AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 19/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Integrated workflows, platform conversions and non-cancellable commitments support switching friction. Its breadth and relative strength against peers remain unquantified.
durability · 2/4 · Contracted obligations extend beyond three years and increased from December 2025. Termination provisions and technological substitution limit confidence beyond existing commitments.
customer dependency · 3/4 · Embedded investment workflows and $2.15 billion of non-cancellable obligations demonstrate meaningful dependency, strongest in software and SaaS. This is contractual and operational evidence rather than a measured company-wide retention rate.
erosion resilience · 2/4 · Servicing fees and earnings grew despite continuing price pressure, but software revenue declined and client rescoping produced an actual charge.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 1/4 · Disclosures explicitly establish continuing adverse pricing effects on servicing revenue and historical effects on growth and margins. Revenue growth reflects markets, activity, flows and new business rather than demonstrated price increases.
retention · 3/4 · Multi-year non-cancellable commitments and their increase provide strong contractual evidence of continuing demand. Retention is assessed indirectly from commitments and workflow friction; renewals and company-wide retention rates are not supplied.
margin resilience · 3/4 · Investment Servicing's first-half pre-tax margin rose from 26.7% to 30.6%, while consolidated second-quarter profitability also improved. This demonstrates recent resilience despite pricing pressure, although favorable markets and prior-year charges contributed.
contractual freedom · 1/4 · Disclosed arrangements generally fix fee schedules and prohibit repricing for cost or market changes absent changed service requirements. Service-level provisions also give some clients termination or scope-reduction rights.
Predictability94
Financial-sector stability over five consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 4.33
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 2.33
Financial strength—
Insufficient current sector evidence for every criterion; no category score is inferred.
capital adequacy · — · The proxy reports passing 2025 supervisory stress tests, but supplied passages omit actual current regulatory capital ratios and complete applicable requirements and buffers. Current capital sufficiency cannot be graded from accounting equity or stress-test commentary.
liquidity funding · 2/4 · Average consolidated LCR was 107%, HQLA after haircuts was $111.55 billion and NSFR exceeded 100%. Deposits grew and are described as historically stable, but the modest LCR cushion and missing depositor concentration and uninsured-deposit detail limit the assessment.
asset liability risk · — · First-half credit-loss provisions fell to $16 million from $42 million, but this alone cannot establish overall asset quality or asset-liability risk. Current nonperforming exposures, portfolio losses and quantified rate sensitivities are absent.
earnings resilience · 3/4 · First-half consolidated net income increased to $1.848 billion from $1.337 billion, with servicing earnings and second-quarter returns also improving. These demonstrate resilience through the supplied period, without establishing performance through a severe downturn.
Capital allocation50
Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital efficiency · 2/4 · Reported second-quarter ROE improved to 16.7% from 10.8%; annual GAAP return on average common equity was 11.5% in 2025 versus 11.1% in 2024. Improvement is demonstrated, but a strong sustained return across cycles or relative capital-cost advantage is not.
distributions and buffers · 2/4 · Actual first-half repurchases and cash dividends were covered by reported net income, and liquidity requirements were met. Repurchases explicitly consider capital and regulatory constraints, but missing current capital ratios prevent a stronger judgment about retained buffers.
dilution and cost · 2/4 · Repurchases counter issuance, but 6.654 million securities remained issuable under outstanding equity awards at December 2025. Preferred dividends increased to $226 million from $185 million. Actual financing and award costs are evident; net 2026 share dilution and equity compensation expense are incomplete.
investment discipline · 2/4 · Higher premises, equipment and technology spending accompanied revenue and earnings growth, and tax-credit investments produced reported benefits. Client rescoping costs and declining software revenue temper the result; project-level returns and acquisition outcomes are not established.
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · First-half earnings of $1.848 billion exceeded $800 million of common repurchases plus $584 million of cash dividends. Investment spending increased substantially and client rescoping generated costs; regulatory capital headroom and investment returns remain incompletely evidenced.
incentive alignment · 3/4 · Actual compensation includes substantial deferred equity, performance awards, ownership requirements and recourse mechanisms. Discretionary adjustments to completed performance metrics temper the assessment; exceptional alignment and ownership compliance are not established.
execution · 3/4 · Reported servicing growth, higher consolidated earnings and improved returns demonstrate recent execution. This assessment uses operating outcomes rather than management praise; software contraction and rescoping costs show uneven delivery.
governance · 3/4 · Disclosed annual elections, majority voting, proxy access, absence of a poison pill and independent executive sessions establish substantive oversight and shareholder rights. Combined chair/CEO leadership and limited evidence of oversight effectiveness constrain the grade.
Evidence
Our State Street Alpha platform combines portfolio management, trading and execution, analytics and compliance tools, along with advanced data aggregation and integration with other industry platforms and providers.
Investment Servicing / State Street Alpha integrated capabilities · Filed 30/07/2026
Transaction price allocated to the remaining performance obligations represents future, non-cancelable contracted revenue that has not yet been recognized, inclusive of deferred revenue that has been invoiced and non-cancellable amounts that will be invoiced and recognized as revenue in future periods.
Note 18 / definition of remaining performance obligations · Filed 30/07/2026
As of June 30, 2026, total remaining non-cancellable performance obligations for services and products not yet delivered, primarily comprised of software license sales and SaaS, were approximately $2.15 billion.
Note 18 / June 2026 non-cancellable performance obligations · Filed 30/07/2026
We expect to recognize approximately half of this amount in revenue over the next three years, with the remainder to be recognized thereafter.
Note 18 / expected recognition period · Filed 30/07/2026
As of December 31, 2025, total remaining non-cancelable performance obligations for services and products not yet delivered, primarily comprised of software license sales and SaaS, were approximately $2.07 billion.
Note 25 / December 2025 non-cancellable performance obligations · Filed 19/02/2026
Performance risk exists in each contract, given our dependence on successful conversion and implementation onto our own operating platforms of the service activities provided.
Risk factors / conversion and implementation onto operating platforms · Filed 19/02/2026
Pricing The industry in which we operate has historically faced pricing pressure, and our servicing fee revenues continue to be affected by such pressures today.
MD&A / realized servicing pricing pressure · Filed 30/07/2026
These arrangements generally set forth our fee schedule for the term of the contract and, absent a change in service requirements, do not permit us to re-price the contract for changes in our costs or for market pricing.
Risk factors / contractual fee schedules and repricing restrictions · Filed 19/02/2026
In addition, such contracts may permit early termination or reduction in services in the event that certain service levels are not met, which termination or service reduction may result in loss of up-front investment in onboarding the client.
Risk factors / service-level termination and scope reduction provisions · Filed 19/02/2026
For example, the adoption and implementation of evolving and emerging technologies, such as artificial intelligence and distributed ledger technology, and related regulatory frameworks, have the potential to disrupt materially the activities of the financial services industry, the operation of financial markets, processes, infrastructure and service providers, including State Street, and the servicing and other requirements of financial services clients, including our clients.
Competition / potential technological disruption · Filed 19/02/2026
Investment Servicing TABLE 13: INVESTMENT SERVICING LINE OF BUSINESS RESULTS (Dollars in millions, except where otherwise noted) Three Months Ended June 30, % Change 2026 2025 Servicing fees $ 1,468 $ 1,304 13 % Foreign exchange trading services 491 390 26 Securities finance 140 119 18 Software services 166 193 (14) Other fee revenue 117 112 4 Total fee revenue 2,382 2,118 12 Net interest income 860 726 18 Total revenue 3,242 2,844 14 Provision for credit losses — 30 nm Total expenses 2,162 1,995 8 Income before income tax expense $ 1,080 $ 819 32 Pre-tax margin 33.3 % 28.8 % 450 bps Average assets (in billions) $ 362.8 $ 350.4 3.5 (Dollars in millions, except where otherwise noted) Six Months Ended June 30, % Change 2026 2025 Servicing fees $ 2,877 $ 2,579 12 % Foreign exchange trading services 923 727 27 Securities finance 250 227 10 Software services 335 351 (5) Other fee revenue 219 213 3 Total fee revenue 4,604 4,097 12 Net interest income 1,692 1,435 18 Total other income 1 — nm Total revenue 6,297 5,532 14 Provision for credit losses 16 42 (62) Total expenses 4,351 4,014 8 Income before income tax expense $ 1,930 $ 1,476 31 Pre-tax margin 30.6 % 26.7 % 390 bps Average assets (in billions) $ 355.4 $ 342.1 3.9 nm Denotes not meaningful Servicing Fees Servicing fees, as presented in Table 13: Investment Servicing Line of Business Results, increased 13% and 12% in the three and six months ended June 30, 2026, respectively, compared to the same periods of 2025, primarily reflecting higher average market levels, client activity and asset flows and net new business.
Table 13 / Investment Servicing results and servicing fee drivers · Filed 30/07/2026
We also continued to focus on expanding product and distribution capabilities and launched a record 134 new products and formed a series of strategic partnerships to strengthen capabilities and position us for future growth ✔ State Street Markets generated strong revenue growth in FX trading services, supported by higher client volumes, while developing new product capabilities and being recognized with eight category wins in Euromoney Magazine’s FX Awards—doubling our achievements from 2024 ✔ Returned over $2.1 billion to our shareholders in the form of common share repurchases and common stock dividends, including increasing the quarterly common stock dividend declared per common share by 11% in the third quarter of 2025 ✔ Improved service quality, broadening and deepening existing client relationships, particularly in our investment services business ✔ Advanced our Wealth Services strategy through a partnership and minority investment in Apex Fintech Solutions to scale global custody and clearing ✔ Effectively managed financial risk amid uncertain market conditions, including a shifting global monetary policy environment and ongoing geopolitical risks * As of January 1, 2025, the KBW Bank Index comprised State Street, our Direct Peers (Northern Trust Corporation and The Bank of New York Mellon Corporation) and 21 other constituents with which we competed in some aspects of our businesses.
Executive compensation performance discussion / named direct peers and reported achievements · Filed 08/04/2026
This pricing pressure has and may continue to impact our revenue growth and operating margins and may limit the positive impact of new client demand and growth in AUC/A or AUM.
Competition / realized impact of pricing pressure on growth and margins · Filed 19/02/2026
State Street Corporation | 48 STATE STREET CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) Six Months Ended June 30, (In millions) 2026 2025 Operating Activities: Net income $ 1,848 $ 1,337 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income tax 100 (64) Amortization of other intangible assets 112 110 Other non-cash adjustments for depreciation, amortization and accretion, net 305 95 Gains related to investment securities, net (1) — Provision for credit losses 16 42 Change in trading account assets, net (29) (22) Change in accrued interest and fees receivable, net (472) (555) Change in collateral deposits, net (13,578) (13,138) Change in unrealized losses on foreign exchange derivatives, net (4,820) 5,909 Change in other assets, net (2,614) (2,680) Change in accrued expenses and other liabilities, net 4,336 2,639 Other, net 328 282 Net cash used in operating activities (14,469) (6,045) Investing Activities: Net increase in interest-bearing deposits with banks (18,293) (5,879) Net increase in securities purchased under resale agreements (2,223) (1,595) Proceeds from sales of available-for-sale securities 5,428 7,521 Proceeds from maturities of available-for-sale securities 10,765 16,242 Purchases of available-for-sale securities (21,819) (32,205) Proceeds from maturities of held-to-maturity securities 2,853 4,708 Sale of loans 604 151 Net increase in loans (6,268) (3,285) Purchases of equity investments and other long-term assets (412) (259) Purchases of premises and equipment, net (945) (545) Other, net 141 155 Net cash used in investing activities (30,169) (14,991) Financing Activities: Net decrease in time deposits (1,512) (1,941) Net increase in all other deposits 46,707 23,036 Net decrease in securities sold under repurchase agreements (446) (1,304) Net increase in other short-term borrowings 551 4 Proceeds from issuance of long-term debt, net of issuance costs 1,615 4,728 Payments for long-term debt and obligations under finance leases (918) (2,325) Proceeds from issuance of preferred stock, net of issuance costs — 743 Repurchases of common stock (800) (400) Repurchases of common stock for employee tax withholding (107) (71) Payments for cash dividends (584) (549) Other, net (11) (10) Net cash provided by financing activities 44,495 21,911 Net (decrease) increase in cash and due from banks (143) 875 Cash and due from banks at beginning of period 4,433 3,145 Cash and due from banks at end of period $ 4,290 $ 4,020 Supplemental disclosure: Interest paid $ 3,675 $ 4,480 Income taxes paid, net 322 369 The accompanying condensed notes are an integral part of these consolidated financial statements.
Consolidated cash flow statement / earnings, investment spending, financing and distributions · Filed 30/07/2026
•Pre-tax margin of 34.3% in the second quarter of 2026 increased from 25.8% in the same period of 2025, while return on equity of 16.7% in the second quarter of 2026 increased from 10.8% in the same period of 2025.
Second-quarter performance highlights / reported margin and return on equity · Filed 30/07/2026
State Street — 2026 Notice of Meeting and Proxy Statement ii TABLE OF CONTENTS Financial Highlights Consolidated Financial Performance, excluding notable items, non-GAAP ( $ in millions, except per share data )(1) 2025 2024 Change Total Fee Revenue $11,001 $10,075 +9.2% Total Revenue 13,965 13,000 +7.4% Expenses 9,831 9,342 +5.2% Pre-Tax Margin 29.2% 27.6% +1.6% pts EPS $10.30 $8.67 +18.8% Return on average common equity (ROE) (GAAP) 11.5% 11.1% +0.4% pts (1) Non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of notable items outside of State Street’s normal course of business.
Financial highlights / non-GAAP operating results and GAAP common equity returns · Filed 08/04/2026
OTHER INFORMATION Securities Trading Plans of Directors and Executive Officers A significant portion of the compensation of our executive officers is delivered in the form of deferred equity awards, including deferred stock and performance-based restricted stock unit awards.
Other information / actual executive deferred equity compensation structure · Filed 30/07/2026
What We Do • Long-term performance-based equity awards in the form of performance-based restricted stock units (RSUs) • Significant deferred equity-based incentive compensation • Active engagement with shareholders on compensation, corporate governance and other issues • Close interaction between the HRC and the Board’s Risk Committee (RC) and Examining and Audit Committee (E&A) • Independent compensation consultant • Clawback and forfeiture provisions to recoup compensation following financial restatements and specified misconduct or other actions • “Double-trigger” change-of-control required for deferred incentive compensation acceleration and cash payments • Stock ownership policy, including holding requirements for NEOs who are below full ownership guidelines • Non-competition and other restrictive covenants, where permissible • Annual review of incentive compensation design for alignment with risk management principles What We Do Not Do • No option grants or option repricing • No tax gross-up on perquisites(1) • No multi-year guaranteed incentive awards • No “single-trigger” change-of-control vesting or cash payments • No change-of-control excise tax gross-up • No short selling, options trading, hedging, pledging or speculative transactions in State Street securities (1) Excluding (a) a small meal allowance provided as a customary benefit to all German employees, including Mr.
Compensation practices / deferral, ownership, clawback and change-of-control provisions · Filed 08/04/2026
For the 2022 performance year performance-based RSUs, the HRC approved adjustments to the three-year average GAAP ROE of 10.3%, the three-year average GAAP pre-tax margin of 24.1% and the three-year GAAP fee revenue growth (CAGR) of 4.6% to account for: changes in tax or banking law or regulations; acquisitions, dispositions and similar transactions and related expenses; merger and integration expenses; restructuring charges and expenses; and legal and regulatory matters.
Executive compensation / adjustments to completed performance-period metrics · Filed 08/04/2026
The following summarizes key aspects of our corporate governance: Board of Directors • 12 of 13 director nominees are independent • Annual director elections • Annual assessment of effectiveness of the Board, its committees and each director nominee • Board members are reflective of diverse experiences, skills and backgrounds • Active independent Lead Director appointed annually by the independent directors • Board and committees meet regularly in executive session without management present • Effective Board refreshment process, adding six new independent directors in the last five years Shareholder Rights and Engagement • Directors are elected by a majority of votes cast in uncontested elections and by plurality vote in contested elections • Continuous shareholder outreach program with director participation – During 2025, contacted shareholders representing approximately 56% of shares outstanding – Met with all that expressed an interest in meeting • No poison pill • Proxy access by-law allows shareholders to include director nominees in State Street’s proxy materials • No common stock supermajority vote requirements Strategy, Compensation and Risk • Board and Committee oversight of: – Strategy, financial performance, technology, human capital, ethics and risk management – Succession planning for Chief Executive Officer (CEO) and other executive officers – Sustainability related obligations, initiatives and strategies – Alignment of our incentive compensation arrangements with our safety and soundness • Directors and executive officers subject to stock ownership guidelines and prohibited from short selling, pledging, options trading, hedging and speculative transactions in State Street securities • Non-management directors required to hold all net shares received as compensation for service until separation from State Street • Incentive compensation subject to clawback and forfeiture mechanisms State Street — 2026 Notice of Meeting and Proxy Statement v TABLE OF CONTENTS Sustainability We view sustainability through the lens of creating and preserving long-term value for our clients, employees, and our communities, with the ultimate objective of driving shareholder value creation.
Governance summary / shareholder rights, board practices and ownership restrictions · Filed 08/04/2026
Mathew regularly presides over meetings with her fellow independent directors in executive session, without the Chairman and CEO present, to discuss, among others they deem appropriate, such topics as Board evaluation, the Company’s strategy and evaluating the performance of the CEO.
Board leadership / independent executive sessions · Filed 08/04/2026
For the quarters ended June 30, 2026 and December 31, 2025, our average daily LCR was 107% and 106%, respectively.
Liquidity risk management / average daily consolidated LCR · Filed 30/07/2026
The average HQLA, post-prescribed haircuts was $111.55 billion for the quarter ended June 30, 2026 compared to $100.34 billion for the quarter ended December 31, 2025, primarily due to an increase in client deposits relative to the prior period.
Liquidity risk management / average HQLA after prescribed haircuts · Filed 30/07/2026
As of June 30, 2026, our NSFR was above the 100% minimum NSFR requirement.
Liquidity risk management / consolidated NSFR compliance · Filed 30/07/2026
As a provider of these products and services, we generate client deposits, which have generally provided a stable and low-cost source of funds.
Liquidity risk management / historical deposit funding characteristics · Filed 19/02/2026
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.
Share repurchases / capital, investment and regulatory considerations · Filed 30/07/2026
(Shares in thousands) (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights (b) Weighted-average exercise price of outstanding options, warrants and rights(1) (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) Plan category: Equity compensation plans approved by shareholders 6,654 (2) $ — 17,196 Equity compensation plans not approved by shareholders — — — Total 6,654 — 17,196 (1) Excludes deferred stock awards and performance awards for which there is no exercise price.
Equity compensation plans / outstanding awards and available issuance · Filed 19/02/2026
State Street Corporation | 110 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following table presents the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated: TABLE 41: PREFERRED STOCK DIVIDENDS Years Ended December 31, 2025 2024 (Dollars in millions, except per share amounts) Dividends Declared per Share Dividends Declared per Depositary Share Total Dividends Declared per Share Dividends Declared per Depositary Share Total Preferred Stock: Series D $ — $ — $ — $ 1,475 $ 0.37 $ 11 Series F — — — 2,336 23.36 6 Series G 5,350 1.34 27 5,350 1.34 27 Series H — — — 6,251 62.51 31 Series I 6,700 67.00 100 5,863 58.63 88 Series J 6,700 67.00 57 2,643 26.43 22 Series K 5,536 55.36 42 — — — Total $ 226 $ 185 In February 2026, we declared dividends on our series G, I, J and K preferred stock of approximately $1,338, $1,675, $1,675 and $1,613, respectively, per share, or approximately $0.33, $16.75, $16.75 and $16.13, respectively, per depositary share.
Table 41 / actual preferred stock dividend costs · Filed 19/02/2026
•Client rescoping of $41 million reflected in information systems and communications expenses.
First-quarter expenses / realized client rescoping charge · Filed 29/04/2026
State Street Corporation | 73 STATE STREET CORPORATION CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The following table presents the impact of our tax credit programs for which we have elected to apply proportional amortization accounting on our consolidated statement of income for the periods indicated: (In millions) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Income recorded on investments within other fee revenue $ 5 $ 3 $ 9 $ 6 Income recorded in total revenue 5 3 9 6 Tax credits and benefits recognized in income tax expense 58 57 104 112 Proportional amortization recognized in income tax expense (45) (44) (81) (87) Net benefits included in income tax expense 13 13 23 25 Net benefit attributable to tax-advantaged investments included in the consolidated statement of income for which proportional amortization has been elected $ 18 $ 16 $ 32 $ 31 Note 12.
Tax credit investments / reported benefits and proportional amortization · Filed 30/07/2026
TABLE 11: EXPENSES Three Months Ended June 30, % Change (Dollars in millions) 2026 2025 Compensation and employee benefits $ 1,292 $ 1,280 1 % Information systems and communications 589 523 13 Transaction processing services 280 260 8 Occupancy 96 105 (9) Other: Professional services 124 107 16 Other 278 254 9 Total other 402 361 11 Total expenses $ 2,659 $ 2,529 5 Number of employees at quarter-end 50,596 52,014 (3) Six Months Ended June 30, % Change (Dollars in millions) 2026 2025 Compensation and employee benefits $ 2,733 $ 2,542 8 % Information systems and communications 1,226 1,020 20 Transaction processing services 563 518 9 Occupancy 197 208 (5) Other: Professional services 228 217 5 Other 523 474 10 Total other 751 691 9 Total expenses $ 5,470 $ 4,979 10 There were no notable items in the second quarter of 2026.
Table 11 / actual expenses and headcount · Filed 30/07/2026
Implemented notable improvements to key risk frameworks and completed the Federal Reserve’s annual supervisory stress tests for 2025, exceeding all minimum regulatory capital requirements under stress scenarios
Compensation performance evaluation / issuer report of 2025 supervisory stress-test outcome · Filed 08/04/2026
◦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.
3Q26 earnings release, Capital and liquidity · Filed 14/10/2026
•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.
3Q26 earnings release, capital-ratio issuer scope · Filed 14/10/2026
All capital ratios are estimated. Liquidity Coverage Ratio (LCR) is a preliminary estimate based on a quarterly daily average.
3Q26 earnings release, estimated capital ratios · Filed 14/10/2026
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
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.
Earnings release addendum, consolidated results continued, regulatory capital ratios · Filed 14/10/2026
(4) We are subject to a minimum Supplementary Leverage Ratio or SLR of 3%, and as a U.S.
Regulatory capital, footnote 4, minimum supplementary leverage ratio · Filed 14/10/2026
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.
Regulatory capital, footnote 4, supplementary leverage buffer · Filed 14/10/2026
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.
Consolidated results of operations, quarterly headers and units · Filed 14/10/2026
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
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)
Consolidated results of operations, provision for credit losses · Filed 14/10/2026
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;
Risk disclosures, realized and potential interest-rate effects · Filed 14/10/2026
◦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.
3Q26 earnings release, Capital and liquidity · Filed 14/10/2026
•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.
3Q26 earnings release, capital ratio issuer scope · Filed 14/10/2026
All capital ratios are estimated. Liquidity Coverage Ratio (LCR) is a preliminary estimate based on a quarterly daily average.
3Q26 earnings release, estimated ratio qualification · Filed 14/10/2026
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
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.
Consolidated results of operations, regulatory capital ratios; quarterly columns identified in q1839 · Filed 14/10/2026
(4) We are subject to a minimum Supplementary Leverage Ratio or SLR of 3%, and as a U.S.
Regulatory capital, supplementary leverage minimum · Filed 14/10/2026
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.
Regulatory capital, supplementary leverage buffer · Filed 14/10/2026
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.
Consolidated results of operations, quarterly column headers and units · Filed 14/10/2026
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
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)
Consolidated results of operations, provision for credit losses · Filed 14/10/2026
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;
Risk disclosures, historical and potential interest-rate effects · Filed 14/10/2026
