NYSE: STT
State Street
Financials · State Commercial Banks
52-week range
$111.63$195.93
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$47.5B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $29.7B |
| FY2017, ended Dec 31, 2017 | $35.9B |
| FY2018, ended Dec 31, 2018 | $23.9B |
| FY2019, ended Dec 31, 2019 | $28.0B |
| FY2020, ended Dec 31, 2020 | $25.6B |
| FY2021, ended Dec 31, 2021 | $34.0B |
| FY2022, ended Dec 31, 2022 | $26.7B |
| FY2023, ended Dec 31, 2023 | $23.4B |
| FY2024, ended Dec 31, 2024 | $28.3B |
| FY2025, ended Dec 31, 2025 | $36.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $47.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$15.5B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.2B |
| FY2017, ended Dec 31, 2017 | $11.3B |
| FY2018, ended Dec 31, 2018 | $12.1B |
| FY2019, ended Dec 31, 2019 | $11.8B |
| FY2020, ended Dec 31, 2020 | $11.7B |
| FY2021, ended Dec 31, 2021 | $12.0B |
| FY2022, ended Dec 31, 2022 | $12.2B |
| FY2023, ended Dec 31, 2023 | $12.2B |
| FY2024, ended Dec 31, 2024 | $13.1B |
| FY2025, ended Dec 31, 2025 | $13.9B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $15.5B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $2.14B | $1.68B |
| FY2017, ended Dec 31, 2017 | $2.16B | $6.30B |
| FY2018, ended Dec 31, 2018 | $2.59B | $9.57B |
| FY2019, ended Dec 31, 2019 | $2.24B | $4.96B |
| FY2020, ended Dec 31, 2020 | $2.42B | $2.97B |
| FY2021, ended Dec 31, 2021 | $2.69B | −$7.52B |
| FY2022, ended Dec 31, 2022 | $2.77B | $11.2B |
| FY2023, ended Dec 31, 2023 | $1.94B | −$126M |
| FY2024, ended Dec 31, 2024 | $2.69B | −$14.1B |
| FY2025, ended Dec 31, 2025 | $2.94B | $10.8B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.69B | −$3.73B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$4.80B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.20B |
| FY2017, ended Dec 31, 2017 | $2.00B |
| FY2018, ended Dec 31, 2018 | $3.21B |
| FY2019, ended Dec 31, 2019 | $3.30B |
| FY2020, ended Dec 31, 2020 | $3.47B |
| FY2021, ended Dec 31, 2021 | $3.63B |
| FY2022, ended Dec 31, 2022 | $3.97B |
| FY2023, ended Dec 31, 2023 | $4.05B |
| FY2024, ended Dec 31, 2024 | $3.15B |
| FY2025, ended Dec 31, 2025 | $4.43B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.80B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$26.0B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $13.0B |
| FY2017, ended Dec 31, 2017 | $12.8B |
| FY2018, ended Dec 31, 2018 | $14.2B |
| FY2019, ended Dec 31, 2019 | $13.3B |
| FY2020, ended Dec 31, 2020 | $14.5B |
| FY2021, ended Dec 31, 2021 | $13.6B |
| FY2022, ended Dec 31, 2022 | $17.1B |
| FY2023, ended Dec 31, 2023 | $22.5B |
| FY2024, ended Dec 31, 2024 | $33.1B |
| FY2025, ended Dec 31, 2025 | $29.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $26.0B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 28.8% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.272M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 382M |
| FY2017, ended Dec 31, 2017 | 368M |
| FY2018, ended Dec 31, 2018 | 379M |
| FY2019, ended Dec 31, 2019 | 354M |
| FY2020, ended Dec 31, 2020 | 352M |
| FY2021, ended Dec 31, 2021 | 366M |
| FY2022, ended Dec 31, 2022 | 344M |
| FY2023, ended Dec 31, 2023 | 302M |
| FY2024, ended Dec 31, 2024 | 288M |
| FY2025, ended Dec 31, 2025 | 279M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 272M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.60B more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.36B | $268M | $0 |
| FY2017, ended Dec 31, 2017 | $1.29B | $243M | $0 |
| FY2018, ended Dec 31, 2018 | $350M | $262M | $1.15B |
| FY2019, ended Dec 31, 2019 | $1.58B | — | $0 |
| FY2020, ended Dec 31, 2020 | $515M | — | $0 |
| FY2021, ended Dec 31, 2021 | $900M | — | $1.90B |
| FY2022, ended Dec 31, 2022 | $1.50B | — | $0 |
| FY2023, ended Dec 31, 2023 | $3.78B | — | $0 |
| FY2024, ended Dec 31, 2024 | $1.32B | — | — |
| FY2025, ended Dec 31, 2025 | $1.20B | — | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.60B | — | — |
Revenue (TTM)
$15.5B
+13.3% YoY
Net income (TTM)
$3.69B
+23.6% YoY
Cash
$4.80B
+0.8% YoY
Total debt
$26.0B
−24.6% YoY
Valuation
At current price- Market Cap
- $46.2B
- P/E
- 12.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.0×
- Price / Book
- 1.6×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $15.5B
- Revenue Growth YoY
- 13.3%
- Revenue CAGR 3Y
- 4.7%
- Revenue CAGR 5Y
- 3.6%
- EPS Growth YoY
- 29.9%
- Net Income Growth YoY
- 23.6%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 23.8%
- FCF Margin
- −24.1%
- Return on Equity
- 13.1%
Earnings
Trailing 12 months- Net Income
- $3.69B
- EPS (diluted)
- $12.24
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $4.80B
- Total Debt
- $26.0B
- Net Debt
- $21.2B
- Total Assets
- $403B
- Total Liabilities
- $375B
- Shareholders' Equity
- $28.7B
Cash Flow
Trailing 12 months- Operating Cash Flow
- −$2.18B
- Capital Expenditure
- $1.56B
- Free Cash Flow
- −$3.73B
Dividends and risk
Last 12 months- Dividend Yield
- 2.0%
- Dividend / Share
- $3.44
- Beta (5Y)
- 1.41
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 13.3% year over year, at $15.5B.
Note
Net margin of 23.8% over the last 12 months.
Watch
Free cash flow was negative (−$3.73B) over the last year.
Strength
Share count is down 2.6% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K64Mildly positive
64Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 19, 2026 · Read the filing on EDGAR
- Revenue rose 7% to $13.94 billion and net income rose 10% to $2.95 billion. Fee revenue grew 8%, helped by higher markets and FX trading.
- Assets under custody grew 16% to $53.8 trillion and managed assets grew 20% to $5.67 trillion. About $2.5 trillion of won business is still waiting to be moved onto State Street's systems.
- The CET1 capital ratio rose back to 11.6% from 10.9%. Shareholder payouts held at about $2.1 billion, and the quarterly dividend went up 11%.
- Restructuring charges of $326 million, mostly job cuts and office space, pushed expenses up 7%. Headcount fell 2%.
Business momentum
Improving
“Total revenue increased 7% compared to 2024, driven by higher fee revenue and net interest income”
Outlook
Neutral
“we expect the conversion will mostly occur over the coming 24 months, with approximately 70% expected to be installed in 2026, with the balance expected to be installed largely in 2027.”
Financial stress
Low
“Average other short-term borrowings decreased to $9.59 billion in 2025 from $11.43 billion in 2024, due to decreased wholesale funding.”
Tone against the previous report
About the same
Red flags
- Minor
Other
“Notable items reduced income before income tax expense by $344 million in 2025, including repositioning charges of $326 million and other notable items of $18 million, net.”
Positives
Strong growth in client assets
“AUM of $5.67 trillion as of December 31, 2025 increased 20% compared to December 31, 2024, primarily due to higher market levels and net inflows.”
Investment Management profit up sharply
“Investment Management total revenue increased 12% in 2025 compared to 2024.”
Capital ratio rebuilt
“Our CET1 capital ratio was 11.6% as of December 31, 2025, compared to 10.9% as of December 31, 2024, primarily due to capital generated from earnings”
Concerns
Interest margin shrinking
“NII increased 1% compared to 2024, primarily driven by 11% growth in average interest-earnings assets, partially offset by a 10 bps decline in NIM.”
Ongoing price cuts on servicing fees
“we estimate that pricing pressure with respect to existing clients has impacted our servicing fees by approximately (2)% annually”
Office property loans still deteriorating
“We continued to observe these effects in commercial real estate loans during 2025, particularly those collateralized by office buildings, resulting in additional provisions for credit losses.”
New risks since the previous report
Stablecoins and digital asset laws could change what clients need
“Widespread adoption and rapid evolution of emerging technologies, including with respect to digital assets, such as stablecoins, as well as developments in the regulatory landscape relating to emerging technologies”
Cash stuck in Russia is expected to grow
“Currently, we hold cash on deposit with our subcustodian and clearing agencies in Russia, which amount is expected to increase materially over time as long as the sanctions and other restrictions remain in effect”
Risks from bringing Indian joint ventures in-house
“This effort, which includes our recent consolidation of our joint ventures in India, exposes us to the risk that we may not effectively transition the relevant processes and activities”
Biggest risks named
- Fee pressure from competitors and large clients
- Market swings hitting asset-based fees
- Interest rate moves squeezing interest margin and deposits
- Credit losses on commercial real estate and leveraged loans
- Uncertain capital rules (Basel III Endgame re-proposal)
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −1.5 | |
| Score | 64 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 19, 2026 | 64 | Improving | 1 minor | |
| 10-K | Feb 13, 2025 | 72 | Strong improvement | None | |
| 10-K | Feb 15, 2024 | 47 | Weakening | 1 medium1 minor | |
| 10-K | Feb 16, 2023 | 57 | Stable | 1 minor | |
| 10-K | Feb 17, 2022 | 63 | Improving | 1 minor | |
| 10-K | Feb 19, 2021 | 65 | Improving | 1 minor | |
| 10-K | Feb 20, 2020 | 48 | Weakening | 1 medium | |
| 10-K | Feb 21, 2019 | 59 | Improving | 1 minor | |
| 10-K | Feb 26, 2018 | 74 | Strong improvement | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR