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State Street
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Latest analysis
Updated Jul 30, 2026
State Street Q2 2026: Pre-tax margin expands 850 bps to 34.3% as revenue surges 17% and expenses grow only 5%, delivering EPS of $3.65, up 68% YoY.
State Street posted its strongest quarterly operating leverage in recent memory, with total revenue of $4.05 billion against expenses of $2.66 billion, driving pre-tax margin to 34.3% — up 850 basis points from Q2 2025. Fee revenue growth of 17% was broad-based, led by management fees (+29%) and FX trading services (+26%), while NII expanded 18% on a 17 bps NIM improvement. The absence of prior-year notable items (which reduced pre-tax income by $138 million net in Q2 2025) amplified the YoY comparison, but organic performance was nonetheless exceptional: headcount fell 3% while information systems investment rose 13%, signaling deliberate substitution of technology for labor.
Tone: bullishRevenue
$13.9B
STT 10-K · FY 2025
Employees
52,000
Revenue FY2024
$13B
Founded
1792
Profile
STT 10-K Item 1 · Feb 19, 2026State Street Corporation is one of the world's leading providers of financial services to institutional investors, offering investment servicing, markets and financing solutions, and investment management through two lines of business. As of December 31, 2025, the firm reported $53.80 trillion in assets under custody/administration and $5.67 trillion in assets under management. The firm operates through its principal banking subsidiary, State Street Bank and Trust Company, across more than 100 geographic markets worldwide.
Read filing description ↓ Collapse description ↑
State Street Corporation is one of the world's leading providers of financial services to institutional investors, including investment servicing, markets and financing solutions and investment management. Our clients — asset managers and owners, insurance companies, wealth managers, official institutions and central banks — rely on us to deliver solutions that support their business objectives across the investment life cycle. Leveraging our strength and scale, innovation and platforms, and industry expertise, we are an essential partner to our clients. In all aspects of our business, we work toward a singular purpose: to help create better outcomes for the world's investors and the people they serve. Through our subsidiaries, including our principal banking subsidiary, State Street Bank and Trust Company, referred to as State Street Bank, we operate in more than 100 geographic markets worldwide, providing a broad range of financial products and services to institutional investors globally. As of December 31, 2025, we reported $53.80 trillion in AUC/A and $5.67 trillion in AUM. We had consolidated total assets of $366.05 billion, consolidated total deposits of $274.35 billion, consolidated total shareholders' equity of $27.84 billion and approximately 52,000 employees as of December 31, 2025. State Street Bank operates as a specialized bank, referred to as a trust or custody bank, that services and manages assets on behalf of its institutional clients. Our operations are organized into two lines of business: Investment Servicing and Investment Management, which are defined based on products and services provided.
Primary products
- custody
- accounting and fund administration services
- recordkeeping
- client reporting and investment book of record
- transaction management
- loans, cash, derivatives and collateral services
Business segments
End markets
Geographies
“We believe that many key factors drive competition in the markets for our business. Technological advances, economies of scale, required levels of capital, pricing, quality and scope of services, and sales and marketing are critical to our Investment Servicing line of business.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased 7% compared to 2024, driven by higher fee revenue and net interest income.
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