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STT-PG

State Street Corporation

STT-PG

State Street Corporation • NYSE
$22.39 ▼ -0.18% (-0.04)
Market Cap $31.60 B
52w High $24.94
52w Low $21.32
Dividend Yield 1.34%
P/E 3.04
Volume 20.82K
Outstanding Shares 1.41B

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 Q4-2024Q1-2025Q2-2025Q3-2025
Investment Management
Investment Management
 $1.23Bn ▲$600.00M ▼$1.19Bn ▲$50.00M ▼
Investment Servicing
Investment Servicing
 $5.45Bn ▲$2.69Bn ▼$3.26Bn ▲$230.00M ▼
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 income statement shows a business that has grown meaningfully in recent years while remaining solidly profitable. Revenue has climbed steadily, and operating profit has generally followed the same direction, despite some bumps along the way. After a softer year recently, earnings have rebounded strongly, suggesting the firm can bounce back from more challenging market conditions. Overall, profitability looks resilient for a financial services firm exposed to market cycles, though results are still sensitive to interest rates, market volatility, and asset valuations.

Balance Sheet

Balance Sheet The balance sheet reflects a very large, systemically important financial institution with a substantial pool of assets and a strong cash position. Cash and liquidity look ample, which is important for a custodian bank that must manage client flows and market stress. Debt levels have risen over the past few years, meaning the company is leaning more on borrowing than before, but shareholders’ equity remains sizable, providing a cushion against shocks. For a firm in this industry, the structure appears broadly sound, though the gradual build‑up of debt is something to watch over time.

Cash Flow

Cash Flow Cash flow is the most uneven part of the picture. Operating cash flow has swung from clearly positive in some years to sharply negative in others, including the most recent period. Free cash flow follows the same pattern, as investment spending on technology and infrastructure is relatively modest and stable. For a custody and asset‑servicing bank, big swings in cash flows can be driven by client activity and balance‑sheet movements rather than underlying profitability, but persistent or repeated negative operating cash flow would still be a point of attention. In simple terms: the business earns good accounting profits, but the cash conversion is volatile and worth monitoring.

Competitive Edge

Competitive Edge State Street sits near the top of the global custody and asset‑servicing industry, benefiting from very large scale, long‑standing client relationships, and a trusted brand. Its services are deeply embedded in clients’ operations, which makes switching providers complex, risky, and slow—this “stickiness” is a major advantage. The firm’s global reach, data capabilities, and integrated platforms give it additional leverage versus smaller or more specialized competitors. On the other hand, it operates in an intensely competitive and regulated space, going up against other global custodians and large banks, with ongoing pressure on fees and a constant need to invest heavily in technology to stay ahead.

Innovation and R&D

Innovation and R&D Innovation is a central part of State Street’s strategy. The firm is pushing hard on three fronts: its Alpha platform that ties together the full investment process for institutional clients; its digital assets unit focused on crypto, tokenization, and related infrastructure; and its data and AI tools like Verus that turn large, complex datasets into actionable insights. It is also automating routine processes and reinforcing cybersecurity. These efforts aim to make the company more efficient, more “sticky” with clients, and better positioned for a world where digital assets and advanced analytics become mainstream. The upside is meaningful if adoption grows, but execution risk, regulatory uncertainty around digital assets, and the cost of staying at the cutting edge remain key uncertainties.

Summary

Overall, State Street shows the profile of a mature but still growing financial institution: revenues and earnings have trended upward, profitability is solid, and the balance sheet carries substantial liquidity alongside gradually higher debt. Cash flows, however, are choppy and deserve ongoing attention. Competitively, the company enjoys strong structural advantages through its scale, embedded client relationships, and global footprint. Its heavy investment in technology, digital assets, and data analytics could reinforce this position if management executes well and market demand develops as expected. Key things to watch include: consistency of cash generation, the trajectory of leverage, the pace of client adoption of new platforms, fee pressures in asset servicing, and regulatory developments around both traditional banking and digital assets.