State Street Corporation (STT) Earnings
State Street Corporation is expected to report next earnings on July 21, 2026 (in NaN days), with a consensus EPS estimate of $3.14. STT has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +6.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 17, 2026 | $2.64 | $2.84 | +7.6% | $3.8B | +3.6% |
| Jan 16, 2026 | $2.84 | $2.97 | +4.6% | $3.7B | +1.8% |
| Oct 17, 2025 | $2.64 | $2.78 | +5.3% | $5.7B | +66.1% |
| Jul 15, 2025 | $2.35 | $2.53 | +7.7% | $5.8B | +72.8% |
| Apr 17, 2025 | $2.00 | $2.04 | +2.0% | $5.5B | +65.4% |
| Jan 17, 2025 | $2.29 | $2.60 | +13.5% | $5.7B | +70.5% |
| Oct 15, 2024 | $2.12 | $2.26 | +6.6% | $5.5B | +73.4% |
| Jul 16, 2024 | $2.03 | $2.15 | +5.9% | $5.5B | +73.3% |
| Apr 12, 2024 | $1.50 | $1.69 | +12.7% | $5.3B | +73.5% |
| Jan 19, 2024 | $1.81 | $2.04 | +12.7% | $5.0B | +68.1% |
| Oct 18, 2023 | $1.77 | $1.93 | +9.0% | $4.4B | +50.3% |
| Jul 14, 2023 | $2.10 | $2.17 | +3.3% | $4.7B | +48.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 17, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Ron O'Hanley mentioned the first quarter operating environment was shaped by factors like the Iran war, AI impacts, and credit quality concerns. The firm has a strong start to 2026 with broad-based positive revenue performance. They are focused on strategic priorities like digital innovation, tokenization, alternatives, wealth services, and investment management. John Woods discussed financial results including total revenue growth, net interest income growth, expense growth, and profitability improvement. Servicing fees, management fees, FX trading, securities finance, software services, net interest income, and expenses were detailed. Capital levels remain strong with standardized set one ratio at 10.6%, and capital return activities like share repurchases and dividends were mentioned.
Guidance
Expect fee revenue growth in the 7% to 9% range, up from previous 4% to 6%. Net interest income growth in the 8% to 10% range, an improvement from low single-digit growth. Expenses expected to increase by 5 to 6 percent, up from prior 3 to 4 percent. Effective tax rate expected to be approximately 22% for the full year and total payout ratio roughly 80% subject to Board approval and other factors.
Segment performance
Servicing fees increased 11% year-over-year to $1.4 billion, with AUCA ending the quarter at a record $54.5 trillion, up 17% year over year. Management fees increased 23% year-over-year to $724 million, with assets under management increasing 20% year-over-year to $5.6 trillion. FX trading revenue increased 29% year-over-year to $435 million, reflecting a 25% increase in client trading volumes. Securities finance revenue increased 2% year-over-year. Software services revenue increased 7% year-over-year, with annual recurring revenue increasing 12% year-over-year and revenue backlog increasing 11%. Net interest income of $835 million increased 17% year-over-year, primarily reflecting continued net interest margin expansion.
Risks & headwinds
Factors such as the Iran war, divided views on AI's long-term impacts, rising credit quality concerns in the financial system, potential changes in interest rates, currency fluctuations, and the impact of new regulations on the financial industry could pose risks. Also, the execution of strategic initiatives and the success of digital asset-related initiatives carry risks.
Analyst Q&A
Q: Glenn Shaw asked about the tug of war between better NIM and not a ton of earning asset growth and updated guidance.
A: John Woods said interest earning assets were driven by net interest margin, and the guide is almost entirely driven by net interest margin.
Q: Alexander Blosstein asked about the overarching goals of State Street Transformation.
A: Ron O'Hanley said they aim for higher pre-tax margin and growth, with building blocks including business execution discipline, strategic initiatives, operating model transformation, technology modernization, and AI.
Q: Art asked about the ability to pull forward spending and balancing cost guidance.
A: John Woods said about 2% impact from currency, 7% revenue related, and 2% net with run the bank costs and strategic investments.
Q: Jim Mitchell asked about deposits and deposit drivers.
A: John Woods said deposits in 250 - 260 range, higher non-interest bearing, and drivers include growing platform, client segment growth, and external factors.
Q: Mike Mayo asked about revenue backlogs and AI.
A: John Woods said 11% growth in software services backlog, and Ron O'Hanley said AI is comprehensively embedded with productivity gains.
Q: Ebrahim Bunawala asked about tokenization and new revenue opportunities.
A: Ron O'Hanley said it's both retaining customer activity and creating new revenue opportunities.
Q: Brennan Hawkin asked about Euro and GBP deposits.
A: John Woods said guide has assumption of one hike, and betas are relatively symmetrical.
Q: David Smith asked about capital and RWA rules.
A: John Woods said capital range is upper end, constructive on Basel III proposal, and payout ratio is on GAAP basis.
Q: Manan Ghazaliya asked about NDFI portfolio growth.
A: John Woods said it's strategic lending, high quality with no losses in certain areas.
Q: Vivek Janija asked about scoping charge and loan charge off.
A: Ron O'Hanley said scoping charge is idiosyncratic, and John Woods said loan charge off is from a commercial loan.
Q: Steven Chewback asked about expense growth and headcount.
A: John Woods said headcount is a factor with puts and takes.
Q: Gerard Cassidy asked about operating leverage and scale.
A: John Woods said positive operating leverage is structural with organic growth, and Ron O'Hanley said scale is important for competing in the business.