Results at a glance
- Period
- FY2026Q3
- Revenue
- $4B (4,004 MUSD)
- Net income
- $1B (1,030 MUSD)
- Net margin
- 25.7%
From the State Street Open LedgerView the live ledgerIssuer filing (FY2026Q3)
State Street Corporation (NYSE: STT) reported third-quarter 2026 total revenue of $4,004 million — up 13% year over year — and net income available to common shareholders of $1,030 million, up 28%, or $3.69 per diluted share (+33%), nine points faster than BNY's 24% on a smaller base. Fee revenue of $3,140 million grew 11% on servicing fees of $1,492 million (+10%) and management fees of $797 million (+20%), while net interest income of $864 million grew 21% as interest expense fell 7% even with deposits up. Total expenses of $2,620 million grew just 8% — 531 basis points of operating leverage — lifting the pretax margin to 34.6% from 31.1%, with ROE at 16.4% and ROTCE at 25.1%. The provision was a $4 million release. New business compounded the beat: $68 million of servicing-fee wins and $429 billion of AUC/A wins, including a first Wealth Services mandate.
Scale and capital both advanced: assets under custody and administration reached $59,173 billion (+15%) with $6,306 billion under management (+16%), deposits grew $37,301 million year-to-date to $311,651 million, and the CET1 ratio stood at 11.0% — down 0.3 points on buybacks, higher risk-weighted assets and AOCI drag. Capital return totaled $651 million ($400 million of buybacks plus $251 million of dividends at $0.92 per share), and a new Series L preferred issue added $496 million. Sequentially the quarter was flat to Q2's $4,048 million of revenue — fee revenue dipped 1.5% as foreign-exchange trading normalized from a strong second quarter — but the year-over-year trajectory is unambiguous.
The Headline Numbers
| Metric | Q3 2026 | Q3 2025 |
|---|---|---|
| Total revenue | $4,004M (+13%) | $3,545M |
| Fee revenue | $3,140M (+11%) | $2,829M |
| Servicing fees | $1,492M (+10%) | $1,357M |
| Net interest income | $864M (+21%) | $715M |
| Total expenses | $2,620M (+8%) | $2,434M |
| Pretax margin | 34.6% | 31.1% |
| Net income, to common | $1,030M (+28%) | $802M |
| Diluted EPS | $3.69 (+33%) | $2.78 |
| ROTCE | 25.1% | — |
| AUC/A | $59.2T (+15%) | $51.7T |
| Capital returned | $651M | — |
| CET1 ratio | 11.0% | — |
| Deposits* | $311,651M | $274,350M |
* Balance-sheet figures as of September 30, 2026 versus December 31, 2025.
Nine-month revenue of $11,848 million is up 15% and nine-month net to common of $2,761 million is up 36% — management fees (+24%) and FX trading (+24%) are growing twice as fast as the core servicing book (+11%), a mix shift worth watching into 2027. With both custody banks now printed, the scoreboard reads: State Street the faster grower this quarter, BNY the higher-margin franchise.
Five years in the ledger: the 2023 valley and the climb out
The ledger runs FY2021–FY2025 plus this quarter. Revenue dipped from $12,027 million to an $11,945 million 2023 trough — $294 million of AFS sale losses against a $2,759 million NII base — then climbed to $13,944 million; net to common traced the same valley from $2,572 million down to $1,821 million and up to $2,717 million, with diluted EPS running 7.19 → 5.58 → 9.40. Three artifacts reward a look: the 2022 bond-portfolio rotation ($73,399 million of AFS collapsing to $40,579 million while HTM absorbed $64,700 million), the $1,000 million of federal funds purchased that appears in FY2023 alone, and the preferred-stock rotation from D/F/G/H through G/I/J/K to the new Series L. Every annual income statement and balance sheet, plus this quarter's addendum statements, is modeled as examinable Beancount below.
