{"schemaVersion":1,"research":true,"symbol":"stt","name":"State Street","topic":"moat","path":"/stock/stt/moat","status":"published","version":6,"updatedAt":"2026-10-19T20:50:15.637Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"State Street has a narrow moat from integrated investment workflows, implementation friction and multi-year contractual commitments, most clearly demonstrated in software and SaaS. These advantages support customer dependency but coexist with weak pricing power: servicing fees remain under pricing pressure and certain long-term contracts restrict repricing. Recent growth and earnings improvement demonstrate resilience, without establishing a relative cost advantage or exceptional durability.","advantages":[{"mechanism":"switching_costs","claim":"Integrated portfolio, trading, compliance and data workflows create replacement and implementation friction. Non-cancellable software and SaaS commitments provide direct evidence of contractual customer dependency; the magnitude of switching costs across the broader custody business remains less certain.","durability":"June 2026 remaining performance obligations were $2.15 billion, with approximately half expected to be recognized over three years and the remainder thereafter. This supports multi-year persistence, but does not establish retention after contract expiry.","risks":"Continuing pricing pressure limits value capture. Service failures can permit termination or reduced scope, while technology changes could simplify replacement. Software services revenue declined despite broader servicing growth.","invalidation":"The thesis would weaken materially if sustained contract non-renewals or scope reductions caused contracted obligations and software demand to decline, or if clients demonstrated that integrated workflows could be replaced routinely with little conversion effort.","competitors":["Northern Trust Corporation","The Bank of New York Mellon Corporation"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e12"],"counterEvidenceIds":["e7","e8","e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"Investment Servicing / State Street Alpha integrated capabilities","excerpt":"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."},{"id":"e2","sourceId":"filing-2","location":"Note 18 / definition of remaining performance obligations","excerpt":"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."},{"id":"e3","sourceId":"filing-2","location":"Note 18 / June 2026 non-cancellable performance obligations","excerpt":"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."},{"id":"e4","sourceId":"filing-2","location":"Note 18 / expected recognition period","excerpt":"We expect to recognize approximately half of this amount in revenue over the next three years, with the remainder to be recognized thereafter."},{"id":"e5","sourceId":"filing-1","location":"Note 25 / December 2025 non-cancellable performance obligations","excerpt":"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."},{"id":"e6","sourceId":"filing-1","location":"Risk factors / conversion and implementation onto operating platforms","excerpt":"Performance risk exists in each contract, given our dependence on successful conversion and implementation onto our own operating platforms of the service activities provided."},{"id":"e7","sourceId":"filing-2","location":"MD&A / realized servicing pricing pressure","excerpt":"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."},{"id":"e8","sourceId":"filing-1","location":"Risk factors / contractual fee schedules and repricing restrictions","excerpt":"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."},{"id":"e9","sourceId":"filing-1","location":"Risk factors / service-level termination and scope reduction provisions","excerpt":"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."},{"id":"e10","sourceId":"filing-1","location":"Competition / potential technological disruption","excerpt":"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."},{"id":"e11","sourceId":"filing-2","location":"Table 13 / Investment Servicing results and servicing fee drivers","excerpt":"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."},{"id":"e12","sourceId":"filing-3","location":"Executive compensation performance discussion / named direct peers and reported achievements","excerpt":"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."},{"id":"e13","sourceId":"filing-1","location":"Competition / realized impact of pricing pressure on growth and margins","excerpt":"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."},{"id":"e14","sourceId":"filing-2","location":"Consolidated cash flow statement / earnings, investment spending, financing and distributions","excerpt":"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."},{"id":"e15","sourceId":"filing-2","location":"Second-quarter performance highlights / reported margin and return on equity","excerpt":"•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."},{"id":"e16","sourceId":"filing-3","location":"Financial highlights / non-GAAP operating results and GAAP common equity returns","excerpt":"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."},{"id":"e17","sourceId":"filing-2","location":"Other information / actual executive deferred equity compensation structure","excerpt":"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."},{"id":"e18","sourceId":"filing-3","location":"Compensation practices / deferral, ownership, clawback and change-of-control provisions","excerpt":"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."},{"id":"e19","sourceId":"filing-3","location":"Executive compensation / adjustments to completed performance-period metrics","excerpt":"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."},{"id":"e20","sourceId":"filing-3","location":"Governance summary / shareholder rights, board practices and ownership restrictions","excerpt":"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."},{"id":"e21","sourceId":"filing-3","location":"Board leadership / independent executive sessions","excerpt":"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."},{"id":"e22","sourceId":"filing-2","location":"Liquidity risk management / average daily consolidated LCR","excerpt":"For the quarters ended June 30, 2026 and December 31, 2025, our average daily LCR was 107% and 106%, respectively."},{"id":"e23","sourceId":"filing-2","location":"Liquidity risk management / average HQLA after prescribed haircuts","excerpt":"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."},{"id":"e24","sourceId":"filing-2","location":"Liquidity risk management / consolidated NSFR compliance","excerpt":"As of June 30, 2026, our NSFR was above the 100% minimum NSFR requirement."},{"id":"e25","sourceId":"filing-1","location":"Liquidity risk management / historical deposit funding characteristics","excerpt":"As a provider of these products and services, we generate client deposits, which have generally provided a stable and low-cost source of funds."},{"id":"e26","sourceId":"filing-2","location":"Share repurchases / capital, investment and regulatory considerations","excerpt":"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."},{"id":"e27","sourceId":"filing-1","location":"Equity compensation plans / outstanding awards and available issuance","excerpt":"(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."},{"id":"e28","sourceId":"filing-1","location":"Table 41 / actual preferred stock dividend costs","excerpt":"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."},{"id":"e29","sourceId":"filing-6","location":"First-quarter expenses / realized client rescoping charge","excerpt":"•Client rescoping of $41 million reflected in information systems and communications expenses."},{"id":"e30","sourceId":"filing-2","location":"Tax credit investments / reported benefits and proportional amortization","excerpt":"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."},{"id":"e31","sourceId":"filing-2","location":"Table 11 / actual expenses and headcount","excerpt":"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."},{"id":"completion-c4ca2d2eeecf-e1","sourceId":"filing-2","location":"Capital: standardized CET1 ratio at June 30, 2026 and December 31, 2025","excerpt":"•Our standardized CET1 capital ratio decreased to 10.8% as of June 30, 2026, compared to 11.6% as of December 31, 2025, primarily due to a normalization in RWA from episodically low levels at December 31, 2025 and continued capital return, partially offset by capital generated from earnings."},{"id":"completion-c4ca2d2eeecf-e2","sourceId":"filing-2","location":"Capital: Tier 1 leverage ratio at June 30, 2026","excerpt":"Our Tier 1 leverage ratio was 5.3% as of June 30, 2026, compared to 5.5% as of December 31, 2025, mainly driven by continued capital return and higher average balance sheet levels, partially offset by capital generated from earnings."},{"id":"completion-c4ca2d2eeecf-e3","sourceId":"filing-2","location":"Regulatory capital table: 2026 minimum requirements","excerpt":"Basel III Standardized Approach December 31, 2025\n Common shareholders' equity:\nCommon stock and related surplus\n11,214 \n11,214 \n11,209 \n11,209 \n13,333 \n13,333 \n13,333 \n13,333 \nRetained earnings\n32,660 \n32,660 \n31,392 \n31,392 \n16,773 \n16,773 \n16,401 \n16,401 \n(1,178)\n(1,178)\n(1,043)\n(1,043)\n(934)\n(934)\n(815)\n(815)\nTreasury stock, at cost\n(17,987)\n(17,987)\n(17,276)\n(17,276)\n24,709 \n24,709 \n24,282 \n24,282 \n29,172 \n29,172 \n28,919 \n28,919 \nRegulatory capital adjustments:\nGoodwill and other intangible assets, net of associated deferred tax liabilities\n(8,764)\n(8,764)\n(8,921)\n(8,921)\n(8,168)\n(8,168)\n(8,342)\n(8,342)\nOther adjustments(1)\n(520)\n(520)\n(381)\n(381)\n(419)\n(419)\n Common equity tier 1 capital\n15,425 \n15,425 \n14,812 \n14,812 \n20,623 \n20,623 \n20,158 \n20,158 \nPreferred stock\n3,559 \n3,559 \n3,559 \n3,559 \n Tier 1 capital\n18,984 \n18,984 \n18,371 \n18,371 \n20,623 \n20,623 \n20,158 \n20,158 \nQualifying subordinated long-term debt\n1,691 \n1,691 \n1,872 \n1,872 \n524 \n524 \nAdjusted allowance for credit losses\n175 \n175 \n Total capital\n20,697 \n20,850 \n20,261 \n20,446 \n21,167 \n21,319 \n20,700 \n20,885 \n Risk-weighted assets:\nCredit risk(2)\n66,805 \n140,668 \n60,594 \n125,138 \n62,446 \n137,393 \n56,438 \n121,747 \nOperational risk(3)\n46,950 \n51,638 \n46,575 \n50,025 \nMarket risk\n2,738 \n2,738 \n2,125 \n2,125 \n2,738 \n2,738 \n2,125 \n2,125 \nTotal risk-weighted assets\n116,493 \n143,406 \n114,357 \n127,263 \n111,759 \n140,131 \n108,588 \n123,872 \nAdjusted quarterly average assets\n357,537 \n357,537 \n332,978 \n332,978 \n352,636 \n352,636 \n328,034 \n328,034 \nCapital Ratios:\n2026 Minimum Requirements(4)\n2025 Minimum Requirements(4)\nCommon equity tier 1 capital\n8.0 \n8.0 \n13.2 \n13.0 \n18.5 \n14.7 \n16.3 \nTier 1 capital\n16.3 \n13.2 \n16.1 \n14.4 \n18.5 \n14.7 \n16.3 \nTotal capital\n17.8 \n14.5 \n17.7 \n16.1 \n18.9 \n15.2 \n19.1 \n16.9 \nTier 1 leverage(5)\n4.0 \n4.0 \n6.1 \n6.1 \n(1) Other adjustments within CET1 capital primarily include disallowed deferred tax assets, cash flow hedges that are not recognized at fair value on the balance sheet, and the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities."},{"id":"completion-c4ca2d2eeecf-e4","sourceId":"filing-2","location":"Regulatory capital table, footnote 4: capital conservation/stress capital buffers, G-SIB surcharge and countercyclical buffer","excerpt":"(4) Minimum requirements include a CCB of 2.5% and a SCB of 2.5% for the advanced approaches and the standardized approach, respectively, a G-SIB surcharge of 1.0% and a countercyclical buffer of 0%."},{"id":"completion-c4ca2d2eeecf-e5","sourceId":"filing-2","location":"Capital: binding standardized capital framework","excerpt":"Standardized capital ratios were binding for both periods."},{"id":"completion-c4ca2d2eeecf-e6","sourceId":"filing-2","location":"Capital: minimum SLR and applicable buffer effective January 1, 2026","excerpt":"As discussed below, following our adoption of the modified eSLR standards on January 1, 2026, we are subject to a 0.5% SLR buffer at both the holding company and at State Street Bank, in addition to the required minimum of 3.0% under the Basel III final rule."},{"id":"completion-c4ca2d2eeecf-e7","sourceId":"filing-9","location":"Capital and liquidity: State Street Corporation estimated ratios for 2Q26","excerpt":"(As of period end)\n2Q26\n1Q26\n2Q25\nBasel III Standardized Approach:\nCommon equity tier 1 ratio (CET1)\n10.8 \n%\n10.6 \n%\n10.7 \n%\nTier 1 capital ratio\n13.2 \n13.1 \n13.3 \nTotal capital ratio\n14.5 \n14.5 \n14.8 \nBasel III Advanced Approaches:\nCommon equity tier 1 ratio (CET1)\n13.2 \n12.5 \n12.5 \nTier 1 capital ratio\n16.3 \n15.5 \n15.5 \nTotal capital ratio\n17.8 \n17.0 \n17.0 \n​\nTier 1 leverage ratio\n5.3 \n5.4 \n5.3 \nSupplementary leverage ratio (SLR)\n6.2 \n6.3 \n6.3 \n​\nLiquidity coverage ratio (LCR)(1)\n107 \n%\n106 \n%\n107 \n%\nLCR - State Street Bank and Trust(1)\n136 \n%\n139 \n%\n136 \n%\n(1) See the \"In This News Release\" section for further details on LCR and differences in the calculation between State Street Corporation and State Street Bank and Trust."}],"changes":["Retain the previous narrow verdict: integrated workflows and contractual commitments support switching friction, while pricing power remains weak.","Make competitor coverage explicit using the two direct peers named in the proxy; their relative switching costs and pricing are not established.","Add criterion-level management and bank financial assessments, leaving current capital adequacy ungraded because actual regulatory capital ratios and complete applicable buffers are absent."],"limitations":["Assessment uses only supplied passages. Sources retain their filed dateKind; no retrieval date is treated as publication. Financial grades use filings dated within 550 days of October 18, 2026.","Operating results and contractual disclosures support numerical grades, but all sources are issuer filings. Claims of high retention, service quality and strategic success lack underlying client-level measurements.","Named direct peers are identified, but comparative prices, unit costs, market shares and software-specific competitive coverage are absent. Scale alone does not establish a cost advantage, network effect or efficient-scale moat.","Actual current CET1, leverage and total capital ratios, complete applicable capital buffers, detailed asset quality and quantified interest-rate exposures are missing. Stress-test commentary cannot establish current capital headroom.","Renewal rates, customer switching expenditures and net pricing changes are not quantified. Contractual obligations primarily cover software and SaaS and cannot be extrapolated to all custody or investment management relationships.","Proxy disclosures establish compensation and governance practices, but actual executive ownership compliance and the effects of discretionary compensation adjustments are not fully disclosed. No future award outcome or proposed election is treated as completed."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Integrated workflows, platform conversions and non-cancellable commitments support switching friction. Its breadth and relative strength against peers remain unquantified.","evidenceIds":["e1","e2","e3","e6"]},{"criterion":"durability","grade":2,"rationale":"Contracted obligations extend beyond three years and increased from December 2025. Termination provisions and technological substitution limit confidence beyond existing commitments.","evidenceIds":["e3","e4","e5","e9","e10"]},{"criterion":"customer_dependency","grade":3,"rationale":"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.","evidenceIds":["e1","e2","e3","e6"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Servicing fees and earnings grew despite continuing price pressure, but software revenue declined and client rescoping produced an actual charge.","evidenceIds":["e7","e11","e29"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Disclosures explicitly establish continuing adverse pricing effects on servicing revenue and historical effects on growth and margins. 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model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":92.36088244978598,"sbc_revenue":null},"issues":{"pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":-1.0548346588530766,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":-108.73846153846154,"sbc_revenue":null},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":77.76104417670683,"sbc_revenue":null},"issues":{"pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is 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an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this 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