State Street (STT) FY2014 results: revenue $10.3 billion, up 4.2% on the year
State Street Corp. (STT) reported revenue of $10.3 billion for fiscal 2014, the year ended 31 December 2014, up 4.2% on the year before. Net income was $2.0 billion, down 1.4%, and diluted earnings per share $4.53. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2015.
Revenue
$10.3 billion
+4.2% on the year
FY2007FY2014
Operating margin
n/a
FY2007FY2014
Net income
$2.0 billion
-1.4% on the year
FY2007FY2014
Diluted EPS
$4.53
+2.3% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
10,274
9,864
9,649
+4.2%
Interest expense
392
411
476
-4.6%
Pre-tax income
2,437
2,666
2,766
-8.6%
Income tax
415
616
705
-32.6%
Effective tax rate
17.0%
23.1%
25.5%
Net income
2,022
2,050
2,061
-1.4%
Net margin
19.7%
20.8%
21.4%
Diluted EPS
$4.53
$4.43
$4.20
+2.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
-561
-2,024
1,933
Capital expenditure
427
388
355
+10.1%
Free cash flow
-988
-2,412
1,578
Cash from investing
-28,492
-14,085
-4,591
Cash from financing
27,688
16,739
3,055
+65.4%
Depreciation and amortisation
639
615
605
+3.9%
Share-based compensation
329
355
353
-7.3%
Buybacks
1,650
2,040
1,440
-19.1%
Dividends paid
539
486
463
+10.9%
Dividend per share
$1.16
$1.04
$0.96
+11.5%
Diluted shares, weighted
432m
455m
481m
-5.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
21,328
20,248
20,825
+5.3%
Non-controlling interest
0.0
n/a
n/a
Deposits
209,040
182,268
164,181
+14.7%
Debt
23,369
21,451
20,336
+8.9%
Other liabilities
20,382
19,324
17,240
+5.5%
Total liabilities and equity
274,119
243,291
222,582
+12.7%
Fixed assets
1,937
1,860
1,728
+4.1%
Goodwill
5,826
6,036
5,977
-3.5%
Intangible assets
2,025
2,360
2,539
-14.2%
Securities held for sale or to maturity
17,723
17,740
11,379
-0.1%
Loans
18,161
13,458
12,285
+34.9%
Trading assets
924
843
637
+9.6%
Other assets
227,523
200,994
188,037
+13.2%
Total assets
274,119
243,291
222,582
+12.7%
10-K for the year ended 31 December 2014, filed 20 February 2015: the filing.