Document


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
5-YEAR SUMMARY OF RESULTS

(Dollars in millions, except per share amounts, or where otherwise noted)	2021			2022			2023			2024			2025
Year ended December 31:
Total fee revenue	$	10,012		$	9,606		$	9,480		$	10,156		$	10,980
Net interest income	1,905			2,544			2,759			2,923			2,960
Other income	110			(2)			(294)			(79)			4
Total revenue	12,027			12,148			11,945			13,000			13,944
Provision for credit losses	(33)			20			46			75			59
Total expenses	8,889			8,801			9,583			9,530			10,154
Income before income tax expense	3,171			3,327			2,316			3,395			3,731
Income tax expense	478			553			372			708			786
Net income	2,693			2,774			1,944			2,687			2,945
Net income available to common shareholders	$	2,572		$	2,660		$	1,821		$	2,483		$	2,717
Per common share:
Diluted earnings per common share	$	7.19		$	7.19		$	5.58		$	8.21		$	9.40
Average diluted common shares outstanding (in thousands)	357,962			370,109			326,568			302,226			289,019
Cash dividends declared per common share	$	2.18		$	2.40		$	2.64		$	2.90		$	3.20
Closing price per share of common stock (at year end)	93.00			77.57			77.46			98.15			129.01
Average balance sheet:
Investment securities	$	111,730		$	111,929		$	105,765		$	104,784		$	110,586
Total assets	299,743			286,430			274,696			311,723			343,505
Total deposits	235,404			222,874			205,111			225,611			253,002
Ratios and other metrics:
Return on average common equity	10.7 %		%	11.1 %		%	8.2 %		%	11.1 %		%	11.5 %		%
Return on average tangible common equity(1)	17.2			17.4			13.3			17.9			17.9
Pre-tax margin	26.4			27.4			19.4			26.1			26.8
Pre-tax margin, excluding notable items(2)	27.6			28.4			26.4			27.6			29.2
Net interest margin, fully taxable-equivalent basis	0.74			1.03			1.20			1.10			1.00
Common equity tier 1 ratio(3)(4)	14.3			13.6			11.6			10.9			11.7
Tier 1 capital ratio(3)(4)	16.1			15.4			13.4			13.2			14.4
Total capital ratio(3)(4)	17.5			16.8			15.2			14.8			16.1
Tier 1 leverage ratio(3)	6.1			6.0			5.5			5.2			5.5
Supplementary leverage ratio(3)	7.4			7.0			6.2			6.2			6.5
Assets under custody and/or administration (in trillions)	$	43.68		$	36.74		$	41.81		$	46.56		$	53.80
Assets under management (in trillions)	4.14			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.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS

	Quarters																% Change				Year-to-Date					% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25		3Q25		4Q25		4Q25 vs. 4Q24		4Q25 vs. 3Q25			2024		2025			YTD2025 vs. YTD2024

Fee revenue:


Servicing fees	$	1,228	$	1,239	$	1,266	$	1,283	$	1,275	$	1,304	$	1,357	$	1,388	8.2 %	%	2.3 %	%		$	5,016	$	5,324		6.1 %	%
Management fees	510		511		527		576		562		562		612		662		14.9		8.2			2,124		2,398			12.9
Foreign exchange trading services	331		336		374		360		362		431		416		405		12.5		(2.6)			1,401		1,614			15.2
Securities finance	96		108		116		118		114		126		138		127		7.6		(8.0)			438		505			15.3
Front office software and data	144		152		146		197		158		169		167		163		(17.3)		(2.4)			639		657			2.8
Lending related and other fees	63		62		62		62		67		61		60		58		(6.5)		(3.3)			249		246			(1.2)
Software and processing fees	207		214		208		259		225		230		227		221		(14.7)		(2.6)			888		903			1.7
Other fee revenue	50		48		125		66		32		66		79		59		(10.6)		(25.3)			289		236			(18.3)
Total fee revenue	2,422		2,456		2,616		2,662		2,570		2,719		2,829		2,862		7.5		1.2			10,156		10,980			8.1
Net interest income:
Interest income	2,889		2,998		3,081		3,009		2,922		3,055		2,918		2,749		(8.6)		(5.8)			11,977		11,644			(2.8)
Interest expense	2,173		2,263		2,358		2,260		2,208		2,326		2,203		1,947		(13.8)		(11.6)			9,054		8,684			(4.1)
Net interest income	716		735		723		749		714		729		715		802		7.1		12.2			2,923		2,960			1.3
Other income:
Gains (losses) related to investment securities, net	—		—		(80)		1		—		—		1		3		nm		nm			(79)		4			nm

Total other income	—		—		(80)		1		—		—		1		3		nm		nm			(79)		4			nm
Total revenue	3,138		3,191		3,259		3,412		3,284		3,448		3,545		3,667		7.5		3.4			13,000		13,944			7.3
Provision for credit losses	27		10		26		12		12		30		9		8		(33.3)		(11.1)			75		59			(21.3)
Expenses:
Compensation and employee benefits	1,252		1,099		1,134		1,212		1,262		1,280		1,162		1,331		9.8		14.5			4,697		5,035			7.2
Information systems and communications	432		454		463		480		497		523		517		557		16.0		7.7			1,829		2,094			14.5
Transaction processing services	248		250		255		245		258		260		276		256		4.5		(7.2)			998		1,050			5.2
Occupancy	103		106		105		123		103		105		106		173		40.7		63.2			437		487			11.4


Other	478		360		351		380		330		361		373		424		11.6		13.7			1,569		1,488			(5.2)
Total expenses	2,513		2,269		2,308		2,440		2,450		2,529		2,434		2,741		12.3		12.6			9,530		10,154			6.5
Income before income tax expense	598		912		925		960		822		889		1,102		918		(4.4)		(16.7)			3,395		3,731			9.9
Income tax expense	135		201		195		177		178		196		241		171		(3.4)		(29.0)			708		786			11.0
Net income	$	463	$	711	$	730	$	783	$	644	$	693	$	861	$	747	(4.6)		(13.2)			$	2,687	$	2,945		9.6


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)

	Quarters																									% Change						Year-to-Date						% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q24			2Q24			3Q24			4Q24			1Q25			2Q25			3Q25			4Q25			4Q25 vs. 4Q24			4Q25 vs. 3Q25			2024			2025			YTD2025 vs. YTD2024
Adjustments to net income:
Dividends on preferred stock		$	(45)		$	(55)		$	(48)		$	(54)		$	(46)		$	(63)		$	(58)		$	(59)		(9.3)%	%		(1.7)%	%		$	(202)		$	(226)		(11.9)%	%
Earnings allocated to participating securities		—			(1)			—			(1)			(1)			—			(1)			—			nm			nm			(2)			(2)			—
Net income available to common shareholders		$	418		$	655		$	682		$	728		$	597		$	630		$	802		$	688		(5.5)			(14.2)			$	2,483		$	2,717		9.4
Per common share:
Basic earnings		$	1.38		$	2.18		$	2.29		$	2.50		$	2.07		$	2.20		$	2.83		$	2.46		(1.6)			(13.1)			$	8.33		$	9.55		14.6
Diluted earnings		1.37			2.15			2.26			2.46			2.04			2.17			2.78			2.42			(1.6)			(12.9)			8.21			9.40			14.5
Average common shares outstanding (in thousands):
Basic		301,991			300,564			297,365			291,686			288,562			286,281			283,434			280,008			(4.0)			(1.2)			297,883			284,545			(4.5)
Diluted		305,943			304,765			301,847			296,420			292,716			290,490			288,163			284,806			(3.9)			(1.2)			302,226			289,019			(4.4)
Cash dividends declared per common share		$	0.69		$	0.69		$	0.76		$	0.76		$	0.76		$	0.76		$	0.84		$	0.84		10.5			—			$	2.90		$	3.20		10.3
Closing price per share of common stock (as of quarter end)		77.32			74.00			88.47			98.15			89.53			106.34			116.01			129.01			31.4			11.2			98.15			129.01			31.4
Book value per common share		$	72.85		$	74.50		$	78.22		$	77.95		$	80.13		$	83.16		$	85.33		$	87.01		11.6			2.0			$	77.95		$	87.01		11.6
Tangible book value per common share(1)		45.06			46.10			49.22			49.14			51.23			53.56			55.57			56.13			14.2			1.0			49.14			56.13			14.2
Balance sheet averages:
Investment securities		$	101,318		$	105,098		$	107,364		$	105,322		$	110,070		$	112,083		$	111,821		$	108,376		2.9			(3.1)			$	104,784		$	110,586		5.5
Total assets		298,570			306,298			314,640			327,181			337,291			353,779			340,480			342,448			4.7			0.6			311,723			343,505			10.2
Total deposits		218,892			220,881			225,482			237,066			243,036			260,745			254,509			253,585			7.0			(0.4)			225,611			253,002			12.1
Ratios and other metrics:
Effective tax rate		22.5 %		%	22.1 %		%	21.1 %		%	18.4 %		%	21.7 %		%	22.0 %		%	21.9 %		%	18.6 %		%	0.2 %	%	pts	(3.3)%	%	pts	20.8 %		%	21.1 %		%	0.3 %	%	pts
Return on average common equity		7.7			11.9			12.0			12.7			10.6			10.8			13.4			11.3			(1.4)			(2.1)			11.1			11.5			0.4
Return on average tangible common equity(2)		12.4			19.3			19.3			20.3			16.4			16.7			20.9			17.5			(2.8)			(3.4)			17.9			17.9			—
Pre-tax margin		19.1			28.6			28.4			28.1			25.0			25.8			31.1			25.0			(3.1)			(6.1)			26.1			26.8			0.7
Pre-tax margin, excluding notable items(3)		23.2			28.6			28.4			29.8			25.0			29.6			31.1			30.7			0.9			(0.4)			27.6			29.2			1.6
Net interest margin, fully taxable-equivalent basis		1.13			1.13			1.07			1.07			1.00			0.96			0.96			1.10			—			0.1			1.10			1.00			(0.1)
Common equity tier 1 ratio(4)(5)		11.1			11.2			11.6			10.9			11.0			10.7			11.3			11.7			0.8			0.4			10.9			11.7			0.8
Tier 1 capital ratio(4)(5)		13.2			13.3			13.9			13.2			13.8			13.3			13.9			14.4			1.2			0.5			13.2			14.4			1.2
Total capital ratio(4)(5)		14.9			15.0			15.6			14.8			15.3			14.8			15.5			16.1			1.3			0.6			14.8			16.1			1.3
Tier 1 leverage ratio(4)		5.4			5.3			5.5			5.2			5.5			5.3			5.6			5.5			0.3			(0.1)			5.2			5.5			0.3
Supplementary leverage ratio(4)		6.5			6.3			6.4			6.2			6.5			6.3			6.4			6.5			0.3			0.1			6.2			6.5			0.3
Assets under custody and/or administration (in billions)		$	43,912		$	44,312		$	46,759		$	46,557		$	46,733		$	49,000		$	51,664		$	53,800		15.6 %	%		4.1 %	%		$	46,557		$	53,800		15.6 %	%
Assets under management (in billions)		4,299			4,369			4,732			4,715			4,665			5,117			5,446			5,665			20.1			4.0			4,715			5,665			20.1
Average securities on loan(6)		301,247			334,675			349,113			354,372			358,869			386,730			404,378			411,166			16.0			1.7			334,944			390,468			16.6

(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 December 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, $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.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION

	As of																	% Change
(Dollars in millions, except per share amounts)		March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		4Q25 vs. 4Q24		4Q25 vs. 3Q25
Assets:
Cash and due from banks		$	3,413	$	2,898	$	4,067	$	3,145	$	4,658	$	4,020	$	4,756	$	4,433	41.0 %	%	(6.8)%	%
Interest-bearing deposits with banks, net		125,486		99,876		105,121		112,957		119,464		118,835		122,642		126,930		12.4		3.5
Securities purchased under resale agreements		7,489		6,340		8,334		6,679		7,971		8,275		7,730		6,812		2.0		(11.9)
Trading account assets		760		780		802		768		743		791		884		827		7.7		(6.4)
Investment securities:
Investment securities available-for-sale, net		48,640		56,755		56,853		58,895		67,444		70,603		69,443		67,154		14.0		(3.3)
Investment securities held-to-maturity, net(1)		52,914		51,051		49,477		47,727		45,505		43,286		40,934		38,171		(20.0)		(6.7)
Total investment securities		101,554		107,806		106,330		106,622		112,949		113,889		110,377		105,325		(1.2)		(4.6)
Loans		38,635		39,376		41,961		43,200		44,685		47,279		46,660		46,782		8.3		0.3
Allowance for credit losses on loans(2)		135		136		162		174		176		179		190		193		10.9		1.6
Loans, net		38,500		39,240		41,799		43,026		44,509		47,100		46,470		46,589		8.3		0.3
Premises and equipment, net(3)		2,479		2,539		2,621		2,715		2,784		2,942		3,080		3,174		16.9		3.1
Accrued interest and fees receivable		4,014		4,066		4,160		4,034		4,280		4,589		4,476		4,395		8.9		(1.8)
Goodwill		7,582		7,751		7,833		7,691		7,763		7,918		7,916		8,159		6.1		3.1
Other intangible assets		1,258		1,209		1,166		1,089		1,046		1,014		958		935		(14.1)		(2.4)
Other assets		45,468		53,098		56,248		64,514		66,526		67,344		61,781		58,468		(9.4)		(5.4)
Total assets		$	338,003	$	325,603	$	338,481	$	353,240	$	372,693	$	376,717	$	371,070	$	366,047	3.6		(1.4)
Liabilities:
Deposits:
Non-interest-bearing		$	37,367	$	34,519	$	31,448	$	33,180	$	32,265	$	34,569	$	34,395	$	35,267	6.3		2.5
Interest-bearing - U.S.		148,485		140,983		145,527		166,483		168,362		169,444		169,013		168,079		1.0		(0.6)
Interest-bearing - Non-U.S.		66,032		63,658		70,454		62,257		71,429		79,011		76,591		71,004		14.0		(7.3)
Total deposits(4)		251,884		239,160		247,429		261,920		272,056		283,024		279,999		274,350		4.7		(2.0)
Securities sold under repurchase agreements		3,576		2,716		2,119		3,681		3,524		2,377		206		841		(77.2)		nm

Other short-term borrowings		11,541		13,571		10,018		9,840		11,849		9,844		9,825		3,821		(61.2)		(61.1)
Accrued expenses and other liabilities		26,823		25,657		32,185		29,201		33,726		28,254		28,710		34,051		16.6		18.6
Long-term debt		19,746		19,737		20,902		23,272		24,846		25,911		24,688		25,143		8.0		1.8
Total liabilities		313,570		300,841		312,653		327,914		346,001		349,410		343,428		338,206		3.1		(1.5)
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:


Series G, 5,000 shares issued and outstanding		493		493		493		493		493		493		493		493		—		—
Series H, 5,000 shares issued and outstanding		494		494		—		—		—		—		—		—		nm		nm
Series I, 15,000 shares issued and outstanding		1,481		1,481		1,481		1,481		1,481		1,481		1,481		1,481		—		—
Series J, 8,500 shares issued and outstanding		—		—		842		842		842		842		842		842		—		—
Series K, 7,500 shares issued and outstanding		—		—		—		—		743		743		743		743		nm		—
Common stock, $1 par, 750,000,000 shares authorized(5)(6)		504		504		504		504		504		504		504		504		—		—
Surplus		10,724		10,721		10,723		10,722		10,693		10,698		10,704		10,705		(0.2)		—
Retained earnings		28,166		28,615		29,073		29,582		29,959		30,373		30,938		31,392		6.1		1.5
Accumulated other comprehensive income (loss)		(2,369)		(2,314)		(1,625)		(2,100)		(1,792)		(1,321)		(1,172)		(1,043)		50.3		11.0
Treasury stock, at cost(7)		(15,060)		(15,232)		(15,663)		(16,198)		(16,231)		(16,506)		(16,891)		(17,276)		(6.7)		(2.3)
Total shareholders' equity		24,433		24,762		25,828		25,326		26,692		27,307		27,642		27,841		9.9		0.7
Total liabilities and equity		$	338,003	$	325,603	$	338,481	$	353,240	$	372,693	$	376,717	$	371,070	$	366,047	3.6		(1.4)


(1) Fair value of investment securities held-to-maturity		$	46,823	$	44,916	$	44,925	$	41,906	$	40,424	$	38,485	$	36,654	$	34,166
(2) Total allowance for credit losses including off-balance sheet commitments		146		145		171		183		186		192		201		203
(3) Accumulated depreciation for premises and equipment		6,193		6,318		6,400		6,461		6,635		6,824		6,979		7,046
(4) Average total deposits		218,892		220,881		225,482		237,066		243,036		260,745		254,509		253,585
(5) Common stock shares issued		503,879,642		503,879,642		503,879,642		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		285,561,974		282,217,819		279,077,907
(7) Treasury stock shares		202,375,172		204,648,637		209,688,641		215,113,190		215,203,413		218,317,668		221,661,823		224,801,735
nm Denotes not meaningful


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
	1Q24					2Q24					3Q24					4Q24					1Q25					2Q25					3Q25					4Q25					4Q25 vs. 4Q24		4Q25 vs. 3Q25
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average 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 %		%	$	98,321	3.23 %		%	$	88,130	3.03 %		%	$	94,987	2.83 %		%	5.5 %	%	7.8 %	%
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			9,169		7.83			8,643		7.82			7,398		8.47			(1.1)		(14.4)
Trading account assets	767		—			779		—			788		—			795		—			756		0.15			791		0.06			806		0.90			872		0.65			9.7		8.2
Investment securities:
Investment securities available-for-sale, net	46,497		4.93			53,204		5.06			57,302		5.13			57,205		4.90			63,428		4.57			67,718		4.45			69,898		4.43			68,858		4.32			20.4		(1.5)
Investment securities held-to-maturity, net	54,821		2.14			51,894		2.14			50,062		2.12			48,117		2.11			46,642		2.07			44,365		2.11			41,923		2.15			39,518		2.19			(17.9)		(5.7)
Total investment securities	101,318		3.42			105,098		3.62			107,364		3.73			105,322		3.63			110,070		3.51			112,083		3.52			111,821		3.58			108,376		3.55			2.9		(3.1)
Loans(3)	37,747		5.82			38,703		5.85			39,782		5.79			42,377		5.48			43,730		5.17			45,277		5.08			46,500		4.98			47,599		4.77			12.3		2.4
Other interest-earning assets	18,153		6.92			22,708		6.92			27,697		6.35			32,534		5.76			34,464		5.49			39,007		5.38			39,557		4.92			29,999		5.00			(7.8)		(24.2)
Total interest-earning assets	254,333		4.57			261,740		4.61			269,506		4.55			278,526		4.30			289,516		4.09			304,648		4.02			295,457		3.92			289,231		3.77			3.8		(2.1)
Cash and due from banks	4,608					2,861					3,417					3,811					4,516					4,058					4,336					3,633					(4.7)		(16.2)
Other non-interest-earning assets	39,629					41,697					41,717					44,844					43,259					45,073					40,687					49,584					10.6		21.9
Total assets	$	298,570				$	306,298				$	314,640				$	327,181				$	337,291				$	353,779				$	340,480				$	342,448				4.7		0.6
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 %		%	$	159,770	3.50 %		%	$	157,132	3.49 %		%	$	153,865	3.13 %		%	5.4 %	%	(2.1)%	%
Non-U.S.	62,087		1.80			63,767		1.72			65,824		1.70			64,871		1.62			63,677		1.38			76,807		1.55			73,428		1.49			73,577		1.34			13.4		0.2
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			236,577		2.87			230,560		2.86			227,442		2.55			7.8		(1.4)
Securities sold under repurchase agreements	3,122		5.06			3,404		5.07			2,193		4.98			3,937		4.67			4,530		4.54			3,160		4.42			1,002		3.44			161		1.90			(95.9)		(83.9)

Other short-term borrowings	8,314		4.85			13,073		5.15			13,639		5.16			10,656		4.96			11,848		4.64			10,179		4.51			10,069		4.88			6,320		3.81			(40.7)		(37.2)
Long-term debt	18,944		5.44			19,694		5.44			20,258		5.27			22,658		5.18			23,742		5.00			25,864		4.98			25,273		4.93			25,126		4.77			10.9		(0.6)
Other interest-bearing liabilities	4,430		12.29			4,753		12.57			5,238		14.41			4,873		10.93			5,471		11.76			3,543		18.35			3,445		11.39			3,678		13.27			(24.5)		6.8
Total interest-bearing liabilities	226,743		3.85			236,853		3.84			242,592		3.87			253,035		3.55			263,730		3.40			279,323		3.34			270,349		3.23			262,727		2.94			3.8		(2.8)
Non-interest-bearing deposits(5)	26,959					24,952					24,218					26,155					24,897					24,168					23,949					26,143					—		9.2
Other non-interest-bearing liabilities	20,233					19,964					22,119					22,431					22,554					23,232					18,850					25,851					15.2		37.1
Preferred shareholders' equity	2,785					2,468					3,020					2,816					3,263					3,560					3,560					3,560					26.4		—
Common shareholders' equity	21,850					22,061					22,691					22,744					22,847					23,496					23,772					24,167					6.3		1.7
Total liabilities and shareholders' equity	$	298,570				$	306,298				$	314,640				$	327,181				$	337,291				$	353,779				$	340,480				$	342,448				4.7		0.6

Total deposits	$	218,892				$	220,881				$	225,482				$	237,066				$	243,036				$	260,745				$	254,509				$	253,585				7.0		(0.4)

Excess of rate earned over rate paid			0.72 %		%			0.77 %		%			0.68 %		%			0.74 %		%			0.70 %		%			0.68 %		%			0.69 %		%			0.83 %		%
Net interest margin			1.13 %		%			1.13 %		%			1.07 %		%			1.07 %		%			1.00 %		%			0.96 %		%			0.96 %		%			1.10 %		%
Net interest income, fully taxable-equivalent basis			$	717				$	736				$	724				$	749				$	714				$	729				$	716				$	802
Tax-equivalent adjustment			(1)					(1)					(1)					—					—					—					(1)					—
Net interest income, GAAP-basis(4)			$	716				$	735				$	723				$	749				$	714				$	729				$	715				$	802

(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, $253 billion, $251 billion and $234 billion in the first, second, third and fourth quarters of 2025, respectively. 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%, 0.27%, 0.26% and 0.26% in the first, second, third and fourth quarters of 2025, respectively.
(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, respectively and 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.
(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, ($42) million, ($31) million and $ ($39) million in the first, second, third and fourth quarters of 2025, respectively. 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%, 2.94%, 2.91%, and 2.62% in the first, second, third and fourth quarters of 2025, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.


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 2024 and 2025, adjusted for applicable state income taxes, net of related federal benefit.
			Year-to-Date														% Change
			2024							2025							YTD2025 vs YTD2024
(Dollars in millions; fully-taxable equivalent basis)	Average balance				Average rates			Average balance				Average rates			Average balance
Assets:
Interest-bearing deposits with banks, net	$	88,754			4.09 %		%	$	93,546			3.11 %		%	5.4 %	%
Securities purchased under resale agreements(2)	6,789				10.10			8,232				8.16			21.3
Trading account assets	782				—			807				0.45			3.2
Investment securities:
Investment securities available-for-sale, net	53,572				5.01			67,497				4.44			26.0
Investment securities held-to-maturity, net	51,212				2.13			43,089				2.13			(15.9)
Total investment securities	104,784				3.60			110,586				3.54			5.5
Loans(3)	39,660				5.73			45,789				5.00			15.5
Other interest-earning assets	25,300				6.39			35,754				5.20			41.3
Total interest-earning assets	266,069				4.50			294,714				3.95			10.8
Cash and due from banks	3,674							4,134							12.5
Other non-interest-earning assets	41,980							44,657							6.4
Total assets	$	311,723						$	343,505						10.2
Liabilities:
Interest-bearing deposits:
U.S.	$	135,898			4.07			$	156,308			3.42			15.0
Non-U.S.	64,144				1.71			71,904				1.44			12.1
Total interest-bearing deposits(4)	200,042				3.31			228,212				2.80			14.1
Securities sold under repurchase agreements	3,163				4.93			2,198				4.32			(30.5)

Other short-term borrowings	11,425				5.05			9,590				4.53			(16.1)
Long-term debt	20,394				5.32			25,006				4.92			22.6
Other interest-bearing liabilities	4,826				12.59			4,027				13.47			(16.6)
Total interest-bearing liabilities	239,850				3.77			269,033				3.23			12.2
Non-interest-bearing deposits(5)	25,569							24,790							(3.0)
Other non-interest-bearing liabilities	21,192							22,621							6.7
Preferred shareholders' equity	2,773							3,486							25.7
Common shareholders' equity	22,339							23,575							5.5
Total liabilities and shareholders' equity	$	311,723						$	343,505						10.2

Total deposits			$	225,611						$	253,002						12.1

Excess of rate earned over rate paid					0.73 %		%					0.72 %		%
Net interest margin					1.10 %		%					1.00 %		%
Net interest income, fully taxable-equivalent basis					$	2,926						$	2,961
Tax-equivalent adjustment					(3)							(1)
Net interest income, GAAP-basis(4)					$	2,923						$	2,960

(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 $191 billion and $243 billion as of December 31, 2024 and 2025, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.46% and 0.27% for the years ended December 31, 2024 and 2025, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses as of December 31, 2024 and 2025 was approximately $39,522 million and $45,615 million, respectively.
(4) Average rates include the impact of FX swap cost of approximately ($274) million and ($195) million for the years ended December 31, 2024 and 2025, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap cost were 3.45% and 2.88% for the years ended December 31, 2024 and 2025, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
SELECTED AVERAGE BALANCES BY CURRENCY - RATES EARNED AND PAID(1)

	4Q25
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	41,670	4.00 %	%	$	28,599	1.96 %	%	$	6,460	3.96 %	%	$	18,258	1.17 %	%	$	94,987	2.83 %	%
Total investment securities	86,018		3.56		9,263		2.49		6,538		4.43		6,557		3.94		108,376		3.55
Loans	38,802		4.90		6,931		3.87		1,288		5.74		578		4.52		47,599		4.77
Total other interest-earning assets(2)	34,841		5.74		164		1.80		56		1.92		3,208		3.83		38,269		5.57
Total interest-earning assets	$	201,331	4.27		$	44,957	2.36		$	14,342	4.31		$	28,601	2.17		$	289,231	3.77

Total interest-bearing deposits(3)(4)	$	151,750	3.35		$	38,879	1.14		$	11,984	1.83		$	24,829	0.21		$	227,442	2.55

Central Bank Rate(5)			4.01				2.00				3.96

	3Q25
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	37,596	4.48 %	%	$	26,982	1.95 %	%	$	6,137	4.12 %	%	$	17,415	1.17 %	%	$	88,130	3.03 %	%
Total investment securities	89,709		3.60		9,498		2.47		6,516		4.45		6,098		4.09		111,821		3.58
Loans	37,684		5.16		6,980		3.97		1,236		5.70		600		3.93		46,500		4.98
Total other interest-earning assets(2)	45,425		5.46		322		1.29		67		4.00		3,192		4.39		49,006		5.36
Total interest-earning assets	$	210,414	4.42		$	43,782	2.37		$	13,956	4.39		$	27,305	2.26		$	295,457	3.92

Total interest-bearing deposits(3)(4)	$	156,248	3.72		$	37,952	1.16		$	11,715	1.88		$	24,645	0.47		$	230,560	2.86

Central Bank Rate(5)			4.46				2.00				4.10

	4Q24
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average 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 securities	86,269		3.57		7,763		2.64		4,813		4.72		6,477		4.69		105,322		3.63
Loans	34,448		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

(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.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS

	Quarters
	1Q24				2Q24				3Q24				4Q24				1Q25				2Q25				3Q25				4Q25
(Dollars in billions, except where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average 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 %	%	$	42.6	4.15 %	%	$	42.8	4.08 %	%	$	42.1	3.96 %	%
U.S. Treasury direct obligations	9.6		5.11		15.6		5.27		18.7		5.12		20.4		4.95		26.5		4.48		26.4		4.43		25.5		4.37		24.4		4.19
Non-U.S. sovereign, supranational and non-U.S. agency	15.5		4.03		15.8		4.20		16.3		4.63		14.9		4.11		14.8		3.96		16.2		3.70		17.3		3.66		17.7		3.65
Asset-backed securities	6.9		5.61		7.2		5.68		7.6		5.53		8.1		5.41		7.8		5.09		8.5		4.75		8.7		4.58		8.2		4.47






Mortgage-backed securities	5.6		5.44		5.9		5.48		6.2		5.36		6.3		5.36		7.0		5.06		9.2		5.09		11.3		5.33		12.2		5.16


CMBS	5.6		5.81		5.4		5.75		5.1		5.81		4.5		5.55		4.3		4.86		4.2		4.74		3.9		4.80		3.3		4.73




Other	3.3		4.63		3.3		4.85		3.4		5.12		3.0		5.20		3.0		5.16		3.2		5.14		3.2		5.12		3.1		5.02
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		$	67.7	4.45		$	69.9	4.43		$	68.9	4.32

	Quarters
	1Q24				2Q24				3Q24				4Q24				1Q25				2Q25				3Q25				4Q25
(Dollars in billions, except where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average 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 %	%	$	7.2	0.78 %	%	$	5.6	0.83 %	%	$	4.4	0.88 %	%
U.S. Treasury direct obligations	7.4		1.07		6.1		0.90		5.7		0.76		5.4		0.68		5.0		0.66		3.9		0.67		2.4		0.67		1.6		0.69
Non-U.S. sovereign, supranational and non-U.S. agency	5.3		0.80		4.7		0.84		4.4		0.90		3.9		0.88		3.6		0.89		3.3		0.92		3.2		0.95		2.8		0.99
Asset-backed securities	3.1		6.15		3.0		6.15		2.7		6.21		2.5		5.92		2.4		5.32		2.4		5.17		2.4		5.21		2.3		5.17



Mortgage-backed securities	33.8		2.25		32.9		2.23		32.1		2.22		31.1		2.24		30.5		2.22		29.7		2.21		28.8		2.20		27.8		2.22


CMBS	5.2		1.93		5.2		1.91		5.2		1.91		5.2		1.90		5.2		1.88		5.1		1.89		5.1		1.89		5.0		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		$	44.4	2.11		$	41.9	2.15		$	39.5	2.19

Total investment securities	$	101.3	3.42		$	105.1	3.62		$	107.4	3.73		$	105.3	3.63		$	110.1	3.51		$	112.1	3.52		$	111.8	3.58		$	108.4	3.55


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS (continued)

	Ratings
(Dollars in billions, or where otherwise noted)	UST/AGY			AAA			AA			A			BBB			<BBB			Fair Value		% Total		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)		Fixed Rate/ Floating Rate(2)
Available-for-sale investment securities:
Government & agency securities	57 %		%	27 %		%	13 %		%	2 %		%	1 %		%	— %		%	$	41.0	61.0 %	%	$	88	94% / 6%
U.S. Treasury direct obligations	100			—			—			—			—			—			23.3		56.8		50		100% / 0%
Non-U.S. sovereign, supranational and non-U.S. agency	—			62			30			6			1			1			17.7		43.2		38		83% / 17%
Asset-backed securities	—			94			6			—			—			—			7.7		11.5		11		0% / 100%






Mortgage-backed securities	100			—			—			—			—			—			12.8		19.0		50		43% / 57%


CMBS	100			—			—			—			—			—			2.8		4.2		(10)		7% / 93%




Other	—			15			23			55			7			—			2.9		4.3		42		61% / 39%
Total available-for-sale portfolio	58 %		%	28 %		%	9 %		%	4 %		%	1 %		%	— %		%	$	67.2	100.0 %	%	$	181	68% / 32%

Fair Value	$	38.8		$	18.7		$	6.4		$	2.6		$	0.5		$	0.2

	Ratings
	UST/AGY			AAA			AA			A			BBB			<BBB			Amortized Cost		% Total		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)		Fixed Rate/ Floating Rate(2)
Held-to-maturity investment securities:
Government & agency securities	19 %		%	43 %		%	33 %		%	5 %		%	— %		%	— %		%	$	3.0	7.9 %	%	$	(30)	100% / 0%
U.S. Treasury direct obligations	100			—			—			—			—			—			0.6		20.0		(3)		99% / 1%
Non-U.S. sovereign, supranational and non-U.S. agency	—			52			41			7			—			—			2.4		80.0		(27)		100% / 0%
Asset-backed securities	—			1			93			4			—			2			2.3		6.0		(19)		5% / 95%



Mortgage-backed securities	100			—			—			—			—			—			27.8		73.0		(3,526)		100% / 0%


CMBS	100			—			—			—			—			—			5.0		13.1		(430)		98% / 2%
Total held-for-maturity portfolio	88 %		%	3 %		%	8 %		%	1 %		%	— %		%	— %		%	$	38.1	100.0 %	%	$	(4,005)	94% / 6%

Amortized Cost	$	33.4		$	1.3		$	3.1		$	0.3		$	—		$	—

Total Investment Securities(3)																			$	105.3					78% / 22%


(1) At December 31, 2025, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized gain on securities available-for-sale of $136 million, after-tax unrealized loss on securities held-to-maturity of $3,011 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $271 million.
(2) At December 31, 2025, fixed-to-floating rate securities, which excludes the impact of hedges, had a book value of approximately $18 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 December 31, 2025, approximately 86% of our investment portfolio was held in HQLA.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION

	Quarters																% Change
(Dollars in billions)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25		3Q25		4Q25		4Q25 vs. 4Q24		4Q25 vs. 3Q25
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs	$	14,694	$	14,573	$	15,253	$	15,266	$	15,430	$	16,728	$	17,795	$	17,997	17.9 %	%	1.1 %	%
Mutual funds	11,552		11,645		12,223		12,301		12,143		12,641		13,209		13,518		9.9		2.3
Pension products	8,800		8,916		9,339		9,386		9,377		9,679		10,321		10,452		11.4		1.3
Insurance and other products	8,866		9,178		9,944		9,604		9,783		9,952		10,339		11,833		23.2		14.5
Total Assets Under Custody and/or Administration	$	43,912	$	44,312	$	46,759	$	46,557	$	46,733	$	49,000	$	51,664	$	53,800	15.6		4.1
By Asset Class:
Equities	$	25,909	$	26,291	$	27,715	$	27,535	$	27,508	$	29,311	$	31,124	$	31,879	15.8		2.4
Fixed-Income	11,368		11,303		12,027		11,933		11,900		12,122		12,874		13,830		15.9		7.4
Short-term and other investments(2)	6,635		6,718		7,017		7,089		7,325		7,567		7,666		8,091		14.1		5.5
Total Assets Under Custody and/or Administration	$	43,912	$	44,312	$	46,759	$	46,557	$	46,733	$	49,000	$	51,664	$	53,800	15.6		4.1
By Geographic Location(3):
Americas	$	31,610	$	31,763	$	33,460	$	33,284	$	33,340	$	35,028	$	36,698	$	37,422	12.4		2.0
Europe/Middle East/Africa	9,207		9,406		10,214		10,179		10,303		10,803		11,570		12,918		26.9		11.7
Asia/Pacific	3,095		3,143		3,085		3,094		3,090		3,169		3,396		3,460		11.8		1.9
Total Assets Under Custody and/or Administration	$	43,912	$	44,312	$	46,759	$	46,557	$	46,733	$	49,000	$	51,664	$	53,800	15.6		4.1
Assets Under Custody(4)
By Product Classification:
Collective funds, including ETFs	$	12,717	$	12,570	$	13,122	$	13,162	$	13,335	$	14,487	$	15,478	$	15,619	18.7		0.9
Mutual funds	9,309		9,360		9,806		9,887		9,725		10,060		10,506		10,762		8.9		2.4
Pension products	7,235		7,333		7,693		7,737		7,731		7,975		8,371		8,487		9.7		1.4
Insurance and other products	2,898		2,898		3,046		3,019		3,046		3,026		3,144		3,484		15.4		10.8
Total Assets Under Custody	$	32,159	$	32,161	$	33,667	$	33,805	$	33,837	$	35,548	$	37,499	$	38,352	13.5		2.3
By Geographic Location(3):
Americas	$	24,241	$	24,211	$	25,386	$	25,491	$	25,407	$	26,705	$	28,058	$	28,462	11.7		1.4
Europe/Middle East/Africa	5,380		5,361		5,715		5,740		5,861		6,215		6,606		6,968		21.4		5.5
Asia-Pacific	2,538		2,589		2,566		2,574		2,569		2,628		2,835		2,922		13.5		3.1
Total Assets Under Custody	$	32,159	$	32,161	$	33,667	$	33,805	$	33,837	$	35,548	$	37,499	$	38,352	13.5		2.3

(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.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT

	Quarters																% Change
(Dollars in billions)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25		3Q25		4Q25		4Q25 vs. 4Q24		4Q25 vs. 3Q25
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	51	$	51	$	54	$	52	$	52	$	55	$	60	$	61	17.3 %	%	1.7 %	%
Passive	2,661		2,708		2,923		2,955		2,849		3,163		3,405		3,528		19.4		3.6
Total Equity	2,712		2,759		2,977		3,007		2,901		3,218		3,465		3,589		19.4		3.6
Fixed-Income:
Active	27		28		30		31		30		30		30		30		(3.2)		—
Passive	551		555		593		585		603		670		690		704		20.3		2.0
Total Fixed-Income	578		583		623		616		633		700		720		734		19.2		1.9
Cash(1)	481		483		543		518		518		525		540		570		10.0		5.6
Multi-Asset-Class Solutions:
Active	23		22		23		23		24		26		29		29		26.1		—
Passive	312		327		352		351		366		423		448		472		34.5		5.4
Total Multi-Asset-Class Solutions	335		349		375		374		390		449		477		501		34.0		5.0
Alternative Investments(2):
Active	11		10		10		10		10		10		10		9		(10.0)		(10.0)
Passive(3)	182		185		204		190		213		215		234		262		37.9		12.0
Total Alternative Investments	193		195		214		200		223		225		244		271		35.5		11.1
Total Assets Under Management	$	4,299	$	4,369	$	4,732	$	4,715	$	4,665	$	5,117	$	5,446	$	5,665	20.1		4.0
By Geographic Location(4):
Americas	$	3,154	$	3,195	$	3,448	$	3,468	$	3,431	$	3,713	$	3,982	$	4,155	19.8		4.3
Europe/Middle East/Africa	635		665		728		713		690		771		806		841		18.0		4.3
Asia-Pacific	510		509		556		534		544		633		658		669		25.3		1.7
Total Assets Under Management	$	4,299	$	4,369	$	4,732	$	4,715	$	4,665	$	5,117	$	5,446	$	5,665	20.1		4.0

(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	$	124	$	154	$	182	102.2 %	%	18.2 %	%

Equity	1,131		1,157		1,253		1,310		1,252		1,374		1,500		1,572		20.0		4.8
Fixed-Income	155		159		171		177		187		191		193		196		10.7		1.6
Multi-Asset	1		1		1		1		1		1		1		1		—		—
Total Exchange-Traded Funds	$	1,361	$	1,394	$	1,516	$	1,578	$	1,554	$	1,690	$	1,848	$	1,951	23.6		5.6

(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.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
LINE OF BUSINESS INFORMATION

	Three Months Ended December 31,
	Investment Servicing										% Change							Investment Management										% Change						Other(1)									% Change				Total									% Change
(Dollars in millions)	4Q24			3Q25			4Q25				4Q25 vs. 4Q24			4Q25 vs. 3Q25				4Q24				3Q25			4Q25			4Q25 vs. 4Q24		4Q25 vs. 3Q25				4Q24			3Q25				4Q25		4Q25 vs. 4Q24		4Q25 vs. 3Q25		4Q24			3Q25			4Q25			4Q25 vs. 4Q24		4Q25 vs. 3Q25
Servicing fees	$	1,283		$	1,357		$	1,388			8.2 %		%	2.3 %		%		$	—			$	—		$	—		— %	%	— %		%		$	—		$	—			$	—	— %	%	— %	%	$	1,283		$	1,357		$	1,388		8.2 %	%	2.3 %	%
Management fees	—			—			—				—			—				576				612			662			14.9		8.2				—			—				—		—		—		576			612			662			14.9		8.2
Foreign exchange trading services	324			364			349				7.7			(4.1)				36				52			56			55.6		7.7				—			—				—		—		—		360			416			405			12.5		(2.6)
Securities finance	113			133			121				7.1			(9.0)				5				5			6			20.0		20.0				—			—				—		—		—		118			138			127			7.6		(8.0)
Software and processing fees	259			227			221				(14.7)			(2.6)				—				—			—			—		—				—			—				—		—		—		259			227			221			(14.7)		(2.6)
Other fee revenue	61			68			56				(8.2)			(17.6)				5				11			3			(40.0)		(72.7)				—			—				—		—		—		66			79			59			(10.6)		(25.3)
Total fee revenue	2,040			2,149			2,135				4.7			(0.7)				622				680			727			16.9		6.9				—			—				—		—		—		2,662			2,829			2,862			7.5		1.2
Net interest income	743			711			800				7.7			12.5				6				4			2			(66.7)		(50.0)				—			—				—		—		—		749			715			802			7.1		12.2
Total other income	1			1			3				nm			nm				—				—			—			—		—				—			—				—		—		—		1			1			3			nm		nm
Total revenue	2,784			2,861			2,938				5.5			2.7				628				684			729			16.1		6.6				—			—				—		—		—		3,412			3,545			3,667			7.5		3.4
Provision for credit losses	12			9			8				(33.3)			(11.1)				—				—			—			—		—				—			—				—		—		—		12			9			8			(33.3)		(11.1)
Total expenses	1,952			1,994			2,048				4.9			2.7				430				440			487			13.3		10.7				58			—				206		nm		nm		2,440			2,434			2,741			12.3		12.6
Income before income tax expense	$	820		$	858		$	882			7.6			2.8				$	198			$	244		$	242		22.2		(0.8)				$	(58)		$	—			$	(206)	nm		nm		$	960		$	1,102		$	918		(4.4)		(16.7)
Pre-tax margin	29.5 %		%	30.0 %		%	30.0 %		%		0.5 %		%	— %		%	pts	31.5 %		%		35.7 %		%	33.2 %		%	1.7 %	%	(2.5)%		%	pts														28.1 %		%	31.1 %		%	25.0 %		%	(3.1)%	%	(6.1)%	%	pts

	Year Ended December 31,
	Investment Servicing						% Change				Investment Management							% Change				Other(1)						% Change		Total							% Change
(Dollars in millions)	2024			2025			YTD2025 vs. YTD2024				2024			2025				YTD2025 vs. YTD2024				2024			2025			YTD2025 vs. YTD2024		2024				2025			YTD2025 vs. YTD2024
Servicing fees	$	5,016		$	5,324		6.1 %		%		$	—		$	—			— %		%		$	—		$	—		— %	%	$	5,016			$	5,324		6.1 %		%
Management fees	—			—			—				2,124			2,398				12.9				—			—			—		2,124				2,398			12.9
Foreign exchange trading services	1,248			1,441			15.5				138			170				23.2				15			3			(80.0)		1,401				1,614			15.2
Securities finance	415			481			15.9				23			24				4.3				—			—			—		438				505			15.3
Software and processing fees	888			927			4.4				—			—				—				—			(24)			nm		888				903			1.7
Other fee revenue	188			209			11.2				35			27				(22.9)				66			—			nm		289				236			(18.3)
Total fee revenue	7,755			8,382			8.1				2,320			2,619				12.9				81			(21)			nm		10,156				10,980			8.1
Net interest income	2,899			2,945			1.6				24			15				(37.5)				—			—			—		2,923				2,960			1.3
Total other income	2			4			100.0				—			—				—				(81)			—			nm		(79)				4			nm
Total revenue	10,656			11,331			6.3				2,344			2,634				12.4				—			(21)			nm		13,000				13,944			7.3
Provision for loan losses	75			59			(21.3)				—			—				—				—			—			—		75				59			(21.3)
Total expenses	7,687			8,056			4.8				1,655			1,775				7.3				188			323			71.8		9,530				10,154			6.5
Income before income tax expense	$	2,894		$	3,216		11.1				$	689		$	859			24.7				$	(188)		$	(344)		83.0		$	3,395			$	3,731		9.9
Pre-tax margin	27.2 %		%	28.4 %		%	1.2 %		%	pts	29.4 %		%	32.6 %		%		3.2 %		%	pts									26.1 %		%		26.8 %		%	0.7 %		%	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.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL

	Basel III Advanced Approaches(1)																								Basel III Standardized Approach(2)
(Dollars in millions)	1Q24			2Q24			3Q24			4Q24			1Q25			2Q25			3Q25			4Q25			1Q24			2Q24			3Q24			4Q24			1Q25			2Q25			3Q25			4Q25
Ratios and Supporting Calculations:







Common equity tier 1 capital	$	13,167		$	13,346		$	14,071		$	13,799		$	14,362		$	14,791		$	15,156		$	14,812		$	13,167		$	13,346		$	14,071		$	13,799		$	14,362		$	14,791		$	15,156		$	14,812
Total risk-weighted assets	112,161			111,224			112,795			114,602			114,274			118,652			115,731			114,321			118,613			119,244			121,137			126,281			130,208			137,677			134,168			127,140
Common equity tier 1 risk-based capital ratio	11.7 %		%	12.0 %		%	12.5 %		%	12.0 %		%	12.6 %		%	12.5 %		%	13.1 %		%	13.0 %		%	11.1 %		%	11.2 %		%	11.6 %		%	10.9 %		%	11.0 %		%	10.7 %		%	11.3 %		%	11.7 %		%

Tier 1 capital	$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350		$	18,715		$	18,371		$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350		$	18,715		$	18,371
Tier 1 risk-based capital ratio	13.9 %		%	14.2 %		%	15.0 %		%	14.5 %		%	15.7 %		%	15.5 %		%	16.2 %		%	16.1 %		%	13.2 %		%	13.3 %		%	13.9 %		%	13.2 %		%	13.8 %		%	13.3 %		%	13.9 %		%	14.4 %		%

Total capital	$	17,504		$	17,682		$	18,754		$	18,476		$	19,799		$	20,226		$	20,608		$	20,261		$	17,650		$	17,827		$	18,925		$	18,659		$	19,978		$	20,418		$	20,792		$	20,446
Total risk-based capital ratio	15.6 %		%	15.9 %		%	16.6 %		%	16.1 %		%	17.3 %		%	17.0 %		%	17.8 %		%	17.7 %		%	14.9 %		%	15.0 %		%	15.6 %		%	14.8 %		%	15.3 %		%	14.8 %		%	15.5 %		%	16.1 %		%

Tier 1 capital	$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350		$	18,715		$	18,371		$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350		$	18,715		$	18,371
Adjusted average assets (Tier 1)(3)	289,772			297,350			305,699			318,470			328,520			344,822			331,553			332,978			289,772			297,350			305,699			318,470			328,520			344,822			331,553			332,978
Tier 1 leverage ratio	5.4 %		%	5.3 %		%	5.5 %		%	5.2 %		%	5.5 %		%	5.3 %		%	5.6 %		%	5.5 %		%	5.4 %		%	5.3 %		%	5.5 %		%	5.2 %		%	5.5 %		%	5.3 %		%	5.6 %		%	5.5 %		%

On-and off-balance sheet leverage exposure	$	249,668		$	261,135		$	273,809		$	278,344		$	286,035		$	300,585		$	300,388		$	293,923		$	249,668		$	261,135		$	273,809		$	278,344		$	286,035		$	300,585		$	300,388		$	293,923
Less: regulatory deductions	(8,798)			(8,948)			(8,941)			(8,711)			(8,771)			(8,957)			(8,927)			(9,470)			(8,798)			(8,948)			(8,941)			(8,711)			(8,771)			(8,957)			(8,927)			(9,470)
Leverage exposure (SLR)	240,870			252,187			264,868			269,633			277,264			291,628			291,461			284,453			240,870			252,187			264,868			269,633			277,264			291,628			291,461			284,453
Supplementary leverage ratio(4)	6.5 %		%	6.3 %		%	6.4 %		%	6.2 %		%	6.5 %		%	6.3 %		%	6.4 %		%	6.5 %		%	6.5 %		%	6.3 %		%	6.4 %		%	6.2 %		%	6.5 %		%	6.3 %		%	6.4 %		%	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 December 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 December 31, 2025 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 2% SLR buffer in order to avoid any limitations on distributions to shareholders and discretionary bonus payments to certain executives.


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)	1Q24			2Q24			3Q24			4Q24			1Q25			2Q25			3Q25			4Q25
Tangible common equity - period end:
Total shareholders' equity	$	24,433		$	24,762		$	25,828		$	25,326		$	26,692		$	27,307		$	27,642		$	27,841
Less:
Preferred stock	2,468			2,468			2,816			2,816			3,559			3,559			3,559			3,559
Common shareholders' equity	21,965			22,294			23,012			22,510			23,133			23,748			24,083			24,282
Less:
Goodwill	7,582			7,751			7,833			7,691			7,763			7,918			7,916			8,159
Other intangible assets	1,258			1,209			1,166			1,089			1,046			1,014			958			935
Plus related deferred tax liabilities	460			461			467			459			465			479			473			478
Tangible common shareholders' equity - Non-GAAP	$	13,585		$	13,795		$	14,480		$	14,189		$	14,789		$	15,295		$	15,682		$	15,666

Total common shares outstanding - period end (in thousands)	301,504			299,231			294,191			288,766			288,676			285,562			282,218			279,078
Book value per common share	$	72.85		$	74.50		$	78.22		$	77.95		$	80.13		$	83.16		$	85.33		$	87.01
Tangible book value per common share - Non-GAAP	45.06			46.10			49.22			49.14			51.23			53.56			55.57			56.13

	Quarters																								Year-to-Date
(Dollars in millions, except where otherwise noted)	1Q24			2Q24			3Q24			4Q24			1Q25			2Q25			3Q25			4Q25			2024			2025
Tangible common equity - average:
Average common shareholders' equity	$	21,850		$	22,061		$	22,691		$	22,744		$	22,847		$	23,496		$	23,772		$	24,167		$	22,339		$	23,575
Less:
Average goodwill	7,589			7,750			7,798			7,745			7,717			7,854			7,906			7,971			7,721			7,863
Average other intangible assets	1,287			1,230			1,187			1,121			1,065			1,029			982			962			1,206			1,009
Plus related deferred tax liabilities	460			460			464			463			462			472			476			475			462			472
Average tangible common shareholders' equity - Non-GAAP	$	13,434		$	13,541		$	14,170		$	14,341		$	14,527		$	15,085		$	15,360		$	15,709		$	13,874		$	15,175

Net income available to common shareholders	$	418		$	655		$	682		$	728		$	597		$	630		$	802		$	688		$	2,483		$	2,717
Net income available to common shareholders, excluding notable items(1)	517			655			682			769			597			733			802			845			2,623			2,977


Return on average tangible common equity - Non-GAAP(2)	12.4 %		%	19.3 %		%	19.3 %		%	20.3 %		%	16.4 %		%	16.7 %		%	20.9 %		%	17.5 %		%	17.9 %		%	17.9 %		%
Return on average tangible common equity, excluding notable items - Non-GAAP(2)(3)	15.4			19.3			19.3			21.4			16.4			19.4			20.9			21.5			18.9			19.6



(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.


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						Year-to-Date				% Change
(Dollars in millions)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25		3Q25		4Q25		4Q25 vs. 4Q24			4Q25 vs. 3Q25			2024		2025		YTD2025 vs. YTD2024
Fee Revenue:
Total fee revenue, GAAP-basis	$	2,422	$	2,456	$	2,616	$	2,662	$	2,570	$	2,719	$	2,829	$	2,862	7.5 %	%		1.2 %	%		$	10,156	$	10,980	8.1 %	%
Less: Notable items:
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)		—		—		—			—			(15)		(3)		(80.0)
Client rescoping (revenue impact)(2)	—		—		—		—		—		24		—		—		—			—			—		24		—
Other fee revenue(3)	—		—		(66)		—		—		—		—		—		—			—			(66)		—		nm

Total fee revenue, excluding notable items	$	2,422	$	2,456	$	2,535	$	2,662	$	2,570	$	2,740	$	2,829	$	2,862	7.5			1.2			$	10,075	$	11,001	9.2

Total Revenue:
Total revenue, GAAP-basis	$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,448	$	3,545	$	3,667	7.5 %	%		3.4 %	%		$	13,000	$	13,944	7.3 %	%
Less: Notable items:
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)		—		—		—			—			(15)		(3)		(80.0)
Client rescoping (revenue impact)(2)	—		—		—		—		—		24		—		—		—			—			—		24		—
Other fee revenue(3)	—		—		(66)		—		—		—		—		—		—			—			(66)		—		nm
(Gains) losses related to investment securities, net(4)	—		—		81		—		—		—		—		—		—			—			81		—		nm
Total revenue, excluding notable items	$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,469	$	3,545	$	3,667	7.5			3.4			$	13,000	$	13,965	7.4

Expenses:
Total expenses, GAAP-basis	$	2,513	$	2,269	$	2,308	$	2,440	$	2,450	$	2,529	$	2,434	$	2,741	12.3 %	%		12.6 %	%		$	9,530	$	10,154	6.5 %	%
Less: Notable items:

Deferred compensation expense acceleration(5)	—		—		—		(79)		—		—		—		—		nm			—			(79)		—		nm
Repositioning charges(6)	—		—		—		2		—		(100)		—		(226)		nm			nm			2		(326)		nm
Client rescoping (expense impact)(2)	—		—		—		—		—		(18)		—		—		—			—			—		(18)		nm


Other notable items(7)	(130)		—		—		19		—		1		—		20		5.3			—			(111)		21		nm
Total expenses, excluding notable items	2,383		2,269		2,308		2,382		2,450		2,412		2,434		2,535		6.4			4.1			9,342		9,831		5.2
Seasonal expenses	(162)		—		—		—		(155)		—		—		—		—			—			(162)		(155)		(4.3)
Total expenses, excluding notable items and seasonal expenses	$	2,221	$	2,269	$	2,308	$	2,382	$	2,295	$	2,412	$	2,434	$	2,535	6.4			4.1			$	9,180	$	9,676	5.4

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis	$	2,422	$	2,456	$	2,616	$	2,662	$	2,570	$	2,719	$	2,829	$	2,862	7.51 %	%		1.17 %	%		$	10,156	$	10,980	8.11 %	%
Total expenses, GAAP-basis	2,513		2,269		2,308		2,440		2,450		2,529		2,434		2,741		12.34			12.61			9,530		10,154		6.55
Fee operating leverage, GAAP-basis(8)																	(483)		bps	(1144)		bps					156		bps

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	$	2,740	$	2,829	$	2,862	7.51 %	%		1.17 %	%		$	10,075	$	11,001	9.19 %	%
Total expenses, excluding notable items (as reconciled above)	2,383		2,269		2,308		2,382		2,450		2,412		2,434		2,535		6.42			4.15			9,342		9,831		5.23
Fee operating leverage, excluding notable items(9)																	109		bps	(298)		bps					396		bps

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis	$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,448	$	3,545	$	3,667	7.47 %	%		3.44 %	%		$	13,000	$	13,944	7.26 %	%
Total expenses, GAAP-basis	2,513		2,269		2,308		2,440		2,450		2,529		2,434		2,741		12.34			12.61			9,530		10,154		6.55
Operating leverage, GAAP-basis(10)																	(487)		bps	(917)		bps					71		bps


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)

	Quarters																% Change						Year-to-Date				% Change
(Dollars in millions, except earnings per share, or where otherwise noted)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25		3Q25		4Q25		4Q25 vs. 4Q24			4Q25 vs. 3Q25			2024		2025		YTD2025 vs. YTD2024
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)	$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,469	$	3,545	$	3,667	7.47 %	%		3.44 %	%		$	13,000	$	13,965	7.42 %	%
Total expenses, excluding notable items (as reconciled above)	2,383		2,269		2,308		2,382		2,450		2,412		2,434		2,535		6.42			4.15			9,342		9,831		5.23
Operating leverage, excluding notable items(11)																	105		bps	(71)		bps					219		bps
















Income before income tax expense:
Income before income tax expense GAAP-basis	$	598	$	912	$	925	$	960	$	822	$	889	$	1,102	$	918	(4.4)%	%		(16.7)%	%		$	3,395	$	3,731	9.9 %	%
Less: Notable items
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)		—		—								(15)		(3)
Client rescoping (revenue impact)(2)	—		—		—		—		—		24		—		—								—		24
Other fee revenue(3)	—		—		(66)		—		—		—		—		—								(66)		—
(Gains) losses related to investment securities, net(4)	—		—		81		—		—		—		—		—								81		—
Deferred compensation expense acceleration(5)	—		—		—		79		—		—		—		—								79		—
Repositioning charges(6)	—		—		—		(2)		—		100		—		226								(2)		326
Client rescoping (expense impact)(2)	—		—		—		—		—		18		—		—								—		18


Other notable items(7)	130		—		—		(19)		—		(1)		—		(20)								111		(21)
Income before income tax expense, excluding notable items	$	728	$	912	$	925	$	1,018	$	822	$	1,027	$	1,102	$	1,124	10.4			2.0			$	3,583	$	4,075	13.7


Net Income:
Net Income GAAP-basis	$	463	$	711	$	730	$	783	$	644	$	693	$	861	$	747	(4.6)%	%		(13.2)%	%		$	2,687	$	2,945	9.6 %	%
Less: Notable items
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)		—		—								(15)		(3)
Client rescoping (revenue impact)(2)	—		—		—		—		—		24		—		—								—		24
Other fee revenue(3)	—		—		(66)		—		—		—		—		—								(66)		—
(Gains) losses related to investment securities, net(4)	—		—		81		—		—		—		—		—								81		—
Deferred compensation expense acceleration(5)	—		—		—		79		—		—		—		—								79		—
Repositioning charges(6)	—		—		—		(2)		—		100		—		226								(2)		326
Client rescoping (expense impact)(2)	—		—		—		—		—		18		—		—								—		18


Other notable items(7)	130		—		—		(19)		—		(1)		—		(20)								111		(21)
Tax impact of notable items	(31)		—		—		(17)		—		(35)		—		(49)								(48)		(84)
Net Income, excluding notable items	$	562	$	711	$	730	$	824	$	644	$	796	$	861	$	904	9.7			5.0			$	2,827	$	3,205	13.4

Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis	$	418	$	655	$	682	$	728	$	597	$	630	$	802	$	688	(5.5)%	%		(14.2)%	%		$	2,483	$	2,717	9.4 %	%
Less: Notable items
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)		—		—								(15)		(3)
Client rescoping (revenue impact)(2)	—		—		—		—		—		24		—		—								—		24
Other fee revenue(3)	—		—		(66)		—		—		—		—		—								(66)		—
(Gains) losses related to investment securities, net(4)	—		—		81		—		—		—		—		—								81		—
Deferred compensation expense acceleration(5)	—		—		—		79		—		—		—		—								79		—
Repositioning charges(6)	—		—		—		(2)		—		100		—		226								(2)		326
Client rescoping (expense impact)(2)	—		—		—		—		—		18		—		—								—		18


Other notable items(7)	130		—		—		(19)		—		(1)		—		(20)								111		(21)
Tax impact of notable items	(31)		—		—		(17)		—		(35)		—		(49)								(48)		(84)
Net Income Available to Common Shareholders, excluding notable items	$	517	$	655	$	682	$	769	$	597	$	733	$	802	$	845	9.9			5.4			$	2,623	$	2,977	13.5


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)


	Quarters																								% Change						Year-to-Date						% Change
(Dollars in millions, except earnings per share, or where otherwise noted)	1Q24			2Q24			3Q24			4Q24			1Q25			2Q25			3Q25			4Q25			4Q25 vs. 4Q24			4Q25 vs. 3Q25			2024			2025			YTD2025 vs. YTD2024
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis	$	1.37		$	2.15		$	2.26		$	2.46		$	2.04		$	2.17		$	2.78		$	2.42		(1.6)%	%		(12.9)%	%		$	8.21		$	9.40		14.5 %	%
Less: Notable items
Foreign exchange trading services(1)	—			—			(0.04)			—			—			(0.01)			—			—									(0.04)			(0.01)
Client rescoping (revenue impact)(2)	—			—			—			—			—			0.06			—			—									—			0.06
Other fee revenue(3)	—			—			(0.16)			—			—			—			—			—									(0.16)			—
(Gains) losses related to investment securities, net(4)	—			—			0.20			—			—			—			—			—									0.20			—
Deferred compensation expense acceleration(5)	—			—			—			0.20			—			—			—			—									0.19			—
Repositioning charges(6)	—			—			—			(0.01)			—			0.26			—			0.60									—			0.85
Client rescoping (expense impact)(2)	—			—			—			—			—			0.05			—			—									—			0.05


Other notable items(7)	0.32			—			—			(0.05)			—			—			—			(0.05)									0.27			(0.05)
Diluted earnings per share, excluding notable items	$	1.69		$	2.15		$	2.26		$	2.60		$	2.04		$	2.53		$	2.78		$	2.97		14.2			6.8			$	8.67		$	10.30		18.8
























Pre-tax Margin:
Pre-tax margin, GAAP-basis(12)	19.1 %		%	28.6 %		%	28.4 %		%	28.1 %		%	25.0 %		%	25.8 %		%	31.1 %		%	25.0 %		%	(3.1)%	%	pts	(6.1)%	%	pts	26.1 %		%	26.8 %		%	0.7 %	%	pts
Less: Notable items
Foreign exchange trading services(1)	—			—			(0.3)			—			—			(0.1)			—			—									(0.1)			—
Client rescoping (revenue impact)(2)	—			—			—			—			—			0.7			—			—									—			0.2
Other fee revenue(3)	—			—			(1.1)			—			—			—			—			—									(0.5)			—
(Gains) losses related to investment securities, net(4)	—			—			1.4			—			—			—			—			—									0.6			—
Deferred compensation expense acceleration(5)	—			—			—			2.3			—			—			—			—									0.6			—
Repositioning charges(6)	—			—			—			(0.1)			—			2.7			—			6.3									—			2.2
Client rescoping (expense impact)(2)	—			—			—			—			—			0.5			—			—									—			0.1


Other notable items(7)	4.1			—			—			(0.5)			—			—			—			(0.6)									0.9			(0.1)
Pre-tax margin, excluding notable items	23.2 %		%	28.6 %		%	28.4 %		%	29.8 %		%	25.0 %		%	29.6 %		%	31.1 %		%	30.7 %		%	0.9			(0.4)			27.6 %		%	29.2 %		%	1.6

Return on Average Common Equity:
Return on average common equity, GAAP-basis	7.7 %		%	11.9 %		%	12.0 %		%	12.7 %		%	10.6 %		%	10.8 %		%	13.4 %		%	11.3 %		%	(1.4)%	%	pts	(2.1)%	%	pts	11.1 %		%	11.5 %		%	0.4 %	%	pts
Less: Notable items
Foreign exchange trading services(1)	—			—			(0.3)			—			—			(0.1)			—			—									(0.1)			—
Client rescoping (revenue impact)(2)	—			—			—			—			—			0.4			—			—									—			0.1
Other fee revenue(3)	—			—			(1.1)			—			—			—			—			—									(0.2)			—
(Gains) losses related to investment securities, net(4)	—			—			1.4			—			—			—			—			—									0.3			—
Deferred compensation expense acceleration(5)	—			—			—			1.5			—			—			—			—									0.3			—
Repositioning charges(6)	—			—			—			—			—			1.7			—			3.7									—			1.4
Client rescoping (expense impact)(2)	—			—			—			—			—			0.3			—			—									—			0.1


Other notable items(7)	2.4			—			—			(0.4)			—			—			—			(0.3)									0.5			(0.1)
Tax impact of notable items	(0.6)			—			—			(0.3)			—			(0.6)			—			(0.8)									(0.2)			(0.4)
Return on average common equity, excluding notable items	9.5 %		%	11.9 %		%	12.0 %		%	13.5 %		%	10.6 %		%	12.5 %		%	13.4 %		%	13.9 %		%	0.4			0.5			11.7 %		%	12.6 %		%	0.9


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)

	Quarters																% Change						Year-to-Date				% Change
(Dollars in millions, except earnings per share, or where otherwise noted)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25		3Q25		4Q25		4Q25 vs. 4Q24			4Q25 vs. 3Q25			2024		2025		YTD2025 vs. YTD2024
Effective Tax Rate:
Effective tax rate, GAAP-basis	22.5 %	%	22.1 %	%	21.1 %	%	18.4 %	%	21.7 %	%	22.0 %	%	21.9 %	%	18.6 %	%	0.2 %	%	pts	(3.3)%	%	pts	20.8 %	%	21.1 %	%	0.3 %	%	pts
Less: Notable items
Foreign exchange trading services(1)	—		—		—		—		—		—		—		—								—		—
Client rescoping (revenue impact)(2)	—		—		—		—		—		0.1		—		—								—		—
Other fee revenue(3)	—		—		(0.1)		—		—		—		—		—								(0.1)		—
(Gains) losses related to investment securities, net(4)	—		—		0.1		—		—		—		—		—								0.1		—
Deferred compensation expense acceleration(5)	—		—		—		0.7		—		—		—		—								0.1		—
Repositioning charges(6)	—		—		—		—		—		0.4		—		1.1								—		0.3
Client rescoping (expense impact)(2)	—		—		—		—		—		—		—		—								—		—


Other notable items(7)	0.3		—		—		(0.2)		—		—		—		(0.1)								0.2		—
Effective tax rate, excluding notable items	22.8 %	%	22.1 %	%	21.1 %	%	18.9 %	%	21.7 %	%	22.5 %	%	21.9 %	%	19.6 %	%	0.7			(2.3)			21.1 %	%	21.4 %	%	0.3










(1) Amounts in both 2025 and 2024 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) Amount 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) Amount consists of a $66 million gain on sale of equity investment, which is reflected in other fee revenue.
(4) Amount 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.

(5) 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.
(6) 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 and the 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.


(7) 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. Amount in 2024 includes the FDIC special assessment and subsequent true-up in the second quarter of 2025 reflected in other expenses. Additional other notable items include a $12 million charge in 2024 and subsequent true-up in the second quarter of 2025 associated with operating model changes which are reflected in other expenses.
(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 17. Excluding seasonable expenses, pre-tax margin for the first quarter of 2025 was 29.8%.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS

GAAP-Basis QTD Comparison	Reported						Currency Translation Impact					Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	4Q24		3Q25		4Q25		4Q25 vs. 4Q24		4Q25 vs. 3Q25			4Q25 vs. 4Q24		4Q25 vs. 3Q25		4Q25 vs. 4Q24		4Q25 vs. 3Q25
GAAP-Basis Results:
Fee revenue:


Servicing fees	$	1,283	$	1,357	$	1,388	$	24	$	(3)		$	1,364	$	1,391	6.3 %	%	2.5 %	%
Management fees	576		612		662		3		(1)			659		663		14.4		8.3
Foreign exchange trading services	360		416		405		—		—			405		405		12.5		(2.6)
Securities finance	118		138		127		—		—			127		127		7.6		(8.0)
Front office software and data	197		167		163		1		—			162		163		(17.8)		(2.4)
Lending related and other fees	62		60		58		—		—			58		58		(6.5)		(3.3)
Software and processing fees	259		227		221		1		—			220		221		(15.1)		(2.6)
Other fee revenue	66		79		59		—		—			59		59		(10.6)		(25.3)
Total fee revenue	2,662		2,829		2,862		28		(4)			2,834		2,866		6.5		1.3
Net interest income	749		715		802		17		(3)			785		805		4.8		12.6
Total other income	1		1		3		—		—			3		3		nm		nm
Total revenue	$	3,412	$	3,545	$	3,667	$	45	$	(7)		$	3,622	$	3,674	6.2		3.6

Expenses:
Compensation and employee benefits	$	1,212	$	1,162	$	1,331	$	22	$	(4)		$	1,309	$	1,335	8.0		14.9
Information systems and communications	480		517		557		2		—			555		557		15.6		7.7
Transaction processing services	245		276		256		2		—			254		256		3.7		(7.2)
Occupancy	123		106		173		2		(1)			171		174		39.0		64.2


Other	380		373		424		5		(1)			419		425		10.3		13.9
Total expenses	$	2,440	$	2,434	$	2,741	$	33	$	(6)		$	2,708	$	2,747	11.0		12.9

Total expenses, excluding notable items - Non-GAAP	$	2,382	$	2,434	$	2,535	$	33	$	(6)		$	2,502	$	2,541	5.0		4.4
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	1,234		1,272		1,315		11		(2)			1,304		1,317		5.7		3.5


GAAP-Basis YTD Comparison	Reported				Currency Translation Impact		Excluding Currency Impact		% Change Constant Currency
(Dollars in millions)	2024		2025		YTD2025 vs. YTD2024		2025		YTD2025 vs. YTD2024
GAAP-Basis Results:
Fee revenue:


Servicing fees	$	5,016	$	5,324	$	42	$	5,282	5.3 %		%
Management fees	2,124		2,398		5		2,393		12.7
Foreign exchange trading services	1,401		1,614		—		1,614		15.2
Securities finance	438		505		—		505		15.3
Front office software and data	639		657		2		655		2.5
Lending related and other fees	249		246		—		246		(1.2)
Software and processing fees	888		903		2		901		1.5
Other fee revenue	289		236		1		235		(18.7)
Total fee revenue	10,156		10,980		50		10,930		7.6
Net interest income	2,923		2,960		32		2,928		0.2
Total other income	(79)		4		—		4		nm
Total revenue	$	13,000	$	13,944	$	82	$	13,862	6.6

Expenses:
Compensation and employee benefits	$	4,697	$	5,035	$	37	$	4,998	6.4
Information systems and communications	1,829		2,094		4		2,090		14.3
Transaction processing services	998		1,050		7		1,043		4.5
Occupancy	437		487		3		484		10.8


Other	1,569		1,488		10		1,478		(5.8)
Total expenses	$	9,530	$	10,154	$	61	$	10,093	5.9

Total expenses, excluding notable items - Non-GAAP	$	9,342	$	9,831	$	61	$	9,770	4.6
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	4,709		5,007		24		4,983		5.8

(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 $1,220 million in the fourth quarter of 2025, $1,162 million in the third quarter of 2025 and $1,148 million in the fourth quarter of 2024.
nm Denotes not meaningful



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
December 31, 2025


Table of Contents

GAAP-Basis Financial Information:
5-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			14

Capital:
Regulatory Capital			15
Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity			16

Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information			17
Reconciliation of Pre-tax Margin 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 January 16, 2026.