State Street
STT NYSE Asset Management & Custody Banks Financials FY2016–FY2025
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%.
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.
- Legal name
- STATE STREET CORP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Accession · CIK
- 0000093751-26-000124
0000093751
Revenue and margins
State Street had $13.9B of revenue in fiscal 2025, up 7.3% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 7.3% a year. Loss periods are shown in red.
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
Dividends, buybacks and share count
State Street returned $2.3B to shareholders in fiscal 2025. The diluted share count fell 4.4%.
Value State Street yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Earnings multiple
Value per share
—
Reference multiples: today 14.8x · peers 15.3x · sector 13.7x.
Balance sheet
Loans, deposits and capital at each fiscal year end.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $32.4B | $32.1B | $36.5B | $43.0B | $46.6B |
| Deposits | $255.0B | $235.5B | $221.0B | $261.9B | $274.4B |
| Loans / deposits | 12.7% | 13.6% | 16.5% | 16.4% | 17.0% |
| Total assets | $314.6B | $301.5B | $297.3B | $353.2B | $366.0B |
| Shareholders' equity | $27.4B | $25.2B | $23.8B | $25.3B | $27.8B |
| Goodwill | $7.6B | $7.5B | $7.6B | $7.7B | $8.2B |
| Intangible assets | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Provision / loans | −0.1% | 0.1% | 0.1% | 0.2% | 0.1% |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$14.8M
6 insiders
Of sales under plans
84%
$12.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 20, 2026 | Hanley Ronald P OChairman, CEO and President, Director | Sold plan | 14,554 | $164.60 | $2.4M | Form 4 |
| Aug 3, 2026 | Elizabeth SchaeferSVP, Chief Accounting Officer | Sold | 500 | $181.19 | $0.1M | Form 4 |
| Jul 24, 2026 | Hu W. BradfordEVP and Chief Risk Officer | Sold plan | 9,758 | $184.52 | $1.8M | Form 4 |
| Jul 21, 2026 | Hanley Ronald P OChairman, CEO and President, Director | Sold plan | 14,553 | $184.17 | $2.7M | Form 4 |
| Jul 21, 2026 | Kathryn M HorganExecutive Vice President | Sold plan | 5,523 | $184.17 | $1.0M | Form 4 |
| Jun 11, 2026 | Kathryn M HorganExecutive Vice President | Sold plan | 5,500 | $162.78 | $0.9M | Form 4 |
| Jun 8, 2026 | Michael L RichardsEVP and Chief Admin Officer | Sold | 1,500 | $162.14 | $0.2M | Form 4 |
| May 26, 2026 | Hanley Ronald P OChairman, CEO and President, Director | Sold plan | 14,553 | $155.35 | $2.3M | Form 4 |
| May 26, 2026 | Hu W. BradfordEVP and Chief Risk Officer | Sold plan | 9,212 | $155.35 | $1.4M | Form 4 |
| May 13, 2026 | Elizabeth SchaeferSVP, Chief Accounting Officer | Sold | 500 | $150.87 | $0.1M | Form 4 |
| Apr 22, 2026 | Michael L RichardsEVP and Chief Admin Officer | Sold | 3,000 | $153.89 | $0.5M | Form 4 |
| Apr 22, 2026 | Mostapha TahiriEVP and COO | Sold | 9,611 | $152.93 | $1.5M | Form 4 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| State Street STT | $48.5B | 7.3% | — | — | — | 14.8x | — | |
| Ameriprise Financial AMP | $48.3B | 5.5% | — | — | — | 11.9x | — | Compare → |
| BNY Mellon BNY | $104.1B | 7.9% | — | — | — | 16.9x | — | Compare → |
| Northern Trust NTRS | $32.3B | −2.5% | — | — | — | 19.2x | — | Compare → |
| Raymond James Financial RJF | $32.6B | 6.6% | — | — | — | 13.8x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $10.2B | $11.3B | $12.1B | $11.8B | $11.7B | $12.0B | $12.1B | $11.9B | $13.0B | $13.9B |
| Net interest income | $2.1B | $2.3B | $2.7B | $2.6B | $2.2B | $1.9B | $2.5B | $2.8B | $2.9B | $3.0B |
| Noninterest income | $8.1B | $9.0B | $9.5B | $9.1B | $9.5B | $10.0B | $9.6B | $9.5B | $10.2B | $11.0B |
| Noninterest expense | $8.1B | $8.3B | $9.0B | $9.0B | $8.7B | $8.9B | $8.8B | $9.6B | $9.5B | $10.2B |
| Provision for credit losses | — | $2.0M | $15.0M | $10.0M | $88.0M | −$33.0M | $20.0M | $46.0M | $75.0M | $59.0M |
| Pretax income | $2.1B | $3.0B | $3.1B | $2.7B | $2.9B | $3.2B | $3.3B | $2.3B | $3.4B | $3.7B |
| Income tax | −$22.0M | $839M | $508M | $470M | $479M | $478M | $553M | $372M | $708M | $786M |
| Net income | $2.1B | $2.2B | $2.6B | $2.2B | $2.4B | $2.7B | $2.8B | $1.9B | $2.7B | $2.9B |
| Net income to common | $2.0B | $2.0B | $2.4B | $2.0B | $2.3B | $2.6B | $2.7B | $1.8B | $2.5B | $2.7B |
| Diluted EPS | $4.97 | $5.19 | $6.39 | $5.38 | $6.32 | $7.19 | $7.19 | $5.58 | $8.21 | $9.40 |
| Diluted shares | 0.40B | 0.38B | 0.38B | 0.37B | 0.36B | 0.36B | 0.37B | 0.33B | 0.30B | 0.29B |
| Cash flow | ||||||||||
| Stock-based compensation | $268M | $243M | $262M | — | — | — | — | — | — | — |
| Share buybacks | $1.4B | $1.3B | $350M | $1.6B | $515M | $900M | $1.5B | $3.8B | $1.3B | $1.2B |
| Dividends paid | $723M | $768M | $828M | $930M | $889M | $866M | $972M | $970M | $1.0B | $1.1B |
| Dividends and buybacks | $2.1B | $2.1B | $1.2B | $2.5B | $1.4B | $1.8B | $2.5B | $4.8B | $2.4B | $2.3B |
| Balance sheet | ||||||||||
| Loans, net | $19.7B | $23.2B | $25.7B | $26.2B | $27.8B | $32.4B | $32.1B | $36.5B | $43.0B | $46.6B |
| Deposits | $187.2B | $184.9B | $180.4B | $181.9B | $239.8B | $255.0B | $235.5B | $221.0B | $261.9B | $274.4B |
| Goodwill | $5.8B | $6.0B | $7.4B | $7.6B | $7.7B | $7.6B | $7.5B | $7.6B | $7.7B | $8.2B |
| Intangible assets | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total assets | $242.7B | $238.4B | $244.6B | $245.6B | $314.7B | $314.6B | $301.5B | $297.3B | $353.2B | $366.0B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $21.2B | $22.3B | $24.7B | $24.4B | $26.2B | $27.4B | $25.2B | $23.8B | $25.3B | $27.8B |
| Margins | ||||||||||
| Net margin | 21.0% | 19.1% | 21.4% | 19.1% | 20.7% | 22.4% | 22.8% | 16.3% | 20.7% | 21.1% |
| Net interest share of revenue | 20.4% | 20.5% | 22.0% | 21.8% | 18.8% | 15.8% | 20.9% | 23.1% | 22.5% | 21.2% |
| Efficiency ratio | 79.1% | 73.4% | 74.3% | 76.9% | 74.5% | 73.9% | 72.5% | 80.2% | 73.3% | 72.8% |
| Returns | ||||||||||
| 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 assets | 0.9% | 0.9% | 1.1% | 0.9% | 0.9% | 0.9% | 0.9% | 0.7% | 0.8% | 0.8% |
| Return on tangible equity | 12.8% | 12.5% | 14.3% | 11.8% | 12.8% | 13.5% | 14.2% | 10.8% | 14.7% | 14.6% |
| Growth | ||||||||||
| Revenue growth | −1.5% | 10.4% | 7.7% | −3.1% | −0.5% | 2.8% | 1.0% | −1.7% | 8.8% | 7.3% |
| Net income growth | 8.2% | 0.6% | 20.3% | −13.5% | 7.9% | 11.3% | 3.0% | −29.9% | 38.2% | 9.6% |
| EPS growth | 11.2% | 4.4% | 23.1% | −15.8% | 17.5% | 13.8% | 0.0% | −22.4% | 47.1% | 14.5% |
| Share count change | −4.2% | −4.0% | −1.0% | −0.8% | −4.4% | 0.2% | 3.4% | −11.8% | −7.5% | −4.4% |
| Financial health | ||||||||||
| Loans / deposits | 10.5% | 12.6% | 14.3% | 14.4% | 11.6% | 12.7% | 13.6% | 16.5% | 16.4% | 17.0% |
| Provision / loans | — | 0.0% | 0.1% | 0.0% | 0.3% | −0.1% | 0.1% | 0.1% | 0.2% | 0.1% |
| Capital allocation | ||||||||||
| Stock comp / revenue | 2.6% | 2.2% | 2.2% | — | — | — | — | — | — | — |
Source: SEC EDGAR XBRL filings (CIK 0000093751). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.