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Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
For additional information on the nature of services and our revenue from contracts with customers, including revenues associated with both our Investment Servicing and Investment Management lines of business, refer to pages 173 to 176 in Note 25 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2024 Form 10-K.
Revenue by category
In the following table, revenue is disaggregated by our two lines of business and by revenue stream for which the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The amounts in the “Other” columns were not allocated to our business lines.
Three Months Ended September 30, 2025
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2025
Servicing fees$1,357 $— $1,357 $— $— $— $— $— $— $1,357 
Management fees— — — 612 — 612 — — — 612 
Foreign exchange trading services 103 261 364 52 — 52 — — — 416 
Securities finance61 72 133 — 5 5 — — — 138 
Software and processing fees 178 49 227 — — — — — — 227 
Other fee revenue— 68 68 — 11 11 — — — 79 
Total fee revenue1,699 450 2,149 664 16 680 — — — 2,829 
Net interest income— 711 711 — 4 4 — — — 715 
Total other income— 1 1 — — — — — — 1 
Total revenue$1,699 $1,162 $2,861 $664 $20 $684 $— $— $— $3,545 
Nine Months Ended September 30, 2025
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2025
Servicing fees$3,936 $— $3,936 $— $— $— $— $— $— $3,936 
Management fees— — — 1,736 — 1,736 — — — 1,736 
Foreign exchange trading services 312 779 1,091 115 — 115 — 3 3 1,209 
Securities finance159 201 360 — 18 18 — — — 378 
Software and processing fees 555 151 706 — — — (24)— (24)682 
Other fee revenue— 153 153 — 24 24 — — — 177 
Total fee revenue4,962 1,284 6,246 1,851 42 1,893 (24)3 (21)8,118 
Net interest income— 2,146 2,146 — 12 12 — — — 2,158 
Total other income— 1 1 — — — — — — 1 
Total revenue$4,962 $3,431 $8,393 $1,851 $54 $1,905 $(24)$3 $(21)$10,277 
Three Months Ended September 30, 2024
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2024
Servicing fees$1,266 $— $1,266 $— $— $— $— $— $— $1,266 
Management fees— — — 527 — 527 — — — 527 
Foreign exchange trading services96 216 312 47 — 47 — 15 15 374 
Securities finance45 66 111 — 5 5 — — — 116 
Software and processing fees159 49 208 — — — — — — 208 
Other fee revenue— 48 48 — 11 11 — 66 66 125 
Total fee revenue1,566 379 1,945 574 16 590 — 81 81 2,616 
Net interest income— 716 716 — 7 7 — — — 723 
Total other income— 1 1 — — — — (81)(81)(80)
Total revenue$1,566 $1,096 $2,662 $574 $23 $597 $— $— $— $3,259 
Nine Months Ended September 30, 2024
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2024
Servicing fees$3,733 $— $3,733 $— $— $— $— $— $— $3,733 
Management fees— — — 1,548 — 1,548 — — — 1,548 
Foreign exchange trading services286 638 924 102 — 102 — 15 15 1,041 
Securities finance139 163 302 — 18 18 — — — 320 
Software and processing fees476 153 629 — — — — — — 629 
Other fee revenue— 127 127 — 30 30 — 66 66 223 
Total fee revenue4,634 1,081 5,715 1,650 48 1,698 — 81 81 7,494 
Net interest income— 2,157 2,157 — 17 17 — — — 2,174 
Total other income— 1 1 — — — — (81)(81)(80)
Total revenue$4,634 $3,239 $7,873 $1,650 $65 $1,715 $— $— $— $9,588 
Contract balances and contract costs
As of September 30, 2025 and December 31, 2024, net receivables of $3.52 billion and $3.08 billion, respectively, are included in accrued interest and fees receivable and other assets, representing amounts billed or currently billable related to revenue from contracts with customers. As performance obligations are satisfied, generally, we have an unconditional right to payment and billing is performed monthly or quarterly; therefore, we do not have significant contract assets.
We had $131 million and $144 million of deferred revenue as of September 30, 2025 and December 31, 2024, respectively. Deferred revenue is a contract liability which represents payments received and accounts receivable recorded in advance of providing services and is included in accrued expenses and other liabilities in the consolidated statement of condition. In the three months ended September 30, 2025, we recognized revenue of $69 million relating to deferred revenue of $163 million as of June 30, 2025. In the nine months ended September 30, 2025, we recognized revenue of $117 million relating to deferred revenue of $144 million as of December 31, 2024.
Transaction price allocated to the remaining performance obligations represents future, non-cancelable contracted revenue that has not yet been recognized, inclusive of deferred revenue that has been invoiced and non-cancellable amounts that will be invoiced and recognized as revenue in future periods. As of September 30, 2025, total remaining non-cancellable performance obligations for services and products not yet delivered, primarily comprised of software license sales and SaaS, were approximately $2.11 billion. We expect to recognize approximately half of this amount in revenue over the next three years, with the remainder to be recognized thereafter.
No adjustments are made to the promised amount of consideration for the effects of a significant financing component as the period between when we transfer a promised service to a customer and when the customer pays for that service is expected to be one year or less.