
6.35
32,534
5.76
34,464
5.49
39,007
5.38
39,557
4.92
29,999
5.00
(7.8)
(24.2)
Total interest-earning assets
254,333
4.57
261,740
4.61
269,506
4.55
278,526
4.30
289,516
4.09
304,648
4.02
295,457
3.92
289,231
3.77
3.8
(2.1)
Cash and due from banks
4,608
2,861
3,417
3,811
4,516
4,058
4,336
3,633
(4.7)
(16.2)
Other non-interest-earning assets
39,629
41,697
41,717
44,844
43,259
45,073
40,687
49,584
10.6
21.9
Total assets
$
298,570
$
306,298
$
314,640
$
327,181
$
337,291
$
353,779
$
340,480
$
342,448
4.7
0.6
Liabilities:
Interest-bearing deposits:
U.S.
$
129,846
4.22 %
%
$
132,162
4.15 %
%
$
135,440
4.16 %
%
$
146,040
3.79 %
%
$
154,462
3.54 %
%
$
159,770
3.50 %
%
$
157,132
3.49 %
%
$
153,865
3.13 %
%
5.4 %
%
(2.1)%
%
Non-U.S.
62,087
1.80
63,767
1.72
65,824
1.70
64,871
1.62
63,677
1.38
76,807
1.55
73,428
1.49
73,577
1.34
13.4
0.2
Total interest-bearing deposits(4)
191,933
3.44
195,929
3.36
201,264
3.35
210,911
3.12
218,139
2.91
236,577
2.87
230,560
2.86
227,442
2.55
7.8
(1.4)
Securities sold under repurchase agreements
3,122
5.06
3,404
5.07
2,193
4.98
3,937
4.67
4,530
4.54
3,160
4.42
1,002
3.44
161
1.90
(95.9)
(83.9)
Other short-term borrowings
8,314
4.85
13,073
5.15
13,639
5.16
10,656
4.96
11,848
4.64
10,179
4.51
10,069
4.88
6,320
3.81
(40.7)
(37.2)
Long-term debt
18,944
5.44
19,694
5.44
20,258
5.27
22,658
5.18
23,742
5.00
25,864
4.98
25,273
4.93
25,126
4.77
10.9
(0.6)
Other interest-bearing liabilities
4,430
12.29
4,753
12.57
5,238
14.41
4,873
10.93
5,471
11.76
3,543
18.35
3,445
11.39
3,678
13.27
(24.5)
6.8
Total interest-bearing liabilities
226,743
3.85
236,853
3.84
242,592
3.87
253,035
3.55
263,730
3.40
279,323
3.34
270,349
3.23
262,727
2.94
3.8
(2.8)
Non-interest-bearing deposits(5)
26,959
24,952
24,218
26,155
24,897
24,168
23,949
26,143
—
9.2
Other non-interest-bearing liabilities
20,233
19,964
22,119
22,431
22,554
23,232
18,850
25,851
15.2
37.1
Preferred shareholders' equity
2,785
2,468
3,020
2,816
3,263
3,560
3,560
3,560
26.4
—
Common shareholders' equity
21,850
22,061
22,691
22,744
22,847
23,496
23,772
24,167
6.3
1.7
Total liabilities and shareholders' equity
$
298,570
$
306,298
$
314,640
$
327,181
$
337,291
$
353,779
$
340,480
$
342,448
4.7
0.6
Total deposits
$
218,892
$
220,881
$
225,482
$
237,066
$
243,036
$
260,745
$
254,509
$
253,585
7.0
(0.4)
Excess of rate earned over rate paid
0.72 %
%
0.77 %
%
0.68 %
%
0.74 %
%
0.70 %
%
0.68 %
%
0.69 %
%
0.83 %
%
Net interest margin
1.13 %
%
1.13 %
%
1.07 %
%
1.07 %
%
1.00 %
%
0.96 %
%
0.96 %
%
1.10 %
%
Net interest income, fully taxable-equivalent basis
$
717
$
736
$
724
$
749
$
714
$
729
$
716
$
802
Tax-equivalent adjustment
(1)
(1)
(1)
—
—
—
(1)
—
Net interest income, GAAP-basis(4)
$
716
$
735
$
723
$
749
$
714
$
729
$
715
$
802
(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $172 billion, $180 billion, $201 billion and $212 billion in the first, second, third and fourth quarters of 2024, respectively, and approximately $232 billion, $253 billion, $251 billion and $234 billion in the first, second, third and fourth quarters of 2025, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.38%, 0.36%, 0.35% and 0.31% in the first, second, third and fourth quarters of 2024, respectively, and approximately 0.28%, 0.27%, 0.26% and 0.26% in the first, second, third and fourth quarters of 2025, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $37,626 million, $38,573 million, $39,645 million and $42,214 million in the first, second, third and fourth quarters of 2024, respectively and approximately $43,562 million, $45,113 million, $46,321 million and $47,411 million in the first, second, third and fourth quarters of 2025, respectively.
(4) Average rates includes the impact of FX swap expense of approximately ($49) million, ($64) million, ($82) million and ($80) million in the first, second, third and fourth quarters of 2024, respectively, and approximately ($83) million, ($42) million, ($31) million and $ ($39) million in the first, second, third and fourth quarters of 2025, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately 3.54%, 3.49%, 3.52% and 3.27% in the first, second, third and fourth quarters of 2024, respectively, and approximately 3.07%, 2.94%, 2.91%, and 2.62% in the first, second, third and fourth quarters of 2025, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
6
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS - YEAR TO DATE(1)
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the years indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 21% for periods ending in 2024 and 2025, adjusted for applicable state income taxes, net of related federal benefit.
Year-to-Date
% Change
2024
2025
YTD2025 vs YTD2024
(Dollars in millions; fully-taxable equivalent basis)
Average balance
Average rates
Average balance
Average rates
Average balance
Assets:
Interest-bearing deposits with banks, net
$
88,754
4.09 %
%
$
93,546
3.11 %
%
5.4 %
%
Securities purchased under resale agreements(2)
6,789
10.10
8,232
8.16
21.3
Trading account assets
782
—
807
0.45
3.2
Investment securities:
Investment securities available-for-sale, net
53,572
5.01
67,497
4.44
26.0
Investment securities held-to-maturity, net
51,212
2.13
43,089
2.13
(15.9)
Total investment securities
104,784
3.60
110,586
3.54
5.5
Loans(3)
39,660
5.73
45,789
5.00
15.5
Other interest-earning assets
25,300
6.39
35,754
5.20
41.3
Total interest-earning assets
266,069
4.50
294,714
3.95
10.8
Cash and due from banks
3,674
4,134
12.5
Other non-interest-earning assets
41,980
44,657
6.4
Total assets
$
311,723
$
343,505
10.2
Liabilities:
Interest-bearing deposits:
U.S.
$
135,898
4.07
$
156,308
3.42
15.0
Non-U.S.
64,144
1.71
71,904
1.44
12.1
Total interest-bearing deposits(4)
200,042
3.31
228,212
2.80
14.1
Securities sold under repurchase agreements
3,163
4.93
2,198
4.32
(30.5)
Other short-term borrowings
11,425
5.05
9,590
4.53
(16.1)
Long-term debt
20,394
5.32
25,006
4.92
22.6
Other interest-bearing liabilities
4,826
12.59
4,027
13.47
(16.6)
Total interest-bearing liabilities
239,850
3.77
269,033
3.23
12.2
Non-interest-bearing deposits(5)
25,569
24,790
(3.0)
Other non-interest-bearing liabilities
21,192
22,621
6.7
Preferred shareholders' equity
2,773
3,486
25.7
Common shareholders' equity
22,339
23,575
5.5
Total liabilities and shareholders' equity
$
311,723
$
343,505
10.2
Total deposits
$
225,611
$
253,002
12.1
Excess of rate earned over rate paid
0.73 %
%
0.72 %
%
Net interest margin
1.10 %
%
1.00 %
%
Net interest income, fully taxable-equivalent basis
$
2,926
$
2,961
Tax-equivalent adjustment
(3)
(1)
Net interest income, GAAP-basis(4)
$
2,923
$
2,960
(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $191 billion and $243 billion as of December 31, 2024 and 2025, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.46% and 0.27% for the years ended December 31, 2024 and 2025, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses as of December 31, 2024 and 2025 was approximately $39,522 million and $45,615 million, respectively.
(4) Average rates include the impact of FX swap cost of approximately ($274) million and ($195) million for the years ended December 31, 2024 and 2025, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap cost were 3.45% and 2.88% for the years ended December 31, 2024 and 2025, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
7
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
SELECTED AVERAGE BALANCES BY CURRENCY - RATES EARNED AND PAID(1)
4Q25
USD
EUR
GBP
Other
Total
(Dollars in millions, except where otherwise noted)
Average Balance
Average Rates
Average Balance
Average Rates
Average Balance
Average Rates
Average Balance
Average Rates
Average Balance
Average Rates
Interest-bearing deposits with banks
$
41,670
4.00 %
%
$
28,599
1.96 %
%
$
6,460
3.96 %
%
$
18,258
1.17 %
%
$
94,987
2.83 %
%
Total investment securities
86,018
3.56
9,263
2.49
6,538
4.43
6,557
3.94
108,376
3.55
Loans
38,802
4.90
6,931
3.87
1,288
5.74
578
4.52
47,599
4.77
Total other interest-earning assets(2)
34,841
5.74
164
1.80
56
1.92
3,208
3.83
38,269
5.57
Total interest-earning assets
$
201,331
4.27
$
44,957
2.36
$
14,342
4.31
$
28,601
2.17
$
289,231
3.77
Total interest-bearing deposits(3)(4)
$
151,750
3.35
$
38,879
1.14
$
11,984
1.83
$
24,829
0.21
$
227,442
2.55
Central Bank Rate(5)
4.01
2.00
3.96
3Q25
USD
EUR
GBP
Other
Total
(Dollars in millions, except where otherwise noted)
Average Balance
Average Rates
Average Balance
Average Rates
Average Balance
Average Rates
Average Balance
Average Rates
Average Balance
Average Rates
Interest-bearing deposits with banks
$
37,596
4.48 %
%
$
26,982
1.95 %
%
$
6,137
4.12 %
%
$
17,415
1.17 %
%
$
88,130
3.03 %
%
Total investment securities
89,709
3.60
9,498
2.47
6,516
4.45
6,098
4.09
111,821
3.58
Loans
37,684
5.16
6,980
3.97
1,236
5.70
600
3.93
46,500
4.98
Total other interest-earning assets(2)
45,425
5.46
322
1.29
67
4.00
3,192
4.39
49,006
5.36
Total interest-earning assets
$
210,414
4.42
$
43,782
2.37
$
13,956
4.39
$
27,305
2.26
$
295,457
3.92
Total interest-bearing deposits(3)(4)
$
156,248
3.72
$
37,952
1.16
$
11,715
1.88
$
24,645
0.47
$
230,560
2.86
Central Bank Rate(5)
4.46
2.00
4.10
4Q24
USD
EUR
GBP
Other
Total
(Dollars in millions, except where otherwise noted)
Average Balance
Average Rates
Average Balance
Average Rates
Average Balance
Average Rates
Average Balance
Average Rates
Average Balance
Average Rates
Interest-bearing deposits with banks
$
40,424
4.73 %
%
$
26,655
3.15 %
%
$
6,409
4.80 %
%
$
16,530
1.44 %
%
$
90,018
3.67 %
%
Total investment securities
86,269
3.57
7,763
2.64
4,813
4.72
6,477
4.69
105,322
3.63
Loans
34,448
5.49
6,126
5.17
1,272
6.59
531
5.37
42,377
5.48
Total other interest-earning assets(2)
37,934
6.41
69
3.62
46
7.24
2,760
4.06
40,809
6.25
Total interest-earning assets
$
199,075
4.67
$
40,613
3.36
$
12,540
4.95
$
26,298
2.59
$
278,526
4.30
Total interest-bearing deposits(3)(4)
$
144,667
4.00
$
33,589
1.94
$
11,250
1.94
$
21,405
(0.35)
$
210,911
3.12
Central Bank Rate(5)
4.81
3.24
4.85
(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Average total other interest-earning assets include securities purchased under resale agreements, trading account assets and other interest-earning assets. Refer to average statement of condition - rates earned and paid - full taxable-equivalent basis for details.
(3) Average rates for interest-bearing deposit balances denominated in U.S. dollars include both client and wholesale deposits.
(4) FX swap costs for interest-bearing deposits are included in other currencies.
(5) Central Bank Rate represents the quarterly average Federal Funds Target Rate for USD, European Central Bank Deposit Facility Rate for EUR, and the Bank of England's Bank Rate for GBP.
8
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS
Quarters
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
(Dollars in billions, except where otherwise noted)
Average Balance
Average Rate
Average Balance
Average Rate
Average Balance
Average Rate
Average Balance
Average Rate
Average Balance
Average Rate
Average Balance
Average Rate
Average Balance
Average Rate
Average Balance
Average Rate
Available-for-sale investment securities:
Government & agency securities
$
25.1
4.44 %
%
$
31.4
4.73 %
%
$
35.0
4.89 %
%
$
35.3
4.59 %
%
$
41.3
4.29 %
%
$
42.6
4.15 %
%
$
42.8
4.08 %
%
$
42.1
3.96 %
%
U.S. Treasury direct obligations
9.6
5.11
15.6
5.27
18.7
5.12
20.4
4.95
26.5
4.48
26.4
4.43
25.5
4.37
24.4
4.19
Non-U.S. sovereign, supranational and non-U.S. agency
15.5
4.03
15.8
4.20
16.3
4.63
14.9
4.11
14.8
3.96
16.2
3.70
17.3
3.66
17.7
3.65
Asset-backed securities
6.9
5.61
7.2
5.68
7.6
5.53
8.1
5.41
7.8
5.09
8.5
4.75
8.7
4.58
8.2
4.47
Mortgage-backed securities
5.6
5.44
5.9
5.48
6.2
5.36
6.3
5.36
7.0
5.06
9.2
5.09
11.3
5.33
12.2
5.16
CMBS
5.6
5.81
5.4
5.75
5.1
5.81
4.5
5.55
4.3
4.86
4.2
4.74
3.9
4.80
3.3
4.73
Other
3.3
4.63
3.3
4.85
3.4
5.12
3.0
5.20
3.0
5.16
3.2
5.14
3.2
5.12
3.1
5.02
Total available-for-sale portfolio
$
46.5
4.93
$
53.2
5.06
$
57.3
5.13
$
57.2
4.90
$
63.4
4.57
$
67.7
4.45
$
69.9
4.43
$
68.9
4.32
Quarters
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
(Dollars in billions, except where otherwise noted)
Average Balance
Average Rate
Average Balance
Average Rate
Average Balance
Average Rate
Average Balance
Average Rate
Average Balance
Average Rate
Average Balance
Average Rate
Average Balance
Average Rate
Average Balance
Average Rate
Held-to-maturity investment securities:
Government & agency securities
$
12.7
0.96 %
%
$
10.8
0.88 %
%
$
10.1
0.82 %
%
$
9.3
0.76 %
%
$
8.6
0.75 %
%
$
7.2
0.78 %
%
$
5.6
0.83 %
%
$
4.4
0.88 %
%
U.S. Treasury direct obligations
7.4
1.07
6.1
0.90
5.7
0.76
5.4
0.68
5.0
0.66
3.9
0.67
2.4
0.67
1.6
0.69
Non-U.S. sovereign, supranational and non-U.S. agency
5.3
0.80
4.7
0.84
4.4
0.90
3.9
0.88
3.6
0.89
3.3
0.92
3.2
0.95
2.8
0.99
Asset-backed securities
3.1
6.15
3.0
6.15
2.7
6.21
2.5
5.92
2.4
5.32
2.4
5.17
2.4
5.21
2.3
5.17
Mortgage-backed securities
33.8
2.25
32.9
2.23
32.1
2.22
31.1
2.24
30.5
2.22
29.7
2.21
28.8
2.20
27.8
2.22
CMBS
5.2
1.93
5.2
1.91
5.2
1.91
5.2
1.90
5.2
1.88
5.1
1.89
5.1
1.89
5.0
1.88
Total held-for-maturity portfolio
$
54.8
2.14
$
51.9
2.14
$
50.1
2.12
$
48.1
2.11
$
46.7
2.07
$
44.4
2.11
$
41.9
2.15
$
39.5
2.19
Total investment securities
$
101.3
3.42
$
105.1
3.62
$
107.4
3.73
$
105.3
3.63
$
110.1
3.51
$
112.1
3.52
$
111.8
3.58
$
108.4
3.55
9
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS (continued)
Ratings
(Dollars in billions, or where otherwise noted)
UST/AGY
AAA
AA
A
BBB
<BBB
Fair Value
% Total
Net Unrealized Pre-tax MTM Gain/(Loss)
(In millions)(1)
Fixed Rate/
Floating Rate(2)
Available-for-sale investment securities:
Government & agency securities
57 %
%
27 %
%
13 %
%
2 %
%
1 %
%
— %
%
$
41.0
61.0 %
%
$
88
94% / 6%
U.S. Treasury direct obligations
100
—
—
—
—
—
23.3
56.8
50
100% / 0%
Non-U.S. sovereign, supranational and non-U.S. agency
—
62
30
6
1
1
17.7
43.2
38
83% / 17%
Asset-backed securities
—
94
6
—
—
—
7.7
11.5
11
0% / 100%
Mortgage-backed securities
100
—
—
—
—
—
12.8
19.0
50
43% / 57%
CMBS
100
—
—
—
—
—
2.8
4.2
(10)
7% / 93%
Other
—
15
23
55
7
—
2.9
4.3
42
61% / 39%
Total available-for-sale portfolio
58 %
%
28 %
%
9 %
%
4 %
%
1 %
%
— %
%
$
67.2
100.0 %
%
$
181
68% / 32%
Fair Value
$
38.8
$
18.7
$
6.4
$
2.6
$
0.5
$
0.2
Ratings
UST/AGY
AAA
AA
A
BBB
<BBB
Amortized Cost
% Total
Net Unrealized Pre-tax MTM Gain/(Loss)
(In millions)(1)
Fixed Rate/
Floating Rate(2)
Held-to-maturity investment securities:
Government & agency securities
19 %
%
43 %
%
33 %
%
5 %
%
— %
%
— %
%
$
3.0
7.9 %
%
$
(30)
100% / 0%
U.S. Treasury direct obligations
100
—
—
—
—
—
0.6
20.0
(3)
99% / 1%
Non-U.S. sovereign, supranational and non-U.S. agency
—
52
41
7
—
—
2.4
80.0
(27)
100% / 0%
Asset-backed securities
—
1
93
4
—
2
2.3
6.0
(19)
5% / 95%
Mortgage-backed securities
100
—
—
—
—
—
27.8
73.0
(3,526)
100% / 0%
CMBS
100
—
—
—
—
—
5.0
13.1
(430)
98% / 2%
Total held-for-maturity portfolio
88 %
%
3 %
%
8 %
%
1 %
%
— %
%
— %
%
$
38.1
100.0 %
%
$
(4,005)
94% / 6%
Amortized Cost
$
33.4
$
1.3
$
3.1
$
0.3
$
—
$
—
Total Investment Securities(3)
$
105.3
78% / 22%
(1) At December 31, 2025, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized gain on securities available-for-sale of $136 million, after-tax unrealized loss on securities held-to-maturity of $3,011 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $271 million.
(2) At December 31, 2025, fixed-to-floating rate securities, which excludes the impact of hedges, had a book value of approximately $18 million or 0.02% of the total portfolio.
(3) State Street has a highly liquid balance sheet, with more than half of total assets deemed HQLA. Based upon fair value as of December 31, 2025, approximately 86% of our investment portfolio was held in HQLA.
10
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES
Quarters
% Change
(Dollars in millions)
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
4Q25
vs.
4Q24
4Q25
vs.
3Q25
Allowance for credit losses:
Beginning balance
$
150
$
146
$
145
$
171
$
183
$
186
$
192
$
201
17.5 %
%
4.7 %
%
Provision for credit losses (funded commitments)
31
12
26
12
11
27
11
9
(25.0)
(18.2)
Provision for credit losses (unfunded commitments)
(4)
(2)
—
—
1
2
(1)
(3)
—
nm
Provision for credit losses (all other)
—
—
—
—
—
1
(1)
2
—
nm
Total provision
27
10
26
12
12
30
9
8
(33.3)
(11.1)
Charge-offs
(31)
(11)
—
—
(9)
(24)
—
(6)
—
—
Ending balance(1)
$
146
$
145
$
171
$
183
$
186
$
192
$
201
$
203
10.9
1.0
Allowance for credit losses:
Loans
$
135
$
136
$
162
$
174
$
176
$
179
$
190
$
193
10.9
1.6
Investment securities
1
1
1
—
—
—
—
—
—
—
Unfunded (off-balance sheet) commitments
10
8
8
9
9
11
10
8
(11.1)
(20.0)
All other
—
—
—
—
1
2
1
2
—
nm
Ending balance(1)
$
146
$
145
$
171
$
183
$
186
$
192
$
201
$
203
10.9
1.0
(1) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
nm Denotes not meaningful
11
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION
Quarters
% Change
(Dollars in billions)
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
4Q25
vs.
4Q24
4Q25
vs.
3Q25
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs
$
14,694
$
14,573
$
15,253
$
15,266
$
15,430
$
16,728
$
17,795
$
17,997
17.9 %
%
1.1 %
%
Mutual funds
11,552
11,645
12,223
12,301
12,143
12,641
13,209
13,518
9.9
2.3
Pension products
8,800
8,916
9,339
9,386
9,377
9,679
10,321
10,452
11.4
1.3
Insurance and other products
8,866
9,178
9,944
9,604
9,783
9,952
10,339
11,833
23.2
14.5
Total Assets Under Custody and/or Administration
$
43,912
$
44,312
$
46,759
$
46,557
$
46,733
$
49,000
$
51,664
$
53,800
15.6
4.1
By Asset Class:
Equities
$
25,909
$
26,291
$
27,715
$
27,535
$
27,508
$
29,311
$
31,124
$
31,879
15.8
2.4
Fixed-Income
11,368
11,303
12,027
11,933
11,900
12,122
12,874
13,830
15.9
7.4
Short-term and other investments(2)
6,635
6,718
7,017
7,089
7,325
7,567
7,666
8,091
14.1
5.5
Total Assets Under Custody and/or Administration
$
43,912
$
44,312
$
46,759
$
46,557
$
46,733
$
49,000
$
51,664
$
53,800
15.6
4.1
By Geographic Location(3):
Americas
$
31,610
$
31,763
$
33,460
$
33,284
$
33,340
$
35,028
$
36,698
$
37,422
12.4
2.0
Europe/Middle East/Africa
9,207
9,406
10,214
10,179
10,303
10,803
11,570
12,918
26.9
11.7
Asia/Pacific
3,095
3,143
3,085
3,094
3,090
3,169
3,396
3,460
11.8
1.9
Total Assets Under Custody and/or Administration
$
43,912
$
44,312
$
46,759
$
46,557
$
46,733
$
49,000
$
51,664
$
53,800
15.6
4.1
Assets Under Custody(4)
By Product Classification:
Collective funds, including ETFs
$
12,717
$
12,570
$
13,122
$
13,162
$
13,335
$
14,487
$
15,478
$
15,619
18.7
0.9
Mutual funds
9,309
9,360
9,806
9,887
9,725
10,060
10,506
10,762
8.9
2.4
Pension products
7,235
7,333
7,693
7,737
7,731
7,975
8,371
8,487
9.7
1.4
Insurance and other products
2,898
2,898
3,046
3,019
3,046
3,026
3,144
3,484
15.4
10.8
Total Assets Under Custody
$
32,159
$
32,161
$
33,667
$
33,805
$
33,837
$
35,548
$
37,499
$
38,352
13.5
2.3
By Geographic Location(3):
Americas
$
24,241
$
24,211
$
25,386
$
25,491
$
25,407
$
26,705
$
28,058
$
28,462
11.7
1.4
Europe/Middle East/Africa
5,380
5,361
5,715
5,740
5,861
6,215
6,606
6,968
21.4
5.5
Asia-Pacific
2,538
2,589
2,566
2,574
2,569
2,628
2,835
2,922
13.5
3.1
Total Assets Under Custody
$
32,159
$
32,161
$
33,667
$
33,805
$
33,837
$
35,548
$
37,499
$
38,352
13.5
2.3
(1) Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month.
(2) Short-term and other investments includes derivatives, cash and cash equivalents and other instruments.
(3) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(4) Assets under custody are a component of assets under custody and/or administration presented above.
12
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT
Quarters
% Change
(Dollars in billions)
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
4Q25
vs.
4Q24
4Q25
vs.
3Q25
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active
$
51
$
51
$
54
$
52
$
52
$
55
$
60
$
61
17.3 %
%
1.7 %
%
Passive
2,661
2,708
2,923
2,955
2,849
3,163
3,405
3,528
19.4
3.6
Total Equity
2,712
2,759
2,977
3,007
2,901
3,218
3,465
3,589
19.4
3.6
Fixed-Income:
Active
27
28
30
31
30
30
30
30
(3.2)
—
Passive
551
555
593
585
603
670
690
704
20.3
2.0
Total Fixed-Income
578
583
623
616
633
700
720
734
19.2
1.9
Cash(1)
481
483
543
518
518
525
540
570
10.0
5.6
Multi-Asset-Class Solutions:
Active
23
22
23
23
24
26
29
29
26.1
—
Passive
312
327
352
351
366
423
448
472
34.5
5.4
Total Multi-Asset-Class Solutions
335
349
375
374
390
449
477
501
34.0
5.0
Alternative Investments(2):
Active
11
10
10
10
10
10
10
9
(10.0)
(10.0)
Passive(3)
182
185
204
190
213
215
234
262
37.9
12.0
Total Alternative Investments
193
195
214
200
223
225
244
271
35.5
11.1
Total Assets Under Management
$
4,299
$
4,369
$
4,732
$
4,715
$
4,665
$
5,117
$
5,446
$
5,665
20.1
4.0
By Geographic Location(4):
Americas
$
3,154
$
3,195
$
3,448
$
3,468
$
3,431
$
3,713
$
3,982
$
4,155
19.8
4.3
Europe/Middle East/Africa
635
665
728
713
690
771
806
841
18.0
4.3
Asia-Pacific
510
509
556
534
544
633
658
669
25.3
1.7
Total Assets Under Management
$
4,299
$
4,369
$
4,732
$
4,715
$
4,665
$
5,117
$
5,446
$
5,665
20.1
4.0
(1) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.
(3) AUM for passive alternative investments has been revised from prior presentations.
(4) Geographic mix is based on client location or fund management location.
Exchange-Traded Funds(1)
By Asset Class:
Alternative Investments(2)
$
74
$
77
$
91
$
90
$
114
$
124
$
154
$
182
102.2 %
%
18.2 %
%
Equity
1,131
1,157
1,253
1,310
1,252
1,374
1,500
1,572
20.0
4.8
Fixed-Income
155
159
171
177
187
191
193
196
10.7
1.6
Multi-Asset
1
1
1
1
1
1
1
1
—
—
Total Exchange-Traded Funds
$
1,361
$
1,394
$
1,516
$
1,578
$
1,554
$
1,690
$
1,848
$
1,951
23.6
5.6
(1) Exchange-traded funds are a component of assets under management presented above.
(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.
13
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
LINE OF BUSINESS INFORMATION
Three Months Ended December 31,
Investment Servicing
% Change
Investment Management
% Change
Other(1)
% Change
Total
% Change
(Dollars in millions)
4Q24
3Q25
4Q25
4Q25
vs.
4Q24
4Q25
vs.
3Q25
4Q24
3Q25
4Q25
4Q25
vs.
4Q24
4Q25
vs.
3Q25
4Q24
3Q25
4Q25
4Q25
vs.
4Q24
4Q25
vs.
3Q25
4Q24
3Q25
4Q25
4Q25
vs.
4Q24
4Q25
vs.
3Q25
Servicing fees
$
1,283
$
1,357
$
1,388
8.2 %
%
2.3 %
%
$
—
$
—
$
—
— %
%
— %
%
$
—
$
—
$
—
— %
%
— %
%
$
1,283
$
1,357
$
1,388
8.2 %
%
2.3 %
%
Management fees
—
—
—
—
—
576
612
662
14.9
8.2
—
—
—
—
—
576
612
662
14.9
8.2
Foreign exchange trading services
324
364
349
7.7
(4.1)
36
52
56
55.6
7.7
—
—
—
—
—
360
416
405
12.5
(2.6)
Securities finance
113
133
121
7.1
(9.0)
5
5
6
20.0
20.0
—
—
—
—
—
118
138
127
7.6
(8.0)
Software and processing fees
259
227
221
(14.7)
(2.6)
—
—
—
—
—
—
—
—
—
—
259
227
221
(14.7)
(2.6)
Other fee revenue
61
68
56
(8.2)
(17.6)
5
11
3
(40.0)
(72.7)
—
—
—
—
—
66
79
59
(10.6)
(25.3)
Total fee revenue
2,040
2,149
2,135
4.7
(0.7)
622
680
727
16.9
6.9
—
—
—
—
—
2,662
2,829
2,862
7.5
1.2
Net interest income
743
711
800
7.7
12.5
6
4
2
(66.7)
(50.0)
—
—
—
—
—
749
715
802
7.1
12.2
Total other income
1
1
3
nm
nm
—
—
—
—
—
—
—
—
—
—
1
1
3
nm
nm
Total revenue
2,784
2,861
2,938
5.5
2.7
628
684
729
16.1
6.6
—
—
—
—
—
3,412
3,545
3,667
7.5
3.4
Provision for credit losses
12
9
8
(33.3)
(11.1)
—
—
—
—
—
—
—
—
—
—
12
9
8
(33.3)
(11.1)
Total expenses
1,952
1,994
2,048
4.9
2.7
430
440
487
13.3
10.7
58
—
206
nm
nm
2,440
2,434
2,741
12.3
12.6
Income before income tax expense
$
820
$
858
$
882
7.6
2.8
$
198
$
244
$
242
22.2
(0.8)
$
(58)
$
—
$
(206)
nm
nm
$
960
$
1,102
$
918
(4.4)
(16.7)
Pre-tax margin
29.5 %
%
30.0 %
%
30.0 %
%
0.5 %
%
— %
%
pts
31.5 %
%
35.7 %
%
33.2 %
%
1.7 %
%
(2.5)%
%
pts
28.1 %
%
31.1 %
%
25.0 %
%
(3.1)%
%
(6.1)%
%
pts
Year Ended December 31,
Investment Servicing
% Change
Investment Management
% Change
Other(1)
% Change
Total
% Change
(Dollars in millions)
2024
2025
YTD2025
vs.
YTD2024
2024
2025
YTD2025
vs.
YTD2024
2024
2025
YTD2025
vs.
YTD2024
2024
2025
YTD2025
vs.
YTD2024
Servicing fees
$
5,016
$
5,324
6.1 %
%
$
—
$
—
— %
%
$
—
$
—
— %
%
$
5,016
$
5,324
6.1 %
%
Management fees
—
—
—
2,124
2,398
12.9
—
—
—
2,124
2,398
12.9
Foreign exchange trading services
1,248
1,441
15.5
138
170
23.2
15
3
(80.0)
1,401
1,614
15.2
Securities finance
415
481
15.9
23
24
4.3
—
—
—
438
505
15.3
Software and processing fees
888
927
4.4
—
—
—
—
(24)
nm
888
903
1.7
Other fee revenue
188
209
11.2
35
27
(22.9)
66
—
nm
289
236
(18.3)
Total fee revenue
7,755
8,382
8.1
2,320
2,619
12.9
81
(21)
nm
10,156
10,980
8.1
Net interest income
2,899
2,945
1.6
24
15
(37.5)
—
—
—
2,923
2,960
1.3
Total other income
2
4
100.0
—
—
—
(81)
—
nm
(79)
4
nm
Total revenue
10,656
11,331
6.3
2,344
2,634
12.4
—
(21)
nm
13,000
13,944
7.3
Provision for loan losses
75
59
(21.3)
—
—
—
—
—
—
75
59
(21.3)
Total expenses
7,687
8,056
4.8
1,655
1,775
7.3
188
323
71.8
9,530
10,154
6.5
Income before income tax expense
$
2,894
$
3,216
11.1
$
689
$
859
24.7
$
(188)
$
(344)
83.0
$
3,395
$
3,731
9.9
Pre-tax margin
27.2 %
%
28.4 %
%
1.2 %
%
pts
29.4 %
%
32.6 %
%
3.2 %
%
pts
26.1 %
%
26.8 %
%
0.7 %
%
pts
(1) Represents amounts that are not allocated to a specific line of business, including repositioning charges, employee costs, acquisition costs, revenue-related recoveries and certain legal accruals.
nm Denotes not meaningful
14
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL
Basel III Advanced Approaches(1)
Basel III Standardized Approach(2)
(Dollars in millions)
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
Ratios and Supporting Calculations:
Common equity tier 1 capital
$
13,167
$
13,346
$
14,071
$
13,799
$
14,362
$
14,791
$
15,156
$
14,812
$
13,167
$
13,346
$
14,071
$
13,799
$
14,362
$
14,791
$
15,156
$
14,812
Total risk-weighted assets
112,161
111,224
112,795
114,602
114,274
118,652
115,731
114,321
118,613
119,244
121,137
126,281
130,208
137,677
134,168
127,140
Common equity tier 1 risk-based capital ratio
11.7 %
%
12.0 %
%
12.5 %
%
12.0 %
%
12.6 %
%
12.5 %
%
13.1 %
%
13.0 %
%
11.1 %
%
11.2 %
%
11.6 %
%
10.9 %
%
11.0 %
%
10.7 %
%
11.3 %
%
11.7 %
%
Tier 1 capital
$
15,635
$
15,814
$
16,887
$
16,615
$
17,921
$
18,350
$
18,715
$
18,371
$
15,635
$
15,814
$
16,887
$
16,615
$
17,921
$
18,350
$
18,715
$
18,371
Tier 1 risk-based capital ratio
13.9 %
%
14.2 %
%
15.0 %
%
14.5 %
%
15.7 %
%
15.5 %
%
16.2 %
%
16.1 %
%
13.2 %
%
13.3 %
%
13.9 %
%
13.2 %
%
13.8 %
%
13.3 %
%
13.9 %
%
14.4 %
%
Total capital
$
17,504
$
17,682
$
18,754
$
18,476
$
19,799
$
20,226
$
20,608
$
20,261
$
17,650
$
17,827
$
18,925
$
18,659
$
19,978
$
20,418
$
20,792
$
20,446
Total risk-based capital ratio
15.6 %
%
15.9 %
%
16.6 %
%
16.1 %
%
17.3 %
%
17.0 %
%
17.8 %
%
17.7 %
%
14.9 %
%
15.0 %
%
15.6 %
%
14.8 %
%
15.3 %
%
14.8 %
%
15.5 %
%
16.1 %
%
Tier 1 capital
$
15,635
$
15,814
$
16,887
$
16,615
$
17,921
$
18,350
$
18,715
$
18,371
$
15,635
$
15,814
$
16,887
$
16,615
$
17,921
$
18,350
$
18,715
$
18,371
Adjusted average assets (Tier 1)(3)
289,772
297,350
305,699
318,470
328,520
344,822
331,553
332,978
289,772
297,350
305,699
318,470
328,520
344,822
331,553
332,978
Tier 1 leverage ratio
5.4 %
%
5.3 %
%
5.5 %
%
5.2 %
%
5.5 %
%
5.3 %
%
5.6 %
%
5.5 %
%
5.4 %
%
5.3 %
%
5.5 %
%
5.2 %
%
5.5 %
%
5.3 %
%
5.6 %
%
5.5 %
%
On-and off-balance sheet leverage exposure
$
249,668
$
261,135
$
273,809
$
278,344
$
286,035
$
300,585
$
300,388
$
293,923
$
249,668
$
261,135
$
273,809
$
278,344
$
286,035
$
300,585
$
300,388
$
293,923
Less: regulatory deductions
(8,798)
(8,948)
(8,941)
(8,711)
(8,771)
(8,957)
(8,927)
(9,470)
(8,798)
(8,948)
(8,941)
(8,711)
(8,771)
(8,957)
(8,927)
(9,470)
Leverage exposure (SLR)
240,870
252,187
264,868
269,633
277,264
291,628
291,461
284,453
240,870
252,187
264,868
269,633
277,264
291,628
291,461
284,453
Supplementary leverage ratio(4)
6.5 %
%
6.3 %
%
6.4 %
%
6.2 %
%
6.5 %
%
6.3 %
%
6.4 %
%
6.5 %
%
6.5 %
%
6.3 %
%
6.4 %
%
6.2 %
%
6.5 %
%
6.3 %
%
6.4 %
%
6.5 %
%
(1) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the advanced approaches provisions of the Basel III final rule. Capital ratios as of December 31, 2025 are estimates.
(2) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the standardized approach provisions of the Basel III final rule. Capital ratios as of December 31, 2025 are estimates.
(3) Adjusted average assets (Tier 1) is equal to average consolidated total assets less applicable Tier 1 capital deductions.
(4) We are subject to a minimum Supplementary Leverage Ratio or SLR of 3%, and as a U.S. G-SIB, we must maintain a 2% SLR buffer in order to avoid any limitations on distributions to shareholders and discretionary bonus payments to certain executives.
15
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF TANGIBLE BOOK VALUE PER SHARE AND RETURN ON TANGIBLE COMMON EQUITY
The tangible book value per common share (TBVPS) and return on average tangible common equity (ROTCE) are ratios that management believes provides context about State Street's use of equity. The TBVPS ratio is calculated by dividing the period end tangible common equity by total common shares outstanding. The ROTCE ratio is calculated by dividing annualized net income available to common shareholders for the relevant period by average tangible common equity. Period end and average tangible common equity reflected in the TBVPS and ROTCE ratios, are both non-GAAP measures which reduce period end and average common shareholders' equity, by period end and average goodwill and other intangible assets, net of related deferred taxes.
Since there is no authoritative requirement to calculate the TBVPS and ROTCE ratios, our TBVPS and ROTCE ratios are not necessarily comparable to similar measures disclosed or used by other companies in the financial services industry. TBVPS and ROTCE are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of these ratios are presented below.
Quarters
(Dollars in millions, except per share amounts, or where otherwise noted)
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
Tangible common equity - period end:
Total shareholders' equity
$
24,433
$
24,762
$
25,828
$
25,326
$
26,692
$
27,307
$
27,642
$
27,841
Less:
Preferred stock
2,468
2,468
2,816
2,816
3,559
3,559
3,559
3,559
Common shareholders' equity
21,965
22,294
23,012
22,510
23,133
23,748
24,083
24,282
Less:
Goodwill
7,582
7,751
7,833
7,691
7,763
7,918
7,916
8,159
Other intangible assets
1,258
1,209
1,166
1,089
1,046
1,014
958
935
Plus related deferred tax liabilities
460
461
467
459
465
479
473
478
Tangible common shareholders' equity - Non-GAAP
$
13,585
$
13,795
$
14,480
$
14,189
$
14,789
$
15,295
$
15,682
$
15,666
Total common shares outstanding - period end (in thousands)
301,504
299,231
294,191
288,766
288,676
285,562
282,218
279,078
Book value per common share
$
72.85
$
74.50
$
78.22
$
77.95
$
80.13
$
83.16
$
85.33
$
87.01
Tangible book value per common share - Non-GAAP
45.06
46.10
49.22
49.14
51.23
53.56
55.57
56.13
Quarters
Year-to-Date
(Dollars in millions, except where otherwise noted)
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
2024
2025
Tangible common equity - average:
Average common shareholders' equity
$
21,850
$
22,061
$
22,691
$
22,744
$
22,847
$
23,496
$
23,772
$
24,167
$
22,339
$
23,575
Less:
Average goodwill
7,589
7,750
7,798
7,745
7,717
7,854
7,906
7,971
7,721
7,863
Average other intangible assets
1,287
1,230
1,187
1,121
1,065
1,029
982
962
1,206
1,009
Plus related deferred tax liabilities
460
460
464
463
462
472
476
475
462
472
Average tangible common shareholders' equity - Non-GAAP
$
13,434
$
13,541
$
14,170
$
14,341
$
14,527
$
15,085
$
15,360
$
15,709
$
13,874
$
15,175
Net income available to common shareholders
$
418
$
655
$
682
$
728
$
597
$
630
$
802
$
688
$
2,483
$
2,717
Net income available to common shareholders, excluding notable items(1)
517
655
682
769
597
733
802
845
2,623
2,977
Return on average tangible common equity - Non-GAAP(2)
12.4 %
%
19.3 %
%
19.3 %
%
20.3 %
%
16.4 %
%
16.7 %
%
20.9 %
%
17.5 %
%
17.9 %
%
17.9 %
%
Return on average tangible common equity, excluding notable items - Non-GAAP(2)(3)
15.4
19.3
19.3
21.4
16.4
19.4
20.9
21.5
18.9
19.6
(1) Refer to Reconciliations of non-GAAP Financial Information pages for a reconciliation of net income available to common shareholders, excluding notable items.
(2) Beginning in the third quarter of 2024, quarterly annualized net income available to common shareholders is utilized in the quarterly ROTCE calculation as compared to year-to-date annualized net income available to common shareholders utilized in prior quarters. Prior quarterly periods have been revised to conform to the current presentation.
(3) Return on average tangible common equity, excluding notable items - non-GAAP is calculated by dividing annualized net income available to common shareholders, excluding notable items for the relevant period by average tangible common equity.
16
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as "expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items.
Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results.
Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP.
Quarters
% Change
Year-to-Date
% Change
(Dollars in millions)
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
4Q25
vs.
4Q24
4Q25
vs.
3Q25
2024
2025
YTD2025
vs.
YTD2024
Fee Revenue:
Total fee revenue, GAAP-basis
$
2,422
$
2,456
$
2,616
$
2,662
$
2,570
$
2,719
$
2,829
$
2,862
7.5 %
%
1.2 %
%
$
10,156
$
10,980
8.1 %
%
Less: Notable items:
Foreign exchange trading services(1)
—
—
(15)
—
—
(3)
—
—
—
—
(15)
(3)
(80.0)
Client rescoping (revenue impact)(2)
—
—
—
—
—
24
—
—
—
—
—
24
—
Other fee revenue(3)
—
—
(66)
—
—
—
—
—
—
—
(66)
—
nm
Total fee revenue, excluding notable items
$
2,422
$
2,456
$
2,535
$
2,662
$
2,570
$
2,740
$
2,829
$
2,862
7.5
1.2
$
10,075
$
11,001
9.2
Total Revenue:
Total revenue, GAAP-basis
$
3,138
$
3,191
$
3,259
$
3,412
$
3,284
$
3,448
$
3,545
$
3,667
7.5 %
%
3.4 %
%
$
13,000
$
13,944
7.3 %
%
Less: Notable items:
Foreign exchange trading services(1)
—
—
(15)
—
—
(3)
—
—
—
—
(15)
(3)
(80.0)
Client rescoping (revenue impact)(2)
—
—
—
—
—
24
—
—
—
—
—
24
—
Other fee revenue(3)
—
—
(66)
—
—
—
—
—
—
—
(66)
—
nm
(Gains) losses related to investment securities, net(4)
—
—
81
—
—
—
—
—
—
—
81
—
nm
Total revenue, excluding notable items
$
3,138
$
3,191
$
3,259
$
3,412
$
3,284
$
3,469
$
3,545
$
3,667
7.5
3.4
$
13,000
$
13,965
7.4
Expenses:
Total expenses, GAAP-basis
$
2,513
$
2,269
$
2,308
$
2,440
$
2,450
$
2,529
$
2,434
$
2,741
12.3 %
%
12.6 %
%
$
9,530
$
10,154
6.5 %
%
Less: Notable items:
Deferred compensation expense acceleration(5)
—
—
—
(79)
—
—
—
—
nm
—
(79)
—
nm
Repositioning charges(6)
—
—
—
2
—
(100)
—
(226)
nm
nm
2
(326)
nm
Client rescoping (expense impact)(2)
—
—
—
—
—
(18)
—
—
—
—
—
(18)
nm
Other notable items(7)
(130)
—
—
19
—
1
—
20
5.3
—
(111)
21
nm
Total expenses, excluding notable items
2,383
2,269
2,308
2,382
2,450
2,412
2,434
2,535
6.4
4.1
9,342
9,831
5.2
Seasonal expenses
(162)
—
—
—
(155)
—
—
—
—
—
(162)
(155)
(4.3)
Total expenses, excluding notable items and seasonal expenses
$
2,221
$
2,269
$
2,308
$
2,382
$
2,295
$
2,412
$
2,434
$
2,535
6.4
4.1
$
9,180
$
9,676
5.4
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis
$
2,422
$
2,456
$
2,616
$
2,662
$
2,570
$
2,719
$
2,829
$
2,862
7.51 %
%
1.17 %
%
$
10,156
$
10,980
8.11 %
%
Total expenses, GAAP-basis
2,513
2,269
2,308
2,440
2,450
2,529
2,434
2,741
12.34
12.61
9,530
10,154
6.55
Fee operating leverage, GAAP-basis(8)
(483)
bps
(1144)
bps
156
bps
Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)
$
2,422
$
2,456
$
2,535
$
2,662
$
2,570
$
2,740
$
2,829
$
2,862
7.51 %
%
1.17 %
%
$
10,075
$
11,001
9.19 %
%
Total expenses, excluding notable items (as reconciled above)
2,383
2,269
2,308
2,382
2,450
2,412
2,434
2,535
6.42
4.15
9,342
9,831
5.23
Fee operating leverage, excluding notable items(9)
109
bps
(298)
bps
396
bps
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis
$
3,138
$
3,191
$
3,259
$
3,412
$
3,284
$
3,448
$
3,545
$
3,667
7.47 %
%
3.44 %
%
$
13,000
$
13,944
7.26 %
%
Total expenses, GAAP-basis
2,513
2,269
2,308
2,440
2,450
2,529
2,434
2,741
12.34
12.61
9,530
10,154
6.55
Operating leverage, GAAP-basis(10)
(487)
bps
(917)
bps
71
bps
17
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
Quarters
% Change
Year-to-Date
% Change
(Dollars in millions, except earnings per share, or where otherwise noted)
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
4Q25
vs.
4Q24
4Q25
vs.
3Q25
2024
2025
YTD2025
vs.
YTD2024
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)
$
3,138
$
3,191
$
3,259
$
3,412
$
3,284
$
3,469
$
3,545
$
3,667
7.47 %
%
3.44 %
%
$
13,000
$
13,965
7.42 %
%
Total expenses, excluding notable items (as reconciled above)
2,383
2,269
2,308
2,382
2,450
2,412
2,434
2,535
6.42
4.15
9,342
9,831
5.23
Operating leverage, excluding notable items(11)
105
bps
(71)
bps
219
bps
Income before income tax expense:
Income before income tax expense GAAP-basis
$
598
$
912
$
925
$
960
$
822
$
889
$
1,102
$
918
(4.4)%
%
(16.7)%
%
$
3,395
$
3,731
9.9 %
%
Less: Notable items
Foreign exchange trading services(1)
—
—
(15)
—
—
(3)
—
—
(15)
(3)
Client rescoping (revenue impact)(2)
—
—
—
—
—
24
—
—
—
24
Other fee revenue(3)
—
—
(66)
—
—
—
—
—
(66)
—
(Gains) losses related to investment securities, net(4)
—
—
81
—
—
—
—
—
81
—
Deferred compensation expense acceleration(5)
—
—
—
79
—
—
—
—
79
—
Repositioning charges(6)
—
—
—
(2)
—
100
—
226
(2)
326
Client rescoping (expense impact)(2)
—
—
—
—
—
18
—
—
—
18
Other notable items(7)
130
—
—
(19)
—
(1)
—
(20)
111
(21)
Income before income tax expense, excluding notable items
$
728
$
912
$
925
$
1,018
$
822
$
1,027
$
1,102
$
1,124
10.4
2.0
$
3,583
$
4,075
13.7
Net Income:
Net Income GAAP-basis
$
463
$
711
$
730
$
783
$
644
$
693
$
861
$
747
(4.6)%
%
(13.2)%
%
$
2,687
$
2,945
9.6 %
%
Less: Notable items
Foreign exchange trading services(1)
—
—
(15)
—
—
(3)
—
—
(15)
(3)
Client rescoping (revenue impact)(2)
—
—
—
—
—
24
—
—
—
24
Other fee revenue(3)
—
—
(66)
—
—
—
—
—
(66)
—
(Gains) losses related to investment securities, net(4)
—
—
81
—
—
—
—
—
81
—
Deferred compensation expense acceleration(5)
—
—
—
79
—
—
—
—
79
—
Repositioning charges(6)
—
—
—
(2)
—
100
—
226
(2)
326
Client rescoping (expense impact)(2)
—
—
—
—
—
18
—
—
—
18
Other notable items(7)
130
—
—
(19)
—
(1)
—
(20)
111
(21)
Tax impact of notable items
(31)
—
—
(17)
—
(35)
—
(49)
(48)
(84)
Net Income, excluding notable items
$
562
$
711
$
730
$
824
$
644
$
796
$
861
$
904
9.7
5.0
$
2,827
$
3,205
13.4
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis
$
418
$
655
$
682
$
728
$
597
$
630
$
802
$
688
(5.5)%
%
(14.2)%
%
$
2,483
$
2,717
9.4 %
%
Less: Notable items
Foreign exchange trading services(1)
—
—
(15)
—
—
(3)
—
—
(15)
(3)
Client rescoping (revenue impact)(2)
—
—
—
—
—
24
—
—
—
24
Other fee revenue(3)
—
—
(66)
—
—
—
—
—
(66)
—
(Gains) losses related to investment securities, net(4)
—
—
81
—
—
—
—
—
81
—
Deferred compensation expense acceleration(5)
—
—
—
79
—
—
—
—
79
—
Repositioning charges(6)
—
—
—
(2)
—
100
—
226
(2)
326
Client rescoping (expense impact)(2)
—
—
—
—
—
18
—
—
—
18
Other notable items(7)
130
—
—
(19)
—
(1)
—
(20)
111
(21)
Tax impact of notable items
(31)
—
—
(17)
—
(35)
—
(49)
(48)
(84)
Net Income Available to Common Shareholders, excluding notable items
$
517
$
655
$
682
$
769
$
597
$
733
$
802
$
845
9.9
5.4
$
2,623
$
2,977
13.5
18
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
Quarters
% Change
Year-to-Date
% Change
(Dollars in millions, except earnings per share, or where otherwise noted)
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
4Q25
vs.
4Q24
4Q25
vs.
3Q25
2024
2025
YTD2025
vs.
YTD2024
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis
$
1.37
$
2.15
$
2.26
$
2.46
$
2.04
$
2.17
$
2.78
$
2.42
(1.6)%
%
(12.9)%
%
$
8.21
$
9.40
14.5 %
%
Less: Notable items
Foreign exchange trading services(1)
—
—
(0.04)
—
—
(0.01)
—
—
(0.04)
(0.01)
Client rescoping (revenue impact)(2)
—
—
—
—
—
0.06
—
—
—
0.06
Other fee revenue(3)
—
—
(0.16)
—
—
—
—
—
(0.16)
—
(Gains) losses related to investment securities, net(4)
—
—
0.20
—
—
—
—
—
0.20
—
Deferred compensation expense acceleration(5)
—
—
—
0.20
—
—
—
—
0.19
—
Repositioning charges(6)
—
—
—
(0.01)
—
0.26
—
0.60
—
0.85
Client rescoping (expense impact)(2)
—
—
—
—
—
0.05
—
—
—
0.05
Other notable items(7)
0.32
—
—
(0.05)
—
—
—
(0.05)
0.27
(0.05)
Diluted earnings per share, excluding notable items
$
1.69
$
2.15
$
2.26
$
2.60
$
2.04
$
2.53
$
2.78
$
2.97
14.2
6.8
$
8.67
$
10.30
18.8
Pre-tax Margin:
Pre-tax margin, GAAP-basis(12)
19.1 %
%
28.6 %
%
28.4 %
%
28.1 %
%
25.0 %
%
25.8 %
%
31.1 %
%
25.0 %
%
(3.1)%
%
pts
(6.1)%
%
pts
26.1 %
%
26.8 %
%
0.7 %
%
pts
Less: Notable items
Foreign exchange trading services(1)
—
—
(0.3)
—
—
(0.1)
—
—
(0.1)
—
Client rescoping (revenue impact)(2)
—
—
—
—
—
0.7
—
—
—
0.2
Other fee revenue(3)
—
—
(1.1)
—
—
—
—
—
(0.5)
—
(Gains) losses related to investment securities, net(4)
—
—
1.4
—
—
—
—
—
0.6
—
Deferred compensation expense acceleration(5)
—
—
—
2.3
—
—
—
—
0.6
—
Repositioning charges(6)
—
—
—
(0.1)
—
2.7
—
6.3
—
2.2
Client rescoping (expense impact)(2)
—
—
—
—
—
0.5
—
—
—
0.1
Other notable items(7)
4.1
—
—
(0.5)
—
—
—
(0.6)
0.9
(0.1)
Pre-tax margin, excluding notable items
23.2 %
%
28.6 %
%
28.4 %
%
29.8 %
%
25.0 %
%
29.6 %
%
31.1 %
%
30.7 %
%
0.9
(0.4)
27.6 %
%
29.2 %
%
1.6
Return on Average Common Equity:
Return on average common equity, GAAP-basis
7.7 %
%
11.9 %
%
12.0 %
%
12.7 %
%
10.6 %
%
10.8 %
%
13.4 %
%
11.3 %
%
(1.4)%
%
pts
(2.1)%
%
pts
11.1 %
%
11.5 %
%
0.4 %
%
pts
Less: Notable items
Foreign exchange trading services(1)
—
—
(0.3)
—
—
(0.1)
—
—
(0.1)
—
Client rescoping (revenue impact)(2)
—
—
—
—
—
0.4
—
—
—
0.1
Other fee revenue(3)
—
—
(1.1)
—
—
—
—
—
(0.2)
—
(Gains) losses related to investment securities, net(4)
—
—
1.4
—
—
—
—
—
0.3
—
Deferred compensation expense acceleration(5)
—
—
—
1.5
—
—
—
—
0.3
—
Repositioning charges(6)
—
—
—
—
—
1.7
—
3.7
—
1.4
Client rescoping (expense impact)(2)
—
—
—
—
—
0.3
—
—
—
0.1
Other notable items(7)
2.4
—
—
(0.4)
—
—
—
(0.3)
0.5
(0.1)
Tax impact of notable items
(0.6)
—
—
(0.3)
—
(0.6)
—
(0.8)
(0.2)
(0.4)
Return on average common equity, excluding notable items
9.5 %
%
11.9 %
%
12.0 %
%
13.5 %
%
10.6 %
%
12.5 %
%
13.4 %
%
13.9 %
%
0.4
0.5
11.7 %
%
12.6 %
%
0.9
19
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
Quarters
% Change
Year-to-Date
% Change
(Dollars in millions, except earnings per share, or where otherwise noted)
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
4Q25
vs.
4Q24
4Q25
vs.
3Q25
2024
2025
YTD2025
vs.
YTD2024
Effective Tax Rate:
Effective tax rate, GAAP-basis
22.5 %
%
22.1 %
%
21.1 %
%
18.4 %
%
21.7 %
%
22.0 %
%
21.9 %
%
18.6 %
%
0.2 %
%
pts
(3.3)%
%
pts
20.8 %
%
21.1 %
%
0.3 %
%
pts
Less: Notable items
Foreign exchange trading services(1)
—
—
—
—
—
—
—
—
—
—
Client rescoping (revenue impact)(2)
—
—
—
—
—
0.1
—
—
—
—
Other fee revenue(3)
—
—
(0.1)
—
—
—
—
—
(0.1)
—
(Gains) losses related to investment securities, net(4)
—
—
0.1
—
—
—
—
—
0.1
—
Deferred compensation expense acceleration(5)
—
—
—
0.7
—
—
—
—
0.1
—
Repositioning charges(6)
—
—
—
—
—
0.4
—
1.1
—
0.3
Client rescoping (expense impact)(2)
—
—
—
—
—
—
—
—
—
—
Other notable items(7)
0.3
—
—
(0.2)
—
—
—
(0.1)
0.2
—
Effective tax rate, excluding notable items
22.8 %
%
22.1 %
%
21.1 %
%
18.9 %
%
21.7 %
%
22.5 %
%
21.9 %
%
19.6 %
%
0.7
(2.3)
21.1 %
%
21.4 %
%
0.3
(1) Amounts in both 2025 and 2024 consist of a revenue-related recovery associated with the proceeds from a 2018 foreign exchange benchmark litigation resolution, which is reflected in foreign exchange trading services revenue.
(2) Amount related to a client rescoping which decreased income before income taxes by $42 million, of which $24 million is reflected in front office software and data revenue and $18 million is reflected in information systems and communications expenses.
(3) Amount consists of a $66 million gain on sale of equity investment, which is reflected in other fee revenue.
(4) Amount consists of a $81 million loss on the sale of investment securities, which is related to the repositioning of the investment portfolio reflected in other income.
(5) Deferred compensation expense acceleration of $79 million in 2024 related to prior period incentive compensation awards to align State Street's deferred pay mix with peers.
(6) T1Amounts in the fourth quarter of 2025 include a charge of $111 million, reflected in compensation and employee benefits primarily from workforce rationalization, a $69 million charge reflected in occupancy costs associated with real estate footprint optimization and additional repositioning charges (net) include operating model changes of $24 million and $22 million reflected in information systems and communications and other expenses, respectively. The amount in the second quarter of 2025 includes a charge of $100 million, reflected in compensation and employee benefits primarily from workforce rationalization and the amount in 2024 includes a $15 million release related to compensation and employee benefits, partially offset by $13 million related to occupancy costs associated with real estate footprint.
(7) Amount in the fourth quarter of 2025 includes an FDIC special assessment release of $60 million and legal and related costs of $40 million reflected in other expenses. Amount in 2024 includes the FDIC special assessment and subsequent true-up in the second quarter of 2025 reflected in other expenses. Additional other notable items include a $12 million charge in 2024 and subsequent true-up in the second quarter of 2025 associated with operating model changes which are reflected in other expenses.
(8) Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses.
(9) Calculated as the period-over-period change in total fee revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items.
(10) Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses.
(11) Calculated as the period-over-period change in total revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items.
(12) GAAP- basis pre-tax margin for the first quarter of 2025 of 25.0% included seasonal expenses of $155 million as shown on page 17. Excluding seasonable expenses, pre-tax margin for the first quarter of 2025 was 29.8%.
20
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS
(Dollars in millions)
2021
2022
2023
2024
2025
Total revenue:
Total revenue, GAAP-basis
$
12,027
$
12,148
$
11,945
$
13,000
$
13,944
Less: Fees revenue
—
(23)
—
(15)
(3)
Less: Total other income
(111)
—
—
(66)
—
Add: Client rescoping (revenue impact)
—
—
—
—
24
Add: (Gains) losses related to investment securities, net
—
—
294
81
—
Total revenue, excluding notable items
11,916
12,125
12,239
13,000
13,965
Provision for credit losses
(33)
20
46
75
59
Total expenses:
Total expenses, GAAP-basis
8,889
8,801
9,583
9,530
10,154
Less: Notable expense items:
Acquisition and restructuring costs
(65)
(65)
15
—
—
Deferred compensation expense acceleration
(147)
—
—
(79)
—
Repositioning (charges) / release
3
(70)
(203)
2
(326)
Client rescoping (expense impact)
—
—
—
—
(18)
Other notable items
(18)
—
(432)
(111)
21
Total expenses, excluding notable items
8,662
8,666
8,963
9,342
9,831
Income before income tax expense, excluding notable items
$
3,287
$
3,439
$
3,230
$
3,583
$
4,075
Income before income tax expense, GAAP-basis
$
3,171
$
3,327
$
2,316
$
3,395
$
3,731
Pre-tax margin, excluding notable items
27.6 %
%
28.4 %
%
26.4 %
%
27.6 %
%
29.2 %
%
Pre-tax margin, GAAP-basis
26.4
27.4
19.4
26.1
26.8
21
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS
GAAP-Basis QTD Comparison
Reported
Currency Translation Impact
Excluding Currency Impact
% Change Constant Currency
(Dollars in millions)
4Q24
3Q25
4Q25
4Q25 vs. 4Q24
4Q25 vs. 3Q25
4Q25 vs. 4Q24
4Q25 vs. 3Q25
4Q25 vs. 4Q24
4Q25 vs. 3Q25
GAAP-Basis Results:
Fee revenue:
Servicing fees
$
1,283
$
1,357
$
1,388
$
24
$
(3)
$
1,364
$
1,391
6.3 %
%
2.5 %
%
Management fees
576
612
662
3
(1)
659
663
14.4
8.3
Foreign exchange trading services
360
416
405
—
—
405
405
12.5
(2.6)
Securities finance
118
138
127
—
—
127
127
7.6
(8.0)
Front office software and data
197
167
163
1
—
162
163
(17.8)
(2.4)
Lending related and other fees
62
60
58
—
—
58
58
(6.5)
(3.3)
Software and processing fees
259
227
221
1
—
220
221
(15.1)
(2.6)
Other fee revenue
66
79
59
—
—
59
59
(10.6)
(25.3)
Total fee revenue
2,662
2,829
2,862
28
(4)
2,834
2,866
6.5
1.3
Net interest income
749
715
802
17
(3)
785
805
4.8
12.6
Total other income
1
1
3
—
—
3
3
nm
nm
Total revenue
$
3,412
$
3,545
$
3,667
$
45
$
(7)
$
3,622
$
3,674
6.2
3.6
Expenses:
Compensation and employee benefits
$
1,212
$
1,162
$
1,331
$
22
$
(4)
$
1,309
$
1,335
8.0
14.9
Information systems and communications
480
517
557
2
—
555
557
15.6
7.7
Transaction processing services
245
276
256
2
—
254
256
3.7
(7.2)
Occupancy
123
106
173
2
(1)
171
174
39.0
64.2
Other
380
373
424
5
(1)
419
425
10.3
13.9
Total expenses
$
2,440
$
2,434
$
2,741
$
33
$
(6)
$
2,708
$
2,747
11.0
12.9
Total expenses, excluding notable items - Non-GAAP
$
2,382
$
2,434
$
2,535
$
33
$
(6)
$
2,502
$
2,541
5.0
4.4
Total non-compensation expenses, excluding notable items - Non-GAAP(1)
1,234
1,272
1,315
11
(2)
1,304
1,317
5.7
3.5
GAAP-Basis YTD Comparison
Reported
Currency Translation Impact
Excluding Currency Impact
% Change Constant Currency
(Dollars in millions)
2024
2025
YTD2025 vs. YTD2024
2025
YTD2025 vs. YTD2024
GAAP-Basis Results:
Fee revenue:
Servicing fees
$
5,016
$
5,324
$
42
$
5,282
5.3 %
%
Management fees
2,124
2,398
5
2,393
12.7
Foreign exchange trading services
1,401
1,614
—
1,614
15.2
Securities finance
438
505
—
505
15.3
Front office software and data
639
657
2
655
2.5
Lending related and other fees
249
246
—
246
(1.2)
Software and processing fees
888
903
2
901
1.5
Other fee revenue
289
236
1
235
(18.7)
Total fee revenue
10,156
10,980
50
10,930
7.6
Net interest income
2,923
2,960
32
2,928
0.2
Total other income
(79)
4
—
4
nm
Total revenue
$
13,000
$
13,944
$
82
$
13,862
6.6
Expenses:
Compensation and employee benefits
$
4,697
$
5,035
$
37
$
4,998
6.4
Information systems and communications
1,829
2,094
4
2,090
14.3
Transaction processing services
998
1,050
7
1,043
4.5
Occupancy
437
487
3
484
10.8
Other
1,569
1,488
10
1,478
(5.8)
Total expenses
$
9,530
$
10,154
$
61
$
10,093
5.9
Total expenses, excluding notable items - Non-GAAP
$
9,342
$
9,831
$
61
$
9,770
4.6
Total non-compensation expenses, excluding notable items - Non-GAAP(1)
4,709
5,007
24
4,983
5.8
(1) Total non-compensation expenses, excluding notable items is comprised of total expenses, excluding notable items - Non-GAAP, less compensation and employee benefits, excluding notable items. Compensation and benefits, excluding notable items were $1,220 million in the fourth quarter of 2025, $1,162 million in the third quarter of 2025 and $1,148 million in the fourth quarter of 2024.
nm Denotes not meaningful
22
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | 0 | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 4 | — | 2 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | 0 | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Fee revenue growth
“Total fee revenue increased 8.1% year-to-date to $10.980 billion, driven by growth across servicing fees, management fees and foreign exchange trading services.”
Theme · AUM expansion
“Assets under management increased 20.1% to $5.665 trillion, reflecting net inflows and market appreciation.”
Theme · Interest margin pressure
“Net interest margin, fully taxable-equivalent basis decreased to 1.00% for the year ended December 31, 2025, compared to 1.10% for the same period in 2024.”
Theme · Capital ratio improvement
“Common equity tier 1 ratio increased to 11.7% as of December 31, 2025, compared to 10.9% at the same time last year.”
Theme · Expense management
“Total expenses, excluding notable items, increased 5.2% year-to-date to $9.676 billion.”
Theme · Securities finance growth
“Securities finance revenue increased 15.3% year-to-date to $505 million.”
Source: SEC EDGAR · public domain · Highlights by Palanor