v3.25.3
Non-U.S. Activities
 9 Months Ended
Sep. 30, 2025
Segments, Geographical Areas [Abstract]  
Non-U.S. Activities Non-U.S. Activities
We define our non-U.S. activities as those revenue-producing business activities that arise from clients that are generally serviced or managed outside the U.S. Due to the integrated nature of our business, precise segregation of our U.S. and non-U.S. activities is not possible.
Subjective estimates, assumptions and other judgments are applied to quantify the financial results and assets related to our non-U.S. activities, including our application of funds transfer pricing, our asset and liability management policies and our allocation of certain indirect corporate expenses. Management periodically reviews and updates its processes for quantifying the financial results and assets related to our non-U.S. activities.
The following table presents our U.S. and non-U.S. financial results for the periods indicated:
Three Months Ended September 30,
20252024
(In millions)
Non-U.S.(1)
U.S.Total
Non-U.S.(1)
U.S.Total
Total revenue$1,504 $2,041 $3,545 $1,339 $1,920 $3,259 
Income before income tax expense 438 664 1,102 326 599 925 
Nine Months Ended September 30,
20252024
(In millions)
Non-U.S.(1)
U.S.Total
Non-U.S.(1)
U.S.Total
Total revenue$4,360 $5,917 10,277 $4,071 $5,517 9,588 
Income before income tax expense 1,103 1,710 2,813 968 1,467 2,435 
(1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
Servicing fees generated outside the U.S. were approximately 48% of total servicing fees in both the three and nine months ended September 30, 2025, compared to approximately 47% in both the three and nine months ended September 30, 2024.
Management fees generated outside the U.S. were approximately 25% of total management fees in both the three and nine months ended September 30, 2025, compared to approximately 24% and 25% in the three and nine months ended September 30, 2024, respectively.
Non-U.S. assets were $94.35 billion and $95.26 billion as of September 30, 2025 and 2024, respectively.