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State Street (STT) investor relations material

State Street Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary17 Oct, 2025

Executive summary

  • Achieved record assets under custody/administration (AUC/A) of $51.7T and assets under management (AUM) of $5.4T at quarter-end, up 10% and 15% year-over-year, with strong net inflows and new business wins.

  • Total revenue rose 9% year-over-year to $3.5B, with fee revenue up 8%, management fees up 16%, and robust business momentum across all segments.

  • Diluted EPS increased 23% year-over-year to $2.78, and net income rose to $861M, with ROTCE at 20.9%.

  • Strategic initiatives included digital asset platform development, a partnership with Apex Fintech Solutions to expand digital wealth custody, and recognition in eight categories at the Euromoney 2025 FX Awards.

  • Returned $637M to shareholders through $400M in share repurchases and $237M in dividends; increased quarterly dividend by 11% to $0.84 per share.

Financial highlights

  • Fee revenue increased 8% year-over-year, with servicing fees up 7%, management fees up 16%, and FX trading/securities finance revenues up 17%-19%.

  • Net interest income (NII) was $715M, down 1% year-over-year, with net interest margin at 0.96%.

  • Pre-tax margin expanded to 31.1%, and return on tangible common equity rose to 20.9%.

  • Total expenses increased 5% year-over-year to $2.43B, driven by technology investments and higher revenue-related costs.

  • Provision for credit losses was $9M, reflecting macroeconomic environment and increased reserves for leveraged and commercial real estate loans.

Outlook and guidance

  • 2025 total fee revenue growth expected in the 8.5%-9% range, with full-year NII projected to be slightly down from last year’s record.

  • Expense growth now expected at 4.5% for the year; targeting a total payout ratio of approximately 80% for 2025.

  • Management expects continued installation of $3.6T in new asset servicing mandates over the next 24 months.

  • Ongoing focus on technology investments, product innovation, and expanding global distribution, especially in Wealth Services and digital assets.

  • Fourth quarter fee revenue anticipated to be flat or slightly down sequentially, with NII expected to rise.

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Frequently asked questions

State Street Corporation, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depository; cash management; foreign exchange, brokerage, securities finance, and collateral management services; investment management and investment advisory; investment research and trading; and administrator-and trustee-provided retirement plan services. State Street Corporation was founded in 1792 and is headquartered in Boston, Massachusetts.

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