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State Street (NYSE: STT) Q2 2026 profit jumps as revenue rises 17%

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

State Street Corporation reported strong second-quarter 2026 results. Total revenue was $4,048 million, up 17.4% from a year earlier, as fee revenue rose to $3,188 million and net interest income to $860 million. Net income increased to $1,084 million, and diluted EPS reached $3.65, 68% higher than 2Q25. Profitability improved, with pre-tax margin at 34.3%, return on equity at 16.7% and return on tangible common equity at 25.5%.

Assets under custody and/or administration grew to a record $57.9 trillion and assets under management to $6.3 trillion, up 18% and 23% year-on-year, driven by higher markets and net inflows. Capital ratios remained solid, including a 10.8% Basel III standardized CET1 ratio and a 107% liquidity coverage ratio. State Street returned $631 million to common shareholders in 2Q26, including $400 million of share repurchases and $231 million of dividends ($0.84 per share), and has declared a 10% per-share increase to its third-quarter common dividend. Revenue growth was broad-based across servicing, management, FX trading and securities finance, while Software services declined year-on-year on lower on-premises renewals.

Positive

  • EPS up 68% year-on-year to $3.65 on net income of $1,084 million, supported by 17.4% total revenue growth and a 34.3% pre-tax margin in 2Q26.
  • Record scale with $57.9T AUC/A and $6.3T AUM, up 18% and 23% year-on-year, reflecting higher market levels and net inflows across regions and products.
  • Returned $631 million to common shareholders in 2Q26 through $400 million of share repurchases and $231 million of dividends, alongside a declared 10% increase to the third-quarter common dividend.

Negative

  • Software services revenue declined 14% year-on-year excluding notable items, driven by lower on-premises renewal activity compared with an elevated prior-year period, partly offset by growth in SaaS, professional services, and software and data revenues.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation Financial
An event triggered acceleration or increase of an existing financial obligation, such as a debt covenant breach.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Item 10.2 Item 10.2
Item 10.6 Item 10.6
Item 21.7 Item 21.7
Item 25.0 Item 25.0
Item 28.4 Item 28.4
Total revenue $4,048 million 2Q26 total revenue, up 17.4% year-on-year from $3,448 million
Diluted EPS $3.65 2Q26 diluted earnings per share, up 68% from $2.17 in 2Q25
Net income $1,084 million 2Q26 net income, compared with $693 million in 2Q25
Return on equity 16.7% Return on average common equity in 2Q26
AUC/A $57,858 billion Assets under custody and/or administration as of June 30, 2026
AUM $6,278 billion Assets under management as of June 30, 2026
CET1 ratio 10.8% Basel III standardized common equity tier 1 ratio at 2Q26 quarter-end
Capital returned $631 million Total capital returned to common shareholders in 2Q26
Assets Under Custody and/or Administration (AUC/A) financial
"Total Assets Under Custody and/or Administration $57,858..."
Return on average tangible common equity (ROTCE) financial
"Return on average tangible common equity (ROTCE) 25.5..."
Return on average tangible common equity (ROTCE) measures how much profit a company generates for ordinary shareholders relative to the average amount of their tangible capital—equity after removing goodwill and other intangible items. For investors it shows how efficiently the company uses the concrete, balance-sheet value that could realistically back future dividends or growth, similar to measuring how well a baker turns physical ingredients into loaves rather than valuing the shop’s brand name.
Liquidity coverage ratio (LCR) financial
"Liquidity coverage ratio (LCR) at quarter-end was approximately 107%..."
A liquidity coverage ratio measures whether a bank holds enough cash and easily sold, high-quality assets to cover its expected net cash outflows for 30 days under stress. Think of it as a household emergency fund that proves the bank could pay its bills for a month without selling illiquid items at fire-sale prices. Investors use it to gauge short-term resilience, regulatory compliance, and the likelihood of funding strain.
Supplementary leverage ratio (SLR) financial
"Supplementary leverage ratio (SLR) at quarter-end of 6.2%..."
Software services ARR financial
"Software services ARR was $381 million, $427 million, and $433 million..."
Operating leverage financial
"Operating leverage is the rate of growth of total revenue less expenses..."
Operating leverage measures how much a company's profits are affected by changes in sales volume. When a business has high operating leverage, small increases in sales can lead to much larger increases in profit, much like a lever amplifies force. It matters to investors because it indicates how sensitive a company's earnings are to fluctuations in sales, affecting risk and potential returns.
Total revenue $4,048 million up 17.4% year-on-year
Diluted EPS $3.65 up 68% year-on-year
Net income $1,084 million up 56% year-on-year
Return on average common equity 16.7% up 5.9 percentage points vs 2Q25

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FAQ

How did State Street (STT) perform financially in the second quarter of 2026?
State Street reported 2Q26 net income of $1,084 million and diluted EPS of $3.65, up 56% and 68% year-on-year, respectively. Total revenue rose 17.4% to $4,048 million, with both fee revenue and net interest income contributing to the growth.

How did revenue mix for State Street (STT) evolve in 2Q26?
Total revenue was $4,048 million, with fee revenue at $3,188 million and net interest income at $860 million. Fee revenue grew 17.2% year-on-year, led by servicing, management, FX trading, and securities finance, while Software services declined modestly overall.

What were State Street’s (STT) assets under custody and management in 2Q26?
As of June 30, 2026, assets under custody and/or administration were $57.9 trillion and assets under management were $6.3 trillion. These represented year-on-year increases of 18% and 23%, driven by higher market levels, net inflows, and new business wins.

How strong were State Street’s (STT) capital and liquidity ratios in 2Q26?
At quarter-end, the Basel III standardized CET1 ratio was 10.8%, with Tier 1 and total capital ratios of 13.2% and 14.5%. The consolidated liquidity coverage ratio was approximately 107%, while State Street Bank and Trust’s LCR stood at about 136%.

How much capital did State Street (STT) return to shareholders in 2Q26?
In 2Q26, State Street returned $631 million to common shareholders, including $400 million of share repurchases and $231 million of declared dividends, or $0.84 per share. The company also declared a 10% increase to its third-quarter common stock dividend.

What were the key profitability metrics for State Street (STT) in 2Q26?
State Street achieved a pre-tax margin of 34.3%, return on average common equity of 16.7%, and return on average tangible common equity of 25.5% in 2Q26. Total operating leverage was 1,226 basis points year-on-year, and 645 basis points excluding notable items.
false000009375100000937512026-07-162026-07-160000093751us-gaap:CommonStockMember2026-07-162026-07-160000093751stt:SeriesGPreferredStockDepositoryShareMember2026-07-162026-07-16

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 16, 2026
______________________
State Street Corporation
(Exact name of Registrant as Specified in its Charter)
____________________
Massachusetts001-0751104-2456637
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
One Congress Street
BostonMassachusetts02114
(Address of principal executive offices, and Zip Code)
Registrant’s telephone number, including area code:
(617)
786-3000
________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1 par value per shareSTTNew York Stock Exchange
Depositary Shares, each representing a 1/4,000th ownership interest in a share of STT.PRGNew York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨


Item 2.02.    Results of Operations and Financial Condition.
On July 16, 2026, State Street Corporation ("State Street") issued a news release announcing its results of operations for the second-quarter 2026. Copies of that news release and accompanying second-quarter 2026 financial information addendum are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.
Item 7.01.    Regulation FD Disclosure.
On July 16, 2026, State Street made available a slide presentation providing highlights of its second-quarter 2026 results of operations and related information as of June 30, 2026, which is being made available in connection with a July 16, 2026 investor conference call. A copy of that slide presentation is furnished herewith as Exhibit 99.3 and is incorporated herein by reference.
Item 9.01.        Financial Statements and Exhibits.
(d) Exhibits.
State Street's news release dated July 16, 2026, announcing its second-quarter 2026 results of operations and accompanying second-quarter 2026 financial information addendum are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference in Item 2.02 hereof; and a slide presentation providing highlights of State Street's second-quarter 2026 results of operations and related information, which is being made available in connection with a July 16, 2026 investor conference call, is furnished herewith as Exhibit 99.3 and is incorporated by reference in Item 7.01 hereof.

Exhibit No.Description
99.1
State Street's news release dated July 16, 2026, announcing its second-quarter 2026 results of operations (this Exhibit 99.1 is furnished, not filed)
99.2
State Street's second-quarter 2026 financial information addendum (this Exhibit 99.2 is furnished, not filed)
99.3
Slide presentation providing highlights of State Street's second-quarter 2026 results of operations and related information (this Exhibit 99.3 is furnished, not filed)
*104Cover Page Interactive Data File (formatted as Inline XBRL)
 *Submitted electronically herewith



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

STATE STREET CORPORATION
By:/s/ Elizabeth M. Schaefer
Name:Elizabeth M. Schaefer,
Title:Senior Vice President, Chief Accounting Officer and Interim Controller
Date:July 16, 2026

imagea.jpg
Exhibit 99.1
State Street Corporation
One Congress Street
Boston, MA 02114
NYSE: STT
         www.statestreet.com
July 16, 2026
STATE STREET REPORTS SECOND QUARTER 2026 EPS OF $3.65
 See note (a) below for a description of the presentation in this news release
RON O’HANLEY
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
$4.0B
TOTAL REVENUE, up 17%
“Our strong start to 2026 continued in the second quarter, powered by the strength of our global franchises. We achieved record total revenues, along with record AUC/A and AUM in the quarter, further underscoring our continued momentum. This drove significant positive operating leverage year-over-year in 2Q and a tenth consecutive quarter of positive operating leverage excluding notable items.”
O'Hanley added: “Following the release of the Federal Reserve’s stress test results, we recently declared a 10% per share increase to our third quarter common stock dividend, reflecting the resilience of our franchise and our continued focus on returning capital to shareholders.”
O'Hanley concluded: “Building on this continued strong performance, we are entering our next phase of growth, defined by new medium-term financial targets. We are confident in our ability to deliver on these goals and drive sustainable growth and performance for our clients, shareholders, and employees. That confidence is grounded in our scaled global franchises, distinctive strategic growth initiatives, our ongoing technology- and AI-enabled transformation, and the One State Street value proposition.”
1,226BPS
TOTAL OPERATING LEVERAGE
34.3%
PRE-TAX MARGIN
16.7%
ROE
25.5%
ROTCE(a)
Ex-notables(a):
645BPS
TOTAL OPERATING LEVERAGE
FINANCIAL HIGHLIGHTS
(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted)2Q261Q262Q25 % QoQ  % YoY
Income statement:
Total fee revenue$3,188 $2,960 $2,719 8 %17 %
Net interest income860 835 729 3 18 
Other income— 1 — nmnm
Total revenue4,048 3,796 3,448 7 17 
Provision for credit losses— 16 30 nmnm
Total expenses2,659 2,811 2,529 (5)5 
Net income1,084 764 693 42 56 
Financial ratios and other metrics:
Diluted earnings per share (EPS)$3.65 $2.49 $2.17 47 %68 %
Return on average common equity (ROE)16.7 %11.6 %10.8 %5.1 %pts5.9 %pts
Return on average tangible common equity (ROTCE)(1)
25.5 17.6 16.7 7.9 %pts8.8 %pts
Pre-tax margin34.3 25.5 25.8 8.8 %pts8.5 %pts
AUC/A ($ billions)(2)
$57,858 $54,515 $49,000 6 %18 %
AUM ($ billions)(2)
6,278 5,620 5,117 12 23 
(1) Ex-notables and some other metrics (e.g., ROTCE, or return on average tangible common equity) are non-GAAP presentations; refer to the Addendum included with this news release for a reconciliation, and further explanations, of non-GAAP measures.
(2) As of quarter-end.
(a) Percentage changes noted reflect year-over-year 2Q comparisons, unless otherwise noted. See the "2Q26 Highlights" and "In This News Release" sections for a listing of notable items and further explanations of our disclosures in this news release. Ex-notables and some other metrics (e.g., ROTCE, or return on average tangible common equity) are non-GAAP presentations; refer to the Addendum included with this news release for a reconciliation, and further explanations, of non-GAAP measures.
Investor Contact: Elizabeth Lynn +1 617-664-3477          Media Contact: Mark LaVoie +1 508-314-2807

1
                    
2Q26 HIGHLIGHTS
(All comparisons are to 2Q25, unless otherwise noted)
AUC/A and AUM
•Investment Servicing AUC/A as of quarter-end increased 18% to a record $57.9 trillion, mainly due to higher market levels, flows and net new business
•Investment Management AUM as of quarter-end increased 23% to a record $6.3 trillion, mainly driven by higher market levels and net inflows
New business and strategy execution(a)
•New servicing wins in 2Q26
◦New servicing fee revenue wins: New servicing fee revenue wins of $87 million, primarily driven by back office and Alternatives
◦AUC/A wins: New servicing AUC/A wins of $384 billion, with the majority from Asset Managers and Alternatives
•Future installations as of 2Q26
◦Servicing fee revenue: Quarter-end servicing fee revenue of $335 million to be installed in future periods
◦AUC/A: Quarter-end AUC/A of $2.9 trillion to be installed in future periods
•Digital Assets: Announced tokenized fund servicing capability in Luxembourg(b)
•Software services: Annual recurring revenue (ARR) increased approximately 14%, driven by continued SaaS client implementations and conversions
•Investment Management:
◦Broadened capabilities with 38 newly launched products and solutions
◦SPYM ETF selected as exclusive default investment for Trump Accounts(c)
◦Continued momentum across U.S. Low-Cost ETF suite and EMEA
◦Expanded investor access to innovative Digital Asset solutions, including tokenized liquidity solutions
•Markets: Integrated liquidity and financing solutions driving record FX client trading volumes up 25%, average securities on loan up 24%

Revenue(d)
•Total revenue increased 17%, driven by higher Fee revenue and Net Interest Income (NII). Excluding notable items, total revenue increased 17%
•Fee revenue increased 17%, primarily driven by higher Management fees, Servicing fees, and FX trading services revenue. Excluding notable items, fee revenue increased 16%
◦Servicing fees increased 13%
◦Management fees increased 29%
◦FX trading services increased 26%, and excluding notable items, increased 27%(e)
◦Securities finance increased 19%
◦Software services decreased 2%, and excluding notable items, decreased 14%(f)
◦Other fee revenue increased 9%
•NII increased 18%, reflecting an increase of 17 basis points in Net Interest Margin (NIM)
(a) See the "In This News Release" section for explanations of AUC/A and AUC/A to be installed, new servicing fee revenue wins and revenue to be installed, and Software services ARR.
(b) Delivery of the capability remains subject to applicable regulatory approvals and operational readiness milestones.
(c) State Street Investment Management announced on July 1, 2026, that SPYM was selected by the U.S. Department of the Treasury as the exclusive default ETF for Trump Accounts.
(d) See the "2Q26 Highlights" section for a listing of notable items. Ex-notables and some other metrics (e.g., ROTCE) are non-GAAP presentations; refer to the Addendum included with this news release for a reconciliation, and further explanations, of non-GAAP measures.
(e) GAAP FX trading services revenue of $393 million in 2Q25 included a notable item related to a revenue-related recovery of $3 million associated with the settlement of proceeds from a 2018 FX benchmark litigation resolution. Excluding this notable item, GAAP 2Q26 FX trading services of $494 million increased 27% compared to adjusted 2Q25 FX trading services of $390 million.
(f) GAAP Software services revenue of $169 million in 2Q25 included a notable item related to a client rescoping of $24 million. Excluding this notable item, GAAP 2Q26 Software services of $166 million decreased 14% compared to adjusted 2Q25 Software services of $193 million.

2
Expenses(a)
•Total expenses increased 5%, reflecting higher revenue-related costs and continued strategic investments, partially offset by the absence of prior-year notable items. Excluding notable items, total expenses increased 10%, mainly driven by higher revenue-related costs and continued strategic investments
◦Compensation and employee benefits increased 1%, and excluding notable items, increased 9%(b)
◦Information systems and communications increased 13%, and excluding notable items, increased 17%(c)
◦Transaction processing services increased 8%
◦Occupancy decreased 9%
◦Other expenses increased 11%, and excluding notable items, increased 11%(d)

Notable items
(Dollars in millions, except EPS amounts)2Q261Q262Q25
Repositioning charges(e)
$— $(89)$(100)
Client rescoping(f)
— (41)(42)
Other notable items(g)
— — 4 
Total notable items (pre-tax)$— $(130)$(138)
Income tax impact from notable items— (32)(35)
EPS impact$— $(0.35)$(0.36)

Capital and liquidity
•Standardized common equity tier 1 (CET1) ratio at quarter-end of 10.8% increased 0.1% point compared to 2Q25 and increased 0.2% points compared to 1Q26, primarily due to capital generated from earnings, partially offset by continued capital return and higher risk-weighted assets (RWA)
•Liquidity coverage ratio (LCR) at quarter-end for State Street Corporation was approximately 107%, and LCR for State Street Bank and Trust was approximately 136%
•In 2Q26, State Street returned a total of $631 million of capital to common shareholders, including $400 million of share repurchases and $231 million (or $0.84 per share) of declared dividends







(a) See the "2Q26 Highlights" section for a listing of notable items. Ex-notables and some other metrics (e.g., ROTCE) are non-GAAP presentations; refer to the Addendum included with this news release for a reconciliation, and further explanations, of non-GAAP measures.
(b) GAAP Compensation and employee benefits expenses of $1,280 million in 2Q25 included a notable item related to a repositioning charge of $100 million. Excluding this notable item, GAAP 2Q26 Compensation and employee benefits of $1,292 million increased 9% compared to adjusted 2Q25 Compensation and employee benefits of $1,180 million.
(c) GAAP Information systems and communications expenses of $523 million in 2Q25 included a notable item related to client rescoping of $18 million. Excluding this notable item, GAAP 2Q26 Information systems and communications of $589 million increased 17% compared to adjusted 2Q25 Information systems and communications of $505 million.
(d) GAAP Other expenses of $361 million in 2Q25 included a notable item related to a $1 million release of a prior period notable item. Excluding this notable item, GAAP 2Q26 Other expenses of $402 million increased 11% compared to adjusted 2Q25 Other expenses of $362 million.
(e) 1Q26 Repositioning charges of $89 million represents a $79 million charge reflected in Compensation and employee benefits primarily from workforce rationalization and a $1 million charge reflected in Occupancy costs associated with real estate footprint optimization. Additional Repositioning charges included operating model changes of $9 million reflected in Information systems and communications. 2Q25 Repositioning charge of $100 million reflected in Compensation and employee benefits primarily from workforce rationalization.
(f) 1Q26 Client rescoping of $41 million reflected in Information systems and communications. 2Q25 client rescoping of $24 million revenue impact and $18 million expense impact reflected in Software services and Information systems and communications, respectively.
(g) 2Q25 Other notable items of $4 million represents a revenue-related recovery of $3 million associated with the proceeds from a 2018 FX benchmark litigation resolution reflected in FX trading services, and a $1 million release of a prior period notable item reflected in Other expenses.
3
                    
INVESTMENT SERVICING AUC/A
The following table presents AUC/A information by product and financial instrument.
(As of period end, dollars in billions)2Q261Q262Q25 % QoQ % YoY
Assets Under Custody and/or Administration(1)
By product classification:
Collective funds, including ETFs$20,055 $18,338 $16,728 9 %20 %
Mutual funds14,353 13,309 12,641 8 14 
Pension products11,219 10,912 9,679 3 16 
Insurance and other products12,231 11,956 9,952 2 23 
Total Assets Under Custody and/or Administration$57,858 $54,515 $49,000 6 %18 %
By asset class:
Equities$34,670 $32,243 $29,311 8 %18 %
Fixed-income14,160 14,030 12,122 1 17 
Short-term and other investments(2)
9,028 8,242 7,567 10 19 
Total Assets Under Custody and/or Administration$57,858 $54,515 $49,000 6 %18 %
(1) AUC/A values for certain asset classes are based on a lag, typically one-month.
(2) Short-term and other investments includes derivatives, cash and cash equivalents and other instruments.

INVESTMENT MANAGEMENT AUM
The following tables present 2Q26 activity in AUM by asset class, geography, vehicle, and strategy.
(Dollars in billions)Balance as of March 31, 2026Net Asset FlowsMarket Appreciation / (Depreciation)Foreign Exchange ImpactTotal Market and Foreign Exchange ImpactBalance as of June 30, 2026
By Asset Class
Equity $3,496 $60 $499 $(4)$495 $4,051 
Fixed-Income756 12 11 (3)8 776 
Cash(1)
581 35 5 — 5 621 
Multi-Asset503 13 51 — 51 567 
Alternative Investments(2)
284 (6)(15)— (15)263 
Total Assets Under Management$5,620 $114 $551 $(7)$544 $6,278 
By Geography(3)
Americas$4,108 $75 $391 $(1)$390 $4,573 
Europe/Middle East/Africa845 18 94 (1)93 956 
Asia-Pacific667 21 66 (5)61 749 
Total Assets Under Management$5,620 $114 $551 $(7)$544 $6,278 
By Vehicle
ETF$1,940 $68 $196 $— $196 $2,204 
Separately Managed Accounts2,120 9 218 (7)211 2,340 
Other Commingled Funds1,560 37 137 — 137 1,734 
Total Assets Under Management$5,620 $114 $551 $(7)$544 $6,278 
By Strategy
Index Strategies and Solutions:
ETFs$1,926 $66 $196 $— $196 $2,188 
Other Index2,938 15 333 (7)326 3,279 
Total Index Strategies and Solutions4,864 81 529 (7)522 5,467 
Active, Alternatives and Other175 (2)17 — 17 190 
Cash(1)
581 35 5 — 5 621 
Total Assets Under Management$5,620 $114 $551 $(7)$544 $6,278 
(1) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust, for which we are not the investment manager but act as the marketing agent.
(3) Geographic mix is based on client location or fund management location.

4
                    
(Dollars in billions)2Q261Q264Q253Q252Q25
Beginning balance$5,620 $5,665 $5,446 $5,117 $4,665 
Net Asset Flows:
Index Strategies and Solutions:
ETFs66 25 51 38 15 
Other Index15 13 14 (7)81 
Total Index Strategies and Solutions81 38 65 31 96 
Active, Alternatives and Other(2)3 (4)(15)(13)
Cash35 8 24 10 (1)
Total Flows, net114 49 85 26 82 
Market Appreciation/(Depreciation)551 (86)148 310 318 
Foreign Exchange Impact(7)(8)(14)(7)52 
Total Market and Foreign Exchange Impact544 (94)134 303 370 
Ending balance$6,278 $5,620 $5,665 $5,446 $5,117 
Memo: ETF Total Flows, net$68 $25 $51 $37 $15 


5
                    
REVENUE
(Dollars in millions)2Q261Q262Q25 % QoQ% YoY
Servicing fees$1,468 $1,409 $1,304 4.2 %12.6 %
Management fees772 724 600 6.6 28.7 
Foreign exchange trading services494 435 393 13.6 25.7 
Securities finance150 116 126 29.3 19.0 
Software services166 169 169 (1.8)(1.8)
Other fee revenue138 107 127 29.0 8.7 
Total fee revenue$3,188 $2,960 $2,719 7.7 %17.2 %
​
Net interest income860 835 729 3.0 %18.0 %
Other income— 1 — nmnm
Total Revenue$4,048 $3,796 $3,448 6.6 %17.4 %
Total revenue, excluding notable items(1)
4,048 3,796 3,469 6.6 16.7 
Net interest margin (FTE)(a)
1.13 %1.16 %0.96 %(3)bps17
bps
(1) See "2Q26 Highlights" in this news release for a listing of notable items. Ex-notables and some other metrics (e.g., ROTCE) are non-GAAP presentations; refer to the Addendum included with this news release for a reconciliation, and further explanations, of non-GAAP measures.
(a) Net interest margin (NIM) is presented on a fully taxable-equivalent (FTE) basis. Refer to the Addendum for reconciliations of our FTE-basis presentation.

Servicing fees increased 13% compared to 2Q25 and increased 4% compared to 1Q26, primarily driven by organic growth and higher average market levels.

Management fees increased 29% compared to 2Q25 and increased 7% compared to 1Q26, driven by higher average market levels and quarterly net inflows of $114 billion.

Foreign exchange trading services(a) increased 26% compared to 2Q25 and increased 14% compared to 1Q26, primarily due to higher client volumes mostly in Asia-Pacific. Excluding notable items, Foreign exchange trading services increased 27% compared to 2Q25.

Securities finance increased 19% compared to 2Q25 and increased 29% compared to 1Q26, largely driven by higher client lending balances in both Agency Lending and Prime Services.

Software services(b) decreased 2% compared to 2Q25, primarily due to lower On-premises revenues reflecting elevated renewal activity in the year-ago period, partially offset by the absence of a prior-year notable item. Excluding notable items, Software services decreased 14% compared to 2Q25, driven by lower On-premises revenues primarily reflecting elevated renewal activity in the year-ago period. Software services decreased 2% compared to 1Q26, largely due to lower On-premises revenues, partially offset by higher Professional services revenues and software and data revenues.
Other fee revenue increased 9% compared to 2Q25, primarily due to FX-related and market-related adjustments. Other fee revenue increased 29% compared to 1Q26, largely driven by market-related adjustments.

Net interest income increased 18% compared to 2Q25, reflecting an increase of 17 basis points in NIM. Net interest income increased 3% compared to 1Q26, primarily driven by a 4% increase in average interest-earning assets.

Total revenues were positively impacted by currency translation of $14 million compared to 2Q25 and negatively impacted by currency translation of $3 million compared to 1Q26.





(a) GAAP FX trading services revenue of $393 million in 2Q25 included a notable item related to a revenue-related recovery of $3 million associated with the settlement of proceeds from a 2018 FX benchmark litigation resolution. Excluding this notable item, GAAP 2Q26 FX trading services of $494 million increased 27% compared to adjusted 2Q25 FX trading services of $390 million.
(b) GAAP Software services revenue of $169 million in 2Q25 included a notable item related to a client rescoping of $24 million. Excluding this notable item, GAAP 2Q26 Software services of $166 million decreased 14% compared to adjusted 2Q25 Software services of $193 million.

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PROVISION FOR CREDIT LOSSES
(Dollars in millions)2Q261Q262Q25 % QoQ % YoY
Allowance for credit losses:
Beginning balance$179$203$186(11.8)%(3.8)%
Provision for credit losses—1630nmnm
Charge-offs(4)(40)(24)nmnm
Ending Balance$175$179$192(2.2)%(8.9)%
Total provision for credit losses reflects a reserve release associated with commercial loan sales and repayments, largely offset by higher provisions for certain commercial real estate loans.



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EXPENSES
(Dollars in millions)2Q261Q262Q25 % QoQ % YoY
Compensation and employee benefits$1,292$1,441$1,280(10.3)%0.9 %
Information systems and communications589637523(7.5)12.6 
Transaction processing services280283260(1.1)7.7 
Occupancy96101105(5.0)(8.6)
Other40234936115.2 11.4 
Total Expenses$2,659$2,811$2,529(5.4)%5.1 %
Total expenses, excluding notable items(1)
2,6592,6812,412(0.8)10.2 
Effective tax rate21.9 %21.2 %22.0 %0.7 %pts(0.1)%pts
(1) See "2Q26 Highlights" in this news release for a listing of notable items. Ex-notables and some other metrics (e.g., ROTCE) are non-GAAP presentations; refer to the Addendum included with this news release for a reconciliation, and further explanations, of non-GAAP measures.

Compensation and employee benefits(a) increased 1% compared to 2Q25, mainly due to higher performance-based incentive compensation, merit increases, and higher employee benefits, partially offset by the absence of a prior-year notable item and productivity savings, including lower headcount. Excluding notable items, Compensation and employee benefits increased 9% compared to 2Q25, mainly due to higher performance-based incentive compensation, merit increases, and higher employee benefits, partially offset by productivity savings, including lower headcount. Compensation and employee benefits decreased 10% compared to 1Q26, primarily reflecting the absence of a prior period notable item, seasonally higher first quarter expenses and productivity savings, including lower headcount, partially offset by higher performance-based incentive compensation and merit increases. Excluding notable items, Compensation and employee benefits decreased 5% compared to 1Q26, reflecting seasonally higher first quarter expenses and productivity savings, including lower headcount, partially offset by higher performance-based incentive compensation and merit increases.

Information systems and communications(b) increased 13% compared to 2Q25, largely related to volume-related costs, infrastructure investments and tech modernization and resiliency, partially offset by the absence of a prior-year notable item. Excluding notable items, Information systems and communications increased 17% compared to 2Q25 largely related to volume-related costs, infrastructure investments and tech modernization and resiliency. Information systems and communications decreased 8% compared to 1Q26, primarily due to the absence of a prior-period notable item. Excluding notable items, Information systems and communications was flat compared to 1Q26.

Transaction processing services increased 8% compared to 2Q25, mainly due to higher revenue-related costs. Transaction processing services decreased 1% compared to 1Q26, primarily due to lower sub-custody costs from episodic vendor credits.

Occupancy(c) decreased 9% compared to 2Q25, mainly due to real estate footprint optimization. Occupancy decreased 5% compared to 1Q26, primarily due to seasonal and one-time items. Excluding notable items, Occupancy decreased 4% compared to 1Q26.

Other expenses(d) increased 11% compared to 2Q25 and increased 15% compared to 1Q26, largely reflecting higher fund marketing costs and professional fee spend. Excluding notable items, Other expenses increased 11% compared to 2Q25.


Total expenses were negatively impacted by currency translation of $5 million compared to 2Q25 and positively impacted by currency translation of $5 million compared to 1Q26.
(a) GAAP Compensation and employee benefits expenses of $1,280 million in 2Q25 included a notable item related to a repositioning charge of $100 million. GAAP Compensation and employee benefits expenses of $1,441 million in 1Q26 included a notable item primarily from workforce rationalization of $79 million. Excluding these notable items, GAAP 2Q26 Compensation and employee benefits of $1,292 million increased 9% compared to adjusted 2Q25 Compensation and employee benefits of $1,180 million and decreased 5% compared to adjusted 1Q26 Compensation and employee benefits of $1,362 million.
(b) GAAP Information systems and communications expenses of $523 million in 2Q25 included a notable item related to a client rescoping of $18 million. GAAP Information systems and communications expenses of $637 million in 1Q26 included notable items from a client rescoping and operating model changes of $50 million. Excluding these notable items, GAAP 2Q26 Information systems and communications of $589 million increased 17% compared to adjusted 2Q25 Information systems and communications of $505 million and remained flat compared to adjusted 1Q26 Information systems and communications of $587 million.
(c) GAAP Occupancy expenses of $101 million in 1Q26 included a notable item related to real estate footprint optimization of $1 million. Excluding this notable item, GAAP 2Q26 Occupancy of $96 million decreased 4% compared to adjusted 1Q26 Occupancy of $100 million.
(d) GAAP Other expenses of $361 million in 2Q25 included a notable item related to a $1 million release of a prior period notable item. Excluding this notable item, GAAP 2Q26 Other expenses of $402 million increased 11% compared to adjusted 2Q25 Other expenses of $362 million.

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TAXES(a)
The effective tax rate of 21.9% in 2Q26 was roughly flat from 22.0% in 2Q25, and excluding the impact of notable items, the effective tax rate decreased from 22.5% in 2Q25 primarily due to higher discrete benefits in 2Q26. The effective tax rate of 21.9% in 2Q26 increased from 21.2% in 1Q26 primarily due to higher stock-based compensation benefits in 1Q26. Excluding the impact of notable items, the effective tax rate increased from 21.6% in 1Q26.

CAPITAL AND LIQUIDITY
The following table presents preliminary estimates of regulatory capital and liquidity ratios for State Street Corporation.
(As of period end)2Q261Q262Q25
Basel III Standardized Approach:
Common equity tier 1 ratio (CET1)10.8 %10.6 %10.7 %
Tier 1 capital ratio13.2 13.1 13.3 
Total capital ratio14.5 14.5 14.8 
Basel III Advanced Approaches:
Common equity tier 1 ratio (CET1)13.2 12.5 12.5 
Tier 1 capital ratio16.3 15.5 15.5 
Total capital ratio17.8 17.0 17.0 
​
Tier 1 leverage ratio5.3 5.4 5.3 
Supplementary leverage ratio (SLR)
6.2 6.3 6.3 
​
Liquidity coverage ratio (LCR)(1)
107 %106 %107 %
LCR - State Street Bank and Trust(1)
136 %139 %136 %
(1) See the "In This News Release" section for further details on LCR and differences in the calculation between State Street Corporation and State Street Bank and Trust.
Standardized capital ratios were binding for all periods included above.

CET1 (Standardized) ratio at quarter-end of 10.8% increased 0.1% point compared to 2Q25 and increased 0.2% points compared to 1Q26, primarily due to capital generated from earnings, partially offset by continued capital return and higher RWA.

Tier 1 leverage ratio at quarter-end of 5.3% remained flat compared to 2Q25, largely due to continued capital return and higher average balance sheet levels, largely offset by capital generated from earnings. Tier 1 leverage ratio at quarter-end decreased 0.1% point compared to 1Q26, mainly driven by continued capital return and higher average balance sheet levels, partially offset by capital generated from earnings.

SLR at quarter-end of 6.2% decreased 0.1% point compared to 2Q25, largely due to continued capital return and higher leverage exposure, partially offset by capital generated from earnings. SLR at quarter-end decreased 0.1% point compared to 1Q26, largely due to higher leverage exposure and continued capital return, partially offset by capital generated from earnings.

LCR at quarter-end for State Street Corporation was approximately 107%, flat compared to 2Q25 and up 1% point compared to 1Q26. LCR at quarter-end for State Street Bank and Trust was approximately 136%, flat compared to 2Q25 and down 3% points from 1Q26.




(a) See the "2Q26 Highlights" section for a listing of notable items. Ex-notables and some other metrics (e.g., ROTCE) are non-GAAP presentations; refer to the Addendum included with this news release for a reconciliation, and further explanations, of non-GAAP measures.

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INVESTOR CONFERENCE CALL AND QUARTERLY WEBSITE DISCLOSURE
State Street will webcast an investor conference call today, Thursday, July 16, 2026, at 11:00 a.m. ET, available at http://investors.statestreet.com. The conference call will also be available via telephone, at (805) 309-0220. The Participant Passcode is 93090#.

Recorded replay of the conference call will be available on the website beginning approximately two hours after the call's completion. The replay will be available for approximately one month following the conference call.

This News Release, presentation materials referred to on the conference call, and additional financial information are available on State Street's website, at http://investors.statestreet.com under “Investor News & Events" and under the title “Events & Presentations".

State Street intends to publish updates to its public disclosure regarding regulatory capital, as required by the Basel III final rule, and the liquidity coverage and net stable funding ratios, on a quarterly basis on its website at http://investors.statestreet.com, under “Filings & Reports". Those updates will be published each quarter, during the period beginning after State Street's public announcement of its quarterly results of operations and ending on or prior to the due date under applicable bank regulatory requirements (i.e., ordinarily, ending no later than 60 days following year-end or 40 to 45 days following each other quarter-end, as applicable). For 2Q26, State Street expects to publish its updates during the period beginning today and ending on or about August 9, 2026 and on or about August 14, 2026 for the liquidity coverage and net stable funding ratios.

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $57.9 trillion in assets under custody and/or administration and $6.3 trillion* in assets under management as of June 30, 2026, State Street operates globally in more than 100 geographic markets and employs approximately 51,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
* Assets under management as of June 30, 2026 includes approximately $157 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated.

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IN THIS NEWS RELEASE:
•In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as “expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, may also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we may sometimes present ratios, such as return on tangible common equity, based on an adjusted common shareholder equity metric, "tangible common equity", which reflects a reduction (net of deferred taxes) for goodwill and other intangible assets, as we believe this presentation provides additional context about our use of equity. As an additional example, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP. Refer to the Addendum included with this News Release for reconciliations of our non-GAAP financial information. To access the Addendum go to http://investors.statestreet.com and click on “Filings & Reports – Quarterly Results”.
•Stock purchases under our common stock repurchase programs may be made using various types of transactions, including open-market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing and amount of any stock purchases and the type of transaction may not be consistent over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including our capital position and financial performance, investment opportunities, market conditions, regulatory considerations including the nature and timing of implementation of revisions to the Basel III framework, and the amount of common stock issued as part of employee compensation programs. The common share repurchase programs do not have specific price targets and may be suspended at any time. State Street’s common stock and other stock dividends, including the declaration, timing and amount, remain subject to consideration and approval by State Street’s Board of Directors at the relevant times.
•Servicing fee revenue wins (i.e., "sales") and backlog (i.e., "to be installed") represents estimates of future annual revenue associated with new servicing engagements State Street determines to be won during the current reporting period, which may include anticipated servicing-related revenues associated with acquisitions or structured transactions, based upon factors assessed at the time the engagement is determined by State Street to be won, including asset volumes, number of transactions, accounts and holdings, terms and expected strategy. These and other relevant factors influencing projected servicing fees upon asset implementation/onboarding will change from time to time prior to, upon and following asset implementation/onboarding, among other reasons, due to varying market levels and factors and client and investor activity and preferences. Servicing fee/backlog estimates are not updated to reflect those changes, regardless of the magnitude or direction of, or reason for, any change. Servicing fee revenue wins in any period include estimated fees attributable to both (1) services to be provided for new estimated AUC/A reflected in new investment servicing wins for the period (with AUC/A to be onboarded in the future) and (2) additional services to be provided for AUC/A already included in our end-of period AUC/A (i.e., for which other services are currently provided); and the magnitude of one source of servicing fee revenue wins relative to the other (i.e., (1) relative to (2)) will vary from period to period. Therefore, for these and other reasons, comparisons of estimated servicing fee revenue wins to estimated new investment servicing AUC/A wins for any period will not produce reliable fee per AUC/A estimates. No servicing fees are recognized until the point in the future when we begin performing the associated services with respect to the relevant AUC/A. Both AUC/A and servicing fee revenue, when presented on a "backlog" or "to be installed" basis, are presented as of period-end. See also the succeeding two bullets in this “In This News Release” section in reference to considerations applicable to pending servicing engagements, which similarly apply to engagements for which reported servicing fee revenue wins/backlog are attributable.
•New investment servicing mandates, including announced Alpha front-to-back investment servicing clients, may be subject to completion of definitive agreements, consents or assignments, approval of applicable boards and shareholders, customary regulatory approvals or other conditions, the failure to complete any of which will prevent the relevant mandate from being installed and serviced. New investment servicing mandates and servicing assets/fees remaining to be installed in future periods exclude new business which has been contracted, but for which the client has not yet provided permission to publicly disclose or anonymously disclose and is not yet installed. These excluded assets, which from time to time may be significant, will be included in new investment servicing mandates and reflected in servicing assets/fees remaining to be installed in the period in which the client provides its permission. Servicing mandates, servicing assets remaining to be installed in future periods and servicing fee revenues remaining to be installed in future periods are presented on a gross basis based on factors present on or about the time we determine the business to be won by us and are not updated based on subsequent developments, including changes in assets,

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market valuations, scope and, potentially termination. Such assets therefore also do not include the impact of clients who have notified us during the period of their intent to terminate or reduce their relationship with State Street, which from time to time may be significant.
•New business in assets to be serviced is reflected in our AUC/A after we begin servicing the assets, and new business in assets to be managed is reflected in our AUM after we begin managing the assets. As such, only a portion of any new investment servicing and investment management mandates may be reflected in our AUC/A and AUM as of any particular date specified. AUC/A values for certain asset classes are based on a lag, typically one-month. Generally, our servicing fee revenues are affected by several factors, and we provide varied services from our full suite of offerings to different clients. The basis for fees will also differ across regions and clients and can reflect pricing pressures traditionally experienced in our industry. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing wins or new servicing business yet to be installed, as the amount of revenue associated with AUC/A can vary materially. Management fees also are generally affected by various factors, including investment product type and strategy and relationship pricing for clients, and are more sensitive to market valuations than are servicing fees. Therefore, no assumption should be drawn from management fees associated with changes in AUM levels. Levels of AUC/A, AUC/A to be installed, Servicing fee wins to be installed and AUM are always presented as of the end of the relevant period, unless otherwise specifically noted.
•Software services ARR, an operating metric, is calculated by annualizing the revenue from the last month of the relevant quarter for CRD and CRD for Private Markets and includes the annualized amount of most Software and data revenue, including revenue generated from SaaS, maintenance and support revenue, FIX, and value-added services, which are all expected to be recognized ratably over the term of client contracts. ARR does not include Software and data brokerage revenue, revenue from affiliates and licensing fees (excluding the portion allocated to maintenance and support) from On-premises software. This reflects a change in presentation which previously calculated those revenues by annualizing the revenue for the relevant quarter (as opposed to the revenue for the last month of the relevant quarter). Prior period amounts have been recast to conform to the current calculation. Software services ARR was $381 million, $427 million, and $433 million in 2Q25, 1Q26, and 2Q26, respectively.
•Revenue and pre-tax income reflects the application of ASC 606. Revenue recognition under ASC 606 results in the acceleration of a significant portion of revenues for On-premises software agreements when a client goes live or renews their contract with us. The amount of revenue recognized in any given quarter will be driven in large part by client activity, including agreements that renew or are installed in that quarter.
•Unless otherwise noted, all capital ratios referenced in this News Release and elsewhere in this presentation refer to State Street Corporation, or State Street, and not State Street Bank and Trust Company. The lower of capital ratios calculated under the Basel III advanced approaches and under the Basel III standardized approach are applied in the assessment of our capital adequacy for regulatory purposes. Standardized ratios were binding for 2Q26. Refer to the Addendum included with this News Release for additional information. All capital ratios are estimated. Liquidity Coverage Ratio (LCR) is a preliminary estimate based on a quarterly daily average.
•State Street Bank and Trust's (SSBT) LCR is significantly higher than State Street Corporation's (SSC) LCR, primarily due to application of the transferability restriction in the U.S. LCR Final Rule to the calculation of SSC’s LCR. This restriction limits the amount of HQLA held at SSC’s principal banking subsidiary, SSBT, and available for the calculation of SSC’s LCR to the amount of net cash outflows of SSBT. This transferability restriction does not apply in the calculation of SSBT’s LCR, and therefore SSBT’s LCR reflects the full benefit of all of its HQLA holdings.
•All earnings per share amounts represent fully diluted earnings per common share.
•Return on average common equity is determined by dividing annualized net income available to common shareholders by average common shareholders' equity for the period.
•Year-over-year (YoY) is the current period compared to the same period a year ago. Quarter-over-quarter (QoQ) is a sequential quarter comparison.
•Operating leverage is the rate of growth of total revenue less the rate of growth of total expenses, relative to the corresponding prior year period, as applicable.
•Fee operating leverage is the rate of growth of total fee revenue less the rate of growth of total expenses, relative to the corresponding prior year period, as applicable.
•"AUC/A" denotes Assets Under Custody and/or Administration; "AUC" denotes Assets Under Custody; "AUM" denotes Assets Under Management; "SPDR" denotes Standard and Poor's Depository Receipt; "ETF" denotes Exchange-traded fund; "nm" denotes not meaningful; "EOP" denotes end of period.
•"CRD" denotes Charles River Development; "SaaS" denotes Software as a service; "FIX" denotes The Charles River Network's FIX Network Service (CRN); "On-premises" denotes On-premises revenue as recognized in the CRD business.
•"RWA" denotes risk-weighted assets; "AOCI" denotes Accumulated other comprehensive income.
•"FTE" denotes fully taxable-equivalent basis; NIM is presented on an FTE-basis, and is calculated by dividing FTE NII by average total interest-earning assets. Refer to the Addendum for reconciliations of our FTE-basis presentation.

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FORWARD LOOKING STATEMENTS
This News Release contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our strategy, growth and sales prospects, capital management, business, financial and capital condition, results of operations, the financial and market outlook and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology 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. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements.
Important factors that may affect future results and outcomes include, but are not limited to:
•We are subject to intense competition, which could negatively affect our profitability;
•We are subject to significant pricing pressure and variability in our financial results and our AUC/A and AUM;
•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;
•Our development and completion of new products and services, including State Street Alpha® and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased risks;
•Our business may be negatively affected by risks associated with strategic initiatives we are undertaking to enhance the effectiveness, including the adoption or integration of new technologies such as artificial intelligence, and efficiency of our operations and of our cybersecurity and technology infrastructure or by our failure to meet the related, resiliency or other expectations of our clients and regulators, or as a result of a cyber-attack or similar vulnerability in our or business partners' infrastructure;
•Our risk management framework, models and processes may not be effective in identifying or mitigating risk and reducing the potential for related losses, and a failure or circumvention of our controls and procedures, or errors or delays in our operational and transaction processing, or those of third parties, could have an adverse effect on our business, financial condition, operating results and reputation;
•Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of these transactions, pose risks for our business;
•Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business;
•Our investment securities portfolio, consolidated financial condition and consolidated results of operations could be adversely affected by changes in the financial markets, governmental action or monetary policy. For example, among other risks, changes in prevailing interest rates or market conditions have led, and were they to persist or occur in the future could further lead, to decreases in our NII or to portfolio management decisions resulting in reductions in our capital or liquidity ratios;
•Our business activities expose us to interest rate risk;
•We assume significant credit risk of counterparties, who may also have substantial financial dependencies on other financial institutions, and these credit exposures and concentrations could expose us to financial loss;
•Our fee revenue represents a significant portion of our revenue and is subject to and may decline based on, among other factors, market and currency declines, investment activities and preferences of our clients and their business mix, as well as the timing of new business onboarding;
•If we are unable to effectively manage our capital and liquidity, our financial condition, capital ratios, results of operations and business prospects could be adversely affected;
•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;
•We may need to raise additional capital or debt in the future, which may not be available to us or may only be available on unfavorable terms;
•If we experience a downgrade in our credit ratings, or an actual or perceived reduction in our financial strength, our borrowing and capital costs, liquidity and reputation could be adversely affected;
•Our business and capital-related activities, including common share repurchases, may be adversely affected by regulatory requirements and considerations, including capital, credit and liquidity;
•We face extensive and changing government regulation and supervision in the U.S. and non-U.S. jurisdictions in which we operate, which may increase our costs and compliance risks and may affect our business activities and strategies;

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•Our businesses may be adversely affected by government enforcement and litigation;
•Our businesses may be adversely affected by increased and conflicting political, regulatory and client scrutiny of investment management, stewardship and sustainable investment strategies and services offered;
•Any misappropriation of the confidential information we possess could have an adverse impact on our business and could subject us to regulatory actions, litigation and other adverse effects;
•Our calculations of risk exposures, total RWA and capital ratios depend on data inputs, formulae, models, correlations and assumptions that are subject to change, which could materially impact our risk exposures, our total RWA and our capital ratios from period to period;
•Changes in accounting standards may adversely affect our consolidated results of operations and financial condition;
•Changes in tax laws, rules or regulations, challenges to our tax positions and changes in the composition of our pre-tax earnings may increase our effective tax rate;
•We could face liabilities for withholding and other non-income taxes, including in connection with our services to clients, as a result of tax authority examinations;
•Our businesses may be negatively affected by adverse publicity or other reputational harm;
•Shifting and maintaining operational activities to non-U.S. jurisdictions, changing our operating model, and outsourcing to, or insourcing from, third parties expose us to increased operational risk, geopolitical risk and reputational harm and may not result in expected cost savings or operational improvements;
•Attacks or unauthorized access to our or our business partners' or clients' information technology systems or facilities, such as cyber-attacks or other disruptions to our or their operations, including attacks leveraging advanced or new artificial intelligence models that are continuously evolving and presenting heightened risks, could result in significant costs, reputational damage and impacts on our business activities;
•Long-term contracts and customizing service delivery for clients expose us to increased operational risk, pricing and performance risk;
•We may not be able to protect our intellectual property or may infringe upon the rights of third parties;
•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;
•Our reputation and business prospects may be damaged if investors in the collective investment pools we sponsor or manage incur substantial losses in these investment pools or are restricted in redeeming their interests in these investment pools;
•The impacts of global regulatory requirements and expectations, shifting client preferences, and disclosure requirements related to climate risks and sustainability standards could adversely affect us; and
•We may incur losses or face negative impacts on our business as a result of unforeseen events, including terrorist attacks, geopolitical events, acute or chronic physical risk events, including natural disasters, pandemics, global conflicts, or a banking crisis, which may have a negative impact on our business and operations.
Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2025 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this News Release should not be relied on as representing our expectations or beliefs as of any time subsequent to the time this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

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Exhibit 99.2
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
June 30, 2026
Table of Contents
GAAP-Basis Financial Information:
4-Year Summary of Results
2
Consolidated Results of Operations
3
Consolidated Statement of Condition
5
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis
6
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis - Year-to-Date
7
Selected Average Balances by Currency - Rates Earned and Paid
8
Investment Portfolio Holdings by Asset Class
9
Allowance for Credit Losses
11
Assets Under Custody and/or Administration
12
Assets Under Management
13
Line of Business Information
15
Capital:
Regulatory Capital
16
Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity
17
Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information
18
Reconciliations of Pre-tax Margin and Return on Tangible Common Equity Excluding Notable Items
21
Reconciliations of Constant Currency FX Impacts
22
This financial information should be read in conjunction with State Street's news release dated July 16, 2026.


                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
4-YEAR SUMMARY OF RESULTS
(Dollars in millions, except per share amounts, or where otherwise noted)2022202320242025
Year ended December 31:
Total fee revenue$9,606 $9,480 $10,156 $10,980 
Net interest income2,544 2,759 2,923 2,960 
Other income(2)(294)(79)4 
Total revenue12,148 11,945 13,000 13,944 
Provision for credit losses20 46 75 59 
Total expenses8,801 9,583 9,530 10,154 
Income before income tax expense3,327 2,316 3,395 3,731 
Income tax expense553 372 708 786 
Net income2,774 1,944 2,687 2,945 
Net income available to common shareholders$2,660 $1,821 $2,483 $2,717 
Per common share:
Diluted earnings per common share$7.19 $5.58 $8.21 $9.40 
Average diluted common shares outstanding (in thousands)370,109 326,568 302,226 289,019 
Cash dividends declared per common share$2.40 $2.64 $2.90 $3.20 
Closing price per share of common stock (at year end)77.57 77.46 98.15 129.01 
Average balance sheet:
Investment securities$111,929 $105,765 $104,784 $110,586 
Total assets286,430 274,696 311,723 343,505 
Total deposits222,874 205,111 225,611 253,002 
Ratios and other metrics:
Return on average common equity11.1 %8.2 %11.1 %11.5 %
Return on average tangible common equity(1)
17.4 13.3 17.9 17.9 
Pre-tax margin27.4 19.4 26.1 26.8 
Pre-tax margin, excluding notable items(2)
28.4 26.4 27.6 29.2 
Net interest margin, fully taxable-equivalent basis1.03 1.20 1.10 1.00 
Common equity tier 1 ratio(3)(4)
13.6 11.6 10.9 11.6 
Tier 1 capital ratio(3)(4)
15.4 13.4 13.2 14.4 
Total capital ratio(3)(4)
16.8 15.2 14.8 16.1 
Tier 1 leverage ratio(3)
6.0 5.5 5.2 5.5 
Supplementary leverage ratio(3)
7.0 6.2 6.2 6.5 
Assets under custody and/or administration (in trillions)$36.74 $41.81 $46.56 $53.80 
Assets under management (in trillions)3.48 4.13 4.72 5.67 
(1) Return on average tangible common equity is calculated by dividing the net income available to common shareholders (GAAP-basis) for the relevant period by average tangible common equity (non-GAAP). Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(2) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of pre-tax margin excluding notable items for details.
(3) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end.
(4) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches.
2    

                                
    
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS
Quarters% ChangeYear-to-Date% Change
(Dollars in millions, except per share amounts, or where otherwise noted)1Q252Q253Q254Q251Q262Q262Q26
vs.
2Q25		2Q26
vs.
1Q26		20252026YTD2026
vs.
YTD2025
Fee revenue:
Servicing fees$1,275 $1,304 $1,357 $1,388 $1,409 $1,468 12.6 %4.2 %$2,579 $2,877 11.6 %
Management fees(1)
587 600 664 717 724 772 28.7 6.6 1,187 1,496 26.0 
Foreign exchange trading services(1)
337 393 364 350 435 494 25.7 13.6 730 929 27.3 
Securities finance114 126 138 127 116 150 19.0 29.3 240 266 10.8 
Software services(1)
158 169 167 163 169 166 (1.8)(1.8)327 335 2.4 
Other fee revenue(1)
99 127 139 117 107 138 8.7 29.0 226 245 8.4 
Total fee revenue2,570 2,719 2,829 2,862 2,960 3,188 17.2 7.7 5,289 6,148 16.2 
Net interest income:
Interest income2,922 3,055 2,918 2,749 2,651 2,843 (6.9)7.2 5,977 5,494 (8.1)
Interest expense2,208 2,326 2,203 1,947 1,816 1,983 (14.7)9.2 4,534 3,799 (16.2)
Net interest income714 729 715 802 835 860 18.0 3.0 1,443 1,695 17.5 
Other income:
Gains from sales of available-for-sale securities, net— — 1 3 1 — nmnm— 1 nm
Total other income— — 1 3 1 — nmnm— 1 nm
Total revenue3,284 3,448 3,545 3,667 3,796 4,048 17.4 6.6 6,732 7,844 16.5 
Provision for credit losses12 30 9 8 16 — nmnm42 16 (61.9)
Expenses:
Compensation and employee benefits1,262 1,280 1,162 1,331 1,441 1,292 0.9 (10.3)2,542 2,733 7.5 
Information systems and communications497 523 517 557 637 589 12.6 (7.5)1,020 1,226 20.2 
Transaction processing services258 260 276 256 283 280 7.7 (1.1)518 563 8.7 
Occupancy103 105 106 173 101 96 (8.6)(5.0)208 197 (5.3)
Other330 361 373 424 349 402 11.4 15.2 691 751 8.7 
Total expenses2,450 2,529 2,434 2,741 2,811 2,659 5.1 (5.4)4,979 5,470 9.9 
Income before income tax expense822 889 1,102 918 969 1,389 56.2 43.3 1,711 2,358 37.8 
Income tax expense178 196 241 171 205 305 55.6 48.8 374 510 36.4 
Net income$644 $693 $861 $747 $764 $1,084 56.4 41.9 $1,337 $1,848 38.2 
Adjustments to net income:
Dividends on preferred stock$(46)$(63)$(58)$(59)$(58)$(58)7.9 %— %$(109)$(116)(6.4)
Earnings allocated to participating securities(1)— (1)— (1)— —nm(1)(1)— 
Net income available to common shareholders$597 $630 $802 $688 $705 $1,026 62.9 45.5 $1,227 $1,731 41.1 
    


3    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
Quarters% ChangeYear-to-Date% Change
(Dollars in millions, except per share amounts, or where otherwise noted)1Q252Q253Q254Q251Q262Q262Q26
vs.
2Q25		2Q26
vs.
1Q26		20252026YTD2026
vs.
YTD2025
Per common share:
Basic earnings$2.07$2.20$2.83$2.46$2.53$3.7168.6 %46.6 %$4.27 $6.2446.1 %
Diluted earnings2.042.172.782.422.493.6568.2 46.6 4.21 6.1445.8 
Average common shares outstanding (in thousands):
Basic288,562286,281283,434280,008278,434276,150(3.5)(0.8)287,415277,286(3.5)
Diluted292,716290,490288,163284,806282,874281,062(3.2)(0.6)291,596281,963(3.3)
Cash dividends declared per common share $0.76$0.76$0.84$0.84$0.84$0.8410.5 — $1.52$1.6810.5 
Closing price per share of common stock (as of quarter end) 89.53106.34116.01129.01126.56169.6059.5 34.0 106.34169.6059.5 
Book value per common share $80.13$83.16$85.33$87.01$87.33$89.958.2 3.0 $83.16$89.958.2 
Tangible book value per common share(2)
51.2353.5655.5756.1356.5959.2310.6 4.7 53.5659.2310.6 
Balance sheet averages:
Investment securities$110,070 $112,083 $111,821 $108,376 $107,157 $108,630(3.1)1.4 $111,082 $107,897 (2.9)
Total assets337,291353,779340,480342,448351,714366,8213.7 4.3 345,580359,3094.0 
Total deposits243,036260,745254,509253,585258,081270,3453.7 4.8 

251,938264,2474.9 
Ratios and other metrics:
Effective tax rate21.7 %22.0 %21.9 %18.6 %21.2 %21.9 %(0.1)%pts0.7 %pts21.9 %21.6 %(0.3)%pts
Return on average common equity10.6 10.8 13.4 11.3 11.6 16.7 5.9 5.1 10.7 14.2 3.5 
Return on average tangible common equity(3)
16.4 16.7 20.9 17.5 17.6 25.5 8.8 7.9 

16.6 21.6 5.0 
Pre-tax margin25.0 25.8 31.1 25.0 25.5 34.3 8.5 8.8 25.4 30.1 4.7 
Pre-tax margin, excluding notable items(4)
25.0 29.6 31.1 30.7 29.0 34.3 4.7 5.3 

27.4 31.7 4.3 
Net interest margin, fully taxable-equivalent basis1.00 0.96 0.96 1.10 1.16 1.13 0.2 — 0.98 1.14 0.2 
Common equity tier 1 ratio(5)(6)
11.0 10.7 11.3 11.6 10.6 10.8 0.1 0.2 10.7 10.8 0.1 
Tier 1 capital ratio(5)(6)
13.8 13.3 13.9 14.4 13.1 13.2 (0.1)0.1 13.3 13.2 (0.1)
Total capital ratio(5)(6)
15.3 14.8 15.5 16.1 14.5 14.5 (0.3)— 14.8 14.5 (0.3)
Tier 1 leverage ratio(5)
5.5 5.3 5.6 5.5 5.4 5.3 — (0.1)5.3 5.3 — 
Supplementary leverage ratio(5)
6.5 6.3 6.4 6.5 6.3 6.2 (0.1)(0.1)6.3 6.2 (0.1)
Assets under custody and/or administration (in billions)$46,733 $49,000 $51,664 $53,800 $54,515 $57,858 18.1 %6.1 %$49,000 $57,858 18.1 %
Assets under management (in billions)4,665 5,117 5,446 5,665 5,620 6,278 22.7 11.7 5,117 6,278 22.7 
Average securities on loan(7)
358,869 386,730 404,378 411,166 431,100 478,343 23.7 11.0 372,877 454,852 22.0 
(1) In the first quarter of 2026, revenue related to distribution and marketing activities was reclassified from foreign exchange trading services to management fees. Additionally, lending-related and other fees, previously recognized within software and processing fees, was reclassified to other fee revenue, and the software and processing fees caption has been changed to software services. Prior-period amounts have been reclassified to conform to the current presentation. These reclassifications had no impact on total fee revenue, total revenue or net income, on either a consolidated or line of business basis.
(2) Tangible book value per common share is calculated by dividing the period end tangible common equity (non-GAAP) by the total common shares outstanding at period end. Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(3) Return on average tangible common equity is calculated by dividing annualized net income available to common shareholders (GAAP-basis) for the relevant period by average tangible common equity (non-GAAP). Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(4) Excluding notable items is a non-GAAP presentation; refer to Reconciliations of non-GAAP Financial Information pages for details.
(5) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Capital ratios as of June 30, 2026 are estimates.
(6) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches. Refer to Regulatory Capital for details on Standardized and Advanced Approaches ratios.
(7) End-of-period securities on loan were $376,269 million, $387,070 million, $397,730 million and $394,277 million at March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, respectively, and $431,805 million and $426,290 million at March 31, 2026 and June 30, 2026, respectively.
nm Denotes not meaningful
4    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION
As of% Change
(Dollars in millions, except per share amounts)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 20262Q26
vs.
2Q25		2Q26
vs.
1Q26
Assets:
Cash and due from banks$4,658 $4,020 $4,756 $4,433 $6,518 $4,290 6.7 %(34.2)%
Interest-bearing deposits with banks, net119,464 118,835 122,642 126,930 123,574 145,223 22.2 17.5 
Securities purchased under resale agreements7,971 8,275 7,730 6,812 8,187 9,035 9.2 10.4 
Trading account assets743 791 884 827 842 856 8.2 1.7 
Investment securities:
Investment securities available-for-sale, net67,444 70,603 69,443 67,154 71,645 72,297 2.4 0.9 
Investment securities held-to-maturity, net(1)
45,505 43,286 40,934 38,171 36,732 35,290 (18.5)(3.9)
Total investment securities112,949 113,889 110,377 105,325 108,377 107,587 (5.5)(0.7)
Loans44,685 47,279 46,660 46,782 49,190 52,062 10.1 5.8 
Allowance for credit losses on loans(2)
176 179 190 193 168 161 (10.1)(4.2)
Loans, net44,509 47,100 46,470 46,589 49,022 51,901 10.2 5.9 
Premises and equipment, net(3)
2,784 2,942 3,080 3,174 3,313 3,854 31.0 16.3 
Accrued interest and fees receivable4,280 4,589 4,476 4,395 4,708 4,867 6.1 3.4 
Goodwill7,763 7,918 7,916 8,159 8,121 8,106 2.4 (0.2)
Other intangible assets1,046 1,014 958 935 872 816 (19.5)(6.4)
Other assets66,526 67,344 61,781 58,468 78,631 81,846 21.5 4.1 
Total assets$372,693 $376,717 $371,070 $366,047 $392,165 $418,381 11.1 6.7 
Liabilities:
Deposits:
   Non-interest-bearing$32,265 $34,569 $34,395 $35,267 $39,643 $46,489 34.5 17.3 
   Interest-bearing - U.S.168,362 169,444 169,013 168,079 174,723 191,759 13.2 9.8 
   Interest-bearing - Non-U.S.71,429 79,011 76,591 71,004 78,975 81,299 2.9 2.9 
Total deposits(4)
272,056 283,024 279,999 274,350 293,341 319,547 12.9 8.9 
Securities sold under repurchase agreements3,524 2,377 206 841 969 395 (83.4)(59.2)
Other short-term borrowings11,849 9,844 9,825 3,821 3,981 4,372 (55.6)9.8 
Accrued expenses and other liabilities33,726 28,254 28,710 34,051 40,899 40,095 41.9 (2.0)
Long-term debt24,846 25,911 24,688 25,143 25,233 25,704 (0.8)1.9 
Total liabilities346,001 349,410 343,428 338,206 364,423 390,113 11.6 7.0 
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series G, 5,000 shares issued and outstanding493 493 493 493 493 493 — — 
Series I, 15,000 shares issued and outstanding1,481 1,481 1,481 1,481 1,481 1,481 — — 
Series J, 8,500 shares issued and outstanding842 842 842 842 842 842 — — 
Series K, 7,500 shares issued and outstanding743 743 743 743 743 743 — — 
Common stock, $1 par, 750,000,000 shares authorized(5)(6)
504 504 504 504 504 504 — — 
Surplus10,693 10,698 10,704 10,705 10,701 10,710 0.1 0.1 
Retained earnings29,959 30,373 30,938 31,392 31,864 32,660 7.5 2.5 
Accumulated other comprehensive income (loss)(1,792)(1,321)(1,172)(1,043)(1,282)(1,178)10.8 8.1 
Treasury stock, at cost(7)
(16,231)(16,506)(16,891)(17,276)(17,604)(17,987)(9.0)(2.2)
Total shareholders' equity26,692 27,307 27,642 27,841 27,742 28,268 3.5 1.9 
Total liabilities and equity$372,693 $376,717 $371,070 $366,047 $392,165 $418,381 11.1 6.7 
(1) Fair value of investment securities held-to-maturity
$40,424 $38,485 $36,654 $34,166 $32,560 $31,104 
(2) Total allowance for credit losses including off-balance sheet commitments
186 192 201 203 179 175 
(3) Accumulated depreciation for premises and equipment
6,635 6,824 6,979 7,046 7,170 7,273 
(4) Average total deposits
243,036 260,745 254,509 253,585 258,081 270,345 
(5) Common stock shares issued
503,879,642 503,879,642 503,879,642 503,879,642 503,879,642 503,879,642 
(6) Total common shares outstanding
288,676,229 285,561,974 282,217,819 279,077,907 276,924,993 274,702,550 
(7) Treasury stock shares
215,203,413 218,317,668 221,661,823 224,801,735 226,954,649 229,177,092 
5    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS(1)
The following table presents average rates earned and paid, on a fully taxable-equivalent basis, on consolidated average interest-earning assets and average interest-bearing liabilities for the quarters indicated. Tax-equivalent adjustments were calculated using a federal income tax rate of 21%, adjusted for applicable state income taxes, net of related federal benefit.
Quarters% Change
1Q252Q253Q254Q251Q262Q262Q26
vs.
2Q25		2Q26
vs.
1Q26
(Dollars in millions; fully-taxable equivalent basis)Average balanceAverage ratesAverage balanceAverage ratesAverage balanceAverage ratesAverage balanceAverage ratesAverage balanceAverage ratesAverage balanceAverage ratesAverage balanceAverage balance
Assets:
Interest-bearing deposits with banks, net$92,780 3.36 %$98,321 3.23 %$88,130 3.03 %$94,987 2.83 %$100,363 2.81 %$103,683 2.89 %5.5 %3.3 %
Securities purchased under resale agreements(2)
7,716 8.66 9,169 7.83 8,643 7.82 7,398 8.47 8,051 7.65 8,129 7.43 (11.3)1.0 
Trading account assets756 0.15 791 0.06 806 0.90 872 0.65 837 0.71 845 0.80 6.8 1.0 
Investment securities:
Investment securities available-for-sale, net63,428 4.57 67,718 4.45 69,898 4.43 68,858 4.32 69,862 4.04 72,810 4.06 7.5 4.2 
Investment securities held-to-maturity, net46,642 2.07 44,365 2.11 41,923 2.15 39,518 2.19 37,295 2.22 35,820 2.24 (19.3)(4.0)
Total investment securities
110,070 3.51 112,083 3.52 111,821 3.58 108,376 3.55 107,157 3.41 108,630 3.46 (3.1)1.4 
Loans(3)
43,730 5.17 45,277 5.08 46,500 4.98 47,599 4.77 48,588 4.53 50,081 4.64 10.6 3.1 
Other interest-earning assets34,464 5.49 39,007 5.38 39,557 4.92 29,999 5.00 28,118 5.00 34,038 5.00 (12.7)21.1 
Total interest-earning assets289,516 4.09 304,648 4.02 295,457 3.92 289,231 3.77 293,114 3.67 305,406 3.73 0.2 4.2 
Cash and due from banks4,516 4,058 4,336 3,633 3,912 3,984 (1.8)1.8 
Other non-interest-earning assets43,259 45,073 40,687 49,584 54,688 57,431 27.4 5.0 
Total assets$337,291 $353,779 $340,480 $342,448 $351,714 $366,821 3.7 4.3 
Liabilities:
Interest-bearing deposits:
U.S.$154,462 3.54 %$159,770 3.50 %$157,132 3.49 %$153,865 3.13 %$154,634 2.91 %$161,741 2.91 %1.2 %4.6 %
Non-U.S.63,677 1.38 76,807 1.55 73,428 1.49 73,577 1.34 73,962 1.34 79,103 1.52 3.0 7.0 
Total interest-bearing deposits(4)
218,139 2.91 236,577 2.87 230,560 2.86 227,442 2.55 228,596 2.40 240,844 2.45 1.8 5.4 
Securities sold under repurchase agreements4,530 4.54 3,160 4.42 1,002 3.44 161 1.90 272 2.84 256 2.23 (91.9)(5.9)
Other short-term borrowings11,848 4.64 10,179 4.51 10,069 4.88 6,320 3.81 3,857 4.05 4,179 3.78 (58.9)8.3 
Long-term debt23,742 5.00 25,864 4.98 25,273 4.93 25,126 4.77 25,256 4.53 25,912 4.57 0.2 2.6 
Other interest-bearing liabilities5,471 11.76 3,543 18.35 3,445 11.39 3,678 13.27 4,310 12.82 5,383 12.90 51.9 24.9 
Total interest-bearing liabilities263,730 3.40 279,323 3.34 270,349 3.23 262,727 2.94 262,291 2.81 276,574 2.88 (1.0)5.4 
Non-interest-bearing deposits(5)
24,897 24,168 23,949 26,143 29,485 29,501 22.1 0.1 
Other non-interest-bearing liabilities22,554 23,232 18,850 25,851 31,823 32,605 40.3 2.5 
Preferred shareholders' equity3,263 3,560 3,560 3,560 3,560 3,560 — — 
Common shareholders' equity22,847 23,496 23,772 24,167 24,555 24,581 4.6 0.1 
Total liabilities and shareholders' equity$337,291 $353,779 $340,480 $342,448 $351,714 $366,821 3.7 4.3 
Total deposits$243,036 $260,745 $254,509 $253,585 $258,081 $270,345 3.7 4.8 
Excess of rate earned over rate paid0.70 %0.68 %0.69 %0.83 %0.86 %0.86 %
Net interest margin1.00 %0.96 %0.96 %1.10 %1.16 %1.13 %
Net interest income, fully taxable-equivalent basis$714 $729 $716 $802 $835 $860 
Tax-equivalent adjustment— — (1)— — — 
Net interest income, GAAP-basis(4)
$714 $729 $715 $802 $835 $860 
(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $232 billion, $253 billion, $251 billion and $234 billion in the first, second, third and fourth quarters of 2025, respectively, and approximately $228 billion and $216 billion in the first and second quarters of 2026, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.28%, 0.27%, 0.26% and 0.26% in the first, second, third and fourth quarters of 2025, respectively, and approximately 0.26% and 0.27% in the first and second quarters of 2026, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $43,562 million, $45,113 million, $46,321 million and $47,411 million in the first, second, third and fourth quarters of 2025, respectively and approximately $48,421 million and $49,916 million in the first and second quarters of 2026, respectively.
(4) Average rates includes the impact of FX swap expense of approximately ($83) million, ($42) million, ($31) million and ($39) million in the first, second, third and fourth quarters of 2025, respectively, and approximately ($29) million and ($4) million in the first and second quarters of 2026, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately 3.07%, 2.94%, 2.91%, and 2.62% in the first, second, third and fourth quarters of 2025, respectively, and approximately 2.45% and 2.46% in the first and second quarters of 2026, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
6    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS - YEAR TO DATE(1)
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the years indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 21% for periods ending in 2025 and 2026, adjusted for applicable state income taxes, net of related federal benefit.
Year-to-Date% Change
20252026YTD2026 vs YTD2025
(Dollars in millions; fully-taxable equivalent basis)Average balanceAverage ratesAverage balanceAverage ratesAverage balance
Assets:
Interest-bearing deposits with banks, net$95,565 3.29 %$102,032 2.85 %6.8 %
Securities purchased under resale agreements(2)
8,447 8.21 8,091 7.54 (4.2)
Trading account assets773 0.11 841 0.76 8.8
Investment securities:
Investment securities available-for-sale, net65,585 4.50 71,344 4.05 8.8
Investment securities held-to-maturity, net45,497 2.09 36,553 2.23 (19.7)
Total investment securities
111,082 3.52 107,897 3.43 (2.9)
Loans(3)
44,508 5.12 49,339 4.59 10.9
Other interest-earning assets36,748 5.43 31,094 5.00 (15.4)
Total interest-earning assets297,123 4.06 299,294 3.70 0.7
Cash and due from banks4,286 3,948 (7.9)
Other non-interest-earning assets44,171 56,067 26.9
Total assets$345,580 $359,309 4.0
Liabilities:
Interest-bearing deposits:
U.S.$157,130 3.52 $158,207 2.91 0.7
Non-U.S.70,278 1.48 76,547 1.43 8.9
Total interest-bearing deposits(4)
227,408 2.89 234,754 2.43 3.2
Securities sold under repurchase agreements3,841 4.49 264 2.54 (93.1)
Other short-term borrowings11,009 4.58 4,019 3.91 (63.5)
Long-term debt24,809 4.99 25,586 4.55 3.1
Other interest-bearing liabilities4,503 14.37 4,849 12.86 7.7
Total interest-bearing liabilities271,570 3.37 269,472 2.84 (0.8)
Non-interest-bearing deposits(5)
24,530 29,493 20.2
Other non-interest-bearing liabilities22,894 32,216 40.7
Preferred shareholders' equity3,411 3,560 4.4
Common shareholders' equity23,175 24,568 6.0
Total liabilities and shareholders' equity$345,580 $359,309 4.0
Total deposits$251,938 $264,247 4.9
Excess of rate earned over rate paid0.69 %0.86 %
Net interest margin0.98 %1.14 %
Net interest income, fully taxable-equivalent basis$1,443 $1,695 
Tax-equivalent adjustment— — 
Net interest income, GAAP-basis(4)
$1,443 $1,695 
(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $243 billion and $222 billion as of June 30, 2025 and 2026, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.28% and 0.27% for the six months ended June 30, 2025 and 2026, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses as of June 30, 2025 and 2026 was approximately $44,342 million and $49,173 million, respectively
(4) Average rates include the impact of FX swap cost of approximately ($125) million and ($33) million for the six months ended June 30, 2025 and 2026, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap cost were 3.00% and 2.46% for the six months ended June 30, 2025 and 2026, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
7    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
SELECTED AVERAGE BALANCES BY CURRENCY - RATES EARNED AND PAID(1)
2Q26
USDEURGBPOtherTotal
(Dollars in millions, except where otherwise noted)Average BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage Rates
Interest-bearing deposits with banks$51,295 3.76 %$30,113 1.99 %$6,529 3.66 %$15,746 1.44 %$103,683 2.89 %
Total investment securities84,248 3.57 9,950 1.73 7,427 4.24 7,005 3.75 108,630 3.46 
Loans41,315 4.78 6,735 3.63 1,353 4.66 678 6.33 50,081 4.64 
Total other interest-earning assets(2)
39,788 5.46 92 (2.26)36 (2.86)3,096 4.66 43,012 5.38 
Total interest-earning assets
$216,646 4.20 $46,890 2.16 $15,345 4.02 $26,525 2.56 $305,406 3.73 
Total interest-bearing deposits(3)(4)
$159,900 3.11 $40,799 1.12 $11,886 1.71 $28,259 0.98 $240,844 2.45 
Central Bank Rate(5)
3.75 2.05 3.75 
1Q26
USDEURGBPOtherTotal
(Dollars in millions, except where otherwise noted)Average BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage Rates
Interest-bearing deposits with banks$48,444 3.74 %$27,712 1.99 %$6,188 3.77 %$18,019 1.25 %$100,363 2.81 %
Total investment securities84,397 3.42 9,285 2.41 6,673 4.13 6,802 3.88 107,157 3.41 
Loans39,988 5.01 6,824 1.63 1,221 4.98 555 4.76 48,588 4.53 
Total other interest-earning assets(2)
33,825 5.61 163 1.14 94 2.23 2,924 4.36 37,006 5.48 
Total interest-earning assets
$206,654 4.18 $43,984 2.03 $14,176 4.06 $28,300 2.29 $293,114 3.67 
Total interest-bearing deposits(3)(4)
$153,794 3.10 $37,805 1.12 $11,536 1.74 $25,461 0.39 $228,596 2.40 
Central Bank Rate(5)
3.75 2.00 3.75 
2Q25
USDEURGBPOtherTotal
(Dollars in millions, except where otherwise noted)Average BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage Rates
Interest-bearing deposits with banks$43,978 4.53 %$30,178 2.19 %$6,417 4.32 %$17,748 1.39 %$98,321 3.23 %
Total investment securities91,562 3.50 8,427 2.54 6,289 4.50 5,805 4.24 112,083 3.52 
Loans36,459 5.19 6,873 4.31 1,309 6.22 636 5.02 45,277 5.08 
Total other interest-earning assets(2)
44,091 5.99 999 1.55 329 3.42 3,548 4.21 48,967 5.76 
Total interest-earning assets$216,090 4.51 $46,477 2.55 $14,344 4.56 $27,737 2.43 $304,648 4.02 
Total interest-bearing deposits(3)(4)
$157,056 3.75 $41,656 1.32 $12,465 1.95 $25,400 0.43 $236,577 2.87 
Central Bank Rate(5)
4.50 2.22 4.35 
(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Average total other interest-earning assets include securities purchased under resale agreements, trading account assets and other interest-earning assets. Refer to average statement of condition - rates earned and paid - full taxable-equivalent basis for details.
(3) Average rates for interest-bearing deposit balances denominated in U.S. dollars include both client and wholesale deposits.
(4) FX swap costs for interest-bearing deposits are included in other currencies.
(5) Central Bank Rate represents the quarterly average Federal Funds Target Rate for USD, European Central Bank Deposit Facility Rate for EUR, and the Bank of England's Bank Rate for GBP.
8    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS
Quarters
1Q252Q253Q254Q251Q262Q26
(Dollars in billions, except where otherwise noted)Average BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage Rate
Available-for-sale investment securities:
Government & agency securities$41.3 4.29 %$42.6 4.15 %$42.8 4.08 %$42.1 3.96 %$42.7 3.70 %$45.0 3.73 %
U.S. Treasury direct obligations26.5 4.48 26.4 4.43 25.5 4.37 24.4 4.19 24.0 3.91 25.2 3.92 
Non-U.S. sovereign, supranational and non-U.S. agency14.8 3.96 16.2 3.70 17.3 3.66 17.7 3.65 18.7 3.44 19.8 3.49 
Asset-backed securities7.8 5.09 8.5 4.75 8.7 4.58 8.2 4.47 8.0 3.99 8.3 4.08 
Mortgage-backed securities7.0 5.06 9.2 5.09 11.3 5.33 12.2 5.16 13.6 4.85 14.2 4.88 
CMBS4.3 4.86 4.2 4.74 3.9 4.80 3.3 4.73 2.7 4.21 2.4 4.08 
Other3.0 5.16 3.2 5.14 3.2 5.12 3.1 5.02 2.9 5.15 2.9 5.19 
Total available-for-sale portfolio$63.4 4.57 $67.7 4.45 $69.9 4.43 $68.9 4.32 $69.9 4.04 $72.8 4.06 
Quarters
1Q252Q253Q254Q251Q262Q26
(Dollars in billions, except where otherwise noted)Average BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage Rate
Held-to-maturity investment securities:
Government & agency securities$8.6 0.75 %$7.2 0.78 %$5.6 0.83 %$4.4 0.88 %$2.7 1.02 %$2.1 1.11 %
U.S. Treasury direct obligations5.0 0.66 3.9 0.67 2.4 0.67 1.6 0.69 0.4 0.70 0.3 0.79 
Non-U.S. sovereign, supranational and non-U.S. agency3.6 0.89 3.3 0.92 3.2 0.95 2.8 0.99 2.3 1.08 1.8 1.16 
Asset-backed securities2.4 5.32 2.4 5.17 2.4 5.21 2.3 5.17 2.2 4.55 2.1 4.65 
Mortgage-backed securities30.5 2.22 29.7 2.21 28.8 2.20 27.8 2.22 27.3 2.22 26.6 2.21 
CMBS5.2 1.88 5.1 1.89 5.1 1.89 5.0 1.88 5.1 1.85 5.0 1.85 
Total held-to-maturity portfolio$46.7 2.07 $44.4 2.11 $41.9 2.15 $39.5 2.19 $37.3 2.22 $35.8 2.24 
Total investment securities$110.1 3.51 $112.1 3.52 $111.8 3.58 $108.4 3.55 $107.2 3.41 $108.6 3.46 


9    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS (continued)
Ratings
(Dollars in billions, or where otherwise noted)UST/AGYAAAAAABBB<BBBNRFair Value% Total
Net Unrealized Pre-tax MTM Gain/(Loss)
(In millions)(1)
Fixed Rate/
Floating Rate(2)
Available-for-sale investment securities:
Government & agency securities56 %25 %13 %4 %— %— %2 %$44.1 61.0 %$13  94% / 6%
U.S. Treasury direct obligations100 — — — — — 24.5 55.6 29 100% / 0%
Non-U.S. sovereign, supranational and non-U.S. agency— 56 29 10 1 1 3 19.6 44.4 (16)85% / 15%
Asset-backed securities— 95 5 — — — — 8.5 11.7 7  0% / 100%
Mortgage-backed securities100 — — — — — — 14.6 20.2 27  45% / 55%
CMBS100 — — — — — — 2.3 3.2 (12) 9% / 91%
Other— 5 25 64 6 — — 2.8 3.9 21  63% / 37%
Total available-for-sale portfolio57 %27 %10 %5 %— %— %1 %$72.3 100.0 %$56  69% / 31%
Fair Value$41.4 $19.2 $6.9 $3.7 $0.3 $0.2 $0.6 
Ratings
UST/AGYAAAAAABBB<BBBNRAmortized Cost% Total
Net Unrealized Pre-tax MTM Gain/(Loss)
(In millions)(1)
Fixed Rate/
Floating Rate(2)
Held-to-maturity investment securities:
Government & agency securities15 %26 %49 %10 %— %— %— %$1.9 5.4 %$(27) 100% / 0%
U.S. Treasury direct obligations100 — — — — — — 0.3 15.8 (2)98% / 2%
Non-U.S. sovereign, supranational and non-U.S. agency— 30 58 12 — — — 1.6 84.2 (25)100% / 0%
Asset-backed securities— — 93 5 — 2 — 2.0 5.7 (17) 5% / 95%
Mortgage-backed securities100 — — — — — — 26.4 74.7 (3,687) 100% / 0%
CMBS100 — — — — — — 5.0 14.2 (455) 98% / 2%
Total held-to-maturity portfolio90 %1 %8 %1 %— %— %— %$35.3 100.0 %$(4,186) 94% / 6%
Amortized Cost$31.7 $0.5 $2.8 $0.3 $— $— $— 
Total Investment Securities(3)
$107.6 77% / 23%
(1) At June 30, 2026, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized gain on securities available-for-sale of $40 million, after-tax unrealized loss on securities held-to-maturity of $2,962 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $228 million.
(2) At June 30, 2026, fixed-to-floating rate securities, which excludes the impact of hedges, had a book value of approximately $1.18 billion or 1.10% of the total portfolio.
(3) State Street has a highly liquid balance sheet, with more than half of total assets deemed HQLA. Based upon fair value as of June 30, 2026, approximately 86% of our investment portfolio was held in HQLA.
10    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES
Quarters% Change
(Dollars in millions)1Q252Q253Q254Q251Q262Q262Q26
vs.
2Q25		2Q26
vs.
1Q26
Allowance for credit losses:
Beginning balance$183 $186 $192 $201 $203 $179 (3.8)%(11.8)%
Provision for credit losses (funded commitments)
11 27 11 9 15 (3)nmnm
Provision for credit losses (unfunded commitments)
1 2 (1)(3)1 3 50.0nm
Provision for credit losses (all other)— 1 (1)2 — — nmnm
Total provision12 30 9 8 16 — nmnm
Charge-offs(9)(24)— (6)(40)(4)nmnm
Ending balance(1)
$186 $192 $201 $203 $179 $175 (8.9)(2.2)
Allowance for credit losses:
Loans$176 $179 $190 $193 $168 $161 (10.1)(4.2)
Unfunded (off-balance sheet) commitments9 11 10 8 10 13 18.230.0
All other1 2 1 2 1 1 (50.0)—
Ending balance(1)
$186 $192 $201 $203 $179 $175 (8.9)(2.2)
(1) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
nm Denotes not meaningful

11    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION
Quarters% Change
(Dollars in billions)1Q252Q253Q254Q251Q262Q262Q26
vs.
2Q25		2Q26
vs.
1Q26
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs$15,430 $16,728 $17,795 $17,997 $18,338 $20,055 19.9 %9.4 %
Mutual funds12,143 12,641 13,209 13,518 13,309 14,353 13.5 7.8 
Pension products9,377 9,679 10,321 10,452 10,912 11,219 15.9 2.8 
Insurance and other products9,783 9,952 10,339 11,833 11,956 12,231 22.9 2.3 
Total Assets Under Custody and/or Administration$46,733 $49,000 $51,664 $53,800 $54,515 $57,858 18.1 6.1 
By Asset Class:
Equities$27,508 $29,311 $31,124 $31,879 $32,243 $34,670 18.3 7.5 
Fixed-Income11,900 12,122 12,874 13,830 14,030 14,160 16.8 0.9 
Short-term and other investments(2)
7,325 7,567 7,666 8,091 8,242 9,028 19.3 9.5 
Total Assets Under Custody and/or Administration$46,733 $49,000 $51,664 $53,800 $54,515 $57,858 18.1 6.1 
By Geographic Location(3):
Americas$33,340 $35,028 $36,698 $37,422 $37,265 $40,040 14.3 7.4 
Europe/Middle East/Africa10,303 10,803 11,570 12,918 13,563 14,002 29.6 3.2 
Asia-Pacific3,090 3,169 3,396 3,460 3,687 3,816 20.4 3.5 
Total Assets Under Custody and/or Administration$46,733 $49,000 $51,664 $53,800 $54,515 $57,858 18.1 6.1 
Assets Under Custody(4)
By Product Classification:
Collective funds, including ETFs$13,335 $14,487 $15,478 $15,619 $15,874 $17,424 20.3 9.8 
Mutual funds9,725 10,060 10,506 10,762 10,598 11,351 12.8 7.1 
Pension products7,731 7,975 8,371 8,487 8,875 9,137 14.6 3.0 
Insurance and other products3,046 3,026 3,144 3,484 3,537 3,661 21.0 3.5 
Total Assets Under Custody$33,837 $35,548 $37,499 $38,352 $38,884 $41,573 16.9 6.9 
By Geographic Location(3):
Americas$25,407 $26,705 $28,058 $28,462 $28,398 $30,667 14.8 8.0 
Europe/Middle East/Africa5,861 6,215 6,606 6,968 7,360 7,629 22.8 3.7 
Asia-Pacific2,569 2,628 2,835 2,922 3,126 3,277 24.7 4.8 
Total Assets Under Custody$33,837 $35,548 $37,499 $38,352 $38,884 $41,573 16.9 6.9 
(1) Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month.
(2) Short-term and other investments includes derivatives, cash and cash equivalents and other instruments.
(3) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(4) Assets under custody are a component of assets under custody and/or administration presented above.
12    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT
Quarters% Change
(Dollars in billions)1Q252Q253Q254Q251Q262Q262Q26
vs.
2Q25		2Q26
vs.
1Q26
Assets Under Management by Category(1)
By Asset Class:
Equity $2,901 $3,218 $3,465 $3,589 $3,496 $4,051 25.9 %15.9 %
Fixed-income633 700 720 734 756 776 10.9 2.6 
Cash(2)
518 525 540 570 581 621 18.3 6.9 
Multi-asset390 449 477 501 503 567 26.3 12.7 
Alternative investments(3)
223 225 244 271 284 263 16.9 (7.4)
Total$4,665 $5,117 $5,446 $5,665 $5,620 $6,278 22.7 11.7 
By Geography(4):
Americas$3,431 $3,713 $3,982 $4,155 $4,108 $4,573 23.2 11.3 
Europe/Middle East/Africa690 771 806 841 845 956 24.0 13.1 
Asia-Pacific544 633 658 669 667 749 18.3 12.3 
Total$4,665 $5,117 $5,446 $5,665 $5,620 $6,278 22.7 11.7 
By Vehicle:
ETF$1,554 $1,690 $1,848 $1,951 $1,940 $2,204 30.4 13.6 
Separately managed accounts1,776 1,985 2,074 2,127 2,120 2,340 17.9 10.4 
Other commingled funds1,335 1,442 1,524 1,587 1,560 1,734 20.2 11.2 
Total$4,665 $5,117 $5,446 $5,665 $5,620 $6,278 22.7 11.7 
By Strategy:
Index strategies and solutions:
ETFs$1,541 $1,677 $1,834 $1,936 $1,926 $2,188 30.5 13.6 
Other index2,424 2,737 2,896 2,986 2,938 3,279 19.8 11.6 
Total index strategies and solutions3,965 4,414 4,730 4,922 4,864 5,467 23.9 12.4 
Active, alternatives and other182 178 176 173 175 190 6.7 8.6 
Cash(2)
518 525 540 570 581 621 18.3 6.9 
Total$4,665 $5,117 $5,446 $5,665 $5,620 $6,278 22.7 11.7 
(1) Our AUM disclosures have been updated to more closely reflect the investment strategies and capabilities within the Investment Management business. AUM disclosures are now organized around Index; Active, Alternatives and Other Strategies; and Cash. We have retained the supplemental views of AUM, including, but not limited to, views by asset class and by geography.
(2) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(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.
(4) Geographic mix is based on client location or fund management location.
13    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT (Continued)
Quarters
(Dollars in billions)1Q252Q253Q254Q251Q262Q26
Net asset flows by category(1)
By Asset Class:
Equity$(37)$14 $5 $28 $2 $60 
Fixed-income2 51 13 11 28 12 
Cash(2)
1 (1)10 24 8 35 
Multi-asset13 25 6 12 12 13 
Alternative investments(3)
8 (7)(8)10 (1)(6)
Total flows, net$(13)$82 $26 $85 $49 $114 
By Geography(4):
Americas$4 $29 $36 $75 $10 $75 
Europe/Middle East/Africa(29)18 — 10 29 18 
Asia-Pacific12 35 (10)— 10 21 
Total flows, net$(13)$82 $26 $85 $49 $114 
By Vehicle:
ETF$1 $15 $37 $51 $25 $68 
Separately managed accounts(7)50 (20)4 30 9 
Other commingled funds(7)17 9 30 (6)37 
Total flows, net$(13)$82 $26 $85 $49 $114 
By Strategy:
Index strategies and solutions:
ETFs$— $15 $38 $51 $25 $66 
Other index(12)81 (7)14 13 15 
Total index strategies and solutions(12)96 31 65 38 81 
Active, alternatives and other(2)(13)(15)(4)3 (2)
Cash(2)
1 (1)10 24 8 35 
Total flows, net$(13)$82 $26 $85 $49 $114 
(1) Our AUM disclosures have been updated to more closely reflect the investment strategies and capabilities within the Investment Management business. AUM disclosures are now organized around Index; Active, Alternatives and Other Strategies; and Cash. We have retained the supplemental views of AUM, including, but not limited to, views by asset class and by geography.
(2) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(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.
(4) Geographic mix is based on client location or fund management location.
14    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
LINE OF BUSINESS INFORMATION
Investment Servicing% ChangeInvestment Management% Change
Other(1)
% ChangeTotal% Change
(Dollars in millions)2Q251Q262Q262Q26
 vs.
2Q25		2Q26
 vs.
1Q26		2Q251Q262Q262Q26
 vs.
2Q25		2Q26
 vs.
1Q26		2Q251Q262Q262Q26
 vs.
2Q25		2Q26
 vs.
1Q26		2Q251Q262Q262Q26
 vs.
2Q25		2Q26
 vs.
1Q26
Servicing fees$1,304$1,409$1,46812.6 %4.2 %$—$—$—— %— %$—$—$—— %— %$1,304$1,409$1,46812.6 %4.2 %
Management fees(2)
———— — 60072477228.7 6.6 ———— — 60072477228.7 6.6 
Foreign exchange trading services(2)
39043249125.9 13.7 —33— — 3——nm— 39343549425.7 13.6 
Securities finance11911014017.6 27.3 761042.9 66.7 ———— — 12611615019.0 29.3 
Software services(2)
193169166(14.0)(1.8)———— — (24)——nm— 169169166(1.8)(1.8)
Other fee revenue(2)
1121021174.5 14.7 1552140.0nm———— — 1271071388.7 29.0 
Total fee revenue2,1182,2222,38212.5 7.2 62273880629.6 9.2 (21)——nm— 2,7192,9603,18817.2 7.7 
Net interest income72683286018.5 3.4 33—nmnm———— — 72983586018.0 3.0 
Total other income—1—nmnm———— — ———— — —1—nmnm
Total revenue2,8443,0553,24214.0 6.1 62574180629.0 8.8 (21)——nm— 3,4483,7964,04817.4 6.6 
Provision for credit losses3016—nmnm———— — ———— — 3016—nmnm
Total expenses1,9952,1892,1628.4 (1.2)41749249719.2 1.0 117130—nmnm2,5292,8112,6595.1 (5.4)
Income before income tax expense$819$850$1,08031.9 27.1 $208$249$30948.6 24.1 $(138)$(130)$—nmnm$889$969$1,38956.2 43.3 
Pre-tax margin28.8 %27.8 %33.3 %4.5 %5.5 %pts33.3 %33.6 %38.3 %5.0 %4.7 %pts25.8 %25.5 %34.3 %8.5 %8.8 %pts
Six Months Ended June 30,
Investment Servicing% ChangeInvestment Management% Change
Other(1)
% ChangeTotal% Change
(Dollars in millions)20252026YTD2026
vs.
YTD2025		20252026YTD2026
vs.
YTD2025		20252026YTD2026
vs.
YTD2025		20252026YTD2026
vs.
YTD2025
Servicing fees$2,579$2,87711.6 %$—$—— %$— $— — %$2,579$2,87711.6 %
Management fees(2)
——— 1,1871,49626.0 — — — 1,1871,49626.0 
Foreign exchange trading services(2)
72792327.0 —6— 3 — nm73092927.3 
Securities finance22725010.1 131623.1 — — — 24026610.8 
Software services(2)
351335(4.6)——— (24)— nm3273352.4 
Other fee revenue(2)
2132192.8 1326nm— — nm2262458.4 
Total fee revenue4,0974,60412.4 1,2131,54427.3 (21)— nm5,2896,14816.2 
Net interest income1,4351,69217.9 83(62.5)— — — 1,4431,69517.5 
Total other income—1nm——— — — nm—1nm
Total revenue5,5326,29713.8 1,2211,54726.7 (21)— nm6,7327,84416.5 
Provision for credit losses4216(61.9)——— — — — 4216(61.9)
Total expenses4,0144,3518.4 84898916.6 117 130 11.1 4,9795,4709.9 
Income before income tax expense$1,476$1,93030.8 $373$55849.6 $(138)$(130)(5.8)$1,711$2,35837.8 
Pre-tax margin26.7 %30.6 %3.9 %pts30.5 %36.1 %5.6 %pts25.4 %30.1 %4.7 %pts
(1) Represents amounts that are not allocated to a specific line of business, including repositioning charges, employee costs, acquisition costs, revenue-related recoveries and certain legal accruals.
(2) In the first quarter of 2026, revenue related to distribution and marketing activities was reclassified from foreign exchange trading services to management fees. Additionally, lending related and other fees, previously recognized within software and processing fees, was reclassified to other fee revenue, and the software and processing fees caption has been changed to software services. Prior-period amounts have been reclassified to conform to the current presentation. These reclassifications had no impact on total fee revenue, total revenue or net income, on either a consolidated or line of business basis.
nm Denotes not meaningful
15    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL
Basel III Advanced Approaches(1)
Basel III Standardized Approach(2)
(Dollars in millions)1Q252Q253Q254Q251Q262Q261Q252Q253Q254Q251Q262Q26
Ratios and Supporting Calculations:
Common equity tier 1 capital$14,362 $14,791 $15,156 $14,812 $14,798$15,425$14,362 $14,791 $15,156 $14,812 $14,798$15,425
Total risk-weighted assets114,274 118,652 115,731 114,357 118,311116,501130,208 137,677 134,168 127,263 139,811143,353
Common equity tier 1 risk-based capital ratio12.6 %12.5 %13.1 %13.0 %12.5 %13.2 %11.0 %10.7 %11.3 %11.6 %10.6 %10.8 %
Tier 1 capital$17,921 $18,350 $18,715 $18,371 $18,357 $18,984 $17,921 $18,350 $18,715 $18,371 $18,357 $18,984 
Tier 1 risk-based capital ratio15.7 %15.5 %16.2 %16.1 %15.5 %16.3 %13.8 %13.3 %13.9 %14.4 %13.1 %13.2 %
Total capital$19,799 $20,226 $20,608 $20,261 $20,085 $20,697 $19,978 $20,418 $20,792 $20,446 $20,234 $20,850 
Total risk-based capital ratio17.3 %17.0 %17.8 %17.7 %17.0 %17.8 %15.3 %14.8 %15.5 %16.1 %14.5 %14.5 %
Tier 1 capital$17,921 $18,350 $18,715 $18,371 $18,357 $18,984 $17,921 $18,350 $18,715 $18,371 $18,357 $18,984 
Adjusted average assets (Tier 1)(3)
328,520 344,822 331,553 332,978 342,329 357,537 328,520 344,822 331,553 332,978 342,329 357,537 
Tier 1 leverage ratio5.5 %5.3 %5.6 %5.5 %5.4 %5.3 %5.5 %5.3 %5.6 %5.5 %5.4 %5.3 %
On-and off-balance sheet leverage exposure$286,035 $300,585 $300,388 $294,138 $299,379 $315,898 $286,035 $300,585 $300,388 $294,138 $299,379 $315,898 
Less: regulatory deductions(8,771)(8,957)(8,927)(9,470)(9,385)(9,284)(8,771)(8,957)(8,927)(9,470)(9,385)(9,284)
Leverage exposure (SLR)277,264 291,628 291,461 284,668 289,994 306,614 277,264 291,628 291,461 284,668 289,994 306,614 
Supplementary leverage ratio(4)
6.5 %6.3 %6.4 %6.5 %6.3 %6.2 %6.5 %6.3 %6.4 %6.5 %6.3 %6.2 %
(1) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the advanced approaches provisions of the Basel III final rule. Capital ratios as of June 30, 2026 are estimates.
(2) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the standardized approach provisions of the Basel III final rule. Capital ratios as of June 30, 2026 are estimates.
(3) Adjusted average assets (Tier 1) is equal to average consolidated total assets less applicable Tier 1 capital deductions.
(4) We are subject to a minimum Supplementary Leverage Ratio or SLR of 3%, and as a U.S. G-SIB, we must maintain a 0.5% SLR buffer in order to avoid any limitations on distributions to shareholders and discretionary bonus payments to certain executives.
16    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF TANGIBLE BOOK VALUE PER SHARE AND RETURN ON TANGIBLE COMMON EQUITY
The tangible book value per common share (TBVPS) and return on average tangible common equity (ROTCE) are ratios that management believes provide context about State Street's use of equity. The TBVPS ratio is calculated by dividing the period end tangible common equity by total common shares outstanding. The ROTCE ratio is calculated by dividing annualized net income available to common shareholders for the relevant period by average tangible common equity. Period end and average tangible common equity reflected in the TBVPS and ROTCE ratios are both non-GAAP measures which reduce period end and average common shareholders' equity, by period end and average goodwill and other intangible assets, net of related deferred taxes. Since there is no authoritative requirement to calculate the TBVPS and ROTCE ratios, our TBVPS and ROTCE ratios are not necessarily comparable to similar measures disclosed or used by other companies in the financial services industry. TBVPS and ROTCE are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of these ratios are presented below.
Quarters
(Dollars in millions, except per share amounts, or where otherwise noted)1Q252Q253Q254Q251Q262Q26
Tangible common equity - period end:
Total shareholders' equity$26,692 $27,307 $27,642 $27,841 $27,742 $28,268 
Less:
Preferred stock3,559 3,559 3,559 3,559 3,559 3,559 
Common shareholders' equity23,133 23,748 24,083 24,282 24,183 24,709 
Less:
Goodwill7,763 7,918 7,916 8,159 8,121 8,106 
Other intangible assets1,046 1,014 958 935 872 816 
Plus:
Related deferred tax liabilities465 479 473 478 480 484 
Tangible common shareholders' equity - Non-GAAP$14,789 $15,295 $15,682 $15,666 $15,670 $16,271 
Total common shares outstanding - period end (in thousands)288,676 285,562 282,218 279,078 276,925 274,703 
Book value per common share$80.13 $83.16 $85.33 $87.01 $87.33 $89.95 
Tangible book value per common share - Non-GAAP51.23 53.56 55.57 56.13 56.59 59.23 
QuartersYear-to-Date
(Dollars in millions, except where otherwise noted)1Q252Q253Q254Q251Q262Q2620252026
Tangible common equity - average:
Average common shareholders' equity$22,847 $23,496 $23,772 $24,167 $24,555 $24,581 $23,175 $24,568 
Less:
Average goodwill7,717 7,854 7,906 7,971 8,154 8,143 7,786 8,148 
Average other intangible assets1,065 1,029 982 962 902 844 1,047 873 
Plus:
Related deferred tax liabilities462 472 476 475 479 482 467 480 
Average tangible common shareholders' equity - Non-GAAP$14,527 $15,085 $15,360 $15,709 $15,978 $16,076 $14,809 $16,027 
Net income available to common shareholders$597 $630 $802 $688 $705 $1,026 $1,227 $1,731 
Net income available to common shareholders, excluding notable items(1)
597 733 802 845 803 1,026 1,330 1,829 
Return on average tangible common equity - Non-GAAP(2)
16.4 %16.7 %20.9 %17.5 %17.6 %25.5 %16.6 %21.6 %
Return on average tangible common equity, excluding notable items - Non-GAAP(2)
16.4 19.4 20.9 21.5 20.1 25.5 18.0 22.8 
(1) Refer to Reconciliations of non-GAAP Financial Information pages for a reconciliation of net income available to common shareholders, excluding notable items.
(2) Return on average tangible common equity, excluding notable items - non-GAAP is calculated by dividing annualized net income available to common shareholders, excluding notable items for the relevant period by average tangible common equity.
17    
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as "expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results.
Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP.
Quarters% ChangeYear-to-Date% Change
(Dollars in millions)1Q252Q253Q254Q251Q262Q262Q26
vs.
2Q25		2Q26
vs.
1Q26		20252026YTD2026
vs.
YTD2025
Fee Revenue:
Total fee revenue, GAAP-basis$2,570 $2,719 $2,829 $2,862 $2,960 $3,188 17.2 %7.7 %$5,289 $6,14816.2 %
Less: Notable items:
Foreign exchange trading services(1)
— (3)— — — — nm—(3)—nm
Client rescoping (revenue impact)(2)
— 24 — — — — nm—24 —nm
Total fee revenue, excluding notable items$2,570 $2,740 $2,829 $2,862 $2,960 $3,188 16.4 7.7 $5,310 $6,14815.8 
Total Revenue:
Total revenue, GAAP-basis$3,284 $3,448 $3,545 $3,667 $3,796 $4,048 17.4 %6.6 %$6,732 $7,844 16.5 %
Less: Notable items:
Foreign exchange trading services(1)
— (3)— — — — nm—(3)—  nm
Client rescoping (revenue impact)(2)
— 24 — — — — nm—24 — nm
Total revenue, excluding notable items$3,284 $3,469 $3,545 $3,667 $3,796 $4,048 16.7 6.6 $6,753 $7,844 16.2 
Expenses:
Total expenses, GAAP-basis$2,450 $2,529 $2,434 $2,741 $2,811 $2,659 5.1 %(5.4)%$4,979 $5,470 9.9 %
Less: Notable items:
Repositioning charges(3)
— (100)— (226)(89)— nmnm(100)(89)(11.0)
Client rescoping (expense impact)(2)
— (18)— — (41)— nmnm(18)(41)nm
Other notable items(4)
— 1 — 20 — — nmnm1 — nm
Total expenses, excluding notable items
2,450 2,412 2,434 2,535 2,681 2,659 10.2 (0.8)4,862 5,340 9.8
Seasonal expenses(155)— — — (169)— — nm(155)(169)9.0
Total expenses, excluding notable items and seasonal expenses$2,295 $2,412 $2,434 $2,535 $2,512 $2,659 10.2 5.9$4,707 $5,171 9.9
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis$2,570 

$2,719 

$2,829 

$2,862 $2,960 $3,188 

17.25 %7.70 %$5,289 $6,148 16.24 %
Total expenses, GAAP-basis2,450 2,529 2,434 

2,741 2,811 2,659 5.14 (5.41)4,979 5,470 9.86 
Fee operating leverage, GAAP-basis(5)
1,211 bps1,311 bps638 bps
Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)$2,570 $2,740 $2,829 $2,862 $2,960 $3,188 

16.35 %7.70 %$5,310 $6,148 15.78 %
Total expenses, excluding notable items (as reconciled above)2,450 2,412 2,434 2,535 2,681 2,659 

10.24 (0.82)4,862 5,340 9.83 
Fee operating leverage, excluding notable items(6)
611 bps852 bps595 bps
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis$3,284 $3,448 $3,545 

$3,667 $3,796 $4,048 17.40 %6.64 %$6,732 $7,844 16.52 %
Total expenses, GAAP-basis2,450 2,529 2,434 

2,741 2,811 2,659 5.14 (5.41)4,979 5,470 9.86 
Operating leverage, GAAP-basis(7)
1,226 bps1,205 bps666 bps
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)$3,284 $3,469 $3,545 $3,667 $3,796 $4,048 16.69 %6.64 %$6,753 $7,844 16.16 %
Total expenses, excluding notable items (as reconciled above)2,450 2,412 2,434 

2,535 2,681 2,659 10.24 (0.82)4,862 5,340 9.83 
Operating leverage, excluding notable items(8)
645 bps746 bps633 bps
18    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
Quarters% ChangeYear-to-Date% Change
(Dollars in millions, except earnings per share, or where otherwise noted)1Q252Q253Q254Q251Q262Q262Q26
vs.
2Q25		2Q26
vs.
1Q26		20252026YTD2026
vs.
YTD2025
Income Before Income Tax Expense:
Income before income tax expense GAAP-basis$822 $889 $1,102 $918 $969 $1,389 56.2 %43.3 %$1,711 $2,35837.8 %
Less: Notable items
Foreign exchange trading services(1)
— (3)— — — — (3)—
Client rescoping (revenue impact)(2)
— 24 — — — — 24 —
Repositioning charges(3)
— 100 — 226 89 — 100 89
Client rescoping (expense impact)(2)
— 18 — — 41 — 18 41
Other notable items(4)
— (1)— (20)— — (1)—
Income before income tax expense, excluding notable items$822 $1,027 $1,102 $1,124 $1,099 $1,389 35.2 26.4 $1,849 $2,48834.6 
Net Income:
Net Income GAAP-basis$644$693 $861 $747 $764 $1,084 

56.4 %41.9 %$1,337 $1,848 38.2 %
Less: Notable items
Foreign exchange trading services(1)
—(3)— — — — (3)— 
Client rescoping (revenue impact)(2)
—24 — — — — 24 — 
Repositioning charges(3)
—100 — 226 89 — 100 89 
Client rescoping (expense impact)(2)
—18 — — 41 — 18 41 
Other notable items(4)
—(1)— (20)— — (1)— 
Tax impact of notable items—(35)— (49)(32)— (35)(32)
Net Income, excluding notable items$644$796 $861 

$904 $862 $1,084 36.2 25.8 $1,440 $1,946 35.1 
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis$597 

$630 

$802 $688 $705 $1,026 

62.9 %45.5 %$1,227 $1,731 41.1 %
Less: Notable items
Foreign exchange trading services(1)
— (3)— — — — (3)— 
Client rescoping (revenue impact)(2)
— 24 — — — — 24 — 
Repositioning charges(3)
— 100 — 226 89 — 100 89 
Client rescoping (expense impact)(2)
— 18 — — 41 — 18 41 
Other notable items(4)
— (1)— (20)— — (1)— 
Tax impact of notable items— (35)— (49)(32)— (35)(32)
Net Income Available to Common Shareholders, excluding notable items$597 $733 $802 

$845 $803 $1,026 40.0 27.8 $1,330 $1,829 37.5 
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis$2.04 $2.17 $2.78 $2.42 $2.49 $3.65 

68.2 %46.6 %$4.21 $6.14 45.8 %
Less: Notable items







Foreign exchange trading services(1)
—(0.01)————(0.01)—
Client rescoping (revenue impact)(2)
—0.06————0.06—
Repositioning charges(3)
—0.26—0.600.24—

0.260.24
Client rescoping (expense impact)(2)
—0.05——0.11—0.050.11
Other notable items(4)
———(0.05)————
Diluted earnings per share, excluding notable items$2.04$2.53$2.78$2.97$2.84 $3.65 

44.3 28.5 $4.57$6.49 42.0 %
19    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
Quarters% ChangeYear-to-Date% Change
(Dollars in millions, except earnings per share, or where otherwise noted)1Q252Q253Q254Q251Q262Q262Q26
vs.
2Q25		2Q26
vs.
1Q26		20252026YTD2026
vs.
YTD2025
Pre-tax Margin:
Pre-tax margin, GAAP-basis(9)
25.0 %

25.8 %

31.1 %

25.0 %25.5 %34.3 %

8.5 %pts8.8 %pts25.4 %30.1 %4.7 %pts
Less: Notable items








Foreign exchange trading services(1)
— (0.1)— — — — — — 
Client rescoping (revenue impact)(2)
— 0.7 — — — — 0.3 — 
Repositioning charges(3)
— 2.7 — 6.3 2.4 — 

1.4 1.1 
Client rescoping (expense impact)(2)
— 0.5 — — 1.1 — 0.3 0.5 
Other notable items(4)
— — — (0.6)— — 

— — 
Pre-tax margin, excluding notable items25.0 %

29.6 %

31.1 %

30.7 %29.0 %34.3 %

4.7 5.3 27.4 %31.7 %4.3 
Return on Average Common Equity:
Return on average common equity, GAAP-basis10.6 %10.8 %13.4 %11.3 %11.6 %16.7 %5.9 %pts5.1 %pts10.7 %14.2 %3.5 %pts
Less: Notable items
Foreign exchange trading services(1)
— (0.1)— — — — — — 
Client rescoping (revenue impact)(2)
— 0.4 — — — — 0.2 — 
Repositioning charges(3)
— 1.7 — 3.7 1.5 — 0.8 0.8 
Client rescoping (expense impact)(2)
— 0.3 — — 0.7 — 0.2 0.3 
Other notable items(4)
— — — (0.3)— — — — 
Tax impact of notable items— (0.6)— (0.8)(0.5)— (0.3)(0.3)
Return on average common equity, excluding notable items10.6 %12.5 %13.4 %13.9 %13.3 %16.7 %4.2 3.4 11.6 %15.0 %3.4 
Effective Tax Rate:
Effective tax rate, GAAP-basis21.7 %22.0 %21.9 %18.6 %21.2 %21.9 %(0.1)%pts0.7 %pts21.9 %21.6 %(0.3)%pts
Less: Notable items
Foreign exchange trading services(1)
— — — — — — — — 
Client rescoping (revenue impact)(2)
— 0.1 — — — — — — 
Repositioning charges(3)
— 0.4 — 1.1 0.3 — 0.2 0.1 
Client rescoping (expense impact)(2)
— — — — 0.1 — — 0.1 
Other notable items(4)
— — — (0.1)— — — — 
Effective tax rate, excluding notable items21.7 %22.5 %21.9 %19.6 %21.6 %21.9 %(0.6)0.3 22.1 %21.8 %(0.3)
(1) Amounts in 2025 consist of a revenue-related recovery associated with the proceeds from a 2018 foreign exchange benchmark litigation resolution, which is reflected in foreign exchange trading services revenue.
(2) Client rescoping of $41 million in the first quarter of 2026 reflected in information systems and communications. Amount in 2025 related to a client rescoping which decreased income before income taxes by $42 million, of which $24 million is reflected in front office software and data revenue and $18 million is reflected in information systems and communications expenses.
(3) Repositioning charges of $89 million in the first quarter of 2026 represents a $79 million charge reflected in compensation and employee benefits primarily from workforce rationalization and a $1 million charge reflected in occupancy costs associated with real estate footprint optimization. Additional repositioning charges include $9 million of operating model changes reflected in information systems and communications. Amounts in the fourth quarter of 2025 include a charge of $111 million, reflected in compensation and employee benefits primarily from workforce rationalization, a $69 million charge reflected in occupancy costs associated with real estate footprint optimization and additional repositioning charges (net) include operating model changes of $24 million and $22 million reflected in information systems and communications and other expenses, respectively. The amount in the second quarter of 2025 includes a charge of $100 million, reflected in compensation and employee benefits primarily from workforce rationalization.
(4) Amount in the fourth quarter of 2025 includes an FDIC special assessment release of $60 million and legal and related costs of $40 million reflected in other expenses and the amount in the second quarter of 2025 includes a subsequent true-up reflected in other expenses.
(5) Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses.
(6) Calculated as the period-over-period change in total fee revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items.
(7) Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses.
(8) Calculated as the period-over-period change in total revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items.
(9) GAAP- basis pre-tax margin for the first quarter of 2026 of 25.5% included seasonal incentive compensation and benefits expenses of $169 million as shown on page 18. Excluding seasonal expenses, pre-tax margin for the first quarter of 2026 was 30.0%.
20    

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF PRE-TAX MARGIN AND RETURN ON TANGIBLE COMMON EQUITY EXCLUDING NOTABLE ITEMS
(Dollars in millions, except where otherwise noted)2022202320242025
Total revenue:
Total revenue, GAAP-basis$12,148 $11,945 $13,000 $13,944 
Less: Fees revenue(23)— (15)(3)
Less: Total other income— — (66)— 
Add: Client rescoping (revenue impact)— — — 24 
Add: (Gains) losses related to investment securities, net— 294 81 — 
Total revenue, excluding notable items12,125 12,239 13,000 13,965 
Provision for credit losses20 46 75 59 
Total expenses:
Total expenses, GAAP-basis8,801 9,583 9,530 10,154 
Less: Notable expense items:
Acquisition and restructuring costs(65)15 — — 
Deferred compensation expense acceleration— — (79)— 
Repositioning (charges) / release(70)(203)2 (326)
Client rescoping (expense impact)— — — (18)
Other notable items— (432)(111)21 
Total expenses, excluding notable items8,666 8,963 9,342 9,831 
Income before income tax expense, excluding notable items$3,439 $3,230 $3,583 $4,075 
Income before income tax expense, GAAP-basis$3,327 $2,316 $3,395 $3,731 
Pre-tax margin, excluding notable items28.4 %26.4 %27.6 %29.2 %
Pre-tax margin, GAAP-basis27.4 19.4 26.1 26.8 
Tangible common equity - average:
Average common shareholders' equity$23,910 $22,201 $22,339 $23,575 
Less:
Average goodwill7,481 7,536 7,721 7,863 
Average other intangible assets1,658 1,460 1,206 1,009 
Plus:
Related deferred tax liabilities493 492 462 472 
Average tangible common shareholders' equity - Non-GAAP$15,264 $13,697 $13,874 $15,175 
Net income available to common shareholders$2,660 $1,821 $2,483 $2,717 
Net income available to common shareholders, excluding notable items2,743 2,500 2,623 2,977 
Return on average tangible common equity - Non-GAAP17.4 %13.3 %17.9 %17.9 %
Return on average tangible common equity, excluding notable items - Non-GAAP18.0 18.3 18.9 19.6 
21    

                                

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS
GAAP-Basis QTD ComparisonReportedCurrency Translation ImpactExcluding Currency Impact% Change Constant Currency
(Dollars in millions)2Q251Q262Q262Q26 vs. 2Q252Q26 vs. 1Q262Q26 vs. 2Q252Q26 vs. 1Q262Q26 vs. 2Q252Q26 vs. 1Q26
GAAP-Basis Results:
Fee revenue:
Servicing fees$1,304 $1,409 $1,468 $9 $(2)$1,459 $1,470 11.9 %4.3 %
Management fees(1)
600 724 772 1 — 771 772 28.5 6.6 
Foreign exchange trading services(1)
393 435 494 — — 494 494 25.7 13.6 
Securities finance126 116 150 — — 150 150 19.0 29.3 
Software services(1)
169 169 166 — — 166 166 (1.8)(1.8)
Other fee revenue(1)
127 107 138 — — 138 138 8.7 29.0 
Total fee revenue2,719 2,960 3,188 10 (2)3,178 3,190 16.9 7.8 
Net interest income729 835 860 4 (1)856 861 17.4 3.1 
Total other income— 1 — — — — — nmnm
Total revenue$3,448 $3,796 $4,048 $14 $(3)$4,034 $4,051 17.0 6.7 
Expenses:
Compensation and employee benefits$1,280 $1,441 $1,292 $2 $(4)$1,290 $1,296 0.8 (10.1)
Information systems and communications523 637 589 1 — 588 589 12.4 (7.5)
Transaction processing services260 283 280 1 — 279 280 7.3 (1.1)
Occupancy105 101 96 — — 96 96 (8.6)(5.0)
Other361 349 402 1 (1)401 403 11.1 15.5 
Total expenses$2,529 $2,811 $2,659 $5 $(5)$2,654 $2,664 4.9 (5.2)
Total expenses, excluding notable items - Non-GAAP$2,412 $2,681 $2,659 $5 $(5)$2,654 $2,664 10.0 (0.6)
Total non-compensation expenses, excluding notable items - Non-GAAP(2)
1,232 1,319 1,367 3 (1)1,364 1,368 10.7 3.7 
GAAP-Basis YTD ComparisonReportedCurrency Translation ImpactExcluding Currency Impact% Change Constant Currency
(Dollars in millions)20252026YTD2026 vs. YTD20252026YTD2026 vs. YTD2025
GAAP-Basis Results:
Fee revenue:
Servicing fees$2,579 $2,877 $44 $2,833 9.8 %
Management fees(1)
1,187 1,496 5 1,491 25.6 
Foreign exchange trading services(1)
730 929 — 929 27.3 
Securities finance240 266 — 266 10.8 
Software services(1)
327 335 2 333 1.8 
Other fee revenue(1)
226 245 — 245 8.4 
Total fee revenue5,289 6,148 51 6,097 15.3 
Net interest income1,443 1,695 26 1,669 15.7 
Total other income— 1 — 1 nm
Total revenue$6,732 $7,844 $77 $7,767 15.4 
Expenses:
Compensation and employee benefits$2,542 $2,733 $35 $2,698 6.1 
Information systems and communications1,020 1,226 4 1,222 19.8 
Transaction processing services518 563 4 559 7.9 
Occupancy208 197 2 195 (6.3)
Other691 751 10 741 7.2 
Total expenses$4,979 $5,470 $55 $5,415 8.8 
Total expenses, excluding notable items - Non-GAAP$4,862 $5,340 $55 $5,285 8.7 
Total non-compensation expenses, excluding notable items - Non-GAAP(2)
2,420 2,686 20 2,666 10.2 
(1) In the first quarter of 2026, revenue related to distribution and marketing activities was reclassified from foreign exchange trading services to management fees. Additionally, lending related and other fees, previously recognized within software and processing fees, was reclassified to other fee revenue, and the software and processing fees caption has been changed to software services. Prior-period amounts have been reclassified to conform to the current presentation. These reclassifications had no impact on total fee revenue, total revenue or net income, on either a consolidated or line of business basis.
(2) Total non-compensation expenses, excluding notable items is comprised of total expenses, excluding notable items - Non-GAAP, less compensation and employee benefits, excluding notable items. Compensation and benefits, excluding notable items were $1,292 million in the second quarter of 2026, $1,362 million in the first quarter of 2026 and $1,180 million in the second quarter of 2025.
nm Denotes not meaningful
22    
1 2Q 2026 Financial Highlights NYSE: STT July 16, 2026 Exhibit 99.3

 

2 Agenda 2Q 2026 Financial Highlights 3 Medium-term Financial Update 13 Appendix 21

 

3 2Q26 highlights A Ex-notables and some other metrics (e.g., ROTCE) are non-GAAP presentations; refer to the Appendix for a reconciliation, and further explanations, of non-GAAP measures. See page 4 for a summary of our 2Q26 financial results, and the Addendum to these materials for a further summary of our 2Q26 financial results, presented on a GAAP-basis. B Represents average. Refer to the Appendix included with this presentation for endnotes 1 to 35. All comparisons are to corresponding prior year period unless otherwise noted. • Record AUC/A of $57.9T at quarter-end; AUC/A wins of $384B1,2 • Record Servicing fees of $1.5B • New servicing fee revenue wins of $87M2 • Announced tokenized fund servicing capability in Luxembourg3 Investment Services $631M Total capital return Capital return5 +10% DPS increase8 Capital ratios6 5.3% Tier 1 leverage 10.8% CET1 $305B Interest-earning assetsB 1.13% Net interest margin7 Balance sheet 2Q26 2026 YTD Total revenue $4.0B ▲17% $7.8B ▲16% Fee revenue $3.2B ▲16% $6.1B ▲16% Total expenses $2.7B ▲10% $5.3B ▲10% Operating leverage 645bps 633bps Pre-tax margin 34.3% 31.7% ROTCE 25.5% 22.8% EPS $3.65 ▲44% $6.49 ▲42% Ex-notablesA • Integrated liquidity and financing solutions driving record FX client trading volumes up 25%, securities on loan up 24%B • Record FX trading services revenues of $494M Markets • Record AUM of $6.3T at quarter-end; net inflows totaling $114B1 • Record Management fees of $772M • Broadened capabilities with 38 newly launched products and solutions • Expanded investor access to innovative Digital Asset solutions, including tokenized liquidity solutions • SPYM ETF selected as exclusive default investment for Trump Accounts4 Investment Management

 

4 Summary of 2Q26 financial results • Total revenue of $4.0B, up 17% – Fee revenue of $3.2B, up 17%; up 16% ex-notables, primarily driven by higher Management fees, Servicing fees, and FX trading services revenue – NII of $860M, up 18% reflecting a 17bps increase in NIM • Total expenses of $2.7B, up 5%; up 10% ex-notables, mainly driven by higher revenue-related costs and continued strategic investments • Pre-tax margin of 34.3%, up 8.5%pts; up 4.7%pts ex-notables • ROTCE of 25.5%, up 8.8%pts; up 6.1%pts ex-notables • Operating leverage of 1,226bps; 645bps ex-notables All comparisons are to corresponding prior year period unless otherwise noted. See note A below for a description of ex-notables presentation. Financial resultsA Performance highlights A Ex-notables and some other metrics (e.g., ROTCE) are non-GAAP presentations; refer to the Appendix for a reconciliation, and further explanations, of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 35. (GAAP; $M, except EPS data, or where otherwise noted) 2Q25 1Q26 2Q26 1Q26 2Q25 Revenue: Servicing fees $1,304 $1,409 $1,468 4% 13% Management fees 600 724 772 7 29 Foreign exchange trading services 393 435 494 14 26 Securities finance 126 116 150 29 19 Software services 169 169 166 (2) (2) Other fee revenue9 127 107 138 29 9 Total fee revenue 2,719 2,960 3,188 8 17 Net interest income 729 835 860 3 18 Total revenue $3,448 $3,796 $4,048 7% 17% Provision for credit losses 30 16 - nm nm Total expenses $2,529 $2,811 $2,659 (5)% 5% Net income before income taxes $889 $969 $1,389 43% 56% Net income $693 $764 $1,084 42% 56% Diluted earnings per share $2.17 $2.49 $3.65 47% 68% Return on average common equity 10.8% 11.6% 16.7% 5.1%pts 5.9%pts Return on average tangible common equityA 16.7% 17.6% 25.5% 7.9%pts 8.8%pts Pre-tax margin 25.8% 25.5% 34.3% 8.8%pts 8.5%pts Tax rate 22.0% 21.2% 21.9% 0.7%pts (0.1)%pts Ex-notable items, non-GAAP A Total fee revenue $2,740 $2,960 $3,188 8% 16% Total revenue $3,469 $3,796 $4,048 7% 17% Total expenses $2,412 $2,681 $2,659 (1)% 10% Diluted earnings per share $2.53 $2.84 $3.65 29% 44% Return on average common equity 12.5% 13.3% 16.7% 3.4%pts 4.2%pts Return on average tangible common equity 19.4% 20.1% 25.5% 5.4%pts 6.1%pts Pre-tax margin 29.6% 29.0% 34.3% 5.3%pts 4.7%pts Quarters %∆

 

5 Servicing fees Refer to the Appendix included with this presentation for endnotes 1 to 35. 2Q25 3Q25 4Q25 1Q26 2Q26 $1,304 $1,357 $1,388 $1,409 $1,468 +13% +4% 2Q25 3Q25 4Q25 1Q26 2Q26 AUC/A 1 AUC/A ($T) $49.0 $51.7 $53.8 $54.5 $57.9 AUC/A wins ($B) 1,093 361 484 365 384 AUC/A to be installed ($B) 3,975 3,634 2,500 2,748 2,930 Servicing fees ($M) 2 Servicing fee rev. wins $145 $47 $87 $56 $87 Servicing fee rev. to be installed 444 401 320 315 335 Servicing fees of $1,468M up 13% YoY and 4% QoQ • Up 13% YoY and 4% QoQ primarily driven by organic growth and higher average market levels10 • Record AUC/A of $57.9T at quarter-end • New 2Q26 servicing fee revenue wins of $87M, primarily driven by back office and Alternatives2 • $384B in new servicing AUC/A wins in 2Q26, with the majority from Asset Managers and Alternatives1 • Servicing fee revenue to be installed of $335M at quarter-end2 • Announced tokenized fund servicing capability in Luxembourg, with an initial client signed on3 Performance indicators 2Q26 business momentum 2Q26 performanceServicing fees ($M)

 

6 Management fees Management fees of $772M up 29% YoY and 7% QoQ • Up 29% YoY and up 7% QoQ driven by higher average market levels and quarterly net inflows of $114B 2Q25 3Q25 4Q25 1Q26 2Q26 $600 $664 $717 $724 $772 +7% +29% 2Q25 3Q25 4Q25 1Q26 2Q26 AUM ($T) $5.1 $5.4 $5.7 $5.6 $6.3 Net flows (QoQ) ($B) 82 26 85 49 114 By strategy ($B): Index Strategies and Solutions $96 $31 $65 $38 $81 ETFs 15 38 51 25 66 Other Index 81 (7) 14 13 15 Active, Alternatives and Other (13) (15) (4) 3 (2) Cash (1) 10 24 8 35 • Product innovation: 38 new products and solutions launched – Expanded investor access to innovative Digital Asset solutions, including a tokenized private MMF and a GENIUS Act-aligned stablecoin reserves MMF – State Street SPDR Portfolio S&P 500 ETF (SPYM) selected as the default investment for the U.S. Treasury-administered Trump Accounts program4 – Announced strategic investment in German digital wealth platform getquin • Index Strategies and Solutions – ETFs: – Net inflows of $66B driven by SPY, continued momentum across U.S. Low-Cost ETF suite and EMEA • Index Strategies and Solutions – Other Index: – Net inflows of $15B led by Fixed Income and Multi-Asset Solutions • Cash – Net inflows of $35B Management fees ($M) 2Q26 performance Performance indicators1 2Q26 business momentum1 Figures may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 35.

 

7 FX trading services and Securities finance 2Q25 3Q25 4Q25 1Q26 2Q26 $390 $364 $350 $435 $494 A Ex-notables and some other metrics (e.g., ROTCE) are non-GAAP presentations; refer to the Appendix for a reconciliation, and further explanations, of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 35. +27% +14% 2Q25 3Q25 4Q25 1Q26 2Q26 $126 $138 $127 $116 $150 FX trading services11 (Ex-notable items, non-GAAP, $M)A Securities finance ($M) +19% +29% Securities finance of $150M up 19% YoY and 29% QoQ • Up 19% YoY and 29% QoQ largely driven by higher client lending balances in Agency Lending and Prime Services 2Q26 performance2Q26 performance FX trading services of $494M up 27% YoY and 14% QoQ • Up 27% YoY and 14% QoQ primarily due to higher client volumes mostly in Asia-Pacific 2Q26 business momentum2Q26 business momentum • Record FX trading volumes up 25% YoY driven by Asia-Pacific • Greater geographic diversification with international revenue representing ~74% of FX trading revenue, up from ~68% in 2Q25 • Average securities on loan up 24% YoY

 

8 2Q25 3Q25 4Q25 1Q26 2Q26 ARR15 $381 $410 $420 $427 $433 New bookings16 6 9 26 1 5 Uninstalled revenue backlog17 143 145 155 151 152 Software services • 2Q26 ARR increased ~14% YoY driven by continued SaaS client implementations and conversions15 • Strong uninstalled revenue backlog, up 6% YoY17 Professional services Software and data (incl. SaaS)14 On-premises14 -14% 107 110 116 114 118 36 37 35 30 35 48 2Q25 16 3Q25 4Q25 1Q26 2Q26 $193 $167 $163 $169 $166 (83)% (3)% YoY % 10% Software services of $166M down (14)% YoY and (2)% QoQ12,13 • On-premises revenue down $(40)M YoY, primarily reflecting elevated renewal activity in the year-ago period • Software and data revenue up 10% YoY driven by higher go-live revenue from onboarded clients 21 Software services12,13 (Ex-notable items, non-GAAP, $M)A 2Q26 performance Performance indicators ($M) 2Q26 business momentum A Ex-notables and some other metrics (e.g., ROTCE) are non-GAAP presentations; refer to the Appendix for a reconciliation, and further explanations, of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 35. -2% 89

 

9 Net interest income A Line items are rounded. Refer to the Appendix included with this presentation for endnotes 1 to 35. NII of $860M up 18% YoY and 3% QoQ • Up 18% YoY reflecting a 17bps increase in NIM – NIM increased 17bps YoY largely due to both an improved funding and investment portfolio mix as well as a reduction in the impact of terminated hedges, primarily offset by lower average market rates – Average interest-earning assets were flat YoY driven by an increase in client deposit balances, partially offset by a decrease in short- term borrowings • Up 3% QoQ primarily driven by a 4% increase in average interest- earning assets – NIM decreased (3)bps QoQ primarily driven by deposit mix given growth in interest-bearing client deposit balances – Average interest-earning assets increased ~$12B QoQ largely due to higher interest-bearing client deposit balances 2Q25 3Q25 4Q25 1Q26 2Q26 Interest-earning assets $305 $295 $289 $293 $305 Interest-bearing deposits with banks (net)18 98 88 95 100 104 Investment portfolio 112 112 108 107 109 Loans19 45 47 48 49 50 Other interest-earning assets 39 40 30 28 34 Total deposits $261 $255 $254 $258 $270 Interest-bearing deposits 237 231 227 229 241 Non-interest-bearing deposits 24 24 26 29 30 NIM7 (FTE, %) 0.96% 0.96% 1.10% 1.16% 1.13% 2Q25 3Q25 4Q25 1Q26 2Q26 $729 $715 $802 $835 $860 +3% +18% NII ($M) 7 Average balance sheet highlights ($B)A 2Q26 performance

 

10 Expenses of $2,659M up 10% YoY and down (1)% QoQ – Up 10% YoY primarily driven by higher revenue-related costs and continued strategic investments – Down (1)% QoQ largely reflecting seasonally higher 1Q expenses, partially offset by higher revenue-related costs and continued investmentsB • Compensation and employee benefits of $1,292M20 – Up 9% YoY mainly due to higher performance-based incentive compensation, merit increases, and higher employee benefits, partially offset by productivity savings, including lower headcount – Down (5)% QoQ primarily reflecting seasonally higher 1Q expenses and productivity savings, including lower headcount, partially offset by higher performance-based incentive compensation and merit increasesB – Headcount down (3)% YoY and (2)% QoQ • Information systems and communications of $589M20 – Up 17% YoY largely related to volume-related costs, infrastructure investments and tech modernization and resiliency • Transaction processing services of $280M – Up 8% YoY mainly due to higher revenue-related costs • Occupancy of $96M20 – Down (9)% YoY mainly due to real estate footprint optimization • Other of $402M20 – Up 11% YoY and 15% QoQ largely reflecting higher fund marketing costs and professional fee spend Expenses 362 349 402 260 283 280 505 587 589 1,180 1,362 1,292 2Q25 1Q26 2Q26 $2,412 $2,681 $2,659 Comp. & benefits20 Info. sys.20 Tran. processing Other20 Occupancy20 +10% -1% 9% 17% 8% YoY % (9)% 11% $2,529 $2,811 $2,659 52,014 51,425 50,596 GAAP Expenses Headcount YoY +5% QoQ -5% YoY -3% QoQ -2% A Ex-notables and some other metrics (e.g., ROTCE) are non-GAAP presentations; refer to the Appendix for a reconciliation, and further explanations, of non-GAAP measures. B 1Q26 includes $169M of seasonal incentive compensation and benefits expenses. Refer to the Appendix included with this presentation for endnotes 1 to 35. Expenses (Ex-notable items, non-GAAP, $M)A 105 100 96 2Q26 performance (Ex-notable items, non-GAAP)A

 

11 Capital and liquidity • Capital return of $631M to common shareholders; total payout ratio of 62%5 • Standardized CET1 ratio of 10.8% increased 0.2%pts QoQ primarily due to capital generated from earnings, partially offset by continued capital return and higher RWA • Tier 1 leverage ratio of 5.3% decreased (0.1)%pts QoQ mainly driven by continued capital return and higher average balance sheet levels, partially offset by capital generated from earnings • SLR of 6.2% decreased by (0.1)%pts QoQ largely due to higher leverage exposure and continued capital return, partially offset by capital generated from earnings 2Q25 1Q26 2Q26 Capital Return ($M) Declared common dividends $217 $233 $231 Common share repurchases 300 400 400 Total capital return 517 633 631 Capital ($B) CET1 capital $14.8 $14.8 $15.4 Tier 1 capital 18.4 18.4 19.0 RWA / Leverage ($B) Risk weighted assets (Standardized) $138 $140 $143 Adjusted average assets (Tier 1) 21 345 342 358 Leverage exposure (SLR) 22 292 290 307 Liquidity (%) State Street Bank and Trust LCR 23 136% 139% 136% Capital and liquidity metrics 2Q26 performance CET1 ratio (Standardized) Capital (%, as of period-end) 6 Tier 1 leverage ratio Supplementary leverage ratio Refer to the Appendix included with this presentation for endnotes 1 to 35. 5.3% 5.6% 5.5% 5.4% 5.3% 2Q25 3Q25 4Q25 1Q26 2Q26 6.3% 6.4% 6.5% 6.3% 6.2% 2Q25 3Q25 4Q25 1Q26 2Q26 10.7% 11.3% 11.6% 10.6% 10.8% 2Q25 3Q25 4Q25 1Q26 2Q26

 

12 A Outlook, in particular fee revenue and NII, are, among other things, dependent on macroeconomic, industry and other factors, including, but not limited to, the impacts from changes in interest rates, as well as equity and fixed income markets (which are highly uncertain). Interest rate assumptions are broadly aligned with forward interest rates as of 2Q26 quarter-end. Outlook does not reflect items outside of the normal course of business. Financial metrics are ex-notable items (e.g., items outside of the normal course of business), which are non-GAAP measures; refer to the Appendix for a reconciliation of FY2025 ex-notable items/currency translation and further explanations of non-GAAP measures. B Prior full-year Outlook provided on 1Q26 Earnings Call. FY2026 updated outlook and key assumptions Prior OutlookA,B FY2026 Updated OutlookA Key AssumptionsA Fee Revenue Up ~7 – 9% YoY Up ~12 – 13% YoY • Global equity markets flat from 2Q quarter- end • Organic growth in Investment Services and Investment Management NII Up ~8 – 10% YoY Up ~14 – 15% YoY • Broadly aligned with forward interest rates Expenses Up ~5 – 6% YoY Up ~8% +/- YoY • Higher revenue-related costs • Investments in strategic and growth initiatives ~500bps operating leverage

 

13 Medium-term Financial Update

 

14 >10% $57.9T $6.3T 100+ 234 of the world’s assets entrusted to us24 AUC/A AUM Markets where we do business years of experience Experience by client segmentOne Platform Asset Managers Front-to-back servicing offering, including Alpha platform, for both Alternative and Traditional asset managers; embedded Markets solutions including FX trading, financing and lending Fund Launch Institutional Servicing Data & Insights Liquidity & Financing Wealth Distribution ~95% of the Top 100 largest asset managers31 ~85% of the Top 100 largest asset owners32 Asset Owners Whole-firm delivery across entire investment lifecycle including pension funds, sovereign wealth funds, endowments/foundations and insurance companies Portfolio Insights Institutional Servicing Data & Insights Asset Management Liquidity & Financing $1.8T+ Wealth AUM33 $2.7T+ CRD Wealth AUA34 Wealth Front-to-back offerings with CRD Wealth and digital first global custody platform; Wealth distribution for Investment Management; Markets solutions for Wealth Investment Products Wealth Servicing Wealth Distribution Portfolio Execution Liquidity & Financing Investment Services #2 Custodian globally25 #1 ETF Servicer26 Leading global custodian with differentiated front-to-back capabilities Investment Management #4 Asset Manager globally27 #3 ETF Manager globally28 Leading global asset manager with innovative product engine Markets #1 FX provider to asset managers29 Integrated liquidity and financing solutions Shared client base Integrated platform & data Unified coverage #3 Securities agency lender30 Refer to the Appendix included with this presentation for endnotes 1 to 35. Global scale, integrated as One State Street, serving the world’s leading investors

 

15 Building on improved performance to deliver against medium-term targets Pre-tax margin (%) ROTCE (%) FY2023 FY2024 FY2025 2026 YTD 26.4% 27.6% 29.2% 31.7% FY2023 FY2024 FY2025 2026 YTD 18.3% 18.9% 19.6% 22.8% A Ex-notables and some other metrics (e.g., ROTCE) are non-GAAP presentations; refer to the Addendum and Appendix for a reconciliation, and further explanations, of non-GAAP measures. Note: Medium-term refers to a 3-to-5-year time horizon; targets assume stable operating and equity environment, broadly aligned with forward interest rates as of 2Q26 quarter-end, and exclude items outside the ordinary course of business (e.g., notable items). Medium-term capital assumptions: Standardized CET1 of ~11%, Tier 1 leverage ~5.25 – 5.75%. Refer to the Appendix included with this presentation for endnotes 1 to 35. 1. Global franchises at scale Providing differentiated capabilities to drive revenue growth across Asset Managers, Asset Owners, and Wealth Managers 2. Strategic growth initiatives Complementing growth in our leading franchises, including targeted investments in Alternatives, Digital Assets, and Wealth 3. Tech and AI-enabled Transformation Accelerating execution of product / platform operating model Enabled by One State Street Shared client base, integrated platform & data, unified coverage 35% Pre-Tax Margin Mid-20s% ROTCE Delivering continued improvement Medium-Term Targets Track record of improved performanceA Key strategic pillars Key Drivers Organic revenue growth Positive operating leverage ~$1B of annual run-rate Transformation benefits35 Key Assumptions Stable operating environment Broadly aligned with forward interest rates Total payout ratio of 80% +/- Revenue ($B) $12.2B FY2023 $13.0B FY2024 $14.0B FY2025

 

16 Delivering improved performance to unlock shareholder value Global franchises at scale Extend ETF servicing leadership Selective global expansion Distinctive Alpha front-to-back capabilities ETFs, Index, Fixed Income Innovative products & partnerships Global / distribution channel expansion Aligned global expansion Innovative product solutions Electronic trading expansion Firmwide organic growth Strategic growth initiatives Alternatives growth Digital infrastructure Apex partnership for Wealth Democratize access to Alternatives Tokenized products Grow Wealth AUM Expand solution set to Alternatives, Digital, and Wealth clients Expanded addressable market Tech and AI-enabled Transformation Higher service quality Faster time-to-market Lower unit costs Increased innovation capacity Accelerated product releases Lower unit costs Sharper data insights Streamlined client experiences Lower unit costs Accelerated execution, service quality, and productivity benefits One State Street Deeper client relationships and wallet share Note: Medium-term refers to a 3-to-5-year time horizon; targets assume stable operating and equity environment, broadly aligned with forward interest rates as of 2Q26 quarter-end, and exclude items outside the ordinary course of business (e.g., notable items). FY2025 Investment Services Investment Management Markets Medium-Term 29% 35% Illustrative pre-tax margin expansion underpinned by key strategic pillars Shared client base, integrated platform & data, unified coverage ~200bps +/- ~100bps +/- ~300bps +/-

 

17 Transformation accelerating execution of product platform operating model Improving client experience, funding strategic investments, and driving durable margin expansion Our Transformation pillars and intended future state 1. Operating model transformation Migration to a product / platform structure with business leader ownership of end-to-end client delivery • Cross-functional agile teams integrating technology, business, and operations resources enabled by AI tools • Significant reduction in product development release cycle times • Improved client experience and service quality across the franchise 2. Technology simplification & modernization Simplified, cloud-based infrastructure with a strong data foundation reducing complexity, lowering unit costs, and strengthening resiliency and security • ~80% of applications running on modern cloud platforms from ~40% today • Rationalize data center infrastructure; reduction in data centers and data domain footprint • Lower mix of run-the-bank costs, with a higher share of spend directed to growth and innovation 3. Enterprise-wide AI adoption AI scaled responsibly to expand capacity, improve execution, and deliver better client outcomes, stronger controls, improved efficiency and an enhanced employee experience • Launch core agentic platform with best-of-breed AI tools and capabilities • Equip development teams with modern AI tools driving ~30-40% increase in developer productivity • Acceleration in legacy code modernization • Employees actively using AI tools, creating capacity for higher-value work Transformation driving ~$1B of annual run-rate benefits by 2029, including ~$750M of productivity, plus ~$250M of revenue35 Refer to the Appendix included with this presentation for endnotes 1 to 35.

 

18 Disciplined capital allocation framework • Support common dividend growth • Drive organic growth by investing in our businesses and deepening client relationships; potential to accelerate strategy via opportunistic strategic investments and bolt-on acquisitions • Return excess capital to shareholders through common share repurchases FY2023 FY2024 FY2025 $2.64 $2.90 $3.20 FY2023 FY2024 FY2025 $44.22 $49.14 $56.13 Capital allocation priorities Medium-term assumptions Common dividend per share Tangible book value per share Note: Medium-term assumptions reflect the current capital framework and do not include the potential impact of pending Basel III revisions including the Expanded Risk-Based Approach. The assumptions may be revised as these rules are finalized and implementation timelines are formally established. Tier 1 Leverage: ~5.25-5.75% CET1: ~11% Total payout ratio: 80% +/- Prudent capital management has driven consistent common dividend per share and tangible book value growth

 

19 Entering next phase of growth and unlocking shareholder value Strong momentum & execution Clear strategic direction Unlocking shareholder value Well positioned to deliver continued growth, expand pre-tax margin and improve returns over the medium term #2 #4 #1 100+ 234 Custodian globally23 Asset Manager globally25 FX Bank for Asset Managers27 Markets where we do business Years of experience • Record AUC/A, AUM, and FX client volumes in 2Q26 • Record Total revenues, Servicing fees, Management fees, and FX trading services revenues in 2Q26 • 10 consecutive quarters of positive year-over-year operating leverage, excluding notable items, as of 2Q26A • Strong year-to-date results and improved outlook for FY2026 • Leading global franchises at scale, serving a premier client base and underpinned by One State Street • Expanding addressable market and delivering higher growth and diversification with portfolio of distinctive strategic initiatives • Embedding AI across the franchise to advance product / platform operating model and modernize technology stack, driving greater operational efficiency and better client service • Reinvesting productivity savings in business growth • Building on strong momentum and organic growth profile to deliver continued positive operating leverage • Establishing ambitious medium-term financial targets and pivoting State Street to the next phase of growth 35% Pre-Tax Margin Mid-20s% ROTCE Medium-Term Targets 5 7 FX provider to A set Managers29 A Ex-notables and some other metrics (e.g., ROTCE) are non-GAAP presentations; refer to the Addendum and Appendix for a reconciliation, and further explanations, of non-GAAP measures. Note: Medium-term refers to a 3-to-5-year time horizon; targets assume stable operating and equity environment, broadly aligned with forward interest rates as of 2Q26 quarter-end, and exclude items outside the ordinary course of business (e.g., notable items). Medium-term capital assumptions: Standardized CET1 of ~11%, Tier 1 leverage ~5.25 – 5.75%. Refer to the Appendix included with this presentation for endnotes 1 to 35.

 

20

 

21 Appendix Notable items 22 Reconciliation of notable items 23 Reconciliation of constant currency impacts 24 Endnotes & other information 25 Forward-looking statements 28 Non-GAAP measures 29 Definitions 30

 

22 Notable items B 2Q25 Repositioning charges of $100M reflected in Compensation and employee benefits primarily from workforce rationalization. 1Q26 Repositioning charges of $89M represents $79M reflected in Compensation and employee benefits primarily related to workforce rationalization, Operating model changes of $9M reflected in Information systems and communications, and a $1M charge reflected in Occupancy associated with real estate footprint optimization. C 2Q25 Client rescoping of $42M represents $(24)M reflected in Software services in Professional services and $18M reflected in Information systems and communications. 1Q26 Client rescoping of $41M reflected in Information systems and communications. D 2Q25 Other notable items of $4M represents a revenue-related recovery of $3M associated with the proceeds from a 2018 FX benchmark litigation resolution reflected in FX trading services revenue, and a $1M release of a prior period notable item reflected in Other expenses. A These are non-GAAP presentations; refer to the Appendix for a reconciliation, and further explanations, of non-GAAP measures. ($M, except EPS data) 2Q25 1Q26 2Q26 Repositioning chargesB $(100) $(89) - Client rescopingC (42) (41) - Other notable itemsD 4 - - Total notable items (pre-tax) $(138) $(130) - Income tax impact from notable items (35) (32) - EPS impact $(0.36) $(0.35) - QuartersA

 

23 Reconciliation of notable items A Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses. B Calculated as the period-over-period change in total fee revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items. C Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses. D Calculated as the period-over- period change in total revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items. Quarterly reconciliation % Change (Dollars in millions, unless noted otherwise) 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 2025 2026 YTD 2026 vs. YTD 2025 Total fee revenue, GAAP-basis 2,570$ 2,719$ 2,829$ 2,862$ 2,960$ 3,188$ 17.2% 7.7% 5,289$ 6,148$ 16.2% Less: Notable items: Foreign exchange trading services (3) (3) - Client rescoping (revenue impact) 24 24 - Total fee revenue, excluding notable items 2,570$ 2,740$ 2,829$ 2,862$ 2,960$ 3,188$ 16.4% 7.7% 5,310$ 6,148$ 15.8% Total revenue, GAAP-basis 3,284$ 3,448$ 3,545$ 3,667$ 3,796$ 4,048$ 17.4% 6.6% 6,732$ 7,844$ 16.5% Less: Notable items: Foreign exchange trading services (3) (3) Client rescoping (revenue impact) 24 24 Total revenue, excluding notable items 3,284$ 3,469$ 3,545$ 3,667$ 3,796$ 4,048$ 16.7% 6.6% 6,753$ 7,844$ 16.2% Total expenses, GAAP basis 2,450$ 2,529$ 2,434$ 2,741$ 2,811$ 2,659$ 5.1% (5.4)% 4,979$ 5,470$ 9.9% Less: Notable items: Repositioning charges (100) (226) (89) (100) (89) Client rescoping (expense impact) (18) (41) (18) (41) Other notable items 1 20 1 Total expenses, excluding notable items 2,450$ 2,412$ 2,434$ 2,535$ 2,681$ 2,659$ 10.2% (0.8)% 4,862$ 5,340$ 9.8% Seasonal expenses (155) (169) (155) (169) Total expenses, excluding notable items and seasonal expense items 2,295$ 2,412$ 2,434$ 2,535$ 2,512$ 2,659$ 10.2% 5.9% 4,707$ 5,171$ 9.9% Fee operating leverage, GAAP-basis (bps)A 1,211 bps 1,311 bps 638 bps Fee operating leverage, excluding notable items (bps)B 611 bps 852 bps 595 bps Operating leverage, GAAP-basis (bps)C 1,226 bps 1,205 bps 666 bps Operating leverage, excluding notable items (bps)D 645 bps 746 bps 633 bps Pre-tax margin, GAAP-basis (%) 25.0% 25.8% 31.1% 25.0% 25.5% 34.3% 8.5% pts 8.8% pts 25.4% 30.1% 4.7% pts Notable items as reconciled above (%) 3.8% 5.7% 3.5% 2.0% 1.6% Pre-tax margin, excluding notable items (%) 25.0% 29.6% 31.1% 30.7% 29.0% 34.3% 4.7% pts 5.3% pts 27.4% 31.7% 4.3% pts Net income available to common shareholders, GAAP-basis 597$ 630$ 802$ 688$ 705$ 1,026$ 62.9% 45.5% 1,227$ 1,731$ 41.1% Notable items as reconciled above: pre-tax 138 206 130 138 130 Tax impact on notable items as reconciled above (35) (49) (32) (35) (32) Net income available to common shareholders, excluding notable items 597$ 733$ 802$ 845$ 803$ 1,026$ 40.0% 27.8% 1,330$ 1,829$ 37.5% Diluted EPS, GAAP-basis 2.04$ 2.17$ 2.78$ 2.42$ 2.49$ 3.65$ 68.2% 46.6% 4.21$ 6.14$ 45.8% Notable items as reconciled above 0.36 0.55 0.35 0.36 0.35 Diluted EPS, excluding notable items 2.04$ 2.53$ 2.78$ 2.97$ 2.84$ 3.65$ 44.3% 28.5% 4.57$ 6.49$ 42.0% Year-to-Date 2Q26 vs. 2Q25 2Q26 vs. 1Q26 % Change

 

24 Reconciliation of constant currency impacts Reconciliation of Constant Currency FX Impacts (Dollars in millions) 2Q25 1Q26 2Q26 2Q26 vs. 2Q25 2Q26 vs. 1Q26 2Q26 vs. 2Q25 2Q26 vs. 1Q26 2Q26 vs. 2Q25 2Q26 vs. 1Q26 Non-GAAP basis Servicing fees, excluding notable items $ 1,304 $ 1,409 $ 1,468 $ 9 $ (2) $ 1,459 $ 1,470 11.9% 4.3% Management fees, excluding notable items 600 724 772 1 - 771 772 28.5% 6.6% Foreign exchange trading services, excluding notable items 390 435 494 - - 494 494 26.7% 13.6% Securities finance, excluding notable items 126 116 150 - - 150 150 19.0% 29.3% Software services, excluding notable items 193 169 166 - - 166 166 (14.0)% (1.8)% Other fee revenue, excluding notable items 127 107 138 - - 138 138 8.7% 29.0% Total fee revenue, excluding notable items 2,740 2,960 3,188 10 (2) 3,178 3,190 16.0% 7.8% Net interest income, excluding notable items 729 835 860 4 (1) 856 861 17.4% 3.1% Total other income, excluding notable items - 1 - - - - - nm nm Total revenue, excluding notable items $ 3,469 $ 3,796 $ 4,048 $ 14 $ (3) $ 4,034 $ 4,051 16.3% 6.7% Compensation and employee benefits, excluding notable items $ 1,180 $ 1,362 $ 1,292 $ 2 $ (4) $ 1,290 $ 1,296 9.3% (4.8)% Information systems and communications, excluding notable items 505 587 589 1 - 588 589 16.4% 0.3% Transaction processing services, excluding notable items 260 283 280 1 - 279 280 7.3% (1.1)% Occupancy, excluding notable items 105 100 96 - - 96 96 (8.6)% (4.0)% Other expenses, excluding notable items 362 349 402 1 (1) 401 403 10.8% 15.5% Total expenses, excluding notable items $ 2,412 $ 2,681 $ 2,659 $ 5 $ (5) $ 2,654 $ 2,664 10.0% (0.6)% nm Not meaningful Reported Currency Translation Impact Excluding Currency Impact % Change Constant Currency

 

25 Endnotes & other information This presentation (and the conference call accompanying it) includes certain highlights of, and also material supplemental to, State Street Corporation’s news release announcing its second quarter 2026 financial results. That news release contains a more detailed discussion of many of the matters described in this presentation and is accompanied by an Addendum with detailed financial tables. This presentation (and the conference call accompanying it) is designed to be reviewed together with that news release and that Addendum, which are available on State Street’s website, at http://investors.statestreet.com, and are incorporated herein by reference. No other information on our website is incorporated herein by reference. 1. New investment servicing mandates, including announced Alpha front-to-back investment servicing clients, may be subject to completion of definitive agreements, consents or assignments, approval of applicable boards and shareholders, customary regulatory approvals or other conditions, the failure to complete any of which will prevent the relevant mandate from being installed and serviced. New investment servicing mandates and servicing assets/fees remaining to be installed in future periods exclude new business which has been contracted, but for which the client has not yet provided permission to publicly disclose or anonymously disclose and is not yet installed. These excluded assets, which from time to time may be significant, will be included in new investment servicing mandates and reflected in servicing assets/fees remaining to be installed in the period in which the client provides its permission. Servicing mandates, servicing assets remaining to be installed in future periods and servicing fee revenues remaining to be installed in future periods are presented on a gross basis based on factors present on or about the time we determine the business to be won by us and are not updated based on subsequent developments, including changes in assets, market valuations, scope and, potentially termination. Such assets therefore also do not include the impact of clients who have notified us during the period of their intent to terminate or reduce their relationship with State Street, which from time to time may be significant. New business in assets to be serviced is reflected in our AUC/A after we begin servicing the assets, and new business in assets to be managed is reflected in our AUM after we begin managing the assets. As such, only a portion of any new investment servicing and investment management mandates may be reflected in our AUC/A and AUM as of any particular date specified. AUC/A values for certain asset classes are based on a lag, typically one- month. Generally, our servicing fee revenues are affected by several factors, and we provide varied services from our full suite of offerings to different clients. The basis for fees will also differ across regions and clients and can reflect pricing pressures traditionally experienced in our industry. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing wins or new servicing business yet to be installed, as the amount of revenue associated with AUC/A can vary materially. Management fees also are generally affected by various factors, including investment product type and strategy and relationship pricing for clients, and are more sensitive to market valuations than are servicing fees. Therefore, no assumption should be drawn from management fees associated with changes in AUM levels. Levels of AUC/A, AUC/A to be installed, Servicing fee wins to be installed and AUM are always presented as of the end of the relevant period, unless otherwise specifically noted. 2. Servicing fee revenue wins (i.e., “sales”) and backlog (i.e., "to be installed") represents estimates of future annual revenue associated with new servicing engagements State Street determines to be won during the current reporting period, which may include anticipated servicing-related revenues associated with acquisitions or structured transactions, based upon factors assessed at the time the engagement is determined by State Street to be won, including asset volumes, number of transactions, accounts and holdings, terms and expected strategy. These and other relevant factors influencing projected servicing fees upon asset implementation/onboarding will change from time to time prior to, upon and following asset implementation/onboarding, among other reasons, due to varying market levels and factors and client and investor activity and preferences. Servicing fee/backlog estimates are not updated to reflect those changes, regardless of the magnitude or direction of, or reason for, any change. Servicing fee revenue wins in any period are highly variable and include estimated fees attributable to both (1) services to be provided for new estimated AUC/A reflected in new investment servicing wins for the period (with AUC/A to be onboarded in the future) and (2) additional services to be provided for AUC/A already included in our end-of period AUC/A (i.e., for which other services are currently provided); and the magnitude of one source of servicing fee revenue wins relative to the other (i.e., (1) relative to (2)) will vary from period to period. Therefore, for these and other reasons, comparisons of estimated servicing fee revenue wins to estimated new investment servicing AUC/A wins for any period will not produce reliable fee per AUC/A estimates. No servicing fees are recognized until the point in the future when we begin performing the associated services with respect to the relevant AUC/A. See also endnote 1 above in reference to considerations applicable to pending servicing engagements, which similarly apply to engagements for which reported servicing fee revenue wins/backlog are attributable. Both AUC/A and servicing fee revenue, when presented on a "backlog" or "to be installed" basis, are presented as of period-end. Separately, quarterly servicing fee revenue wins and AUC/A wins may not sum to full-year totals due to rounding. 3. Delivery of the capability remains subject to applicable regulatory approvals and operational readiness milestones. 4. State Street Investment Management announced on July 1, 2026, that the SPYM ETF was selected by the U.S. Department of the Treasury as the exclusive default investment for Trump Accounts. 5. Capital returned represents $231M of common stock dividends declared during 2Q26 and $400M of common share repurchases made in 2Q26. Total payout represents capital returned divided by net income available to common shareholders over the period of 2Q26. The total payout ratio was 62% in 2Q26. 6. Unless otherwise noted, all capital ratios referenced on this page and elsewhere in this presentation refer to State Street Corporation, or State Street, and not State Street Bank and Trust Company. All capital ratios are as of quarter-end. The lower of capital ratios calculated under the Basel III advanced approaches and under the Basel III standardized approach are applied in the assessment of our capital adequacy for regulatory purposes. Standardized approach ratios were binding for 2Q25 through 2Q26. Refer to the Addendum for descriptions of these ratios. 2Q26 capital ratios are presented as of quarter-end and are preliminary estimates. 7. NII is presented on a GAAP-basis. NIM is presented on a fully taxable-equivalent (FTE) basis, and is calculated by dividing FTE NII by average total interest-earning assets. Refer to the Addendum for reconciliations of NII FTE- basis to NII GAAP-basis on the Average Statement of Condition. 8. Announced intention to increase quarterly common stock dividend by 10% to $0.92 per share in 3Q26 (subsequently declared on July 14, 2026). State Street’s common stock and other stock dividends, including the declaration, timing and amount, remain subject to consideration and approval by State Street’s Board of Directors at the relevant times. 9. Other fee revenue primarily consists of income from lending-related activities, certain tax-advantaged investments, equity investments, and market-related adjustments. Other fee revenue increased 9% YoY primarily due to FX-related and market-related adjustments. Other fee revenue increased 29% QoQ largely driven by market-related adjustments.

 

26 Endnotes & other information (cont.) 10. Organic growth represents growth excluding estimated market and FX impacts. 11. GAAP FX trading services of $393M in 2Q25 included a notable item related to a revenue-related recovery of $3M associated with the proceeds from a 2018 FX benchmark litigation resolution. Excluding this notable item, 2Q25 adjusted FX trading services was $390M. 12. GAAP Software services of $169M in 2Q25 included a notable item related to an Alpha-related client rescoping of $24M. Excluding this notable item, 2Q25 adjusted Software services was $193M. 13. Software services revenue primarily includes revenue from CRD, Alpha Data Platform and Alpha Data Services. Includes Other revenue of $3-5M in each of 2Q25 through 2Q26. Revenue line items may not sum to total due to rounding. 14. On-premises revenue is revenue derived from locally installed software. Software and data revenue includes SaaS, maintenance and support revenue, FIX, brokerage, and value-add services. The revenue recognition pattern for On-premises installations differs from Software and data revenue. 15. Software services annual recurring revenue (ARR), an operating metric, is calculated by annualizing the revenue from the last month of the relevant quarter for CRD and CRD for Private Markets and includes the annualized amount of most Software and data revenue, including revenue generated from SaaS, maintenance and support revenue, FIX, and value-added services, which are all expected to be recognized ratably over the term of client contracts. Software services ARR does not include Software and data brokerage revenue, revenue from affiliates and licensing fees (excluding the portion allocated to maintenance and support) from On- premises software. This reflects a change in presentation which previously calculated those revenues by annualizing the revenue for the relevant quarter (as opposed to the revenue for the last month of the relevant quarter). Prior period amounts have been recast to conform to the current calculation. 16. Software services bookings represent signed ARR contract values for CRD, CRD for Private Markets, Alpha Data Platform, and Alpha Data Services excluding bookings with affiliates, including State Street Investment Management. Software services revenue derived from affiliate agreements is eliminated in consolidation for financial reporting purposes. New bookings for 4Q25 have been adjusted to exclude affiliate bookings and renegotiations. 17. Represents expected ARR from signed client contracts that are scheduled to be largely installed over the next 24 months for CRD, CRD for Private Markets and Alpha Data Services. It includes SaaS revenue, as well as maintenance and support revenue, and excludes the one-time impact of On-premises license revenue, revenue generated from FIX, brokerage, value-add services, and professional services as well as revenue from affiliates. 18. These deposits primarily reflect our maintenance of cash balances at the Federal Reserve, the ECB and other non-U.S. central banks. 19. Average loans are presented on a gross basis. Refer to the Addendum for average loans net of expected credit losses. 20. GAAP Compensation and employee benefits expenses of $1,441M in 1Q26 included a notable item related to a repositioning charge of $79M. GAAP Compensation and employee benefits expenses of $1,280M in 2Q25 included a notable item related to a repositioning charge of $100M. Excluding these notable items, adjusted 2Q26 Compensation and employee benefits of $1,292M decreased (5)% compared to adjusted 1Q26 Compensation and employee benefits of $1,362M and increased 9% compared to adjusted 2Q25 Compensation and employee benefits of $1,180M. GAAP Information systems and communications expenses of $637M in 1Q26 included notable items related to a client rescoping of $41M and operating model changes of $9M. GAAP Information systems and communications expenses of $523M in 2Q25 included a notable item related to a client rescoping of $18M. Excluding these notable items, adjusted 2Q26 Information systems and communications expenses of $589M was flat compared to adjusted 1Q26 Information systems and communications expenses of $587M and increased 17% compared to adjusted 2Q25 Information systems and communications expenses of $505M. GAAP Occupancy expenses of $101M in 1Q26 included a notable item related to a repositioning charge of $1M. Excluding this notable item, adjusted 2Q26 Occupancy expenses of $96M decreased (4)% compared to adjusted 1Q26 Occupancy expenses of $100M. GAAP Other expenses of $361M in 2Q25 included a notable item related to a $1M release of a prior period notable item. Excluding this notable item, adjusted 2Q26 Other expenses of $402M increased 11% compared to adjusted 2Q25 Other expenses of $362M. 21. Adjusted average assets (Tier 1) is equal to average consolidated assets less applicable Tier 1 leverage capital reductions under regulatory standards. 22. The Tier 1 leverage ratio differs from the SLR primarily in that the denominator of the Tier 1 leverage ratio is a quarterly average of on-balance sheet assets, while the SLR additionally includes off-balance sheet exposures. In addition, STT’s SLR includes regulatory deductions. Refer to the Addendum for additional information on regulatory capital. 23. State Street Corporation LCR in 2Q26 increased 1% QoQ to ~107%; State Street Bank and Trust's (SSBT) LCR is significantly higher than State Street Corporation's (SSC) LCR, primarily due to application of the transferability restriction in the U.S. LCR Final Rule to the calculation of SSC’s LCR. This restriction limits the amount of HQLA held at SSC’s principal banking subsidiary, SSBT, and available for the calculation of SSC’s LCR to the amount of net cash outflows of SSBT. This transferability restriction does not apply in the calculation of SSBT’s LCR, and therefore SSBT’s LCR reflects the full benefit of all of its HQLA holdings.

 

27 Endnotes & other information (cont.) 24. >10% of world’s assets entrusted to us. Represents State Street AUC/A of $57.9T as of June 30, 2026, divided by Global Financial Assets, including Global Equity, Global Debt Securities and Global Broad Money (M3), as of December 31, 2024. Sources: SIFMA Markets Factbook, 2025; Organization for Economic Co-Operation (OECD), World Bank. 25. #2 custodian globally. Measured by AUC/A as of March 31, 2026. Source: Global Custodian. 26. #1 ETF servicer. State Street internal research and the ETFGI Global Insights report as of May 31, 2026. 27. #4 asset manager globally. Pensions & Investments Research Center, as of December 31, 2025. 28. #3 ETF manager globally. Pensions & Investments Research Center, as of December 31, 2025. 29. #1 FX provider to asset managers represents “World’s Best Bank for Real Money Clients” from Euromoney Magazine’s 2025 FX Awards. 30. #3 securities agency lender. Rank of Agency lending market share based on Agency securities global on-loan volumes as measured by Securities Finance lender rankings compiled by S&P Global Market Intelligence. Lender Rankings are as of 2Q26. 31. ~95% of the Top 100 largest asset managers. Thinking Ahead Institute: World’s Largest 500 Asset Managers 2025. 32. ~85% of the Top 100 largest asset owners. Thinking Ahead Institute: World’s Largest 100 Asset Owners 2025. 33. Wealth AUM reflects State Street Investment Management's Wealth channel coverage and is derived from a combination of internal AUM reporting, regulatory filings, Broadridge data, and other third-party industry sources. 34. Figures reflect latest available data from each source. CRD Wealth AUA as of May 2026. 35. Medium-term targets include ~$1B of annual run-rate Transformation benefits expected to be achieved by 2029, reflecting ~$750M of productivity savings, plus ~$250M of revenue.

 

28 Forward-looking statements This Presentation contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our strategy, growth and sales prospects, capital management, business, financial and capital condition, results of operations, the financial and market outlook and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology 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. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any time subsequent to the time this Presentation is first issued. We are subject to intense competition, which could negatively affect our profitability; We are subject to significant pricing pressure and variability in our financial results and our AUC/A and AUM; 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; Our development and completion of new products and services, including State Street Alpha® and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased risks; Our business may be negatively affected by risks associated with strategic initiatives we are undertaking to enhance the effectiveness, including the adoption or integration of new technologies such as artificial intelligence, and efficiency of our operations and of our cybersecurity and technology infrastructure or by our failure to meet the related, resiliency or other expectations of our clients and regulators, or as a result of a cyber-attack or similar vulnerability in our or business partners' infrastructure; Our risk management framework, models and processes may not be effective in identifying or mitigating risk and reducing the potential for related losses, and a failure or circumvention of our controls and procedures, or errors or delays in our operational and transaction processing, or those of third parties, could have an adverse effect on our business, financial condition, operating results and reputation; Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of these transactions, pose risks for our business; Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business; Our investment securities portfolio, consolidated financial condition and consolidated results of operations could be adversely affected by changes in the financial markets, governmental action or monetary policy. For example, among other risks, changes in prevailing interest rates or market conditions have led, and were they to persist or occur in the future could further lead, to decreases in our NII or to portfolio management decisions resulting in reductions in our capital or liquidity ratios; Our business activities expose us to interest rate risk; We assume significant credit risk of counterparties, who may also have substantial financial dependencies on other financial institutions, and these credit exposures and concentrations could expose us to financial loss; Our fee revenue represents a significant portion of our revenue and is subject to and may decline based on, among other factors, market and currency declines, investment activities and preferences of our clients and their business mix, as well as the timing of new business onboarding; If we are unable to effectively manage our capital and liquidity, our financial condition, capital ratios, results of operations and business prospects could be adversely affected; 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; We may need to raise additional capital or debt in the future, which may not be available to us or may only be available on unfavorable terms; If we experience a downgrade in our credit ratings, or an actual or perceived reduction in our financial strength, our borrowing and capital costs, liquidity and reputation could be adversely affected; Our business and capital-related activities, including common share repurchases, may be adversely affected by regulatory requirements and considerations, including capital, credit and liquidity; We face extensive and changing government regulation and supervision in the U.S. and non-U.S. jurisdictions in which we operate, which may increase our costs and compliance risks and may affect our business activities and strategies; Our businesses may be adversely affected by government enforcement and litigation; Our businesses may be adversely affected by increased and conflicting political, regulatory and client scrutiny of investment management, stewardship and sustainable investment strategies and services offered; Any misappropriation of the confidential information we possess could have an adverse impact on our business and could subject us to regulatory actions, litigation and other adverse effects; Our calculations of risk exposures, total RWA and capital ratios depend on data inputs, formulae, models, correlations and assumptions that are subject to change, which could materially impact our risk exposures, our total RWA and our capital ratios from period to period; Changes in accounting standards may adversely affect our consolidated results of operations and financial condition; Changes in tax laws, rules or regulations, challenges to our tax positions and changes in the composition of our pre-tax earnings may increase our effective tax rate; We could face liabilities for withholding and other non-income taxes, including in connection with our services to clients, as a result of tax authority examinations; Our businesses may be negatively affected by adverse publicity or other reputational harm; Shifting and maintaining operational activities to non-U.S. jurisdictions, changing our operating model, and outsourcing to, or insourcing from, third parties expose us to increased operational risk, geopolitical risk and reputational harm and may not result in expected cost savings or operational improvements; Attacks or unauthorized access to our or our business partners’ or clients’ information technology systems or facilities, such as cyber-attacks or other disruptions to our or their operations, could result in significant costs, reputational damage and impacts on our business activities; Long-term contracts and customizing service delivery for clients expose us to increased operational risk, pricing and performance risk; We may not be able to protect our intellectual property or may infringe upon the rights of third parties; 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; Our reputation and business prospects may be damaged if investors in the collective investment pools we sponsor or manage incur substantial losses in these investment pools or are restricted in redeeming their interests in these investment pools; The impacts of global regulatory requirements and expectations, shifting client preferences, and disclosure requirements related to climate risks and sustainability standards could adversely affect us; and We may incur losses or face negative impacts on our business as a result of unforeseen events, including terrorist attacks, geopolitical events, acute or chronic physical risk events, including natural disasters, pandemics, global conflicts, or a banking crisis, which may have a negative impact on our business and operations. Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2025 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this Presentation should not be relied on as representing our expectations or beliefs as of any time subsequent to the time this Presentation is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

 

29 Non-GAAP measures In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as “expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, may also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we may sometimes present ratios, such as return on tangible common equity, based on an adjusted common shareholder equity metric, "tangible common equity", which reflects a reduction (net of deferred taxes) for goodwill and other intangible assets, as we believe this presentation provides additional context about our use of equity. As an additional example, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP. Refer to the “Reconciliation of notable items” in this Appendix and to the Addendum for reconciliations of our non-GAAP financial information. To access the Addendum go to http://investors.statestreet.com and click on “Filings & Reports – Quarterly Results”.

 

30 Definitions ARR Annual recurring revenue AUC/A Assets under custody and/or administration AUM Assets under management CET1 ratio Common equity tier 1 ratio CRD Charles River Development Diluted earnings per share (EPS) Net income available to common shareholders divided by diluted average common shares outstanding for the noted period DPS Dividend per share EMEA Europe, Middle East and Africa EPS Earnings per share ETF Exchange-traded fund Fee operating leverage Rate of growth of total fee revenue less the rate of growth of total expenses, relative to the successive prior year period, as applicable FIX The Charles River Network's FIX Network Service (CRN) is an end-to-end trade execution and support service facilitating electronic trading between Charles River's asset management and broker clients FTE Fully taxable-equivalent FX Foreign exchange FY Full-year GAAP Generally accepted accounting principles in the United States HQLA High Quality Liquid Assets LCR Liquidity Coverage Ratio Net interest income (NII) Income earned on interest bearing assets less interest paid on interest bearing liabilities Net interest margin (NIM) (FTE) Fully taxable-equivalent (FTE) Net interest income divided by average total interest-earning assets nm Not meaningful NYSE New York Stock Exchange On-premises On-premises revenue as recognized in Software services Operating leverage Rate of growth of total revenue less the rate of growth of total expenses, relative to the corresponding prior year period, as applicable %Pts Percentage points is the difference from one percentage value subtracted from another Payout ratio Total payout ratio is equal to common stock dividends and common stock purchases as a percentage of net income available to common shareholders Pre-tax margin Income before income tax expense divided by total revenue Quarter-over-Quarter (QoQ) Sequential quarter comparison Return on average equity (ROE) Net income available to common shareholders divided by average common equity Return on average tangible common equity (ROTCE) Net income available to common shareholders divided by average tangible common equity RWA Risk weighted assets SaaS Software as a service SEC Securities Exchange Commission SSC State Street Corporation Year-over-Year (YoY) Current period compared to the same period a year ago YTD Year-to-date

 

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