Logo

STT

State Street Corporation

STT

State Street Corporation • NYSE
$119.02 ▲ 1.16% (+1.36)
Market Cap $33.24 B
52w High $122.69
52w Low $72.81
Dividend Yield 3.36%
P/E 12.65
Volume 474.73K
Outstanding Shares 279.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.97B ▲ $2.434B ▼ $860M ▲ 14.405% ▲ $2.83 ▲ $1.139B ▲
Q2-2025 $5.774B ▲ $2.529B ▲ $693M ▲ 12.002% ▲ $2.2 ▲ $1.006B ▲
Q1-2025 $5.492B ▼ $2.45B ▲ $644M ▼ 11.726% ▼ $2.07 ▼ $910M ▼
Q4-2024 $5.672B ▲ $2.44B ▲ $783M ▲ 13.805% ▲ $2.5 ▲ $1.079B ▲
Q3-2024 $5.536B $2.227B $730M 13.186% $2.29 $1.069B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $74.199B ▼ $371.07B ▼ $343.428B ▼ $27.642B ▲
Q2-2025 $140.839B ▼ $376.717B ▲ $349.41B ▲ $27.307B ▲
Q1-2025 $145.186B ▲ $372.693B ▲ $346.001B ▲ $26.692B ▲
Q4-2024 $134.55B ▲ $353.24B ▲ $327.914B ▲ $25.326B ▼
Q3-2024 $123.503B $338.481B $312.653B $25.828B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $861M ▲ $7.901B ▲ $-36M ▲ $4B ▼ $1.611B ▲ $8.127B ▲
Q2-2025 $693M ▲ $-8.441B ▼ $-384M ▲ $8.187B ▼ $-638M ▼ $-8.76B ▼
Q1-2025 $644M ▼ $2.396B ▲ $-14.607B ▼ $13.724B ▼ $1.513B ▲ $2.17B ▲
Q4-2024 $783M ▲ $-7.43B ▼ $-11.042B ▼ $17.55B ▲ $-922M ▼ $-7.679B ▼
Q3-2024 $730M $2.708B $-6.267B $4.728B $1.169B $2.474B

Revenue by Products

Product Q3-2024Q4-2024Q2-2025Q3-2025
Investment Management
Investment Management
 $600.00M ▲$630.00M ▲$1.19Bn ▲$1.85Bn ▲
Investment Servicing
Investment Servicing
 $2.66Bn ▲$2.78Bn ▲$3.26Bn ▲$4.96Bn ▲
Segment Reporting Reconciling Item Excluding Corporate Nonsegment
Segment Reporting Reconciling Item Excluding Corporate Nonsegment
 $0 ▲$0 ▲$0 ▲$-20.00M ▼
Processing Services and Other
Processing Services and Other
 $0 ▲$0 ▲$20.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement State Street’s earnings profile looks generally healthy with some bumps along the way. Revenue has grown well over the past few years, especially most recently, showing that the core franchise is still attracting business and benefiting from market and rate conditions. Profitability dipped a bit in the middle of the period as costs and the environment weighed on results, but operating profit and net income have since recovered and are now running stronger than in earlier years. Overall, the trend is of a large, mature financial institution that is still able to grow fees and protect margins, though results remain sensitive to market levels, interest rates, and expense control.

Balance Sheet

Balance Sheet The balance sheet reflects a large, systemically important custody bank with a sizable pool of assets and cash, and a relatively modest but stable equity base. Total assets stepped up recently, consistent with higher client balances and activity. Cash levels remain high, giving flexibility and liquidity, although they move around as client money flows in and out. Debt has risen over time, which means leverage has increased, but not in a way that looks out of line for a global financial institution of this type. The picture is of a balance sheet built for scale and transaction processing, with ongoing attention needed on leverage, funding costs, and regulatory capital requirements.

Cash Flow

Cash Flow Cash flow is choppy and not easy to read at a glance, which is typical for a custody and asset-servicing bank. Reported operating cash flow swings from strong positives to sizable negatives, driven mainly by movements in client balances, securities, and other working-capital-like items rather than by the underlying profitability of the business. Free cash flow follows the same pattern. Actual investment spending on technology and infrastructure (through capital expenditures) looks steady and relatively modest compared with the size of the firm. In short, accounting earnings appear more stable than the headline cash flow figures, but the volatility underlines how dependent the business is on client flows and the interest-rate backdrop.

Competitive Edge

Competitive Edge State Street is one of a small group of global leaders in asset servicing and custody, operating at a scale that is very hard for new entrants to match. Its size, long history, and regulatory know‑how create high barriers to entry. Once embedded with a client, it is difficult and costly for that client to move to another provider, which supports high retention. Against this, the firm faces intense competition from other large custodians and asset managers, and fee pressure is a constant reality. Its differentiation increasingly comes from its integrated front‑to‑back Alpha platform, its data and analytics capabilities, and its willingness to support newer areas such as private markets and digital assets. Those strengths help offset the commoditization risk in traditional custody services.

Innovation and R&D

Innovation and R&D Innovation is a clear strategic priority. State Street is investing heavily in its Alpha platform, which aims to tie together trading, portfolio management, data, and back‑office services in one ecosystem, making it more central to clients’ daily operations. The firm is also pushing into digital assets through State Street Digital, exploring custody, tokenization, and support for new forms of securities and currencies. It is actively using artificial intelligence, data analytics, and automation to improve efficiency and client insights, and is building partnerships to expand its digital wealth and private-markets offerings. These efforts are designed to deepen client integration, create new revenue streams, and build a technology moat, though execution risk and evolving regulation around digital assets are important watch points.

Summary

Overall, State Street looks like a mature but evolving financial institution: earnings have generally moved upward with a recent step‑up in performance, the balance sheet is large and liquid though more leveraged than a few years ago, and cash flows are noisy but typical for its business model. Its competitive position rests on scale, client stickiness, and regulatory expertise, while technology is increasingly at the center of its strategy. The company is using platforms like Alpha and State Street Digital to move beyond traditional custody and into higher‑value, data‑rich services, as well as emerging areas such as digital assets and private markets. The key questions going forward are how well it can balance investment spending with profitability, manage regulatory and technology risks, and continue to differentiate itself in a concentrated but highly competitive market.

NEWS

November 21, 2025 · 4:30 PM UTC

State Street to Speak at the Goldman Sachs 2025 Financial Services Conference

Read more

November 20, 2025 · 4:15 PM UTC

State Street Investment Management Announces Share Splits for Five Select Sector SPDR® ETFs

Read more

November 18, 2025 · 8:36 AM UTC

State Street Investment Management Enhances Access to Leveraged Loans With New ETF

Read more

November 13, 2025 · 3:49 PM UTC

State Street Investment Management Announces Changes to ETF Lineup

Read more

November 10, 2025 · 9:00 AM UTC

State Street Acquires PriceStats, Global Leader in Inflation Analytics

Read more