At a glance
State Street Corp is worth $46.07B, about 18 times its fiscal 2025 earnings. Revenue grew 6.6% to $13.94B in fiscal 2025, with 21.1% kept as profit; over 5 years it has grown 3.6% a year. It pays a 2.03% dividend yield, raised every year for at least 9 years, and returned $13.66B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +49.8% over the past year with dividends reinvested and +14.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 45.1% in the 2020 crash (S&P 500: 33.7%) and 41.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 28 months after the lows.
The business in plain English
State Street is a Boston-based custody bank: a specialized bank that holds, safeguards and keeps records for investments owned by large institutions. Its clients include asset managers, retirement plans, insurance companies, wealth managers and central banks in more than 100 markets. As of December 31, 2025, it held or administered $53.80 trillion of client assets and managed $5.67 trillion in investments.
Fees drive the business. Of $13.94 billion in 2025 revenue, 38% came from account servicing (custody, accounting and fund administration), 17% from management fees for running investments, 12% from foreign exchange trading, 6.5% from software and processing, and about 4% from securities finance. Net interest income made up 21%. That is the gap between the interest it earns on loans and securities and the interest it pays on deposits and other borrowing. Its Charles River software, together with its servicing operations, forms the base of State Street Alpha, a platform for portfolio management, trading and compliance.
The company reports two business lines. Investment Servicing covers custody, administration, trading and technology, and it brought in about 81% of 2025 revenue. Investment Management brought in about 19%. It is run through State Street Investment Management (formerly State Street Global Advisors), which offers ETFs, custom index portfolios and actively managed funds. About 57% of revenue came from the U.S. and 43% from other countries.
Price history
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STT +49.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Account Servicing | $5.32B | 38.2% |
| Net interest income | $2.96B | 21.2% |
| Management fees | $2.40B | 17.2% |
| Foreign exchange trading services | $1.61B | 11.6% |
| Software and processing fees | $903.0M | 6.5% |
| Securities finance | $505.0M | 3.6% |
| Other fee revenue | $236.0M | 1.7% |
By business segment
| Investment Servicing | $11.33B | 81.3% |
| Investment Management | $2.63B | 18.9% |
By geography
| U.S. | $8.01B | 57.4% |
| Non-U.S. | $5.94B | 42.6% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.00B, up 12.9% from a year earlier, and net income was $1.09B (+26.6%).
- For fiscal 2025, revenue was $13.94B (+6.6% year over year; +3.6% a year from FY2020 to FY2025) with a 21.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.6% watch |
|---|---|
| Return on equity | 10.6% watch |
| Net income / revenue | 21.1% watch |
| Deposits | $311.65B |
| Loans | $49.16B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.70B | $2.42B | — |
| FY2021 | $12.03B | $2.69B | — |
| FY2022 | $12.15B | $2.77B | — |
| FY2023 | $12.24B | $1.94B | — |
| FY2024 | $13.08B | $2.69B | — |
| FY2025 | $13.94B | $2.94B | — |
Valuation snapshot
| Market value | $46.07B |
|---|---|
| P/E ratio | 18 |
| Dividend yield | 2.03% |
Rank among 1514 US companies
Market value at each year end
State Street’s market value went from $29.98B at the end of 2016 to $46.07B on Nov 2, 2026, up 54%; since the end of 2025 it is up 28%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $46.07B | +27.8% |
| 2025 | $36.03B | +25.2% |
| 2024 | $28.77B | +20.4% |
| 2023 | $23.90B | -16.0% |
| 2022 | $28.46B | -16.3% |
| 2021 | $34.00B | +32.4% |
| 2020 | $25.68B | -10.7% |
| 2019 | $28.76B | +20.2% |
| 2018 | $23.94B | -33.9% |
| 2017 | $36.20B | +20.7% |
| 2016 | $29.98B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| STT price data to Nov 2, 2026 | +34.3% | +49.8% | +40.6% | +14.8% | +12.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +34.3% |
| 2025 | +35.5% |
| 2024 | +30.2% |
| 2023 | +3.5% |
| 2022 | -13.7% |
| 2021 | +31.1% |
| 2020 | -4.8% |
| 2019 | +29.3% |
| 2018 | -34.0% |
| 2017 | +27.8% |
| 2016 | +19.8% |
| 2015 | -13.9% |
| 2014 | +8.7% |
| 2013 | +58.6% |
| 2012 | +19.2% |
| 2011 | -11.4% |
| 2010 | +6.5% |
| 2009 | +10.8% |
| 2008 | -50.7% |
| 2007 | +21.9% |
| 2006 | +23.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 74% over that stretch · deepest drop along the way 82.2%, back to its old high 70.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.1% over that stretch · deepest drop along the way 45.1%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.6% over that stretch · deepest drop along the way 41.4%, back to its old high 27.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 10 sales ($14.0M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 21, 2026 | Hanley Ronald P O Chairman, CEO and President, Director | sell (plan) | $2.7M |
| Oct 20, 2026 | Hanley Ronald P O Chairman, CEO and President, Director | sell (plan) | $2.4M |
| May 26, 2026 | Hanley Ronald P O Chairman, CEO and President, Director | sell (plan) | $2.3M |
| Jul 24, 2026 | W. Bradford Hu EVP and Chief Risk Officer | sell (plan) | $1.8M |
| May 26, 2026 | W. Bradford Hu EVP and Chief Risk Officer | sell (plan) | $1.4M |
Who owns it
ETFs with the most weight in STT
| KBWB Invesco KBW Bank ETF | 3.91% |
| GSIB Themes Global Systemically Important Banks ETF | 3.53% |
| UDI USCF Dividend Income Fund | 2.83% |
| FLCV Federated Hermes MDT Large Cap Value ETF | 1.59% |
| VMAX Hartford US Value ETF | 1.58% |
| CZA Invesco Zacks Mid-Cap ETF | 1.56% |
| FLCC Federated Hermes MDT Large Cap Core ETF | 1.42% |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 1.33% |
What could go wrong
- Powerful clients squeeze prices. Large institutional clients have real bargaining power, and custody and investment management face significant pricing pressure. Many contracts are short or can end on short notice, so losing or repricing one big client can dent revenue.
- Fees shrink when markets and activity fall. Fees make up most revenue, and many depend on asset values and client trading. A market slump or less active clients could cut revenue even if State Street keeps every account.
- Rivals and new technology could leave it behind. Some competitors have more capital and lighter regulation, and artificial intelligence and blockchain could disrupt its industry. Spending on State Street Alpha, digital assets and wealth servicing is costly and may not pay off.
- Interest rates and deposit flows. Net interest income was 21% of 2025 revenue. It depends on interest rates and on keeping client deposits. Rate shifts, or clients moving cash elsewhere, could squeeze earnings and funding.
- Strict rules as a systemically important bank. As a global systemically important bank (G-SIB), State Street must hold extra capital and pass stress tests. Those rules raise costs and can limit dividends and buybacks.
- Exposure to other big financial firms. State Street takes on credit risk from counterparties (the firms on the other side of its trades). Many are major banks tied to one another. A failure or banking crisis could cause losses.
Recent events
- Other company announcement
- Quarterly results released; Executive or board change; Investor presentation or announcement
- Executive or board change
- Other company announcement
- Change to shareholder rights; Bylaws or fiscal year changed; Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
State Street's filings show a higher dividend every year from fiscal 2016 through 2025, at least nine straight increases. The dividend rose from $2.08 a share in 2020 to $3.20 in 2025, about 9% a year, and used 38% of 2025 earnings. The yield was 1.98% as of October 28, 2026. Buybacks, where the company repurchases its own stock, were larger: $8.7 billion over fiscal 2021–2025, versus $4.96 billion in dividends. The share count fell 25.7% from January 2022 to October 2026. The company warns that both depend on its board and on regulatory capital rules.
The stock has fallen hard in crises. It lost 82.2% in the 2008 financial crisis and took about 70 months to recover. It fell 45.1% in the 2020 COVID crash and 41.4% in the 2022 bear market, taking about 10 and 28 months to recover. As with any single stock, State Street carries more risk than a diversified fund.
Questions investors ask
How does State Street make money?
Mostly through fees from large institutions. Of $13.94 billion in 2025 revenue, account servicing fees for custody, accounting and fund administration made up 38%. Net interest income, the interest it earns minus the interest it pays on deposits and borrowing, was 21%. Investment management fees were 17% and foreign exchange trading 12%. Software and processing fees added 6.5%, and securities finance about 4%. By business line, Investment Servicing produced about 81% of revenue and Investment Management about 19%.
Does State Street raise its dividend every year?
Yes, so far. Its SEC filings show a higher dividend every year from fiscal 2016 through 2025, at least nine straight increases, and the streak may be longer. The dividend reached $3.20 a share in 2025, up from $2.08 in 2020, and used 38% of earnings. The yield was 1.98% as of October 28, 2026. State Street notes that payouts depend on its board and on regulatory capital rules, so future increases are not guaranteed.
Is State Street a bank?
Yes. State Street Corporation is a bank holding company. Its main subsidiary, State Street Bank and Trust Company, is a specialized trust or custody bank that holds and services assets for institutional clients. Its oldest ancestor bank, Union Bank, was founded in 1792. It is also a global systemically important bank (G-SIB), which means stricter capital rules. As of September 30, 2026, it had $403.34 billion in total assets, $311.65 billion in deposits and $49.16 billion in loans.
Is State Street Global Advisors the same as State Street Investment Management?
Yes. State Street's asset management arm was previously called State Street Global Advisors and has been renamed State Street Investment Management. It managed about $5.67 trillion as of December 31, 2025. That money is spread across stock, bond, cash, multi-asset and alternative strategies, sold through ETFs, custom index portfolios and actively managed funds. It forms the Investment Management business line, which brought in about 19% of State Street's 2025 revenue.
How has State Street stock performed?
Well over time, with deep drops along the way. As of October 28, 2026, the share price had gained 49.7% over one year. It averaged 15.5% a year over five years and 12.6% a year over 10 years. It rose 35.5% in calendar 2025. But from peak to low, the stock lost 82.2% in the 2008 financial crisis and 41.4% in 2022. Its price-to-earnings ratio, the share price divided by a year's earnings per share, was 18.5 based on 2025 earnings.