On screen disclaimer: Excluding notable items is a non-GAAP presentation. Refer to reconciliations of non-GAAP financial information included in “Financial Highlights.” Please also refer to Item 8 of the Form 10-K for the GAAP-basis presentation of our consolidated financial statements for the years ended December 31, 2025 and December 31, 2024.
At State Street, our purpose — to create better outcomes for the world’s investors and the people they serve — has never been more important.
In today’s complex and fast‑moving environment, it shapes our strategic choices, reinforces our partnership-led approach, and guides how we deliver value for our clients and shareholders.
In 2025, that focus translated into strong financial performance, supported by continued investment in capabilities that position us for long‑term growth.
We delivered record total revenue of approximately $14 billion, up more than 7 percent year-over-year, excluding notable items.
Fee revenue reached a record $11 billion, growing 9 percent, with broad-based contributions across Investment Services, Investment Management, and Markets.
Excluding notable items, we delivered positive operating leverage for the second consecutive year and expanded pretax margin by more than 150 basis points.
Together, these results underscore the strength of our operating model — built on deep client partnerships, a culture of disciplined execution, and sustained investment in innovation and digital capabilities.
On screen disclaimer: Operating leverage is the rate of growth of total revenue less the rate of growth of total expenses, relative to the corresponding prior year period, as applicable.
Building on this, State Street is well positioned for continued growth.
We are focusing investment in geographies where demand is rising and extending our leadership in ETFs by innovating as both a provider and a servicer to support increasingly sophisticated products at scale.
We are also enhancing capabilities across private markets, wealth services, and digital assets — helping clients navigate complexity, connect fragmented ecosystems, and operate with greater clarity and efficiency.
And by embedding AI across the firm as an enterprise capability, we are strengthening decision-making and operational resilience — helping clients act with agility and operate with confidence, and positioning State Street for sustainable growth.
Looking ahead, I am confident in our strategy and our momentum.
The forces reshaping our industry — greater complexity, accelerating digitization, and rising client expectations — play directly to our strengths and position us to capture the next phase of growth. With an enduring focus on operational and service excellence, continued innovation, and an unwavering commitment to our purpose, we are well positioned to deliver long-term value for our clients and shareholders.
Thank you for your trust and continued partnership.
Forward-looking statements
This video contains forward-looking statements as defined by U.S. securities laws. These statements are not guarantees for future performance, are inherently uncertain, are based on assumptions that are difficult to predict, and have a number of risks and uncertainties.
Further, they speak only as of the time this video is first published, and State Street does not undertake efforts to revise forward-looking statements. Refer to Item 1A of the Form 10-K for the year ended December 31, 2025.
