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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
State Street
State Street (STT) investor relations material
State Street Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary16 Jan, 2026
Executive summary
Achieved record fee and total revenue in Q4 and FY2025, with strong growth across Investment Services, Investment Management, and Markets franchises.
Strategic investments in technology, AI, and digital assets, including the launch of a Digital Asset Platform, expanded client capabilities and positioned for future growth.
Reached record AUC/A of $53.8T and AUM of $5.7T, with significant net inflows and new product launches.
Delivered $500M in productivity savings for 2025, enabling reinvestment in growth and transformation initiatives.
Returned over $2.1B to shareholders via buybacks and dividends, maintaining a payout ratio near 80%.
Financial highlights
Q4 EPS grew 14% year-over-year; full-year diluted EPS (ex-notables) was $10.30, up 19% year-over-year.
Record total revenue of ~$14B for 2025, up 7% from prior year; fee revenue of $11B, up 9% year-over-year.
Expenses rose 5% to $9.8B, mainly due to strategic and technology investments, partially offset by productivity savings.
Pre-tax margin for FY2025 was 29.2% (ex-notables); ROTCE was 19.6%.
Notable items in Q4 totaled $206M pre-tax, or $0.55 per share after tax, mainly from repositioning charges and FDIC assessment.
Outlook and guidance
FY2026 outlook assumes flat global equity markets and two Fed rate cuts; fee revenue expected to rise 4%-6%, NII up low single digits.
Expenses projected to increase 3%-4%, with productivity savings offsetting recurring cost growth.
Targeting positive operating leverage over 100 bps and pre-tax margin of ~30% for 2026.
Total payout ratio expected to remain at ~80%, subject to board approval.
Expected revenue contribution from new platforms
Future expense savings from repositioning actions
Impact of LCR transferability restriction
How will digital asset initiatives impact P&L
AI's role in future operating leverage gains
Balance sheet optimization: key drivers
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Next State Street earnings date
Q1 202616 Apr, 2026
State Street
Next State Street earnings date
Q1 202616 Apr, 2026
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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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