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Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2026
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 Note 25 of the notes to consolidated financial statements in our 2025 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 June 30, 2026
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2026
Servicing fees$1,468 $— $1,468 $— $— $— $— $— $— $1,468 
Management fees(1)
— — — 772 — 772 — — — 772 
Foreign exchange trading services(1)
113 378 491 3 — 3 — — — 494 
Securities finance56 84 140 10 — 10 — — — 150 
Software services(1)
166 — 166 — — — — — — 166 
Other fee revenue(1)
12 105 117 — 21 21 — — — 138 
Total fee revenue1,815 567 2,382 785 21 806 — — — 3,188 
Net interest income— 860 860 — — — — — — 860 
Total revenue$1,815 $1,427 $3,242 $785 $21 $806 $— $— $— $4,048 
Six Months Ended June 30, 2026
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2026
Servicing fees$2,877 $— $2,877 $— $— $— $— $— $— $2,877 
Management fees(1)
— — — 1,496 — 1,496 — — — 1,496 
Foreign exchange trading services(1)
224 699 923 6 — 6 — — — 929 
Securities finance111 139 250 10 6 16 — — — 266 
Software services(1)
335 — 335 — — — — — — 335 
Other fee revenue(1)
12 207 219 — 26 26 — — — 245 
Total fee revenue3,559 1,045 4,604 1,512 32 1,544 — — — 6,148 
Net interest income— 1,692 1,692 — 3 3 — — — 1,695 
Total other income— 1 1 — — — — — — 1 
Total revenue$3,559 $2,738 $6,297 $1,512 $35 $1,547 $— $— $— $7,844 
Three Months Ended June 30, 2025
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2025
Servicing fees$1,304 $— $1,304 $— $— $— $— $— $— $1,304 
Management fees(1)
— — — 600 — 600 — — — 600 
Foreign exchange trading services(1)
109 281 390 — — — — 3 3 393 
Securities finance52 67 119 — 7 7 — — — 126 
Software services(1)
193 — 193 — — — (24)— (24)169 
Other fee revenue(1)
— 112 112 — 15 15 — — — 127 
Total fee revenue1,658 460 2,118 600 22 622 (24)3 (21)2,719 
Net interest income— 726 726 — 3 3 — — — 729 
Total revenue$1,658 $1,186 $2,844 $600 $25 $625 $(24)$3 $(21)$3,448 
Six Months Ended June 30, 2025
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2025
Servicing fees$2,579 $— $2,579 $— $— $— $— $— $— $2,579 
Management fees(1)
— — — 1,187 — 1,187 — — — 1,187 
Foreign exchange trading services(1)
209 518 727 — — — — 3 3 730 
Securities finance98 129 227 — 13 13 — — — 240 
Software services(1)
351 — 351 — — — (24)— (24)327 
Other fee revenue(1)
— 213 213 — 13 13 — — — 226 
Total fee revenue3,237 860 4,097 1,187 26 1,213 (24)3 (21)5,289 
Net interest income— 1,435 1,435 — 8 8 — — — 1,443 
Total revenue$3,237 $2,295 $5,532 $1,187 $34 $1,221 $(24)$3 $(21)$6,732 
(1) In the first quarter of 2026, revenue related to distribution and marketing activities was reclassified from foreign exchange trading services to management fees. Additionally, lending-related and other fees, previously recognized within software and processing fees, was reclassified to other fee revenue, and the software and processing fees caption has been changed to software services. Prior-period amounts have been reclassified to conform to the current-period presentation. These reclassifications had no impact on total fee revenue, total revenue or net income, on either a consolidated or line of business basis.
Contract balances
As of June 30, 2026 and December 31, 2025, net receivables of $3.91 billion and $3.51 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.
We had $123 million and $131 million of deferred revenue as of June 30, 2026 and December 31, 2025, 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 June 30, 2026, we recognized revenue of $62 million relating to deferred revenue of $141 million as of March 31, 2026. In the six months ended June 30, 2026, we recognized revenue of $81 million relating to deferred revenue of $131 million as of December 31, 2025.
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 June 30, 2026, total remaining non-cancellable performance obligations for services and products not yet delivered, primarily comprised of software license sales and SaaS, were approximately $2.15 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.