Document


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
4-YEAR SUMMARY OF RESULTS

(Dollars in millions, except per share amounts, or where otherwise noted)	2021			2022			2023			2024
Year ended December 31:
Total fee revenue	$	10,012		$	9,606		$	9,480		$	10,156
Net interest income	1,905			2,544			2,759			2,923
Other income	110			(2)			(294)			(79)
Total revenue	12,027			12,148			11,945			13,000
Provision for credit losses	(33)			20			46			75
Total expenses	8,889			8,801			9,583			9,530
Income before income tax expense	3,171			3,327			2,316			3,395
Income tax expense	478			553			372			708
Net income	2,693			2,774			1,944			2,687
Net income available to common shareholders	$	2,572		$	2,660		$	1,821		$	2,483
Per common share:
Diluted earnings per common share	$	7.19		$	7.19		$	5.58		$	8.21
Average diluted common shares outstanding (in thousands)	357,962			370,109			326,568			302,226
Cash dividends declared per common share	$	2.18		$	2.40		$	2.64		$	2.90
Closing price per share of common stock (at year end)	93.00			77.57			77.46			98.15
Average balance sheet:
Investment securities	$	111,730		$	111,929		$	105,765		$	104,784
Total assets	299,743			286,430			274,696			311,723
Total deposits	235,404			222,874			205,111			225,611
Ratios and other metrics:
Return on average common equity	10.7		%	11.1		%	8.2		%	11.1		%
Return on average tangible common equity(1)	17.2			17.4			13.3			17.9
Pre-tax margin	26.4			27.4			19.4			26.1
Pre-tax margin, excluding notable items(2)	27.6			28.4			26.4			27.6
Net interest margin, fully taxable-equivalent basis	0.74			1.03			1.20			1.10
Common equity tier 1 ratio(3)(4)	14.3			13.6			11.6			10.9
Tier 1 capital ratio(3)(4)	16.1			15.4			13.4			13.2
Total capital ratio(3)(4)	17.5			16.8			15.2			14.8
Tier 1 leverage ratio(3)	6.1			6.0			5.5			5.2
Supplementary leverage ratio(3)	7.4			7.0			6.2			6.2
Assets under custody and/or administration (in trillions)	$	43.68		$	36.74		$	41.81		$	46.56
Assets under management (in trillions)	4.14			3.48			4.13			4.72

(1) Return on average tangible common equity is calculated by dividing the net income available to common shareholders (GAAP-basis) for the relevant period by average tangible common equity (non-GAAP). Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(2) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of pre-tax margin excluding notable items for details.
(3) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end.

(4) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS

	Quarters												% Change			Year-to-Date			% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25			2Q25 vs. 2Q24			2Q25 vs. 1Q25			2024		2025		YTD2025 vs. YTD2024

Fee revenue:


Servicing fees	$	1,228	$	1,239	$	1,266	$	1,283	$	1,275	$	1,304		5.2	%		2.3	%		$	2,467	$	2,579	4.5	%
Management fees	510		511		527		576		562		562			10.0			—			1,021		1,124		10.1
Foreign exchange trading services	331		336		374		360		362		431			28.3			19.1			667		793		18.9
Securities finance	96		108		116		118		114		126			16.7			10.5			204		240		17.6
Front office software and data	144		152		146		197		158		169			11.2			7.0			296		327		10.5
Lending related and other fees	63		62		62		62		67		61			(1.6)			(9.0)			125		128		2.4
Software and processing fees	207		214		208		259		225		230			7.5			2.2			421		455		8.1
Other fee revenue	50		48		125		66		32		66			37.5			nm			98		98		—
Total fee revenue	2,422		2,456		2,616		2,662		2,570		2,719			10.7			5.8			4,878		5,289		8.4
Net interest income:
Interest income	2,889		2,998		3,081		3,009		2,922		3,055			1.9			4.6			5,887		5,977		1.5
Interest expense	2,173		2,263		2,358		2,260		2,208		2,326			2.8			5.3			4,436		4,534		2.2
Net interest income	716		735		723		749		714		729			(0.8)			2.1			1,451		1,443		(0.6)
Other income:
Gains (losses) related to investment securities, net	—		—		(80)		1		—		—			—			—			—		—		—

Total other income	—		—		(80)		1		—		—			—			—			—		—		—
Total revenue	3,138		3,191		3,259		3,412		3,284		3,448			8.1			5.0			6,329		6,732		6.4
Provision for credit losses	27		10		26		12		12		30			nm			nm			37		42		13.5
Expenses:
Compensation and employee benefits	1,252		1,099		1,134		1,212		1,262		1,280			16.5			1.4			2,351		2,542		8.1
Information systems and communications	432		454		463		480		497		523			15.2			5.2			886		1,020		15.1
Transaction processing services	248		250		255		245		258		260			4.0			0.8			498		518		4.0
Occupancy	103		106		105		123		103		105			(0.9)			1.9			209		208		(0.5)

Amortization of other intangible assets	60		60		56		54		54		56			(6.7)			3.7			120		110		(8.3)
Other	418		300		295		326		276		305			1.7			10.5			718		581		(19.1)
Total expenses	2,513		2,269		2,308		2,440		2,450		2,529			11.5			3.2			4,782		4,979		4.1
Income before income tax expense	598		912		925		960		822		889			(2.5)			8.2			1,510		1,711		13.3
Income tax expense	135		201		195		177		178		196			(2.5)			10.1			336		374		11.3
Net income	$	463	$	711	$	730	$	783	$	644	$	693		(2.5)			7.6			$	1,174	$	1,337	13.9


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)

	Quarters																			% Change				Year-to-Date				% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q24			2Q24			3Q24			4Q24			1Q25			2Q25				2Q25 vs. 2Q24				2Q25 vs. 1Q25			2024			2025			YTD2025 vs. YTD2024
Adjustments to net income:
Dividends on preferred stock		$	(45)		$	(55)		$	(48)		$	(54)		$	(46)		$	(63)			(14.5)	%			(37.0)	%		$	(100)		$	(109)		(9.0)	%
Earnings allocated to participating securities		—			(1)			—			(1)			(1)			—				nm				nm			(1)			(1)			—
Net income available to common shareholders		$	418		$	655		$	682		$	728		$	597		$	630			(3.8)				5.5			$	1,073		$	1,227		14.4
Per common share:
Basic earnings		$	1.38		$	2.18		$	2.29		2.50			$	2.07		$	2.20			0.9				6.3			$	3.56		$	4.27		19.9
Diluted earnings		1.37			2.15			2.26			2.46			2.04			2.17				0.9				6.4			3.52			4.21			19.6
Average common shares outstanding (in thousands):
Basic		301,991			300,564			297,365			291,686			288,562			286,281				(4.8)				(0.8)			301,278			287,415			(4.6)
Diluted		305,943			304,765			301,847			296,420			292,716			290,490				(4.7)				(0.8)			305,354			291,596			(4.5)
Cash dividends declared per common share		$	0.69		$	0.69		$	0.76		$	0.76		$	0.76		$	0.76			10.1				—			$	1.38		$	1.52		10.1
Closing price per share of common stock (as of quarter end)		77.32			74.00			88.47			98.15			89.53			106.34				43.7				18.8			74.00			106.34			43.7
Book value per common share		$	72.85		$	74.50		$	78.22		$	77.95		$	80.13		$	83.16			11.6				3.8			$	74.50		$	83.16		11.6
Tangible book value per common share(1)		45.06			46.10			49.22			49.14			51.23			53.56				16.2				4.5			46.10			53.56			16.2
Balance sheet averages:
Investment securities		$	101,318		$	105,098		$	107,364		$	105,322		$	110,070		$	112,083			6.6				1.8			$	103,208		$	111,082		7.6
Total assets		298,570			306,298			314,640			327,181			337,291			353,779				15.5				4.9			302,434			345,580			14.3
Total deposits		218,892			220,881			225,482			237,066			243,036			260,745				18.0				7.3			219,886			251,938			14.6
Ratios and other metrics:
Effective tax rate		22.5		%	22.1		%	21.1		%	18.4		%	21.7		%	22.0		%		(0.1)	%	pts		0.3	%	pts	22.3		%	21.9		%	(0.4)	%	pts
Return on average common equity		7.7			11.9			12.0			12.7			10.6			10.8				(1.1)				0.2			9.8			10.7			0.9
Return on average tangible common equity(2)		12.4			19.3			19.3			20.3			16.4			16.7				(2.6)				0.3			15.9			16.6			0.7
Pre-tax margin		19.1			28.6			28.4			28.1			25.0			25.8				(2.8)				0.8			23.9			25.4			1.5
Pre-tax margin, excluding notable items(3)		23.2			28.6			28.4			29.8			25.0			29.6				1.0				4.6			25.9			27.4			1.5
Net interest margin, fully taxable-equivalent basis		1.13			1.13			1.07			1.07			1.00			0.96				(0.2)				—			1.13			0.98			(0.2)
Common equity tier 1 ratio(4)(5)		11.1			11.2			11.6			10.9			11.0			10.7				(0.5)				(0.3)			11.2			10.7			(0.5)
Tier 1 capital ratio(4)(5)		13.2			13.3			13.9			13.2			13.8			13.3				—				(0.5)			13.3			13.3			—
Total capital ratio(4)(5)		14.9			15.0			15.6			14.8			15.3			14.8				(0.2)				(0.5)			15.0			14.8			(0.2)
Tier 1 leverage ratio(4)		5.4			5.3			5.5			5.2			5.5			5.3				—				(0.2)			5.3			5.3			—
Supplementary leverage ratio(4)		6.5			6.3			6.4			6.2			6.5			6.3				—				(0.2)			6.3			6.3			—
Assets under custody and/or administration (in billions)		$	43,912		$	44,312		$	46,759		$	46,557		$	46,733		$	49,000			10.6	%			4.9	%		$	44,312		$	49,000		10.6	%
Assets under management (in billions)		4,299			4,369			4,732			4,715			4,665			5,117				17.1				9.7			4,369			5,117			17.1
Average securities on loan(6)		301,247			334,675			349,113			354,372			358,869			386,730				15.6				7.8			317,961			372,877			17.3

(1) Tangible book value per common share is calculated by dividing the period end tangible common equity (non-GAAP) by the total common shares outstanding at period end. Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(2) Return on average tangible common equity is calculated by dividing annualized net income available to common shareholders (GAAP-basis) for the relevant period by average tangible common equity (non-GAAP). Beginning in the third quarter of 2024, quarterly annualized net income available to common shareholders is utilized in the quarterly return on average tangible common equity calculation as compared to year-to-date annualized net income available to common shareholders utilized in prior quarters. Prior quarterly periods have been revised to conform to the current presentation. Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(3) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
(4) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Capital ratios as of June 30, 2025 are estimates.
(5) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches. Refer to Regulatory Capital for details on Standardized and Advanced Approaches ratios.
(6) End-of-period securities on loan were $339,940 million, $339,111 million, $378,713 million and $327,389 million at March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively, and $376,269 million and $387,070 million at March 31, 2025 and June 30, 2025, respectively.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION

	As of													% Change
(Dollars in millions, except per share amounts)		March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025			2Q25 vs. 2Q24		2Q25 vs. 1Q25
Assets:
Cash and due from banks		$	3,413	$	2,898	$	4,067	$	3,145	$	4,658	$	4,020		38.7	%	(13.7)	%
Interest-bearing deposits with banks, net		125,486		99,876		105,121		112,957		119,464		118,835			19.0		(0.5)
Securities purchased under resale agreements		7,489		6,340		8,334		6,679		7,971		8,275			30.5		3.8
Trading account assets		760		780		802		768		743		791			1.4		6.5
Investment securities:
Investment securities available-for-sale, net		48,640		56,755		56,853		58,895		67,444		70,603			24.4		4.7
Investment securities held-to-maturity, net(1)		52,914		51,051		49,477		47,727		45,505		43,286			(15.2)		(4.9)
Total investment securities		101,554		107,806		106,330		106,622		112,949		113,889			5.6		0.8
Loans		38,635		39,376		41,961		43,200		44,685		47,279			20.1		5.8
Allowance for credit losses on loans(2)		135		136		162		174		176		179			31.6		1.7
Loans, net		38,500		39,240		41,799		43,026		44,509		47,100			20.0		5.8
Premises and equipment, net(3)		2,479		2,539		2,621		2,715		2,784		2,942			15.9		5.7
Accrued interest and fees receivable		4,014		4,066		4,160		4,034		4,280		4,589			12.9		7.2
Goodwill		7,582		7,751		7,833		7,691		7,763		7,918			2.2		2.0
Other intangible assets		1,258		1,209		1,166		1,089		1,046		1,014			(16.1)		(3.1)
Other assets		45,468		53,098		56,248		64,514		66,526		67,344			26.8		1.2
Total assets		$	338,003	$	325,603	$	338,481	$	353,240	$	372,693	$	376,717		15.7		1.1
Liabilities:
Deposits:
Non-interest-bearing		$	37,367	$	34,519	$	31,448	$	33,180	$	32,265	$	34,569		0.1		7.1
Interest-bearing - U.S.		148,485		140,983		145,527		166,483		168,362		169,444			20.2		0.6
Interest-bearing - Non-U.S.		66,032		63,658		70,454		62,257		71,429		79,011			24.1		10.6
Total deposits(4)		251,884		239,160		247,429		261,920		272,056		283,024			18.3		4.0
Securities sold under repurchase agreements		3,576		2,716		2,119		3,681		3,524		2,377			(12.5)		(32.5)

Other short-term borrowings		11,541		13,571		10,018		9,840		11,849		9,844			(27.5)		(16.9)
Accrued expenses and other liabilities		26,823		25,657		32,185		29,201		33,726		28,254			10.1		(16.2)
Long-term debt		19,746		19,737		20,902		23,272		24,846		25,911			31.3		4.3
Total liabilities		313,570		300,841		312,653		327,914		346,001		349,410			16.1		1.0
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:


Series G, 5,000 shares issued and outstanding		493		493		493		493		493		493			—		—
Series H, 5,000 shares issued and outstanding		494		494		—		—		—		—			nm		—
Series I, 15,000 shares issued and outstanding		1,481		1,481		1,481		1,481		1,481		1,481			—		—
Series J, 8,500 shares issued and outstanding		—		—		842		842		842		842			nm		—
Series K, 7,500 shares issued and outstanding		—		—		—		—		743		743			nm		nm
Common stock, $1 par, 750,000,000 shares authorized(5)(6)		504		504		504		504		504		504			—		—
Surplus		10,724		10,721		10,723		10,722		10,693		10,698			(0.2)		—
Retained earnings		28,166		28,615		29,073		29,582		29,959		30,373			6.1		1.4
Accumulated other comprehensive income (loss)		(2,369)		(2,314)		(1,625)		(2,100)		(1,792)		(1,321)			42.9		26.3
Treasury stock, at cost(7)		(15,060)		(15,232)		(15,663)		(16,198)		(16,231)		(16,506)			(8.4)		(1.7)
Total shareholders' equity		24,433		24,762		25,828		25,326		26,692		27,307			10.3		2.3
Total liabilities and equity		$	338,003	$	325,603	$	338,481	$	353,240	$	372,693	$	376,717		15.7		1.1


(1) Fair value of investment securities held-to-maturity		$	46,823	$	44,916	$	44,925	$	41,906	$	40,424	$	38,485
(2) Total allowance for credit losses including off-balance sheet commitments		146		145		171		183		186		192
(3) Accumulated depreciation for premises and equipment		6,193		6,318		6,400		6,461		6,635		6,824
(4) Average total deposits		218,892		220,881		225,482		237,066		243,036		260,745
(5) Common stock shares issued		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642
(6) Total common shares outstanding		301,504,470		299,231,005		294,191,001		288,766,452		288,676,229		285,561,974
(7) Treasury stock shares		202,375,172		204,648,637		209,688,641		215,113,190		215,203,413		218,317,668
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS(1)
The following table presents average rates earned and paid, on a fully taxable-equivalent basis, on consolidated average interest-earning assets and average interest-bearing liabilities for the quarters indicated. Tax-equivalent adjustments were calculated using a federal income tax rate of 21%, adjusted for applicable state income taxes, net of related federal benefit.
	Quarters																												% Change
	1Q24					2Q24					3Q24					4Q24					1Q25					2Q25					2Q25 vs. 2Q24	2Q25 vs. 1Q25
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates					Average balance		Average balance
Assets:
Interest-bearing deposits with banks, net	$	90,230	4.45		%	$	87,894	4.25		%	$	86,884	4.02		%	$	90,018	3.67		%	$	92,780	3.36		%	$	98,321	3.23		%			11.9	%	6.0	%
Securities purchased under resale agreements(2)	6,118		10.97			6,558		10.17			6,991		10.44			7,480		9.04			7,716		8.66			9,169		7.83					39.8		18.8
Trading account assets	767		—			779		—			788		—			795		—			756		0.15			791		0.06					1.5		4.6
Investment securities:
Investment securities available-for-sale, net	46,497		4.93			53,204		5.06			57,302		5.13			57,205		4.90			63,428		4.57			67,718		4.45					27.3		6.8
Investment securities held-to-maturity, net	54,821		2.14			51,894		2.14			50,062		2.12			48,117		2.11			46,642		2.07			44,365		2.11					(14.5)		(4.9)
Total investment securities	101,318		3.42			105,098		3.62			107,364		3.73			105,322		3.63			110,070		3.51			112,083		3.52					6.6		1.8
Loans(3)	37,747		5.82			38,703		5.85			39,782		5.79			42,377		5.48			43,730		5.17			45,277		5.08					17.0		3.5
Other interest-earning assets	18,153		6.92			22,708		6.92			27,697		6.35			32,534		5.76			34,464		5.49			39,007		5.38					71.8		13.2
Total interest-earning assets	254,333		4.57			261,740		4.61			269,506		4.55			278,526		4.30			289,516		4.09			304,648		4.02					16.4		5.2
Cash and due from banks	4,608					2,861					3,417					3,811					4,516					4,058							41.8		(10.1)
Other non-interest-earning assets	39,629					41,697					41,717					44,844					43,259					45,073							8.1		4.2
Total assets	$	298,570				$	306,298				$	314,640				$	327,181				$	337,291				$	353,779						15.5		4.9
Liabilities:
Interest-bearing deposits:
U.S.	$	129,846	4.22		%	$	132,162	4.15		%	$	135,440	4.16		%	$	146,040	3.79		%	$	154,462	3.54		%	$	159,770	3.50		%			20.9	%	3.4	%
Non-U.S.	62,087		1.80			63,767		1.72			65,824		1.70			64,871		1.62			63,677		1.38			76,807		1.55					20.4		20.6
Total interest-bearing deposits(4)	191,933		3.44			195,929		3.36			201,264		3.35			210,911		3.12			218,139		2.91			236,577		2.87					20.7		8.5
Securities sold under repurchase agreements	3,122		5.06			3,404		5.07			2,193		4.98			3,937		4.67			4,530		4.54			3,160		4.42					(7.2)		(30.2)

Other short-term borrowings	8,314		4.85			13,073		5.15			13,639		5.16			10,656		4.96			11,848		4.64			10,179		4.51					(22.1)		(14.1)
Long-term debt	18,944		5.44			19,694		5.44			20,258		5.27			22,658		5.18			23,742		5.00			25,864		4.98					31.3		8.9
Other interest-bearing liabilities	4,430		12.29			4,753		12.57			5,238		14.41			4,873		10.93			5,471		11.76			3,543		18.35					(25.5)		(35.2)
Total interest-bearing liabilities	226,743		3.85			236,853		3.84			242,592		3.87			253,035		3.55			263,730		3.40			279,323		3.34					17.9		5.9
Non-interest-bearing deposits(5)	26,959					24,952					24,218					26,155					24,897					24,168							(3.1)		(2.9)
Other non-interest-bearing liabilities	20,233					19,964					22,119					22,431					22,554					23,232							16.4		3.0
Preferred shareholders' equity	2,785					2,468					3,020					2,816					3,263					3,560							44.2		9.1
Common shareholders' equity	21,850					22,061					22,691					22,744					22,847					23,496							6.5		2.8
Total liabilities and shareholders' equity	$	298,570				$	306,298				$	314,640				$	327,181				$	337,291				$	353,779						15.5		4.9

Total deposits	$	218,892				$	220,881				$	225,482				$	237,066				$	243,036				$	260,745						18.0		7.3

Excess of rate earned over rate paid			0.72		%			0.77		%			0.68		%			0.74		%			0.70		%			0.68		%
Net interest margin			1.13		%			1.13		%			1.07		%			1.07		%			1.00		%			0.96		%
Net interest income, fully taxable-equivalent basis			$	717				$	736				$	724				$	749				$	714				$	729
Tax-equivalent adjustment			(1)					(1)					(1)					—					—					—
Net interest income, GAAP-basis(4)			$	716				$	735				$	723				$	749				$	714				$	729

(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $172 billion, $180 billion, $201 billion and $212 billion in the first, second, third and fourth quarters of 2024, respectively, and approximately $232 billion and $253 billion in the first and second quarters of 2025, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.38%, 0.36%, 0.35% and 0.31% in the first, second, third and fourth quarters of 2024, respectively, and approximately 0.28% and 0.27% in the first and second quarters of 2025, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $37,626 million, $38,573 million, $39,645 million and $42,214 million in the first, second, third and fourth quarters of 2024 , respectively and approximately $43,562 million and $45,113 million in the first and second quarters of 2025, respectively.
(4) Average rates includes the impact of FX swap expense of approximately ($49) million, ($64) million, ($82) million and ($80) million in the first, second, third and fourth quarters of 2024, respectively, and approximately ($83) million and ($42) million in the first and second quarters of 2025, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately 3.54%, 3.49%, 3.52% and 3.27% in the first, second, third and fourth quarters of 2024, respectively, and approximately 3.07% and 2.94% in the first and second quarters of 2025, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS - YEAR TO DATE(1)
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the years indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 21% for periods ending in 2024 and 2025, adjusted for applicable state income taxes, net of related federal benefit.
			Year-to-Date														% Change
			2024							2025							YTD2025 vs YTD2024
(Dollars in millions; fully-taxable equivalent basis)	Average balance				Average rates			Average balance				Average rates			Average balance
Assets:
Interest-bearing deposits with banks, net	$	89,062			4.36		%	$	95,565			3.29		%	7.3	%
Securities purchased under resale agreements(2)	6,338				10.58			8,447				8.21			33.3
Trading account assets	773				—			773				0.11			—
Investment securities:
Investment securities available-for-sale, net	49,850				5.00			65,585				4.50			31.6
Investment securities held-to-maturity, net	53,358				2.14			45,497				2.09			(14.7)
Total investment securities	103,208				3.52			111,082				3.52			7.6
Loans(3)	38,225				5.84			44,508				5.12			16.4
Other interest-earning assets	20,430				6.92			36,748				5.43			79.9
Total interest-earning assets	258,036				4.59			297,123				4.06			15.1
Cash and due from banks	3,734							4,286							14.8
Other non-interest-earning assets	40,664							44,171							8.6
Total assets	$	302,434						$	345,580						14.3
Liabilities:
Interest-bearing deposits:
U.S.	$	131,004			4.19			$	157,130			3.52			19.9
Non-U.S.	62,927				1.76			70,278				1.48			11.7
Total interest-bearing deposits(4)	193,931				3.41			227,408				2.89			17.3
Securities sold under repurchase agreements	3,263				5.07			3,841				4.49			17.7

Other short-term borrowings	10,694				5.05			11,009				4.58			2.9
Long-term debt	19,319				5.44			24,809				4.99			28.4
Other interest-bearing liabilities	4,591				12.43			4,503				14.37			(1.9)
Total interest-bearing liabilities	231,798				3.85			271,570				3.37			17.2
Non-interest-bearing deposits(5)	25,955							24,530							(5.5)
Other non-interest-bearing liabilities	20,098							22,894							13.9
Preferred shareholders' equity	2,626							3,411							29.9
Common shareholders' equity	21,957							23,175							5.5
Total liabilities and shareholders' equity	$	302,434						$	345,580						14.3

Total deposits			$	219,886						$	251,938						14.6

Excess of rate earned over rate paid					0.74		%					0.69		%
Net interest margin					1.13		%					0.98		%
Net interest income, fully taxable-equivalent basis					$	1,453						$	1,443
Tax-equivalent adjustment					(2)							—
Net interest income, GAAP-basis(4)					$	1,451						$	1,443

(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $176 billion and $243 billion as of June 30, 2024 and 2025, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.37% and 0.28% for the six months ended June 30, 2024 and 2025, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses as of June 30, 2024 and 2025 was approximately $38,100 million and $44,342 million, respectively.
(4) Average rates include the impact of FX swap cost of approximately ($112) million and ($125) million for the six months ended June 30, 2024 and 2025, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap cost were 3.51% and 3.00% for the six months ended June 30, 2024 and 2025, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
SELECTED AVERAGE BALANCES BY CURRENCY - RATES EARNED AND PAID(1)

	2Q25
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	43,978	4.53	%	$	30,178	2.19	%	$	6,417	4.32	%	$	17,748	1.39	%	$	98,321	3.23	%
Total investment securities	91,562		3.50		8,427		2.54		6,289		4.50		5,805		4.24		112,083		3.52
Loans	36,459		5.19		6,873		4.31		1,309		6.22		636		5.02		45,277		5.08
Total other interest-earning assets(2)	44,091		5.99		999		1.55		329		3.42		3,548		4.21		48,967		5.76
Total interest-earning assets	$	216,090	4.51		$	46,477	2.55		$	14,344	4.56		$	27,737	2.43		$	304,648	4.02

Total interest-bearing deposits(3)(4)	$	157,056	3.75		$	41,656	1.32		$	12,465	1.95		$	25,400	0.43		$	236,577	2.87

Central Bank Rate(5)			4.50				2.22				4.35

	1Q25
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	42,137	4.52	%	$	25,385	2.71	%	$	5,709	4.68	%	$	19,549	1.30	%	$	92,780	3.36	%
Total investment securities	91,215		3.47		7,339		2.51		5,487		4.52		6,029		4.42		110,070		3.51
Loans	35,740		5.27		6,085		4.54		1,349		6.00		556		3.70		43,730		5.17
Total other interest-earning assets(2)	40,091		6.10		203		2.28		138		3.47		2,504		4.35		42,936		5.97
Total interest-earning assets	$	209,183	4.51		$	39,012	2.96		$	12,683	4.76		$	28,638	2.28		$	289,516	4.09

Total interest-bearing deposits(3)(4)	$	153,068	3.74		$	33,657	1.63		$	10,772	1.94		$	20,642	(0.65)		$	218,139	2.91

Central Bank Rate(5)			4.50				2.76				4.60

	2Q24
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	38,412	5.56	%	$	26,820	3.85	%	$	6,609	5.15	%	$	16,053	1.41	%	$	87,894	4.25	%
Total investment securities	85,209		3.63		8,891		2.68		4,701		4.35		6,297		4.25		105,098		3.62
Loans	31,156		5.82		5,614		5.88		1,239		6.85		694		5.34		38,703		5.85
Total other interest-earning assets(2)	27,570		7.77		135		3.25		51		6.59		2,289		3.87		30,045		7.45
Total interest-earning assets	$	182,347	5.05		$	41,460	3.87		$	12,600	5.04		$	25,333	2.45		$	261,740	4.61

Total interest-bearing deposits(3)(4)	$	128,122	4.45		$	35,166	2.16		$	11,313	1.70		$	21,328	(0.32)		$	195,929	3.36

Central Bank Rate(5)			5.50				3.93				5.25

(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Average total other interest-earning assets include securities purchased under resale agreements, trading account assets and other interest-earning assets. Refer to average statement of condition - rates earned and paid - full taxable-equivalent basis for details.
(3) Average rates for interest-bearing deposit balances denominated in U.S. dollars include both client and wholesale deposits.
(4) FX swap costs for interest-bearing deposits are included in other currencies.
(5) Central Bank Rate represents the quarterly average Federal Funds Target Rate for USD, European Central Bank Deposit Facility Rate for EUR, and the Bank of England's Bank Rate for GBP.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS

	Quarters
	1Q24				2Q24				3Q24				4Q24				1Q25				2Q25
(Dollars in billions, except where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Available-for-sale investment securities:
Government & agency securities	$	25.1	4.44	%	$	31.4	4.73	%	$	35.0	4.89	%	$	35.3	4.59	%	$	41.3	4.29	%	$	42.6	4.15	%
U.S. Treasury direct obligations	9.6		5.11		15.6		5.27		18.7		5.12		20.4		4.95		26.5		4.48		26.4		4.43
Non-U.S. sovereign, supranational and non-U.S. agency	15.5		4.03		15.8		4.20		16.3		4.63		14.9		4.11		14.8		3.96		16.2		3.70
Asset-backed securities	6.9		5.61		7.2		5.68		7.6		5.53		8.1		5.41		7.8		5.09		8.5		4.75






Mortgage-backed securities	5.6		5.44		5.9		5.48		6.2		5.36		6.3		5.36		7.0		5.06		9.2		5.09


CMBS	5.6		5.81		5.4		5.75		5.1		5.81		4.5		5.55		4.3		4.86		4.2		4.74




Other	3.3		4.63		3.3		4.85		3.4		5.12		3.0		5.20		3.0		5.16		3.2		5.14
Total available-for-sale portfolio	$	46.5	4.93		$	53.2	5.06		$	57.3	5.13		$	57.2	4.90		$	63.4	4.57		$	67.7	4.45

	Quarters
	1Q24				2Q24				3Q24				4Q24				1Q25				2Q25
(Dollars in billions, except where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Held-to-maturity investment securities:
Government & agency securities	$	12.7	0.96	%	$	10.8	0.88	%	$	10.1	0.82	%	$	9.3	0.76	%	$	8.6	0.75	%	$	7.2	0.78	%
U.S. Treasury direct obligations	7.4		1.07		6.1		0.90		5.7		0.76		5.4		0.68		5.0		0.66		3.9		0.67
Non-U.S. sovereign, supranational and non-U.S. agency	5.3		0.80		4.7		0.84		4.4		0.90		3.9		0.88		3.6		0.89		3.3		0.92
Asset-backed securities	3.1		6.15		3.0		6.15		2.7		6.21		2.5		5.92		2.4		5.32		2.4		5.17



Mortgage-backed securities	33.8		2.25		32.9		2.23		32.1		2.22		31.1		2.24		30.5		2.22		29.7		2.21


CMBS	5.2		1.93		5.2		1.91		5.2		1.91		5.2		1.90		5.2		1.88		5.1		1.89

Total held-for-maturity portfolio	$	54.8	2.14		$	51.9	2.14		$	50.1	2.12		$	48.1	2.11		$	46.7	2.07		$	44.4	2.11

Total investment securities	$	101.3	3.42		$	105.1	3.62		$	107.4	3.73		$	105.3	3.63		$	110.1	3.51		$	112.1	3.52


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS (continued)

	Ratings
(Dollars in billions, or where otherwise noted)	UST/AGY			AAA			AA			A			BBB			<BBB			Fair Value		% Total		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)		Fixed Rate/ Floating Rate(2)
Available-for-sale investment securities:
Government & agency securities	62		%	21		%	14		%	—		%	2		%	1		%	$	43.3	61.3	%	$	78	94% / 6%
U.S. Treasury direct obligations	100			—			—			—			—			—			26.8		61.9		(17)		100% / 0%
Non-U.S. sovereign, supranational and non-U.S. agency	—			56			38			—			5			1			16.5		38.1		95		85% / 15%
Asset-backed securities	—			94			6			—			—			—			9.1		12.9		15		0% / 100%






Mortgage-backed securities	56			—			44			—			—			—			10.7		15.2		(69)		56% / 44%


CMBS	100			—			—			—			—			—			4.1		5.8		(24)		5% / 95%




Other	—			20			20			52			8			—			3.4		4.8		50		60% / 40%
Total available-for-sale portfolio	53		%	26		%	17		%	2		%	2		%	—		%	$	70.6	100.0	%	$	50	70% / 30%

Fair Value	$	37.0		$	18.5		$	12.1		$	1.7		$	1.1		$	0.2

	Ratings
	UST/AGY			AAA			AA			A			BBB			<BBB			Amortized Cost		% Total		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)		Fixed Rate/ Floating Rate(2)
Held-to-maturity investment securities:
Government & agency securities	48		%	33		%	17		%	2		%	—		%	—		%	$	6.4	14.8	%	$	(55)	100% / 0%
U.S. Treasury direct obligations	100			—			—			—			—			—			3.1		48.4		(19)		100% / 0%
Non-U.S. sovereign, supranational and non-U.S. agency	—			64			33			3			—			—			3.3		51.6		(36)		100% / 0%
Asset-backed securities	—			25			70			3			—			2			2.4		5.5		(31)		5% / 95%



Mortgage-backed securities	100			—			—			—			—			—			29.4		67.9		(4,206)		100% / 0%


CMBS	100			—			—			—			—			—			5.1		11.8		(510)		97% / 3%
Total held-for-maturity portfolio	87		%	6		%	6		%	1		%	—		%	—		%	$	43.3	100.0	%	$	(4,802)	94% / 6%

Amortized Cost	$	37.6		$	2.7		$	2.8		$	0.2		$	—		$	—

Total Investment Securities(3)																			$	113.9					79% / 21%


(1) At June 30, 2025, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $36 million, after-tax unrealized loss on securities held-to-maturity of $3,462 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $305 million.
(2) At June 30, 2025, fixed-to-floating rate securities, which excludes the impact of hedges, had a book value of approximately $20 million or 0.02% of the total portfolio.
(3) State Street has a highly liquid balance sheet, with more than half of total assets deemed HQLA. Based upon fair value as of June 30, 2025, approximately 84% of our investment portfolio was held in HQLA.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION

	Quarters												% Change
(Dollars in billions)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25			2Q25 vs. 2Q24		2Q25 vs. 1Q25
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs	$	14,694	$	14,573	$	15,253	$	15,266	$	15,430	$	16,728		14.8	%	8.4	%
Mutual funds	11,552		11,645		12,223		12,301		12,143		12,641			8.6		4.1
Pension products	8,800		8,916		9,339		9,386		9,377		9,679			8.6		3.2
Insurance and other products	8,866		9,178		9,944		9,604		9,783		9,952			8.4		1.7
Total Assets Under Custody and/or Administration	$	43,912	$	44,312	$	46,759	$	46,557	$	46,733	$	49,000		10.6		4.9
By Asset Class:
Equities	$	25,909	$	26,291	$	27,715	$	27,535	$	27,508	$	29,311		11.5		6.6
Fixed-Income	11,368		11,303		12,027		11,933		11,900		12,122			7.2		1.9
Short-term and other investments(2)	6,635		6,718		7,017		7,089		7,325		7,567			12.6		3.3
Total Assets Under Custody and/or Administration	$	43,912	$	44,312	$	46,759	$	46,557	$	46,733	$	49,000		10.6		4.9
By Geographic Location(3):
Americas	$	31,610	$	31,763	$	33,460	$	33,284	$	33,340	$	35,028		10.3		5.1
Europe/Middle East/Africa	9,207		9,406		10,214		10,179		10,303		10,803			14.9		4.9
Asia/Pacific	3,095		3,143		3,085		3,094		3,090		3,169			0.8		2.6
Total Assets Under Custody and/or Administration	$	43,912	$	44,312	$	46,759	$	46,557	$	46,733	$	49,000		10.6		4.9
Assets Under Custody(4)
By Product Classification:
Collective funds, including ETFs	$	12,717	$	12,570	$	13,122	$	13,162	$	13,335	$	14,487		15.3		8.6
Mutual funds	9,309		9,360		9,806		9,887		9,725		10,060			7.5		3.4
Pension products	7,235		7,333		7,693		7,737		7,731		7,975			8.8		3.2
Insurance and other products	2,898		2,898		3,046		3,019		3,046		3,026			4.4		(0.7)
Total Assets Under Custody	$	32,159	$	32,161	$	33,667	$	33,805	$	33,837	$	35,548		10.5		5.1
By Geographic Location(3):
Americas	$	24,241	$	24,211	$	25,386	$	25,491	$	25,407	$	26,705		10.3		5.1
Europe/Middle East/Africa	5,380		5,361		5,715		5,740		5,861		6,215			15.9		6.0
Asia-Pacific	2,538		2,589		2,566		2,574		2,569		2,628			1.5		2.3
Total Assets Under Custody	$	32,159	$	32,161	$	33,667	$	33,805	$	33,837	$	35,548		10.5		5.1

(1) Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month.
(2) Short-term and other investments includes derivatives, cash and cash equivalents and other instruments.
(3) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(4) Assets under custody are a component of assets under custody and/or administration presented above.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT

	Quarters												% Change
(Dollars in billions)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25			2Q25 vs. 2Q24		2Q25 vs. 1Q25
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	51	$	51	$	54	$	52	$	52	$	55		7.8	%	5.8	%
Passive	2,661		2,708		2,923		2,955		2,849		3,163			16.8		11.0
Total Equity	2,712		2,759		2,977		3,007		2,901		3,218			16.6		10.9
Fixed-Income:
Active	27		28		30		31		30		30			7.1		—
Passive	551		555		593		585		603		670			20.7		11.1
Total Fixed-Income	578		583		623		616		633		700			20.1		10.6
Cash(1)	481		483		543		518		518		525			8.7		1.4
Multi-Asset-Class Solutions:
Active	23		22		23		23		24		26			18.2		8.3
Passive	312		327		352		351		366		423			29.4		15.6
Total Multi-Asset-Class Solutions	335		349		375		374		390		449			28.7		15.1
Alternative Investments(2):
Active	11		10		10		10		10		10			—		—
Passive(3)	182		185		204		190		213		215			16.2		0.9
Total Alternative Investments	193		195		214		200		223		225			15.4		0.9
Total Assets Under Management	$	4,299	$	4,369	$	4,732	$	4,715	$	4,665	$	5,117		17.1		9.7
By Geographic Location(4):
Americas	$	3,154	$	3,195	$	3,448	$	3,468	$	3,431	$	3,713		16.2		8.2
Europe/Middle East/Africa	635		665		728		713		690		771			15.9		11.7
Asia-Pacific	510		509		556		534		544		633			24.4		16.4
Total Assets Under Management	$	4,299	$	4,369	$	4,732	$	4,715	$	4,665	$	5,117		17.1		9.7

(1) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.
(3) AUM for passive alternative investments has been revised from prior presentations.
(4) Geographic mix is based on client location or fund management location.

Exchange-Traded Funds(1)
By Asset Class:
Alternative Investments(2)	$	74	$	77	$	91	$	90	$	114	$	124		61.0	%	8.8	%

Equity	1,131		1,157		1,253		1,310		1,252		1,374			18.8		9.7
Fixed-Income	155		159		171		177		187		191			20.1		2.1
Multi-Asset	1		1		1		1		1		1			—		—
Total Exchange-Traded Funds	$	1,361	$	1,394	$	1,516	$	1,578	$	1,554	$	1,690		21.2		8.8

(1) Exchange-traded funds are a component of assets under management presented above.
(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
LINE OF BUSINESS INFORMATION

	Three Months Ended June 30,
	Investment Servicing										% Change							Investment Management										% Change						Other(1)									% Change				Total									% Change
(Dollars in millions)	2Q24			1Q25			2Q25				2Q25 vs. 2Q24			2Q25 vs. 1Q25				2Q24				1Q25			2Q25			2Q25 vs. 2Q24		2Q25 vs. 1Q25				2Q24			1Q25				2Q25		2Q25 vs. 2Q24		2Q25 vs. 1Q25		2Q24			1Q25			2Q25			2Q25 vs. 2Q24		2Q25 vs. 1Q25
Servicing fees	$	1,239		$	1,275		$	1,304			5.2		%	2.3		%		$	—			$	—		$	—		—	%	—		%		$	—		$	—			$	—	—	%	—	%	$	1,239		$	1,275		$	1,304		5.2	%	2.3	%
Management fees	—			—			—				—			—				511				562			562			10.0		—				—			—				—		—		—		511			562			562			10.0		—
Foreign exchange trading services	304			337			390				28.3			15.7				32				25			38			18.8		52.0				—			—				3		nm		—		336			362			431			28.3		19.1
Securities finance	101			108			119				17.8			10.2				7				6			7			—		16.7				—			—				—		—		—		108			114			126			16.7		10.5
Software and processing fees	214			225			254				18.7			12.9				—				—			—			—		—				—			—				(24)		nm		—		214			225			230			7.5		2.2
Other fee revenue	36			34			51				41.7			50.0				12				(2)			15			25.0		nm				—			—				—		—		—		48			32			66			37.5		nm
Total fee revenue	1,894			1,979			2,118				11.8			7.0				562				591			622			10.7		5.2				—			—				(21)		nm		—		2,456			2,570			2,719			10.7		5.8
Net interest income	730			709			726				(0.5)			2.4				5				5			3			(40.0)		(40.0)				—			—				—		—		—		735			714			729			(0.8)		2.1

Total revenue	2,624			2,688			2,844				8.4			5.8				567				596			625			10.2		4.9				—			—				(21)		nm		—		3,191			3,284			3,448			8.1		5.0
Provision for credit losses	10			12			30				nm			nm				—				—			—			—		—				—			—				—		—		—		10			12			30			nm		nm
Total expenses	1,880			2,019			1,995				6.1			(1.2)				388				431			417			7.5		(3.2)				1			—				117		nm		—		2,269			2,450			2,529			11.5		3.2
Income before income tax expense	$	734		$	657		$	819			11.6			24.7				$	179			$	165		$	208		16.2		26.1				$	(1)		$	—			$	(138)	nm		—		$	912		$	822		$	889		(2.5)		8.2
Pre-tax margin	28.0		%	24.5		%	28.8		%		0.8		%	4.3		%	pts	31.6		%		27.7		%	33.3		%	1.7	%	5.6		%	pts														28.6		%	25.0		%	25.8		%	(2.8)	%	0.8	%	pts

	Six Months Ended June 30,
	Investment Servicing						% Change				Investment Management							% Change				Other(1)						% Change		Total							% Change
(Dollars in millions)	2024			2025			YTD2025 vs. YTD2024				2024			2025				YTD2025 vs. YTD2024				2024			2025			YTD2025 vs. YTD2024		2024				2025			YTD2025 vs. YTD2024
Servicing fees	$	2,467		$	2,579		4.5		%		$	—		$	—			—		%		$	—		$	—		—	%	$	2,467			$	2,579		4.5		%
Management fees	—			—			—				1,021			1,124				10.1				—			—			—		1,021				1,124			10.1
Foreign exchange trading services	612			727			18.8				55			63				14.5				—			3			nm		667				793			18.9
Securities finance	191			227			18.8				13			13				—				—			—			—		204				240			17.6
Software and processing fees	421			479			13.8				—			—				—				—			(24)			nm		421				455			8.1
Other fee revenue	79			85			7.6				19			13				(31.6)				—			—			—		98				98			—
Total fee revenue	3,770			4,097			8.7				1,108			1,213				9.5				—			(21)			nm		4,878				5,289			8.4
Net interest income	1,441			1,435			(0.4)				10			8				(20.0)				—			—			—		1,451				1,443			(0.6)

Total revenue	5,211			5,532			6.2				1,118			1,221				9.2				—			(21)			nm		6,329				6,732			6.4
Provision for loan losses	37			42			13.5				—			—				—				—			—			—		37				42			13.5
Total expenses	3,843			4,014			4.4				808			848				5.0				131			117			(10.7)		4,782				4,979			4.1
Income before income tax expense	$	1,331		$	1,476		10.9				$	310		$	373			20.3				$	(131)		$	(138)		5.3		$	1,510			$	1,711		13.3
Pre-tax margin	25.5		%	26.7		%	1.2		%	pts	27.7		%	30.5		%		2.8		%	pts									23.9		%		25.4		%	1.5		%	pts

(1) Represents amounts that are not allocated to a specific line of business, including repositioning charges, employee costs, acquisition costs, revenue-related recoveries and certain legal accruals.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL

	Basel III Advanced Approaches(1)																		Basel III Standardized Approach(2)
(Dollars in millions)	1Q24			2Q24			3Q24			4Q24			1Q25			2Q25				1Q24			2Q24			3Q24			4Q24			1Q25			2Q25
Ratios and Supporting Calculations:







Common equity tier 1 capital	$	13,167		$	13,346		$	14,071		$	13,799		$	14,362		$	14,791			$	13,167		$	13,346		$	14,071		$	13,799		$	14,362		$	14,791
Total risk-weighted assets	112,161			111,224			112,795			114,602			114,274			118,652				118,613			119,244			121,137			126,281			130,208			137,677
Common equity tier 1 risk-based capital ratio	11.7		%	12.0		%	12.5		%	12.0		%	12.6		%	12.5		%		11.1		%	11.2		%	11.6		%	10.9		%	11.0		%	10.7		%

Tier 1 capital	$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350			$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350
Tier 1 risk-based capital ratio	13.9		%	14.2		%	15.0		%	14.5		%	15.7		%	15.5		%		13.2		%	13.3		%	13.9		%	13.2		%	13.8		%	13.3		%

Total capital	$	17,504		$	17,682		$	18,754		$	18,476		$	19,799		$	20,226			$	17,650		$	17,827		$	18,925		$	18,659		$	19,978		$	20,418
Total risk-based capital ratio	15.6		%	15.9		%	16.6		%	16.1		%	17.3		%	17.0		%		14.9		%	15.0		%	15.6		%	14.8		%	15.3		%	14.8		%

Tier 1 capital	$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350			$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350
Adjusted average assets (Tier 1)(3)	289,772			297,350			305,699			318,470			328,520			344,822				289,772			297,350			305,699			318,470			328,520			344,822
Tier 1 leverage ratio	5.4		%	5.3		%	5.5		%	5.2		%	5.5		%	5.3		%		5.4		%	5.3		%	5.5		%	5.2		%	5.5		%	5.3		%

On-and off-balance sheet leverage exposure	$	249,668		$	261,135		$	273,809		$	278,344		$	286,035		$	300,585			$	249,668		$	261,135		$	273,809		$	278,344		$	286,035		$	300,585
Less: regulatory deductions	(8,798)			(8,948)			(8,941)			(8,711)			(8,771)			(8,957)				(8,798)			(8,948)			(8,941)			(8,711)			(8,771)			(8,957)
Leverage exposure (SLR)	240,870			252,187			264,868			269,633			277,264			291,628				240,870			252,187			264,868			269,633			277,264			291,628
Supplementary leverage ratio(4)	6.5		%	6.3		%	6.4		%	6.2		%	6.5		%	6.3		%		6.5		%	6.3		%	6.4		%	6.2		%	6.5		%	6.3		%

(1) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the advanced approaches provisions of the Basel III final rule. Capital ratios as of June 30, 2025 are estimates.
(2) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the standardized approach provisions of the Basel III final rule. Capital ratios as of June 30, 2025 are estimates.
(3) Adjusted average assets (Tier 1) is equal to average consolidated total assets less applicable Tier 1 capital deductions.
(4) We are subject to a minimum Supplementary Leverage Ratio or SLR of 3%, and as a U.S. G-SIB, we must maintain a 2% SLR buffer in order to avoid any limitations on distributions to shareholders and discretionary bonus payments to certain executives.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF TANGIBLE BOOK VALUE PER SHARE AND RETURN ON TANGIBLE COMMON EQUITY

The tangible book value per common share (TBVPS) and return on average tangible common equity (ROTCE) are ratios that management believes provides context about State Street's use of equity. The TBVPS ratio is calculated by dividing the period end tangible common equity by total common shares outstanding. The ROTCE ratio is calculated by dividing annualized net income available to common shareholders for the relevant period by average tangible common equity. Period end and average tangible common equity reflected in the TBVPS and ROTCE ratios, are both non-GAAP measures which reduce period end and average common shareholders' equity, by period end and average goodwill and other intangible assets, net of related deferred taxes. Since there is no authoritative requirement to calculate the TBVPS and ROTCE ratios, our TBVPS and ROTCE ratios are not necessarily comparable to similar measures disclosed or used by other companies in the financial services industry. TBVPS and ROTCE are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of these ratios are presented below.

	Quarters
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q24			2Q24			3Q24			4Q24			1Q25			2Q25
Tangible common equity - period end:
Total shareholders' equity	$	24,433		$	24,762		$	25,828		$	25,326		$	26,692		$	27,307
Less:
Preferred stock	2,468			2,468			2,816			2,816			3,559			3,559
Common shareholders' equity	21,965			22,294			23,012			22,510			23,133			23,748
Less:
Goodwill	7,582			7,751			7,833			7,691			7,763			7,918
Other intangible assets	1,258			1,209			1,166			1,089			1,046			1,014
Plus related deferred tax liabilities	460			461			467			459			465			479
Tangible common shareholders' equity - Non-GAAP	$	13,585		$	13,795		$	14,480		$	14,189		$	14,789		$	15,295

Total common shares outstanding - period end (in thousands)	301,504			299,231			294,191			288,766			288,676			285,562
Book value per common share	$	72.85		$	74.50		$	78.22		$	77.95		$	80.13		$	83.16
Tangible book value per common share - Non-GAAP	45.06			46.10			49.22			49.14			51.23			53.56

	Quarters																		Year-to-Date
(Dollars in millions, except where otherwise noted)	1Q24			2Q24			3Q24			4Q24			1Q25			2Q25				2024			2025
Tangible common equity - average:
Average common shareholders' equity	$	21,850		$	22,061		$	22,691		$	22,744		$	22,847		$	23,496			$	21,957		$	23,175
Less:
Average goodwill	7,589			7,750			7,798			7,745			7,717			7,854				7,670			7,786
Average other intangible assets	1,287			1,230			1,187			1,121			1,065			1,029				1,259			1,047
Plus related deferred tax liabilities	460			460			464			463			462			472				461			467
Average tangible common shareholders' equity - Non-GAAP	$	13,434		$	13,541		$	14,170		$	14,341		$	14,527		$	15,085			$	13,489		$	14,809

Net income available to common shareholders	$	418		$	655		$	682		$	728		$	597		$	630			$	1,073		$	1,227
Net income available to common shareholders, excluding notable items(1)	517			655			682			769			597			733				1,172			1,330


Return on average tangible common equity - Non-GAAP(2)	12.4		%	19.3		%	19.3		%	20.3		%	16.4		%	16.7		%		15.9		%	16.6		%
Return on average tangible common equity, excluding notable items - Non-GAAP(2)(3)	15.4			19.3			19.3			21.4			16.4			19.4				17.4			18.0



(1) Refer to Reconciliations of non-GAAP Financial Information pages for a reconciliation of net income available to common shareholders, excluding notable items.
(2) Beginning in the third quarter of 2024, quarterly annualized net income available to common shareholders is utilized in the quarterly ROTCE calculation as compared to year-to-date annualized net income available to common shareholders utilized in prior quarters. Prior quarterly periods have been revised to conform to the current presentation.
(3) Return on average tangible common equity, excluding notable items - non-GAAP is calculated by dividing annualized net income available to common shareholders, excluding notable items for the relevant period by average tangible common equity.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as "expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results.
Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP.

	Quarters													% Change						Year-to-Date				% Change
(Dollars in millions)		1Q24		2Q24		3Q24		4Q24		1Q25		2Q25		2Q25 vs. 2Q24			2Q25 vs. 1Q25			2024		2025		YTD2025 vs. YTD2024
Fee Revenue:
Total fee revenue, GAAP-basis		$	2,422	$	2,456	$	2,616	$	2,662	$	2,570	$	2,719	10.7	%		5.8	%		$	4,878	$	5,289	8.4	%
Less: Notable items:
Foreign exchange trading services(1)		—		—		(15)		—		—		(3)		nm			nm			—		(3)		nm
Client rescoping (revenue impact)(2)		—		—		—		—		—		24		nm			nm			—		24		nm
Other fee revenue(3)		—		—		(66)		—		—		—		—			—			—		—		—

Total fee revenue, excluding notable items		$	2,422	$	2,456	$	2,535	$	2,662	$	2,570	$	2,740	11.6			6.6			$	4,878	$	5,310	8.9

Total Revenue:
Total revenue, GAAP-basis		$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,448	8.1	%		5.0	%		$	6,329	$	6,732	6.4	%
Less: Notable items:
Foreign exchange trading services(1)		—		—		(15)		—		—		(3)		nm			nm			—		(3)		nm
Client rescoping (revenue impact)(2)		—		—		—		—		—		24		nm			nm			—		24		nm
Other fee revenue(3)		—		—		(66)		—		—		—		—			—			—		—		—
(Gains) losses related to investment securities, net(4)		—		—		81		—		—		—		—			—			—		—		—
Total revenue, excluding notable items		$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,469	8.7			5.6			$	6,329	$	6,753	6.7

Expenses:
Total expenses, GAAP-basis		$	2,513	$	2,269	$	2,308	$	2,440	$	2,450	$	2,529	11.5	%		3.2	%		$	4,782	$	4,979	4.1	%
Less: Notable items:

Deferred compensation expense acceleration(5)		—		—		—		(79)		—		—		—			—			—		—		—

Repositioning charges(6)		—		—		—		2		—		(100)		nm			nm			—		(100)		nm
Client rescoping (expense impact)(2)		—		—		—		—		—		(18)		nm			nm			—		(18)		nm
FDIC special assessment(7)		(130)		—		—		31		—		—		nm			nm			(130)		—		nm
Other notable items(8)		—		—		—		(12)		—		1		nm			nm			—		1		nm
Total expenses, excluding notable items		2,383		2,269		2,308		2,382		2,450		2,412		6.3			(1.6)			4,652		4,862		4.5
Seasonal expenses		(162)		—		—		—		(155)		—		—			nm			(162)		(155)		(4.3)
Total expenses, excluding notable items and seasonal expenses		$	2,221	$	2,269	$	2,308	$	2,382	$	2,295	$	2,412	6.3			5.1			$	4,490	$	4,707	4.8

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis		$	2,422	$	2,456	$	2,616	$	2,662	$	2,570	$	2,719	10.71	%		5.80	%		$	4,878	$	5,289	8.43	%
Total expenses, GAAP-basis		2,513		2,269		2,308		2,440		2,450		2,529		11.46			3.22			4,782		4,979		4.12
Fee operating leverage, GAAP-basis(9)														(75)		bps	258		bps					431		bps

Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)		$	2,422	$	2,456	$	2,535	$	2,662	$	2,570	$	2,740	11.56	%		6.61	%		$	4,878	$	5,310	8.86	%
Total expenses, excluding notable items (as reconciled above)		2,383		2,269		2,308		2,382		2,450		2,412		6.30			(1.55)			4,652		4,862		4.51
Fee operating leverage, excluding notable items(10)														526		bps	816		bps					435		bps

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis		$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,448	8.05	%		4.99	%		$	6,329	$	6,732	6.37	%
Total expenses, GAAP-basis		2,513		2,269		2,308		2,440		2,450		2,529		11.46			3.22			4,782		4,979		4.12
Operating leverage, GAAP-basis(11)														(341)		bps	177		bps					225		bps


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)

	Quarters												% Change						Year-to-Date				% Change
(Dollars in millions, except earnings per share, or where otherwise noted)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25		2Q25 vs. 2Q24			2Q25 vs. 1Q25			2024		2025		YTD2025 vs. YTD2024
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)	$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,469	8.71	%		5.63	%		$	6,329	$	6,753	6.70	%
Total expenses, excluding notable items (as reconciled above)	2,383		2,269		2,308		2,382		2,450		2,412		6.30			(1.55)			4,652		4,862		4.51
Operating leverage, excluding notable items(12)													241		bps	718		bps					219		bps
















Income before income tax expense:
Income before income tax expense GAAP-basis	$	598	$	912	$	925	$	960	$	822	$	889	(2.5)	%		8.2	%		$	1,510	$	1,711	13.3	%
Less: Notable items
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)								—		(3)
Client rescoping (revenue impact)(2)	—		—		—		—		—		24								—		24
Other fee revenue(3)	—		—		(66)		—		—		—								—		—
(Gains) losses related to investment securities, net(4)	—		—		81		—		—		—								—		—

Deferred compensation expense acceleration(5)	—		—		—		79		—		—								—		—
Repositioning charges(6)	—		—		—		(2)		—		100								—		100
Client rescoping (expense impact)(2)	—		—		—		—		—		18								—		18
FDIC special assessment(7)	130		—		—		(31)		—		—								130		—
Other notable items(8)	—		—		—		12		—		(1)								—		(1)
Income before income tax expense, excluding notable items	$	728	$	912	$	925	$	1,018	$	822	$	1,027	12.6			24.9			$	1,640	$	1,849	12.7


Net Income:
Net Income GAAP-basis	$	463	$	711	$	730	$	783	$	644	$	693	(2.5)	%		7.6	%		$	1,174	$	1,337	13.9	%
Less: Notable items
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)								—		(3)
Client rescoping (revenue impact)(2)	—		—		—		—		—		24								—		24
Other fee revenue(3)	—		—		(66)		—		—		—								—		—
(Gains) losses related to investment securities, net(4)	—		—		81		—		—		—								—		—

Deferred compensation expense acceleration(5)	—		—		—		79		—		—								—		—
Repositioning charges(6)	—		—		—		(2)		—		100								—		100
Client rescoping (expense impact)(2)	—		—		—		—		—		18								—		18
FDIC special assessment(7)	130		—		—		(31)		—		—								130		—

Other notable items(8)	—		—		—		12		—		(1)								—		(1)
Tax impact of notable items	(31)		—		—		(17)		—		(35)								(31)		(35)
Net Income, excluding notable items	$	562	$	711	$	730	$	824	$	644	$	796	12.0			23.6			$	1,273	$	1,440	13.1

Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis	$	418	$	655	$	682	$	728	$	597	$	630	(3.8)	%		5.5	%		$	1,073	$	1,227	14.4	%
Less: Notable items
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)								—		(3)
Client rescoping (revenue impact)(2)	—		—		—		—		—		24								—		24
Other fee revenue(3)	—		—		(66)		—		—		—								—		—
(Gains) losses related to investment securities, net(4)	—		—		81		—		—		—								—		—

Deferred compensation expense acceleration(5)	—		—		—		79		—		—								—		—
Repositioning charges(6)	—		—		—		(2)		—		100								—		100
Client rescoping (expense impact)(2)	—		—		—		—		—		18								—		18
FDIC special assessment(7)	130		—		—		(31)		—		—								130		—

Other notable items(8)	—		—		—		12		—		(1)								—		(1)
Tax impact of notable items	(31)		—		—		(17)		—		(35)								(31)		(35)
Net Income Available to Common Shareholders, excluding notable items	$	517	$	655	$	682	$	769	$	597	$	733	11.9			22.8			$	1,172	$	1,330	13.5


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)


	Quarters																		% Change						Year-to-Date						% Change
(Dollars in millions, except earnings per share, or where otherwise noted)	1Q24			2Q24			3Q24			4Q24			1Q25			2Q25			2Q25 vs. 2Q24			2Q25 vs. 1Q25			2024			2025			YTD2025 vs. YTD2024
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis	$	1.37		$	2.15		$	2.26		$	2.46		$	2.04		$	2.17		0.9	%		6.4	%		$	3.52		$	4.21		19.6	%
Less: Notable items
Foreign exchange trading services(1)	—			—			(0.04)			—			—			(0.01)									—			(0.01)
Client rescoping (revenue impact)(2)	—			—			—			—			—			0.06									—			0.06
Other fee revenue(3)	—			—			(0.16)			—			—			—									—			—
(Gains) losses related to investment securities, net(4)	—			—			0.20			—			—			—									—			—

Deferred compensation expense acceleration(5)	—			—			—			0.20			—			—									—			—
Repositioning charges(6)	—			—			—			(0.01)			—			0.26									—			0.26
Client rescoping (expense impact)(2)	—			—			—			—			—			0.05									—			0.05
FDIC special assessment(7)	0.32			—			—			(0.08)			—			—									0.32			—

Other notable items(8)	—			—			—			0.03			—			—									—			—
Diluted earnings per share, excluding notable items	$	1.69		$	2.15		$	2.26		$	2.60		$	2.04		$	2.53		17.7			24.0			$	3.84		$	4.57		19.0
























Pre-tax Margin:
Pre-tax margin, GAAP-basis(13)	19.1		%	28.6		%	28.4		%	28.1		%	25.0		%	25.8		%	(2.8)	%	pts	0.8	%	pts	23.9		%	25.4		%	1.5	%	pts
Less: Notable items
Foreign exchange trading services(1)	—			—			(0.3)			—			—			(0.1)									—			—
Client rescoping (revenue impact)(2)	—			—			—			—			—			0.7									—			0.3
Other fee revenue(3)	—			—			(1.1)			—			—			—									—			—
(Gains) losses related to investment securities, net(4)	—			—			1.4			—			—			—									—			—

Deferred compensation expense acceleration(5)	—			—			—			2.3			—			—									—			—
Repositioning charges(6)	—			—			—			(0.1)			—			2.7									—			1.4
Client rescoping (expense impact)(2)	—			—			—			—			—			0.5									—			0.3
FDIC special assessment(7)	4.1			—			—			(0.9)			—			—									2.0			—
Other notable items(8)	—			—			—			0.4			—			—									—			—
Pre-tax margin, excluding notable items	23.2		%	28.6		%	28.4		%	29.8		%	25.0		%	29.6		%	1.0			4.6			25.9		%	27.4		%	1.5

Return on Average Common Equity:
Return on average common equity, GAAP-basis	7.7		%	11.9		%	12.0		%	12.7		%	10.6		%	10.8		%	(1.1)	%	pts	0.2	%	pts	9.8		%	10.7		%	0.9	%	pts
Less: Notable items
Foreign exchange trading services(1)	—			—			(0.3)			—			—			(0.1)									—			—
Client rescoping (revenue impact)(2)	—			—			—			—			—			0.4									—			0.2
Other fee revenue(3)	—			—			(1.1)			—			—			—									—			—
(Gains) losses related to investment securities, net(4)	—			—			1.4			—			—			—									—			—

Deferred compensation expense acceleration(5)	—			—			—			1.5			—			—									—			—
Repositioning charges(6)	—			—			—			—			—			1.7									—			0.8
Client rescoping (expense impact)(2)	—			—			—			—			—			0.3									—			0.2
FDIC special assessment(7)	2.4			—			—			(0.6)			—			—									1.2			—

Other notable items(8)	—			—			—			0.2			—			—									—			—
Tax impact of notable items	(0.6)			—			—			(0.3)			—			(0.6)									(0.3)			(0.3)
Return on average common equity, excluding notable items	9.5		%	11.9		%	12.0		%	13.5		%	10.6		%	12.5		%	0.6			1.9			10.7		%	11.6		%	0.9


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)

	Quarters												% Change						Year-to-Date				% Change
(Dollars in millions, except earnings per share, or where otherwise noted)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25		2Q25 vs. 2Q24			2Q25 vs. 1Q25			2024		2025		YTD2025 vs. YTD2024
Effective Tax Rate:
Effective tax rate, GAAP-basis	22.5	%	22.1	%	21.1	%	18.4	%	21.7	%	22.0	%	(0.1)	%	pts	0.3	%	pts	22.3	%	21.9	%	(0.4)	%	pts
Less: Notable items
Foreign exchange trading services(1)	—		—		—		—		—		—								—		—
Client rescoping (revenue impact)(2)	—		—		—		—		—		0.1								—		—
Other fee revenue(3)	—		—		(0.1)		—		—		—								—		—
(Gains) losses related to investment securities, net(4)	—		—		0.1		—		—		—								—		—

Deferred compensation expense acceleration(5)	—		—		—		0.7		—		—								—		—
Repositioning charges(6)	—		—		—		—		—		0.4								—		0.2
Client rescoping (expense impact)(2)	—		—		—		—		—		—								—		—
FDIC special assessment(7)	0.3		—		—		(0.3)		—		—								0.1		—
Other notable items(8)	—		—		—		0.1		—		—								—		—
Effective tax rate, excluding notable items	22.8	%	22.1	%	21.1	%	18.9	%	21.7	%	22.5	%	0.4			0.8			22.4	%	22.1	%	(0.3)










(1) Amounts in both 2024 and 2025 consist of a revenue-related recovery associated with the proceeds from a 2018 foreign exchange benchmark litigation resolution, which is reflected in foreign exchange trading services revenue.
(2) Amount related to a client rescoping which decreased income before income taxes by $42 million, of which $24 million is reflected in front office software and data revenue and $18 million is reflected in information systems and communications expenses.
(3) Amount consists of a $66 million gain on sale of equity investment, which is reflected in other fee revenue.
(4) Amount consists of a $81 million loss on the sale of investment securities, which is related to the repositioning of the investment portfolio reflected in other income.

(5) Deferred compensation expense acceleration of $79 million in 2024 related to prior period incentive compensation awards to align State Street's deferred pay mix with peers.
(6) Amount in 2025 includes $100 million of compensation and benefits expenses related to workforce rationalization consistent with the strategic focus on operating model transformation to drive further operating efficiency and productivity gains over time and the amount in 2024 includes a $15 million release related to compensation and employee benefits, partially offset by $13 million related to occupancy costs associated with real estate footprint.
(7) Amounts related to the FDIC special assessment and subsequent true-up reflected in other expenses.
(8) Amounts include a $12 million charge in 2024 and subsequent true-up in 2025 associated with operating model changes which are reflected in other expenses.
(9) Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses.
(10) Calculated as the period-over-period change in total fee revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items.
(11) Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses.
(12) Calculated as the period-over-period change in total revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items.

(13) GAAP- basis pre-tax margin for the first quarter of 2025 of 25.0% included seasonal expenses of $155 million as shown on page 17. Excluding seasonable expenses, pre-tax margin for the first quarter of 2025 was 29.8%.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS

(Dollars in millions)			2021			2022			2023			2024
Total revenue:
Total revenue, GAAP-basis			$	12,027		$	12,148		$	11,945		$	13,000
		Less: Fees revenue	—			(23)			—			(15)
		Less: Total other income	(111)			—			—			(66)

		Add: (Gains) losses related to investment securities, net	—			—			294			81

Total revenue, excluding notable items			11,916			12,125			12,239			13,000

Provision for credit losses			(33)			20			46			75
Total expenses:
Total expenses, GAAP-basis			8,889			8,801			9,583			9,530
	Less: Notable expense items:

		Acquisition and restructuring costs	(65)			(65)			15			—
		Deferred compensation expense acceleration	(147)			—			—			(79)
		Legal and other	(18)			—			—			—
		Repositioning (charges) / release	3			(70)			(203)			2
		FDIC special assessment	—			—			(387)			(99)
		Other notable items	—			—			(45)			(12)
Total expenses, excluding notable items			8,662			8,666			8,963			9,342
Income before income tax expense, excluding notable items			$	3,287		$	3,439		$	3,230		$	3,583

Income before income tax expense, GAAP-basis			$	3,171		$	3,327		$	2,316		$	3,395

Pre-tax margin, excluding notable items			27.6		%	28.4		%	26.4		%	27.6		%
Pre-tax margin, GAAP-basis			26.4			27.4			19.4			26.1


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS

GAAP-Basis QTD Comparison	Reported						Currency Translation Impact					Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	2Q24		1Q25		2Q25		2Q25 vs. 2Q24		2Q25 vs. 1Q25			2Q25 vs. 2Q24		2Q25 vs. 1Q25		2Q25 vs. 2Q24		2Q25 vs. 1Q25
GAAP-Basis Results:
Fee revenue:


Servicing fees	$	1,239	$	1,275	$	1,304	$	15	$	24		$	1,289	$	1,280	4.0	%	0.4	%
Management fees	511		562		562		3		4			559		558		9.4		(0.7)
Foreign exchange trading services	336		362		431		—		—			431		431		28.3		19.1
Securities finance	108		114		126		—		—			126		126		16.7		10.5
Front office software and data	152		158		169		1		1			168		168		10.5		6.3
Lending related and other fees	62		67		61		—		—			61		61		(1.6)		(9.0)
Software and processing fees	214		225		230		1		1			229		229		7.0		1.8
Other fee revenue	48		32		66		1		—			65		66		35.4		nm
Total fee revenue	2,456		2,570		2,719		20		29			2,699		2,690		9.9		4.7
Net interest income	735		714		729		13		20			716		709		(2.6)		(0.7)

Total revenue	$	3,191	$	3,284	$	3,448	$	33	$	49		$	3,415	$	3,399	7.0		3.5

Expenses:
Compensation and employee benefits	$	1,099	$	1,262	$	1,280	$	16	$	25		$	1,264	$	1,255	15.0		(0.6)
Information systems and communications	454		497		523		2		2			521		521		14.8		4.8
Transaction processing services	250		258		260		3		4			257		256		2.8		(0.8)
Occupancy	106		103		105		2		3			103		102		(2.8)		(1.0)

Amortization of other intangible assets	60		54		56		1		1			55		55		(8.3)		1.9
Other	300		276		305		2		4			303		301		1.0		9.1
Total expenses	$	2,269	$	2,450	$	2,529	$	26	$	39		$	2,503	$	2,490	10.3		1.6

Total expenses, excluding notable items - Non-GAAP	$	2,269	$	2,450	$	2,412	$	26	$	39		$	2,386	$	2,373	5.2		(3.1)
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	1,170		1,188		1,232		10		14			1,222		1,218		4.4		2.5


GAAP-Basis YTD Comparison	Reported				Currency Translation Impact		Excluding Currency Impact		% Change Constant Currency
(Dollars in millions)	2024		2025		YTD2025 vs. YTD2024		2025		YTD2025 vs. YTD2024
GAAP-Basis Results:
Fee revenue:


Servicing fees	$	2,467	$	2,579	$	4	$	2,575	4.4		%
Management fees	1,021		1,124		1		1,123		10.0
Foreign exchange trading services	667		793		—		793		18.9
Securities finance	204		240		—		240		17.6
Front office software and data	296		327		1		326		10.1
Lending related and other fees	125		128		—		128		2.4
Software and processing fees	421		455		1		454		7.8
Other fee revenue	98		98		—		98		—
Total fee revenue	4,878		5,289		6		5,283		8.3
Net interest income	1,451		1,443		—		1,443		(0.6)

Total revenue	$	6,329	$	6,732	$	6	$	6,726	6.3

Expenses:
Compensation and employee benefits	$	2,351	$	2,542	$	3	$	2,539	8.0
Information systems and communications	886		1,020		1		1,019		15.0
Transaction processing services	498		518		1		517		3.8
Occupancy	209		208		—		208		(0.5)

Amortization of other intangible assets	120		110		—		110		(8.3)
Other	718		581		1		580		(19.2)
Total expenses	$	4,782	$	4,979	$	6	$	4,973	4.0

Total expenses, excluding notable items - Non-GAAP	$	4,652	$	4,862	$	6	$	4,856	4.4
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	2,301		2,420		3		2,417		5.0

(1) Total non-compensation expenses, excluding notable items is comprised of total expenses, excluding notable items - Non-GAAP, less compensation and employee benefits, excluding notable items. Compensation and benefits, excluding notable items were $1,180 million in the second quarter of 2025, $1,262 million in the first quarter of 2025 and $1,099 million in the second quarter of 2024.
nm Denotes not meaningful



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
June 30, 2025


Table of Contents

GAAP-Basis Financial Information:
4-Year Summary of Results			2

Consolidated Results of Operations			3
Consolidated Statement of Condition			5
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis			6
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis - Year-to-Date			7
Selected Average Balances by Currency - Rates Earned and Paid			8
Investment Portfolio Holdings by Asset Class			9
Allowance for Credit Losses			11
Assets Under Custody and/or Administration			12
Assets Under Management			13
Line of Business Information			14

Capital:
Regulatory Capital			15
Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity			16

Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information			17
Reconciliation of Pre-tax Margin Excluding Notable Items			21
Reconciliations of Constant Currency FX Impacts			22






This financial information should be read in conjunction with State Street's news release dated July 15, 2025.