State Street

STT · NYSE · Financials · Financials, fiscal 2016 to 2025

STT · Last close · October 26, 2026

$169.94

State Street's revenue rose 7.3% to $13.9 billion in fiscal 2025. Net income was $2.9 billion, up 9.6%. Its return on equity was 11.1%, up from 10.9% a year earlier. Its efficiency ratio was 72.8%, down from 73.3% a year earlier. It paid out $2.3 billion in dividends and buybacks. The diluted share count fell 4.4%.

STATE STREET CORP Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0000093751-26-000124 Updated October 9, 2026

Revenue

$13.9B

7.3%

Net income

$2.9B

9.6%

Return on equity

11.1%

0.1 pts

Return on tangible equity

14.6%

0.1 pts

Efficiency ratio

72.8%

0.5 pts

Market cap

$47.8B

Oct 26 close

P/E

15.0x

On $11.34 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Loans in 2019 and 2020 come from State Street's loans net of the allowance for losses under another label its filings used in those years.

What State Street does

State Street provides financial services to institutional investors such as asset managers, insurance companies, wealth managers, pension plans, central banks and other official institutions. It operates through State Street Bank and Trust Company, a trust or custody bank, which holds and services assets for clients. It operates in more than 100 geographic markets and had approximately 52,000 employees at the end of 2025.

It has two lines of business. Investment Servicing handles custody (safekeeping of assets), fund accounting and administration, record keeping, foreign exchange and securities finance, and technology such as State Street Alpha and the Charles River platform. At the end of 2025 it serviced approximately $53.80 trillion of client assets under custody or administration. Investment Management, through State Street Investment Management, runs ETFs, index funds and actively managed funds, and had approximately $5.67 trillion in assets under management.

Fee revenue is a significant majority of State Street's revenue, so it depends on how much investing activity its clients do. Its competitors include other custodian banks, investment management firms, brokers, technology companies and data providers.

Its biggest risks, as it describes them

Intense competition in all parts of its business, which could hurt its ability to keep or raise profits.
Costs and risks from developing new products and technology, such as State Street Alpha, wealth servicing, digital assets and AI.
Fee revenue is a significant majority of its revenue and could fall if clients cut or change their investing.
Interest rate risk, and credit risk from counterparties that are mostly large financial institutions.
Risks from acquisitions, joint ventures and divestitures, including integrating the businesses it buys.

From State Street's annual report on Form 10-K, filed February 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 7.3% a year and net income 3.6% a year, as buybacks cut the share count by 27%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value State Street yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from State Street's earnings per share of $11.34 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 15×, the middle of State Street's own P/E today, its peers' median and its sector's median (State Street's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Ameriprise Financial, BNY Mellon, Northern Trust, Raymond James Financial.

Earnings growth in the years ahead (% a year) Starts at State Street's revenue growth over the last 3 years, 4.7% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $169.94
Value at this multiple, against the last close: —
State Street's P/E at the last close: 15.0×

Company	Last close	Earnings per share	P/E today
Northern TrustNTRS	$169.55	$8.74	19.4×
BNY MellonBNY	$147.18	$8.58	17.2×
State StreetSTT	$169.94	$11.34	15.0×
Raymond James FinancialRJF	$158.07	$11.47	13.8×
Ameriprise FinancialAMP	$493.60	$41.44	11.9×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	32,445	32,053	36,496	43,026	46,589
Deposits	255,035	235,464	220,970	261,920	274,350
Loans to deposits	12.7%	13.6%	16.5%	16.4%	17.0%
Provision for credit losses	−33	20	46	75	59
Provision to average loans	−0.1%	0.1%	0.1%	0.2%	0.1%
Total assets	314,624	301,450	297,258	353,240	366,047
Shareholders' equity	27,363	25,191	23,799	25,326	27,841

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $312,475 of State Street shares on the open market, and 8 insiders sold $23.5 million, $17.5 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 20, 2026	Hanley Ronald P OChairman, CEO and President, Director	Sold plan	14,554	$164.60	$2.4 million	Form 4
Aug 3, 2026	Elizabeth SchaeferSVP, Chief Accounting Officer	Sold	500	$181.19	$90,595	Form 4
Jul 24, 2026	Hu W. BradfordEVP and Chief Risk Officer	Sold plan	9,758	$184.52	$1.8 million	Form 4
Jul 21, 2026	Hanley Ronald P OChairman, CEO and President, Director	Sold plan	14,553	$184.17	$2.7 million	Form 4
Jul 21, 2026	Kathryn M HorganExecutive Vice President	Sold plan	5,523	$184.17	$1.0 million	Form 4
Jun 11, 2026	Kathryn M HorganExecutive Vice President	Sold plan	5,500	$162.78	$895,290	Form 4
Jun 8, 2026	Michael L RichardsEVP and Chief Admin Officer	Sold	1,500	$162.14	$243,210	Form 4
May 26, 2026	Hanley Ronald P OChairman, CEO and President, Director	Sold plan	14,553	$155.35	$2.3 million	Form 4
May 26, 2026	Hu W. BradfordEVP and Chief Risk Officer	Sold plan	9,212	$155.35	$1.4 million	Form 4
May 13, 2026	Elizabeth SchaeferSVP, Chief Accounting Officer	Sold	500	$150.87	$75,435	Form 4
Apr 22, 2026	Mostapha TahiriEVP and COO	Sold	9,611	$152.93	$1.5 million	Form 4
Apr 22, 2026	Michael L RichardsEVP and Chief Admin Officer	Sold	3,000	$153.89	$461,670	Form 4

The latest 12 of 20 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put State Street side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
State Street	FY25	7.3%	21.1%	11.1%	14.6%	72.8%
Ameriprise Financial	FY25	5.5%	18.8%	—	79.7%	—	Compare
BNY Mellon	FY25	7.8%	27.6%	13.0%	28.4%	65.0%	Compare
Northern Trust	FY25	−2.5%	21.5%	13.5%	13.9%	71.2%	Compare
Raymond James Financial	FY25	6.6%	13.4%	17.7%	21.0%	71.3%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	10,207	11,266	12,131	11,756	11,703	12,027	12,148	11,945	13,000	13,944
Revenue growth	−1.5%	10.4%	7.7%	−3.1%	−0.5%	2.8%	1.0%	−1.7%	8.8%	7.3%
Net interest income	2,084	2,304	2,671	2,566	2,200	1,905	2,544	2,759	2,923	2,960
Noninterest income	8,116	9,001	9,454	9,147	9,499	10,012	9,606	9,480	10,156	10,980
Noninterest expense	8,077	8,269	9,015	9,034	8,716	8,889	8,801	9,583	9,530	10,154
Provision for credit losses	—	2	15	10	88	−33	20	46	75	59
Net income	2,143	2,156	2,593	2,242	2,420	2,693	2,774	1,944	2,687	2,945
Diluted EPS (US$)	4.97	5.19	6.39	5.38	6.32	7.19	7.19	5.58	8.21	9.40
Diluted shares (millions)	396	380	376	374	357	358	370	327	302	289
Payouts
Dividends paid	723	768	828	930	889	866	972	970	1,033	1,120
Share buybacks	1,365	1,292	350	1,585	515	900	1,500	3,781	1,319	1,200
Balance sheet at fiscal year end
Loans, net	19,704	23,240	25,722	26,235	27,803	32,445	32,053	36,496	43,026	46,589
Deposits	187,163	184,896	180,360	181,872	239,798	255,035	235,464	220,970	261,920	274,350
Total assets	242,698	238,425	244,596	245,610	314,706	314,624	301,450	297,258	353,240	366,047
Shareholders' equity	21,193	22,270	24,737	24,431	26,200	27,363	25,191	23,799	25,326	27,841
Ratios
Return on equity	10.1%	9.9%	11.0%	9.1%	9.6%	10.1%	10.6%	7.9%	10.9%	11.1%
Return on tangible common equity	12.8%	12.5%	14.3%	11.8%	12.8%	13.4%	14.2%	10.8%	14.7%	14.6%
Return on assets	0.9%	0.9%	1.1%	0.9%	0.9%	0.9%	0.9%	0.7%	0.8%	0.8%
Efficiency ratio	79.1%	73.4%	74.3%	76.8%	74.5%	73.9%	72.5%	80.2%	73.3%	72.8%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: State Street's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with State Street.