State Street 3Q26 EPS $3.69 同比增33%、收入增13%并上调全年指引，盘前小涨

----- stt-20261009.htm -----
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM
8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 9, 2026
______________________
State Street Corp
oration
(Exact name of Registrant as Specified in its Charter)
____________________
Massachusetts
001-07511
04-2456637
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
One Congress Street
Boston
Massachusetts
02114
(Address of principal executive offices, and Zip Code)
Registrant’s telephone number, including area code:
(617)
786-3000
________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $1 par value per share
STT
New York Stock Exchange
Depositary Shares, each representing a 1/4,000th ownership interest in a share of
STT.PRG
New York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Item 2.02.    Results of Operations and Financial Condition.
On October 14, 2026, State Street Corporation ("State Street") issued a news release announcing its results of operations for the third-quarter 2026. Copies of that news release and accompanying third-quarter 2026 financial information addendum are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.
Item 5.02.    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 9, 2026, State Street Corporation’s Board of Directors elected Alexander Vollert as an independent director of the corporation. Dr. Vollert has also been appointed as a member to the Board’s Technology and Operations Committee and its Risk Committee effective the date of his election to the Board. There are no arrangements or understandings between Dr. Vollert and any other persons pursuant to which Dr. Vollert was elected as a director of the corporation. Dr. Vollert will be entitled to a pro rata share of the 2026-2027 $110,000 annual retainer and $235,000 common stock retainer and to other director compensation arrangements under terms consistent with those previously disclosed in Exhibit 10.9 to State Street’s annual report on Form 10-K for the year ended December 31, 2025. The pro-rated stock award will be based on the closing price of State Street’s common stock on the New York Stock Exchange on the date of election. Dr. Vollert will be entitled to enter into an indemnification agreement with State Street consistent with the forms of indemnification agreement entered into by State Street’s other non-employee directors and previously disclosed in Exhibit 10.11A to State Street’s annual report on Form 10-K for the fiscal year ended December 31, 2025.
Item 7.01.    Regulation FD Disclosure.
Investor Conference Call Slide Presentation
On October 14, 2026, State Street made available a slide presentation providing highlights of its third-quarter 2026 results of operations and related information as of September 30, 2026, which is being made available in connection with an October 14, 2026 investor conference call. A copy of that slide presentation is furnished herewith as Exhibit 99.3 and is incorporated herein by reference.
Senior Notes Redemption
On October 14, 2026, State Street notified the holders of its $500,000,000 aggregate principal amount of 1.684% Fixed-to-Floating Rate Senior Notes due 2027 (the “Notes”) that it will redeem all of the Notes on November 18, 2026 (the “Redemption Date”). The Notes will be redeemed at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. On and after the Redemption Date, interest will cease to accrue on the Notes.
State Street intends to fund the aggregate redemption price using cash on hand.
Item 9.01.        Financial Statements and Exhibits.
(d) Exhibits.
State Street's news release dated October 14, 2026, announcing its third-quarter 2026 results of operations and accompanying third-quarter 2026 financial information addendum are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference in
Item 2.02 hereof; and a slide presentation providing highlights of State Street's third-quarter 2026 results of operations and related information, which is being made available in connection with an October 14, 2026 investor conference call, is furnished herewith as Exhibit 99.3 and is incorporated by reference in Item 7.01 hereof.
_______________________
The information in Item 2.02 and Item 7.01 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Exhibit No.
Description
99.1
State Street's news release dated October 14, 2026, announcing its third-quarter 2026 results of operations (this Exhibit 99.1 is furnished, not filed)
99.2
State Street's third-quarter 2026 financial information addendum (this Exhibit 99.2 is furnished, not filed)
99.3
Slide presentation providing highlights of State Street's third-quarter 2026 results of operations and related information (this Exhibit 99.3 is furnished, not filed)
*
104
Cover Page Interactive Data File (formatted as Inline XBRL)
*
Submitted electronically herewith
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
STATE STREET CORPORATION
By:
/s/ C. Jack Read
Name:
C. Jack Read
Title:
Executive Vice President, Global Controller and Chief Accounting Officer
Date:
October 14, 2026

----- a3q26earningspressrelease.htm -----
EX-99.1
2
a3q26earningspressrelease.htm
EX-99.1
Document
Exhibit 99.1
State Street Corporation
One Congress Street
Boston, MA 02114
NYSE: STT
www.statestreet.com
October 14, 2026
STATE STREET REPORTS THIRD QUARTER 2026 EPS OF $3.69
See note (a) below for a description of the presentation in this news release
RON O’HANLEY
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
$4.0B
TOTAL REVENUE
,
up
13%
“The strength of our third-quarter results demonstrates continued momentum and disciplined execution across our global franchises. We generated record quarterly Servicing and Management fees as well as record FX client volumes, reflecting the strength of our client relationships and the breadth of our capabilities. This performance drove our eleventh consecutive quarter of year-over-year positive operating leverage, excluding notable items, resulting in pre-tax margin expansion to approximately 35%.”
O'Hanley continued:
“Importantly, we progressed our strategic growth initiatives. In 3Q, we won our first Wealth Services mandate with one of the largest registered investment advisors in the United States. Building on an existing Charles River relationship, this mandate demonstrates One State Street in action, leveraging our shared client base, integrated capabilities, and unified coverage model to deepen relationships, expand our addressable market, and drive future growth.”
O'Hanley concluded:
“We enter the final quarter of the year with strong momentum, a clear strategy, and confidence in our ability to deliver against our medium-term targets while continuing to create long-term value for shareholders.”
531
BPS
TOTAL OPERATING LEVERAGE
34.6%
PRE-TAX MARGIN
16.4%
ROE
25.1%
ROTCE
(a)
FINANCIAL HIGHLIGHTS
(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted)
3Q26
2Q26
3Q25
% QoQ
% YoY
Income statement:
Total fee revenue
$
3,140
$
3,188
$
2,829
(2)
%
11
%
Net interest income
864
860
715
—
21
Other income
—
—
1
nm
nm
Total revenue
4,004
4,048
3,545
(1)
13
Provision for credit losses
(4)
—
9
nm
nm
Total expenses
2,620
2,659
2,434
(1)
8
Net income
1,090
1,084
861
1
27
Financial ratios and other metrics:
Diluted earnings per share (EPS)
$
3.69
$
3.65
$
2.78
1
%
33
%
Return on average common equity (ROE)
16.4
%
16.7
%
13.4
%
(0.3)
%
pts
3.0
%
pts
Return on average tangible common equity (ROTCE)
(1)
25.1
25.5
20.9
(0.4)
%
pts
4.2
%
pts
Pre-tax margin
34.6
34.3
31.1
0.3
%
pts
3.5
%
pts
AUC/A ($ billions)
(2)
$
59,173
$
57,858
$
51,664
2
%
15
%
AUM ($ billions)
(2)
6,306
6,278
5,446
—
16
(1)
Ex-notables and some other metrics (e.g., ROTCE, or return on average tangible common equity) are non-GAAP presentations; refer to the Addendum included with this news release for a reconciliation, and further explanations, of non-GAAP measures. There were no notable items in any of 3Q26, 2Q26, or 3Q25.
(2)
As of quarter-end.
(a)
Percentage changes noted reflect year-over-year 3Q comparisons, unless otherwise noted. Ex-notables and some other metrics (e.g., ROTCE, or return on average tangible common equity) are non-GAAP presentations; refer to the Addendum included with this news release for a reconciliation, and further explanations, of non-GAAP measures. There were no notable items in any of 3Q26, 2Q26, or 3Q25.
Investor Contact: Elizabeth Lynn +1 617-664-3477          Media Contact: Mark LaVoie +1 508-314-2807
1
3Q26
HIGHLIGHTS
(All comparisons are to 3Q25, unless otherwise noted)
AUC/A and AUM
•
Investment Servicing AUC/A as of quarter-end increased 15% to a record $59.2 trillion, mainly due to higher market levels, net new business and flows
•
Investment Management AUM as of quarter-end increased 16% to a record $6.3 trillion, mainly driven by higher market levels and net inflows
New business and strategy execution
(a)
•
New servicing wins in 3Q26
◦
New servicing fee revenue wins
:
New servicing fee revenue wins of $68 million, primarily driven by back office and Alternatives
◦
AUC/A wins
:
New servicing
AUC/A wins of $429 billion, with the majority from Asset Owners and Asset Managers
•
Future installations as of 3Q26
◦
Servicing fee revenue
:
Quarter-end servicing fee revenue of $332 million to be installed in future periods
◦
AUC/A
:
Quarter-end AUC/A of $2.98 trillion to be installed in future periods
•
Announced agreement to acquire Santander CACEIS Latam Securities Services joint venture
(b)
•
Wealth Services:
Won first Wealth Services mandate with a large U.S. registered investment advisor client
•
Software services:
Annual recurring revenue (ARR) increased approximately 8%, driven by continued SaaS client implementations and conversions
•
Investment Management:
◦
Broadened capabilities with 38 newly launched products and solutions
◦
Continued momentum across U.S. Low-Cost ETF suite, U.S. Fixed Income, Gold, and EMEA
◦
Launched new asset allocation ETF with University of California Investments
•
Markets:
◦
Record FX trading client volumes up 31%, average securities on loan up 15%
◦
Winner of 5 categories in the Euromoney 2026 FX Awards
Revenue
•
Total revenue
increased
13%, driven by higher Fee revenue and Net Interest Income (NII)
•
Fee revenue
increased
11%, primarily driven by higher Servicing fees, Management fees, and FX trading services revenue, partially offset by lower Other fee revenue, which included the impact of market-related adjustments
◦
Servicing fees
increased
10%
◦
Management fees
increased
20%
◦
FX trading services
increased
17%
◦
Securities finance
increased
9%
◦
Software services
increased
5%
◦
Other fee revenue
decreased
29%
•
NII
increased
21%, reflecting an increase of 16 basis points in Net Interest Margin (NIM)
(a)
See the "In This News Release" section for explanations of AUC/A and AUC/A to be installed, new servicing fee revenue wins and revenue to be installed, and Software services ARR.
(b)
Subject to regulatory approvals and customary closing conditions.
2
Expenses
•
Total expenses
increased
8%, mainly driven by higher revenue-related costs and continued strategic investments
◦
Compensation and employee benefits
increased
8%
◦
Information systems and communications
increased
15%
◦
Transaction processing services
increased
4%
◦
Occupancy
decreased
4%
◦
Other expenses
increased
4%
Capital and liquidity
•
Standardized common equity tier 1 (CET1) ratio at quarter-end of 11.0% decreased 0.3% points compared to 3Q25, largely due to continued capital return, higher risk-weighted assets (RWA) and a reduction in accumulated other comprehensive income (AOCI), partially offset by capital generated from earnings. CET1 ratio increased 0.2% points compared to 2Q26, primarily due to capital generated from earnings and lower RWA, partially offset by continued capital return and a reduction in AOCI
•
Liquidity coverage ratio (LCR) at quarter-end for State Street Corporation was approximately 106%
(a)
•
In 3Q26, State Street returned a total of $651 million of capital to common shareholders, including $400 million of share repurchases and $251 million (or $0.92 per share) of declared dividends
(a)
State Street Bank and Trust Company (SSBT) is also subject to minimum LCR requirements. SSBT’s average daily LCR was above the LCR minimum requirements in 3Q26.
3
INVESTMENT SERVICING AUC/A
The following table presents AUC/A information by product and financial instrument.
(As of period end, dollars in billions)
3Q26
2Q26
3Q25
% QoQ
% YoY
Assets Under Custody and/or Administration
(1)
By product classification:
Collective funds, including ETFs
$
20,852
$
20,055
$
17,795
4
%
17
%
Mutual funds
14,127
14,353
13,209
(2)
7
Pension products
11,318
11,219
10,321
1
10
Insurance and other products
12,876
12,231
10,339
5
25
Total Assets Under Custody and/or Administration
$
59,173
$
57,858
$
51,664
2
%
15
%
By asset class:
Equities
$
36,136
$
34,670
$
31,124
4
%
16
%
Fixed-income
14,074
14,160
12,874
(1)
9
Short-term and other investments
(2)
8,963
9,028
7,666
(1)
17
Total Assets Under Custody and/or Administration
$
59,173
$
57,858
$
51,664
2
%
15
%
(1)
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.
INVESTMENT MANAGEMENT AUM
The following tables present 3Q26 activity in AUM by asset class, geography, vehicle, and strategy.
(Dollars in billions)
Balance as of June 30, 2026
Net Asset Flows
Market Appreciation / (Depreciation)
Foreign Exchange Impact
Total Market and Foreign Exchange Impact
Balance as of September 30, 2026
By Asset Class
Equity
$
4,051
$
17
$
31
$
5
$
36
$
4,104
Fixed-Income
776
32
(28)
5
(23)
785
Cash
(1)
621
(62)
5
—
5
564
Multi-Asset
567
9
(1)
—
(1)
575
Alternative Investments
(2)
263
11
4
—
4
278
Total Assets Under Management
$
6,278
$
7
$
11
$
10
$
21
$
6,306
By Geography
(3)
Americas
$
4,573
$
(14)
$
13
$
—
$
13
$
4,572
Europe/Middle East/Africa
956
18
6
(2)
4
978
Asia-Pacific
749
3
(8)
12
4
756
Total Assets Under Management
$
6,278
$
7
$
11
$
10
$
21
$
6,306
By Vehicle
ETF
$
2,204
$
69
$
12
$
—
$
12
$
2,285
Separately Managed Accounts
2,340
3
(5)
10
5
2,348
Other Commingled Funds
1,734
(65)
4
—
4
1,673
Total Assets Under Management
$
6,278
$
7
$
11
$
10
$
21
$
6,306
By Strategy
Index Strategies and Solutions:
ETFs
$
2,188
$
68
$
12
$
—
$
12
$
2,268
Other Index
3,279
(1)
(7)
10
3
3,281
Total Index Strategies and Solutions
5,467
67
5
10
15
5,549
Active, Alternatives and Other
190
2
1
—
1
193
Cash
(1)
621
(62)
5
—
5
564
Total Assets Under Management
$
6,278
$
7
$
11
$
10
$
21
$
6,306
(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 MiniShares
SM
Trust, for which we are not the investment manager but act as the marketing agent.
(3)
Geographic mix is based on client location or fund management location.
4
(Dollars in billions)
3Q26
2Q26
1Q26
4Q25
3Q25
Beginning balance
$
6,278
$
5,620
$
5,665
$
5,446
$
5,117
Net Asset Flows:
Index Strategies and Solutions:
ETFs
68
66
25
51
38
Other Index
(1)
15
13
14
(7)
Total Index Strategies and Solutions
67
81
38
65
31
Active, Alternatives and Other
2
(2)
3
(4)
(15)
Cash
(62)
35
8
24
10
Total Flows, net
7
114
49
85
26
Market Appreciation/(Depreciation)
11
551
(86)
148
310
Foreign Exchange Impact
10
(7)
(8)
(14)
(7)
Total Market and Foreign Exchange Impact
21
544
(94)
134
303
Ending balance
$
6,306
$
6,278
$
5,620
$
5,665
$
5,446
Memo: ETF Total Flows, net
$
69
$
68
$
25
$
51
$
37
5
REVENUE
(Dollars in millions)
3Q26
2Q26
3Q25
% QoQ
% YoY
Servicing fees
$
1,492
$
1,468
$
1,357
1.6
%
9.9
%
Management fees
797
772
664
3.2
20.0
Foreign exchange trading services
427
494
364
(13.6)
17.3
Securities finance
151
150
138
0.7
9.4
Software services
175
166
167
5.4
4.8
Other fee revenue
98
138
139
(29.0)
(29.5)
Total fee revenue
$
3,140
$
3,188
$
2,829
(1.5)
%
11.0
%
Net interest income
864
860
715
0.5
%
20.8
%
Other income
—
—
1
nm
nm
Total Revenue
$
4,004
$
4,048
$
3,545
(1.1)
%
12.9
%
Net interest margin (FTE)
(a)
1.12
%
1.13
%
0.96
%
(1)
bp
16
bps
(a)
Net interest margin (NIM) is presented on a fully taxable-equivalent (FTE) basis. Refer to the Addendum for reconciliations of our FTE-basis presentation.
Servicing fees
increased 10% compared to 3Q25 and increased 2% compared to 2Q26, primarily driven by organic growth and higher average market levels.
Management fees
increased 20% compared to 3Q25 and increased 3% compared to 2Q26, driven by higher average market levels and quarterly long-term net inflows of $69 billion, partially offset by Cash net outflows of $62 billion.
Foreign exchange trading services
increased
17% compared to 3Q25, primarily due to higher overall client volumes. Foreign exchange trading services decreased 14% compared to 2Q26, largely reflecting a lower mix of emerging markets revenue.
Securities finance
increased 9% compared to 3Q25 and increased 1% compared to 2Q26, largely driven by higher client lending balances in both Agency Lending and Prime Services.
Software services
increased 5% compared to 3Q25 driven by higher Software and data revenue. Software services increased 5% compared to 2Q26, primarily driven by higher On-premises revenues and Software and data revenue.
Other fee revenue
decreased 29% compared to both 3Q25 and 2Q26, primarily due to market-related adjustments.
Net interest income
increased 21% compared to 3Q25, reflecting an increase of 16 basis points in NIM. Net interest income was relatively flat compared to 2Q26, as a higher day count offset a 1 basis point decrease in NIM and a modest decline in average interest-earning assets.
Total revenues were negatively impacted by currency translation of $10 million compared to both 3Q25 and 2Q26.
PROVISION FOR CREDIT LOSSES
(Dollars in millions)
3Q26
2Q26
3Q25
% QoQ
% YoY
Allowance for credit losses:
Beginning balance
$
175
$
179
$
192
(2.2)
%
(8.9)
%
Provision for credit losses
(4)
—
9
nm
nm
Charge-offs
(5)
(4)
—
25.0
nm
Ending Balance
$
166
$
175
$
201
(5.1)
%
(17.4)
%
Total provision for credit losses
reflects a $4 million reserve release associated with commercial loan sales and repayments.
6
EXPENSES
(Dollars in millions)
3Q26
2Q26
3Q25
% QoQ
% YoY
Compensation and employee benefits
$
1,251
$
1,292
$
1,162
(3.2)
%
7.7
%
Information systems and communications
594
589
517
0.8
14.9
Transaction processing services
286
280
276
2.1
3.6
Occupancy
102
96
106
6.3
(3.8)
Other
387
402
373
(3.7)
3.8
Total Expenses
$
2,620
$
2,659
$
2,434
(1.5)
%
7.6
%
Effective tax rate
21.5
%
21.9
%
21.9
%
(0.4)
%
pts
(0.4)
%
pts
Compensation and employee benefits
increased 8% compared to 3Q25, mainly due to higher performance-based incentive compensation, incremental investment hires, and merit increases, partially offset by productivity savings. Compensation and employee benefits decreased 3% compared to 2Q26, primarily reflecting lower performance-based incentive compensation.
Information systems and communications
increased 15% compared to 3Q25, largely related to technology and infrastructure investments and volume-related costs. Information systems and communications increased 1% compared to 2Q26, primarily due to technology and infrastructure investments.
Transaction processing services
increased 4% compared to 3Q25 and increased 2% compared to 2Q26 mainly due to higher revenue-related costs.
Occupancy
decreased 4% compared to 3Q25, mainly due to real estate footprint optimization. Occupancy increased 6% compared to 2Q26, primarily due to one-time items.
Other expenses
increased 4% compared to 3Q25, mainly driven by higher revenue-related costs. Other expenses decreased 4% compared to 2Q26, largely reflecting lower professional fee spend, partially offset by higher revenue-related costs.
Total expenses were positively impacted by currency translation of $14 million and $6 million compared to 3Q25 and 2Q26, respectively.
7
TAXES
The effective tax rate
of 21.5% in 3Q26 decreased from 21.9% in both 3Q25 and 2Q26, primarily due to higher discrete benefits in 3Q26.
CAPITAL AND LIQUIDITY
The following table presents preliminary estimates of regulatory capital and liquidity ratios for State Street Corporation.
(As of period end)
3Q26
2Q26
3Q25
Basel III Standardized Approach:
Common equity tier 1 ratio (CET1)
11.0
%
10.8
%
11.3
%
Tier 1 capital ratio
13.9
13.2
13.9
Total capital ratio
15.2
14.5
15.5
Basel III Advanced Approaches:
Common equity tier 1 ratio (CET1)
13.4
13.2
13.1
Tier 1 capital ratio
16.9
16.3
16.2
Total capital ratio
18.4
17.8
17.8
Tier 1 leverage ratio
5.5
5.3
5.6
Supplementary leverage ratio (SLR)
6.4
6.2
6.4
State Street Corporation Liquidity coverage ratio (LCR)
(1)
106
%
107
%
106
%
(1)
SSBT is also subject to minimum LCR requirements. SSBT’s average daily LCR was above the LCR minimum requirements in 3Q26.
Standardized capital ratios
were binding for all periods included above.
CET1 (Standardized) ratio
at quarter-end of 11.0% decreased 0.3% points compared to 3Q25, largely due to continued capital return, higher RWA and a reduction in AOCI, partially offset by capital generated from earnings. CET1 ratio increased 0.2% points compared to 2Q26, primarily due to capital generated from earnings and lower RWA, partially offset by continued capital return and a reduction in AOCI.
Tier 1 leverage ratio
at quarter-end of 5.5% decreased 0.1%
compared to 3Q25, largely due to continued capital return and higher average assets, partially offset by capital generated from earnings and higher preferred equity. Tier 1 leverage ratio at quarter-end increased 0.2% points compared to 2Q26, mainly driven by capital generated from earnings, higher preferred equity, and lower average balance sheet levels, partially offset by continued capital return.
SLR
at quarter-end of 6.4% remained flat compared to 3Q25, as continued capital return and higher leverage exposure were largely offset by capital generated from earnings and higher preferred equity. SLR at quarter-end increased 0.2% points compared to 2Q26, largely due to capital generated from earnings, higher preferred equity, and lower leverage exposure, partially offset by continued capital return.
LCR
at quarter-end for State Street Corporation was approximately 106%, flat compared to 3Q25 and down 1% point compared to 2Q26.
8
INVESTOR CONFERENCE CALL AND QUARTERLY WEBSITE DISCLOSURE
State Street will webcast an investor conference call today, Wednesday, October 14, 2026, at 11:00 a.m. ET, available at
http://investors.statestreet.com
. The conference call will also be available via telephone, at (800) 439-6511. The Participant Passcode is 96234#.
Recorded replay of the conference call will be available on the website beginning approximately two hours after the call's completion. The replay will be available for approximately one month following the conference call.
This News Release, presentation materials referred to on the conference call, and additional financial information are available on State Street's website, at
http://investors.statestreet.com
under “Investor News & Events" and under the title “Events & Presentations".
State Street intends to publish updates to its public disclosure regarding regulatory capital, as required by the Basel III final rule, and the liquidity coverage and net stable funding ratios, on a quarterly basis on its website at
http://investors.statestreet.com
, under “Filings & Reports". Those updates will be published each quarter, during the period beginning after State Street's public announcement of its quarterly results of operations and ending on or prior to the due date under applicable bank regulatory requirements (i.e., ordinarily, ending no later than 60 days following year-end or 40 to 45 days following each other quarter-end, as applicable). For 3Q26, State Street expects to publish its updates during the period beginning today and ending on or about November 9, 2026 and on or about November 14, 2026 for the liquidity coverage ratio.
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $59.2 trillion in assets under custody and/or administration and $6.3 trillion* in assets under management as of September 30, 2026, State Street operates globally in more than 100 geographic markets and employs approximately 51,000 worldwide. For more information, visit State Street's website at
www.statestreet.com
.
* Assets under management as of September 30, 2026 includes approximately $172 billion of assets with respect to SPDR
®
products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated.
9
IN THIS NEWS RELEASE:
•
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, may also exclude seasonal items. There were no notable items in any of 3Q26, 2Q26, or 3Q25. 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 may sometimes present ratios, such as return on tangible common equity, based on an adjusted common shareholder equity metric, "tangible common equity", which reflects a reduction (net of deferred taxes) for goodwill and other intangible assets, as we believe this presentation provides additional context about our use of equity. As an additional example, 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. Refer to the Addendum included with this News Release for reconciliations of our non-GAAP financial information. To access the Addendum go to
http://investors.statestreet.com
and click on “Filings & Reports – Quarterly Results”.
•
Stock purchases under our common stock repurchase programs may be made using various types of transactions, including open-market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing and amount of any stock purchases and the type of transaction may not be consistent over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including our capital position and financial performance, investment opportunities, market conditions, regulatory considerations including the nature and timing of implementation of revisions to the Basel III framework, and the amount of common stock issued as part of employee compensation programs. The common share repurchase programs do not have specific price targets and may be suspended at any time. State Street’s common stock and other stock dividends, including the declaration, timing and amount, remain subject to consideration and approval by State Street’s Board of Directors at the relevant times.
•
Servicing fee revenue wins (i.e., "sales") and backlog (i.e., "to be installed") represents estimates of future annual revenue associated with new servicing engagements State Street determines to be won during the current reporting period, which may include anticipated servicing-related revenues associated with acquisitions or structured transactions, based upon factors assessed at the time the engagement is determined by State Street to be won, including asset volumes, number of transactions, accounts and holdings, terms and expected strategy. These and other relevant factors influencing projected servicing fees upon asset implementation/onboarding will change from time to time prior to, upon and following asset implementation/onboarding, among other reasons, due to varying market levels and factors and client and investor activity and preferences. Servicing fee/backlog estimates are not updated to reflect those changes, regardless of the magnitude or direction of, or reason for, any change. Servicing fee revenue wins in any period include estimated fees attributable to both (1) services to be provided for new estimated AUC/A reflected in new investment servicing wins for the period (with AUC/A to be onboarded in the future) and (2) additional services to be provided for AUC/A already included in our end-of period AUC/A (i.e., for which other services are currently provided); and the magnitude of one source of servicing fee revenue wins relative to the other (i.e., (1) relative to (2)) will vary from period to period. Therefore, for these and other reasons, comparisons of estimated servicing fee revenue wins to estimated new investment servicing AUC/A wins for any period will not produce reliable fee per AUC/A estimates. No servicing fees are recognized until the point in the future when we begin performing the associated services with respect to the relevant AUC/A. Both AUC/A and servicing fee revenue, when presented on a "backlog" or "to be installed" basis, are presented as of period-end. See also the succeeding two bullets in this “In This News Release” section in reference to considerations applicable to pending servicing engagements, which similarly apply to engagements for which reported servicing fee revenue wins/backlog are attributable.
•
New investment servicing mandates, including announced Alpha front-to-back investment servicing clients, may be subject to completion of definitive agreements, consents or assignments, approval of applicable boards and shareholders, customary regulatory approvals or other conditions, the failure to complete any of which will prevent the relevant mandate from being installed and serviced. New investment servicing mandates and servicing assets/fees remaining to be installed in future periods exclude new business which has been contracted, but for which the client has not yet provided permission to publicly disclose or anonymously disclose and is not yet installed. These excluded assets, which from time to time may be significant, will be included in new investment servicing mandates and reflected in servicing assets/fees remaining to be installed in the period in which the client provides its permission. Servicing mandates, servicing assets remaining to be installed in future periods and servicing fee revenues remaining to be installed in future periods are presented on a gross basis based on factors present on or about the time we determine
10
the business to be won by us and are not updated based on subsequent developments, including changes in assets, market valuations, scope and, potentially termination. Such assets therefore also do not include the impact of clients who have notified us during the period of their intent to terminate or reduce their relationship with State Street, which from time to time may be significant.
•
New business in assets to be serviced is reflected in our AUC/A after we begin servicing the assets, and new business in assets to be managed is reflected in our AUM after we begin managing the assets. As such, only a portion of any new investment servicing and investment management mandates may be reflected in our AUC/A and AUM as of any particular date specified. AUC/A values for certain asset classes are based on a lag, typically one-month. Generally, our servicing fee revenues are affected by several factors, and we provide varied services from our full suite of offerings to different clients. The basis for fees will also differ across regions and clients and can reflect pricing pressures traditionally experienced in our industry. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing wins or new servicing business yet to be installed, as the amount of revenue associated with AUC/A can vary materially. Management fees also are generally affected by various factors, including investment product type and strategy and relationship pricing for clients, and are more sensitive to market valuations than are servicing fees. Therefore, no assumption should be drawn from management fees associated with changes in AUM levels. Levels of AUC/A, AUC/A to be installed, Servicing fee wins to be installed and AUM are always presented as of the end of the relevant period, unless otherwise specifically noted.
•
Software services ARR, an operating metric, is calculated by annualizing the revenue from the last month of the relevant quarter for CRD and CRD for Private Markets and includes the annualized amount of most Software and data revenue, including revenue generated from SaaS, maintenance and support revenue, FIX, and value-added services, which are all expected to be recognized ratably over the term of client contracts. ARR does not include Software and data brokerage revenue, revenue from affiliates and licensing fees (excluding the portion allocated to maintenance and support) from On-premises software. This reflects a change in presentation which previously calculated those revenues by annualizing the revenue for the relevant quarter (as opposed to the revenue for the last month of the relevant quarter). Prior period amounts have been recast to conform to the current calculation. Software services ARR was $410 million, $433 million, and $442 million in 3Q25, 2Q26, and 3Q26, respectively.
•
Revenue and pre-tax income reflects the application of ASC 606. Revenue recognition under ASC 606 results in the acceleration of a significant portion of revenues for On-premises software agreements when a client goes live or renews their contract with us. The amount of revenue recognized in any given quarter will be driven in large part by client activity, including agreements that renew or are installed in that quarter.
•
Unless otherwise noted, all capital ratios referenced in this News Release and elsewhere in this presentation refer to State Street Corporation, or State Street, and not State Street Bank and Trust Company. The lower of capital ratios calculated under the Basel III advanced approaches and under the Basel III standardized approach are applied in the assessment of our capital adequacy for regulatory purposes. Standardized ratios were binding for 3Q26. Refer to the Addendum included with this News Release for additional information. All capital ratios are estimated. Liquidity Coverage Ratio (LCR) is a preliminary estimate based on a quarterly daily average.
•
All earnings per share amounts represent fully diluted earnings per common share.
•
Return on average common equity is determined by dividing annualized net income available to common shareholders by average common shareholders' equity for the period.
•
Year-over-year (YoY) is the current period compared to the same period a year ago. Quarter-over-quarter (QoQ) is a sequential quarter comparison.
•
Operating leverage is the rate of growth of total revenue less the rate of growth of total expenses, relative to the corresponding prior year period, as applicable.
•
Fee operating leverage is the rate of growth of total fee revenue less the rate of growth of total expenses, relative to the corresponding prior year period, as applicable.
•
"AUC/A" denotes Assets Under Custody and/or Administration; "AUC" denotes Assets Under Custody; "AUM" denotes Assets Under Management; "SPDR" denotes Standard and Poor's Depository Receipt; "ETF" denotes Exchange-traded fund; "nm" denotes not meaningful; "EOP" denotes end of period.
•
"CRD" denotes Charles River Development; "SaaS" denotes Software as a service; "FIX" denotes The Charles River Network's FIX Network Service (CRN); "On-premises" denotes On-premises revenue as recognized in the CRD business.
•
"RWA" denotes risk-weighted assets; "AOCI" denotes Accumulated other comprehensive income.
•
"FTE" denotes fully taxable-equivalent basis; NIM is presented on an FTE-basis, and is calculated by dividing FTE NII by average total interest-earning assets. Refer to the Addendum for reconciliations of our FTE-basis presentation.
11
FORWARD LOOKING STATEMENTS
This News Release contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our strategy, growth and sales prospects, capital management, business, financial and capital condition, results of operations, the financial and market outlook and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “expect,” “will,” “medium-term,” “outlook,” “target,” “opportunity,” “strategy,” “strategic,” “driver,” “priority,” “assumption,” “illustrative,” “framework,” “forecast,” “guidance,” “objective,” “believe,” “plan," “anticipate,” “seek," “may,” “trend,” “goal,” “estimate,” “intend,” “aim,” “outcome,” “future,” “pipeline,” and “trajectory,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements.
Important factors that may affect future results and outcomes include, but are not limited to:
•
We are subject to intense competition, which could negatively affect our profitability;
•
We are subject to significant pricing pressure and variability in our financial results and our AUC/A and AUM;
•
We could be adversely affected by political, geopolitical, economic and market conditions, including, for example, as a result of liquidity or capital deficiencies (actual or perceived) by other financial institutions and related market and government actions, changes in U.S. trade or other policies or those policies of other nations, the ongoing conflicts in Ukraine and in the Middle East, major political shifts domestically or internationally (including the potential for retaliatory actions by governments, market participants or clients based on diverging perspectives or otherwise), actions taken by central banks in an attempt to address prevailing economic conditions, changes in monetary policy or periods of significant volatility in the markets for equity, fixed income and other asset classes globally or within specific markets;
•
Our development and completion of new products and services, including State Street Alpha
®
and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased risks;
•
Our business may be negatively affected by risks associated with strategic initiatives we are undertaking to enhance the effectiveness, including the adoption or integration of new technologies such as artificial intelligence, and efficiency of our operations and of our cybersecurity and technology infrastructure or by our failure to meet the related, resiliency or other expectations of our clients and regulators, or as a result of a cyber-attack or similar vulnerability in our or business partners' infrastructure;
•
Our risk management framework, models and processes may not be effective in identifying or mitigating risk and reducing the potential for related losses, and a failure or circumvention of our controls and procedures, or errors or delays in our operational and transaction processing, or those of third parties, could have an adverse effect on our business, financial condition, operating results and reputation;
•
Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of these transactions, pose risks for our business;
•
Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business;
•
Our investment securities portfolio, consolidated financial condition and consolidated results of operations could be adversely affected by changes in the financial markets, governmental action or monetary policy. For example, among other risks, changes in prevailing interest rates or market conditions have led, and were they to persist or occur in the future could further lead, to decreases in our NII or to portfolio management decisions resulting in reductions in our capital or liquidity ratios;
•
Our business activities expose us to interest rate risk;
•
We assume significant credit risk of counterparties, who may also have substantial financial dependencies on other financial institutions, and these credit exposures and concentrations could expose us to financial loss;
•
Our fee revenue represents a significant portion of our revenue and is subject to and may decline based on, among other factors, market and currency declines, investment activities and preferences of our clients and their business mix, as well as the timing of new business onboarding;
•
If we are unable to effectively manage our capital and liquidity, our financial condition, capital ratios, results of operations and business prospects could be adversely affected;
•
Our return of capital to shareholders through common share repurchases and common stock dividends may be variable and is subject to various business and financial factors and regulatory requirements and approvals of our Board of Directors;
•
We may need to raise additional capital or debt in the future, which may not be available to us or may only be available on unfavorable terms;
•
If we experience a downgrade in our credit ratings, or an actual or perceived reduction in our financial strength, our borrowing and capital costs, liquidity and reputation could be adversely affected;
•
Our business and capital-related activities, including common share repurchases, may be adversely affected by regulatory requirements and considerations, including capital, credit and liquidity;
•
We face extensive and changing government regulation and supervision in the U.S. and non-U.S. jurisdictions in which we operate, which may increase our costs and compliance risks and may affect our business activities and strategies;
12
•
Our businesses may be adversely affected by government enforcement and litigation;
•
Our businesses may be adversely affected by increased and conflicting political, regulatory and client scrutiny of investment management, stewardship and sustainable investment strategies and services offered;
•
Any misappropriation of the confidential information we possess could have an adverse impact on our business and could subject us to regulatory actions, litigation and other adverse effects;
•
Our calculations of risk exposures, total RWA and capital ratios depend on data inputs, formulae, models, correlations and assumptions that are subject to change, which could materially impact our risk exposures, our total RWA and our capital ratios from period to period;
•
Changes in accounting standards may adversely affect our consolidated results of operations and financial condition;
•
Changes in tax laws, rules or regulations, challenges to our tax positions and changes in the composition of our pre-tax earnings may increase our effective tax rate;
•
We could face liabilities for withholding and other non-income taxes, including in connection with our services to clients, as a result of tax authority examinations;
•
Our businesses may be negatively affected by adverse publicity or other reputational harm;
•
Shifting and maintaining operational activities to non-U.S. jurisdictions, changing our operating model, and outsourcing to, or insourcing from, third parties expose us to increased operational risk, geopolitical risk and reputational harm and may not result in expected cost savings or operational improvements;
•
Attacks or unauthorized access to our or our business partners' or clients' information technology systems or facilities, such as cyber-attacks or other disruptions to our or their operations, including attacks leveraging advanced or new artificial intelligence models that are continuously evolving and presenting heightened risks, could result in significant costs, reputational damage and impacts on our business activities;
•
Long-term contracts and customizing service delivery for clients expose us to increased operational risk, pricing and performance risk;
•
We may not be able to protect our intellectual property or may infringe upon the rights of third parties;
•
The quantitative models we use to manage our business may contain errors that could adversely impact our business, financial condition, operating results and regulatory compliance, and lapses in disclosure controls and procedures or internal control over financial reporting could occur, any of which could result in material harm;
•
Our reputation and business prospects may be damaged if investors in the collective investment pools we sponsor or manage incur substantial losses in these investment pools or are restricted in redeeming their interests in these investment pools;
•
The impacts of global regulatory requirements and expectations, shifting client preferences, and disclosure requirements related to climate risks and sustainability standards could adversely affect us; and
•
We may incur losses or face negative impacts on our business as a result of unforeseen events, including terrorist attacks, geopolitical events, acute or chronic physical risk events, including natural disasters, pandemics, global conflicts, or a banking crisis, which may have a negative impact on our business and operations.
Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2025 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this News Release should not be relied on as representing our expectations or beliefs as of any time subsequent to the time this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.
13

----- exhibit992-3q26earningsrel.htm -----
EX-99.2
3
exhibit992-3q26earningsrel.htm
EX-99.2
Document
Exhibit 99.2
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
September 30, 2026
Table of Contents
GAAP-Basis Financial Information:
4-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
15
Capital:
Regulatory Capital
16
Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity
17
Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information
18
Reconciliations of Pre-tax Margin and Return on Tangible Common Equity 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 October 14, 2026.
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
4-YEAR SUMMARY OF RESULTS
(Dollars in millions, except per share amounts, or where otherwise noted)
2022
2023
2024
2025
Year ended December 31:
Total fee revenue
$
9,606
$
9,480
$
10,156
$
10,980
Net interest income
2,544
2,759
2,923
2,960
Other income
(2)
(294)
(79)
4
Total revenue
12,148
11,945
13,000
13,944
Provision for credit losses
20
46
75
59
Total expenses
8,801
9,583
9,530
10,154
Income before income tax expense
3,327
2,316
3,395
3,731
Income tax expense
553
372
708
786
Net income
2,774
1,944
2,687
2,945
Net income available to common shareholders
$
2,660
$
1,821
$
2,483
$
2,717
Per common share:
Diluted earnings per common share
$
7.19
$
5.58
$
8.21
$
9.40
Average diluted common shares outstanding (in thousands)
370,109
326,568
302,226
289,019
Cash dividends declared per common share
$
2.40
$
2.64
$
2.90
$
3.20
Closing price per share of common stock (at year end)
77.57
77.46
98.15
129.01
Average balance sheet:
Investment securities
$
111,929
$
105,765
$
104,784
$
110,586
Total assets
286,430
274,696
311,723
343,505
Total deposits
222,874
205,111
225,611
253,002
Ratios and other metrics:
Return on average common equity
11.1
%
8.2
%
11.1
%
11.5
%
Return on average tangible common equity
(1)
17.4
13.3
17.9
17.9
Pre-tax margin
27.4
19.4
26.1
26.8
Pre-tax margin, excluding notable items
(2)
28.4
26.4
27.6
29.2
Net interest margin, fully taxable-equivalent basis
1.03
1.20
1.10
1.00
Common equity tier 1 ratio
(3)(4)
13.6
11.6
10.9
11.6
Tier 1 capital ratio
(3)(4)
15.4
13.4
13.2
14.4
Total capital ratio
(3)(4)
16.8
15.2
14.8
16.1
Tier 1 leverage ratio
(3)
6.0
5.5
5.2
5.5
Supplementary leverage ratio
(3)
7.0
6.2
6.2
6.5
Assets under custody and/or administration (in trillions)
$
36.74
$
41.81
$
46.56
$
53.80
Assets under management (in trillions)
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)
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
3Q26
vs.
3Q25
3Q26
vs.
2Q26
2025
2026
YTD2026
vs.
YTD2025
Fee revenue:
Servicing fees
$
1,275
$
1,304
$
1,357
$
1,388
$
1,409
$
1,468
$
1,492
9.9
%
1.6
%
$
3,936
$
4,369
11.0
%
Management fees
(1)
587
600
664
717
724
772
797
20.0
3.2
1,851
2,293
23.9
Foreign exchange trading services
(1)
337
393
364
350
435
494
427
17.3
(13.6)
1,094
1,356
23.9
Securities finance
114
126
138
127
116
150
151
9.4
0.7
378
417
10.3
Software services
(1)
158
169
167
163
169
166
175
4.8
5.4
494
510
3.2
Other fee revenue
(1)
99
127
139
117
107
138
98
(29.5)
(29.0)
365
343
(6.0)
Total fee revenue
2,570
2,719
2,829
2,862
2,960
3,188
3,140
11.0
(1.5)
8,118
9,288
14.4
Net interest income:
Interest income
2,922
3,055
2,918
2,749
2,651
2,843
2,916
(0.1)
2.6
8,895
8,410
(5.5)
Interest expense
2,208
2,326
2,203
1,947
1,816
1,983
2,052
(6.9)
3.5
6,737
5,851
(13.2)
Net interest income
714
729
715
802
835
860
864
20.8
0.5
2,158
2,559
18.6
Other income:
Gains from sales of available-for-sale securities, net
—
—
1
3
1
—
—
nm
—
1
1
—
Total other income
—
—
1
3
1
—
—
nm
—
1
1
—
Total revenue
3,284
3,448
3,545
3,667
3,796
4,048
4,004
12.9
(1.1)
10,277
11,848
15.3
Provision for credit losses
12
30
9
8
16
—
(4)
nm
nm
51
12
(76.5)
Expenses:
Compensation and employee benefits
1,262
1,280
1,162
1,331
1,441
1,292
1,251
7.7
(3.2)
3,704
3,984
7.6
Information systems and communications
497
523
517
557
637
589
594
14.9
0.8
1,537
1,820
18.4
Transaction processing services
258
260
276
256
283
280
286
3.6
2.1
794
849
6.9
Occupancy
103
105
106
173
101
96
102
(3.8)
6.3
314
299
(4.8)
Other
330
361
373
424
349
402
387
3.8
(3.7)
1,064
1,138
7.0
Total expenses
2,450
2,529
2,434
2,741
2,811
2,659
2,620
7.6
(1.5)
7,413
8,090
9.1
Income before income tax expense
822
889
1,102
918
969
1,389
1,388
26.0
(0.1)
2,813
3,746
33.2
Income tax expense
178
196
241
171
205
305
298
23.7
(2.3)
615
808
31.4
Net income
$
644
$
693
$
861
$
747
$
764
$
1,084
$
1,090
26.6
0.6
$
2,198
$
2,938
33.7
Adjustments to net income:
Dividends on preferred stock
$
(46)
$
(63)
$
(58)
$
(59)
$
(58)
$
(58)
$
(59)
(1.7)
(1.7)
$
(167)
$
(175)
(4.8)
Earnings allocated to participating securities
(1)
—
(1)
—
(1)
—
(1)
—
nm
(2)
(2)
—
Net income available to common shareholders
$
597
$
630
$
802
$
688
$
705
$
1,026
$
1,030
28.4
0.4
$
2,029
$
2,761
36.1
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)
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
3Q26
vs.
3Q25
3Q26
vs.
2Q26
2025
2026
YTD2026
vs.
YTD2025
Per common share:
Basic earnings
$
2.07
$
2.20
$
2.83
$
2.46
$
2.53
$
3.71
$
3.76
32.9
%
1.3
%
$
7.09
$
9.99
40.9
%
Diluted earnings
2.04
2.17
2.78
2.42
2.49
3.65
3.69
32.7
1.1
6.98
9.82
40.7
Average common shares outstanding (in thousands):
Basic
288,562
286,281
283,434
280,008
278,434
276,150
274,182
(3.3)
(0.7)
286,074
276,240
(3.4)
Diluted
292,716
290,490
288,163
284,806
282,874
281,062
279,292
(3.1)
(0.6)
290,439
281,063
(3.2)
Cash dividends declared per common share
$
0.76
$
0.76
$
0.84
$
0.84
$
0.84
$
0.84
$
0.92
9.5
9.5
$
2.36
$
2.60
10.2
Closing price per share of common stock (as of quarter end)
89.53
106.34
116.01
129.01
126.56
169.60
174.59
50.5
2.9
116.01
174.59
50.5
Book value per common share
$
80.13
$
83.16
$
85.33
$
87.01
$
87.33
$
89.95
$
90.37
5.9
0.5
$
85.33
$
90.37
5.9
Tangible book value per common share
(2)
51.23
53.56
55.57
56.13
56.59
59.23
59.69
7.4
0.8
55.57
59.69
7.4
Balance sheet averages:
Investment securities
$
110,070
$
112,083
$
111,821
$
108,376
$
107,157
$
108,630
$
108,279
(3.2)
(0.3)
$
111,332
$
108,026
(3.0)
Total assets
337,291
353,779
340,480
342,448
351,714
366,821
363,098
6.6
(1.0)
343,862
360,586
4.9
Total deposits
243,036
260,745
254,509
253,585
258,081
270,345
271,123
6.5
0.3
252,805
266,565
5.4
Ratios and other metrics:
Effective tax rate
21.7
%
22.0
%
21.9
%
18.6
%
21.2
%
21.9
%
21.5
%
(0.4)
%
pts
(0.4)
%
pts
21.9
%
21.6
%
(0.3)
%
pts
Return on average common equity
10.6
10.8
13.4
11.3
11.6
16.7
16.4
3.0
(0.3)
11.6
15.0
3.4
Return on average tangible common equity
(3)
16.4
16.7
20.9
17.5
17.6
25.5
25.1
4.2
(0.4)
18.0
22.8
4.8
Pre-tax margin
25.0
25.8
31.1
25.0
25.5
34.3
34.6
3.5
0.3
27.4
31.6
4.2
Pre-tax margin, excluding notable items
(4)
25.0
29.6
31.1
30.7
29.0
34.3
34.6
3.5
0.3
28.7
32.7
4.0
Net interest margin, fully taxable-equivalent basis
1.00
0.96
0.96
1.10
1.16
1.13
1.12
0.2
—
0.97
1.14
0.2
Common equity tier 1 ratio
(5)(6)
11.0
10.7
11.3
11.6
10.6
10.8
11.0
(0.3)
0.2
11.3
11.0
(0.3)
Tier 1 capital ratio
(5)(6)
13.8
13.3
13.9
14.4
13.1
13.2
13.9
—
0.7
13.9
13.9
—
Total capital ratio
(5)(6)
15.3
14.8
15.5
16.1
14.5
14.5
15.2
(0.3)
0.7
15.5
15.2
(0.3)
Tier 1 leverage ratio
(5)
5.5
5.3
5.6
5.5
5.4
5.3
5.5
(0.1)
0.2
5.6
5.5
(0.1)
Supplementary leverage ratio
(5)
6.5
6.3
6.4
6.5
6.3
6.2
6.4
—
0.2
6.4
6.4
—
Assets under custody and/or administration (in billions)
$
46,733
$
49,000
$
51,664
$
53,800
$
54,515
$
57,858
$
59,173
14.5
%
2.3
%
$
51,664
$
59,173
14.5
%
Assets under management (in billions)
4,665
5,117
5,446
5,665
5,620
6,278
6,306
15.8
0.4
5,446
6,306
15.8
Average securities on loan
(7)
358,869
386,730
404,378
411,166
431,100
478,343
464,538
14.9
(2.9)
383,493
458,116
19.5
(1)
In the first quarter of 2026, revenue related to distribution and marketing activities was reclassified from foreign exchange trading services to management fees. Additionally, lending-related and other fees, previously recognized within software and processing fees, was reclassified to other fee revenue, and the software and processing fees caption has been changed to software services. Prior-period amounts have been reclassified to conform to the current presentation. These reclassifications had no impact on total fee revenue, total revenue or net income, on either a consolidated or line of business basis.
(2)
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.
(3)
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). Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(4)
Excluding notable items is a non-GAAP presentation; refer to Reconciliations of non-GAAP Financial Information pages for details.
(5)
The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Capital ratios as of September 30, 2026 are estimates.
(6)
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.
(7)
End-of-period securities on loan were $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, and $431,805 million, $426,290 million and $458,788 million at March 31, 2026, June 30, 2026 and September 30, 2026, 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, 2025
June 30, 2025
September 30, 2025
December 31, 2025
March 31, 2026
June 30, 2026
September 30, 2026
3Q26
vs.
3Q25
3Q26
vs.
2Q26
Assets:
Cash and due from banks
$
4,658
$
4,020
$
4,756
$
4,433
$
6,518
$
4,290
$
4,796
0.8
%
11.8
%
Interest-bearing deposits with banks, net
119,464
118,835
122,642
126,930
123,574
145,223
138,426
12.9
(4.7)
Securities purchased under resale agreements
7,971
8,275
7,730
6,812
8,187
9,035
7,222
(6.6)
(20.1)
Trading account assets
743
791
884
827
842
856
852
(3.6)
(0.5)
Investment securities:
Investment securities available-for-sale, net
67,444
70,603
69,443
67,154
71,645
72,297
74,008
6.6
2.4
Investment securities held-to-maturity, net
(1)
45,505
43,286
40,934
38,171
36,732
35,290
34,116
(16.7)
(3.3)
Total investment securities
112,949
113,889
110,377
105,325
108,377
107,587
108,124
(2.0)
0.5
Loans
44,685
47,279
46,660
46,782
49,190
52,062
49,309
5.7
(5.3)
Allowance for credit losses on loans
(2)
176
179
190
193
168
161
152
(20.0)
(5.6)
Loans, net
44,509
47,100
46,470
46,589
49,022
51,901
49,157
5.8
(5.3)
Premises and equipment, net
(3)
2,784
2,942
3,080
3,174
3,313
3,854
4,273
38.7
10.9
Accrued interest and fees receivable
4,280
4,589
4,476
4,395
4,708
4,867
4,896
9.4
0.6
Goodwill
7,763
7,918
7,916
8,159
8,121
8,106
8,094
2.2
(0.1)
Other intangible assets
1,046
1,014
958
935
872
816
763
(20.4)
(6.5)
Other assets
66,526
67,344
61,781
58,468
78,631
81,846
76,738
24.2
(6.2)
Total assets
$
372,693
$
376,717
$
371,070
$
366,047
$
392,165
$
418,381
$
403,341
8.7
(3.6)
Liabilities:
Deposits:
Non-interest-bearing
$
32,265
$
34,569
$
34,395
$
35,267
$
39,643
$
46,489
$
41,853
21.7
(10.0)
Interest-bearing - U.S.
168,362
169,444
169,013
168,079
174,723
191,759
192,437
13.9
0.4
Interest-bearing - Non-U.S.
71,429
79,011
76,591
71,004
78,975
81,299
77,361
1.0
(4.8)
Total deposits
(4)
272,056
283,024
279,999
274,350
293,341
319,547
311,651
11.3
(2.5)
Securities sold under repurchase agreements
3,524
2,377
206
841
969
395
411
99.5
4.1
Other short-term borrowings
11,849
9,844
9,825
3,821
3,981
4,372
903
(90.8)
(79.3)
Accrued expenses and other liabilities
33,726
28,254
28,710
34,051
40,899
40,095
36,534
27.3
(8.9)
Long-term debt
24,846
25,911
24,688
25,143
25,233
25,704
25,132
1.8
(2.2)
Total liabilities
346,001
349,410
343,428
338,206
364,423
390,113
374,631
9.1
(4.0)
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
—
—
Series I, 15,000 shares issued and outstanding
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
842
—
—
Series K, 7,500 shares issued and outstanding
743
743
743
743
743
743
743
—
—
Series L, 5,000 shares issued and outstanding
—
—
—
—
—
—
496
nm
nm
Common stock, $1 par, 750,000,000 shares authorized
(5)(6)
504
504
504
504
504
504
504
—
—
Surplus
10,693
10,698
10,704
10,705
10,701
10,710
10,708
—
—
Retained earnings
29,959
30,373
30,938
31,392
31,864
32,660
33,439
8.1
2.4
Accumulated other comprehensive income (loss)
(1,792)
(1,321)
(1,172)
(1,043)
(1,282)
(1,178)
(1,624)
(38.6)
(37.9)
Treasury stock, at cost
(7)
(16,231)
(16,506)
(16,891)
(17,276)
(17,604)
(17,987)
(18,372)
(8.8)
(2.1)
Total shareholders' equity
26,692
27,307
27,642
27,841
27,742
28,268
28,710
3.9
1.6
Total liabilities and equity
$
372,693
$
376,717
$
371,070
$
366,047
$
392,165
$
418,381
$
403,341
8.7
(3.6)
(1)
Fair value of investment securities held-to-maturity
$
40,424
$
38,485
$
36,654
$
34,166
$
32,560
$
31,104
$
28,697
(2)
Total allowance for credit losses including off-balance sheet commitments
186
192
201
203
179
175
166
(3)
Accumulated depreciation for premises and equipment
6,635
6,824
6,979
7,046
7,170
7,273
7,450
(4)
Average total deposits
243,036
260,745
254,509
253,585
258,081
270,345
271,123
(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
(6)
Total common shares outstanding
288,676,229
285,561,974
282,217,819
279,077,907
276,924,993
274,702,550
272,828,262
(7)
Treasury stock shares
215,203,413
218,317,668
221,661,823
224,801,735
226,954,649
229,177,092
231,051,380
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
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
3Q26
vs.
3Q25
3Q26
vs.
2Q26
(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 balance
Assets:
Interest-bearing deposits with banks, net
$
92,780
3.36
%
$
98,321
3.23
%
$
88,130
3.03
%
$
94,987
2.83
%
$
100,363
2.81
%
$
103,683
2.89
%
$
100,858
2.94
%
14.4
%
(2.7)
%
Securities purchased under resale agreements
(2)
7,716
8.66
9,169
7.83
8,643
7.82
7,398
8.47
8,051
7.65
8,129
7.43
8,320
6.73
(3.7)
2.3
Trading account assets
756
0.15
791
0.06
806
0.90
872
0.65
837
0.71
845
0.80
897
0.65
11.3
6.2
Investment securities:
Investment securities available-for-sale, net
63,428
4.57
67,718
4.45
69,898
4.43
68,858
4.32
69,862
4.04
72,810
4.06
73,680
4.14
5.4
1.2
Investment securities held-to-maturity, net
46,642
2.07
44,365
2.11
41,923
2.15
39,518
2.19
37,295
2.22
35,820
2.24
34,599
2.24
(17.5)
(3.4)
Total investment securities
110,070
3.51
112,083
3.52
111,821
3.58
108,376
3.55
107,157
3.41
108,630
3.46
108,279
3.53
(3.2)
(0.3)
Loans
(3)
43,730
5.17
45,277
5.08
46,500
4.98
47,599
4.77
48,588
4.53
50,081
4.64
50,358
4.65
8.3
0.6
Other interest-earning assets
34,464
5.49
39,007
5.38
39,557
4.92
29,999
5.00
28,118
5.00
34,038
5.00
36,408
5.23
(8.0)
7.0
Total interest-earning assets
289,516
4.09
304,648
4.02
295,457
3.92
289,231
3.77
293,114
3.67
305,406
3.73
305,120
3.79
3.3
(0.1)
Cash and due from banks
4,516
4,058
4,336
3,633
3,912
3,984
4,235
(2.3)
6.3
Other non-interest-earning assets
43,259
45,073
40,687
49,584
54,688
57,431
53,743
32.1
(6.4)
Total assets
$
337,291
$
353,779
$
340,480
$
342,448
$
351,714
$
366,821
$
363,098
6.6
(1.0)
Liabilities:
Interest-bearing deposits:
U.S.
$
154,462
3.54
%
$
159,770
3.50
%
$
157,132
3.49
%
$
153,865
3.13
%
$
154,634
2.91
%
$
161,741
2.91
%
$
164,807
2.96
%
4.9
%
1.9
%
Non-U.S.
63,677
1.38
76,807
1.55
73,428
1.49
73,577
1.34
73,962
1.34
79,103
1.52
77,240
1.51
5.2
(2.4)
Total interest-bearing deposits
(4)
218,139
2.91
236,577
2.87
230,560
2.86
227,442
2.55
228,596
2.40
240,844
2.45
242,047
2.49
5.0
0.5
Securities sold under repurchase agreements
4,530
4.54
3,160
4.42
1,002
3.44
161
1.90
272
2.84
256
2.23
487
2.89
(51.4)
90.2
Other short-term borrowings
11,848
4.64
10,179
4.51
10,069
4.88
6,320
3.81
3,857
4.05
4,179
3.78
1,906
3.81
(81.1)
(54.4)
Long-term debt
23,742
5.00
25,864
4.98
25,273
4.93
25,126
4.77
25,256
4.53
25,912
4.57
25,598
4.64
1.3
(1.2)
Other interest-bearing liabilities
5,471
11.76
3,543
18.35
3,445
11.39
3,678
13.27
4,310
12.82
5,383
12.90
4,919
17.09
42.8
(8.6)
Total interest-bearing liabilities
263,730
3.40
279,323
3.34
270,349
3.23
262,727
2.94
262,291
2.81
276,574
2.88
274,957
2.96
1.7
(0.6)
Non-interest-bearing deposits
(5)
24,897
24,168
23,949
26,143
29,485
29,501
29,076
21.4
(1.4)
Other non-interest-bearing liabilities
22,554
23,232
18,850
25,851
31,823
32,605
30,398
61.3
(6.8)
Preferred shareholders' equity
3,263
3,560
3,560
3,560
3,560
3,560
3,830
7.6
7.6
Common shareholders' equity
22,847
23,496
23,772
24,167
24,555
24,581
24,837
4.5
1.0
Total liabilities and shareholders' equity
$
337,291
$
353,779
$
340,480
$
342,448
$
351,714
$
366,821
$
363,098
6.6
(1.0)
Total deposits
$
243,036
$
260,745
$
254,509
$
253,585
$
258,081
$
270,345
$
271,123
6.5
0.3
Excess of rate earned over rate paid
0.70
%
0.68
%
0.69
%
0.83
%
0.86
%
0.86
%
0.83
%
Net interest margin
1.00
%
0.96
%
0.96
%
1.10
%
1.16
%
1.13
%
1.12
%
Net interest income, fully taxable-equivalent basis
$
714
$
729
$
716
$
802
$
835
$
860
$
864
Tax-equivalent adjustment
—
—
(1)
—
—
—
—
Net interest income, GAAP-basis
(4)
$
714
$
729
$
715
$
802
$
835
$
860
$
864
(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 $232 billion, $253 billion, $251 billion and $234 billion in the first, second, third and fourth quarters of 2025, respectively, and approximately $228 billion, $216 billion and $198 billion in the first, second and third quarters of 2026, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.28%, 0.27%, 0.26% and 0.26% in the first, second, third and fourth quarters of 2025, respectively, and approximately 0.26%, 0.27% and 0.27% in the first, second and third quarters of 2026, respectively.
(3)
Average loans are presented on a gross basis. Average loans net of expected credit losses were 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 and approximately $48,421 million, $49,916 million and $50,202 million in the first, second and third quarters of 2026, respectively.
(4)
Average rates include the impact of FX swap expense of approximately ($83) million, ($42) million, ($31) million and ($39) million in the first, second, third and fourth quarters of 2025, respectively, and approximately ($29) million, ($4) million and ($20) million in the first, second and third quarters of 2026, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately 3.07%, 2.94%, 2.91%, and 2.62% in the first, second, third and fourth quarters of 2025, respectively, and approximately 2.45%, 2.46% and 2.53% in the first, second and third quarters of 2026, 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 2025 and 2026, adjusted for applicable state income taxes, net of related federal benefit.
Year-to-Date
% Change
2025
2026
YTD2026 vs YTD2025
(Dollars in millions; fully-taxable equivalent basis)
Average balance
Average rates
Average balance
Average rates
Average balance
Assets:
Interest-bearing deposits with banks, net
$
93,060
3.21
%
$
101,636
2.88
%
9.2
%
Securities purchased under resale agreements
(2)
8,513
8.08
8,168
7.26
(4.1)
Trading account assets
784
0.38
860
0.72
9.7
Investment securities:
Investment securities available-for-sale, net
67,039
4.48
72,131
4.08
7.6
Investment securities held-to-maturity, net
44,293
2.11
35,895
2.23
(19.0)
Total investment securities
111,332
3.54
108,026
3.47
(3.0)
Loans
(3)
45,179
5.07
49,682
4.61
10.0
Other interest-earning assets
37,694
5.25
32,885
5.09
(12.8)
Total interest-earning assets
296,562
4.01
301,257
3.73
1.6
Cash and due from banks
4,303
4,045
(6.0)
Other non-interest-earning assets
42,997
55,284
28.6
Total assets
$
343,862
$
360,586
4.9
Liabilities:
Interest-bearing deposits:
U.S.
$
157,131
3.51
$
160,431
2.93
2.1
Non-U.S.
71,340
1.48
76,781
1.46
7.6
Total interest-bearing deposits
(4)
228,471
2.88
237,212
2.45
3.8
Securities sold under repurchase agreements
2,884
4.37
339
2.71
(88.2)
Other short-term borrowings
10,692
4.67
3,307
3.89
(69.1)
Long-term debt
24,965
4.97
25,590
4.58
2.5
Other interest-bearing liabilities
4,147
13.53
4,872
14.30
17.5
Total interest-bearing liabilities
271,159
3.32
271,320
2.88
0.1
Non-interest-bearing deposits
(5)
24,334
29,353
20.6
Other non-interest-bearing liabilities
21,532
31,603
46.8
Preferred shareholders' equity
3,461
3,650
5.5
Common shareholders' equity
23,376
24,660
5.5
Total liabilities and shareholders' equity
$
343,862
$
360,586
4.9
Total deposits
$
252,805
$
266,565
5.4
Excess of rate earned over rate paid
0.69
%
0.85
%
Net interest margin
0.97
%
1.14
%
Net interest income, fully taxable-equivalent basis
$
2,159
$
2,559
Tax-equivalent adjustment
(1)
—
Net interest income, GAAP-basis
(4)
$
2,158
$
2,559
(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 $246 billion and $214 billion as of September 30, 2025 and 2026, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.27% for both the nine months ended September 30, 2025 and 2026.
(3)
Average loans are presented on a gross basis. Average loans net of expected credit losses as of September 30, 2025 and 2026 were approximately $45,009 million and $49,520 million, respectively.
(4)
Average rates include the impact of FX swap cost of approximately ($155) million and ($53) million for the nine months ended September 30, 2025 and 2026, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap cost were 2.97% and 2.48% for the nine months ended September 30, 2025 and 2026, 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)
3Q26
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
$
48,165
3.78
%
$
28,061
2.16
%
$
6,314
3.85
%
$
18,318
1.61
%
$
100,858
2.94
%
Total investment securities
83,316
3.56
10,302
2.67
7,571
4.21
7,090
3.74
108,279
3.53
Loans
41,170
4.83
6,820
3.76
1,420
4.49
948
3.19
50,358
4.65
Total other interest-earning assets
(2)
41,897
5.46
87
1.56
68
1.97
3,573
4.99
45,625
5.41
Total interest-earning assets
$
214,548
4.21
$
45,270
2.51
$
15,373
4.06
$
29,929
2.56
$
305,120
3.79
Total interest-bearing deposits
(3)(4)
$
163,951
3.15
$
38,784
1.26
$
11,545
1.68
$
27,767
0.71
$
242,047
2.49
Central Bank Rate
(5)
3.79
2.31
3.75
2Q26
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
$
51,295
3.76
%
$
30,113
1.99
%
$
6,529
3.66
%
$
15,746
1.44
%
$
103,683
2.89
%
Total investment securities
84,248
3.57
9,950
1.73
7,427
4.24
7,005
3.75
108,630
3.46
Loans
41,315
4.78
6,735
3.63
1,353
4.66
678
6.33
50,081
4.64
Total other interest-earning assets
(2)
39,788
5.46
92
(2.26)
36
(2.86)
3,096
4.66
43,012
5.38
Total interest-earning assets
$
216,646
4.20
$
46,890
2.16
$
15,345
4.02
$
26,525
2.56
$
305,406
3.73
Total interest-bearing deposits
(3)(4)
$
159,900
3.11
$
40,799
1.12
$
11,886
1.71
$
28,259
0.98
$
240,844
2.45
Central Bank Rate
(5)
3.75
2.05
3.75
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
(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 - Fully 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
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
(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
Available-for-sale investment securities:
Government & agency securities
$
41.3
4.29
%
$
42.6
4.15
%
$
42.8
4.08
%
$
42.1
3.96
%
$
42.7
3.70
%
$
45.0
3.73
%
$
44.7
3.82
%
U.S. Treasury direct obligations
26.5
4.48
26.4
4.43
25.5
4.37
24.4
4.19
24.0
3.91
25.2
3.92
24.3
4.03
Non-U.S. sovereign, supranational and non-U.S. agency
14.8
3.96
16.2
3.70
17.3
3.66
17.7
3.65
18.7
3.44
19.8
3.49
20.4
3.57
Asset-backed securities
7.8
5.09
8.5
4.75
8.7
4.58
8.2
4.47
8.0
3.99
8.3
4.08
8.5
4.25
Mortgage-backed securities
7.0
5.06
9.2
5.09
11.3
5.33
12.2
5.16
13.6
4.85
14.2
4.88
15.2
4.79
CMBS
4.3
4.86
4.2
4.74
3.9
4.80
3.3
4.73
2.7
4.21
2.4
4.08
2.3
4.16
Other
3.0
5.16
3.2
5.14
3.2
5.12
3.1
5.02
2.9
5.15
2.9
5.19
3.0
5.29
Total available-for-sale portfolio
$
63.4
4.57
$
67.7
4.45
$
69.9
4.43
$
68.9
4.32
$
69.9
4.04
$
72.8
4.06
$
73.7
4.14
Quarters
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
(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
Held-to-maturity investment securities:
Government & agency securities
$
8.6
0.75
%
$
7.2
0.78
%
$
5.6
0.83
%
$
4.4
0.88
%
$
2.7
1.02
%
$
2.1
1.11
%
$
1.7
1.17
%
U.S. Treasury direct obligations
5.0
0.66
3.9
0.67
2.4
0.67
1.6
0.69
0.4
0.70
0.3
0.79
0.1
0.88
Non-U.S. sovereign, supranational and non-U.S. agency
3.6
0.89
3.3
0.92
3.2
0.95
2.8
0.99
2.3
1.08
1.8
1.16
1.6
1.20
Asset-backed securities
2.4
5.32
2.4
5.17
2.4
5.21
2.3
5.17
2.2
4.55
2.1
4.65
2.0
4.55
Mortgage-backed securities
30.5
2.22
29.7
2.21
28.8
2.20
27.8
2.22
27.3
2.22
26.6
2.21
25.9
2.20
CMBS
5.2
1.88
5.1
1.89
5.1
1.89
5.0
1.88
5.1
1.85
5.0
1.85
5.0
1.89
Total held-to-maturity portfolio
$
46.7
2.07
$
44.4
2.11
$
41.9
2.15
$
39.5
2.19
$
37.3
2.22
$
35.8
2.24
$
34.6
2.24
Total investment securities
$
110.1
3.51
$
112.1
3.52
$
111.8
3.58
$
108.4
3.55
$
107.2
3.41
$
108.6
3.46
$
108.3
3.53
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
NR
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
53
%
27
%
14
%
5
%
—
%
—
%
1
%
$
44.6
60.3
%
$
(165)
94% / 6%
U.S. Treasury direct obligations
100
—
—
—
—
—
—
23.6
52.9
6
100% / 0%
Non-U.S. sovereign, supranational and non-U.S. agency
—
57
30
10
—
1
2
21.0
47.1
(171)
84% / 16%
Asset-backed securities
—
96
4
—
—
—
—
8.8
11.9
3
0% / 100%
Mortgage-backed securities
100
—
—
—
—
—
—
15.3
20.7
(375)
43% / 57%
CMBS
100
—
—
—
—
—
—
2.2
2.9
(14)
9% / 91%
Other
—
18
22
55
5
—
—
3.1
4.2
(6)
53% / 47%
Total available-for-sale portfolio
56
%
28
%
10
%
5
%
—
%
—
%
1
%
$
74.0
100.0
%
$
(557)
68% / 32%
Fair Value
$
41.1
$
20.9
$
7.4
$
3.8
$
0.2
$
0.2
$
0.4
Ratings
UST/AGY
AAA
AA
A
BBB
<BBB
NR
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
7
%
28
%
58
%
7
%
—
%
—
%
—
%
$
1.5
4.4
%
$
(44)
100% / 0%
U.S. Treasury direct obligations
100
—
—
—
—
—
—
0.1
6.7
(2)
94% / 6%
Non-U.S. sovereign, supranational and non-U.S. agency
—
30
62
8
—
—
—
1.4
93.3
(42)
100% / 0%
Asset-backed securities
—
1
91
5
1
2
—
2.0
5.9
(18)
5% / 95%
Mortgage-backed securities
100
—
—
—
—
—
—
25.6
75.0
(4,790)
100% / 0%
CMBS
100
—
—
—
—
—
—
5.0
14.7
(569)
98% / 2%
Total held-to-maturity portfolio
90
%
1
%
8
%
1
%
—
%
—
%
—
%
$
34.1
100.0
%
$
(5,421)
94% / 6%
Amortized Cost
$
30.7
$
0.5
$
2.7
$
0.2
$
—
$
—
$
—
Total Investment Securities
(3)
$
108.1
76% / 24%
(1)
At September 30, 2026, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $412 million, after-tax unrealized loss on securities held-to-maturity of $4,007 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $225 million.
(2)
At September 30, 2026, fixed-to-floating rate securities, which excludes the impact of hedges, had a book value of approximately $1.67 billion or 1.55% 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 September 30, 2026, approximately 85% of our investment portfolio was held in HQLA.
10
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES
Quarters
% Change
(Dollars in millions)
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
3Q26
vs.
3Q25
3Q26
vs.
2Q26
Allowance for credit losses:
Beginning balance
$
183
$
186
$
192
$
201
$
203
$
179
$
175
(8.9)
%
(2.2)
%
Provision for credit losses
(funded commitments)
11
27
11
9
15
(3)
(4)
nm
33.3
Provision for credit losses
(unfunded commitments)
1
2
(1)
(3)
1
3
—
nm
nm
Provision for credit losses (all other)
—
1
(1)
2
—
—
—
nm
—
Total provision
12
30
9
8
16
—
(4)
nm
nm
Charge-offs
(9)
(24)
—
(6)
(40)
(4)
(5)
nm
25.0
Ending balance
(1)
$
186
$
192
$
201
$
203
$
179
$
175
$
166
(17.4)
(5.1)
Allowance for credit losses:
Loans
$
176
$
179
$
190
$
193
$
168
$
161
$
152
(20.0)
(5.6)
Unfunded (off-balance sheet) commitments
9
11
10
8
10
13
13
30.0
—
All other
1
2
1
2
1
1
1
—
—
Ending balance
(1)
$
186
$
192
$
201
$
203
$
179
$
175
$
166
(17.4)
(5.1)
(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)
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
3Q26
vs.
3Q25
3Q26
vs.
2Q26
Assets Under Custody and/or Administration
(1)
By Product Classification:
Collective funds, including ETFs
$
15,430
$
16,728
$
17,795
$
17,997
$
18,338
$
20,055
$
20,852
17.2
%
4.0
%
Mutual funds
12,143
12,641
13,209
13,518
13,309
14,353
14,127
6.9
(1.6)
Pension products
9,377
9,679
10,321
10,452
10,912
11,219
11,318
9.7
0.9
Insurance and other products
9,783
9,952
10,339
11,833
11,956
12,231
12,876
24.5
5.3
Total Assets Under Custody and/or Administration
$
46,733
$
49,000
$
51,664
$
53,800
$
54,515
$
57,858
$
59,173
14.5
2.3
By Asset Class:
Equities
$
27,508
$
29,311
$
31,124
$
31,879
$
32,243
$
34,670
$
36,136
16.1
4.2
Fixed-Income
11,900
12,122
12,874
13,830
14,030
14,160
14,074
9.3
(0.6)
Short-term and other investments
(2)
7,325
7,567
7,666
8,091
8,242
9,028
8,963
16.9
(0.7)
Total Assets Under Custody and/or Administration
$
46,733
$
49,000
$
51,664
$
53,800
$
54,515
$
57,858
$
59,173
14.5
2.3
By Geographic Location
(3)
:
Americas
$
33,340
$
35,028
$
36,698
$
37,422
$
37,265
$
40,040
$
40,932
11.5
2.2
Europe/Middle East/Africa
10,303
10,803
11,570
12,918
13,563
14,002
14,174
22.5
1.2
Asia-Pacific
3,090
3,169
3,396
3,460
3,687
3,816
4,067
19.8
6.6
Total Assets Under Custody and/or Administration
$
46,733
$
49,000
$
51,664
$
53,800
$
54,515
$
57,858
$
59,173
14.5
2.3
Assets Under Custody
(4)
By Product Classification:
Collective funds, including ETFs
$
13,335
$
14,487
$
15,478
$
15,619
$
15,874
$
17,424
$
18,122
17.1
4.0
Mutual funds
9,725
10,060
10,506
10,762
10,598
11,351
11,151
6.1
(1.8)
Pension products
7,731
7,975
8,371
8,487
8,875
9,137
9,186
9.7
0.5
Insurance and other products
3,046
3,026
3,144
3,484
3,537
3,661
3,876
23.3
5.9
Total Assets Under Custody
$
33,837
$
35,548
$
37,499
$
38,352
$
38,884
$
41,573
$
42,335
12.9
1.8
By Geographic Location
(3)
:
Americas
$
25,407
$
26,705
$
28,058
$
28,462
$
28,398
$
30,667
$
31,052
10.7
1.3
Europe/Middle East/Africa
5,861
6,215
6,606
6,968
7,360
7,629
7,759
17.5
1.7
Asia-Pacific
2,569
2,628
2,835
2,922
3,126
3,277
3,524
24.3
7.5
Total Assets Under Custody
$
33,837
$
35,548
$
37,499
$
38,352
$
38,884
$
41,573
$
42,335
12.9
1.8
(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)
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
3Q26
vs.
3Q25
3Q26
vs.
2Q26
Assets Under Management by Category
(1)
By Asset Class:
Equity
$
2,901
$
3,218
$
3,465
$
3,589
$
3,496
$
4,051
$
4,104
18.4
%
1.3
%
Fixed-income
633
700
720
734
756
776
785
9.0
1.2
Cash
(2)
518
525
540
570
581
621
564
4.4
(9.2)
Multi-asset
390
449
477
501
503
567
575
20.5
1.4
Alternative investments
(3)
223
225
244
271
284
263
278
13.9
5.7
Total
$
4,665
$
5,117
$
5,446
$
5,665
$
5,620
$
6,278
$
6,306
15.8
0.4
By Geography
(4):
Americas
$
3,431
$
3,713
$
3,982
$
4,155
$
4,108
$
4,573
$
4,572
14.8
—
Europe/Middle East/Africa
690
771
806
841
845
956
978
21.3
2.3
Asia-Pacific
544
633
658
669
667
749
756
14.9
0.9
Total
$
4,665
$
5,117
$
5,446
$
5,665
$
5,620
$
6,278
$
6,306
15.8
0.4
By Vehicle:
ETF
$
1,554
$
1,690
$
1,848
$
1,951
$
1,940
$
2,204
$
2,285
23.6
3.7
Separately managed accounts
1,776
1,985
2,074
2,127
2,120
2,340
2,348
13.2
0.3
Other commingled funds
1,335
1,442
1,524
1,587
1,560
1,734
1,673
9.8
(3.5)
Total
$
4,665
$
5,117
$
5,446
$
5,665
$
5,620
$
6,278
$
6,306
15.8
0.4
By Strategy:
Index strategies and solutions:
ETFs
$
1,541
$
1,677
$
1,834
$
1,936
$
1,926
$
2,188
$
2,268
23.7
3.7
Other index
2,424
2,737
2,896
2,986
2,938
3,279
3,281
13.3
0.1
Total index strategies and solutions
3,965
4,414
4,730
4,922
4,864
5,467
5,549
17.3
1.5
Active, alternatives and other
(3)
182
178
176
173
175
190
193
9.7
1.6
Cash
(2)
518
525
540
570
581
621
564
4.4
(9.2)
Total
$
4,665
$
5,117
$
5,446
$
5,665
$
5,620
$
6,278
$
6,306
15.8
0.4
(1)
Our AUM disclosures have been updated to more closely reflect the investment strategies and capabilities within the Investment Management business. AUM disclosures are now organized around Index; Active, Alternatives and Other Strategies; and Cash. We have retained the supplemental views of AUM, including, but not limited to, views by asset class and by geography.
(2)
Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(3)
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.
(4)
Geographic mix is based on client location or fund management location.
13
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT (Continued)
Quarters
(Dollars in billions)
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
Net asset flows by category
(1)
By Asset Class:
Equity
$
(37)
$
14
$
5
$
28
$
2
$
60
$
17
Fixed-income
2
51
13
11
28
12
32
Cash
(2)
1
(1)
10
24
8
35
(62)
Multi-asset
13
25
6
12
12
13
9
Alternative investments
(3)
8
(7)
(8)
10
(1)
(6)
11
Total flows, net
$
(13)
$
82
$
26
$
85
$
49
$
114
$
7
By Geography
(4):
Americas
$
4
$
29
$
36
$
75
$
10
$
75
$
(14)
Europe/Middle East/Africa
(29)
18
—
10
29
18
18
Asia-Pacific
12
35
(10)
—
10
21
3
Total flows, net
$
(13)
$
82
$
26
$
85
$
49
$
114
$
7
By Vehicle:
ETF
$
1
$
15
$
37
$
51
$
25
$
68
$
69
Separately managed accounts
(7)
50
(20)
4
30
9
3
Other commingled funds
(7)
17
9
30
(6)
37
(65)
Total flows, net
$
(13)
$
82
$
26
$
85
$
49
$
114
$
7
By Strategy:
Index strategies and solutions:
ETFs
$
—
$
15
$
38
$
51
$
25
$
66
$
68
Other index
(12)
81
(7)
14
13
15
(1)
Total index strategies and solutions
(12)
96
31
65
38
81
67
Active, alternatives and other
(2)
(13)
(15)
(4)
3
(2)
2
Cash
(2)
1
(1)
10
24
8
35
(62)
Total flows, net
$
(13)
$
82
$
26
$
85
$
49
$
114
$
7
(1)
Our AUM disclosures have been updated to more closely reflect the investment strategies and capabilities within the Investment Management business. AUM disclosures are now organized around Index; Active, Alternatives and Other Strategies; and Cash. We have retained the supplemental views of AUM, including, but not limited to, views by asset class and by geography.
(2)
Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(3)
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.
(4)
Geographic mix is based on client location or fund management location.
14
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
LINE OF BUSINESS INFORMATION
Investment Servicing
% Change
Investment Management
% Change
Other
(1)
% Change
Total
% Change
(Dollars in millions)
3Q25
2Q26
3Q26
3Q26
vs.
3Q25
3Q26
vs.
2Q26
3Q25
2Q26
3Q26
3Q26
vs.
3Q25
3Q26
vs.
2Q26
3Q25
2Q26
3Q26
3Q26
vs.
3Q25
3Q26
vs.
2Q26
3Q25
2Q26
3Q26
3Q26
vs.
3Q25
3Q26
vs.
2Q26
Servicing fees
$
1,357
$
1,468
$
1,492
9.9
%
1.6
%
$
—
$
—
$
—
—
%
—
%
$
—
$
—
$
—
—
%
—
%
$
1,357
$
1,468
$
1,492
9.9
%
1.6
%
Management fees
(2)
—
—
—
—
—
664
772
797
20.0
3.2
—
—
—
—
—
664
772
797
20.0
3.2
Foreign exchange trading services
(2)
364
491
425
16.8
(13.4)
—
3
2
nm
(33.3)
—
—
—
—
—
364
494
427
17.3
(13.6)
Securities finance
133
140
141
6.0
0.7
5
10
10
100.0
—
—
—
—
—
—
138
150
151
9.4
0.7
Software services
(2)
167
166
175
4.8
5.4
—
—
—
—
—
—
—
—
—
—
167
166
175
4.8
5.4
Other fee revenue
(2)
128
117
105
(18.0)
(10.3)
11
21
(7)
nm
nm
—
—
—
—
—
139
138
98
(29.5)
(29.0)
Total fee revenue
2,149
2,382
2,338
8.8
(1.8)
680
806
802
17.9
(0.5)
—
—
—
—
—
2,829
3,188
3,140
11.0
(1.5)
Net interest income
711
860
862
21.2
0.2
4
—
2
(50.0)
nm
—
—
—
—
—
715
860
864
20.8
0.5
Total other income
1
—
—
nm
—
—
—
—
—
—
—
—
—
—
—
1
—
—
nm
—
Total revenue
2,861
3,242
3,200
11.8
(1.3)
684
806
804
17.5
(0.2)
—
—
—
—
—
3,545
4,048
4,004
12.9
(1.1)
Provision for credit losses
9
—
(4)
nm
nm
—
—
—
—
—
—
—
—
—
—
9
—
(4)
nm
nm
Total expenses
1,994
2,162
2,116
6.1
(2.1)
440
497
504
14.5
1.4
—
—
—
—
—
2,434
2,659
2,620
7.6
(1.5)
Income before income tax expense
$
858
$
1,080
$
1,088
26.8
0.7
$
244
$
309
$
300
23.0
(2.9)
$
—
$
—
$
—
—
—
$
1,102
$
1,389
$
1,388
26.0
(0.1)
Pre-tax margin
30.0
%
33.3
%
34.0
%
4.0
%
0.7
%
pts
35.7
%
38.3
%
37.3
%
1.6
%
(1.0)
%
pts
31.1
%
34.3
%
34.6
%
3.5
%
0.3
%
pts
Nine Months Ended September 30,
Investment Servicing
% Change
Investment Management
% Change
Other
(1)
% Change
Total
% Change
(Dollars in millions)
2025
2026
YTD2026
vs.
YTD2025
2025
2026
YTD2026
vs.
YTD2025
2025
2026
YTD2026
vs.
YTD2025
2025
2026
YTD2026
vs.
YTD2025
Servicing fees
$
3,936
$
4,369
11.0
%
$
—
$
—
—
%
$
—
$
—
—
%
$
3,936
$
4,369
11.0
%
Management fees
(2)
—
—
—
1,851
2,293
23.9
—
—
—
1,851
2,293
23.9
Foreign exchange trading services
(2)
1,091
1,348
23.6
—
8
nm
3
—
nm
1,094
1,356
23.9
Securities finance
360
391
8.6
18
26
44.4
—
—
—
378
417
10.3
Software services
(2)
518
510
(1.5)
—
—
—
(24)
—
nm
494
510
3.2
Other fee revenue
(2)
341
324
(5.0)
24
19
(20.8)
—
—
—
365
343
(6.0)
Total fee revenue
6,246
6,942
11.1
1,893
2,346
23.9
(21)
—
nm
8,118
9,288
14.4
Net interest income
2,146
2,554
19.0
12
5
(58.3)
—
—
—
2,158
2,559
18.6
Total other income
1
1
—
—
—
—
—
—
—
1
1
—
Total revenue
8,393
9,497
13.2
1,905
2,351
23.4
(21)
—
nm
10,277
11,848
15.3
Provision for credit losses
51
12
(76.5)
—
—
—
—
—
—
51
12
(76.5)
Total expenses
6,008
6,467
7.6
1,288
1,493
15.9
117
130
11.1
7,413
8,090
9.1
Income before income tax expense
$
2,334
$
3,018
29.3
$
617
$
858
39.1
$
(138)
$
(130)
(5.8)
$
2,813
$
3,746
33.2
Pre-tax margin
27.8
%
31.8
%
4.0
%
pts
32.4
%
36.5
%
4.1
%
pts
27.4
%
31.6
%
4.2
%
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.
(2)
In the first quarter of 2026, revenue related to distribution and marketing activities was reclassified from foreign exchange trading services to management fees. Additionally, lending-related and other fees, previously recognized within software and processing fees, was reclassified to other fee revenue, and the software and processing fees caption has been changed to software services. Prior-period amounts have been reclassified to conform to the current presentation. These reclassifications had no impact on total fee revenue, total revenue or net income, on either a consolidated or line of business basis.
nm
Denotes not meaningful
15
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL
Basel III Advanced Approaches
(1)
Basel III Standardized Approach
(2)
(Dollars in millions)
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
Ratios and Supporting Calculations:
Common equity tier 1 capital
$
14,362
$
14,791
$
15,156
$
14,812
$
14,798
$
15,425
$
15,433
$
14,362
$
14,791
$
15,156
$
14,812
$
14,798
$
15,425
$
15,433
Total risk-weighted assets
114,274
118,652
115,731
114,357
118,311
116,493
115,226
130,208
137,677
134,168
127,263
139,811
143,406
140,576
Common equity tier 1 risk-based capital ratio
12.6
%
12.5
%
13.1
%
13.0
%
12.5
%
13.2
%
13.4
%
11.0
%
10.7
%
11.3
%
11.6
%
10.6
%
10.8
%
11.0
%
Tier 1 capital
$
17,921
$
18,350
$
18,715
$
18,371
$
18,357
$
18,984
$
19,488
$
17,921
$
18,350
$
18,715
$
18,371
$
18,357
$
18,984
$
19,488
Tier 1 risk-based capital ratio
15.7
%
15.5
%
16.2
%
16.1
%
15.5
%
16.3
%
16.9
%
13.8
%
13.3
%
13.9
%
14.4
%
13.1
%
13.2
%
13.9
%
Total capital
$
19,799
$
20,226
$
20,608
$
20,261
$
20,085
$
20,697
$
21,165
$
19,978
$
20,418
$
20,792
$
20,446
$
20,234
$
20,850
$
21,315
Total risk-based capital ratio
17.3
%
17.0
%
17.8
%
17.7
%
17.0
%
17.8
%
18.4
%
15.3
%
14.8
%
15.5
%
16.1
%
14.5
%
14.5
%
15.2
%
Tier 1 capital
$
17,921
$
18,350
$
18,715
$
18,371
$
18,357
$
18,984
$
19,488
$
17,921
$
18,350
$
18,715
$
18,371
$
18,357
$
18,984
$
19,488
Adjusted average assets (Tier 1)
(3)
328,520
344,822
331,553
332,978
342,329
357,537
353,876
328,520
344,822
331,553
332,978
342,329
357,537
353,876
Tier 1 leverage ratio
5.5
%
5.3
%
5.6
%
5.5
%
5.4
%
5.3
%
5.5
%
5.5
%
5.3
%
5.6
%
5.5
%
5.4
%
5.3
%
5.5
%
On-and off-balance sheet leverage exposure
$
286,035
$
300,585
$
300,388
$
294,138
$
299,379
$
315,880
$
312,859
$
286,035
$
300,585
$
300,388
$
294,138
$
299,379
$
315,880
$
312,859
Less: regulatory deductions
(8,771)
(8,957)
(8,927)
(9,470)
(9,385)
(9,284)
(9,222)
(8,771)
(8,957)
(8,927)
(9,470)
(9,385)
(9,284)
(9,222)
Leverage exposure (SLR)
277,264
291,628
291,461
284,668
289,994
306,596
303,637
277,264
291,628
291,461
284,668
289,994
306,596
303,637
Supplementary leverage ratio
(4)
6.5
%
6.3
%
6.4
%
6.5
%
6.3
%
6.2
%
6.4
%
6.5
%
6.3
%
6.4
%
6.5
%
6.3
%
6.2
%
6.4
%
(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 September 30, 2026 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 September 30, 2026 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 0.5% SLR buffer in order to avoid any limitations on distributions to shareholders and discretionary bonus payments to certain executives.
16
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 provide 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)
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
Tangible common equity - period end:
Total shareholders' equity
$
26,692
$
27,307
$
27,642
$
27,841
$
27,742
$
28,268
$
28,710
Less:
Preferred stock
3,559
3,559
3,559
3,559
3,559
3,559
4,055
Common shareholders' equity
23,133
23,748
24,083
24,282
24,183
24,709
24,655
Less:
Goodwill
7,763
7,918
7,916
8,159
8,121
8,106
8,094
Other intangible assets
1,046
1,014
958
935
872
816
763
Plus:
Related deferred tax liabilities
465
479
473
478
480
484
488
Tangible common shareholders' equity - Non-GAAP
$
14,789
$
15,295
$
15,682
$
15,666
$
15,670
$
16,271
$
16,286
Total common shares outstanding - period end (in thousands)
288,676
285,562
282,218
279,078
276,925
274,703
272,828
Book value per common share
$
80.13
$
83.16
$
85.33
$
87.01
$
87.33
$
89.95
$
90.37
Tangible book value per common share - Non-GAAP
51.23
53.56
55.57
56.13
56.59
59.23
59.69
Quarters
Year-to-Date
(Dollars in millions, except where otherwise noted)
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
2025
2026
Tangible common equity - average:
Average common shareholders' equity
$
22,847
$
23,496
$
23,772
$
24,167
$
24,555
$
24,581
$
24,837
$
23,376
$
24,660
Less:
Average goodwill
7,717
7,854
7,906
7,971
8,154
8,143
8,122
7,827
8,140
Average other intangible assets
1,065
1,029
982
962
902
844
790
1,025
845
Plus:
Related deferred tax liabilities
462
472
476
475
479
482
487
470
483
Average tangible common shareholders' equity - Non-GAAP
$
14,527
$
15,085
$
15,360
$
15,709
$
15,978
$
16,076
$
16,412
$
14,994
$
16,158
Net income available to common shareholders
$
597
$
630
$
802
$
688
$
705
$
1,026
$
1,030
$
2,029
$
2,761
Net income available to common shareholders, excluding notable items
(1)
597
733
802
845
803
1,026
1,030
2,132
2,859
Return on average tangible common equity - Non-GAAP
(2)
16.4
%
16.7
%
20.9
%
17.5
%
17.6
%
25.5
%
25.1
%
18.0
%
22.8
%
Return on average tangible common equity, excluding notable items - Non-GAAP
(2)
16.4
19.4
20.9
21.5
20.1
25.5
25.1
19.0
23.6
(1)
Refer to Reconciliations of non-GAAP Financial Information pages for a reconciliation of net income available to common shareholders, excluding notable items.
(2)
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.
17
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)
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
3Q26
vs.
3Q25
3Q26
vs.
2Q26
2025
2026
YTD2026
vs.
YTD2025
Fee Revenue:
Total fee revenue, GAAP-basis
$
2,570
$
2,719
$
2,829
$
2,862
$
2,960
$
3,188
$
3,140
11.0
%
(1.5)
%
$
8,118
$
9,288
14.4
%
Less: Notable items:
Foreign exchange trading services
(1)
—
(3)
—
—
—
—
—
—
—
(3)
—
nm
Client rescoping (revenue impact)
(2)
—
24
—
—
—
—
—
—
—
24
—
nm
Total fee revenue, excluding notable items
$
2,570
$
2,740
$
2,829
$
2,862
$
2,960
$
3,188
$
3,140
11.0
(1.5)
$
8,139
$
9,288
14.1
Total Revenue:
Total revenue, GAAP-basis
$
3,284
$
3,448
$
3,545
$
3,667
$
3,796
$
4,048
$
4,004
12.9
%
(1.1)
%
$
10,277
$
11,848
15.3
%
Less: Notable items:
Foreign exchange trading services
(1)
—
(3)
—
—
—
—
—
—
—
(3)
—
nm
Client rescoping (revenue impact)
(2)
—
24
—
—
—
—
—
—
—
24
—
nm
Total revenue, excluding notable items
$
3,284
$
3,469
$
3,545
$
3,667
$
3,796
$
4,048
$
4,004
12.9
(1.1)
$
10,298
$
11,848
15.1
Expenses:
Total expenses, GAAP-basis
$
2,450
$
2,529
$
2,434
$
2,741
$
2,811
$
2,659
$
2,620
7.6
%
(1.5)
%
$
7,413
$
8,090
9.1
%
Less: Notable items:
Repositioning charges
(3)
—
(100)
—
(226)
(89)
—
—
—
—
(100)
(89)
(11.0)
Client rescoping (expense impact)
(2)
—
(18)
—
—
(41)
—
—
—
—
(18)
(41)
nm
Other notable items
(4)
—
1
—
20
—
—
—
—
—
1
—
nm
Total expenses, excluding notable items
2,450
2,412
2,434
2,535
2,681
2,659
2,620
7.6
(1.5)
7,296
7,960
9.1
Seasonal expenses
(155)
—
—
—
(169)
—
—
—
—
(155)
(169)
9.0
Total expenses, excluding notable items and seasonal expenses
$
2,295
$
2,412
$
2,434
$
2,535
$
2,512
$
2,659
$
2,620
7.6
(1.5)
$
7,141
$
7,791
9.1
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis
$
2,570
$
2,719
$
2,829
$
2,862
$
2,960
$
3,188
$
3,140
10.99
%
(1.51)
%
$
8,118
$
9,288
14.41
%
Total expenses, GAAP-basis
2,450
2,529
2,434
2,741
2,811
2,659
2,620
7.64
(1.47)
7,413
8,090
9.13
Fee operating leverage, GAAP-basis
(5)
335
bps
(4)
bps
528
bps
Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)
$
2,570
$
2,740
$
2,829
$
2,862
$
2,960
$
3,188
$
3,140
10.99
%
(1.51)
%
$
8,139
$
9,288
14.12
%
Total expenses, excluding notable items (as reconciled above)
2,450
2,412
2,434
2,535
2,681
2,659
2,620
7.64
(1.47)
7,296
7,960
9.10
Fee operating leverage, excluding notable items
(6)
335
bps
(4)
bps
502
bps
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis
$
3,284
$
3,448
$
3,545
$
3,667
$
3,796
$
4,048
$
4,004
12.95
%
(1.09)
%
$
10,277
$
11,848
15.29
%
Total expenses, GAAP-basis
2,450
2,529
2,434
2,741
2,811
2,659
2,620
7.64
(1.47)
7,413
8,090
9.13
Operating leverage, GAAP-basis
(7)
531
bps
38
bps
616
bps
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)
$
3,284
$
3,469
$
3,545
$
3,667
$
3,796
$
4,048
$
4,004
12.95
%
(1.09)
%
$
10,298
$
11,848
15.05
%
Total expenses, excluding notable items (as reconciled above)
2,450
2,412
2,434
2,535
2,681
2,659
2,620
7.64
(1.47)
7,296
7,960
9.10
Operating leverage, excluding notable items
(8)
531
bps
38
bps
595
bps
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)
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
3Q26
vs.
3Q25
3Q26
vs.
2Q26
2025
2026
YTD2026
vs.
YTD2025
Income Before Income Tax Expense:
Income before income tax expense, GAAP-basis
$
822
$
889
$
1,102
$
918
$
969
$
1,389
$
1,388
26.0
%
(0.1)
%
$
2,813
$
3,746
33.2
%
Less: Notable items
Foreign exchange trading services
(1)
—
(3)
—
—
—
—
—
(3)
—
Client rescoping (revenue impact)
(2)
—
24
—
—
—
—
—
24
—
Repositioning charges
(3)
—
100
—
226
89
—
—
100
89
Client rescoping (expense impact)
(2)
—
18
—
—
41
—
—
18
41
Other notable items
(4)
—
(1)
—
(20)
—
—
—
(1)
—
Income before income tax expense, excluding notable items
$
822
$
1,027
$
1,102
$
1,124
$
1,099
$
1,389
$
1,388
26.0
(0.1)
$
2,951
$
3,876
31.3
Net Income:
Net Income, GAAP-basis
$
644
$
693
$
861
$
747
$
764
$
1,084
$
1,090
26.6
%
0.6
%
$
2,198
$
2,938
33.7
%
Less: Notable items
Foreign exchange trading services
(1)
—
(3)
—
—
—
—
—
(3)
—
Client rescoping (revenue impact)
(2)
—
24
—
—
—
—
—
24
—
Repositioning charges
(3)
—
100
—
226
89
—
—
100
89
Client rescoping (expense impact)
(2)
—
18
—
—
41
—
—
18
41
Other notable items
(4)
—
(1)
—
(20)
—
—
—
(1)
—
Tax impact of notable items
—
(35)
—
(49)
(32)
—
—
(35)
(32)
Net Income, excluding notable items
$
644
$
796
$
861
$
904
$
862
$
1,084
$
1,090
26.6
0.6
$
2,301
$
3,036
31.9
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis
$
597
$
630
$
802
$
688
$
705
$
1,026
$
1,030
28.4
%
0.4
%
$
2,029
$
2,761
36.1
%
Less: Notable items
Foreign exchange trading services
(1)
—
(3)
—
—
—
—
—
(3)
—
Client rescoping (revenue impact)
(2)
—
24
—
—
—
—
—
24
—
Repositioning charges
(3)
—
100
—
226
89
—
—
100
89
Client rescoping (expense impact)
(2)
—
18
—
—
41
—
—
18
41
Other notable items
(4)
—
(1)
—
(20)
—
—
—
(1)
—
Tax impact of notable items
—
(35)
—
(49)
(32)
—
—
(35)
(32)
Net Income Available to Common Shareholders, excluding notable items
$
597
$
733
$
802
$
845
$
803
$
1,026
$
1,030
28.4
0.4
$
2,132
$
2,859
34.1
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis
$
2.04
$
2.17
$
2.78
$
2.42
$
2.49
$
3.65
$
3.69
32.7
%
1.1
%
$
6.98
$
9.82
40.7
%
Less: Notable items
Foreign exchange trading services
(1)
—
(0.01)
—
—
—
—
—
(0.01)
—
Client rescoping (revenue impact)
(2)
—
0.06
—
—
—
—
—
0.06
—
Repositioning charges
(3)
—
0.26
—
0.60
0.24
—
—
0.26
0.24
Client rescoping (expense impact)
(2)
—
0.05
—
—
0.11
—
—
0.05
0.11
Other notable items
(4)
—
—
—
(0.05)
—
—
—
—
—
Diluted earnings per share, excluding notable items
$
2.04
$
2.53
$
2.78
$
2.97
$
2.84
$
3.65
$
3.69
32.7
1.1
$
7.34
$
10.17
38.6
%
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)
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
3Q26
3Q26
vs.
3Q25
3Q26
vs.
2Q26
2025
2026
YTD2026
vs.
YTD2025
Pre-tax Margin:
Pre-tax margin, GAAP-basis
(9)
25.0
%
25.8
%
31.1
%
25.0
%
25.5
%
34.3
%
34.6
%
3.5
%
pts
0.3
%
pts
27.4
%
31.6
%
4.2
%
pts
Less: Notable items
Foreign exchange trading services
(1)
—
(0.1)
—
—
—
—
—
—
—
Client rescoping (revenue impact)
(2)
—
0.7
—
—
—
—
—
0.2
—
Repositioning charges
(3)
—
2.7
—
6.3
2.4
—
—
0.9
0.8
Client rescoping (expense impact)
(2)
—
0.5
—
—
1.1
—
—
0.2
0.3
Other notable items
(4)
—
—
—
(0.6)
—
—
—
—
—
Pre-tax margin, excluding notable items
25.0
%
29.6
%
31.1
%
30.7
%
29.0
%
34.3
%
34.6
%
3.5
0.3
28.7
%
32.7
%
4.0
Return on Average Common Equity:
Return on average common equity, GAAP-basis
10.6
%
10.8
%
13.4
%
11.3
%
11.6
%
16.7
%
16.4
%
3.0
%
pts
(0.3)
%
pts
11.6
%
15.0
%
3.4
%
pts
Less: Notable items
Foreign exchange trading services
(1)
—
(0.1)
—
—
—
—
—
—
—
Client rescoping (revenue impact)
(2)
—
0.4
—
—
—
—
—
0.1
—
Repositioning charges
(3)
—
1.7
—
3.7
1.5
—
—
0.6
0.5
Client rescoping (expense impact)
(2)
—
0.3
—
—
0.7
—
—
0.1
0.2
Other notable items
(4)
—
—
—
(0.3)
—
—
—
—
—
Tax impact of notable items
—
(0.6)
—
(0.8)
(0.5)
—
—
(0.2)
(0.2)
Return on average common equity, excluding notable items
10.6
%
12.5
%
13.4
%
13.9
%
13.3
%
16.7
%
16.4
%
3.0
(0.3)
12.2
%
15.5
%
3.3
Effective Tax Rate:
Effective tax rate, GAAP-basis
21.7
%
22.0
%
21.9
%
18.6
%
21.2
%
21.9
%
21.5
%
(0.4)
%
pts
(0.4)
%
pts
21.9
%
21.6
%
(0.3)
%
pts
Less: Notable items
Foreign exchange trading services
(1)
—
—
—
—
—
—
—
—
—
Client rescoping (revenue impact)
(2)
—
0.1
—
—
—
—
—
—
—
Repositioning charges
(3)
—
0.4
—
1.1
0.3
—
—
0.1
0.1
Client rescoping (expense impact)
(2)
—
—
—
—
0.1
—
—
—
—
Other notable items
(4)
—
—
—
(0.1)
—
—
—
—
—
Effective tax rate, excluding notable items
21.7
%
22.5
%
21.9
%
19.6
%
21.6
%
21.9
%
21.5
%
(0.4)
(0.4)
22.0
%
21.7
%
(0.3)
(1)
Amounts in 2025 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)
Client rescoping of $41 million in the first quarter of 2026 reflected in information systems and communications. Amount in 2025 related to a client rescoping which decreased income before income taxes by $42 million, of which $24 million is reflected in software services and $18 million is reflected in information systems and communications.
(3)
Repositioning charges of $89 million in the first quarter of 2026 represents a $79 million charge reflected in compensation and employee benefits primarily from workforce rationalization and a $1 million charge reflected in occupancy costs associated with real estate footprint optimization. Additional repositioning charges include $9 million of operating model changes reflected in information systems and communications. Amounts 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.
(4)
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 and the amount in the second quarter of 2025 includes a subsequent true-up reflected in other expenses.
(5)
Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses.
(6)
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.
(7)
Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses.
(8)
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.
(9)
GAAP-basis pre-tax margin for the first quarter of 2026 of 25.5% included seasonal incentive compensation and benefits expenses of $169 million as shown on page 18. Excluding seasonal expenses, pre-tax margin for the first quarter of 2026 was 30.0%.
20
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF PRE-TAX MARGIN AND RETURN ON TANGIBLE COMMON EQUITY EXCLUDING NOTABLE ITEMS
(Dollars in millions, except where otherwise noted)
2022
2023
2024
2025
Total revenue:
Total revenue, GAAP-basis
$
12,148
$
11,945
$
13,000
$
13,944
Less: Fee revenue
(23)
—
(15)
(3)
Less: Total other income
—
—
(66)
—
Add: Client rescoping (revenue impact)
—
—
—
24
Add: (Gains) losses related to investment securities, net
—
294
81
—
Total revenue, excluding notable items
12,125
12,239
13,000
13,965
Provision for credit losses
20
46
75
59
Total expenses:
Total expenses, GAAP-basis
8,801
9,583
9,530
10,154
Less: Notable expense items:
Acquisition and restructuring costs
(65)
15
—
—
Deferred compensation expense acceleration
—
—
(79)
—
Repositioning (charges) / release
(70)
(203)
2
(326)
Client rescoping (expense impact)
—
—
—
(18)
Other notable items
—
(432)
(111)
21
Total expenses, excluding notable items
8,666
8,963
9,342
9,831
Income before income tax expense, excluding notable items
$
3,439
$
3,230
$
3,583
$
4,075
Income before income tax expense, GAAP-basis
$
3,327
$
2,316
$
3,395
$
3,731
Pre-tax margin, excluding notable items
28.4
%
26.4
%
27.6
%
29.2
%
Pre-tax margin, GAAP-basis
27.4
19.4
26.1
26.8
Tangible common equity - average:
Average common shareholders' equity
$
23,910
$
22,201
$
22,339
$
23,575
Less:
Average goodwill
7,481
7,536
7,721
7,863
Average other intangible assets
1,658
1,460
1,206
1,009
Plus:
Related deferred tax liabilities
493
492
462
472
Average tangible common shareholders' equity - Non-GAAP
$
15,264
$
13,697
$
13,874
$
15,175
Net income available to common shareholders
$
2,660
$
1,821
$
2,483
$
2,717
Net income available to common shareholders, excluding notable items
2,743
2,500
2,623
2,977
Return on average tangible common equity - Non-GAAP
17.4
%
13.3
%
17.9
%
17.9
%
Return on average tangible common equity, excluding notable items - Non-GAAP
18.0
18.3
18.9
19.6
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)
3Q25
2Q26
3Q26
3Q26 vs. 3Q25
3Q26 vs. 2Q26
3Q26 vs. 3Q25
3Q26 vs. 2Q26
3Q26 vs. 3Q25
3Q26 vs. 2Q26
GAAP-Basis Results:
Fee revenue:
Servicing fees
$
1,357
$
1,468
$
1,492
$
(4)
$
(4)
$
1,496
$
1,496
10.2
%
1.9
%
Management fees
(1)
664
772
797
(1)
—
798
797
20.2
3.2
Foreign exchange trading services
(1)
364
494
427
—
—
427
427
17.3
(13.6)
Securities finance
138
150
151
—
—
151
151
9.4
0.7
Software services
(1)
167
166
175
—
—
175
175
4.8
5.4
Other fee revenue
(1)
139
138
98
(1)
(4)
99
102
(28.8)
(26.1)
Total fee revenue
2,829
3,188
3,140
(6)
(8)
3,146
3,148
11.2
(1.3)
Net interest income
715
860
864
(4)
(2)
868
866
21.4
0.7
Total other income
1
—
—
—
—
—
—
nm
nm
Total revenue
$
3,545
$
4,048
$
4,004
$
(10)
$
(10)
$
4,014
$
4,014
13.2
(0.8)
Expenses:
Compensation and employee benefits
$
1,162
$
1,292
$
1,251
$
(10)
$
(5)
$
1,261
$
1,256
8.5
(2.8)
Information systems and communications
517
589
594
(1)
—
595
594
15.1
0.8
Transaction processing services
276
280
286
(1)
—
287
286
4.0
2.1
Occupancy
106
96
102
(1)
—
103
102
(2.8)
6.3
Other
373
402
387
(1)
(1)
388
388
4.0
(3.5)
Total expenses
$
2,434
$
2,659
$
2,620
$
(14)
$
(6)
$
2,634
$
2,626
8.2
(1.2)
Total expenses, excluding notable items - Non-GAAP
$
2,434
$
2,659
$
2,620
$
(14)
$
(6)
$
2,634
$
2,626
8.2
(1.2)
Total non-compensation expenses, excluding notable items - Non-GAAP
(2)
1,272
1,367
1,369
(4)
(1)
1,373
1,370
7.9
0.2
GAAP-Basis YTD Comparison
Reported
Currency Translation Impact
Excluding Currency Impact
% Change Constant Currency
(Dollars in millions)
2025
2026
YTD2026 vs. YTD2025
2026
YTD2026 vs. YTD2025
GAAP-Basis Results:
Fee revenue:
Servicing fees
$
3,936
$
4,369
$
41
$
4,328
10.0
%
Management fees
(1)
1,851
2,293
4
2,289
23.7
Foreign exchange trading services
(1)
1,094
1,356
—
1,356
23.9
Securities finance
378
417
—
417
10.3
Software services
(1)
494
510
2
508
2.8
Other fee revenue
(1)
365
343
7
336
(7.9)
Total fee revenue
8,118
9,288
54
9,234
13.7
Net interest income
2,158
2,559
25
2,534
17.4
Total other income
1
1
—
1
—
Total revenue
$
10,277
$
11,848
$
79
$
11,769
14.5
Expenses:
Compensation and employee benefits
$
3,704
$
3,984
$
24
$
3,960
6.9
Information systems and communications
1,537
1,820
4
1,816
18.2
Transaction processing services
794
849
4
845
6.4
Occupancy
314
299
1
298
(5.1)
Other
1,064
1,138
8
1,130
6.2
Total expenses
$
7,413
$
8,090
$
41
$
8,049
8.6
Total expenses, excluding notable items - Non-GAAP
$
7,296
$
7,960
$
41
$
7,919
8.5
Total non-compensation expenses, excluding notable items - Non-GAAP
(2)
3,692
4,055
17
4,038
9.4
(1)
In the first quarter of 2026, revenue related to distribution and marketing activities was reclassified from foreign exchange trading services to management fees. Additionally, lending related and other fees, previously recognized within software and processing fees, was reclassified to other fee revenue, and the software and processing fees caption has been changed to software services. Prior-period amounts have been reclassified to conform to the current presentation. These reclassifications had no impact on total fee revenue, total revenue or net income, on either a consolidated or line of business basis.
(2)
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 $1,251 million in the third quarter of 2026, $1,292 million in the second quarter of 2026 and $1,162 million in the third quarter of 2025.
nm
Denotes not meaningful
22

----- stt3q26earningspresentat.htm -----
EX-99.3
4
stt3q26earningspresentat.htm
EX-99.3
stt3q26earningspresentat
1 3Q 2026 Financial Highlights NYSE: STT October 14, 2026 Exhibit 99.3
2 A Ex-notables and some other metrics (e.g., ROTCE) are non-GAAP presentations; refer to the Appendix for a reconciliation, and further explanations, of non-GAAP measures. There were no notable items in any of 3Q26, 2Q26, or 3Q25. See page 4 for a summary of our 3Q26 financial results, and the Addendum to these materials for a further summary of our 3Q26 and YTD financial results, presented on a GAAP-basis. B Represents quarterly average. Refer to the Appendix included with this presentation for endnotes 1 to 20. All comparisons are to corresponding prior year period unless otherwise noted. • Record AUC/A of $59.2T at quarter-end; AUC/A wins of $429B1,2 • Record Servicing fees of $1.5B • New servicing fee revenue wins of $68M2 • Announced agreement to acquire Santander CACEIS Latam Securities Services joint venture3 • Won first Wealth Services mandate with a large U.S. RIA client Investment Services $1.9B YTD total capital return Capital return5 69% YTD payout ratio Capital ratios6 5.5% Tier 1 leverage 11.0% CET1 $305B Interest-earning assetsB 1.12% Net interest margin7 Balance sheet 3Q26 2026 YTD Total revenue $4.0B ▲13% $11.8B ▲15% Fee revenue $3.1B ▲11% $9.3B ▲14% Total expenses $2.6B ▲8% $8.0B ▲9% Operating leverage 531bps 595bps Pre-tax margin 34.6% 32.7% ROTCE 25.1% 23.6% EPS $3.69 ▲33% $10.17 ▲39% Ex-notablesA • Record FX trading client volumes up 31%; securities on loan up 15%B • Winner of 5 categories in the Euromoney 2026 FX Awards4 Markets • Record AUM of $6.3T at quarter-end; net inflows totaling $7B1 • Record Management fees of $797M • Broadened capabilities with 38 newly launched products and solutions • Launched new asset allocation ETF with University of California Investments Investment Management 3Q26 highlights
3 Pre-tax margin (%) ROTCE (%) FY2023 FY2024 FY2025 2026 YTD 26.4% 27.6% 29.2% 32.7% FY2023 FY2024 FY2025 2026 YTD 18.3% 18.9% 19.6% 23.6% A Pre-tax margin and ROTCE are presented on an ex-notables basis and are non-GAAP presentations; refer to the Addendum and Appendix for a reconciliation, and further explanations, of non-GAAP measures. Note: Medium-term refers to a 3-to-5-year time horizon, beginning at State Street’s 2Q26 Earnings announcement. Targets assumed a stable operating and equity environment consistent with the environment at the time of State Street’s 2Q26 Earnings announcement, were broadly aligned with forward interest rates as of 2Q26 quarter-end, assumed a total payout ratio of 80% +/-, and excluded items outside the ordinary course of business (e.g., notable items). Medium-term capital assumptions were: Standardized CET1 of ~11%, Tier 1 leverage ~5.25–5.75%. Refer to the Appendix included with this presentation for endnotes 1 to 20. Global franchises at scale Strategic growth initiatives Alternatives, Digital Assets, and Wealth Tech and AI-enabled Transformation Enabled by One State Street 1 2 3 Delivering continued improvement Medium-Term Targets Key strategic pillarsTrack record of improved performanceA 3Q26 YTD: continued improved performance toward medium-term targets 35% Pre-Tax Margin Mid-20s% ROTCE Key Drivers Organic revenue growth Positive operating leverage ~$1B of annual run-rate Transformation benefits8
4 Summary of 3Q26 financial results • Total revenue of $4.0B, up 13% – Fee revenue of $3.1B, up 11%, primarily driven by higher Servicing fees, Management fees, and FX trading services revenue, partially offset by lower Other fee revenue, which included the impact of market-related adjustmentsB – NII of $864M, up 21% reflecting a 16bps increase in NIM • Total expenses of $2.6B, up 8%, mainly driven by higher revenue- related costs and continued strategic investments • Operating leverage of 531bps • Pre-tax margin of 34.6%, up 3.5%pts • ROTCE of 25.1%, up 4.2%pts All comparisons are to corresponding prior year period unless otherwise noted. See note A below for a description of non-GAAP presentations. Financial results Performance highlights A Ex-notables and some other metrics (e.g., ROTCE) are non-GAAP presentations; refer to the Appendix for a reconciliation, and further explanations, of non-GAAP measures. There were no notable items in any of 3Q26, 2Q26, or 3Q25. B Market-related adjustments of $(3)M in 3Q26, $23M in 2Q26, and $29M in 3Q25. Refer to the Appendix included with this presentation for endnotes 1 to 20. (GAAP; $M, except EPS data, or where otherwise noted) 3Q25 2Q26 3Q26 2Q26 3Q25 Revenue: Servicing fees $1,357 $1,468 $1,492 2% 10% Management fees 664 772 797 3 20 Foreign exchange trading services 364 494 427 (14) 17 Securities finance 138 150 151 1 9 Software services 167 166 175 5 5 Other fee revenue9 139 138 98 (29) (29) Total fee revenue 2,829 3,188 3,140 (2) 11 Net interest income 715 860 864 0 21 Total revenue $3,545 $4,048 $4,004 (1)% 13% Provision for credit losses 9 - (4) nm nm Total expenses $2,434 $2,659 $2,620 (1)% 8% Net income before income taxes $1,102 $1,389 $1,388 (0)% 26% Net income $861 $1,084 $1,090 1% 27% Diluted earnings per share $2.78 $3.65 $3.69 1% 33% Return on average common equity 13.4% 16.7% 16.4% (0.3)%pts 3.0%pts Return on average tangible common equityA 20.9% 25.5% 25.1% (0.4)%pts 4.2%pts Pre-tax margin 31.1% 34.3% 34.6% 0.3%pts 3.5%pts Tax rate 21.9% 21.9% 21.5% (0.4)%pts (0.4)%pts Quarters %∆
5 Servicing fees Refer to the Appendix included with this presentation for endnotes 1 to 20. 3Q25 4Q25 1Q26 3Q26 $1,357 $1,388 $1,409 $1,492 2Q26 $1,468 +10% +2% 3Q25 4Q25 1Q26 2Q26 3Q26 AUC/A 1 AUC/A ($T) $51.7 $53.8 $54.5 $57.9 $59.2 AUC/A wins ($B) 361 484 365 384 429 AUC/A to be installed ($B) 3,634 2,500 2,748 2,930 2,976 Servicing fees ($M) 2 Servicing fee rev. wins $47 $87 $56 $87 $68 Servicing fee rev. to be installed 401 320 315 335 332 Servicing fees of $1,492M up 10% YoY and 2% QoQ • Up 10% YoY and 2% QoQ primarily driven by organic growth and higher average market levels10 • Record AUC/A of $59.2T at quarter-end • New 3Q26 servicing fee revenue wins of $68M, primarily driven by back office and Alternatives2 • $429B in new servicing AUC/A wins in 3Q26, with the majority from Asset Owners and Asset Managers1 • Servicing fee revenue to be installed of $332M at quarter-end2 • Announced agreement to acquire Santander CACEIS Latam Securities Services joint venture3 • Won first Wealth Services mandate with a large U.S. RIA client Performance indicators 3Q26 business momentum 3Q26 performanceServicing fees ($M)
6 Management fees Management fees of $797M up 20% YoY and 3% QoQ • Up 20% YoY and 3% QoQ driven by higher average market levels and quarterly long-term net inflows of $69B, partially offset by Cash net outflows of $(62)B1 3Q25 4Q25 1Q26 3Q26 $664 $717 $724 $797 2Q26 $772 +3% +20% 3Q25 4Q25 1Q26 2Q26 3Q26 AUM ($T) $5.4 $5.7 $5.6 $6.3 $6.3 Net flows (QoQ) ($B) 26 85 49 114 7 By strategy ($B): Index Strategies and Solutions $31 $65 $38 $81 $67 ETFs 38 51 25 66 68 Other Index (7) 14 13 15 (1) Active, Alternatives and Other (15) (4) 3 (2) 2 Cash 10 24 8 35 (62) • Product innovation: 38 new products and solutions launched – Launched the State Street Blackstone Senior Loan and High Income AUD-hedged Active ETFs – Launched the Short-Term Japan Government Bond ITM Fund • Strategic partnership: – Launched the Endowment Strategy Index ETF (UCBG) in partnership with University of California Investments, a 90/10 ETF backed by a record $2.5B seed investment • Index Strategies and Solutions – ETFs: – Net inflows of $68B driven by SPY, continued momentum across U.S. Low-Cost ETF suite, U.S. Fixed Income, Gold, and EMEA Management fees ($M) 3Q26 performance Performance indicators1 3Q26 business momentum1 Figures may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 20.
7 FX trading services and Securities finance 3Q25 4Q25 1Q26 2Q26 3Q26 $364 $350 $435 $494 $427 +17% -14% 3Q25 4Q25 1Q26 2Q26 3Q26 $138 $127 $116 $151$150 FX trading services ($M) Securities finance ($M) +9% +1% Securities finance of $151M up 9% YoY and 1% QoQ • Up 9% YoY and 1% QoQ largely driven by higher client lending balances in Agency Lending and Prime Services 3Q26 performance3Q26 performance FX trading services of $427M up 17% YoY and down (14)% QoQ • Up 17% YoY primarily due to higher overall client volumes • Down (14)% QoQ largely reflecting a lower mix of emerging markets revenue 3Q26 business momentum3Q26 business momentum • Record FX trading client volumes up 31% YoY driven by EMEA and Asia-Pacific • Average securities on loan up 15% YoY
8 3Q25 4Q25 1Q26 2Q26 3Q26 ARR13 $410 $420 $427 $433 $442 New bookings14 9 26 1 5 14 Uninstalled revenue backlog15 145 155 151 152 144 Software services • 3Q26 ARR increased ~8% YoY driven by continued SaaS client implementations and conversions13 • New bookings of $14M, reflecting demand across new and existing clients14 Professional services Software and data (incl. SaaS)12 On-premises12 +5% 110 116 114 118 121 37 35 30 35 36 16 3Q25 4Q25 1Q26 2Q26 14 3Q26 $167 $163 $169 $166 $175 Software services of $175M up 5% YoY and 5% QoQ11 • Software and data revenue up 10% YoY driven by higher go-live revenue from onboarded clients 21 Software services11 3Q26 performance Performance indicators ($M) 3Q26 business momentum Refer to the Appendix included with this presentation for endnotes 1 to 20. +5% 89
9 Net interest income A Line items are rounded. Refer to the Appendix included with this presentation for endnotes 1 to 20. NII of $864M up 21% YoY and relatively flat QoQ • Up 21% YoY reflecting a 16bps increase in NIM – NIM increased 16bps YoY largely due to an improved funding mix and investment portfolio repricing as well as a reduction in the impact of terminated hedges – Average interest-earning assets increased $10B YoY, primarily driven by an increase in deposit balances, partially offset by a decrease in short-term borrowings • Relatively flat QoQ, as a higher day count offset a (1)bp decrease in NIM and a modest decline in average interest-earning assets – NIM decreased (1)bp QoQ primarily driven by interest-earning asset mix, partially offset by higher average short-term interest rates and a reduction in the impact of terminated hedges – Average interest-earning assets were stable QoQ as higher deposit balances were offset by a decrease in short-term borrowings 3Q25 4Q25 1Q26 2Q26 3Q26 Interest-earning assets $295 $289 $293 $305 $305 Interest-bearing deposits with banks (net)16 88 95 100 104 101 Investment portfolio 112 108 107 109 108 Loans17 47 48 49 50 50 Other interest-earning assets 40 30 28 34 36 Total deposits $255 $254 $258 $270 $271 Interest-bearing deposits 231 227 229 241 242 Non-interest-bearing deposits 24 26 29 30 29 NIM7 (FTE, %) 0.96% 1.10% 1.16% 1.13% 1.12% 3Q25 4Q25 1Q26 3Q26 $715 $802 $835 $864 2Q26 $860 +0% +21% NII ($M) 7 Average balance sheet highlights ($B)A 3Q26 performance
10 Expenses of $2,620M up 8% YoY and down (1)% QoQ – Up 8% YoY primarily driven by higher revenue-related costs and continued strategic investments – Down (1)% QoQ largely reflecting lower performance-based incentive compensation • Compensation and employee benefits of $1,251M – Up 8% YoY mainly due to higher performance-based incentive compensation, incremental investment hires, and merit increases, partially offset by productivity savings – Down (3)% QoQ primarily reflecting lower performance-based incentive compensation • Information systems and communications of $594M – Up 15% YoY largely related to technology and infrastructure investments and volume-related costs • Transaction processing services of $286M – Up 4% YoY mainly due to higher revenue-related costs • Other of $387M – Up 4% YoY mainly driven by higher revenue-related costs – Down (4)% QoQ largely reflecting lower professional fee spend, partially offset by higher revenue-related costs Expenses 373 402 387 276 280 286 517 589 594 1,162 1,292 1,251 3Q25 2Q26 3Q26 $2,434 $2,659 $2,620 Comp. & benefits Info. sys. Tran. processing Other Occupancy +8% -1% 8% 15% 4% YoY % (4)% 4% 51,564 50,596 51,119Headcount YoY -1% QoQ +1% 106 96 102 Expenses ($M) 3Q26 performance
11 Capital and liquidity • Capital return of $651M to common shareholders; total payout ratio of 63%5 • Standardized CET1 ratio of 11.0% increased 0.2%pts QoQ primarily due to capital generated from earnings and lower RWA, partially offset by continued capital return and a reduction in AOCI • Tier 1 leverage ratio of 5.5% increased 0.2%pts QoQ mainly driven by capital generated from earnings, higher preferred equity, and lower average balance sheet levels, partially offset by continued capital return • SLR of 6.4% increased 0.2%pts QoQ largely due to capital generated from earnings, higher preferred equity, and lower leverage exposure, partially offset by continued capital return 3Q25 2Q26 3Q26 Capital Return ($M) Declared common dividends $237 $231 $251 Common share repurchases 400 400 400 Total capital return 637 631 651 Capital ($B) CET1 capital $15.2 $15.4 $15.4 Tier 1 capital 18.7 19.0 19.5 RWA / Leverage ($B) Risk weighted assets (Standardized) $134 $143 $141 Adjusted average assets (Tier 1) 18 332 358 354 Leverage exposure (SLR) 19 291 307 304 Liquidity (%) State Street Corporation LCR 20 106% 107% 106% Capital and liquidity metrics 3Q26 performance CET1 ratio (Standardized) Capital (%, as of period-end) 6 Tier 1 leverage ratio Supplementary leverage ratio Refer to the Appendix included with this presentation for endnotes 1 to 20. 5.6% 5.5% 5.4% 5.3% 5.5% 3Q25 4Q25 1Q26 2Q26 3Q26 6.4% 6.5% 6.3% 6.2% 6.4% 3Q25 4Q25 1Q26 2Q26 3Q26 11.3% 11.6% 10.6% 10.8% 11.0% 3Q25 4Q25 1Q26 2Q26 3Q26
12 A Outlook, in particular fee revenue and NII, are, among other things, dependent on macroeconomic, industry and other factors, including, but not limited to, the impacts from changes in interest rates, as well as equity and fixed income markets (which are highly uncertain). Interest rate assumptions are broadly aligned with current forward interest rates. Outlook does not reflect items outside of the normal course of business. Financial metrics are ex-notable items (e.g., items outside of the normal course of business), which are non-GAAP measures; refer to the Appendix for a reconciliation of FY2025 ex-notable items/currency translation and further explanations of non-GAAP measures. B Prior full-year Outlook as of 2Q26 Earnings announcement. FY2026 updated outlook and key assumptions July OutlookA,B FY2026 Updated OutlookA Key AssumptionsA Fee Revenue Up ~12 – 13% YoY Up ~13 – 14% YoY • Global equity markets flat from current levels • Organic growth in Investment Services and Investment Management NII Up ~14 – 15% YoY Up ~15 – 16% YoY • Broadly aligned with current forward interest rates Expenses Up ~8% +/- YoY Up ~8 – 8.5% YoY • Higher revenue-related costs • Investments in strategic and growth initiatives ~500bps operating leverage 500+ bps operating leverage
13
14 Appendix Reconciliation of notable items 15 Reconciliation of constant currency impacts 16 Endnotes & other information 17 Forward-looking statements 19 Non-GAAP measures 20 Definitions 21
15 Quarterly reconciliation % Change (Dollars in millions, unless noted otherwise) 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 2025 2026 YTD 2026 vs. YTD 2025 Total fee revenue, GAAP-basis 2,570$ 2,719$ 2,829$ 2,862$ 2,960$ 3,188$ 3,140$ 11.0% (1.5)% 8,118$ 9,288$ 14.4% Less: Notable items: Foreign exchange trading services (3) (3) - Client rescoping (revenue impact) 24 24 - Total fee revenue, excluding notable items 2,570$ 2,740$ 2,829$ 2,862$ 2,960$ 3,188$ 3,140$ 11.0% (1.5)% 8,139$ 9,288$ 14.1% Total revenue, GAAP-basis 3,284$ 3,448$ 3,545$ 3,667$ 3,796$ 4,048$ 4,004$ 12.9% (1.1)% 10,277$ 11,848$ 15.3% Less: Notable items: Foreign exchange trading services (3) (3) - Client rescoping (revenue impact) 24 24 - Total revenue, excluding notable items 3,284$ 3,469$ 3,545$ 3,667$ 3,796$ 4,048$ 4,004$ 12.9% (1.1)% 10,298$ 11,848$ 15.1% Total expenses, GAAP basis 2,450$ 2,529$ 2,434$ 2,741$ 2,811$ 2,659$ 2,620$ 7.6% (1.5)% 7,413$ 8,090$ 9.1% Less: Notable items: Repositioning charges (100) (226) (89) (100) (89) Client rescoping (expense impact) (18) (41) (18) (41) Other notable items 1 20 1 - Total expenses, excluding notable items 2,450$ 2,412$ 2,434$ 2,535$ 2,681$ 2,659$ 2,620$ 7.6% (1.5)% 7,296$ 7,960$ 9.1% Seasonal expenses (155) (169) (155) (169) Total expenses, excluding notable items and seasonal expense items 2,295$ 2,412$ 2,434$ 2,535$ 2,512$ 2,659$ 2,620$ 7.6% (1.5)% 7,141$ 7,791$ 9.1% Fee operating leverage, GAAP-basis (bps)A 335 bps (4) bps 528 bps Fee operating leverage, excluding notable items (bps)B 335 bps (4) bps 502 bps Operating leverage, GAAP-basis (bps)C 531 bps 38 bps 616 bps Operating leverage, excluding notable items (bps)D 531 bps 38 bps 595 bps Pre-tax margin, GAAP-basis (%) 25.0% 25.8% 31.1% 25.0% 25.5% 34.3% 34.6% 3.5% pts 0.3% pts 27.4% 31.6% 4.2% pts Notable items as reconciled above (%) 3.8% 5.7% 3.5% 1.3% 1.1% Pre-tax margin, excluding notable items (%) 25.0% 29.6% 31.1% 30.7% 29.0% 34.3% 34.6% 3.5% pts 0.3% pts 28.7% 32.7% 4.0% pts Net income available to common shareholders, GAAP-basis 597$ 630$ 802$ 688$ 705$ 1,026$ 1,030$ 28.4% 0.4% 2,029$ 2,761$ 36.1% Notable items as reconciled above: pre-tax 138 206 130 138 130 Tax impact on notable items as reconciled above (35) (49) (32) (35) (32) Preferred securities redemption Net income available to common shareholders, excluding notable items 597$ 733$ 802$ 845$ 803$ 1,026$ 1,030$ 28.4% 0.4% 2,132$ 2,859$ 34.1% Diluted EPS, GAAP-basis 2.04$ 2.17$ 2.78$ 2.42$ 2.49$ 3.65$ 3.69$ 32.7% 1.1% 6.98$ 9.82$ 40.7% Notable items as reconciled above 0.36 0.55 0.35 0.36 0.35 Diluted EPS, excluding notable items 2.04$ 2.53$ 2.78$ 2.97$ 2.84$ 3.65$ 3.69$ 32.7% 1.1% 7.34$ 10.17$ 38.6% Year-to-Date 3Q26 vs. 3Q25 3Q26 vs. 2Q26 % Change Reconciliation of notable items A Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses. B 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. C Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses. D 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.
16 Reconciliation of constant currency impacts Reconciliation of Constant Currency FX Impacts (Dollars in millions) 3Q25 2Q26 3Q26 3Q26 vs. 3Q25 3Q26 vs. 2Q26 3Q26 vs. 3Q25 3Q26 vs. 2Q26 3Q26 vs. 3Q25 3Q26 vs. 2Q26 GAAP basis Servicing fees $ 1,357 $ 1,468 $ 1,492 $ (4) $ (4) $ 1,496 $ 1,496 10.2% 1.9% Management fees 664 772 797 (1) - 798 797 20.2% 3.2% Foreign exchange trading services 364 494 427 - - 427 427 17.3% (13.6)% Securities finance 138 150 151 - - 151 151 9.4% 0.7% Software services 167 166 175 - - 175 175 4.8% 5.4% Other fee revenue 139 138 98 (1) (4) 99 102 (28.8)% (26.1)% Total fee revenue 2,829 3,188 3,140 (6) (8) 3,146 3,148 11.2% (1.3)% Net interest income 715 860 864 (4) (2) 868 866 21.4% 0.7% Total other income 1 - - - - - - nm nm Total revenue $ 3,545 $ 4,048 $ 4,004 $ (10) $ (10) $ 4,014 $ 4,014 13.2% (0.8)% Compensation and employee benefits $ 1,162 $ 1,292 $ 1,251 $ (10) $ (5) $ 1,261 $ 1,256 8.5% (2.8)% Information systems and communications 517 589 594 (1) - 595 594 15.1% 0.8% Transaction processing services 276 280 286 (1) - 287 286 4.0% 2.1% Occupancy 106 96 102 (1) - 103 102 (2.8)% 6.3% Other expenses 373 402 387 (1) (1) 388 388 4.0% (3.5)% Total expenses $ 2,434 $ 2,659 $ 2,620 $ (14) $ (6) $ 2,634 $ 2,626 8.2% (1.2)% nm Not meaningful Reported Currency Translation Impact Excluding Currency Impact % Change Constant Currency
17 Endnotes & other information This presentation (and the conference call accompanying it) includes certain highlights of, and also material supplemental to, State Street Corporation’s news release announcing its third quarter 2026 financial results. That news release contains a more detailed discussion of many of the matters described in this presentation and is accompanied by an Addendum with detailed financial tables. This presentation (and the conference call accompanying it) is designed to be reviewed together with that news release and that Addendum, which are available on State Street’s website, at http://investors.statestreet.com, and are incorporated herein by reference. No other information on our website is incorporated herein by reference. 1. New investment servicing mandates, including announced Alpha front-to-back investment servicing clients, may be subject to completion of definitive agreements, consents or assignments, approval of applicable boards and shareholders, customary regulatory approvals or other conditions, the failure to complete any of which will prevent the relevant mandate from being installed and serviced. New investment servicing mandates and servicing assets/fees remaining to be installed in future periods exclude new business which has been contracted, but for which the client has not yet provided permission to publicly disclose or anonymously disclose and is not yet installed. These excluded assets, which from time to time may be significant, will be included in new investment servicing mandates and reflected in servicing assets/fees remaining to be installed in the period in which the client provides its permission. Servicing mandates, servicing assets remaining to be installed in future periods and servicing fee revenues remaining to be installed in future periods are presented on a gross basis based on factors present on or about the time we determine the business to be won by us and are not updated based on subsequent developments, including changes in assets, market valuations, scope and, potentially termination. Such assets therefore also do not include the impact of clients who have notified us during the period of their intent to terminate or reduce their relationship with State Street, which from time to time may be significant. New business in assets to be serviced is reflected in our AUC/A after we begin servicing the assets, and new business in assets to be managed is reflected in our AUM after we begin managing the assets. As such, only a portion of any new investment servicing and investment management mandates may be reflected in our AUC/A and AUM as of any particular date specified. AUC/A values for certain asset classes are based on a lag, typically one- month. Generally, our servicing fee revenues are affected by several factors, and we provide varied services from our full suite of offerings to different clients. The basis for fees will also differ across regions and clients and can reflect pricing pressures traditionally experienced in our industry. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing wins or new servicing business yet to be installed, as the amount of revenue associated with AUC/A can vary materially. Management fees also are generally affected by various factors, including investment product type and strategy and relationship pricing for clients, and are more sensitive to market valuations than are servicing fees. Therefore, no assumption should be drawn from management fees associated with changes in AUM levels. Levels of AUC/A, AUC/A to be installed, Servicing fee wins to be installed and AUM are always presented as of the end of the relevant period, unless otherwise specifically noted. 2. Servicing fee revenue wins (i.e., “sales”) and backlog (i.e., "to be installed") represents estimates of future annual revenue associated with new servicing engagements State Street determines to be won during the current reporting period, which may include anticipated servicing-related revenues associated with acquisitions or structured transactions, based upon factors assessed at the time the engagement is determined by State Street to be won, including asset volumes, number of transactions, accounts and holdings, terms and expected strategy. These and other relevant factors influencing projected servicing fees upon asset implementation/onboarding will change from time to time prior to, upon and following asset implementation/onboarding, among other reasons, due to varying market levels and factors and client and investor activity and preferences. Servicing fee/backlog estimates are not updated to reflect those changes, regardless of the magnitude or direction of, or reason for, any change. Servicing fee revenue wins in any period are highly variable and include estimated fees attributable to both (1) services to be provided for new estimated AUC/A reflected in new investment servicing wins for the period (with AUC/A to be onboarded in the future) and (2) additional services to be provided for AUC/A already included in our end-of period AUC/A (i.e., for which other services are currently provided); and the magnitude of one source of servicing fee revenue wins relative to the other (i.e., (1) relative to (2)) will vary from period to period. Therefore, for these and other reasons, comparisons of estimated servicing fee revenue wins to estimated new investment servicing AUC/A wins for any period will not produce reliable fee per AUC/A estimates. No servicing fees are recognized until the point in the future when we begin performing the associated services with respect to the relevant AUC/A. See also endnote 1 above in reference to considerations applicable to pending servicing engagements, which similarly apply to engagements for which reported servicing fee revenue wins/backlog are attributable. Both AUC/A and servicing fee revenue, when presented on a "backlog" or "to be installed" basis, are presented as of period-end. Separately, quarterly servicing fee revenue wins and AUC/A wins may not sum to full-year totals due to rounding. 3. Subject to regulatory approvals and customary closing conditions. 4. State Street was recognized in Euromoney Magazine’s 2026 FX Awards across five categories: World’s Best FX Bank for Real Money Clients, World’s Best Bank for FX Research, World’s Best FX Venue for Real Money, World’s Best Provider of TCA Solutions, and World’s Best FX Solution for Real Money Clients. 5. YTD total capital returned represents $715M of common stock dividends declared during YTD FY2026 and $1,200M of common share repurchases made in YTD FY2026. 3Q26 total capital returned represents $251M of common stock dividends declared during 3Q26 and $400M of common share repurchases made in 3Q26. Total payout represents capital returned divided by net income available to common shareholders over each respective period. The total payout ratio was 69% for YTD FY2026 and was 63% for 3Q26. 6. Unless otherwise noted, all capital ratios referenced on this page and elsewhere in this presentation refer to State Street Corporation, or State Street, and not State Street Bank and Trust Company. All capital ratios are as of quarter-end. The lower of capital ratios calculated under the Basel III advanced approaches and under the Basel III standardized approach are applied in the assessment of our capital adequacy for regulatory purposes. Standardized approach ratios were binding for 3Q25 through 3Q26. Refer to the Addendum for descriptions of these ratios. 3Q26 capital ratios are presented as of quarter-end and are preliminary estimates. 7. NII is presented on a GAAP-basis. NIM is presented on a fully taxable-equivalent (FTE) basis, and is calculated by dividing FTE NII by average total interest-earning assets. Refer to the Addendum for reconciliations of NII FTE- basis to NII GAAP-basis on the Average Statement of Condition. 8. Medium-term targets include ~$1B of annual run-rate Transformation benefits expected to be achieved by 2029, reflecting ~$750M of productivity savings, plus ~$250M of revenue. 9. Other fee revenue primarily consists of income from lending-related activities, certain tax-advantaged investments, equity investments, and other market-related adjustments. Other fee revenue decreased (29)% compared to both 3Q25 and 2Q26, primarily due to market-related adjustments.
18 Endnotes & other information (cont.) 10. Organic growth represents growth excluding estimated market and FX impacts. 11. Software services revenue primarily includes revenue from CRD, Alpha Data Platform and Alpha Data Services. Includes Other revenue of $3-5M in each of 3Q25 through 3Q26. Revenue line items may not sum to total due to rounding. 12. On-premises revenue is revenue derived from locally installed software. Software and data revenue includes SaaS, maintenance and support revenue, FIX, brokerage, and value-add services. The revenue recognition pattern for On-premises installations differs from Software and data revenue. 13. Software services annual recurring revenue (ARR), an operating metric, is calculated by annualizing the revenue from the last month of the relevant quarter for CRD and CRD for Private Markets and includes the annualized amount of most Software and data revenue, including revenue generated from SaaS, maintenance and support revenue, FIX, and value-added services, which are all expected to be recognized ratably over the term of client contracts. Software services ARR does not include Software and data brokerage revenue, revenue from affiliates and licensing fees (excluding the portion allocated to maintenance and support) from On- premises software. This reflects a change in presentation which previously calculated those revenues by annualizing the revenue for the relevant quarter (as opposed to the revenue for the last month of the relevant quarter). Prior period amounts have been recast to conform to the current calculation. 14. Software services bookings represent signed ARR contract values for CRD, CRD for Private Markets, Alpha Data Platform, and Alpha Data Services excluding bookings with affiliates, including State Street Investment Management. Software services revenue derived from affiliate agreements is eliminated in consolidation for financial reporting purposes. New bookings for 4Q25 have been adjusted to exclude affiliate bookings and renegotiations. 15. Represents expected ARR from signed client contracts that are scheduled to be largely installed over the next 24 months for CRD, CRD for Private Markets and Alpha Data Services. It includes SaaS revenue, as well as maintenance and support revenue, and excludes the one-time impact of On-premises license revenue, revenue generated from FIX, brokerage, value-add services, and professional services as well as revenue from affiliates. 16. These deposits primarily reflect our maintenance of cash balances at the Federal Reserve, the ECB and other non-U.S. central banks. 17. Average loans are presented on a gross basis. Refer to the Addendum for average loans net of expected credit losses. 18. Adjusted average assets (Tier 1) is equal to average consolidated assets less applicable Tier 1 leverage capital reductions under regulatory standards. 19. The Tier 1 leverage ratio differs from the SLR primarily in that the denominator of the Tier 1 leverage ratio is a quarterly average of on-balance sheet assets, while the SLR additionally includes off-balance sheet exposures. In addition, STT’s SLR includes regulatory deductions. Refer to the Addendum for additional information on regulatory capital. 20. State Street Bank and Trust Company (SSBT) is also subject to minimum LCR requirements. SSBT’s average daily LCR was above the LCR minimum requirements in 3Q26.
19 Forward-looking statements This Presentation contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our strategy, growth and sales prospects, capital management, business, financial and capital condition, results of operations, the financial and market outlook and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “expect,” “will,” “medium-term,” “outlook,” “target,” “opportunity,” “strategy,” “strategic,” “driver,” “priority,” “assumption,” “illustrative,” “framework,” “forecast,” “guidance,” “objective,” “believe,” “plan," “anticipate,” “seek," “may,” “trend,” “goal,” “estimate,” “intend,” “aim,” “outcome,” “future,” “pipeline,” and “trajectory,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any time subsequent to the time this Presentation is first issued. We are subject to intense competition, which could negatively affect our profitability; We are subject to significant pricing pressure and variability in our financial results and our AUC/A and AUM; We could be adversely affected by political, geopolitical, economic and market conditions, including, for example, as a result of liquidity or capital deficiencies (actual or perceived) by other financial institutions and related market and government actions, changes in U.S. trade or other policies or those policies of other nations, the ongoing conflicts in Ukraine and in the Middle East, major political shifts domestically or internationally (including the potential for retaliatory actions by governments, market participants or clients based on diverging perspectives or otherwise), actions taken by central banks in an attempt to address prevailing economic conditions, changes in monetary policy or periods of significant volatility in the markets for equity, fixed income and other asset classes globally or within specific markets; Our development and completion of new products and services, including State Street Alpha® and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased risks; Our business may be negatively affected by risks associated with strategic initiatives we are undertaking to enhance the effectiveness, including the adoption or integration of new technologies such as artificial intelligence, and efficiency of our operations and of our cybersecurity and technology infrastructure or by our failure to meet the related, resiliency or other expectations of our clients and regulators, or as a result of a cyber-attack or similar vulnerability in our or business partners' infrastructure; Our risk management framework, models and processes may not be effective in identifying or mitigating risk and reducing the potential for related losses, and a failure or circumvention of our controls and procedures, or errors or delays in our operational and transaction processing, or those of third parties, could have an adverse effect on our business, financial condition, operating results and reputation; Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of these transactions, pose risks for our business; Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business; Our investment securities portfolio, consolidated financial condition and consolidated results of operations could be adversely affected by changes in the financial markets, governmental action or monetary policy. For example, among other risks, changes in prevailing interest rates or market conditions have led, and were they to persist or occur in the future could further lead, to decreases in our NII or to portfolio management decisions resulting in reductions in our capital or liquidity ratios; Our business activities expose us to interest rate risk; We assume significant credit risk of counterparties, who may also have substantial financial dependencies on other financial institutions, and these credit exposures and concentrations could expose us to financial loss; Our fee revenue represents a significant portion of our revenue and is subject to and may decline based on, among other factors, market and currency declines, investment activities and preferences of our clients and their business mix, as well as the timing of new business onboarding; If we are unable to effectively manage our capital and liquidity, our financial condition, capital ratios, results of operations and business prospects could be adversely affected; Our return of capital to shareholders through common share repurchases and common stock dividends may be variable and is subject to various business and financial factors and regulatory requirements and approvals of our Board of Directors; We may need to raise additional capital or debt in the future, which may not be available to us or may only be available on unfavorable terms; If we experience a downgrade in our credit ratings, or an actual or perceived reduction in our financial strength, our borrowing and capital costs, liquidity and reputation could be adversely affected; Our business and capital-related activities, including common share repurchases, may be adversely affected by regulatory requirements and considerations, including capital, credit and liquidity; We face extensive and changing government regulation and supervision in the U.S. and non-U.S. jurisdictions in which we operate, which may increase our costs and compliance risks and may affect our business activities and strategies; Our businesses may be adversely affected by government enforcement and litigation; Our businesses may be adversely affected by increased and conflicting political, regulatory and client scrutiny of investment management, stewardship and sustainable investment strategies and services offered; Any misappropriation of the confidential information we possess could have an adverse impact on our business and could subject us to regulatory actions, litigation and other adverse effects; Our calculations of risk exposures, total RWA and capital ratios depend on data inputs, formulae, models, correlations and assumptions that are subject to change, which could materially impact our risk exposures, our total RWA and our capital ratios from period to period; Changes in accounting standards may adversely affect our consolidated results of operations and financial condition; Changes in tax laws, rules or regulations, challenges to our tax positions and changes in the composition of our pre-tax earnings may increase our effective tax rate; We could face liabilities for withholding and other non-income taxes, including in connection with our services to clients, as a result of tax authority examinations; Our businesses may be negatively affected by adverse publicity or other reputational harm; Shifting and maintaining operational activities to non- U.S. jurisdictions, changing our operating model, and outsourcing to, or insourcing from, third parties expose us to increased operational risk, geopolitical risk and reputational harm and may not result in expected cost savings or operational improvements; Attacks or unauthorized access to our or our business partners' or clients' information technology systems or facilities, such as cyber-attacks or other disruptions to our or their operations, including attacks leveraging advanced or new artificial intelligence models that are continuously evolving and presenting heightened risks, could result in significant costs, reputational damage and impacts on our business activities; Long-term contracts and customizing service delivery for clients expose us to increased operational risk, pricing and performance risk; We may not be able to protect our intellectual property or may infringe upon the rights of third parties; The quantitative models we use to manage our business may contain errors that could adversely impact our business, financial condition, operating results and regulatory compliance, and lapses in disclosure controls and procedures or internal control over financial reporting could occur, any of which could result in material harm; Our reputation and business prospects may be damaged if investors in the collective investment pools we sponsor or manage incur substantial losses in these investment pools or are restricted in redeeming their interests in these investment pools; The impacts of global regulatory requirements and expectations, shifting client preferences, and disclosure requirements related to climate risks and sustainability standards could adversely affect us; and We may incur losses or face negative impacts on our business as a result of unforeseen events, including terrorist attacks, geopolitical events, acute or chronic physical risk events, including natural disasters, pandemics, global conflicts, or a banking crisis, which may have a negative impact on our business and operations. Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2025 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this Presentation should not be relied on as representing our expectations or beliefs as of any time subsequent to the time this Presentation is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.
20 Non-GAAP measures 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, may also exclude seasonal items. There were no notable items in any of 3Q26, 2Q26, or 3Q25. 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 may sometimes present ratios, such as return on tangible common equity, based on an adjusted common shareholder equity metric, "tangible common equity", which reflects a reduction (net of deferred taxes) for goodwill and other intangible assets, as we believe this presentation provides additional context about our use of equity. As an additional example, 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. Refer to the “Reconciliation of notable items” in this Appendix and to the Addendum for reconciliations of our non-GAAP financial information. To access the Addendum go to http://investors.statestreet.com and click on “Filings & Reports – Quarterly Results”.
21 Definitions ARR Annual recurring revenue AUC/A Assets under custody and/or administration AUM Assets under management CET1 ratio Common equity tier 1 ratio CRD Charles River Development Diluted earnings per share (EPS) Net income available to common shareholders divided by diluted average common shares outstanding for the noted period EMEA Europe, Middle East and Africa EPS Earnings per share ETF Exchange-traded fund Fee operating leverage Rate of growth of total fee revenue less the rate of growth of total expenses, relative to the successive prior year period, as applicable FIX The Charles River Network's FIX Network Service (CRN) is an end-to-end trade execution and support service facilitating electronic trading between Charles River's asset management and broker clients FTE Fully taxable-equivalent FX Foreign exchange FY Full-year GAAP Generally accepted accounting principles in the United States LCR Liquidity Coverage Ratio Net interest income (NII) Income earned on interest bearing assets less interest paid on interest bearing liabilities Net interest margin (NIM) (FTE) Fully taxable-equivalent (FTE) Net interest income divided by average total interest-earning assets nm Not meaningful NYSE New York Stock Exchange On-premises On-premises revenue as recognized in Software services Operating leverage Rate of growth of total revenue less the rate of growth of total expenses, relative to the corresponding prior year period, as applicable %Pts Percentage points is the difference from one percentage value subtracted from another Payout ratio Total payout ratio is equal to common stock dividends and common stock purchases as a percentage of net income available to common shareholders Pre-tax margin Income before income tax expense divided by total revenue Quarter-over-Quarter (QoQ) Sequential quarter comparison RIA Registered Investment Advisor Return on average equity (ROE) Net income available to common shareholders divided by average common equity Return on average tangible common equity (ROTCE) Net income available to common shareholders divided by average tangible common equity RWA Risk weighted assets SaaS Software as a service SEC Securities and Exchange Commission Year-over-Year (YoY) Current period compared to the same period a year ago YTD Year-to-date