NYSE: STT · Asset Management & Custody Banks
State Street Corporation
State Street, based in Boston, provides investment servicing, markets and financing, and investment management to institutional investors. At the end of 2025 it had $53.80 trillion in assets under custody and/or administration and $5.67 trillion in assets under management, with about 52,000 employees. 2025 revenue was $13,944M, of which fees $10,980M and net interest income $2,960M. Net income was $2,945M.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 4, 2026 15:27 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-1910-Q (quarter ended 2026-09-30) · filed 2026-10-28Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 3.6%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 21.1%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 11.1%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 7.6%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 4.04x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 12.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.99
Higher than 18% of 44 financial companies
Average yearly growth over the years shown
Higher than 56% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 36% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 20% of 45 financial companies
Equity ÷ total assets
Higher than 91% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$169.99close on 2026-11-04
Market cap$47.44B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 12.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.9%
At FY2025 year-end: 13.7x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.3x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 30.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$3.55B → $4B (vs. a year earlier)↑ +12.9%$3.55B → $4B (vs. a year earlier)
- Net income$861M → $1.09B (vs. a year earlier)↑ +26.6%$861M → $1.09B (vs. a year earlier)
- Diluted EPS$2.78 → $3.69 (vs. a year earlier)↑ +32.7%$2.78 → $3.69 (vs. a year earlier)
- Cash$4.29B → $4.8B (vs. previous quarter-end)↑ +11.8%$4.29B → $4.8B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- STATE STREET CORP
- Headquarters
- BOSTON, MA
- Incorporated in
- Massachusetts
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: STT
- Industry
- Asset Management & Custody Banks
- CIK
- 93751
Workforce (as of FY2025 year-end)
Employees
52,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 16 days after quarter end (Jan 16, 2026). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 14–17 days after quarter end over the last 8 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 14, 2026 (+14 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 16, 2026 (+16 days) | Jul 30, 2026 10-Q (+30 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 17, 2026 (+17 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 16, 2026 (+16 days) | Feb 19, 2026 10-K (+50 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 17, 2025 (+17 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 15, 2025 (+15 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 17, 2025 (+17 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | — | Feb 13, 2025 10-K (+44 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Investment Servicing
Custody and administration
$53.80T AUC/A.
Investment Management
Asset management
$5.67T AUM.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
No market share figure is stated in the 10-K.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
Q3 2026 results
Revenue $4,004M (vs $3,545M); net income $1,090M (vs $861M).
Source: Form 10-Q (quarter ended 2026-09-30)
Capital
CET1 ratio 11.0% at September 30, 2026 vs 11.6% at year-end.
Source: Form 10-Q (quarter ended 2026-09-30)
AUM
$6.31 trillion AUM at September 30, 2026.
Source: Form 10-Q (quarter ended 2026-09-30)
M&A spend (6-year total)
$887M
Latest year: $286M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $560M in FY2020 to $1.06B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$13.94B
As reported in the 10-K
Revenue CAGR (5 years)
+3.6%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($13,944M ÷ $11,703M) ^ (1÷5) − 1 = 3.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
11.1%▲favorable
6-year average: 10.0%
As reported in the 10-K
- ―
Revenue grew +3.6% a year over 5 years (modest growth)
From $11.7B in FY2020 to $13.94B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Free cash flow was positive in 3 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 10.0% over 6 years (latest: 11.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Custody and fund administration
- Markets and financing
- Investment management
06 · what it draws on
Key resources
- About 52,000 employees
- Deposits of $274.35B
- Technology and global network
02 · why customers buy
Value propositions
- One of the world’s leading providers of financial services to institutional investors.
04 · how it keeps them
Customer relationships
- Long-term servicing and investment mandates.
03 · how it reaches them
Channels
- Serves very large asset managers and asset owners through its Investment Servicing and Investment Management businesses.
01 · who it serves
Customer segments
- Asset managers
- Asset owners
- Other institutions
09 · where money goes
Cost structure
FY2025, share of revenue ($13.94B)
- Interest expense62.3%
- Operating expenses (as reported)72.8%
Revenue here is reported net of interest expense, so these lines overlap and add up to more than 100%.
Capital spending: $1.06B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Revenue $13,944M (2025)
- Fee revenue $10,980M
- Net interest income $2,960M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Earns fees on assets it services and manages, and net interest income on client deposits.
01 what it draws on
Inputs & resources
- About 52,000 employees
- Deposits of $274.35B
- Technology and global network
02 what it does
Activities
- Custody and fund administration
- Markets and financing
- Investment management
03 who it serves
Customers
- Asset managers
- Asset owners
- Other institutions
04 how money comes in
How it earns
- Revenue $13,944M (2025)
- Fee revenue $10,980M
- Net interest income $2,960M
How the business makes money
- Two lines of business: Investment Servicing and Investment Management.
- Returned about $2.1B to shareholders in 2025.
- Dividend $3.20 per share in 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
As a G-SIB, State Street is subject to capital surcharges and leverage rules.
Approvals & licenses
Bank capital rules
Subject to G-SIB surcharge proposals and the eSLR Final Rule.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Fee revenue
10,980 (79%)Net interest income
2,960 (21%)Other income
4 (0%)
Source: Form 10-K (FY2025) Revenue types, not segments.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Institutional investors.
Named by the company
Suppliers
Not a material disclosure in the 10-K.
Named by the company
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K lists competitor types without naming firms; the proxy has a 19-company peer group.
Competitors named in the 10-K
Peer group the company chose
Peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Northern Trust is among the compensation peers in the 2026 proxy.
Source: Proxy statement (2026)Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
| Line item | FY2020In next year’s 10-K | FY2021In next year’s 10-K | FY2022In next year’s 10-K | FY2023In next year’s 10-K | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 11,703 | 12,027 | 12,148 | 11,945 | 13,000 | 13,944 |
| Pretax income | 2,899 | 3,171 | 3,327 | 2,316 | 3,395 | 3,731 |
| Net income (attributable) | 2,420 | 2,693 | 2,774 | 1,944 | 2,687 | 2,945 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 2.8% | 1.0% | -1.7% | 8.8% | 7.3% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 20.7% | 22.4% | 22.8% | 16.3% | 20.7% | 21.1% |
| Balance sheet ($M) | ||||||
| Total assets | 314,706 | 314,624 | 301,450 | 297,258 | 353,240 | 366,047 |
| Total equity | 26,200 | 27,363 | 25,191 | 23,799 | 25,326 | 27,841 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | — | — | — | — | 23,272 | 25,143 |
| Equity ratio | 8.3% | 8.7% | 8.4% | 8.0% | 7.2% | 7.6% |
| ROE | 9.2% | 10.1% | 10.6% | 7.9% | 10.9% | 11.1% |
| Cash flow ($M) | ||||||
| Operating CF | 3,532 | -6,710 | 11,954 | 690 | -13,210 | 11,898 |
| Investing CF | -65,534 | -2,172 | 6,816 | 12,738 | -39,483 | -12,991 |
| Financing CF | 62,167 | 9,046 | -18,431 | -13,351 | 51,791 | 2,381 |
| Free cash flowcalccash flow from operations − capital expenditures | 2,972 | -7,521 | 11,220 | -126 | -14,136 | 10,843 |
| Cash and equivalents | 3,467 | 3,631 | 3,970 | 4,047 | 3,145 | 4,433 |
| Per share & other | ||||||
| EPS ($) | 6.32 | 7.19 | 7.19 | 5.58 | 8.21 | 9.40 |
| BVPS ($) | 74.19 | 74.77 | 72.18 | 78.82 | 87.70 | 99.76 |
| Dividend per share ($) | 2.08 | 2.18 | 2.40 | 2.64 | 2.90 | 3.20 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 32.9% | 30.3% | 33.4% | 47.3% | 35.3% | 34.0% |
| P/E (x) | 11.5 | 12.9 | 10.8 | 13.9 | 12.0 | 13.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 0.98 | 1.24 | 1.07 | 0.98 | 1.12 | 1.29 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Periods below 1x are shown in red. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $4B+12.9% | $1.09B+26.6% | $3.69 |
| 2026-06-30 | $4.05B+17.4% | $1.08B+56.4% | $3.65 |
| 2026-03-31 | $3.8B+15.6% | $764M+18.6% | $2.49 |
| 2025-12-31 † | $3.67B+7.5% | $747M-4.6% | — |
| 2025-09-30 | $3.55B | $861M | $2.78 |
| 2025-06-30 | $3.45B | $693M | $2.17 |
| 2025-03-31 | $3.28B | $644M | $2.04 |
| 2024-12-31 † | $3.41B | $783M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit an asset manager, so these are the usual yardsticks instead.
- CET1 capital ratio
- 11.6%
- Assets under custody and/or administration
- $53.80 trillion
- Assets under management
- $5.67 trillion
December 31, 2025 (11.0% at September 30, 2026)
December 31, 2025
December 31, 2025
As stated by the company: Form 10-K (FY2025)
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 9.2% | 10.1% | 10.6% | 7.9% | 10.9% | 11.1% |
| Net marginNet income ÷ revenue. | 20.7% | 22.4% | 22.8% | 16.3% | 20.7% | 21.1% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 8.3% | 8.7% | 8.4% | 8.0% | 7.2% | 7.6% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 91.5%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 8.5%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 170 of 416
- Beta (adjusted)
- 0.99
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 41% of covered companies have more
above 1 = swings more than the market
- 251.4M shares reported by 1,254 13F filers ÷ 274.7M shares outstanding on 2026-07-28. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-08 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-28)
19
Strengths & weaknessesSite analysis
Strengths
1. Scale
$53.80 trillion AUC/A at end of 2025.
Evidence: Form 10-K (FY2025)
2. Earnings growth
EPS rose from $6.32 (2020) to $9.40 (2025).
Evidence: Form 10-K (FY2025)
3. Shrinking share count
Shares fell from 353M to 279M.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Pricing pressure
Pricing pressure may limit revenue growth and margins.
Evidence: Form 10-K (FY2025)
2. Past compliance issues
Deferred prosecution agreements in 2017 and 2021.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
13.7x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.48%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
34%
Dividends per share ÷ diluted EPS
1. Asset-linked fees
Fee revenue was 79% of 2025 revenue.
- What has to hold
- Markets rise.
- The other side
- Fee pressure.
Evidence: Form 10-K (FY2025)
2. Capital return
About $2.1B returned in 2025.
- What has to hold
- Capital stays ample.
- The other side
- Rule changes.
Evidence: Form 10-K (FY2025)
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -1.7% in FY2023 ($12.15B → $11.95B) | Yes, by FY2024 |
| Net income | -29.9% in FY2023 ($2.77B → $1.94B) | Yes, by FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
2020
Net income $2,420M in 2020.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Reasonably possible loss above accruals ranges up to about $70 million at September 30, 2026.
3 open matters (2 flagged as major)
State AG coal antitrust suit
PendingAntitrustMajorState AGs; State Street and others
In November 2024, eleven state AGs sued State Street and two other firms in E.D. Texas, alleging suppression of coal supply.
Pension risk transfer suits
PendingClass actionMajorParticipants; SSGA Trust Co
Trust Co is named in purported class actions by pension plan participants over its role as independent fiduciary.
Currenex class action
PendingClass actionFormer clients; Currenex and State Street
Former clients sued in S.D.N.Y. in August 2021 alleging antitrust violations, fraud and RICO.
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-11-05. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Fee pressure
- Company disclosure (summarized from the 10-K)
- Pricing pressure may affect margins.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Law & regulation
Bank capital rules
- Company disclosure (summarized from the 10-K)
- Subject to capital rules, including G-SIB and eSLR.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Law & regulation
Litigation
- Company disclosure (summarized from the 10-K)
- Currenex, pension risk transfer and state AG cases.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4FX & interest rates
Rates
- Company disclosure (summarized from the 10-K)
- Net interest income depends on rates and deposits.
- Company’s stated mitigation
- We have entered into interest rate swap agreements to hedge the forecasted cash flows associated with EURIBOR indexed floating-rate loans.
- This site’s assessment
- Impact Med / Likelihood High
- 5Information security
Operations
- Company disclosure (summarized from the 10-K)
- Operational and cyber failures could hurt clients.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (6)
constant, increases or decreases in volumes or bid-offer spreads across product mix tend to result in corresponding changes in client-related FX revenue.
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.
Stock purchases under our common share repurchase program 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 ratable 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 our financial performance, investment opportunities, market conditions, 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 program does not have specific price targets and may be suspended at any time. For information regarding our common share…
Federal and state banking regulations place certain restrictions on dividends paid by subsidiary banks to the parent holding company. Read more
In addition, banking regulators have the authority to prohibit bank holding companies from paying dividends. For information concerning limitations on dividends from our subsidiary banks, refer to “Related Stockholder Matters” included under Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, and to Note 15 to the consolidated financial statements in this Form 10-K. Our common stock and preferred stock dividends, including the declaration, timing and amount thereof, are subject to consideration and approval by the Board at the relevant times.
On July 27, 2023, the U.S. Agencies issued the 2023 Basel III Endgame Proposal and separately the 2023 G-SIB Surcharge Proposal. Read more
The 2023 Basel III Endgame Proposal would, among other things, eliminate the advanced approaches for monitoring risk-based capital adequacy in favor of a new standardized expanded risk-based approach that includes new standardized methodologies for credit risk, operational risk and CVA risk components, and would also replace the existing market risk rule with the new FRTB framework. The 2023 G-SIB Surcharge Proposal would, among other things, measure the G-SIB surcharge in 0.1% increments as opposed to the 0.5% increments that currently apply. Public statements by U.S. banking agency officials indicate that the 2023 Basel III Endgame Proposal and 2023 G-SIB Surcharge Proposal are under reconsideration. While a re‑proposal is currently expected in March 2026,…
business, some of whom provide material services to us, there are few or no viable alternative providers, and we therefore face transition risks to either change to a new external provider (which may be a current alternative provider), if available with sufficient capacity and on terms acceptable to us, or to internalize the service or technology, in the event the third party is unable to resume the provision of services or technology on substantially the same basis as prior to the relevant incident. These transition risks include out-of-pocket costs, client loss, regulatory scrutiny and reputational harm, any of which could be material.
No longer in the text (4)
We have significant global operations, and clients, that can be adversely impacted by disruptions in key economies, including local, regional and geopolitical developments affecting those economies.
Economic conditions across the world face continued uncertainty due to, among other things, elevated geopolitical risks in multiple regions, including Ukraine, Israel and the Middle East, among others, an uncertain monetary policy environment, and slowing growth and heightened volatility in key emerging markets. New or continued economic deterioration may increase concerns about sovereign debt sustainability, interdependencies among financial institutions and sovereigns, and political and other risks. Continued uncertainty in the external environment has led to increased concern around the near- to medium-term outlook for economic progress in the regions in which we operate, including the United States, Europe, the Middle East and Asia.
For example, in July 2023, the U.S. Agencies issued the 2023 Basel III Endgame Proposal to implement the Basel III endgame agreement for large banks. Read more
The 2023 Basel III Endgame Proposal would introduce the expanded risk-based approach, reflecting new RWA methodologies that generally align with changes to the global Basel Accord adopted by the BCBS. The 2023 Basel III Endgame Proposal would, among other things, eliminate the current Basel III rule’s advanced approaches and effectively replace it with the expanded risk-based approach, which more heavily relies on standardized methodologies. As compared with the standardized approach, the proposed expanded approach includes more granular risk weights for credit risk and introduces a new market risk framework. In addition, the proposed expanded risk-based approach includes new standardized approaches for operational risk and CVA RWA…
of its direct affect on State Street, based on the broader societal impact of the matter.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 19, 2026 ↗ with the 10-K filed Feb 13, 2025 ↗.
25
What to watch going forwardSite analysis
- Pending antitrust suit by state AGs.
- Fee growth.
- CET1 ratio.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 4, 2026 15:27 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-19Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent State Street Corporation’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.