STATE STREET CORP
For the period ended Jun 30, 2026. Filed Jul 30, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 30, 2026
STT$165.56+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0000093751-26-000196
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0000093751-26-000397
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 446 previous paragraphs and 455 current paragraphs.
293 unchanged; 126 reworded; 26 added; 17 removed; 10 previous and 10 current paragraphs rearranged.
Tables are not compared: 37 previous and 37 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (26)
Current report
•In July 2026, we declared third quarter common stock dividends of $0.92 per share, representing a 10% increase on a per share
Current report
basis from dividends declared in the second quarter of 2026.
Current report
Servicing fees, as presented in Table 2: Total Revenue, increased 13% and 12% in the three and
Current report
six months ended June 30, 2026, respectively, compared to the same periods of 2025, primarily reflecting higher average market levels, client activity and asset flows and net new business.
Current report
(3)Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
Current report
Foreign exchange trading services revenue, as presented in Table 2: Total Revenue, increased 26% and 27% in the three and six months ended June 30, 2026, respectively, compared to the same periods of 2025, primarily due to higher client volumes.
Current report
Software services revenue, as presented in Table 2: Total Revenue, decreased 2% in the three months ended June 30, 2026, compared to the same period of 2025, primarily due to lower on-premises renewals reflecting elevated renewal activity in the prior year period, partially offset by the absence of a prior-year notable item. Software services revenue increased by 2% in the six months ended June 30, 2026, compared to the same period of 2025, reflecting the absence of a prior-year notable item and higher software and data revenue, partially offset by lower on-premises renewals.
Current report
NII increased 18% and 17% in the three and six months ended June 30, 2026, respectively, compared to the same periods of 2025, primarily driven by increases of 17 bps and 16 bps in NIM, respectively.
Current report
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $215.77 billion and $222.03 billion for the three and six months ended June 30, 2026, respectively, compared to $252.79 billion and $242.69 billion for the same periods of 2025. Excluding the impact of netting, the average interest rates would be approximately 0.27% for both the three and six months ended June 30, 2026, compared to 0.27% and 0.28% for the same periods of 2025.
Current report
(6) Total deposits averaged $270.35 billion and $264.25 billion for the three and six months ended June 30, 2026, respectively, compared to $260.75 billion and $251.94 billion for the same periods of 2025.
Current report
(7) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $13.02 billion and $11.82 billion for the three and six months ended June 30, 2026, respectively, compared to $9.82 billion and $9.14 billion for the same periods of 2025. Excluding the impact of netting, the average interest rates would be approximately 3.77% and 3.74% for the three and six months ended June 30, 2026, respectively, compared to 4.87% and 4.74% for the same periods of 2025.
Current report
There was no provision for credit losses in the three months ended June 30, 2026, compared to $30 million in the same period of 2025, primarily reflecting a reserve release associated with sales and repayments of commercial loans, largely offset by higher provisions for certain commercial real estate loans. Provision for credit losses was $16 million in the six months ended June 30, 2026, compared to $42 million in the same period of 2025, primarily reflecting provisions for certain commercial and commercial real estate loans and the evolving
Current report
macroeconomic environment, partially offset by a reserve release associated with sales and repayments of commercial loans.
Current report
•Repositioning charge of $100 million related to compensation and employee benefits primarily from workforce rationalization; and
Current report
•Client rescoping of $18 million was reflected in information systems and communications expenses.
Current report
Compensation and employee benefits expenses increased 1% and 8% in thethree and six months ended June 30, 2026, respectively, compared to the same periods of 2025, primarily due to higher performance-based incentive compensation, merit increases and employee benefit costs, partially offset by productivity savings, including lower headcount. In the three-month period, these increases were also partially offset by the absence of a prior-year notable item.
Current report
Information systems and communications expenses increased 13% and 20%in thethree and six months ended June 30, 2026, respectively, compared to the same periods of 2025, largely driven by volume-related costs, infrastructure investments and technology modernization and resiliency.
Current report
Occupancy expenses decreased 9% and 5% in the three and six months ended June 30, 2026, respectively, compared to the same periods of 2025, primarily driven by real estate footprint optimization.
Current report
Other expenses increased 11% and 9% in the three and six months ended June 30, 2026, respectively, compared to the same periods of 2025, primarily reflecting higher fund marketing costs and professional fees.
Current report
losses during those periods.
Current report
The U.S. LCR rule (“LCR rule”) requires certain large U.S. banking organizations, such as us and our bank subsidiaries, to maintain an amount of HQLA that is sufficient to meet their estimated total net cash outflows over a prospective 30 calendar-day period of significant stress. The LCR is calculated by dividing HQLA by estimated net outflows over the stress period determined by standardized stress outflow and inflow rate assumptions prescribed in the LCR rule.
Current report
In addition, the U.S. NSFR Disclosure Rule requires certain large U.S. banking organizations, such as us and our bank subsidiaries, to maintain minimum amounts of available stable funding to support their required stable funding over a one-year time horizon. The NSFR is calculated by dividing the amount of available stable funding by the amount of required stable funding as prescribed by the rule. The minimum NSFR requirement is 100%. As of June 30, 2026, our NSFR was above the 100% minimum NSFR requirement.
Current report
State Street Bank is also subject to minimum LCR and NSFR requirements. As of June 30, 2026, both the LCR and NSFR for State Street Bank exceeded the minimum requirements.
Current report
The rapid advancement and increasing accessibility of frontier artificial intelligence models amplifies cybersecurity risks by enabling more sophisticated cyber-attacks, accelerating the discovery and exploitation of vulnerabilities, facilitating the creation of increasingly convincing social engineering and fraud schemes, and introducing novel security threats that could adversely affect our operations, customers, counterparties, reputation, financial condition, and results of operations.
Current report
In July 2026, we declared dividends on our series G, I, J and K preferred stock of approximately $1,367, $1,675, $1,675 and $1,613, respectively, per share, or approximately $0.34, $16.75, $16.75 and $16.13, respectively, per depositary share. These dividends total approximately $7 million, $25 million, $14 million and $12 million on our Series G, I, J and K preferred stock, respectively, which will be paid in September 2026.
Current report
In July 2026, we declared a common stock dividend of $0.92 per share, payable on October 13, 2026, to shareholders of record on October 1, 2026.
Removed paragraphs (17)
Previous report
Serv icing fees, as presented in Table 2: Total Revenue, increased 11% in the first quarter of 2026, compared to the same period of 2025, primarily reflecting higher average market levels, client activity and asset flows and the benefit of currency translation, which contributed 3% points of the increase.
Previous report
Foreign exchange trading services revenue, as presented in Table 2: Total Revenue, increased 29% in the first quarter of 2026, compared to the same period of 2025, primarily due to higher volumes.
Previous report
Software services revenue, as presented in Table 2: Total Revenue, increased 7% in the first quarter of 2026, compared to the same period of 2025, primarily due to higher professional services and software and data revenue.
Previous report
NII increased 17% in the first quarter of 2026, compared to the same period of 2025, primarily driven by an increase of 16 bps in NIM and a 1% increase in average interest-earning assets. Currency translation contributed 3% points of the increase.
Previous report
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $228.35 billion for the first quarter of 2026, compared to $232.47 billion for the same period of 2025. Excluding the impact of netting, the average interest rates would be approximately 0.26% for the first quarter of 2026, compared to 0.28% for the same period of 2025.
Previous report
(6) Total deposits averaged$258.08 billion for the first quarter of 2026, compared to $243.04 billion for the same period of 2025.
Previous report
(7) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $10.60 billion for the first quarter of 2026, compared to $8.46 billion for the same period of 2025. Excluding the impact of netting, the average interest rates would be approximately 3.71% for the first quarter of 2026, compared to 4.62% for the same period of 2025.
Previous report
Average long-term debt was $25.26 billion in the first quarter of 2026, compared to $23.74 billion in the
Previous report
We recorded a $16 million provision for credit lossesin the first quarter of 2026, compared to $12 million in the same period of 2025, primarily reflecting provisions for certain commercial loans and the evolving macroeconomic environment.
Previous report
Compensation and employee benefits expenses increased 14% in thefirst quarter of 2026, compared to the same period of 2025, primarily due to the repositioning charge in the first quarter of 2026, performance-based incentive compensation, merit increases and the impact of currency translation, which contributed 3% points of the increase.
Previous report
Infor mation systems and communications expenses increased 28% in thefirst quarter of 2026, compared to the same period of 2025, largely driven by the impact of notable items in the current year period and higher technology and infrastructure investments.
Previous report
Occupancy expenses decreased 2% in the first quarter of 2026, compared to the same period of 2025, primarily driven by footprint optimization.
Previous report
Other expenses increased 6% in thefirst quarter of 2026, compared to the same period of 2025, primarily reflecting higher revenue-related expenses, marketing costs and the impact of currency translation, which contributed 3% points of the increase.
Previous report
(1) The provision for credit losses is primarily related to commercial loans and other loans in the first quarter of 2026, and to commercial real estate and commercial loans in the first quarter of 2025.
Previous report
(2) The charge-offs are primarily related to the sales of certain commercial loans in both the first quarters of 2026 and 2025.
Previous report
As a banking organization, we are subject to a minimum LCR under the LCR rule approved by U.S. banking regulators. The LCR is calculated by dividing an institution’s available HQLA by its projected net cash outflows during a 30 day period under a
Previous report
In addition, as a U.S. G-SIB, we are required to maintain an NSFR that is equal to or greater than 100%, and as a subsidiary of a U.S. G-SIB, State Street Bank is similarly required to maintain an NSFR that is equal to or greater than 100%. As of March 31, 2026, both our and State Street Bank's NSFR were above the 100% minimum NSFR requirement.
Reworded paragraphs (126)
Previous wording
State Street Corporation, referred to as the Parent Company, was organized in 1969 under the laws of the Commonwealth of Massachusetts, and is a bank holding company that has elected to be treated as a financial holding company under the Bank Holding Company Act of 1956. The Parent Company is a source of financial and managerial strength to our subsidiaries. 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 March 31, 2026, we reported $54.52 trillion in AUC/A and $5.62 trillion in AUM.
Current wording
State Street Corporation, referred to as the Parent Company, was organized in 1969 under the laws of the Commonwealth of Massachusetts, and is a bank holding company that has elected to be treated as a financial holding company under the Bank Holding Company Act of 1956. The Parent Company is a source of financial and managerial strength to our subsidiaries. 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 June 30, 2026, we reported $57.86 trillion in AUC/A and $6.28 trillion in AUM.
Previous wording
We had consolidated total assets of $392.17 billion, consolidated total deposits of $293.34 billion, consolidated total shareholders' equity of $27.74 billion and approximately 51,000 employees, as of March 31, 2026.
Current wording
We had consolidated total assets of $418.38 billion, consolidated total deposits of $319.55 billion, consolidated total shareholders' equity of $28.27 billion and approximately 51,000 employees, as of June 30, 2026.
Previous wording
Our operations are organized into two lines of business, Investment Servicing and Investment Management, which are defined based on products and services provided.
Current wording
Our operationsare organized into two lines of business, Investment Servicing and Investment Management, which are defined based on products and services provided.
Previous wording
These significant accounting policies require the most subjective or complex judgments, and underlying estimates and assumptions could be subject to revision as new information becomes available. For additional information about these significant accounting policies refer to “Significant Accounting Estimates” included under Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our 2025 Form 10-K. We did not change these significant accounting policies in the first three months of 2026.
Current wording
These significant accounting policies require the most subjective or complex judgments, and underlying estimates and assumptions could be subject to revision as new information becomes available. For additional information about these significant accounting policies refer to “Significant Accounting Estimates” included under Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our 2025 Form 10-K. We did not change these significant accounting policies in the first six months of 2026.
Previous wording
Terminology such as “expect,” “outlook,” “will,” “goal,” “target,” “strategy,” “may,” “estimate,” “plan,” “intend,” “objective,” “forecast,” “believe,” “priority,” “anticipate,” “seek,” and “trend,” or similar statements or variations of such terms, are intended to identify forward-looking statements, although not all forward-looking statements contain such terms.
Current wording
Terminology such as “expect,” “will,” “medium-term,” “outlook,” “target,” “opportunity,” “strategy,” “strategic,” “driver,” “priority,” “assumption,” “illustrative,” “framework,” “forecast,” “guidance,” “objective,” “believe,” “plan,” “anticipate,” “seek,” “may,” “trend,” “goal,” “estimate,” “intend,” “aim,” “outcome,” “future,” “pipeline,” and “trajectory,” or similar statements or variations of such terms, are intended to identify forward-looking statements, although not all forward-looking statements contain such terms.
Previous wording
•We could be adversely affected by political, geopolitical, economic and market conditions, including, for example, as a result of liquidity or capital deficiencies (actual or perceived) by other financial institutions and related market and government actions, changes in U.S. trade or other policies or those policies of other nations, the ongoing conflicts in Ukraine and in the Middle East, major political shifts domestically or internationally (including the potential for retaliatory actions by governments, market participants or clients based on diverging perspectives or otherwise and, separately, the recent shutdown of the U.S. federal government), actions taken by central banks in an attempt to address prevailing economic conditions, changes in monetary policy or periods of significant volatility in the markets for equity, fixed income and other asset classes globally or within specific markets;
Current wording
•We could be adversely affected by political, geopolitical, economic and market conditions, including, for example, as a result of liquidity or capital deficiencies (actual or perceived) by other financial institutions and related market and government actions, changes in U.S. trade or other policies or those policies of other nations, the ongoing conflicts in Ukraine and in the Middle East, major political shifts domestically or internationally (including the potential for retaliatory actions by governments, market participants or clients based on diverging perspectives or otherwise), actions taken by central banks in an attempt to address prevailing economic conditions, changes in monetary policy or periods of significant volatility in the markets for equity, fixed income and other asset classes globally or within specific markets;
Previous wording
•Our return of capital to shareholders through common share repurchases and common stock dividends may be variable and is subject to various business and financial factors and regulatory requirements and
Current wording
•Our return of capital to shareholders through common share repurchases and common stock dividends may be variable and is subject to various business and financial factors and regulatory requirements and approvals of our Board of Directors (the Board);
Previous wording
•The quantitative models we use to manage our business may contain errors that could adversely impact our business, financial condition, operating results and regulatory compliance, and lapses in disclosure controls and procedures or internal control over financial reporting could occur, any of which could result in material harm;
Current wording
•The quantitative models we use to manage our business may contain errors that could adversely impact our business, financial condition, operating results and regulatory
Previous wording
The following section provides information related to significant events, as well as highlights of our consolidated financial results for the first quarter of 2026 presented in Table 1: Overview of Financial Results. More detailed information about our consolidated financial results, including the comparison of our financial results for the three months ended March 31, 2026 compared to the same period of 2025, is provided under “Consolidated Results of Operations”, "Line of Business Information" and "Capital" sections which follow "Financial Results and Highlights", as well as in our consolidated financial statements in this Form 10-Q. In this Management’s Discussion and Analysis, where we describe the effects of changes in foreign currency translation, those effects are determined by applying applicable weighted average FX rates from the relevant 2025 period to the relevant 2026 period results.
Current wording
The following section provides information related to significant events, as well as highlights of our consolidated financial results for the second quarter of 2026 presented in Table 1: Overview of Financial Results. More detailed information about our consolidated financial results, including the comparison of our financial results for the three and six months ended June 30, 2026 compared to the same periods of 2025, is provided under “Consolidated Results of Operations”, "Line of Business Information" and "Capital" sections which follow "Financial Results and Highlights", as well as in our consolidated financial statements in this Form 10-Q. In this Management’s Discussion and Analysis, where we describe the effects of changes in foreign currency translation, those effects are determined by applying applicable weighted average FX rates from the relevant 2025 period to the relevant 2026 period results.
Previous wording
First Quarter of 2026 Performance Highlights
Current wording
Second Quarter of 2026 Performance Highlights
Previous wording
•Total revenue increased 16% in the first quarter of 2026, compared to the same period of 2025, driven by higher fee revenue, net interest income and the impact of currency translation, which contributed 2% points of the increase.
Current wording
•Total revenue increased 17% in the second quarter of 2026, compared to the same period of 2025, driven by higher fee revenue and net interest income.
Previous wording
◦Total fee revenue increased 15% in the first quarter of 2026, compared to the same period of 2025, primarily reflecting higher management fees, servicing fees and foreign exchange trading services revenue.
Current wording
◦Total fee revenue increased 17% in the second quarter of 2026, compared to the same period of 2025, primarily reflecting higher management fees, servicing fees and foreign exchange trading services revenue.
Previous wording
◦NII increased 17% in the first quarter of 2026, compared to the same period of 2025, primarily driven by an increase of 16 bps in NIM and a 1% increase in average interest-earning assets.
Current wording
◦NII increased 18% in the second quarter of 2026, compared to the same period of 2025, primarily driven by an increase of 17 bps in NIM.
Previous wording
•Total expenses increased 15% in the first quarter of 2026, compared to the same period of 2025, primarily reflecting the impact of notable items in the current year period, higher revenue-related costs, continued investments and the negative impact of currency translation, which contributed 2% points of the increase. See “Notable Items” below.
Current wording
•Total expenses increased 5% in the second quarter of 2026, compared to the same period of 2025, primarily reflecting higher revenue-related costs and continued strategic investments, partially offset by the absence of prior-year notable items. See “Notable Items” below.
Previous wording
•Pre-tax margin of 25.5% in the first quarter of 2026 increased from 25.0% in the same period of 2025, while return on equity of 11.6% in the first quarter of 2026 increased from 10.6% in the same period of 2025.
Current wording
•Pre-tax margin of 34.3% in the second quarter of 2026 increased from 25.8% in the same period of 2025, while return on equity of 16.7% in the second quarter of 2026 increased from 10.8% in the same period of 2025.
Previous wording
•Earnings per share (EPS) of $2.49 in the first quarter of 2026 increased 22% as compared to the same period of 2025, primarily driven by higher total revenue, partially offset by higher total expenses.
Current wording
•Earnings per share (EPS) of $3.65 in the second quarter of 2026 increased 68% as compared to the same period of 2025, primarily driven by higher total revenue and growth in pre-tax margin.
Previous wording
There were no notable items in the first quarter of 2025.
Current wording
•There were no notable items in the second quarter of 2026.
Previous wording
•Client rescoping of $41 million reflected in information systems and communications expenses.
Current wording
•In the second quarter of 2025, notable items reduced income before income tax expense by $138 million, net, including a repositioning charge of $100 million, a client rescoping of $42 million, and other notable items of $(4) million. The client rescoping of $42 million included $24 million reflected as a reduction in software services revenue and $18 million reflected in information systems and communications expenses.
Previous wording
•AUC/A of $54.52 trillion as of March 31, 2026, increased 17% compared to March 31, 2025, primarily due to higher market levels, client flows and net new business. In the first quarter of 2026, newly announced investment servicing mandates totaled approximately $365 billion of AUC/A. We onboarded approximately $220 billion of AUC/A in the first quarter of 2026. Investment servicing assets remaining to be installed in future periods totaled approximately $2.75 trillion of AUC/A as of March 31, 2026.
Current wording
•AUC/A of $57.86 trillion as of June 30, 2026, increased 18% compared to June 30, 2025, primarily due to higher market levels, client flows and net new business. In the second quarter of 2026, newly announced investment servicing mandates totaled approximately $384 billion of AUC/A. We onboarded approximately $228 billion of AUC/A in the second quarter of 2026. Investment servicing assets remaining to be installed in future periods totaled approximately $2.93 trillion of AUC/A as of June 30, 2026.
Previous wording
•AUM of $5.62 trillion as of March 31, 2026, increased 20% compared to March 31, 2025, primarily due to higher market levels and net inflows.
Current wording
•AUM of $6.28 trillion as of June 30, 2026, increased 23% compared to June 30, 2025, primarily due to higher market levels and net inflows.
Previous wording
•In the first quarter of 2026, we returned a total of $633 million to our shareholders in the form of common share repurchases and common stock dividends.
Current wording
•In the second quarter of 2026, we returned a total of $631 million to our shareholders in the form of common share repurchases and common stock dividends.
Previous wording
◦In the first quarter of 2026, we acquired an aggregate of 3.2 million shares of common stock at an average per share cost of $125.94 and an aggregate cost of $400 million. These purchases were all conducted under the share repurchase program approved by the Board.
Current wording
◦In the second quarter of 2026, we acquired an aggregate of 2.5 million shares of common stock at an average per share cost of $159.63 and an aggregate cost of $400 million. These purchases were all conducted under the share repurchase program approved by the Board.
Previous wording
◦We declared aggregate common stock dividends of $0.84 per share, totaling $233 million in the first quarter of 2026, compared to $0.76 per share, totaling $220 million in the same period of 2025.
Current wording
◦We declared aggregate common stock dividends of $0.84 per share, totaling $231 million in the second quarter of 2026, compared to $0.76 per share, totaling $217 million in the same period of 2025, representing an increase of approximately 11% on a per share basis.
Previous wording
•Our CET1 capital ratio decreased to 10.6% as of March 31, 2026, compared to 11.6% as of December 31, 2025, primarily due to a normalization in RWA from episodically low levels in the prior quarter, the impact of markets, and continued capital return, partially offset by capital generated from earnings. Our Tier 1 leverage ratio was 5.4% as of March 31, 2026, compared to 5.5% as of December 31, 2025, mainly driven by continued capital return and higher average balance sheet levels, partially offset by capital generated from earnings. Our target ranges for the CET1 capital and Tier 1 leverage ratios remain at 10-11% and 5.25-5.75%, respectively. Standardized capital ratios were binding for both periods.
Current wording
•Our standardized CET1 capital ratio decreased to 10.8% as of June 30, 2026, compared to 11.6% as of December 31, 2025, primarily due to a normalization in RWA from episodically low levels at December 31, 2025 and continued capital return, partially offset by capital generated from earnings. Our Tier 1 leverage ratio was 5.3% as of June 30, 2026, compared to 5.5% as of December 31, 2025, mainly driven by continued capital return and higher average balance sheet levels, partially offset by capital generated from earnings. Standardized capital ratios were binding for both periods.
Previous wording
This section discusses our consolidated results of operations for the first quarter of 2026 compared to the same period of 2025 and should be read in conjunction with the consolidated financial statements and accompanying notes to the consolidated financial statements in this Form 10-Q.
Current wording
This section discusses our consolidated results of operations for the three and six months ended June 30, 2026 compared to the same periods of 2025 and should be read in conjunction with the consolidated financial statements and accompanying notes to the consolidated financial statements in this Form 10-Q.
Previous wording
Table 2: Total Revenue, provides the breakout of fee revenue for the first quarters of 2026 and 2025. Servicing and management fees collectively made up approximately 72% of total fee revenue in the first quarters of both 2026 and 2025.
Current wording
Table 2: Total Revenue, provides the breakout of fee revenue for the three and six months ended June 30, 2026 and 2025. Servicing and management fees collectively made up approximately 70% of total fee revenue for both the three months ended June 30, 2026 and 2025, and 71% for both the six months ended June 30, 2026 and 2025.
Previous wording
Servicing fees generated outside the United States were approximately 49% and 47% of total servicing fees in the first quarters of 2026 and 2025, respectively.
Current wording
Servicing fees generated outside the United States were approximately 50% of total servicing fees in both the three and six months ended June 30, 2026, compared to approximately 49% and 48% in the same periods of 2025, respectively.
Previous wording
Investment servicing mandates newly announced in the first quarter of 2026 totaled approximately $365 billion of AUC/A. With respect to the current investment servicing mandates of approximately $2.75 trillion of AUC/A that are yet to be installed as of March 31, 2026, we expect the conversion will mostly occur over the coming 24 months, with approximately 70% expected to be installed in 2026, with the balance expected to be installed largely in 2027. The expected timing of these installations is subject to change due to a variety of factors, including adjusted implementation schedules agreed with clients, scope adjustments, and product and functionality changes.
Current wording
Investment servicing mandates newly announced in the second quarter of 2026 totaled approximately $384 billion of AUC/A. With respect to the current investment servicing mandates of approximately $2.93 trillion of AUC/A that are yet to be installed as of June 30, 2026, we expect the conversion will mostly occur over the coming 24 months, with approximately 65% expected to be installed in the remainder of 2026, with the balance expected to be installed largely throughout 2027 and 2028. The expected timing of these installations is subject to change due to a variety of factors, including adjusted implementation schedules agreed with clients, scope adjustments, and product and functionality changes.
Previous wording
Management fees increased 23% in the first quarter of 2026, compared to the same period of 2025, primarily due to higher average market levels and net inflows.
Current wording
Management fees increased 29% and 26% in the three and six months ended June 30, 2026, respectively, compared to the same periods of 2025, primarily due to higher average market levels and net inflows.
Previous wording
Management fees generated outside the United States were approximately 23% of total management fees in the first quarter of 2026, compared to approximately 25% of total management fees in the same period of 2025.
Current wording
Management fees generated outside the United States were approximately 23% of total management fees in both the three and six months ended June 30, 2026, compared to approximately 24% in the same periods of 2025.
Previous wording
(3)Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust, but act as the marketing agent.
Current wording
(3)Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniShares SM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR® Gold MiniShares SM Trust, but act as the marketing agent.
Previous wording
Foreign exchange trading services revenue comprises revenue generated by FX trading and revenue generated by brokerage and other trading services, which made up 74% and 26%, respectively, of foreign exchange trading services revenue in the first quarter of 2026, compared to 71% and 29%, respectively, in the same period of 2025.
Current wording
Foreign exchange trading services revenue comprises revenue generated by FX trading and revenue generated by brokerage and other trading services, which made up 77% and 23%, respectively, of foreign exchange trading services revenue in the second quarter of 2026, compared to 73% and 27%, respectively, in the same period of 2025.
Previous wording
Securities finance revenue, as presented in Table 2: Total Revenue, increased 2% in the first quarter of 2026, compared to the same period of 2025, primarily due to higher client lending balances.
Current wording
Securities finance revenue, as presented in Table 2: Total Revenue, increased 19% and 11% in the three and six months ended June 30, 2026, respectively, compared to the same periods of 2025, primarily due to higher client lending balances in both agency lending and prime services.
Previous wording
For additional information regarding software services revenue, refer to "Software and Processing Fees" under “Total Revenue” included under Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our 2025 Form 10-K.
Current wording
For additional information regarding software services revenue, refer to "Software and Processing Fees" under “Total Revenue” included under Item 7,
Previous wording
income associated with equity investments and other market-related adjustments. Lending-related and other fees primarily consist of fee revenue associated with our subscription and fund finance, commercial loans, municipal finance, insurance and stable value wrap businesses.
Current wording
Other fee revenue includes lending-related and other fees, bank-owned life insurance income, income associated with equity investments and other market-related adjustments. Lending-related and other fees primarily consist of fee revenue associated with our subscription and fund finance, commercial loans, municipal finance, insurance and stable value wrap businesses.
Previous wording
Other fee revenue increased 8% in the first quarter of 2026, compared to the same period of 2025, primarily due to higher FX and market-related adjustments, partially offset by lower lending-related and other fees.
Current wording
Other fee revenue increased 9% and 8% in the three and six months ended June 30, 2026, respectively, compared to the same periods of 2025, primarily due to higher FX and market-related adjustments, partially offset by lower fair value adjustments and equity investment income.
Previous wording
See Table 2: Total Revenue, for the breakout of interest income and interest expense for the first quarter of 2026, compared to the same period of 2025.
Current wording
See Table 2: Total Revenue, for the breakout of interest income and interest expense for the three and six months ended June 30, 2026, compared to the same periods of 2025.
Previous wording
See Table 10: Average Balances and Interest Rates - Fully Taxable-Equivalent Basis, for the breakout of NII for the first quarter of 2026, compared to the same period of 2025.
Current wording
See Table 10: Average Balances and Interest Rates - Fully Taxable-Equivalent Basis, for the breakout of NII for the three and six months ended June 30, 2026, compared to the same periods of 2025.
Previous wording
(3)Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $48.42 billion for the first quarter of 2026, compared to $43.56 billion for the same period of 2025.
Current wording
(3)Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $49.92 billion and $49.17 billion for the three and six months ended June 30, 2026, respectively, compared to $45.11 billion and $44.34 billion for the same periods of 2025.
Previous wording
(4) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $10.92 billion for the first quarter of 2026, compared to $9.28 billion for the same period of 2025. Excluding the impact of netting, the average interest rates would be approximately 3.60% for the first quarter of 2026, compared to 4.33% for the same period of 2025.
Current wording
(4) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $13.45 billion and $12.19 billion for the three and six months ended June 30, 2026, respectively, compared to $9.54 billion and $9.41 billion for the same periods of 2025. Excluding the impact of netting, the average interest rates would be approximately 3.59% for both the three and six months ended June 30, 2026, compared to 4.33% for the same periods of 2025.
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compliance, and lapses in disclosure controls and procedures or internal control over financial reporting could occur, any of which could result in material harm;
Current report — wording carried from elsewhere
Management's Discussion and Analysis of Financial Condition and Results of Operations, in our 2025 Form 10-K.
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Revenue" in "Consolidated Results of Operations" included in this Management's Discussion and Analysis.
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Approximately 83% and 88% of the aggregate carrying value of these non-U.S. debt securities was
Current report — wording carried from elsewhere
The Agencies' final rule from 2019 requires U.S. G-SIBs to file a full resolution plan and a targeted
Current report — wording carried from elsewhere
FHLB allows for advances of liquidity with varying terms against high-quality collateral. We had $3.50 billion of outstanding FHLB funding as of both June 30, 2026 and December 31, 2025. These outstanding borrowings have initial maturities of approximately 12 months and are recorded in other short-term borrowings in the consolidated statement of condition.
Current report — wording carried from elsewhere
On July 23, 2026, State Street Bank issued $750 million aggregate principal amount of 4.701% fixed-rate senior notes due 2029, and $500 million aggregate principal amount of 5.217% fixed-rate senior notes due 2034.
Current report — wording carried from elsewhere
As part of our trading activities, we assume positions in the foreign exchange and interest rate
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Managing our capital involves evaluating whether our actual and projected levels of capital are commensurate with our risk profile, are in compliance with all applicable regulatory requirements and are
Current report — wording carried from elsewhere
quantitative information required by the rule is provided under "Market Risk Management" included in this Management's Discussion and Analysis.
Rearranged previous paragraphs (10)
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approvals of our Board of Directors (the Board);
Previous report — wording carried elsewhere
Other fee revenue includes lending-related and other fees, bank-owned life insurance income,
Previous report — wording carried elsewhere
•A repositioning charge of $89 million, including $79 million of compensation and employee benefits expenses related to workforce rationalization, $1 million of occupancy costs associated with real estate footprint optimization, and $9 million associated with operating model changes reflected in information systems and communications.
Previous report — wording carried elsewhere
The structure of our consolidated statement of condition is primarily driven by the liabilities generated by our Investment Servicing and Investment Management lines of business. Our clients' needs and our operating objectives determine the volume, mix and currency denomination of our assets and liabilities. As our clients execute their
Previous report — wording carried elsewhere
As of March 31, 2026, our non-U.S. debt securities had an average market-to-book ratio of
Previous report — wording carried elsewhere
sector institutions, and in our custody business through overdrafts. Credit risk is also incurred in our day-to-day settlement operations.
Previous report — wording carried elsewhere
For additional information about our information technology risk framework and associated risks, refer to "Information Technology Risk Management" included under Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our 2025 Form 10-K, and "Operational,
Previous report — wording carried elsewhere
We use a variety of risk measurement tools and methodologies, including VaR, which is an estimate of potential loss for a given period within a stated statistical confidence interval. We use a risk
Previous report — wording carried elsewhere
As required by the Dodd-Frank Act enacted in 2010, we and State Street Bank, as advanced
Previous report — wording carried elsewhere
Due to the influence of changes in these advanced systems, whether resulting from changes in data inputs, regulation or regulatory supervision or