State Street earnings: results and guidance
State Street's next results are expected on January 15, 2027. Watch whether State Street executes the cash-funded repayment while maintaining liquidity.
What has State Street guided for 2026?
For 2026, management guides to 13.0%–14.0% fee-revenue growth and 15.0%–16.0% NII growth. It expects expenses to grow 8.0%–8.5%, excluding notable items, with at least 500 basis points of operating leverage. The outlook assumes flat global equity markets and rates broadly following expectations.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Fee Revenue | Year to Dec 2026 | 13.0% | 14.0% | Oct 14, 2026 |
| NII | Year to Dec 2026 | 15.0% | 16.0% | Oct 14, 2026 |
| Expenses | Year to Dec 2026 | 8.0% | 8.5% | Oct 14, 2026 |
| Operating leverage (bps) | Year to Dec 2026 | 500 | Oct 14, 2026 |
Has State Street kept its past promises?
Management also has a measurable delivery record. State Street forecast approximately 3–5% fee-revenue growth for 2025, then reported 9% excluding notable items. It also reported approximately US$500 million in productivity savings. Those savings did not mean total costs fell: adjusted expenses rose 5% to $9.8 billion as investment and other costs absorbed part of the benefit. “Ex-notables” is a non-GAAP comparison, so investors should ask whether the savings permanently improve profitability.
What is State Street's revenue and profit trend?
Revenue reached $13,944 million in 2025, after growing 7.3%. That followed 8.8% growth in 2024, after weaker results in the preceding years. The recent acceleration is real, but it does not describe an uninterrupted high-growth company.
Quarterly revenue reached $4,004 million, up about 12.9% from the prior year. Pre-tax operating income rose about 26.0%, while diluted EPS rose about 32.7%. Because no notable items were designated in the latest quarter or its comparison periods, the improvement depends less on charges disappearing.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,004 | 4,048 | 3,796 | 3,667 | 3,545 | 3,448 | 3,284 | 3,412 |
| Operating income | 1,388 | 1,389 | 969 | 918 | 1,102 | 889 | 822 | 960 |
| Net income | 1,090 | 1,084 | 764 | 747 | 861 | 693 | 644 | 783 |
| EPS, diluted | 3.69 | 3.65 | 2.49 | 2.42 | 2.78 | 2.17 | 2.04 | 2.46 |
What this means. The free cash flow numbers swing widely because this bank's cash flow includes money moving in and out as collateral and from financial contracts, which is different from normal business spending.
What should I watch in State Street's next results?
The November 18 senior-note redemption is a concrete funding checkpoint. Investors can watch whether State Street executes the cash-funded repayment while maintaining liquidity. Full-year results should also show whether the upgraded outlook survived the final quarter and how much capital the company distributed.