EX-99.2 3 exhibit992-1q25earningsrel.htm EX-99.2 Document
                                
Exhibit 99.2
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
March 31, 2025
Table of Contents
GAAP-Basis Financial Information:
4-Year Summary of Results
Consolidated Results of Operations
Consolidated Statement of Condition
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis
Selected Average Balances by Currency - Rates Earned and Paid
Investment Portfolio Holdings by Asset Class8
Allowance for Credit Losses
10
Assets Under Custody and/or Administration
11
Assets Under Management
12
Line of Business Information
13
Capital:
Regulatory Capital
14
Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity
15
Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information
16
Reconciliation of Pre-tax Margin Excluding Notable Items
Reconciliations of Constant Currency FX Impacts
20
This financial information should be read in conjunction with State Street's news release dated April 17, 2025.

                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
4-YEAR SUMMARY OF RESULTS
(Dollars in millions, except per share amounts, or where otherwise noted)2021202220232024
Year ended December 31:
Total fee revenue$10,012 $9,606 $9,480 $10,156 
Net interest income1,905 2,544 2,759 2,923 
Other income110 (2)(294)(79)
Total revenue12,027 12,148 11,945 13,000 
Provision for credit losses(33)20 46 75 
Total expenses8,889 8,801 9,583 9,530 
Income before income tax expense3,171 3,327 2,316 3,395 
Income tax expense478 553 372 708 
Net income2,693 2,774 1,944 2,687 
Net income available to common shareholders$2,572 $2,660 $1,821 $2,483 
Per common share:
Diluted earnings per common share$7.19 $7.19 $5.58 $8.21 
Average diluted common shares outstanding (in thousands)357,962 370,109 326,568 302,226 
Cash dividends declared per common share$2.18 $2.40 $2.64 $2.90 
Closing price per share of common stock (at year end)93.00 77.57 77.46 98.15 
Average balance sheet:
Investment securities$111,730 $111,929 $105,765 $104,784 
Total assets299,743 286,430 274,696 311,723 
Total deposits235,404 222,874 205,111 225,611 
Ratios and other metrics:
Return on average common equity10.7 %11.1 %8.2 %11.1 %
Return on average tangible common equity(1)
17.2 17.4 13.3 17.9 
Pre-tax margin26.4 27.4 19.4 26.1 
Pre-tax margin, excluding notable items(2)
27.6 28.4 26.4 27.6 
Net interest margin, fully taxable-equivalent basis0.74 1.03 1.20 1.10 
Common equity tier 1 ratio(3)(4)
14.3 13.6 11.6 10.9 
Tier 1 capital ratio(3)(4)
16.1 15.4 13.4 13.2 
Total capital ratio(3)(4)
17.5 16.8 15.2 14.8 
Tier 1 leverage ratio(3)
6.1 6.0 5.5 5.2 
Supplementary leverage ratio(3)
7.4 7.0 6.2 6.2 
Assets under custody and/or administration (in trillions)$43.68 $36.74 $41.81 $46.56 
Assets under management (in trillions)4.14 3.48 4.13 4.72 
(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% Change
(Dollars in millions, except per share amounts, or where otherwise noted)1Q242Q243Q244Q241Q251Q25
vs.
1Q24		1Q25
vs.
4Q24
Fee revenue:
Servicing fees$1,228 $1,239 $1,266 $1,283 $1,275 3.8 %(0.6)%
Management fees510 511 527 576 562 10.2 (2.4)
Foreign exchange trading services331 336 374 360 362 9.4 0.6 
Securities finance96 108 116 118 114 18.8 (3.4)
Front office software and data144 152 146 197 158 9.7 (19.8)
Lending related and other fees63 62 62 62 67 6.3 8.1 
Software and processing fees207 214 208 259 225 8.7 (13.1)
Other fee revenue50 48 125 66 32 (36.0)(51.5)
Total fee revenue2,422 2,456 2,616 2,662 2,570 6.1 (3.5)
Net interest income:
Interest income2,889 2,998 3,081 3,009 2,922 1.1 (2.9)
Interest expense2,173 2,263 2,358 2,260 2,208 1.6 (2.3)
Net interest income716 735 723 749 714 (0.3)(4.7)
Other income:
Gains (losses) related to investment securities, net— — (80)1 — —                       nm
Total other income— — (80)1 — —                       nm
Total revenue3,138 3,191 3,259 3,412 3,284 4.7 (3.8)
Provision for credit losses27 10 26 12 12 (55.6)— 
Expenses:
Compensation and employee benefits1,252 1,099 1,134 1,212 1,262 0.8 4.1 
Information systems and communications432 454 463 480 497 15.0 3.5 
Transaction processing services248 250 255 245 258 4.0 5.3 
Occupancy103 106 105 123 103 — (16.3)
Amortization of other intangible assets60 60 56 54 54 (10.0)— 
Other418 300 295 326 276 (34.0)(15.3)
Total expenses2,513 2,269 2,308 2,440 2,450 (2.5)0.4 
Income before income tax expense598 912 925 960 822 37.5 (14.4)
Income tax expense135 201 195 177 178 31.9 0.6 
Net income$463 $711 $730 $783 $644 39.1 (17.8)
    


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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
Quarters% Change
(Dollars in millions, except per share amounts, or where otherwise noted)1Q242Q243Q244Q241Q251Q25
vs.
1Q24		1Q25
vs.
4Q24
Adjustments to net income:
Dividends on preferred stock$(45)$(55)$(48)$(54)$(46)2.2 %14.8 %
Earnings allocated to participating securities— (1)— (1)(1)nm— 
Net income available to common shareholders$418 $655 $682 $728 $597 42.8 (18.0)
Per common share:
Basic earnings$1.38 $2.18 $2.29 2.50 $2.07 50.0 (17.2)
Diluted earnings1.37 2.15 2.26 2.46 2.04 48.9 (17.1)
Average common shares outstanding (in thousands):
Basic301,991300,564297,365291,686288,562(4.4)(1.1)
Diluted305,943304,765301,847296,420292,716(4.3)(1.2)
Cash dividends declared per common share $0.69$0.69$0.76$0.76$0.7610.1 — 
Closing price per share of common stock (as of quarter end) 77.3274.0088.4798.1589.5315.8 (8.8)
Book value per common share $72.85$74.50$78.22$77.95$80.1310.0 2.8 
Tangible book value per common share(1)
45.0646.1049.2249.1451.2313.7 4.3 
Balance sheet averages:
Investment securities$101,318 $105,098 $107,364 $105,322 $110,070 8.6 4.5 
Total assets298,570 306,298 314,640 327,181 337,291 13.0 3.1 
Total deposits218,892 220,881 225,482 237,066 243,036 11.0 2.5 

Ratios and other metrics:
Effective tax rate22.5 %22.1 %21.1 %18.4 %21.7 %(0.8)%pts3.3 %pts
Return on average common equity7.7 11.9 12.0 12.7 10.6 2.9 (2.1)
Return on average tangible common equity(2)
12.4 19.3 19.3 20.3 16.4 4.0 (3.9)

Pre-tax margin19.1 28.6 28.4 28.1 25.0 5.9 (3.1)
Pre-tax margin, excluding notable items(3)
23.2 28.6 28.4 29.8 25.0 1.8 (4.8)

Net interest margin, fully taxable-equivalent basis1.13 1.13 1.07 1.07 1.00 (0.1)(0.1)
Common equity tier 1 ratio(4)(5)
11.1 11.2 11.6 10.9 11.0 (0.1)0.1 
Tier 1 capital ratio(4)(5)
13.2 13.3 13.9 13.2 13.8 0.6 0.6 
Total capital ratio(4)(5)
14.9 15.0 15.6 14.8 15.3 0.4 0.5 
Tier 1 leverage ratio(4)
5.4 5.3 5.5 5.2 5.5 0.1 0.3 
Supplementary leverage ratio(4)
6.5 6.3 6.4 6.2 6.5 — 0.3 
Assets under custody and/or administration (in billions)$43,912 $44,312 $46,759 $46,557 $46,733 6.4 %0.4 %
Assets under management (in billions)4,299 4,369 4,732 4,715 4,665 8.5 (1.1)
Average securities on loan(6)
301,247 334,675 349,113 354,372 358,869 19.1 1.3 
(1) 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.
(2) 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). Beginning in the third quarter of 2024, quarterly annualized net income available to common shareholders is utilized in the quarterly return on average tangible common equity calculation as compared to year-to-date annualized net income available to common shareholders utilized in prior quarters. Prior quarterly periods have been revised to conform to the current presentation. Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(3) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
(4) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Capital ratios as of March 31, 2025 are estimates.
(5) 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.
(6) End-of-period securities on loan were $339,940 million, $339,111 million, $378,713 million and $327,389 million at March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively, and $376,269 million at March 31, 2025.
nm Denotes not meaningful
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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION
As of% Change
(Dollars in millions, except per share amounts)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 20251Q25
vs.
1Q24		1Q25
vs.
4Q24
Assets:
Cash and due from banks$3,413 $2,898 $4,067 $3,145 $4,658 36.5 %48.1 %
Interest-bearing deposits with banks, net125,486 99,876 105,121 112,957 119,464 (4.8)5.8 
Securities purchased under resale agreements7,489 6,340 8,334 6,679 7,971 6.4 19.3 
Trading account assets760 780 802 768 743 (2.2)(3.3)
Investment securities:
Investment securities available-for-sale, net48,640 56,755 56,853 58,895 67,444 38.7 14.5 
Investment securities held-to-maturity, net(1)
52,914 51,051 49,477 47,727 45,505 (14.0)(4.7)
Total investment securities101,554 107,806 106,330 106,622 112,949 11.2 5.9 
Loans38,635 39,376 41,961 43,200 44,685 15.7 3.4 
Allowance for credit losses on loans(2)
135 136 162 174 176 30.4 1.1 
Loans, net38,500 39,240 41,799 43,026 44,509 15.6 3.4 
Premises and equipment, net(3)
2,479 2,539 2,621 2,715 2,784 12.3 2.5 
Accrued interest and fees receivable4,014 4,066 4,160 4,034 4,280 6.6 6.1 
Goodwill7,582 7,751 7,833 7,691 7,763 2.4 0.9 
Other intangible assets1,258 1,209 1,166 1,089 1,046 (16.9)(3.9)
Other assets45,468 53,098 56,248 64,514 66,526 46.3 3.1 
Total assets$338,003 $325,603 $338,481 $353,240 $372,693 10.3 5.5 
Liabilities:
Deposits:
   Non-interest-bearing$37,367 $34,519 $31,448 $33,180 $32,265 (13.7)(2.8)
   Interest-bearing - U.S.148,485 140,983 145,527 166,483 168,362 13.4 1.1 
   Interest-bearing - Non-U.S.66,032 63,658 70,454 62,257 71,429 8.2 14.7 
Total deposits(4)
251,884 239,160 247,429 261,920 272,056 8.0 3.9 
Securities sold under repurchase agreements3,576 2,716 2,119 3,681 3,524 (1.5)(4.3)
Other short-term borrowings11,541 13,571 10,018 9,840 11,849 2.720.4 
Accrued expenses and other liabilities26,823 25,657 32,185 29,201 33,726 25.7 15.5 
Long-term debt19,746 19,737 20,902 23,272 24,846 25.8 6.8 
Total liabilities313,570 300,841 312,653 327,914 346,001 10.3 5.5 
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series G, 5,000 shares issued and outstanding493 493 493 493 493 — — 
Series H, 5,000 shares issued and outstanding494 494 — — — nm— 
Series I, 15,000 shares issued and outstanding1,481 1,481 1,481 1,481 1,481 —— 
Series J, 8,500 shares issued and outstanding— — 842 842 842 nm— 
Series K, 7,500 shares issued and outstanding— — — — 743 nmnm
Common stock, $1 par, 750,000,000 shares authorized(5)(6)
504 504 504 504 504 — — 
Surplus10,724 10,721 10,723 10,722 10,693 (0.3)(0.3)
Retained earnings28,166 28,615 29,073 29,582 29,959 6.4 1.3 
Accumulated other comprehensive income (loss)(2,369)(2,314)(1,625)(2,100)(1,792)24.4 14.7 
Treasury stock, at cost(7)
(15,060)(15,232)(15,663)(16,198)(16,231)(7.8)(0.2)
Total shareholders' equity24,433 24,762 25,828 25,326 26,692 9.2 5.4 
Total liabilities and equity$338,003 $325,603 $338,481 $353,240 $372,693 10.3 5.5 
(1) Fair value of investment securities held-to-maturity
$46,823 $44,916 $44,925 $41,906 $40,424 
(2) Total allowance for credit losses including off-balance sheet commitments
146 145 171 183 186 
(3) Accumulated depreciation for premises and equipment
6,193 6,318 6,400 6,461 6,635 
(4) Average total deposits
218,892 220,881 225,482 237,066 243,036 
(5) Common stock shares issued
503,879,642 503,879,642 503,879,642 503,879,642 503,879,642 
(6) Total common shares outstanding
301,504,470 299,231,005 294,191,001 288,766,452 288,676,229 
(7) Treasury stock shares
202,375,172 204,648,637 209,688,641 215,113,190 215,203,413 
nm Denotes not meaningful
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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
1Q242Q243Q244Q241Q251Q25
vs.
1Q24		1Q25
vs.
4Q24
(Dollars in millions; fully-taxable equivalent basis)Average balanceAverage ratesAverage balanceAverage ratesAverage balanceAverage ratesAverage balanceAverage ratesAverage balanceAverage ratesAverage balanceAverage balance
Assets:
Interest-bearing deposits with banks, net$90,230 4.45 %$87,894 4.25 %$86,884 4.02 %$90,018 3.67 %$92,780 3.36 %2.8 %3.1 %
Securities purchased under resale agreements(2)
6,118 10.97 6,558 10.17 6,991 10.44 7,480 9.04 7,716 8.66 26.13.2 
Trading account assets767 — 779 — 788 — 795 — 756 0.15 (1.4)(4.9)
Investment securities:
Investment securities available-for-sale, net46,497 4.93 53,204 5.06 57,302 5.13 57,205 4.90 63,428 4.57 36.4 10.9 
Investment securities held-to-maturity, net54,821 2.14 51,894 2.14 50,062 2.12 48,117 2.11 46,642 2.07 (14.9)(3.1)
Total investment securities
101,318 3.42 105,098 3.62 107,364 3.73 105,322 3.63 110,070 3.51 8.6 4.5 
Loans(3)
37,747 5.82 38,703 5.85 39,782 5.79 42,377 5.48 43,730 5.17 15.9 3.2 
Other interest-earning assets18,153 6.92 22,708 6.92 27,697 6.35 32,534 5.76 34,464 5.49 89.9 5.9 
Total interest-earning assets254,333 4.57 261,740 4.61 269,506 4.55 278,526 4.30 289,516 4.09 13.8 3.9 
Cash and due from banks4,608 2,861 3,417 3,811 4,516 (2.0)18.5 
Other non-interest-earning assets39,629 41,697 41,717 44,844 43,259 9.2 (3.5)
Total assets$298,570 $306,298 $314,640 $327,181 $337,291 13.0 3.1 
Liabilities:
Interest-bearing deposits:
U.S.$129,846 4.22 %$132,162 4.15 %$135,440 4.16 %$146,040 3.79 %$154,462 3.54 %19.0 %5.8 %
Non-U.S.62,087 1.80 63,767 1.72 65,824 1.70 64,871 1.62 63,677 1.38 2.6 (1.8)
Total interest-bearing deposits(4)
191,933 3.44 195,929 3.36 201,264 3.35 210,911 3.12 218,139 2.91 13.7 3.4 
Securities sold under repurchase agreements3,122 5.06 3,404 5.07 2,193 4.98 3,937 4.67 4,530 4.54 45.1 15.1 
Other short-term borrowings8,314 4.85 13,073 5.15 13,639 5.16 10,656 4.96 11,848 4.64 42.511.2 
Long-term debt18,944 5.44 19,694 5.44 20,258 5.27 22,658 5.18 23,742 5.00 25.3 4.8 
Other interest-bearing liabilities4,430 12.29 4,753 12.57 5,238 14.41 4,873 10.93 5,471 11.76 23.5 12.3 
Total interest-bearing liabilities226,743 3.85 236,853 3.84 242,592 3.87 253,035 3.55 263,730 3.40 16.3 4.2 
Non-interest-bearing deposits(5)
26,959 24,952 24,218 26,155 24,897 (7.6)(4.8)
Other non-interest-bearing liabilities20,233 19,964 22,119 22,431 22,554 11.5 0.5 
Preferred shareholders' equity2,785 2,468 3,020 2,816 3,263 17.2 15.9 
Common shareholders' equity21,850 22,061 22,691 22,744 22,847 4.6 0.5 
Total liabilities and shareholders' equity$298,570 $306,298 $314,640 $327,181 $337,291 13.0 3.1 
Total deposits$218,892 $220,881 $225,482 $237,066 $243,036 11.0 2.5 
Excess of rate earned over rate paid0.72 %0.77 %0.68 %0.74 %0.70 %
Net interest margin1.13 %1.13 %1.07 %1.07 %1.00 %
Net interest income, fully taxable-equivalent basis$717 $736 $724 $749 $714 
Tax-equivalent adjustment(1)(1)(1)— — 
Net interest income, GAAP-basis(4)
$716 $735 $723 $749 $714 
(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 $172 billion, $180 billion, $201 billion and $212 billion in the first, second, third and fourth quarters of 2024, respectively, and approximately $232 billion in the first quarter of 2025. Excluding the impact of netting, the average interest rates would be approximately 0.38%, 0.36%, 0.35% and 0.31% in the first, second, third and fourth quarters of 2024, respectively, and approximately 0.28% in the first quarter of 2025.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $37,626 million, $38,573 million, $39,645 million and $42,214 million in the first, second, third and fourth quarters of 2024 and approximately $43,562 million in the first quarter of 2025.
(4) Average rates includes the impact of FX swap expense of approximately ($49) million, ($64) million, ($82) million and ($80) million in the first, second, third and fourth quarters of 2024, respectively, and approximately ($83) million in the first quarter of 2025. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately 3.54%, 3.49%, 3.52% and 3.27% in the first, second, third and fourth quarters of 2024, respectively, and approximately 3.07% in the first quarter of 2025.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
nm Denotes not meaningful
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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
SELECTED AVERAGE BALANCES BY CURRENCY - RATES EARNED AND PAID(1)
1Q25
USDEURGBPOtherTotal
(Dollars in millions, except where otherwise noted)Average BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage Rates
Interest-bearing deposits with banks$42,137 4.52 %$25,385 2.71 %$5,709 4.68 %$19,549 1.30 %$92,780 3.36 %
Total investment securities91,215 3.47 7,339 2.51 5,487 4.52 6,029 4.42 110,070 3.51 
Loans35,740 5.27 6,085 4.54 1,349 6.00 556 3.70 43,730 5.17 
Total other interest-earning assets(2)
40,091 6.10 203 2.28 138 3.47 2,504 4.35 42,936 5.97 
Total interest-earning assets
$209,183 4.51 $39,012 2.96 $12,683 4.76 $28,638 2.28 $289,516 4.09 
Total interest-bearing deposits(3)(4)
$153,068 3.74 $33,657 1.63 $10,772 1.94 $20,642 (0.65)$218,139 2.91 
Central Bank Rate(5)
4.50 2.76 4.60 
4Q24
USDEURGBPOtherTotal
(Dollars in millions, except where otherwise noted)Average BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage Rates
Interest-bearing deposits with banks$40,424 4.73 %$26,655 3.15 %$6,409 4.80 %$16,530 1.44 %$90,018 3.67 %
Total investment securities86,269 3.57 7,763 2.64 4,813 4.72 6,477 4.69 105,322 3.63 
Loans34,448 5.49 6,126 5.17 1,272 6.59 531 5.37 42,377 5.48 
Total other interest-earning assets(2)
37,934 6.41 69 3.62 46 7.24 2,760 4.06 40,809 6.25 
Total interest-earning assets
$199,075 4.67 $40,613 3.36 $12,540 4.95 $26,298 2.59 $278,526 4.30 
Total interest-bearing deposits(3)(4)
$144,667 4.00 $33,589 1.94 $11,250 1.94 $21,405 (0.35)$210,911 3.12 
Central Bank Rate(5)
4.81 3.24 4.85 
1Q24
USDEURGBPOtherTotal
(Dollars in millions, except where otherwise noted)Average BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage RatesAverage BalanceAverage Rates
Interest-bearing deposits with banks$44,424 5.54 %$25,275 3.83 %$6,941 5.11 %$13,590 1.70 %$90,230 4.45 %
Total investment securities81,305 3.45 8,901 2.55 4,161 3.87 6,951 3.94 101,318 3.42 
Loans30,599 5.86 5,450 5.45 1,105 7.02 593 4.52 37,747 5.82 
Total other interest-earning assets(2)
22,662 8.14 111 3.99 63 5.90 2,202 3.41 25,038 7.70 
Total interest-earning assets$178,990 4.98 $39,737 3.77 $12,270 4.87 $23,336 2.61 $254,333 4.57 
Total interest-bearing deposits(3)(4)
$127,920 4.45 $33,145 2.20 $11,411 1.78 $19,457 (0.15)$191,933 3.44 
Central Bank Rate(5)
5.50 4.00 5.25 
(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.
7    
                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS
Quarters
1Q242Q243Q244Q241Q25
(Dollars in billions, except where otherwise noted)Average BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage Rate
Available-for-sale investment securities:
Government & agency securities$25.1 4.44 %$31.4 4.73 %$35.0 4.89 %$35.3 4.59 %$41.3 4.29 %
U.S. Treasury direct obligations9.6 5.11 15.6 5.27 18.7 5.12 20.4 4.95 26.5 4.48 
Non-U.S. sovereign, supranational and non-U.S. agency15.5 4.03 15.8 4.20 16.3 4.63 14.9 4.11 14.8 3.96 
Asset-backed securities6.9 5.61 7.2 5.68 7.6 5.53 8.1 5.41 7.8 5.09 
Mortgage-backed securities5.6 5.44 5.9 5.48 6.2 5.36 6.3 5.36 7.0 5.06 
CMBS5.6 5.81 5.4 5.75 5.1 5.81 4.5 5.55 4.3 4.86 
Other3.3 4.63 3.3 4.85 3.4 5.12 3.0 5.20 3.0 5.16 
Total available-for-sale portfolio$46.5 4.93 $53.2 5.06 $57.3 5.13 $57.2 4.90 $63.4 4.57 
1Q242Q243Q244Q241Q25
(Dollars in billions, except where otherwise noted)Average BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage Rate
Held-to-maturity investment securities:
Government & agency securities$12.7 0.96 %$10.8 0.88 %$10.1 0.82 %$9.3 0.76 %$8.6 0.75 %
U.S. Treasury direct obligations7.4 1.07 6.1 0.90 5.7 0.76 5.4 0.68 5.0 0.66 
Non-U.S. sovereign, supranational and non-U.S. agency5.3 0.80 4.7 0.84 4.4 0.90 3.9 0.88 3.6 0.89 
Asset-backed securities3.1 6.15 3.0 6.15 2.7 6.21 2.5 5.92 2.4 5.32 
Mortgage-backed securities33.8 2.25 32.9 2.23 32.1 2.22 31.1 2.24 30.5 2.22 
CMBS5.2 1.93 5.2 1.91 5.2 1.91 5.2 1.90 5.2 1.88 
Total held-for-maturity portfolio$54.8 2.14 $51.9 2.14 $50.1 2.12 $48.1 2.11 $46.7 2.07 
Total investment securities$101.3 3.42 $105.1 3.62 $107.4 3.73 $105.3 3.63 $110.1 3.51 


8    
                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS (continued)
Ratings
(Dollars in billions, or where otherwise noted)UST/AGYAAAAAABBB<BBBFair Value% Total
Net Unrealized Pre-tax MTM Gain/(Loss)
(In millions)(1)
Fixed Rate/
Floating Rate(2)
Available-for-sale investment securities:
Government & agency securities63 %21 %14 %— %2 %— %$43.4 64.4 %$28  95% / 5%
U.S. Treasury direct obligations100 — — — — — 27.4 63.1 (4)100% / 0%
Non-U.S. sovereign, supranational and non-U.S. agency— 57 38 — 4 1 16.0 36.9 32 86% / 14%
Asset-backed securities— 95 5 — — — 8.0 11.9 13  0% / 100%
Mortgage-backed securities100 — — — — — 8.5 12.6 (62) 100% / 0%
CMBS100 — — — — — 4.3 6.4 (23) 5% / 95%
Other— 19 21 50 10 — 3.2 4.7 39  62% / 38%
Total available-for-sale portfolio60 %26 %11 %2 %1 %— %$67.4 100.0 %$(5) 77% / 23%
Fair Value$40.1 $17.4 $7.1 $1.6 $1.0 $0.2 
UST/AGYAAAAAABBB<BBBAmortized Cost% Total
Net Unrealized Pre-tax MTM Gain/(Loss)
(In millions)(1)
Fixed Rate/
Floating Rate(2)
Held-to-maturity investment securities:
Government & agency securities57 %28 %15 %— %— %— %$7.7 16.9 %$(87) 100% / 0%
U.S. Treasury direct obligations100 — — — — — 4.4 57.1 (34)100% / 0%
Non-U.S. sovereign, supranational and non-U.S. agency— 65 35 — — — 3.3 42.9 (53)100% / 0%
Asset-backed securities— 25 69 4 — 2 2.5 5.5 (22) 5% / 95%
Mortgage-backed securities100 — — — — — 30.2 66.4 (4,402) 100% / 0%
CMBS100 — — — — — 5.1 11.2 (570) 97% / 3%
Total held-for-maturity portfolio88 %6 %6 %— %— %— %$45.5 100.0 %$(5,081) 94% / 6%
Amortized Cost$39.8 $2.8 $2.8 $0.1 $— $— 
Total Investment Securities(3)
$112.9 84%/16%
(1) At March 31, 2025, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $4 million, after-tax unrealized loss on securities held-to-maturity of $3,704 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $337 million.
(2) At March 31, 2025, fixed-to-floating rate securities, which excludes the impact of hedges, had a book value of approximately $21 million or 0.02% 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 March 31, 2025, approximately 86% of our investment portfolio was held in HQLA.
9    
                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES
Quarters% Change
(Dollars in millions)1Q242Q243Q244Q241Q251Q25
vs.
1Q24		1Q25
vs.
4Q24
Allowance for credit losses:
Beginning balance$150 $146 $145 $171 $183 22.0 %7.0 %
Provision for credit losses (funded commitments)
31 12 26 12 11 (64.5)(8.3)
Provision for credit losses (unfunded commitments)
(4)(2)— — 1              nm               nm
Total provision27 10 26 12 12 (55.6)— 
Charge-offs(31)(11)— — (9)(71.0)               nm
Ending balance(1)
$146 $145 $171 $183 $186 27.4 1.6 
Allowance for credit losses:
Loans$135 $136 $162 $174 $176 30.4 1.1 
Investment securities1 1 1 — — nm— 
Unfunded (off-balance sheet) commitments10 8 8 9 9 (10.0)— 
All other— — — — 1 nmnm
Ending balance(1)
$146 $145 $171 $183 $186 27.4 1.6 
(1) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
nm Denotes not meaningful

10    
                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION
Quarters% Change
(Dollars in billions)1Q242Q243Q244Q241Q251Q25
vs.
1Q24		1Q25
vs.
4Q24
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs$14,694 $14,573 $15,253 $15,266 $15,430 5.0 %1.1 %
Mutual funds11,552 11,645 12,223 12,301 12,143 5.1 (1.3)
Pension products8,800 8,916 9,339 9,386 9,377 6.6 (0.1)
Insurance and other products8,866 9,178 9,944 9,604 9,783 10.3 1.9 
Total Assets Under Custody and/or Administration$43,912 $44,312 $46,759 $46,557 $46,733 6.4 0.4 
By Asset Class:
Equities$25,909 $26,291 $27,715 $27,535 $27,508 6.2 (0.1)
Fixed-Income11,368 11,303 12,027 11,933 11,900 4.7 (0.3)
Short-term and other investments(2)
6,635 6,718 7,017 7,089 7,325 10.4 3.3 
Total Assets Under Custody and/or Administration$43,912 $44,312 $46,759 $46,557 $46,733 6.4 0.4 
By Geographic Location(3):
Americas$31,610 $31,763 $33,460 $33,284 $33,340 5.5 0.2 
Europe/Middle East/Africa9,207 9,406 10,214 10,179 10,303 11.9 1.2 
Asia/Pacific3,095 3,143 3,085 3,094 3,090 (0.2)(0.1)
Total Assets Under Custody and/or Administration$43,912 $44,312 $46,759 $46,557 $46,733 6.4 0.4 
Assets Under Custody(4)
By Product Classification:
Collective funds, including ETFs$12,717 $12,570 $13,122 $13,162 $13,335 4.9 1.3 
Mutual funds9,309 9,360 9,806 9,887 9,725 4.5 (1.6)
Pension products7,235 7,333 7,693 7,737 7,731 6.9 (0.1)
Insurance and other products2,898 2,898 3,046 3,019 3,046 5.1 0.9 
Total Assets Under Custody$32,159 $32,161 $33,667 $33,805 $33,837 5.2 0.1 
By Geographic Location(3):
Americas$24,241 $24,211 $25,386 $25,491 $25,407 4.8 (0.3)
Europe/Middle East/Africa5,380 5,361 5,715 5,740 5,861 8.9 2.1 
Asia-Pacific2,538 2,589 2,566 2,574 2,569 1.2 (0.2)
Total Assets Under Custody$32,159 $32,161 $33,667 $33,805 $33,837 5.2 0.1 
(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.
11    
                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT
Quarters% Change
(Dollars in billions)1Q242Q243Q244Q241Q251Q25
vs.
1Q24		1Q25
vs.
4Q24
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active$51 $51 $54 $52 $52 2.0 %— %
Passive2,661 2,708 2,923 2,955 2,849 7.1 (3.6)
Total Equity2,712 2,759 2,977 3,007 2,901 7.0 (3.5)
Fixed-Income:
Active27 28 30 31 30 11.1 (3.2)
Passive551 555 593 585 603 9.4 3.1 
Total Fixed-Income578 583 623 616 633 9.5 2.8 
Cash(1)
481 483 543 518 518 7.7 — 
Multi-Asset-Class Solutions:
Active23 22 23 23 24 4.3 4.3 
Passive312 327 352 351 366 17.3 4.3 
Total Multi-Asset-Class Solutions335 349 375 374 390 16.4 4.3 
Alternative Investments(2):
Active11 10 10 10 10 (9.1)— 
Passive(3)
182 185 204 190 213 17.0 12.1 
Total Alternative Investments193 195 214 200 223 15.5 11.5 
Total Assets Under Management$4,299 $4,369 $4,732 $4,715 $4,665 8.5 (1.1)
By Geographic Location(4):
Americas$3,154 $3,195 $3,448 $3,468 $3,431 8.8 (1.1)
Europe/Middle East/Africa635 665 728 713 690 8.7 (3.2)
Asia-Pacific510 509 556 534 544 6.7 1.9 
Total Assets Under Management$4,299 $4,369 $4,732 $4,715 $4,665 8.5 (1.1)
(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. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.
(3) AUM for passive alternative investments has been revised from prior presentations.
(4) Geographic mix is based on client location or fund management location.
Exchange-Traded Funds(1)
By Asset Class:
Alternative Investments(2)
$74 $77 $91 $90 $114 54.1 %26.7 %
Equity1,131 1,157 1,253 1,310 1,252 10.7 (4.4)
Fixed-Income155 159 171 177 187 20.6 5.6 
Multi-Asset1 1 1 1 1 — — 
Total Exchange-Traded Funds$1,361 $1,394 $1,516 $1,578 $1,554 14.2 (1.5)
(1) Exchange-traded funds are a component of assets under management presented above.
(2) 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.
12    
                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
LINE OF BUSINESS INFORMATION
Three Months Ended,
Investment Servicing% ChangeInvestment Management% Change
Other(1)
% ChangeTotal% Change
(Dollars in millions)1Q244Q241Q251Q25
 vs.
1Q24		1Q25
 vs.
4Q24		1Q244Q241Q251Q25
 vs.
1Q24		1Q25
 vs.
4Q24		1Q244Q241Q251Q25
 vs.
1Q24		1Q25
 vs.
4Q24		1Q244Q241Q251Q25
 vs.
1Q24		1Q25
 vs.
4Q24
Servicing fees$1,228$1,283$1,2753.8 %(0.6)%$—$—$—— %— %$—$—$—— %— %$1,228$1,283$1,2753.8 %(0.6)%
Management fees———— — 51057656210.2 (2.4)———— — 51057656210.2 (2.4)
Foreign exchange trading services3083243379.4 4.0 2336258.7 (30.6)———— —3313603629.4 0.6 
Securities finance9011310820.0 (4.4)656— 20.0 ———— — 9611811418.8 (3.4)
Software and processing fees2072592258.7 (13.1)———— — ———— — 2072592258.7 (13.1)
Other fee revenue436134(20.9)(44.3)75(2)nmnm———— —506632(36.0)(51.5)
Total fee revenue1,8762,0401,9795.5 (3.0)5466225918.2 (5.0)———— —2,4222,6622,5706.1 (3.5)
Net interest income711743709(0.3)(4.6)565— (16.7)———— — 716749714(0.3)(4.7)
Total other income—1—— nm———— — ———— ——1—— nm
Total revenue2,5872,7842,6883.9 (3.4)5516285968.2 (5.1)———— — 3,1383,4123,2844.7 (3.8)
Provision for credit losses271212(55.6)— ———— — ———— — 271212(55.6)— 
Total expenses1,9631,9522,0192.9 3.4 4204304312.6 0.2 13058—nmnm2,5132,4402,450(2.5)0.4 
Income before income tax expense$597$820$65710.1 (19.9)$131$198$16526.0 (16.7)$(130)$(58)$—nmnm$598$960$82237.5(14.4)
Pre-tax margin23.1 %29.5 %24.5 %1.4 %(5.0)%pts23.8 %31.5 %27.7 %3.9 %(3.8)%pts19.1 %28.1 %25.0 %5.9 %(3.1)%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.
nm Denotes not meaningful
13    
                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL
Basel III Advanced Approaches(1)
Basel III Standardized Approach(2)
(Dollars in millions)1Q242Q243Q244Q241Q251Q242Q243Q244Q241Q25
Ratios and Supporting Calculations:
Common equity tier 1 capital$13,167 $13,346 $14,071 $13,799 $14,362$13,167 $13,346 $14,071 $13,799 $14,362
Total risk-weighted assets112,161 111,224 112,795 114,602 114,478118,613 119,244 121,137 126,281 130,208
Common equity tier 1 risk-based capital ratio11.7 %12.0 %12.5 %12.0 %12.5 %11.1 %11.2 %11.6 %10.9 %11.0 %
Tier 1 capital$15,635 $15,814 $16,887 $16,615 $17,921 $15,635 $15,814 $16,887 $16,615 $17,921 
Tier 1 risk-based capital ratio13.9 %14.2 %15.0 %14.5 %15.7 %13.2 %13.3 %13.9 %13.2 %13.8 %
Total capital$17,504 $17,682 $18,754 $18,476 $19,799 $17,650 $17,827 $18,925 $18,659 $19,978 
Total risk-based capital ratio15.6 %15.9 %16.6 %16.1 %17.3 %14.9 %15.0 %15.6 %14.8 %15.3 %
Tier 1 capital$15,635 $15,814 $16,887 $16,615 $17,921 $15,635 $15,814 $16,887 $16,615 $17,921 
Leverage exposure(3)
289,772 297,350 305,699 318,470 328,520 289,772 297,350 305,699 318,470 328,520 
Tier 1 leverage ratio5.4 %5.3 %5.5 %5.2 %5.5 %5.4 %5.3 %5.5 %5.2 %5.5 %
On-and off-balance sheet leverage exposure$249,668 $261,135 $273,809 $278,344 $286,035 $249,668 $261,135 $273,809 $278,344 $286,035 
Less: regulatory deductions(8,798)(8,948)(8,941)(8,711)(8,771)(8,798)(8,948)(8,941)(8,711)(8,771)
Total leverage exposure for SLR240,870 252,187 264,868 269,633 277,264 240,870 252,187 264,868 269,633 277,264 
Supplementary leverage ratio(4)
6.5 %6.3 %6.4 %6.2 %6.5 %6.5 %6.3 %6.4 %6.2 %6.5 %
(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 March 31, 2025 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 March 31, 2025 are estimates.
(3) Leverage exposure 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 2% SLR buffer in order to avoid any limitations on distributions to shareholders and discretionary bonus payments to certain executives.
14    
                                
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 provides 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)1Q242Q243Q244Q241Q25
Tangible common equity - period end:
Total shareholders' equity$24,433 $24,762 $25,828 $25,326 $26,692 
Less:
Preferred stock2,468 2,468 2,816 2,816 3,559 
Common shareholders' equity21,965 22,294 23,012 22,510 23,133 
Less:
Goodwill7,582 7,751 7,833 7,691 7,763 
Other intangible assets1,258 1,209 1,166 1,089 1,046 
Plus related deferred tax liabilities460 461 467 459 465 
Tangible common shareholders' equity - Non-GAAP$13,585 $13,795 $14,480 $14,189 $14,789 
Total common shares outstanding - period end (in thousands)301,504 299,231 294,191 288,766 288,676 
Book value per common share$72.85 $74.50 $78.22 $77.95 $80.13 
Tangible book value per common share - Non-GAAP45.06 46.10 49.22 49.14 51.23 
Quarters
(Dollars in millions, except where otherwise noted)1Q242Q243Q244Q241Q25
Tangible common equity - average:
Average common shareholders' equity$21,850 $22,061 $22,691 $22,744 $22,847 
Less:
Average goodwill7,589 7,750 7,798 7,745 7,717 
Average other intangible assets1,287 1,230 1,187 1,121 1,065 
Plus related deferred tax liabilities460 460 464 463 462 
Average tangible common shareholders' equity - Non-GAAP$13,434 $13,541 $14,170 $14,341 $14,527 
Net income available to common shareholders$418 $655 $682 $728 $597 
Net income available to common shareholders, excluding notable items(1)
517 655 682 769 597 
Return on average tangible common equity - Non-GAAP(2)
12.4 %19.3 %19.3 %20.3 %16.4 %
Return on average tangible common equity, excluding notable items - Non-GAAP(2)(3)
15.4 19.3 19.3 21.4 16.4 
(1) Refer to Reconciliations of non-GAAP Financial Information pages for a reconciliation of net income available to common shareholders, excluding notable items.
(2) Beginning in the third quarter of 2024, quarterly annualized net income available to common shareholders is utilized in the quarterly ROTCE calculation as compared to year-to-date annualized net income available to common shareholders utilized in prior quarters. Prior quarterly periods have been revised to conform to the current presentation.
(3) 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.
15    
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% Change
(Dollars in millions)1Q242Q243Q244Q241Q251Q25
vs.
1Q24		1Q25
vs.
4Q24
Fee Revenue:
Total fee revenue, GAAP-basis$2,422 $2,456 $2,616 $2,662 $2,570 6.1 %(3.5)%
Less: Notable items:
Foreign exchange trading services(1)
— — (15)— — ——
Other fee revenue(2)
— — (66)— — ——
Total fee revenue, excluding notable items$2,422 $2,456 $2,535 $2,662 $2,570 6.1 (3.5)
Total Revenue:
Total revenue, GAAP-basis$3,138 $3,191 $3,259 $3,412 $3,284 4.7 %(3.8)%
Less: Notable items:
Foreign exchange trading services(1)
— — (15)— — ——
Other fee revenue(2)
— — (66)— — ——
(Gains) losses related to investment securities, net(3)
— — 81 — — — —
Total revenue, excluding notable items$3,138 $3,191 $3,259 $3,412 $3,284 4.7 (3.8)
Expenses:
Total expenses, GAAP-basis$2,513 $2,269 $2,308 $2,440 $2,450 (2.5)%0.4 %
Less: Notable items:
Deferred compensation expense acceleration(4)
— — — (79)— —nm
Repositioning charges(5)
— — — 2 — —nm
FDIC special assessment(6)
(130)— — 31 — nmnm
Other notable items(7)
— — — (12)— — nm
Total expenses, excluding notable items
2,383 2,269 2,308 2,382 2,450 2.8 2.9 
Seasonal expenses(162)— — — (155)(4.3)nm
Total expenses, excluding notable items and seasonal expenses$2,221 $2,269 $2,308 $2,382 $2,295 3.3 (3.7)
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis$2,422 

$2,456 

$2,616 

$2,662 $2,570 6.11 %(3.46)%
Total expenses, GAAP-basis2,513 2,269 2,308 

2,440 2,450 (2.51)0.41 
Fee operating leverage, GAAP-basis(8)
8.62 %pts(3.87)%pts
Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)$2,422 $2,456 $2,535 $2,662 $2,570 6.11 %(3.46)%
Total expenses, excluding notable items (as reconciled above)2,383 2,269 2,308 2,382 2,450 2.81 2.85 
Fee operating leverage, excluding notable items(9)
3.30 %pts(6.31)%pts
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis$3,138 $3,191 $3,259 

$3,412 $3,284 4.65 %(3.75)%
Total expenses, GAAP-basis2,513 2,269 2,308 

2,440 2,450 (2.51)0.41 
Operating leverage, GAAP-basis(10)
7.16 %pts(4.16)%pts
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)$3,138 $3,191 $3,259 $3,412 $3,284 4.65 %(3.75)%
Total expenses, excluding notable items (as reconciled above)2,383 2,269 2,308 

2,382 2,450 2.81 2.85 
Operating leverage, excluding notable items(11)
1.84 %pts(6.60)%pts
16    
                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
Quarters% Change
(Dollars in millions, except earnings per share, or where otherwise noted)1Q242Q243Q244Q241Q251Q25
vs.
1Q24		1Q25
vs.
4Q24
Income before income tax expense:
Income before income tax expense GAAP-basis$598$912$925$960$82237.5(14.4)%
Less: Notable items
Foreign exchange trading services(1)
——(15)——
Other fee revenue(2)
——(66)——
(Gains) losses related to investment securities, net(3)
——81——
Deferred compensation expense acceleration(4)
———79—
Repositioning charges(5)
———(2)—
FDIC special assessment(6)
130——(31)—
Other notable items(7)
———12—
Income before income tax expense, excluding notable items$728$912$925$1,018$82212.9 (19.3)
Net Income:
Net Income GAAP-basis$463$711$730$783$64439.1(17.8)%
Less: Notable items




Foreign exchange trading services(1)
——(15)——
Other fee revenue(2)
——(66)——
(Gains) losses related to investment securities, net(3)
——81——
Deferred compensation expense acceleration(4)
———79—
Repositioning charges(5)
———(2)—
FDIC special assessment(6)
130——(31)—
Other notable items(7)
———12—
Tax impact of notable items(31)——(17)—
Net Income, excluding notable items$562$711$730

$824$64414.6 (21.8)
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis$418

$655

$682$728$59742.8(18.0)%
Less: Notable items




Foreign exchange trading services(1)
——(15)——
Other fee revenue(2)
——(66)——
(Gains) losses related to investment securities, net(3)
——81——
Deferred compensation expense acceleration(4)
———79—
Repositioning charges(5)
———(2)—
FDIC special assessment(6)
130——(31)—
Other notable items(7)
———12—
Tax impact of notable items(31)——(17)—
Net Income Available to Common Shareholders, excluding notable items$517$655$682

$769$59715.5 (22.4)
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis$1.37

$2.15

$2.26

$2.46$2.0448.9(17.1)%
Less: Notable items






Foreign exchange trading services(1)
——(0.04)——
Other fee revenue(2)
——(0.16)——
(Gains) losses related to investment securities, net(3)
——0.20——
Deferred compensation expense acceleration(4)
———0.20—
Repositioning charges(5)
———(0.01)—
FDIC special assessment(6)
0.32——(0.08)—
Other notable items(7)
———0.03—
Diluted earnings per share, excluding notable items$1.69

$2.15

$2.26

$2.60$2.0420.7 %(21.5)%
17    
                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
Quarters% Change
(Dollars in millions, except earnings per share, or where otherwise noted)1Q242Q243Q244Q241Q251Q25
vs.
1Q24		1Q25
vs.
4Q24
Pre-tax Margin:
Pre-tax margin, GAAP-basis(12)
19.1 %

28.6 %

28.4 %

28.1 %25.0 %5.9 %pts(3.1)%pts
Less: Notable items







Foreign exchange trading services(1)
— — (0.3)— — 
Other fee revenue(2)
— — (1.1)— — 
(Gains) losses related to investment securities, net(3)
— — 1.4 — — 
Deferred compensation expense acceleration(4)
— — — 2.3 — 
Repositioning charges(5)
— — — (0.1)— 
FDIC special assessment(6)
4.1 — — (0.9)— 
Other notable items(7)
— — — 0.4 — 
Pre-tax margin, excluding notable items23.2 %

28.6 %

28.4 %

29.8 %25.0 %1.8 (4.8)
Return on Average Common Equity:
Return on average common equity, GAAP-basis7.7 %11.9 %12.0 %12.7 %10.6 %2.9 %pts(2.1)%pts
Less: Notable items
Foreign exchange trading services(1)
— — (0.3)— — 
Other fee revenue(2)
— — (1.1)— — 
(Gains) losses related to investment securities, net(3)
— — 1.4 — — 
Deferred compensation expense acceleration(4)
— — — 1.5 — 
Repositioning charges(5)
— — — — — 
FDIC special assessment(6)
2.4 — — (0.6)— 
Other notable items(7)
— — — 0.2 — 
Tax impact of notable items(0.6)— — (0.3)— 
Return on average common equity, excluding notable items9.5 %11.9 %12.0 %13.5 %10.6 %1.1 (2.9)
Effective Tax Rate:
Effective tax rate, GAAP-basis22.5 %22.1 %21.1 %18.4 %21.7 %(0.8)%pts3.3 %pts
Less: Notable items
Foreign exchange trading services(1)
— — — — — 
Other fee revenue(2)
— — (0.1)— — 
(Gains) losses related to investment securities, net(3)
— — 0.1 — — 
Deferred compensation expense acceleration(4)
— — — 0.7 — 
Repositioning charges(5)
— — — — — 
FDIC special assessment(6)
0.3 — — (0.3)— 
Other notable items(7)
— — — 0.1 — 
Effective tax rate, excluding notable items22.8 %22.1 %21.1 %18.9 %21.7 %(1.1)2.8 
(1) Amount in 2024 consists of a $15 million 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) Amount in 2024 consists of a $66 million gain on sale of equity investment, which is reflected in other fee revenue.
(3) Amount in 2024 consists of a $81 million loss on the sale of investment securities, which is related to the repositioning of the investment portfolio reflected in other income.
(4) Deferred compensation expense acceleration of $79 million in 2024 related to prior period incentive compensation awards to align State Street's deferred pay mix with peers.
(5) Amount in 2024 includes a $15 million release related to compensation and employee benefits, partially offset by $13 million related to occupancy costs associated with real estate footprint.
(6) Amounts in 2024 related to the FDIC special assessment and subsequent true-up reflected in other expenses.
(7) The amount in 2024 includes a $12 million charge reflected in other expenses, associated with operating model changes.
(8) Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses.
(9) 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.
(10) Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses.
(11) 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.
(12) GAAP- basis pre-tax margin for the first quarter of 2025 of 25.0% included seasonal expenses of $155 million as shown on page 16. Excluding seasonable expenses, pre-tax margin for the first quarter of 2025 was 29.8%.
18    
                                
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS
(Dollars in millions)2021202220232024
Total revenue:
Total revenue, GAAP-basis$12,027 $12,148 $11,945 $13,000 
Less: Fees revenue— (23)— (15)
Less: Total other income(111)— — (66)
Add: (Gains) losses related to investment securities, net— — 294 81 
Total revenue, excluding notable items11,916 12,125 12,239 13,000 
Provision for credit losses(33)20 46 75 
Total expenses:
Total expenses, GAAP-basis8,889 8,801 9,583 9,530 
Less: Notable expense items:
Acquisition and restructuring costs(65)(65)15 — 
Deferred compensation expense acceleration(147)— — (79)
Legal and other(18)— — — 
Repositioning (charges) / release3 (70)(203)2 
FDIC special assessment— — (387)(99)
Other notable items— — (45)(12)
Total expenses, excluding notable items8,662 8,666 8,963 9,342 
Income before income tax expense, excluding notable items$3,287 $3,439 $3,230 $3,583 
Income before income tax expense, GAAP-basis$3,171 $3,327 $2,316 $3,395 
Pre-tax margin, excluding notable items27.6 %28.4 %26.4 %27.6 %
Pre-tax margin, GAAP-basis26.4 27.4 19.4 26.1 


19    
                                


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)1Q244Q241Q251Q25 vs. 1Q241Q25 vs. 4Q241Q25 vs. 1Q241Q25 vs. 4Q241Q25 vs. 1Q241Q25 vs. 4Q24
GAAP-Basis Results:
Fee revenue:
Servicing fees$1,228 $1,283 $1,275 $(11)$(6)$1,286 $1,281 4.7 %(0.2)%
Management fees510 576 562 (2)(1)564 563 10.6 (2.3)
Foreign exchange trading services331 360 362 — — 362 362 9.4 0.6 
Securities finance96 118 114 — — 114 114 18.8 (3.4)
Front office software and data144 197 158 (1)(1)159 159 10.4 (19.3)
Lending related and other fees63 62 67 — — 67 67 6.3 8.1 
Software and processing fees207 259 225 (1)(1)226 226 9.2 (12.7)
Other fee revenue50 66 32 — — 32 32 (36.0)(51.5)
Total fee revenue2,422 2,662 2,570 (14)(8)2,584 2,578 6.7 (3.2)
Net interest income716 749 714 (12)(5)726 719 1.4 (4.0)
Total other income— 1 — — — — — nmnm
Total revenue$3,138 $3,412 $3,284 $(26)$(13)$3,310 $3,297 5.5 (3.4)
Expenses:
Compensation and employee benefits$1,252 $1,212 $1,262 $(13)$(7)$1,275 $1,269 1.8 4.7 
Information systems and communications432 480 497 (1)(1)498 498 15.3 3.8 
Transaction processing services248 245 258 (2)(1)260 259 4.8 5.7 
Occupancy103 123 103 (1)(1)104 104 1.0 (15.4)
Amortization of other intangible assets60 54 54 (1)— 55 54 (8.3)— 
Other418 326 276 (1)(1)277 277 (33.7)(15.0)
Total expenses$2,513 $2,440 $2,450 $(19)$(11)$2,469 $2,461 (1.8)0.9 
Total expenses, excluding notable items - Non-GAAP$2,383 $2,382 $2,450 $(19)$(11)$2,469 $2,461 3.6 3.3 
Total non-compensation expenses, excluding notable items - Non-GAAP(1)
1,131 1,234 1,188 (6)(4)1,194 1,192 5.6 (3.4)
(1) 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 $1,262 million in the first quarter of 2025, $1,148 million in the fourth quarter of 2024 and $1,252 million in the first quarter of 2024.
nm Denotes not meaningful
20