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		3Q25			3Q25 vs. 3Q24		3Q25 vs. 2Q25			2024		2025		YTD2025 vs. YTD2024

Fee revenue:


Servicing fees	$	1,228	$	1,239	$	1,266	$	1,283	$	1,275	$	1,304	$	1,357		7.2	%	4.1	%		$	3,733	$	3,936	5.4	%
Management fees	510		511		527		576		562		562		612			16.1		8.9			1,548		1,736		12.1
Foreign exchange trading services	331		336		374		360		362		431		416			11.2		(3.5)			1,041		1,209		16.1
Securities finance	96		108		116		118		114		126		138			19.0		9.5			320		378		18.1
Front office software and data	144		152		146		197		158		169		167			14.4		(1.2)			442		494		11.8
Lending related and other fees	63		62		62		62		67		61		60			(3.2)		(1.6)			187		188		0.5
Software and processing fees	207		214		208		259		225		230		227			9.1		(1.3)			629		682		8.4
Other fee revenue	50		48		125		66		32		66		79			(36.8)		19.7			223		177		(20.6)
Total fee revenue	2,422		2,456		2,616		2,662		2,570		2,719		2,829			8.1		4.0			7,494		8,118		8.3
Net interest income:
Interest income	2,889		2,998		3,081		3,009		2,922		3,055		2,918			(5.3)		(4.5)			8,968		8,895		(0.8)
Interest expense	2,173		2,263		2,358		2,260		2,208		2,326		2,203			(6.6)		(5.3)			6,794		6,737		(0.8)
Net interest income	716		735		723		749		714		729		715			(1.1)		(1.9)			2,174		2,158		(0.7)
Other income:
Gains (losses) related to investment securities, net	—		—		(80)		1		—		—		1			nm		nm			(80)		1		nm

Total other income	—		—		(80)		1		—		—		1			nm		nm			(80)		1		nm
Total revenue	3,138		3,191		3,259		3,412		3,284		3,448		3,545			8.8		2.8			9,588		10,277		7.2
Provision for credit losses	27		10		26		12		12		30		9			(65.4)		(70.0)			63		51		(19.0)
Expenses:
Compensation and employee benefits	1,252		1,099		1,134		1,212		1,262		1,280		1,162			2.5		(9.2)			3,485		3,704		6.3
Information systems and communications	432		454		463		480		497		523		517			11.7		(1.1)			1,349		1,537		13.9
Transaction processing services	248		250		255		245		258		260		276			8.2		6.2			753		794		5.4
Occupancy	103		106		105		123		103		105		106			1.0		1.0			314		314		—

Amortization of other intangible assets	60		60		56		54		54		56		56			—		—			176		166		(5.7)
Other	418		300		295		326		276		305		317			7.5		3.9			1,013		898		(11.4)
Total expenses	2,513		2,269		2,308		2,440		2,450		2,529		2,434			5.5		(3.8)			7,090		7,413		4.6
Income before income tax expense	598		912		925		960		822		889		1,102			19.1		24.0			2,435		2,813		15.5
Income tax expense	135		201		195		177		178		196		241			23.6		23.0			531		615		15.8
Net income	$	463	$	711	$	730	$	783	$	644	$	693	$	861		17.9		24.2			$	1,904	$	2,198	15.4


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			3Q25				3Q25 vs. 3Q24			3Q25 vs. 2Q25			2024			2025			YTD2025 vs. YTD2024
Adjustments to net income:
Dividends on preferred stock		$	(45)		$	(55)		$	(48)		$	(54)		$	(46)		$	(63)		$	(58)			(20.8)%			7.9%			$	(148)		$	(167)		(12.8)%
Earnings allocated to participating securities		—			(1)			—			(1)			(1)			—			(1)				nm			nm			(1)			(2)			nm
Net income available to common shareholders		$	418		$	655		$	682		$	728		$	597		$	630		$	802			17.6			27.3			$	1,755		$	2,029		15.6
Per common share:
Basic earnings		$	1.38		$	2.18		$	2.29		2.50			$	2.07		$	2.20		$	2.83			23.6			28.6			$	5.85		$	7.09		21.2
Diluted earnings		1.37			2.15			2.26			2.46			2.04			2.17			2.78				23.0			28.1			5.77			6.98			21.0
Average common shares outstanding (in thousands):
Basic		301,991			300,564			297,365			291,686			288,562			286,281			283,434				(4.7)			(1.0)			299,964			286,074			(4.6)
Diluted		305,943			304,765			301,847			296,420			292,716			290,490			288,163				(4.5)			(0.8)			304,176			290,439			(4.5)
Cash dividends declared per common share		$	0.69		$	0.69		$	0.76		$	0.76		$	0.76		$	0.76		$	0.84			10.5			10.5			$	2.14		$	2.36		10.3
Closing price per share of common stock (as of quarter end)		77.32			74.00			88.47			98.15			89.53			106.34			116.01				31.1			9.1			88.47			116.01			31.1
Book value per common share		$	72.85		$	74.50		$	78.22		$	77.95		$	80.13		$	83.16		$	85.33			9.1			2.6			$	78.22		$	85.33		9.1
Tangible book value per common share(1)		45.06			46.10			49.22			49.14			51.23			53.56			55.57				12.9			3.8			49.22			55.57			12.9
Balance sheet averages:
Investment securities		$	101,318		$	105,098		$	107,364		$	105,322		$	110,070		$	112,083		$	111,821			4.2			(0.2)			$	104,603		$	111,332		6.4
Total assets		298,570			306,298			314,640			327,181			337,291			353,779			340,480				8.2			(3.8)			306,532			343,862			12.2
Total deposits		218,892			220,881			225,482			237,066			243,036			260,745			254,509				12.9			(2.4)			221,765			252,805			14.0
Ratios and other metrics:
Effective tax rate		22.5		%	22.1		%	21.1		%	18.4		%	21.7		%	22.0		%	21.9		%		0.8	%	pts	(0.1)	%	pts	21.8		%	21.9		%	0.1	%	pts
Return on average common equity		7.7			11.9			12.0			12.7			10.6			10.8			13.4				1.4			2.6			10.6			11.6			1.0
Return on average tangible common equity(2)		12.4			19.3			19.3			20.3			16.4			16.7			20.9				1.6			4.2			17.1			18.0			0.9
Pre-tax margin		19.1			28.6			28.4			28.1			25.0			25.8			31.1				2.7			5.3			25.4			27.4			2.0
Pre-tax margin, excluding notable items(3)		23.2			28.6			28.4			29.8			25.0			29.6			31.1				2.7			1.5			26.8			28.7			1.9
Net interest margin, fully taxable-equivalent basis		1.13			1.13			1.07			1.07			1.00			0.96			0.96				(0.1)			—			1.11			0.97			(0.1)
Common equity tier 1 ratio(4)(5)		11.1			11.2			11.6			10.9			11.0			10.7			11.3				(0.3)			0.6			11.6			11.3			(0.3)
Tier 1 capital ratio(4)(5)		13.2			13.3			13.9			13.2			13.8			13.3			13.9				—			0.6			13.9			13.9			—
Total capital ratio(4)(5)		14.9			15.0			15.6			14.8			15.3			14.8			15.5				(0.1)			0.7			15.6			15.5			(0.1)
Tier 1 leverage ratio(4)		5.4			5.3			5.5			5.2			5.5			5.3			5.6				0.1			0.3			5.5			5.6			0.1
Supplementary leverage ratio(4)		6.5			6.3			6.4			6.2			6.5			6.3			6.4				—			0.1			6.4			6.4			—
Assets under custody and/or administration (in billions)		$	43,912		$	44,312		$	46,759		$	46,557		$	46,733		$	49,000		$	51,664			10.5	%		5.4	%		$	46,759		$	51,664		10.5	%
Assets under management (in billions)		4,299			4,369			4,732			4,715			4,665			5,117			5,446				15.1			6.4			4,732			5,446			15.1
Average securities on loan(6)		301,247			334,675			349,113			354,372			358,869			386,730			404,378				15.8			4.6			328,421			383,493			16.8

(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 September 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, $387,070 million and $397,730 million at March 31, 2025, June 30, 2025, and September 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		September 30, 2025			3Q25 vs. 3Q24		3Q25 vs. 2Q25
Assets:
Cash and due from banks		$	3,413	$	2,898	$	4,067	$	3,145	$	4,658	$	4,020	$	4,756		16.9	%	18.3	%
Interest-bearing deposits with banks, net		125,486		99,876		105,121		112,957		119,464		118,835		122,642			16.7		3.2
Securities purchased under resale agreements		7,489		6,340		8,334		6,679		7,971		8,275		7,730			(7.2)		(6.6)
Trading account assets		760		780		802		768		743		791		884			10.2		11.8
Investment securities:
Investment securities available-for-sale, net		48,640		56,755		56,853		58,895		67,444		70,603		69,443			22.1		(1.6)
Investment securities held-to-maturity, net(1)		52,914		51,051		49,477		47,727		45,505		43,286		40,934			(17.3)		(5.4)
Total investment securities		101,554		107,806		106,330		106,622		112,949		113,889		110,377			3.8		(3.1)
Loans		38,635		39,376		41,961		43,200		44,685		47,279		46,660			11.2		(1.3)
Allowance for credit losses on loans(2)		135		136		162		174		176		179		190			17.3		6.1
Loans, net		38,500		39,240		41,799		43,026		44,509		47,100		46,470			11.2		(1.3)
Premises and equipment, net(3)		2,479		2,539		2,621		2,715		2,784		2,942		3,080			17.5		4.7
Accrued interest and fees receivable		4,014		4,066		4,160		4,034		4,280		4,589		4,476			7.6		(2.5)
Goodwill		7,582		7,751		7,833		7,691		7,763		7,918		7,916			1.1		—
Other intangible assets		1,258		1,209		1,166		1,089		1,046		1,014		958			(17.8)		(5.5)
Other assets		45,468		53,098		56,248		64,514		66,526		67,344		61,781			9.8		(8.3)
Total assets		$	338,003	$	325,603	$	338,481	$	353,240	$	372,693	$	376,717	$	371,070		9.6		(1.5)
Liabilities:
Deposits:
Non-interest-bearing		$	37,367	$	34,519	$	31,448	$	33,180	$	32,265	$	34,569	$	34,395		9.4		(0.5)
Interest-bearing - U.S.		148,485		140,983		145,527		166,483		168,362		169,444		169,013			16.1		(0.3)
Interest-bearing - Non-U.S.		66,032		63,658		70,454		62,257		71,429		79,011		76,591			8.7		(3.1)
Total deposits(4)		251,884		239,160		247,429		261,920		272,056		283,024		279,999			13.2		(1.1)
Securities sold under repurchase agreements		3,576		2,716		2,119		3,681		3,524		2,377		206			(90.3)		(91.3)

Other short-term borrowings		11,541		13,571		10,018		9,840		11,849		9,844		9,825			(1.9)		(0.2)
Accrued expenses and other liabilities		26,823		25,657		32,185		29,201		33,726		28,254		28,710			(10.8)		1.6
Long-term debt		19,746		19,737		20,902		23,272		24,846		25,911		24,688			18.1		(4.7)
Total liabilities		313,570		300,841		312,653		327,914		346,001		349,410		343,428			9.8		(1.7)
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		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		1,481			—		—
Series J, 8,500 shares issued and outstanding		—		—		842		842		842		842		842			—		—
Series K, 7,500 shares issued and outstanding		—		—		—		—		743		743		743			nm		—
Common stock, $1 par, 750,000,000 shares authorized(5)(6)		504		504		504		504		504		504		504			—		—
Surplus		10,724		10,721		10,723		10,722		10,693		10,698		10,704			(0.2)		0.1
Retained earnings		28,166		28,615		29,073		29,582		29,959		30,373		30,938			6.4		1.9
Accumulated other comprehensive income (loss)		(2,369)		(2,314)		(1,625)		(2,100)		(1,792)		(1,321)		(1,172)			27.9		11.3
Treasury stock, at cost(7)		(15,060)		(15,232)		(15,663)		(16,198)		(16,231)		(16,506)		(16,891)			(7.8)		(2.3)
Total shareholders' equity		24,433		24,762		25,828		25,326		26,692		27,307		27,642			7.0		1.2
Total liabilities and equity		$	338,003	$	325,603	$	338,481	$	353,240	$	372,693	$	376,717	$	371,070		9.6		(1.5)


(1) Fair value of investment securities held-to-maturity		$	46,823	$	44,916	$	44,925	$	41,906	$	40,424	$	38,485	$	36,654
(2) Total allowance for credit losses including off-balance sheet commitments		146		145		171		183		186		192		201
(3) Accumulated depreciation for premises and equipment		6,193		6,318		6,400		6,461		6,635		6,824		6,979
(4) Average total deposits		218,892		220,881		225,482		237,066		243,036		260,745		254,509
(5) Common stock shares issued		503,879,642		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		282,217,819
(7) Treasury stock shares		202,375,172		204,648,637		209,688,641		215,113,190		215,203,413		218,317,668		221,661,823
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					3Q25					3Q25 vs. 3Q24	3Q25 vs. 2Q25
(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 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		%	$	88,130	3.03		%		1.4	%	(10.4)	%
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			8,643		7.82				23.6		(5.7)
Trading account assets	767		—			779		—			788		—			795		—			756		0.15			791		0.06			806		0.90				2.3		1.9
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			69,898		4.43				22.0		3.2
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			41,923		2.15				(16.3)		(5.5)
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			111,821		3.58				4.2		(0.2)
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			46,500		4.98				16.9		2.7
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			39,557		4.92				42.8		1.4
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			295,457		3.92				9.6		(3.0)
Cash and due from banks	4,608					2,861					3,417					3,811					4,516					4,058					4,336						26.9		6.9
Other non-interest-earning assets	39,629					41,697					41,717					44,844					43,259					45,073					40,687						(2.5)		(9.7)
Total assets	$	298,570				$	306,298				$	314,640				$	327,181				$	337,291				$	353,779				$	340,480					8.2		(3.8)
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		%	$	157,132	3.49		%		16.0	%	(1.7)	%
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			73,428		1.49				11.6		(4.4)
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			230,560		2.86				14.6		(2.5)
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			1,002		3.44				(54.3)		(68.3)

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			10,069		4.88				(26.2)		(1.1)
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			25,273		4.93				24.8		(2.3)
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			3,445		11.39				(34.2)		(2.8)
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			270,349		3.23				11.4		(3.2)
Non-interest-bearing deposits(5)	26,959					24,952					24,218					26,155					24,897					24,168					23,949						(1.1)		(0.9)
Other non-interest-bearing liabilities	20,233					19,964					22,119					22,431					22,554					23,232					18,850						(14.8)		(18.9)
Preferred shareholders' equity	2,785					2,468					3,020					2,816					3,263					3,560					3,560						17.9		—
Common shareholders' equity	21,850					22,061					22,691					22,744					22,847					23,496					23,772						4.8		1.2
Total liabilities and shareholders' equity	$	298,570				$	306,298				$	314,640				$	327,181				$	337,291				$	353,779				$	340,480					8.2		(3.8)

Total deposits	$	218,892				$	220,881				$	225,482				$	237,066				$	243,036				$	260,745				$	254,509					12.9		(2.4)

Excess of rate earned over rate paid			0.72		%			0.77		%			0.68		%			0.74		%			0.70		%			0.68		%			0.69		%
Net interest margin			1.13		%			1.13		%			1.07		%			1.07		%			1.00		%			0.96		%			0.96		%
Net interest income, fully taxable-equivalent basis			$	717				$	736				$	724				$	749				$	714				$	729				$	716
Tax-equivalent adjustment			(1)					(1)					(1)					—					—					—					(1)
Net interest income, GAAP-basis(4)			$	716				$	735				$	723				$	749				$	714				$	729				$	715

(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, $253 billion and $251 billion in the first, second and third 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%, 0.27% and 0.26% in the first, second and third 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, $45,113 million and $46,321 million in the first, second and third 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, ($42) million and ($31) million in the first, second and third 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%, 2.94% and 2.91% in the first, second and third 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	$	88,330			4.24		%	$	93,060			3.21		%	5.4	%
Securities purchased under resale agreements(2)	6,557				10.52			8,513				8.08			29.8
Trading account assets	778				—			784				0.38			0.8
Investment securities:
Investment securities available-for-sale, net	52,352				5.04			67,039				4.48			28.1
Investment securities held-to-maturity, net	52,251				2.13			44,293				2.11			(15.2)
Total investment securities	104,603				3.59			111,332				3.54			6.4
Loans(3)	38,747				5.82			45,179				5.07			16.6
Other interest-earning assets	22,872				6.69			37,694				5.25			64.8
Total interest-earning assets	261,887				4.58			296,562				4.01			13.2
Cash and due from banks	3,628							4,303							18.6
Other non-interest-earning assets	41,017							42,997							4.8
Total assets	$	306,532						$	343,862						12.2
Liabilities:
Interest-bearing deposits:
U.S.	$	132,493			4.18			$	157,131			3.51			18.6
Non-U.S.	63,900				1.74			71,340				1.48			11.6
Total interest-bearing deposits(4)	196,393				3.39			228,471				2.88			16.3
Securities sold under repurchase agreements	2,904				5.05			2,884				4.37			(0.7)

Other short-term borrowings	11,683				5.09			10,692				4.67			(8.5)
Long-term debt	19,634				5.38			24,965				4.97			27.2
Other interest-bearing liabilities	4,808				13.16			4,147				13.53			(13.7)
Total interest-bearing liabilities	235,422				3.85			271,159				3.32			15.2
Non-interest-bearing deposits(5)	25,372							24,334							(4.1)
Other non-interest-bearing liabilities	20,777							21,532							3.6
Preferred shareholders' equity	2,758							3,461							25.5
Common shareholders' equity	22,203							23,376							5.3
Total liabilities and shareholders' equity	$	306,532						$	343,862						12.2

Total deposits			$	221,765						$	252,805						14.0

Excess of rate earned over rate paid					0.72		%					0.69		%
Net interest margin					1.11		%					0.97		%
Net interest income, fully taxable-equivalent basis					$	2,177						$	2,159
Tax-equivalent adjustment					(3)							(1)
Net interest income, GAAP-basis(4)					$	2,174						$	2,158

(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 $184 billion and $246 billion as of September 30, 2024 and 2025, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.36% and 0.27% for the nine months ended September 30, 2024 and 2025, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses as of September 30, 2024 and 2025 was approximately $38,618 million and $45,009 million, respectively.
(4) Average rates include the impact of FX swap cost of approximately ($195) million and ($155) million for the nine months ended September 30, 2024 and 2025, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap cost were 3.52% and 2.97% for the nine months ended September 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)

	3Q25
	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	$	37,596	4.48	%	$	26,982	1.95	%	$	6,137	4.12	%	$	17,415	1.17	%	$	88,130	3.03	%
Total investment securities	89,709		3.60		9,498		2.47		6,516		4.45		6,098		4.09		111,821		3.58
Loans	37,684		5.16		6,980		3.97		1,236		5.70		600		3.93		46,500		4.98
Total other interest-earning assets(2)	45,425		5.46		322		1.29		67		4.00		3,192		4.39		49,006		5.36
Total interest-earning assets	$	210,414	4.42		$	43,782	2.37		$	13,956	4.39		$	27,305	2.26		$	295,457	3.92

Total interest-bearing deposits(3)(4)	$	156,248	3.72		$	37,952	1.16		$	11,715	1.88		$	24,645	0.47		$	230,560	2.86

Central Bank Rate(5)			4.46				2.00				4.10

	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

	3Q24
	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	$	35,838	5.57	%	$	25,168	3.63	%	$	6,469	5.06	%	$	19,409	1.30	%	$	86,884	4.02	%
Total investment securities	87,088		3.73		8,488		2.71		5,035		4.33		6,753		4.47		107,364		3.73
Loans	31,965		5.85		6,028		5.40		1,236		6.44		553		5.17		39,782		5.79
Total other interest-earning assets(2)	32,435		7.33		242		2.89		205		4.66		2,594		3.63		35,476		7.01
Total interest-earning assets	$	187,326	5.06		$	39,926	3.70		$	12,945	4.89		$	29,309	2.31		$	269,506	4.55

Total interest-bearing deposits(3)(4)	$	133,961	4.41		$	34,286	2.17		$	11,605	1.84		$	21,412	(0.52)		$	201,264	3.35

Central Bank Rate(5)			5.43				3.70				5.08

(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				3Q25
(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		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	%	$	42.8	4.08	%
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		25.5		4.37
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		17.3		3.66
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		8.7		4.58






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		11.3		5.33


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		3.9		4.80




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		3.2		5.12
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		$	69.9	4.43

	Quarters
	1Q24				2Q24				3Q24				4Q24				1Q25				2Q25				3Q25
(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		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	%	$	5.6	0.83	%
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		2.4		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		3.2		0.95
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		2.4		5.21



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		28.8		2.20


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		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		$	41.9	2.15

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		$	111.8	3.58


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	57		%	25		%	14		%	3		%	1		%	—		%	$	42.6	61.3	%	$	85	94% / 6%
U.S. Treasury direct obligations	100			—			—			—			—			—			24.1		56.6		17		100% / 0%
Non-U.S. sovereign, supranational and non-U.S. agency	—			58			33			7			1			1			18.5		43.4		68		86% / 14%
Asset-backed securities	—			94			6			—			—			—			8.2		11.8		21		0% / 100%






Mortgage-backed securities	100			—			—			—			—			—			12.3		17.7		5		53% / 47%


CMBS	100			—			—			—			—			—			3.3		4.7		(16)		6% / 94%




Other	—			21			22			50			7			—			3.1		4.5		47		58% / 42%
Total available-for-sale portfolio	57		%	27		%	11		%	4		%	1		%	—		%	$	69.5	100.0	%	$	142	70% / 30%

Fair Value	$	39.6		$	19.0		$	7.3		$	2.9		$	0.5		$	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	41		%	35		%	22		%	2		%	—		%	—		%	$	4.9	12.0	%	$	(39)	100% / 0%
U.S. Treasury direct obligations	100			—			—			—			—			—			2.0		40.8		(8)		100% / 0%
Non-U.S. sovereign, supranational and non-U.S. agency	—			60			37			3			—			—			2.9		59.2		(31)		100% / 0%
Asset-backed securities	—			1			94			3			—			2			2.3		5.6		(20)		5% / 95%



Mortgage-backed securities	100			—			—			—			—			—			28.6		69.9		(3,756)		100% / 0%


CMBS	100			—			—			—			—			—			5.1		12.5		(466)		97% / 3%
Total held-for-maturity portfolio	87		%	5		%	8		%	—		%	—		%	—		%	$	40.9	100.0	%	$	(4,281)	94% / 6%

Amortized Cost	$	35.6		$	1.8		$	3.3		$	0.2		$	—		$	—

Total Investment Securities(3)																			$	110.4					79% / 21%


(1) At September 30, 2025, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized gain on securities available-for-sale of $105 million, after-tax unrealized loss on securities held-to-maturity of $3,169 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $287 million.
(2) At September 30, 2025, fixed-to-floating rate securities, which excludes the impact of hedges, had a book value of approximately $19 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 September 30, 2025, approximately 86% 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		3Q25			3Q25 vs. 3Q24		3Q25 vs. 2Q25
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	$	17,795		16.7	%	6.4	%
Mutual funds	11,552		11,645		12,223		12,301		12,143		12,641		13,209			8.1		4.5
Pension products	8,800		8,916		9,339		9,386		9,377		9,679		10,321			10.5		6.6
Insurance and other products	8,866		9,178		9,944		9,604		9,783		9,952		10,339			4.0		3.9
Total Assets Under Custody and/or Administration	$	43,912	$	44,312	$	46,759	$	46,557	$	46,733	$	49,000	$	51,664		10.5		5.4
By Asset Class:
Equities	$	25,909	$	26,291	$	27,715	$	27,535	$	27,508	$	29,311	$	31,124		12.3		6.2
Fixed-Income	11,368		11,303		12,027		11,933		11,900		12,122		12,874			7.0		6.2
Short-term and other investments(2)	6,635		6,718		7,017		7,089		7,325		7,567		7,666			9.2		1.3
Total Assets Under Custody and/or Administration	$	43,912	$	44,312	$	46,759	$	46,557	$	46,733	$	49,000	$	51,664		10.5		5.4
By Geographic Location(3):
Americas	$	31,610	$	31,763	$	33,460	$	33,284	$	33,340	$	35,028	$	36,698		9.7		4.8
Europe/Middle East/Africa	9,207		9,406		10,214		10,179		10,303		10,803		11,570			13.3		7.1
Asia/Pacific	3,095		3,143		3,085		3,094		3,090		3,169		3,396			10.1		7.2
Total Assets Under Custody and/or Administration	$	43,912	$	44,312	$	46,759	$	46,557	$	46,733	$	49,000	$	51,664		10.5		5.4
Assets Under Custody(4)
By Product Classification:
Collective funds, including ETFs	$	12,717	$	12,570	$	13,122	$	13,162	$	13,335	$	14,487	$	15,478		18.0		6.8
Mutual funds	9,309		9,360		9,806		9,887		9,725		10,060		10,506			7.1		4.4
Pension products	7,235		7,333		7,693		7,737		7,731		7,975		8,371			8.8		5.0
Insurance and other products	2,898		2,898		3,046		3,019		3,046		3,026		3,144			3.2		3.9
Total Assets Under Custody	$	32,159	$	32,161	$	33,667	$	33,805	$	33,837	$	35,548	$	37,499		11.4		5.5
By Geographic Location(3):
Americas	$	24,241	$	24,211	$	25,386	$	25,491	$	25,407	$	26,705	$	28,058		10.5		5.1
Europe/Middle East/Africa	5,380		5,361		5,715		5,740		5,861		6,215		6,606			15.6		6.3
Asia-Pacific	2,538		2,589		2,566		2,574		2,569		2,628		2,835			10.5		7.9
Total Assets Under Custody	$	32,159	$	32,161	$	33,667	$	33,805	$	33,837	$	35,548	$	37,499		11.4		5.5

(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		3Q25			3Q25 vs. 3Q24		3Q25 vs. 2Q25
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	51	$	51	$	54	$	52	$	52	$	55	$	60		11.1	%	9.1	%
Passive	2,661		2,708		2,923		2,955		2,849		3,163		3,405			16.5		7.7
Total Equity	2,712		2,759		2,977		3,007		2,901		3,218		3,465			16.4		7.7
Fixed-Income:
Active	27		28		30		31		30		30		30			—		—
Passive	551		555		593		585		603		670		690			16.4		3.0
Total Fixed-Income	578		583		623		616		633		700		720			15.6		2.9
Cash(1)	481		483		543		518		518		525		540			(0.6)		2.9
Multi-Asset-Class Solutions:
Active	23		22		23		23		24		26		29			26.1		11.5
Passive	312		327		352		351		366		423		448			27.3		5.9
Total Multi-Asset-Class Solutions	335		349		375		374		390		449		477			27.2		6.2
Alternative Investments(2):
Active	11		10		10		10		10		10		10			—		—
Passive(3)	182		185		204		190		213		215		234			14.7		8.8
Total Alternative Investments	193		195		214		200		223		225		244			14.0		8.4
Total Assets Under Management	$	4,299	$	4,369	$	4,732	$	4,715	$	4,665	$	5,117	$	5,446		15.1		6.4
By Geographic Location(4):
Americas	$	3,154	$	3,195	$	3,448	$	3,468	$	3,431	$	3,713	$	3,982		15.5		7.2
Europe/Middle East/Africa	635		665		728		713		690		771		806			10.7		4.5
Asia-Pacific	510		509		556		534		544		633		658			18.3		3.9
Total Assets Under Management	$	4,299	$	4,369	$	4,732	$	4,715	$	4,665	$	5,117	$	5,446		15.1		6.4

(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	$	154		69.2	%	24.2	%

Equity	1,131		1,157		1,253		1,310		1,252		1,374		1,500			19.7		9.2
Fixed-Income	155		159		171		177		187		191		193			12.9		1.0
Multi-Asset	1		1		1		1		1		1		1			—		—
Total Exchange-Traded Funds	$	1,361	$	1,394	$	1,516	$	1,578	$	1,554	$	1,690	$	1,848		21.9		9.3

(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 September 30,
	Investment Servicing										% Change							Investment Management										% Change						Other(1)									% Change				Total									% Change
(Dollars in millions)	3Q24			2Q25			3Q25				3Q25 vs. 3Q24			3Q25 vs. 2Q25				3Q24				2Q25			3Q25			3Q25 vs. 3Q24		3Q25 vs. 2Q25				3Q24			2Q25				3Q25		3Q25 vs. 3Q24		3Q25 vs. 2Q25		3Q24			2Q25			3Q25			3Q25 vs. 3Q24		3Q25 vs. 2Q25
Servicing fees	$	1,266		$	1,304		$	1,357			7.2		%	4.1		%		$	—			$	—		$	—		—	%	—		%		$	—		$	—			$	—	—	%	—	%	$	1,266		$	1,304		$	1,357		7.2	%	4.1	%
Management fees	—			—			—				—			—				527				562			612			16.1		8.9				—			—				—		—		—		527			562			612			16.1		8.9
Foreign exchange trading services	312			390			364				16.7			(6.7)				47				38			52			10.6		36.8				15			3				—		nm		nm		374			431			416			11.2		(3.5)
Securities finance	111			119			133				19.8			11.8				5				7			5			—		(28.6)				—			—				—		—		—		116			126			138			19.0		9.5
Software and processing fees	208			254			227				9.1			(10.6)				—				—			—			—		—				—			(24)				—		—		nm		208			230			227			9.1		(1.3)
Other fee revenue	48			51			68				41.7			33.3				11				15			11			—		nm				66			—				—		nm		—		125			66			79			(36.8)		nm
Total fee revenue	1,945			2,118			2,149				10.5			1.5				590				622			680			15.3		9.3				81			(21)				—		nm		nm		2,616			2,719			2,829			8.1		4.0
Net interest income	716			726			711				(0.7)			(2.1)				7				3			4			(42.9)		33.3				—			—				—		—		—		723			729			715			(1.1)		(1.9)
Total other income	1			—			1				—			—				—				—			—			—		—				(81)			—				—		nm		—		(80)			—			1			nm		nm
Total revenue	2,662			2,844			2,861				7.5			0.6				597				625			684			14.6		9.4				—			(21)				—		—		nm		3,259			3,448			3,545			8.8		2.8
Provision for credit losses	26			30			9				(65.4)			(70.0)				—				—			—			—		—				—			—				—		—		—		26			30			9			(65.4)		(70.0)
Total expenses	1,891			1,995			1,994				5.4			(0.1)				417				417			440			5.5		5.5				—			117				—		—		nm		2,308			2,529			2,434			5.5		(3.8)
Income before income tax expense	$	745		$	819		$	858			15.2			4.8				$	180			$	208		$	244		35.6		17.3				$	—		$	(138)			$	—	—		nm		$	925		$	889		$	1,102		19.1		24.0
Pre-tax margin	28.0		%	28.8		%	30.0		%		2.0		%	1.2		%	pts	30.2		%		33.3		%	35.7		%	5.5	%	2.4		%	pts														28.4		%	25.8		%	31.1		%	2.7	%	5.3	%	pts

	Nine Months Ended September 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	$	3,733		$	3,936		5.4		%		$	—		$	—			—		%		$	—		$	—		—	%	$	3,733			$	3,936		5.4		%
Management fees	—			—			—				1,548			1,736				12.1				—			—			—		1,548				1,736			12.1
Foreign exchange trading services	924			1,091			18.1				102			115				12.7				15			3			(80.0)		1,041				1,209			16.1
Securities finance	302			360			19.2				18			18				—				—			—			—		320				378			18.1
Software and processing fees	629			706			12.2				—			—				—				—			(24)			nm		629				682			8.4
Other fee revenue	127			153			20.5				30			24				(20.0)				66			—			nm		223				177			(20.6)
Total fee revenue	5,715			6,246			9.3				1,698			1,893				11.5				81			(21)			nm		7,494				8,118			8.3
Net interest income	2,157			2,146			(0.5)				17			12				(29.4)				—			—			—		2,174				2,158			(0.7)
Total other income	1			1			—				—			—				—				(81)			—			nm		(80)				1			nm
Total revenue	7,873			8,393			6.6				1,715			1,905				11.1				—			(21)			nm		9,588				10,277			7.2
Provision for loan losses	63			51			(19.0)				—			—				—				—			—			—		63				51			(19.0)
Total expenses	5,734			6,008			4.8				1,225			1,288				5.1				131			117			(10.7)		7,090				7,413			4.6
Income before income tax expense	$	2,076		$	2,334		12.4				$	490		$	617			25.9				$	(131)		$	(138)		5.3		$	2,435			$	2,813		15.5
Pre-tax margin	26.4		%	27.8		%	1.4		%	pts	28.6		%	32.4		%		3.8		%	pts									25.4		%		27.4		%	2.0		%	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			3Q25				1Q24			2Q24			3Q24			4Q24			1Q25			2Q25			3Q25
Ratios and Supporting Calculations:







Common equity tier 1 capital	$	13,167		$	13,346		$	14,071		$	13,799		$	14,362		$	14,791		$	15,156			$	13,167		$	13,346		$	14,071		$	13,799		$	14,362		$	14,791		$	15,156
Total risk-weighted assets	112,161			111,224			112,795			114,602			114,274			118,652			115,731				118,613			119,244			121,137			126,281			130,208			137,677			134,168
Common equity tier 1 risk-based capital ratio	11.7		%	12.0		%	12.5		%	12.0		%	12.6		%	12.5		%	13.1		%		11.1		%	11.2		%	11.6		%	10.9		%	11.0		%	10.7		%	11.3		%

Tier 1 capital	$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350		$	18,715			$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350		$	18,715
Tier 1 risk-based capital ratio	13.9		%	14.2		%	15.0		%	14.5		%	15.7		%	15.5		%	16.2		%		13.2		%	13.3		%	13.9		%	13.2		%	13.8		%	13.3		%	13.9		%

Total capital	$	17,504		$	17,682		$	18,754		$	18,476		$	19,799		$	20,226		$	20,608			$	17,650		$	17,827		$	18,925		$	18,659		$	19,978		$	20,418		$	20,792
Total risk-based capital ratio	15.6		%	15.9		%	16.6		%	16.1		%	17.3		%	17.0		%	17.8		%		14.9		%	15.0		%	15.6		%	14.8		%	15.3		%	14.8		%	15.5		%

Tier 1 capital	$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350		$	18,715			$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350		$	18,715
Adjusted average assets (Tier 1)(3)	289,772			297,350			305,699			318,470			328,520			344,822			331,553				289,772			297,350			305,699			318,470			328,520			344,822			331,553
Tier 1 leverage ratio	5.4		%	5.3		%	5.5		%	5.2		%	5.5		%	5.3		%	5.6		%		5.4		%	5.3		%	5.5		%	5.2		%	5.5		%	5.3		%	5.6		%

On-and off-balance sheet leverage exposure	$	249,668		$	261,135		$	273,809		$	278,344		$	286,035		$	300,585		$	300,388			$	249,668		$	261,135		$	273,809		$	278,344		$	286,035		$	300,585		$	300,388
Less: regulatory deductions	(8,798)			(8,948)			(8,941)			(8,711)			(8,771)			(8,957)			(8,927)				(8,798)			(8,948)			(8,941)			(8,711)			(8,771)			(8,957)			(8,927)
Leverage exposure (SLR)	240,870			252,187			264,868			269,633			277,264			291,628			291,461				240,870			252,187			264,868			269,633			277,264			291,628			291,461
Supplementary leverage ratio(4)	6.5		%	6.3		%	6.4		%	6.2		%	6.5		%	6.3		%	6.4		%		6.5		%	6.3		%	6.4		%	6.2		%	6.5		%	6.3		%	6.4		%

(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 September 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 September 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			3Q25
Tangible common equity - period end:
Total shareholders' equity	$	24,433		$	24,762		$	25,828		$	25,326		$	26,692		$	27,307		$	27,642
Less:
Preferred stock	2,468			2,468			2,816			2,816			3,559			3,559			3,559
Common shareholders' equity	21,965			22,294			23,012			22,510			23,133			23,748			24,083
Less:
Goodwill	7,582			7,751			7,833			7,691			7,763			7,918			7,916
Other intangible assets	1,258			1,209			1,166			1,089			1,046			1,014			958
Plus related deferred tax liabilities	460			461			467			459			465			479			473
Tangible common shareholders' equity - Non-GAAP	$	13,585		$	13,795		$	14,480		$	14,189		$	14,789		$	15,295		$	15,682

Total common shares outstanding - period end (in thousands)	301,504			299,231			294,191			288,766			288,676			285,562			282,218
Book value per common share	$	72.85		$	74.50		$	78.22		$	77.95		$	80.13		$	83.16		$	85.33
Tangible book value per common share - Non-GAAP	45.06			46.10			49.22			49.14			51.23			53.56			55.57

	Quarters																					Year-to-Date
(Dollars in millions, except where otherwise noted)	1Q24			2Q24			3Q24			4Q24			1Q25			2Q25			3Q25				2024			2025
Tangible common equity - average:
Average common shareholders' equity	$	21,850		$	22,061		$	22,691		$	22,744		$	22,847		$	23,496		$	23,772			$	22,203		$	23,376
Less:
Average goodwill	7,589			7,750			7,798			7,745			7,717			7,854			7,906				7,712			7,827
Average other intangible assets	1,287			1,230			1,187			1,121			1,065			1,029			982				1,235			1,025
Plus related deferred tax liabilities	460			460			464			463			462			472			476				462			470
Average tangible common shareholders' equity - Non-GAAP	$	13,434		$	13,541		$	14,170		$	14,341		$	14,527		$	15,085		$	15,360			$	13,718		$	14,994

Net income available to common shareholders	$	418		$	655		$	682		$	728		$	597		$	630		$	802			$	1,755		$	2,029
Net income available to common shareholders, excluding notable items(1)	517			655			682			769			597			733			802				1,854			2,132


Return on average tangible common equity - Non-GAAP(2)	12.4		%	19.3		%	19.3		%	20.3		%	16.4		%	16.7		%	20.9		%		17.1		%	18.0		%
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			20.9				18.0			19.0



(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		3Q25		3Q25 vs. 3Q24			3Q25 vs. 2Q25			2024		2025		YTD2025 vs. YTD2024
Fee Revenue:
Total fee revenue, GAAP-basis	$	2,422	$	2,456	$	2,616	$	2,662	$	2,570	$	2,719	$	2,829	8.1	%		4.0	%		$	7,494	$	8,118	8.3	%
Less: Notable items:
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)		—		nm			nm			(15)		(3)		nm
Client rescoping (revenue impact)(2)	—		—		—		—		—		24		—		nm			nm			—		24		nm
Other fee revenue(3)	—		—		(66)		—		—		—		—		nm			—			(66)		—		nm

Total fee revenue, excluding notable items	$	2,422	$	2,456	$	2,535	$	2,662	$	2,570	$	2,740	$	2,829	11.6			3.2			$	7,413	$	8,139	9.8

Total Revenue:
Total revenue, GAAP-basis	$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,448	$	3,545	8.8	%		2.8	%		$	9,588	$	10,277	7.2	%
Less: Notable items:
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)		—		nm			nm			(15)		(3)		nm
Client rescoping (revenue impact)(2)	—		—		—		—		—		24		—		nm			nm			—		24		nm
Other fee revenue(3)	—		—		(66)		—		—		—		—		nm			—			(66)		—		nm
(Gains) losses related to investment securities, net(4)	—		—		81		—		—		—		—		nm			—			81		—		nm
Total revenue, excluding notable items	$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,469	$	3,545	8.8			2.2			$	9,588	$	10,298	7.4

Expenses:
Total expenses, GAAP-basis	$	2,513	$	2,269	$	2,308	$	2,440	$	2,450	$	2,529	$	2,434	5.5	%		(3.8)	%		$	7,090	$	7,413	4.6	%
Less: Notable items:

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

Repositioning charges(6)	—		—		—		2		—		(100)		—		—			nm			—		(100)		nm
Client rescoping (expense impact)(2)	—		—		—		—		—		(18)		—		—			nm			—		(18)		nm
FDIC special assessment(7)	(130)		—		—		31		—		—		—		—			nm			(130)		—		nm
Other notable items(8)	—		—		—		(12)		—		1		—		—			nm			—		1		nm
Total expenses, excluding notable items	2,383		2,269		2,308		2,382		2,450		2,412		2,434		5.5			0.9			6,960		7,296		4.8
Seasonal expenses	(162)		—		—		—		(155)		—		—		—			—			(162)		(155)		(4.3)
Total expenses, excluding notable items and seasonal expenses	$	2,221	$	2,269	$	2,308	$	2,382	$	2,295	$	2,412	$	2,434	5.5			0.9			$	6,798	$	7,141	5.0

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis	$	2,422	$	2,456	$	2,616	$	2,662	$	2,570	$	2,719	$	2,829	8.14	%		4.05	%		$	7,494	$	8,118	8.33	%
Total expenses, GAAP-basis	2,513		2,269		2,308		2,440		2,450		2,529		2,434		5.46			(3.76)			7,090		7,413		4.56
Fee operating leverage, GAAP-basis(9)															268		bps	781		bps					377		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	$	2,829	11.60	%		3.25	%		$	7,413	$	8,139	9.79	%
Total expenses, excluding notable items (as reconciled above)	2,383		2,269		2,308		2,382		2,450		2,412		2,434		5.46			0.91			6,960		7,296		4.83
Fee operating leverage, excluding notable items(10)															614		bps	234		bps					496		bps

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis	$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,448	$	3,545	8.78	%		2.81	%		$	9,588	$	10,277	7.19	%
Total expenses, GAAP-basis	2,513		2,269		2,308		2,440		2,450		2,529		2,434		5.46			(3.76)			7,090		7,413		4.56
Operating leverage, GAAP-basis(11)															332		bps	657		bps					263		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		3Q25		3Q25 vs. 3Q24			3Q25 vs. 2Q25			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	$	3,545	8.78	%		2.19	%		$	9,588	$	10,298	7.41	%
Total expenses, excluding notable items (as reconciled above)	2,383		2,269		2,308		2,382		2,450		2,412		2,434		5.46			0.91			6,960		7,296		4.83
Operating leverage, excluding notable items(12)															332		bps	128		bps					258		bps
















Income before income tax expense:
Income before income tax expense GAAP-basis	$	598	$	912	$	925	$	960	$	822	$	889	$	1,102	19.1	%		24.0	%		$	2,435	$	2,813	15.5	%
Less: Notable items
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)		—								(15)		(3)
Client rescoping (revenue impact)(2)	—		—		—		—		—		24		—								—		24
Other fee revenue(3)	—		—		(66)		—		—		—		—								(66)		—
(Gains) losses related to investment securities, net(4)	—		—		81		—		—		—		—								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	$	1,102	19.1			7.3			$	2,565	$	2,951	15.0


Net Income:
Net Income GAAP-basis	$	463	$	711	$	730	$	783	$	644	$	693	$	861	17.9	%		24.2	%		$	1,904	$	2,198	15.4	%
Less: Notable items
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)		—								(15)		(3)
Client rescoping (revenue impact)(2)	—		—		—		—		—		24		—								—		24
Other fee revenue(3)	—		—		(66)		—		—		—		—								(66)		—
(Gains) losses related to investment securities, net(4)	—		—		81		—		—		—		—								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	$	861	17.9			8.2			$	2,003	$	2,301	14.9

Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis	$	418	$	655	$	682	$	728	$	597	$	630	$	802	17.6	%		27.3	%		$	1,755	$	2,029	15.6	%
Less: Notable items
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)		—								(15)		(3)
Client rescoping (revenue impact)(2)	—		—		—		—		—		24		—								—		24
Other fee revenue(3)	—		—		(66)		—		—		—		—								(66)		—
(Gains) losses related to investment securities, net(4)	—		—		81		—		—		—		—								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	$	802	17.6			9.4			$	1,854	$	2,132	15.0







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			3Q25			3Q25 vs. 3Q24			3Q25 vs. 2Q25			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		$	2.78		23.0	%		28.1	%		$	5.77		$	6.98		21.0	%
Less: Notable items
Foreign exchange trading services(1)	—			—			(0.04)			—			—			(0.01)			—									(0.04)			(0.01)
Client rescoping (revenue impact)(2)	—			—			—			—			—			0.06			—									—			0.06
Other fee revenue(3)	—			—			(0.16)			—			—			—			—									(0.16)			—
(Gains) losses related to investment securities, net(4)	—			—			0.20			—			—			—			—									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		$	2.78		23.0			9.9			$	6.09		$	7.34		20.5
























Pre-tax Margin:
Pre-tax margin, GAAP-basis(13)	19.1		%	28.6		%	28.4		%	28.1		%	25.0		%	25.8		%	31.1		%	2.7	%	pts	5.3	%	pts	25.4		%	27.4		%	2.0	%	pts
Less: Notable items
Foreign exchange trading services(1)	—			—			(0.3)			—			—			(0.1)			—									(0.2)			—
Client rescoping (revenue impact)(2)	—			—			—			—			—			0.7			—									—			0.2
Other fee revenue(3)	—			—			(1.1)			—			—			—			—									(0.7)			—
(Gains) losses related to investment securities, net(4)	—			—			1.4			—			—			—			—									0.9			—

Deferred compensation expense acceleration(5)	—			—			—			2.3			—			—			—									—			—
Repositioning charges(6)	—			—			—			(0.1)			—			2.7			—									—			0.9
Client rescoping (expense impact)(2)	—			—			—			—			—			0.5			—									—			0.2
FDIC special assessment(7)	4.1			—			—			(0.9)			—			—			—									1.4			—
Other notable items(8)	—			—			—			0.4			—			—			—									—			—
Pre-tax margin, excluding notable items	23.2		%	28.6		%	28.4		%	29.8		%	25.0		%	29.6		%	31.1		%	2.7			1.5			26.8		%	28.7		%	1.9

Return on Average Common Equity:
Return on average common equity, GAAP-basis	7.7		%	11.9		%	12.0		%	12.7		%	10.6		%	10.8		%	13.4		%	1.4	%	pts	2.6	%	pts	10.6		%	11.6		%	1.0	%	pts
Less: Notable items
Foreign exchange trading services(1)	—			—			(0.3)			—			—			(0.1)			—									(0.1)			—
Client rescoping (revenue impact)(2)	—			—			—			—			—			0.4			—									—			0.1
Other fee revenue(3)	—			—			(1.1)			—			—			—			—									(0.4)			—
(Gains) losses related to investment securities, net(4)	—			—			1.4			—			—			—			—									0.5			—

Deferred compensation expense acceleration(5)	—			—			—			1.5			—			—			—									—			—
Repositioning charges(6)	—			—			—			—			—			1.7			—									—			0.6
Client rescoping (expense impact)(2)	—			—			—			—			—			0.3			—									—			0.1
FDIC special assessment(7)	2.4			—			—			(0.6)			—			—			—									0.8			—

Other notable items(8)	—			—			—			0.2			—			—			—									—			—
Tax impact of notable items	(0.6)			—			—			(0.3)			—			(0.6)			—									(0.2)			(0.2)
Return on average common equity, excluding notable items	9.5		%	11.9		%	12.0		%	13.5		%	10.6		%	12.5		%	13.4		%	1.4			0.9			11.2		%	12.2		%	1.0










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		3Q25		3Q25 vs. 3Q24			3Q25 vs. 2Q25			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	%	21.9	%	0.8	%	pts	(0.1)	%	pts	21.8	%	21.9	%	0.1	%	pts
Less: Notable items
Foreign exchange trading services(1)	—		—		—		—		—		—		—								—		—
Client rescoping (revenue impact)(2)	—		—		—		—		—		0.1		—								—		—
Other fee revenue(3)	—		—		(0.1)		—		—		—		—								(0.1)		—
(Gains) losses related to investment securities, net(4)	—		—		0.1		—		—		—		—								0.1		—

Deferred compensation expense acceleration(5)	—		—		—		0.7		—		—		—								—		—
Repositioning charges(6)	—		—		—		—		—		0.4		—								—		0.1
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	%	21.9	%	0.8			(0.6)			21.9	%	22.0	%	0.1










(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
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS

GAAP-Basis QTD Comparison	Reported						Currency Translation Impact					Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	3Q24		2Q25		3Q25		3Q25 vs. 3Q24		3Q25 vs. 2Q25			3Q25 vs. 3Q24		3Q25 vs. 2Q25		3Q25 vs. 3Q24		3Q25 vs. 2Q25
GAAP-Basis Results:
Fee revenue:


Servicing fees	$	1,266	$	1,304	$	1,357	$	15	$	8		$	1,342	$	1,349	6.0	%	3.5	%
Management fees	527		562		612		2		1			610		611		15.7		8.7
Foreign exchange trading services	374		431		416		—		—			416		416		11.2		(3.5)
Securities finance	116		126		138		—		—			138		138		19.0		9.5
Front office software and data	146		169		167		1		—			166		167		13.7		(1.2)
Lending related and other fees	62		61		60		—		—			60		60		(3.2)		(1.6)
Software and processing fees	208		230		227		1		—			226		227		8.7		(1.3)
Other fee revenue	125		66		79		—		—			79		79		(36.8)		19.7
Total fee revenue	2,616		2,719		2,829		18		9			2,811		2,820		7.5		3.7
Net interest income	723		729		715		12		6			703		709		(2.8)		(2.7)
Total other income	(80)		—		1		—		—			1		1		nm		nm
Total revenue	$	3,259	$	3,448	$	3,545	$	30	$	15		$	3,515	$	3,530	7.9		2.4

Expenses:
Compensation and employee benefits	$	1,134	$	1,280	$	1,162	$	12	$	7		$	1,150	$	1,155	1.4		(9.8)
Information systems and communications	463		523		517		2		1			515		516		11.2		(1.3)
Transaction processing services	255		260		276		3		1			273		275		7.1		5.8
Occupancy	105		105		106		1		—			105		106		—		1.0

Amortization of other intangible assets	56		56		56		1		1			55		55		(1.8)		(1.8)
Other	295		305		317		2		1			315		316		6.8		3.6
Total expenses	$	2,308	$	2,529	$	2,434	$	21	$	11		$	2,413	$	2,423	4.5		(4.2)

Total expenses, excluding notable items - Non-GAAP	$	2,308	$	2,412	$	2,434	$	21	$	11		$	2,413	$	2,423	4.5		0.5
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	1,174		1,232		1,272		9		4			1,263		1,268		7.6		2.9


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	$	3,733	$	3,936	$	20	$	3,916	4.9		%
Management fees	1,548		1,736		2		1,734		12.0
Foreign exchange trading services	1,041		1,209		—		1,209		16.1
Securities finance	320		378		—		378		18.1
Front office software and data	442		494		1		493		11.5
Lending related and other fees	187		188		1		187		—
Software and processing fees	629		682		2		680		8.1
Other fee revenue	223		177		—		177		(20.6)
Total fee revenue	7,494		8,118		24		8,094		8.0
Net interest income	2,174		2,158		13		2,145		(1.3)
Total other income	(80)		1		—		1		nm
Total revenue	$	9,588	$	10,277	$	37	$	10,240	6.8

Expenses:
Compensation and employee benefits	$	3,485	$	3,704	$	15	$	3,689	5.9
Information systems and communications	1,349		1,537		2		1,535		13.8
Transaction processing services	753		794		4		790		4.9
Occupancy	314		314		2		312		(0.6)

Amortization of other intangible assets	176		166		1		165		(6.3)
Other	1,013		898		4		894		(11.7)
Total expenses	$	7,090	$	7,413	$	28	$	7,385	4.2

Total expenses, excluding notable items - Non-GAAP	$	6,960	$	7,296	$	28	$	7,268	4.4
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	3,475		3,692		13		3,679		5.9

(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 $1,162 million in the third quarter of 2025, $1,180 million in the second quarter of 2025 and $1,134 million in the third quarter of 2024.
nm Denotes not meaningful



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
September 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 October 17, 2025.