State Street Corporation · NYSE:STT
State Street — Q4 2025 Earnings Presentation
20 slides from State Street's earnings presentation, Jan 16, 2026
Slide 1: 4Q and FY2025 Financial Highlights
4Q and FY2025 Financial Highlights NYSE: STT January 16, 2026 1
Slide 2: 4Q25 and FY2025 highlights
4Q25 and FY2025 highlights All comparisons are to corresponding prior year period unless otherwise noted. Ex-notables A 4Q25 FY2025 Investment Servicing Investment Services $3.7B $14.0B 1,2 Total revenue • Record AUC/A of $53.8T at quarter-end; AUC/A wins of $2.1T in FY2025 ▲7% ▲7% • New servicing f
Slide 3: Summary of 4Q25 and FY2025 financial results
Summary of 4Q25 and FY2025 financial results Financial results FY2025 performance highlights Quarters %∆ Full Year %∆ All comparisons are to corresponding prior year period unless otherwise noted. See note A below for a description of ex-notables presentation. (GAAP; $M, except EPS data, or where ot
Slide 4: Servicing fees
Servicing fees Servicing fees ($M) 4Q25 performance Servicing fees of $1,388M up 8% YoY and 2% QoQ +8% +2% • Up 8% YoY primarily driven by higher average market levels, net new business, and the impact of currency translation, partially offset by $1,357 $1,388 normal pricing headwinds $1,283 $1,275
Slide 5: Management fees
Management fees Management fees ($M) 4Q25 performance +15% Management fees of $662M up 15% YoY and 8% QoQ +8% • Up 15% YoY driven by higher average market levels and net inflows • Up 8% QoQ driven by higher average market levels, net inflows, and $662 performance fees $576 $612 $562 $562 1 4Q25 busi
Slide 6: FX trading services and Securities finance
FX trading services and Securities finance 12 FX trading services 4Q25 performance A A (Ex-notable items, non-GAAP, $M) (Ex-notable items, non-GAAP) +13% FX trading services of $405M up 13% YoY and down (3)% -3% QoQ • Up 13% YoY supported by client franchise growth, partially offset by $428 $416 $40
Slide 7: Software and processing fees
Software and processing fees 13 Software and processing fees 4Q25 performance A A (Ex-notable items, non-GAAP, $M) (Ex-notable items, non-GAAP) -15% Software and processing fees of $221M down (15)% YoY and -3% (3)% QoQ $259 $254 YoY % • Front office software and data of $163M down (17)% YoY and 42 $
Slide 8: Net interest income
Net interest income 9 NII ($M) 4Q25 performance +7% NII of $802M up 7% YoY and 12% QoQ +12% • Up 7% YoY primarily driven by a 3bps increase in NIM and a 4% $749 $802 increase in average interest-earning assets $714 $729 $715 – NIM increased 3bps YoY largely due to both an improved funding and invest
Slide 9: Expenses
Expenses Expenses 4Q25 performance A A (Ex-notable items, non-GAAP, $M) (Ex-notable items, non-GAAP) Expenses of $2,535M up 6% YoY and 4% QoQ +6% 22 • Compensation and employee benefits of $1,220M +4% – Up 6% YoY mainly due to performance-based incentive compensation, YoY % merit increases, and the
Slide 10: Capital and liquidity
Capital and liquidity 8 Capital (%, as of period-end) Capital and liquidity metrics CET1 ratio (Standardized) 4Q24 3Q25 4Q25 Capital Return ($M) 10.9% 11.0% 10.7% 11.3% 11.7% 10-11% STT Target Declared common dividends $220 $237 $235 Range Common share repurchases 550 400 400 1.0% G-SIB surcharge 2.
Slide 11: FY2026 outlook and key assumptions
FY2026 outlook and key assumptions FY2026 OutlookA Key Assumptions • Global equity markets flat from year-end 2025 • Growth in Servicing and Management fees driven by higher average market Fee Revenue • Up ~4 – 6% YoY levels and organic growth • Growth in FX trading and Securities finance revenues o
Slide 12: STATE STREET
—_ STATE = STREET.
Slide 13: Appendix
Reconciliation of notable items 14 Reconciliation of constant currency impacts 15 Appendix Endnotes & other information Forward-looking statements Non-GAAP measures 16 18 19 Definitions 20 13
Slide 14: Reconciliation of notable items
Reconciliation of notable items Quarterly reconciliation % Change Year-to-Date % Change 4Q25 4Q25 YTD 2025 vs. vs. vs. (Dollars in millions, unless noted otherwise) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 3Q25 2024 2025 YTD 2024 Total fee revenue, GAAP-basis $ 2,422 $ 2,456 $ 2,616 $ 2,662 $ 2,
Slide 15: Reconciliation of constant currency impacts
Reconciliation of constant currency impacts Currency Translation Excluding Currency % Change Constant Reconciliation of Constant Currency FX Impacts Reported Impact Impact Currency 4Q25 4Q25 4Q25 4Q25 4Q25 4Q25 vs. vs. vs. vs. vs. vs. (Dollars in millions) 4Q24 3Q25 4Q25 4Q24 3Q25 4Q24 3Q25 4Q24 3Q2
Slide 16: Endnotes & other information
Endnotes & 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 fourth quarter 2025 financial results. That news release contains a more detailed discuss
Slide 17: Endnotes & other information (cont.)
Endnotes & other information (cont.) 10. 4Q24 Repositioning charges (net) of $2M represents a $15M release reflected in Compensation and employee benefits partially offset by a $13M charge reflected in Occupancy. 4Q25 Repositioning charges (net) of $(226)M represents $111M reflected in Compensation
Slide 18: Forward-looking statements
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 conditio
Slide 19: Non-GAAP measures
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-G
Slide 20: Definitions
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 sha