STATE STREET CORP
For the period ended Sep 30, 2026. Filed Oct 28, 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.
Sep 30, 2026 · Filed Oct 28, 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 2026-06-30; filed 2026-07-30.
0000093751-26-000397
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0000093751-26-000600
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 455 previous paragraphs and 447 current paragraphs.
306 unchanged; 123 reworded; 8 added; 18 removed; 8 previous and 10 current paragraphs rearranged.
Tables are not compared: 37 previous and 38 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 (8)
Current report
•Total expenses increased 8% in the third quarter of 2026, compared to the same period of 2025, mainly driven by higher revenue-related costs and continued strategic investments.
Current report
Other fee revenue decreased 29% and 6% in the three and nine months ended September 30, 2026, respectively, compared to the same periods of 2025, primarily due to market-related adjustments on investments in the current and prior year.
Current report
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $198.35 billion and $214.05 billion for the three and nine months ended September 30, 2026, respectively, compared to $251.21 billion and $245.56 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 nine months ended September 30, 2026, compared to 0.26% and 0.27% for the same periods of 2025.
Current report
(4) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $16.19 billion and $13.54 billion for the three and nine months ended September 30, 2026, respectively, compared to $6.01 billion and $8.26 billion for the same periods of 2025. Excluding the impact of netting, the average interest rates would be approximately 3.62% and 3.60% for the three and nine months ended September 30, 2026, respectively, compared to 4.27% and 4.31% for the same periods of 2025.
Current report
(6) Total deposits averaged $271.12 billion and $266.57 billion for the three and nine months ended September 30, 2026, respectively, compared to $254.51 billion and $252.81 billion for the same periods of 2025.
Current report
(7) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $16.02 billion and $13.23 billion for the three and nine months ended September 30, 2026, respectively, compared to $5.69 billion and $7.98 billion for the same periods of 2025. Excluding the impact of netting, the average interest rates would be approximately 4.02% and 3.85% for the three and nine months ended September 30, 2026, respectively, compared to 4.30% and 4.63% for the same periods of 2025.
Current report
On October 14, 2026, we notified the holders of our $500 million aggregate principal amount of 1.684% fixed-to-floating rate senior notes due 2027 that we will redeem all of the notes on November 18, 2026.
Current report
On August 12, 2026, we issued 500,000 depositary shares, each representing a 1/100th ownership interest in a share of fixed rate reset non-cumulative perpetual preferred stock, Series L, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), in a public offering. The aggregate proceeds, net of underwriting discounts, commissions and other issuance costs, were approximately $496 million.
Removed paragraphs (18)
Previous report
nm Not meaningful
Previous report
•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 report
•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 report
•In July 2026, we declared third quarter common stock dividends of $0.92 per share, representing a 10% increase on a per share
Previous report
basis from dividends declared in the second quarter of 2026.
Previous report
Servicing fees, as presented in Table 2: Total Revenue, increased 13% and 12% in the three and
Previous report
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 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.
Previous report
(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.
Previous 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.
Previous 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.
Previous report
Notable items reflected in expenses in the second quarter of 2025 included:
Previous report
•Repositioning charge of $100 million related to compensation and employee benefits primarily from workforce rationalization; and
Previous report
•Client rescoping of $18 million was reflected in information systems and communications expenses.
Previous report
losses during those periods.
Previous report
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.
Previous 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.
Previous 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.
Reworded paragraphs (123)
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 June 30, 2026, we reported $57.86 trillion in AUC/A and $6.28 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 September 30, 2026, we reported $59.17 trillion in AUC/A and $6.31 trillion in AUM.
Previous 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.
Current wording
We had consolidated total assets of $403.34 billion, consolidated total deposits of $311.65 billion, consolidated total shareholders' equity of $28.71 billion and approximately 51,000 employees, as of September 30, 2026.
Previous wording
This Management's Discussion and Analysis is part of this Form 10-Q and updates the Management's Discussion and Analysis in our 2025
Current wording
This Management's Discussion and Analysis is part of this Form 10-Q and updates the
Previous wording
Annual Report on Form 10-K for the year ended December 31, 2025 previously filed with the SEC (2025 Form 10-K). The financial information contained in this Management's Discussion and Analysis and elsewhere in this Form 10-Q should be read in conjunction with the financial and other information contained in our 2025 Form 10-K. Certain previously reported amounts presented in this Form 10-Q have been reclassified to conform to current-period presentation.
Current wording
Management's Discussion and Analysis in our 2025 Annual Report on Form 10-K for the year ended December 31, 2025 previously filed with the SEC (2025 Form 10-K). The financial information contained in this Management's Discussion and Analysis and elsewhere in this Form 10-Q should be read in conjunction with the financial and other information contained in our 2025 Form 10-K. Certain previously reported amounts presented in this Form 10-Q have been reclassified to conform to the current-period presentation.
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 six 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 nine months of 2026.
Previous wording
Certain financial information provided in this Form 10-Q, including this Management's Discussion and Analysis, is presented using both a U.S. GAAP, or reported basis, and a non-GAAP basis, including certain non-GAAP measures used in the calculation of identified regulatory ratios. We measure and compare certain financial information on a non-GAAP basis, including information that management uses in evaluating our business and activities. Non-GAAP financial information should be considered in addition to, and not as a substitute for or as superior to, financial information prepared in conformity with U.S.
Current wording
Certain financial information provided in this Form 10-Q, including this Management's Discussion and Analysis, is presented using both a U.S. GAAP, or reported basis, and a non-GAAP basis, including certain non-GAAP measures used in the calculation of identified regulatory ratios. We measure and compare certain financial information on a non-GAAP basis, including information that management uses in evaluating our business and activities. Non-GAAP financial information should be considered in addition to, and not as a substitute for or as superior to, financial information prepared in conformity with U.S. GAAP. Any non-GAAP financial information presented in this Form 10-Q, including this Management’s Discussion and Analysis, is reconciled to its most directly comparable currently applicable regulatory ratio or U.S. GAAP-basis measure. As part of our non-GAAP-basis measures, we present a fully taxable-equivalent NII that reports non-taxable revenue, such as interest income associated with tax-exempt investment securities, on a fully taxable-equivalent basis, which we believe facilitates an investor's understanding and analysis of our underlying financial performance and trends.
Previous wording
This Form 10-Q, as well as other reports and proxy materials submitted by us under the Securities Exchange Act of 1934, registration statements filed by us under the Securities Act of 1933, our annual report to shareholders and other public statements we may make, may contain statements (including statements in our Management's Discussion and Analysis included in such reports, as applicable) that are considered “forward-looking statements” within the meaning of U.S. securities laws, including statements about our goals and expectations regarding our business, financial and capital condition, results of operations, strategies, cost savings and transformation initiatives, investment portfolio performance, dividend and stock purchase programs, acquisitions, outcomes of legal proceedings, market growth, joint ventures and divestitures, client growth, new technologies, services and opportunities, sustainability and impact, human capital and climate, as well as industry, governmental, regulatory, economic and market trends, initiatives and
Current wording
This Form 10-Q, as well as other reports and proxy materials submitted by us under the Securities Exchange Act of 1934, registration statements filed by us under the Securities Act of 1933, our annual report to shareholders and other public statements we may make, may contain statements (including statements in our Management's Discussion and Analysis included in such reports, as applicable) that are considered “forward-looking statements” within the meaning of U.S. securities laws, including statements about our goals and expectations regarding our business, financial and capital condition, results of operations, strategies, cost savings and transformation initiatives, investment portfolio performance, dividend and stock purchase programs, acquisitions, outcomes of legal proceedings, market growth, joint ventures and divestitures, client growth, new technologies, services and opportunities, sustainability and impact, human capital and climate, as well as industry, governmental, regulatory,
Previous wording
developments, the business environment and other matters that do not relate strictly to historical facts.
Current wording
economic and market trends, initiatives and developments, the business environment and other matters that do not relate strictly to historical facts.
Previous 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.
Current wording
The following section provides information related to significant events, as well as highlights of our consolidated financial results for the third 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 nine months ended September 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
Second Quarter of 2026 Performance Highlights
Current wording
Third Quarter of 2026 Performance Highlights
Previous 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.
Current wording
•Total revenue increased 13% in the third 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 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.
Current wording
◦Total fee revenue increased 11% in the third quarter of 2026, compared to the same period of 2025, primarily reflecting higher servicing fees, management fees, and foreign exchange trading services revenue, partially offset by lower other fee revenue.
Previous 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.
Current wording
◦NII increased 21% in the third quarter of 2026, compared to the same period of 2025, primarily reflecting an increase of 16 bps in NIM.
Previous 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.
Current wording
•Pre-tax margin of 34.6% in the third quarter of 2026 increased from 31.1% in the same period of 2025, while return on equity of 16.4% in the third quarter of 2026 increased from 13.4% in the same period of 2025.
Previous 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.
Current wording
•Earnings per share (EPS) of $3.69 in the third quarter of 2026 increased 33% 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 second quarter of 2026.
Current wording
•There were no notable items in the third quarters of 2026 and 2025.
Previous 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.
Current wording
•AUC/A of $59.17 trillion as of September 30, 2026, increased 15% compared to September 30, 2025, primarily due to higher market levels, net new business and client flows. In the third quarter of 2026, newly announced investment servicing mandates totaled approximately $429 billion of AUC/A. We onboarded approximately $348 billion of AUC/A in the third quarter of 2026. Investment servicing assets to be installed in future periods totaled approximately $2.98 trillion of AUC/A as of September 30, 2026.
Previous 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.
Current wording
•AUM of $6.31 trillion as of September 30, 2026, increased 16% compared to September 30, 2025, primarily due to higher market levels and net inflows.
Previous 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.
Current wording
•In the third quarter of 2026, we returned a total of $651 million to our shareholders in the form of common share repurchases and common stock dividends.
Previous 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.
Current wording
◦In the third quarter of 2026, we acquired an aggregate of 2.1 million shares of common stock at an average per share cost of $187.83 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 $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.
Current wording
◦We declared aggregate common stock dividends of $0.92 per share, totaling $251 million in the third quarter of 2026, compared to $0.84 per share, totaling $237 million in the same period of 2025, representing an increase of approximately 10% on a per share basis.
Previous 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.
Current wording
•Our standardized CET1 capital ratio decreased to 11.0% as of September 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 5.5% as of September 30, 2026, flat compared to December 31, 2025, as continued capital return and higher average assets were offset by capital generated from earnings and higher preferred equity.
Previous 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.
Current wording
This section discusses our consolidated results of operations for the three and nine months ended September 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 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.
Current wording
Table 2: Total Revenue, provides the breakout of fee revenue for the three and nine months ended September 30, 2026 and 2025. Servicing and management fees collectively made up approximately 73% and 72% of total fee revenue for the three and nine months ended September 30, 2026, respectively, and 71% for both the three and nine months ended September 30, 2025.
Previous wording
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 wording
Servicing fees, as presented in Table 2: Total Revenue, increased 10% and 11% in the three and nine months ended September 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.
Previous 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.
Current wording
Servicing fees generated outside the United States were approximately 51% and 50% of total servicing fees in the three and nine months ended September 30, 2026, respectively, compared to approximately 48% in both the same periods of 2025.
Previous wording
Servicing fee revenue comprises revenue from a range of services provided to our clients, including certain Alpha servicing mandates, consisting of core custody services, accounting, reporting and administration, which we refer to collectively as back office services and middle office services. The nature and mix of services provided and the asset classes for which the services are performed affect our servicing fees. The basis for fees will differ across regions and clients. Generally, our servicing fee revenues are affected by several factors, including changes in market valuations, client activity and asset flows, net new business and the manner in which we price our services. For servicing fees for which we have not yet issued an invoice to our clients as of period end, we include an estimate of the impact of changes in market valuations, client activity and flows, net new business and changes in pricing in our revenues.
Current wording
Servicing fee revenue comprises revenue from a range of services provided to our clients, including Alpha clients, consisting of core custody services, accounting, reporting and administration, which we refer to collectively as back office services and middle office services. The nature and mix of services provided and the asset classes for which the services are performed affect our servicing fees. The basis for fees will differ across regions and clients. Generally, our servicing fee revenues are affected by several factors, including changes in market valuations, client activity and asset flows, net new business and the manner in which we price our services. In determining servicing fees for which we have not yet issued an invoice to our clients as of period end, we apply estimates of those factors.
Previous wording
Our servicing fee revenue is impacted by both our levels and the geographic and product mix of our AUC/A. Changes in market valuations have an associated impact on the level of our AUC/A and servicing fee revenues, though the degree of impact will vary depending on asset types and classes, and geography of assets held within our clients’ portfolios. For certain asset classes where the valuation process is more complex, including alternative investments, or where our valuation is dependent on third party information, AUC/A is reported on a time lag, typically one-month. For those asset classes, which represent a significant portion of AUC/A, the impact of market levels on our reported AUC/A, and to a lesser extent servicing fee revenue, does not reflect current period-end market levels.
Current wording
AUC/A. Changes in market valuations have an associated impact on the level of our AUC/A and servicing fee revenues, though the degree of impact will vary depending on asset types and classes, and geography of assets held within our clients’ portfolios. For certain asset classes where the valuation process is more complex, including alternative investments, or where our valuation is dependent on third party information, AUC/A is reported on a time lag, typically one-month. For those asset classes, which represent a significant portion of AUC/A, the impact of market levels on our reported AUC/A, and to a lesser extent servicing fee revenue, does not reflect current period-end market levels.
Previous 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.
Current wording
Investment servicing mandates newly announced in the third quarter of 2026 totaled approximately $429 billion of AUC/A. With respect to the current investment servicing mandates of approximately $2.98 trillion of AUC/A that are yet to be installed as of September 30, 2026, we expect the conversion will mostly occur over the coming 24 months, with approximately 20% expected to be installed in the remainder of 2026 and approximately 65% in 2027, with the balance expected to be installed largely in 2028 and 2029. 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 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.
Current wording
Management fees increased 20% and 24% in the three and nine months ended September 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 both the three and six months ended June 30, 2026, compared to approximately 24% in the same periods of 2025.
Current wording
Management fees generated outside the United States were approximately 23% of total management fees in both the three and nine months ended September 30, 2026, compared to approximately 23% and 24% in the same periods of 2025.
Previous wording
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 wording
Foreign exchange trading services revenue, as presented in Table 2: Total Revenue, increased 17% and 24% in the three and nine months ended September 30, 2026, respectively, compared to the same periods of 2025, primarily due to higher client volumes.
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 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.
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 74% and 26%, respectively, of foreign exchange trading services revenue in the third 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 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.
Current wording
Securities finance revenue, as presented in Table 2: Total Revenue, increased 9% and 10% in the three and nine months ended September 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
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 wording
Software services revenue, as presented in Table 2: Total Revenue, increased 5% in the three months ended September 30, 2026, compared to the same period of 2025, primarily due to higher software and data revenue. Software services revenue increased by 3% in the nine months ended September 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 revenue.
Previous 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.
Current wording
See Table 2: Total Revenue, for the breakout of interest income and interest expense for the three and nine months ended September 30, 2026, compared to the same periods of 2025.
Previous wording
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 wording
NII increased 21% and 19% in the three and nine months ended September 30, 2026, respectively, compared to the same periods of 2025, primarily driven by increases of 16 bps and 17 bps in NIM, respectively.
Previous 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.
Current wording
See Table 10: Average Balances and Interest Rates - Fully Taxable-Equivalent Basis, for the breakout of NII for the three and nine months ended September 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 $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.
Current wording
(3)Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $50.20 billion and $49.52 billion for the three and nine months ended September 30, 2026, respectively, compared to $46.32 billion and $45.01 billion for the same periods of 2025.
Previous wording
(5) Average rate includes the impact of FX swap costs of approximately $(4) million and $(33) million for the three and six months ended June 30, 2026, respectively, compared to $(42) million and $(125) million for the same periods of 2025. Average rates for total interest-bearing deposits excluding the impact of FX swap costs were 2.46% for both the three and six months ended June 30, 2026, compared to 2.94% and 3.00% for the same periods of 2025.
Current wording
(5) Average rate includes the impact of FX swap costs of approximately $(20) million and $(53) million for the three and nine months ended September 30, 2026, respectively, compared to $(31) million and $(155) million for the same periods of 2025. Average rates for total interest-bearing deposits excluding the impact of FX swap costs were 2.53% and 2.48% for the three and nine months ended September 30, 2026, respectively, compared to 2.91% and 2.97% for the same periods of 2025.
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Current report — wording carried from elsewhere
Standardized capital ratios were binding for both periods.
Current report — wording carried from elsewhere
Our servicing fee revenue is impacted by both our levels and the geographic and product mix of our
Current report — wording carried from elsewhere
The increases are primarily due to growth in subscription finance, CLOs and fund finance loans, partially offset by lower commercial and commercial real estate loans. Additional information is provided under "Loans" in "Financial Condition" in the Management's Discussion and Analysis and in Note 4 to the consolidated financial statements in this Form 10-Q.
Current report — wording carried from elsewhere
to "Fee Revenue" in "Consolidated Results of Operations" included in this Management's Discussion and Analysis.
Current report — wording carried from elsewhere
We consider a well-diversified, high-credit quality investment securities portfolio to be an important element in the management of our consolidated statement of condition.
Current report — wording carried from elsewhere
was non-U.S. debt securities as of September 30, 2026 and December 31, 2025, respectively.
Current report — wording carried from elsewhere
the remainder of 2026 or subsequent periods, we may increase our allowance for credit losses during those periods.
Current report — wording carried from elsewhere
sector institutions; and in our custody business through overdrafts. Credit risk is also incurred in our day-to-day settlement operations.
Current report — wording carried from elsewhere
On October 20, 2026, we issued $750 million aggregate principal amount of 5.963% fixed-to-floating rate senior notes due 2037. In addition, State Street Bank issued $750 million aggregate principal amount of 5.147% fixed-rate senior notes due 2028, and $500 million aggregate principal amount of floating rate senior notes due 2028.
Current report — wording carried from elsewhere
The market risk capital rule requires us to use internal models to calculate daily measures of VaR,
Rearranged previous paragraphs (8)
Previous report — wording carried elsewhere
GAAP. Any non-GAAP financial information presented in this Form 10-Q, including this Management’s Discussion and Analysis, is reconciled to its most directly comparable currently applicable regulatory ratio or U.S. GAAP-basis measure. As part of our non-GAAP-basis measures, we present a fully taxable-equivalent NII that reports non-taxable revenue, such as interest income associated with tax-exempt investment securities, on a fully taxable-equivalent basis, which we believe facilitates an investor's understanding and analysis of our underlying financial performance and trends.
Previous report — wording carried elsewhere
macroeconomic environment, partially offset by a reserve release associated with sales and repayments of commercial loans.
Previous report — wording carried elsewhere
There were no notable items in the second quarter of 2026.
Previous report — wording carried elsewhere
Revenue" in "Consolidated Results of Operations" included in this Management's Discussion and Analysis.
Previous report — wording carried elsewhere
Approximately 83% and 88% of the aggregate carrying value of these non-U.S. debt securities was
Previous report — wording carried elsewhere
The Agencies' final rule from 2019 requires U.S. G-SIBs to file a full resolution plan and a targeted
Previous report — wording carried elsewhere
As part of our trading activities, we assume positions in the foreign exchange and interest rate
Previous report — wording carried elsewhere
quantitative information required by the rule is provided under "Market Risk Management" included in this Management's Discussion and Analysis.