# State Street Corporation (STT) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/STT/thesis · /stocks/STT/memo

## Financial Snapshot

---
ticker: STT
step: 04
generated: 2026-05-12
source: quick-research
---

### State Street Corporation (STT) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Total Revenue (net) | $12.15B | $11.95B | $13.00B | +8.8% |
| Net Income | $2.66B | $1.82B | $2.48B | +36.4% |
| EPS (diluted) | $7.19 | $5.58 | $8.21 | +47.1% |

*2023 revenue and earnings declined due to higher deposit repricing costs and net interest income compression in a rising rate environment. 2024 recovery driven by higher equity market levels (fee revenue correlation), rate stabilization, and improved operating leverage.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| AUM (SSGA) | ~$4.7T (FY2024) / $5.4T (Q3 2025) |
| AUC/A | ~$46T (FY2024) / $51.7T (Q3 2025) |
| CET1 Ratio | ~11% (well-capitalized) |
| Total Assets | ~$330B |

*State Street is a custodian bank; traditional FCF/capex metrics are less applicable. Capital return is primarily via buybacks and a ~3% dividend yield.*

#### Key Ratios (approximate)
- P/E (FY2024): ~11x | P/TBV: ~1.8x | Dividend Yield: ~3%
- ROTCE (FY2024): ~16% | Fee Revenue Growth (FY2024): +5–7%
- Efficiency Ratio: ~72% (improving toward 70% target)

#### Growth Profile
State Street's fee revenue is highly correlated with equity market levels (higher AUM/AUC = higher custody and management fees). FY2023's weakness reflected both market headwinds and elevated deposit repricing costs. The 2024 recovery accelerated as equity markets hit all-time highs (S&P 500 +23%), driving fee revenue higher. SSGA's ETF AUM is also market-sensitive — a sustained equity bear market would reduce fee income meaningfully.

#### Forward Estimates
- FY2025 EPS: ~$9.40 (consensus); fee revenue growth at or above +5-7% guidance
- FY2026 EPS: ~$10.45 (consensus)
- Medium-term ROTCE target: ~20% (from ~16% in 2024)
- $3 trillion in new mandates won but yet to be installed provides a multi-year revenue backlog

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/STT/fundamental

## Navigation

- Overview: /stocks/STT
- Financials (this page): /stocks/STT/financials
- Thesis: /stocks/STT/thesis
- Investment Memo: /stocks/STT/memo
- Coverage universe: /stocks