State Street (STT) FY2019 results: revenue $11.8 billion, down 3.1% on the year
State Street Corp. (STT) reported revenue of $11.8 billion for fiscal 2019, the year ended 31 December 2019, down 3.1% on the year before. Net income was $2.2 billion, down 13.5%, and diluted earnings per share $5.38. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$11.8 billion
-3.1% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$2.2 billion
-13.5% on the year
FY2012FY2019
Diluted EPS
$5.38
-15.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
11,756
12,131
11,266
-3.1%
Interest expense
1,375
991
604
+38.7%
Pre-tax income
2,712
3,101
2,995
-12.5%
Income tax
470
508
839
-7.5%
Effective tax rate
17.3%
16.4%
28.0%
Net income
2,242
2,593
2,156
-13.5%
Net margin
19.1%
21.4%
19.1%
Diluted EPS
$5.38
$6.40
$5.24
-15.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
5,690
10,175
6,933
-44.1%
Capital expenditure
730
609
637
+19.9%
Free cash flow
4,960
9,566
6,296
-48.1%
Cash from investing
-2,626
-4,496
48.0
Cash from financing
-2,974
-4,471
-6,188
Depreciation and amortisation
n/a
825
740
Share-based compensation
n/a
262
243
Buybacks
1,585
350
1,292
+352.9%
Dividends paid
930
828
768
+12.3%
Dividend per share
$1.98
$1.78
$1.60
+11.2%
Diluted shares, weighted
374m
376m
380m
-0.7%
Shares outstanding at period end
357m
380m
368m
-5.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
24,431
24,737
22,270
-1.2%
Deposits
181,872
180,360
184,896
+0.8%
Debt
14,450
15,267
15,606
-5.4%
Other liabilities
24,857
24,262
15,653
+2.5%
Total liabilities and equity
245,610
244,626
238,425
+0.4%
Fixed assets
2,282
2,214
2,186
+3.1%
Goodwill
7,556
7,446
6,022
+1.5%
Intangible assets
2,030
2,369
1,613
-14.3%
Securities held for sale or to maturity
95,597
87,062
97,579
+9.8%
Loans
n/a
25,722
23,240
Trading assets
914
860
1,093
+6.3%
Cash and equivalents
3,302
3,212
2,004
+2.8%
Other assets
133,929
115,741
104,688
+15.7%
Total assets
245,610
244,626
238,425
+0.4%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.