State Street Corporation · NYSE:STT
State Street — Q3 2025 Earnings Presentation
20 slides from State Street's earnings presentation, Oct 17, 2025
Slide 1: Financial Highlights
= STATE = STREET 30 2025 Financial Highlights NYSE: STT
Slide 2: 3Q25 and 2025 YTD highlights
All comparisons are to corresponding prior year period unless otherwise noted. See note A below for a description of ex-notables presentation. A 3Q25 2025 YTD Investment Servicing Ex-notables Investment Services $3.5B $10.3B Total revenue • Record AUC/A of $51.7T at quarter-end; AUC/A wins of $361B
Slide 3: Financial results and performance highlights
Financial results Performance highlights Quarters %∆ All comparisons are to corresponding prior year period unless otherwise noted. See note A below for a description of ex-notables presentation. (GAAP; $M, except EPS data, or where otherwise noted) 3Q24 2Q25 3Q25 2Q25 3Q24 Revenue: Servicing fees $
Slide 4: Servicing fees 3Q25 performance
Servicing fees ($M) 3Q25 performance +7% Servicing fees of $1,357M up 7% YoY and up 4% QoQ +4% • Up 7% YoY primarily driven by higher average market levels, net new business, and the impact of currency translation $1,266 $1,283 $1,275 $1,304 $1,357 • Up 4% QoQ mainly due to higher average market lev
Slide 5: Management fees 3Q25 performance
Management fees ($M) 3Q25 performance +16% Management fees of $612M up 16% YoY and 9% QoQ +9% • Up 16% YoY driven by higher average market levels and net inflows • Up 9% QoQ driven by higher average market levels, net inflows, and $612 day count, partially offset by lower performance fees $576 $562
Slide 6: FX trading services and securities finance 3Q25 performance
9 FX trading services 3Q25 performance A A (Ex-notable items, non-GAAP, $M) (Ex-notable items, non-GAAP) +16% FX trading services of $416M up 16% YoY and down (3)% -3% QoQ9 • Up 16% YoY supported by higher volumes with Investment Services $428 $416 $359 $360 $362 clients • Down (3)% QoQ driven by lo
Slide 7: Software and processing fees 3Q25 performance
10 Software and processing fees 3Q25 performance A A (Ex-notable items, non-GAAP, $M) (Ex-notable items, non-GAAP) +9% Software and processing fees of $227M up 9% YoY and down -11% (11)% QoQ 10 $259 $254 YoY % • Front office software and data of $167M up 14% YoY and down 42 $225 $227 12,13 On-premis
Slide 8: NII 3Q25 performance
5 NII ($M) 3Q25 performance -1% NII of $715M down (1)% YoY and (2)% QoQ -2% • Down (1)% YoY primarily driven by lower average short-end rates and $723 $749 $714 $729 $715 deposit mix shift, partially offset by securities portfolio repricing and continued loan growth • Down (2)% QoQ largely due to lo
Slide 9: Expenses 3Q25 performance
Expenses 3Q25 performance A A (Ex-notable items, non-GAAP, $M) (Ex-notable items, non-GAAP) Expenses of $2,434M up 5% YoY and 1% QoQ +5% 19 • Compensation and employee benefits of $1,162M +1% – Up 2% YoY mainly due to merit increases, higher employee benefits YoY % costs, and the impact of currency
Slide 10: Capital and liquidity metrics 3Q25 performance
7 Capital (%, as of period-end) Capital and liquidity metrics CET1 ratio (Standardized) 3Q24 2Q25 3Q25 Capital Return ($M) 11.6% 10.9% 11.0% 10.7% 11.3% 10-11% STT Target Declared common dividends $224 $217 $237 Range Common share repurchases 450 300 400 1.0% G-SIB surcharge 2.5% Total capital retur
Slide 11: Appendix
—_ STATE = STREET.
Slide 12: Appendix contents
Notable items 13 Reconciliation of notable items 14 Reconciliation of constant currency impacts 15 Endnotes & other information 16 Forward-looking statements 18 Non-GAAP measures 19 Definitions 20 12
Slide 13: Notable items
A Quarters ($M, except EPS data) 3Q24 2Q25 3Q25 A Repositioning charge of $100M related to Compensation and employee benefits primarily from workforce rationalization. Repositioning chargeA - $(100) - B Client rescoping revenue impact: $(24)M Alpha-related client rescoping B Client rescoping reflect
Slide 14: Reconciliation of notable items
Quarterly reconciliation % Change Year-to-Date % Change 3Q25 3Q25 YTD 2025 vs. vs. vs. (Dollars in millions, unless noted otherwise) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 2Q25 2024 2025 YTD 2024 Total fee revenue, GAAP-basis $ 2,422 $ 2,456 $ 2,616 $ 2,662 $ 2,570 $ 2,719 $ 2,829 8.1% 4.0% $ 7,494
Slide 15: Reconciliation of constant currency FX impacts
Currency Translation Excluding Currency % Change Constant Reconciliation of Constant Currency FX Impacts Reported Impact Impact Currency 3Q25 3Q25 3Q25 3Q25 3Q25 3Q25 vs. vs. vs. vs. vs. vs. (Dollars in millions) 3Q24 2Q25 3Q25 3Q24 2Q25 3Q24 2Q25 3Q24 2Q25 Non-GAAP basis Servicing fees, excluding n
Slide 16: Endnotes and other information
This presentation (and the conference call accompanying it) includes certain highlights of, and also material supplemental to, State Street Corporation’s news release announcing its third quarter 2025 financial results. That news release contains a more detailed discussion of many of the matters des
Slide 17: Endnotes (continued)
10. Software and processing fees of $227M in 3Q25 was up 9% compared to 3Q24 Software and processing fees of $208M. Software and processing fees of $230M in 2Q25 included a notable item related to an Alpha- related client rescoping of $24M. Excluding the notable item, 3Q25 Software and processing fe
Slide 18: Forward-looking statements
This Presentation contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our strategy, growth and sales prospects, capital management, business, financial and capital condition, results of operations, t
Slide 19: Non-GAAP measures
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation.
Slide 20: Definitions
ARR Annual recurring revenue AUC/A Assets under custody and/or administration AUM Assets under management CET1 ratio Common equity tier 1 ratio CRD Charles River Development Diluted earnings per share (EPS) Net income available to common shareholders divided by diluted average common shares outstand