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State Street (STT) FY2025 results: revenue $13.9 billion, up 7.3% on the year

State Street Corp. (STT) reported revenue of $13.9 billion for fiscal 2025, the year ended 31 December 2025, up 7.3% on the year before. Net income was $2.9 billion, up 9.6%, and diluted earnings per share $9.40. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue
$13.9 billion
+7.3% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$2.9 billion
+9.6% on the year
FY2018FY2025
Diluted EPS
$9.40
+14.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Total revenue rose 7%: Total revenue was $3,667 million, up 7% from 4Q24 and 3% from 3Q25, with fee revenue of $2,862 million and net interest income of $802 million.
  • Diluted EPS $2.42, $2.97 ex-notables: Diluted EPS was $2.42, against $2.78 in 3Q25 and $2.46 in 4Q24. Excluding notable items, diluted EPS was $2.97.
  • Management fees up 15% year on year: Management fees were $662 million, up 15% from 4Q24 and 8% from 3Q25, on higher average market levels and net inflows.
  • Expenses up 12% with notable items: Total expenses were $2,741 million, up 12% from 4Q24, largely due to $206 million in net notable items recorded this quarter.
  • Repositioning charges of $226 million: Repositioning charges were $226 million: $111 million in compensation from workforce rationalization and $69 million in occupancy from real estate footprint optimization.
Read the Q4 FY2025 earnings call summary

From this 10-K

State Street is a custody bank. Its clients are institutions rather than the public: asset managers and asset owners, insurance companies, wealth managers, official institutions and central banks. It holds and administers their assets, services their funds, trades for them and manages money for them. At 31 December 2025 it reported $53.80 trillion of assets under custody or administration and $5.67 trillion under management. Those are client assets, not the bank's own.

State Street Corp., the 10-K for 2025

State Street is a custody bank. Its clients are institutions rather than the public: asset managers and asset owners, insurance companies, wealth managers, official institutions and central banks. It holds and administers their assets, services their funds, trades for them and manages money for them. At 31 December 2025 it reported $53.80 trillion of assets under custody or administration and $5.67 trillion under management. Those are client assets, not the bank's own.

How old it is, and what it legally is

The parent company was organised in 1969 under Massachusetts law and is a bank holding company that has elected financial holding company treatment. The business runs mainly through State Street Bank and Trust Company, which traces back to 1792 and the founding of Union Bank; its present charter came from a special Act of the Massachusetts Legislature in 1891 and its current name was adopted in 1960. The filing describes it as a specialised bank, a trust or custody bank, that services and manages assets on behalf of institutional clients. Headquarters is One Congress Street, Boston. The company operates in more than 100 geographic markets and had about 52,000 employees at the end of 2025.

Investment Servicing

The larger of two lines of business. It provides investment servicing and market and financing solutions to institutional clients: mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, wealth managers, investment managers, foundations and endowments among them. This is the work of holding securities safe, keeping the books of a fund, and handling everything that happens around a trade once it is struck.

Investment Management

The second line: managing money rather than servicing someone else's. The $5.67 trillion under management at the end of 2025 sits here.

Why the regulatory disclosure is heavier than most

The filing points to a set of disclosures the company publishes beyond the 10-K itself, required by bank regulatory standards: supplemental qualitative and quantitative information on regulatory capital, including the market risk from its trading activities, the liquidity coverage ratio and the net stable funding ratio, summary results of the annual company-run stress tests conducted under the Dodd-Frank Act, and recovery and resolution disclosures. That is the disclosure load of a bank whose failure would matter to the plumbing of the markets, and it is a fair indication of what kind of institution this is.

The company describes itself as one of the world's leading providers of financial services to institutional investors and as an essential partner to its clients.

From State Street's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue13,94413,00011,945+7.3%
Interest expensen/an/a6,421
Pre-tax income3,7313,3952,316+9.9%
Income tax786708372+11.0%
Effective tax rate21.1%20.9%16.1%
Net income2,9452,6871,944+9.6%
Net margin21.1%20.7%16.3%
Diluted EPS$9.40$8.21$5.58+14.5%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow11,898-13,210690
Capital expenditure1,055926816+13.9%
Free cash flow10,843-14,136-126
Cash from investing-12,991-39,48312,738
Cash from financing2,38151,791-13,351-95.4%
Buybacks1,2001,3193,781-9.0%
Dividends paid1,1201,033970+8.4%
Dividend per share$3.20$2.90$2.64+10.3%
Diluted shares, weighted289m302m327m-4.4%
Shares outstanding at period end279m289m302m-3.4%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity27,84125,32623,799+9.9%
Deposits274,350261,920220,970+4.7%
Debt29,80536,79324,366-19.0%
Other liabilities34,05129,20128,123+16.6%
Total liabilities and equity366,047353,240297,258+3.6%
Fixed assetsn/an/a2,399
Goodwill8,1597,6917,611+6.1%
Intangible assets9351,0891,320-14.1%
Securities held for sale or to maturity105,325106,622101,643-1.2%
Loans46,58943,02636,496+8.3%
Trading assets827768773+7.7%
Cash and equivalents4,4333,1454,047+41.0%
Other assets199,779190,899142,969+4.7%
Total assets366,047353,240297,258+3.6%

10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.