State Street (STT) FY2020 results: revenue $11.7 billion, down 0.5% on the year
State Street Corp. (STT) reported revenue of $11.7 billion for fiscal 2020, the year ended 31 December 2020, down 0.5% on the year before. Net income was $2.4 billion, up 7.9%, and diluted earnings per share $6.32. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$11.7 billion
-0.5% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$2.4 billion
+7.9% on the year
FY2013FY2020
Diluted EPS
$6.32
+17.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
11,703
11,756
12,131
-0.5%
Interest expense
375
1,375
991
-72.7%
Pre-tax income
2,899
2,712
3,101
+6.9%
Income tax
479
470
508
+1.9%
Effective tax rate
16.5%
17.3%
16.4%
Net income
2,420
2,242
2,593
+7.9%
Net margin
20.7%
19.1%
21.4%
Diluted EPS
$6.32
$5.38
$6.40
+17.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,532
5,690
10,175
-37.9%
Capital expenditure
560
730
609
-23.3%
Free cash flow
2,972
4,960
9,566
-40.1%
Cash from investing
-65,534
-2,626
-4,496
Cash from financing
62,167
-2,974
-4,471
Depreciation and amortisation
n/a
n/a
825
Share-based compensation
n/a
n/a
262
Buybacks
515
1,585
350
-67.5%
Dividends paid
889
930
828
-4.4%
Dividend per share
$2.08
$1.98
$1.78
+5.1%
Diluted shares, weighted
357m
374m
376m
-4.4%
Shares outstanding at period end
353m
357m
380m
-1.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
26,200
24,431
24,737
+7.2%
Deposits
239,798
181,872
180,360
+31.8%
Debt
21,205
14,450
15,267
+46.7%
Other liabilities
27,503
24,857
24,262
+10.6%
Total liabilities and equity
314,706
245,610
244,626
+28.1%
Fixed assets
2,154
2,282
2,214
-5.6%
Goodwill
7,683
7,556
7,446
+1.7%
Intangible assets
1,827
2,030
2,369
-10.0%
Securities held for sale or to maturity
107,977
95,597
87,062
+13.0%
Loans
n/a
n/a
25,722
Trading assets
815
914
860
-10.8%
Cash and equivalents
3,467
3,302
3,212
+5.0%
Other assets
190,783
133,929
115,741
+42.5%
Total assets
314,706
245,610
244,626
+28.1%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.