State Street
STT · NYSEState Commercial Banks · Fiscal year ends Dec 31
State Street reported revenue of $13.9B in the fiscal year ended Dec 2025, up 7.3% from the year before. Net income was $2.9B. Operating cash flow of $11.9B less capital expenditure of $1.1B left free cash flow of $10.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $12B | $12.1B | $11.9B | $13B | $13.9B |
| Net interest incomeBanks | $1.9B | $2.5B | $2.8B | $2.9B | $3B |
| Interest expense | $3M | $1.5B | $6.4B | – | – |
| Pre-tax income | $3.2B | $3.3B | $2.3B | $3.4B | $3.7B |
| Income tax | $478M | $553M | $372M | $708M | $786M |
| Net income | $2.7B | $2.8B | $1.9B | $2.7B | $2.9B |
| Diluted EPS | 7.19 | 7.19 | 5.58 | 8.21 | 9.40 |
| Diluted shares | 358M | 370M | 327M | 302M | 289M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.6B | $4B | $4B | $3.1B | $4.4B |
| Net PP&E | $2.3B | $2.3B | $2.4B | – | – |
| Goodwill | $7.6B | $7.5B | $7.6B | $7.7B | $8.2B |
| Total assets | $315B | $301B | $297B | $353B | $366B |
| Deferred revenue | $138M | $138M | $133M | $144M | $131M |
| DepositsBanks | $255B | $235B | $221B | $262B | $274B |
| Total liabilities | $287B | $276B | $273B | $328B | $338B |
| Shareholders' equity | $27.4B | $25.2B | $23.8B | $25.3B | $27.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$6.7B | $12B | $690M | −$13.2B | $11.9B |
| Capital expenditure | $811M | $734M | $816M | $926M | $1.1B |
| Free cash flow | −$7.5B | $11.2B | −$126M | −$14.1B | $10.8B |
| Acquisitions | $346M | $0 | $61M | $194M | $286M |
| Share buybacks | $900M | $1.5B | $3.8B | $1.3B | $1.2B |
| Dividends paid | $866M | $972M | $970M | $1B | $1.1B |
| Dividend per share | 2.18 | 2.40 | 2.64 | 2.90 | 3.20 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.0% | −1.7% | 8.8% | 7.3% |
| EPS growth (YoY) | – | 0.0% | −22.4% | 47.1% | 14.5% |
| Net margin | 22.4% | 22.8% | 16.3% | 20.7% | 21.1% |
| Return on equityBlank when equity is negative | 9.8% | 11.0% | 8.2% | 10.6% | 10.6% |
| Free cash flow margin | −62.5% | 92.4% | −1.1% | −108.7% | 77.8% |
| Cash conversion (CFO ÷ net income) | −2.49x | 4.31x | 0.35x | −4.92x | 4.04x |
Recent filings
More in State Commercial Banks
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.