Quartergate

Document 1

EX-99.1 2 a4q24earningspressrelease.htm EX-99.1 Document


						Exhibit 99.1 State Street Corporation One Congress Street Boston, MA 02114 NYSE: STT www.statestreet.com

Boston, MA… January 17, 2025News Release


STATE STREET REPORTS FOURTH QUARTER 2024 EPS OF $2.46; $2.60 EXCLUDING NOTABLE ITEMS(a)
% changes noted below reflect year-over-year 4Q comparisons

STRONG BUSINESS MOMENTUM CONTINUED IN FOURTH QUARTER WITH TOTAL REVENUE UP 12%:

•FEE REVENUE UP 13%; NET INTEREST INCOME UP 10%

POSITIVE FEE AND TOTAL OPERATING LEVERAGE

PRE-TAX MARGIN OF 28%; 30% EX-NOTABLES(a)

ROE OF 12.7%; 13.5% EX-NOTABLES(a)


Ron O'Hanley, Chairman and Chief Executive Officer: "2024 marked an important year for State Street. We executed on our strategy to increase fee revenue growth while continuing to transform our operating model, enhance our capabilities and support our clients. These efforts yielded strong results for the year, including both positive fee and total operating leverage supported by record NII, and overall, exceeded the financial outlook we provided at the outset of 2024." O'Hanley continued: "In the fourth quarter, we delivered robust year-over-year fee and total revenue growth together with continued strong sales performance. Within Investment Services, new AUC/A wins exceeded $1 trillion, and notably, we met our full-year Servicing fee revenue wins goal of $350-400 million, supported by a transformative mandate in the quarter. At Global Advisors, we achieved record Management fees and $64 billion of quarterly net inflows as we continued to innovate and broaden our product and distribution capabilities." O'Hanley concluded: "I am proud of the performance of our team in driving our 2024 results and providing an excellent foundation and momentum for 2025. As we look ahead, we remain intensely focused on executing against our strategic priorities to drive sustainable growth while also maintaining expense discipline and generating and returning capital to our shareholders."

FINANCIAL HIGHLIGHTS


(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted)	4Q24			3Q24			4Q23			% QoQ			% YoY
Income statement:
Total fee revenue	$	2,662		$	2,616		$	2,365		2	%		13	%
Net interest income	749			723			678			4			10
Other income	1			(80)			—			nm			nm
Total revenue	3,412			3,259			3,043			5			12
Provision for credit losses	12			26			20			(54)			(40)
Total expenses	2,440			2,308			2,822			6			(14)
Net income	783			730			210			7			nm

Financial ratios and other metrics:
Diluted earnings per share (EPS)	$	2.46		$	2.26		$	0.55		9	%		nm
Return on average common equity (ROE)	12.7		%	12.0		%	3.1		%	0.7	%	pts	9.6	%	pts
Pre-tax margin	28.1			28.4			6.6			(0.3)	%	pts	21.5	%	pts
AUC/A ($ billions)(1)	$	46,557		$	46,759		$	41,810		—	%		11	%
AUM ($ billions)(1)	4,715			4,732			4,102			—			15

(1) As of period-end.

(a) See "4Q24 Highlights" in this news release for a listing of notable items. Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news

release for an explanation and reconciliation of non-GAAP measures.

Investor Contact: Elizabeth Lynn +1 617-664-3477 Media Contact: Carolyn Cichon +1 617-664-8672

4Q24HIGHLIGHTS

(All comparisons are to 4Q23, unless otherwise noted)

AUC/A and AUM

•Investment Servicing AUC/A as of quarter-end increased 11% to $46.6 trillion, primarily driven by higher quarter-end market levels and flows

•Investment Management AUM as of quarter-end increased15% to $4.7 trillion, mainly driven by higher quarter-end market levels and net inflows

New business and strategy execution(a)

•New wins in 4Q24

◦New servicing fee revenue wins: New servicing fee revenue wins of $154 million, mainly driven by a large, multiregional win with an APAC Asset Owner

◦AUC/A wins: New servicing AUC/A wins of $1.1 trillion

•To be installed in future periods as of 4Q24

◦Servicing fee revenue to be installed: Quarter-end servicing fee revenue of $346 million to be installed in future periods

◦AUC/A to be installed: Quarter-end AUC/A of $3.0 trillion to be installed in future periods

•State Street Alpha®: Reported 2 new mandate wins in 4Q24, for a total of 7 mandate wins in 2024

•Front Office Software and Data: Continued momentum in SaaS client implementations and conversions increased ARR by 19%

•Investment Management: $64 billion of total quarterly net inflows, driven by net inflows in the ETF and Institutional businesses

•

Revenue

•Total revenue increased 12%, reflecting both higher Fee revenue and Net interest income (NII)

•Fee revenue increased 13%, reflecting broad-based strength across the entire franchise

◦Servicing fees increased 6%

◦Management fees increased20%

◦FX trading services increased17%

◦Securities finance increased 22%

◦Software and processing fees increased 9%

◦Other fee revenueincreased$33 million

•NII increased 10%, primarily driven by higher investment securities yields and double-digit loan growth, partially offset by deposit mix shift

(a) See the "In This News Release" section for explanations of AUC/A, new servicing fee revenue wins and Front office software and data annual recurring revenue (ARR).

Expenses

•Total expenses decreased 14%, reflecting the impact of notable items(a) in the current and prior year periods. Excluding notable items,(a) total expenses increased 8%, primarily reflecting higher performance-based incentive compensation and elevated employee benefits as well as continued business and technology investments, partially offset by savings from ongoing productivity initiatives

◦Compensation and employee benefits decreased 3%, and excluding notable items,(a)increased 8%

◦Information systems and communications increased 1%, and excluding notable items,(a) increased 11%

◦Transaction processing services increased 1%

◦Occupancydecreased 4%, and excluding notable items,(a)increased 3%

◦Other expenses decreased 53%, and excluding notable items,(a)increased 16%

Notable items


(Dollars in millions, except EPS amounts)	4Q24		3Q24		4Q23












Deferred compensation expense acceleration	$	(79)	$	—	$	—

FDIC special assessment(b)	31		—		(387)

Repositioning charges and other notable items (net)(c)	(10)		—		(233)







Total notable items (pre-tax)	$	(58)	$	—	$	(620)

Income tax impact from notable items	(17)		—		(156)

EPS impact	$	(0.14)	$	—	$	(1.49)

•Deferred compensation expense acceleration of $79 million in 4Q24 related to prior period incentive compensation awards to align State Street's deferred pay mix with peers

◦The acceleration allows for an increase in the immediate versus the deferred portion of incentive compensation in future periods

•FDIC special assessment release of $31 million in 4Q24 reflected in Other expenses

•Repositioning charges and other notable items (net) of $10 million in 4Q24, represents a $13 million charge reflected in Occupancy and a $12 million charge reflected in Other expenses associated with operating model changes, partially offset by a $15 million release reflected in Compensation and employee benefits

(a) See "4Q24 Highlights" in this news release for a listing of notable items. Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news

release for an explanation and reconciliation of non-GAAP measures.

(b) 4Q23 FDIC special assessment of $387 million reflected in Other expenses.

(c) 4Q23 repositioning charges and other notable items (net) of $233 million represents $182 million reflected in Compensation and employee benefits, $21 million reflected in Occupancy costs, $41 million reflected in Information systems and communications and $4 million reflected in Other expenses, primarily associated with operating model changes, partially offset by an Acquisition and restructuring benefit of $15 million. 3Q24 repositioning charges and other notable items (net) of $0 represents an $81 million loss on sale related to a repositioning of the investment portfolio reflected in Other income, offset by a $66 million gain on sale of an equity investment reflected in Other fee revenue and a $15 million revenue-related recovery reflected in FX trading services revenue.

Capital and liquidity

•Standardized common equity tier 1 (CET1) ratio at quarter-end of 10.9% decreased 0.7% points compared to both 4Q23 and 3Q24, primarily due to increased capital return and higher deployment of risk-weighted assets (RWA) for business growth, partially offset by capital generated from earnings

•Liquidity coverage ratio (LCR) for State Street Corporation was stable at approximately 107%, and LCR for State Street Bank and Trust was approximately 134%

•In 4Q24, State Street returned a total of $770 million of capital to common shareholders, or 106% of net income available to common shareholders, consisting of $550 million of share repurchases and $220 million (or $0.76 per share) of declared dividends

MARKET DATA

The following table provides a summary of selected financial information, including market indices and foreign exchange rates.


(Dollars in billions, except market indices and foreign exchange rates)	4Q24		3Q24		4Q23		% QoQ		% YoY

Assets under Custody and/or Administration (AUC/A)(1)(2)	$	46,557	$	46,759	$	41,810	—	%	11	%
Assets under Management (AUM)(2)	4,715		4,732		4,102		—		15

Market Indices:(3)
S&P 500 EOP	5,882		5,762		4,770		2		23
S&P 500 Daily Average	5,907		5,543		4,465		7		32
MSCI EAFE EOP	2,262		2,469		2,236		(8)		1
MSCI EAFE Daily Average	2,334		2,380		2,077		(2)		12
MSCI Emerging Markets EOP	1,075		1,171		1,024		(8)		5
MSCI Emerging Markets Daily Average	1,117		1,092		964		2		16
MSCI ACWI EOP	841		852		727		(1)		16
MSCI ACWI Daily Average	853		817		679		4		26
Bloomberg Global Aggregate Bond Index EOP	463		488		471		(5)		(2)
Bloomberg Global Aggregate Bond Index Daily Average	472		475		446		(1)		6

Foreign Exchange Volatility Indices:(3)
CBOE Volatility Index (VIX) Daily Average	17.4		17.1		15.3		2		14
JPM G7 Volatility Index Daily Average	8.7		8.0		7.8		9		11
JPM Emerging Market Volatility Index Daily Average	9.1		8.3		8.1		10		13

Specials Volumes:(3)
S&P Global Industry Specials Average Volume	73,823		68,900		70,119		7		5
S&P U.S. Industry Specials Average Volume	40,508		35,809		35,892		13		13

Average Foreign Exchange Rates:
EUR vs. USD	1.066		1.099		1.075		(3)		(1)
GBP vs. USD	1.281		1.301		1.241		(2)		3

(1) Includes quarter-end assets under custody of $33,805 billion, $33,667 billion and $30,615 billion, as of 4Q24, 3Q24, and 4Q23, respectively.

(2) As of period-end.

(3) The index names listed are service marks of their respective owners. S&P Global Specials and S&P U.S. Specials Volumes sourced from S&P Global Market Intelligence.

INDUSTRY FLOW DATA

The following table represents industry flow data.


(Dollars in billions)	4Q24		3Q24		2Q24		1Q24		4Q23
North America - (U.S. Domiciled) Morningstar Direct Market Data:(1)(2)
Long Term Funds	$	(131)	$	(117)	$	(111)	$	(3)	$	(207)
Money Market	355		230		62		31		154
ETF	427		288		206		191		265
Total Flows(3)	$	651	$	401	$	157	$	219	$	212

EMEA - Morningstar Direct Market Data:(1)(4)
Long Term Funds	$	92	$	82	$	52	$	7	$	(66)
Money Market	71		107		39		29		130
ETF	81		66		57		47		51
Total Flows(3)	$	244	$	255	$	148	$	83	$	115

(1) Industry data is provided for illustrative purposes only. It is not intended to reflect State Street or its clients' activity and is indicative of only segments of the entire industry. See endnotes included in the "In This News Release" section.

(2) 4Q24 data for North America includes actuals for October and November 2024 and Morningstar estimates for December 2024.

(3) Line items may not sum to total due to rounding.

(4) 4Q24 data for EMEA is on a rolling three-month basis for September through November 2024, sourced by Morningstar.

INVESTMENT SERVICING AUC/A

The following table presents AUC/A information by product and financial instrument.


(As of period end, dollars in billions)	4Q24		3Q24		4Q23		% QoQ		% YoY
Assets Under Custody and/or Administration(1)
By product classification:
Collective funds, including ETFs	$	15,266	$	15,253	$	14,070	—	%	9	%
Mutual funds	12,301		12,223		11,009		1		12
Pension products	9,386		9,339		8,352		1		12
Insurance and other products	9,604		9,944		8,379		(3)		15
Total Assets Under Custody and/or Administration	$	46,557	$	46,759	$	41,810	—	%	11	%
By asset class:
Equities	$	27,535	$	27,715	$	24,317	(1)	%	13	%
Fixed-income	11,933		12,027		11,043		(1)		8
Short-term and other investments(2)	7,089		7,017		6,450		1		10
Total Assets Under Custody and/or Administration	$	46,557	$	46,759	$	41,810	—	%	11	%

(1) AUC/A values for certain asset classes are based on a lag, typically one-month.

(2) Short-term and other investments includes derivatives, cash and cash equivalents and other instruments.

INVESTMENT MANAGEMENT AUM

The following tables present 4Q24 activity in AUM by product category.


(Dollars in billions)	Equity		Fixed- Income		Cash		Multi-Asset Class Solutions		Alternative Investments(1)(2)		Total
Beginning balance as of September 30, 2024	$	2,977	$	623	$	543	$	375	$	214	$	4,732
Net asset flows:
Long-term institutional(3)	2		13		—		10		1		26
ETF	54		11		—		—		—		65
Cash fund	—		—		(27)		—		—		(27)
Total flows, net	$	56	$	24	$	(27)	$	10	$	1	$	64
Market appreciation/(depreciation)	23		(16)		5		(4)		(7)		1
Foreign exchange impact	(49)		(15)		(3)		(7)		(8)		(82)
Total market and foreign exchange impact	$	(26)	$	(31)	$	2	$	(11)	$	(15)	$	(81)

Ending balance as of December 31, 2024	$	3,007	$	616	$	518	$	374	$	200	$	4,715

(1) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust, for which we are not the investment manager but act as the marketing agent.

(2) AUM for passive alternative investments has been revised from prior presentations.

(3) Amounts represent long-term portfolios, excluding ETFs.


(Dollars in billions)	4Q24		3Q24(1)		2Q24(1)		1Q24(1)		4Q23(1)
Beginning balance	$	4,732	$	4,369	$	4,299	$	4,102	$	3,672
Net asset flows:
Long-term institutional(2)	26		9		(8)		(24)		(2)
ETF	65		37		6		1		68
Cash fund	(27)		54		(4)		9		29
Total flows, net	$	64	$	100	$	(6)	$	(14)	$	95
Market appreciation/(depreciation)	1		208		83		243		297
Foreign exchange impact	(82)		55		(7)		(32)		38
Total market and foreign exchange impact	$	(81)	$	263	$	76	$	211	$	335

Ending balance	$	4,715	$	4,732	$	4,369	$	4,299	$	4,102

(1) AUM for passive alternative investments has been revised from prior presentations.

(2) Amounts represent long-term portfolios, excluding ETFs.

REVENUE


(Dollars in millions)	4Q24			3Q24			4Q23			% QoQ			% YoY
Back office services	$	1,184		$	1,167		$	1,128		1.5	%		5.0	%
Middle office services	99			99			84			—			17.9
Servicing fees	1,283			1,266			1,212			1.3			5.9
Management fees	576			527			479			9.3			20.3
Foreign exchange trading services	360			374			307			(3.7)			17.3
Securities finance	118			116			97			1.7			21.6
Front office software and data	197			146			179			34.9			10.1
Lending related and other fees	62			62			58			—			6.9
Software and processing fees	259			208			237			24.5			9.3
Other fee revenue	66			125			33			(47.2)			nm
Total fee revenue	$	2,662		$	2,616		$	2,365		1.8	%		12.6	%

Net interest income	749			723			678			3.6	%		10.5	%
Other income	1			(80)			—			nm			nm
Total Revenue	$	3,412		$	3,259		$	3,043		4.7	%		12.1	%


Net interest margin (FTE)(1)	1.07		%	1.07		%	1.16		%	—	%	pts	(0.09)	%	pts

(1) Net Interest Margin (NIM) is presented on a fully taxable-equivalent (FTE) basis. Refer to the Addendum for reconciliations of our FTE-basis presentation.

Servicing fees increased 6% compared to 4Q23, as higher average market levels and net new business were partially offset by pricing headwinds and lower client activity/adjustments and included the impact of a previously disclosed client transition. Servicing fees increased 1% compared to 3Q24, mainly due to higher client activity/adjustments and net new business.

Management fees increased 20% compared to 4Q23 and increased 9% compared to 3Q24, mainly due to higher average market levels and net inflows.

Foreign exchange trading services increased17% compared to 4Q23, primarily due to higher volumes and higher spreads associated with an increase in FX volatility. Foreign exchange trading services decreased 4% compared to 3Q24, primarily driven by the absence of a notable item in the prior period (a $15 million revenue-related recovery from a 2018 FX benchmark litigation resolution).

Securities finance increased 22% compared to 4Q23 and increased 2% compared to 3Q24, mainly due to higher client lending balances, partially offset by lower spreads.

Software and processing fees increased 9% compared to 4Q23, primarily due to higher Front office software and data revenue associated with CRD. Software and processing fees increased 25% compared to 3Q24, mainly due to higher On-premises renewals in Front office software and data.

•Front office software and data increased 10% compared to 4Q23, primarily due to continued strong Software-enabled revenue growth, partially offset by lower On-premises renewals. Front office software and data increased 35% compared to 3Q24, primarily driven by higher On-premises renewals and Professional services revenue growth

•Lending related and other fees increased 7% compared to 4Q23, driven by stronger client demand

Other fee revenue increased $33 million compared to 4Q23, largely due to better FX and market-related adjustments, including the absence of the impact of the Argentine peso devaluation in the prior year period, and decreased $59 million compared to 3Q24, primarily reflecting the absence of a notable item related to a gain on sale of an equity investment in the prior period.

(a) See "4Q24 Highlights" in this news release for a listing of notable items. Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news

release for an explanation and reconciliation of non-GAAP measures.

Net interest income increased 10% compared to 4Q23, largely due to higher investment securities yields and double-digit loan growth, partially offset by deposit mix shift. Compared to 3Q24, NII increased 4%, largely due to higher deposit balances and loan growth.

Total revenues were negatively impacted by currency translation of $2 million and $22 million compared to 4Q23 and 3Q24, respectively.

PROVISION FOR CREDIT LOSSES


(Dollars in millions)	4Q24		3Q24		4Q23		% QoQ		% YoY
Allowance for credit losses:
Beginning balance	$	171	$	145	$	134	17.9	%	27.6	%
Provision for credit losses	12		26		20		(53.8)		(40.0)
Charge-offs	—		—		(4)		—		nm

Ending Balance	$	183	$	171	$	150	7.0	%	22.0	%

Total provision for credit losses was $12 million in 4Q24, primarily reflecting an increase in loan loss reserves associated with certain commercial real estate loans.

EXPENSES


(Dollars in millions)	4Q24			3Q24			4Q23			% QoQ			% YoY
Compensation and employee benefits	$	1,212		$	1,134		$	1,247		6.9	%		(2.8)	%
Information systems and communications	480			463			473			3.7			1.5
Transaction processing services	245			255			242			(3.9)			1.2
Occupancy	123			105			128			17.1			(3.9)
Acquisition and restructuring costs	—			—			(15)			—			nm
Amortization of other intangible assets	54			56			59			(3.6)			(8.5)
Other	326			295			688			10.5			(52.6)
Total Expenses	$	2,440		$	2,308		$	2,822		5.7	%		(13.5)	%
Total expenses, excluding notable items(1)	$	2,382		$	2,308		$	2,202		3.2	%		8.2	%

Effective tax rate	18.4		%	21.1		%	(4.4)		%	(2.7)	%	pts	22.8	%	pts

(1) See "4Q24 Highlights" in this news release for a listing of notable items. Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news

release for an explanation and reconciliation of non-GAAP measures.

Compensation and employee benefits decreased 3% compared to 4Q23, largely reflecting a decline in notable items. Excluding notable items,(a) Compensation and employee benefits increased 8% compared to 4Q23, mainly due to higher performance-based incentive compensation and elevated employee benefits. Compared to 3Q24, Compensation and employee benefits increased 7%, primarily driven by a notable item associated with the acceleration of deferred compensation expense and higher performance-based incentive compensation. Excluding notable items,(a) Compensation and employee benefits increased 1% compared to 3Q24, primarily driven by higher performance-based incentive compensation.

(a) Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news release for an explanation and reconciliation of non-GAAP measures.

Information systems and communications increased 1% compared to 4Q23, reflecting notable items in the prior year period and higher technology and infrastructure investments, partially offset by vendor savings initiatives. Excluding notable items,(a) Information systems and communications increased 11% compared to 4Q23. Compared to 3Q24, Information systems and communications increased 4%, primarily driven by higher technology and infrastructure investments, partially offset by vendor savings initiatives.

Transaction processing services increased 1% compared to 4Q23, primarily reflecting higher revenue-related costs associated with broker fees and market data. Transaction processing services decreased 4% compared to 3Q24, mainly from lower sub-custody costs from episodic vendor credits.

Occupancy decreased 4% compared to 4Q23, reflecting a decline in notable items related to repositioning charges, partially offset by real estate footprint expansion related to the joint venture consolidations in India. Compared to 3Q24, Occupancy increased 17%, mainly driven by a notable item related to a repositioning charge. Excluding notable items,(a) Occupancy increased 3% compared to 4Q23 and increased 5% compared to 3Q24.

Other expenses decreased 53% compared to 4Q23, primarily driven by a notable item related to the FDIC special assessment in the prior year period. Compared to 3Q24, Other expenses increased 11%, primarily reflecting higher professional services and episodic client-related costs. Excluding notable items,(a) Other expenses increased 16% compared to 4Q23 and increased 17% compared to 3Q24.

Total expenses were negatively impacted by currency translation of $1 million compared to 4Q23 and positively impacted by currency translation of $16 million compared to 3Q24.

TAXES

The effective tax rate of 18.4% in 4Q24 increased from (4.4)% in 4Q23, primarily due to the impact of notable items in 4Q23. Compared to 3Q24, the effective tax rate decreased from 21.1%, primarily due to higher discrete tax benefits this quarter.

(a) Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news release for an explanation and reconciliation of non-GAAP measures.

CAPITAL AND LIQUIDITY

The following table presents preliminary estimates of regulatory capital and liquidity ratios for State Street Corporation.


(As of period end)	4Q24		3Q24		4Q23
Basel III Standardized Approach:
Common equity tier 1 ratio (CET1)	10.9	%	11.6	%	11.6	%
Tier 1 capital ratio	13.2		13.9		13.4
Total capital ratio	14.8		15.6		15.2

Basel III Advanced Approaches:
Common equity tier 1 ratio (CET1)	12.0		12.5		12.1
Tier 1 capital ratio	14.5		15.0		13.9
Total capital ratio	16.1		16.6		15.7

Tier 1 leverage ratio	5.2		5.5		5.5
Supplementary leverage ratio	6.2		6.4		6.2

Liquidity coverage ratio (LCR) (1)	107	%	107	%	106	%
LCR - State Street Bank and Trust (1)	134	%	129	%	122	%

(1) See the "In This News Release" section for further details on LCR and the calculation between State Street Corporation and State Street Bank and Trust.

Standardized capital ratios were binding for all periods included above.

CET1 (Standardized) ratio at quarter-end of 10.9% decreased 0.7% points compared to both 4Q23 and 3Q24, primarily due to increased capital return and higher deployment of RWA for business growth, partially offset by capital generated from earnings.

Tier 1 leverage ratio at quarter-end of 5.2% decreased 0.3% points compared to both 4Q23 and 3Q24, mainly driven by higher average balance sheet levels.

LCR for State Street Corporation was approximately 107%, up 1% point compared to 4Q23, and flat compared to 3Q24. LCR for State Street Bank and Trust was approximately 134%, up 12% points compared to 4Q23 and up 5% points from 3Q24.

INVESTOR CONFERENCE CALL AND QUARTERLY WEBSITE DISCLOSURE

State Street will webcast an investor conference call today, Friday, January 17, 2025, at 11:00 a.m. ET, available at http://investors.statestreet.com. The conference call will also be available via telephone, at (800) 717-1738. The Conference ID# is 30802.

Recorded replay of the conference call will be available on the website and by telephone at (888) 660-6264 beginning approximately two hours after the call's completion. The Conference ID# is 30802 and the Playback Passcode is 30802#. The telephone replay will be available for approximately one month following the conference call.

This News Release, presentation materials referred to on the conference call, and additional financial information are available on State Street's website, at http://investors.statestreet.com under “Investor News & Events" and under the title “Events & Presentations".

State Street intends to publish updates to its public disclosure regarding regulatory capital, as required by the Basel III final rule, and the liquidity coverage and net stable funding ratios, on a quarterly basis on its website at http://investors.statestreet.com, under "Filings & Reports". Those updates will be published each quarter, during the period beginning after State Street's public announcement of its quarterly results of operations and ending on or prior to the due date under applicable bank regulatory requirements (i.e., ordinarily, ending no later than 60 days following year-end or 40 to 45 days following each other quarter-end, as applicable). For 4Q24, State Street expects to publish its updates during the period beginning today and ending on or about March 1, 2025 for the liquidity coverage ratio and net stable funding ratios.

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $46.6 trillion in assets under custody and/or administration and $4.7 trillion* in assets under management as of December 31, 2024, State Street operates globally in more than 100 geographic markets and employs approximately 53,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management as of December 31, 2024 includes approximately $82 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

IN THIS NEWS RELEASE:

•Stock purchases under our common stock repurchase programs may be made using various types of transactions, including open-market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing and amount of any stock purchases and the type of transaction may not be consistent over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including our capital position and financial performance, investment opportunities, market conditions, regulatory considerations including the nature and timing of implementation of revisions to the Basel III framework, and the amount of common stock issued as part of employee compensation programs. The common share repurchase programs do not have specific price targets and may be suspended at any time. State Street’s common stock and other stock dividends, including the declaration, timing and amount, remain subject to consideration and approval by State Street’s Board of Directors at the relevant times.

•Expenses and other measures are sometimes presented excluding notable items/effects of currency translation. This is a non-GAAP presentation. See the Addendum to this News Release for an explanation and reconciliations of our non-GAAP measures.

•Servicing fee revenue wins/backlog represents estimates of future annual revenue associated with new servicing engagements State Street determines to be won during the current reporting period, which may include anticipated servicing-related revenues associated with acquisitions or structured transactions, based upon factors assessed at the time the engagement is determined by State Street to be won, including asset volumes, number of transactions, accounts and holdings, terms and expected strategy. These and other relevant factors influencing projected servicing fees upon asset implementation/onboarding will change from time to time prior to, upon and following asset implementation/onboarding, among other reasons, due to varying market levels and factors and client and investor activity and preferences. Servicing fee/backlog estimates are not updated to reflect those changes, regardless of the magnitude or direction of, or reason for, any change. Servicing fee revenue wins in any period include estimated fees attributable to both (1) services to be provided for new estimated AUC/A reflected in new asset servicing wins for the period (with AUC/A to be onboarded in the future) and (2) additional services to be provided for AUC/A already included in our end-of period AUC/A (i.e., for which other services are currently provided); and the magnitude of one source of servicing fee revenue wins relative to the other (i.e., (1) relative to (2)) will vary from period to period. Therefore, for these and other reasons, comparisons of estimated servicing fee revenue wins to estimated new asset servicing AUC/A wins for any period will not produce reliable fee per AUC/A estimates. No servicing fees are recognized until the point in the future when we begin performing the associated services with respect to the relevant AUC/A. See also the succeeding two bullets in this “In This News Release” section in reference to considerations applicable to pending servicing engagements, which similarly apply to engagements for which reported servicing fee revenue wins/backlog are attributable.

•New asset servicing mandates, including announced Alpha front-to-back investment servicing clients, may be subject to completion of definitive agreements, consents or assignments, approval of applicable boards and shareholders, customary regulatory approvals or other conditions, the failure to complete any of which will prevent the relevant mandate from being installed and serviced. New asset servicing mandates and servicing assets/fees remaining to be installed in future periods exclude new business which has been contracted, but for which the client has not yet provided permission to publicly disclose or anonymously disclose and is not yet installed. These excluded assets, which from time to time may be significant, will be included in new asset servicing mandates and reflected in servicing assets/fees remaining to be installed in the period in which the client provides its permission. Servicing mandates, servicing assets remaining to be installed in future periods and servicing fee revenues remaining to be installed in future periods are presented on a gross basis based on factors present on or about the time we determine the business to be won by us and are not updated based on subsequent developments, including changes in assets, market valuations, scope and, potentially termination. Such assets therefore also do not include the impact of clients who have notified us during the period of their intent to terminate or reduce their relationship with State Street, which from time to time may be significant.

•New business in assets to be serviced is reflected in our AUC/A after we begin servicing the assets, and new business in assets to be managed is reflected in our AUM after we begin managing the assets. As such, only a portion of any new asset servicing and asset management mandates may be reflected in our AUC/A and AUM as of any particular date specified. Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month. Generally, our servicing fee revenues are affected by several factors, and we provide varied services from our full suite of offerings to different clients. The basis for fees will also differ across regions and clients and can reflect pricing pressures traditionally experienced in our industry. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing wins or new servicing business yet to be installed, as the amount of revenue associated with AUC/A can vary materially. Management fees also are generally affected by various factors, including investment product type and strategy and relationship pricing for clients, and are more sensitive to market valuations than are servicing fees. Therefore, no assumption should be drawn from management fees associated with changes in AUM levels. Levels of AUC/A, AUC/A to be installed, Servicing fee wins to be installed and AUM are always presented as of the end of the relevant period, unless otherwise specifically noted.

•Front office software and data ARR, an operating metric, is calculated by annualizing current quarter revenue for CRD and CRD for Private Markets and includes the annualized amount of most software-enabled revenue, including revenue

generated from SaaS, maintenance and support revenue, FIX, and value-added services, which are all expected to be recognized ratably over the term of client contracts. ARR does not include software-enabled brokerage revenue, revenue from affiliates and licensing fees (excluding the portion allocated to maintenance and support) from On-premises software. Front office software and data ARR was $315 million, $356 million, and $375 million in 4Q23, 3Q24, and 4Q24, respectively.

•Revenue and pre-tax income reflects the application of ASC 606. Revenue recognition under ASC 606 results in the acceleration of a significant portion of revenues for On-premises software agreements when a client goes live or renews their contract with us. The amount of revenue recognized in any given quarter will be driven in large part by client activity, including agreements that renew or are installed in that quarter.

•Unless otherwise noted, all capital ratios referenced on this News Release and elsewhere in this presentation refer to State Street Corporation, or State Street, and not State Street Bank and Trust Company. The lower of capital ratios calculated under the Basel III advanced approaches and under the Basel III standardized approach are applied in the assessment of our capital adequacy for regulatory purposes. Standardized ratios were binding for 4Q24. Refer to the Addendum included with this News Release for additional information. All capital ratios are estimated. Liquidity Coverage Ratio (LCR) is a preliminary estimate based on a quarterly daily average.

•State Street Bank and Trust's (SSBT) LCR is significantly higher than State Street Corporation's (SSC) LCR, primarily due to application of the transferability restriction in the U.S. LCR Final Rule to the calculation of SSC’s LCR. This restriction limits the amount of HQLA held at SSC’s principal banking subsidiary, SSBT and available for the calculation of SSC’s LCR to the amount of net cash outflows of SSBT. This transferability restriction does not apply in the calculation of SSBT’s LCR, and therefore SSBT’s LCR reflects the full benefit of all of its HQLA holdings.

•All earnings per share amounts represent fully diluted earnings per common share.

•Return on average common equity is determined by dividing annualized net income available to common shareholders by average common shareholders' equity for the period.

•Quarter-over-quarter (QoQ) is a sequential quarter comparison. Year-over-year (YoY) is the current period compared to the same period a year ago.

•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.

•Fee operating leverage is the rate of growth of total fee revenue less the rate of growth of total expenses, relative to the corresponding prior year period, as applicable.

•"AUC/A" denotes Assets Under Custody and/or Administration; "AUC" denotes Assets Under Custody; "AUM" denotes Assets Under Management; "SPDR" denotes Standard and Poor's Depository Receipt; "ETF" denotes Exchange-traded fund; "nm" denotes not meaningful; "EOP" denotes end of period.

•"CRD" denotes Charles River Development; "SaaS" denotes Software as a service; "FIX" denotes The Charles River Network's FIX Network Service (CRN); "On-premises" denotes On-premises revenue as recognized in the CRD business.

•"RWA" denotes risk-weighted assets; "AOCI" denotes Accumulated other comprehensive income.

•"FTE" denotes fully taxable-equivalent basis; NIM is presented on an FTE-basis, and is calculated by dividing FTE NII by average total interest-earning assets. Refer to the Addendum for reconciliations of our FTE-basis presentation.

•Industry data is provided for illustrative purposes only. It is not intended to reflect State Street's or its clients' activity and is indicative of only selected segments of the entire industry.

◦Morningstar data includes long-term mutual funds, ETFs and Money Market funds. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while ETF data represents net issuance, which is gross issuance less gross redemptions. Data for Fund of Funds, Feeder funds and Obsolete funds were excluded from the series to prevent double counting. Data is from the Morningstar Direct Asset Flows database.

◦The long-term fund flows reported by Morningstar in North America are composed of U.S. domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. 4Q24 data for North America (U.S. domiciled) includes Morningstar actuals for October and November 2024 and Morningstar estimates for December 2024.

◦The long-term funds flows reported by Morningstar direct in EMEA are composed of the European market flows mainly in Equities, Allocation and Fixed Incomes asset classes. 4Q24 data for Europe is on a rolling three-month basis for September 2024 through November 2024, sourced by Morningstar.

FORWARD LOOKING STATEMENTS

This News Release contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our strategy, growth and sales prospects, capital management, business, financial and capital condition, results of operations, the financial and market outlook and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “outlook,” “priority,” “will,” “expect,” “intend,” “aim,” “outcome,” “future,” “strategy,” “pipeline,” “trajectory,” “target,” “guidance,” “objective,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “trend,” and “goal,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements.

Important factors that may affect future results and outcomes include, but are not limited to:

•We are subject to intense competition, which could negatively affect our profitability;

•We are subject to significant pricing pressure and variability in our financial results and our AUC/A and AUM;

•We could be adversely affected by political, geopolitical, economic and market conditions including, for example, as a result of liquidity or capital deficiencies (actual or perceived) by other financial institutions and related market and government actions, the ongoing wars in Ukraine and in the Middle East, major political shifts domestically or internationally, actions taken by central banks to address inflationary and growth pressures, changes in monetary policy, periods of significant volatility in the markets for equity, fixed income and other assets classes globally or within specific markets;

•Our development and completion of new products and services, including State Street Alpha® and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased risks;

•Our business may be negatively affected by our failure to update and maintain our cybersecurity or technology infrastructure, or otherwise meet the increasing resiliency expectations of our clients and regulators, or as a result of a cyber-attack or similar vulnerability in our or business partners’ infrastructure;

•Our risk management framework, models and processes may not be effective in identifying or mitigating risk and reducing the potential for related losses, and a failure or circumvention of our controls and procedures, or errors or delays in our operational and transaction processing, or those of third parties, could have an adverse effect on our business, financial condition, operating results and reputation;

•Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of these transactions may pose risks for our business;

•Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business;

•We have significant global operations and clients that can be adversely impacted by disruptions in key economies, including local, regional and geopolitical developments affecting those economies;

•Our investment securities portfolio, consolidated financial condition and consolidated results of operations could be adversely affected by changes in the financial markets, governmental action or monetary policy. For example, among other risks, decreases in prevailing interest rates or market conditions have led, and were they to occur in the future could further lead, to decreases in our NII or to portfolio management decisions resulting in reductions in our capital or liquidity ratios;

•Our business activities expose us to interest rate risk;

•We assume significant credit risk of counterparties, who may also have substantial financial dependencies on other financial institutions, and these credit exposures and concentrations could expose us to financial loss;

•Our fee revenue represents a significant portion of our revenue and is subject to decline based on, among other factors, market and currency declines, investment activities and preferences of our clients and their business mix;

•If we are unable to effectively manage our capital and liquidity, our financial condition, capital ratios, results of operations and business prospects could be adversely affected;

•We may need to raise additional capital or debt in the future, which may not be available to us or may only be available on unfavorable terms;

•If we experience a downgrade in our credit ratings, or an actual or perceived reduction in our financial strength, our borrowing and capital costs, liquidity and reputation could be adversely affected;

•Our business and capital-related activities, including common share repurchases, may be adversely affected by regulatory requirements and considerations, including capital, credit and liquidity;

•We face extensive and changing government regulation and supervision in the U.S. and non-U.S. jurisdictions in which we operate, which may increase our costs and compliance risks and may affect our business activities and strategies;

•Our businesses may be adversely affected by government enforcement and litigation;

•Our businesses may be adversely affected by increased and conflicting political and regulatory scrutiny of asset management stewardship and corporate sustainability or ESG practices;

•Any misappropriation of the confidential information we possess could have an adverse impact on our business and could subject us to regulatory actions, litigation and other adverse effects;

•Our calculations of risk exposures, total RWA and capital ratios depend on data inputs, formulae, models, correlations and assumptions that are subject to change, which could materially impact our risk exposures, our total RWA and our capital ratios from period to period;

•Changes in accounting standards may adversely affect our consolidated results of operations and financial condition;

•Changes in tax laws, rules or regulations, challenges to our tax positions and changes in the composition of our pre-tax earnings may increase our effective tax rate;

•We could face liabilities for withholding and other non-income taxes, including in connection with our services to clients, as a result of tax authority examinations;

•Our businesses may be negatively affected by adverse publicity or other reputational harm;

•Shifting and maintaining operational activities to non-U.S. jurisdictions, changing our operating model, and outsourcing to, or insourcing from, third parties expose us to increased operational risk, geopolitical risk and reputational harm and may not result in expected cost savings or operational improvements;

•Attacks or unauthorized access to our or our business partners’ or clients’ information technology systems or facilities, such as cyber-attacks or other disruptions to our or their operations, could result in significant costs, reputational damage and impacts on our business activities;

•Long-term contracts and customizing service delivery for clients expose us to increased operational risk, pricing and performance risk;

•We may not be able to protect our intellectual property, and we are subject to claims of third party intellectual property rights;

•The quantitative models we use to manage our business may contain errors that could adversely impact our business, financial condition, operating results and regulatory compliance;

•Our reputation and business prospects may be damaged if investors in the collective investment pools we sponsor or manage incur substantial losses in these investment pools or are restricted in redeeming their interests in these investment pools;

•The impacts of regulatory or policy change, shifting consumer preferences, or disclosure requirements related to climate, physical and transition risks could adversely affect us; and

•We may incur losses or face negative impacts on our business as a result of unforeseen events, including terrorist attacks, geopolitical events, acute or chronic physical risk events, including natural disasters, pandemics, global conflicts, or a banking crisis, which may have a negative impact on our business and operations.

Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2023 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this News Release should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

Document 1

EX-99.2 3 exhibit992-4q24earningsrel.htm EX-99.2 Document

Exhibit 99.2



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
December 31, 2024


Table of Contents

GAAP-Basis Financial Information:
5-Year Summary of Results			2

Consolidated Results of Operations			3
Consolidated Statement of Condition			5
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis			6
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis - Year-to-Date			7
Selected Average Balances by Currency - Rates Earned and Paid			8
Investment Portfolio Holdings by Asset Class			9
Allowance for Credit Losses			11
Assets Under Custody and/or Administration			12
Assets Under Management			13
Line of Business Information			14

Capital:
Regulatory Capital			15
Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity			16

Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information			17
Reconciliation of Pre-tax Margin Excluding Notable Items			20
Reconciliations of Constant Currency FX Impacts			21






This financial information should be read in conjunction with State Street's news release dated January 17, 2025.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
5-YEAR SUMMARY OF RESULTS

(Dollars in millions, except per share amounts, or where otherwise noted)	2020			2021			2022			2023			2024
Year ended December 31:
Total fee revenue	$	9,499		$	10,012		$	9,606		$	9,480		$	10,156
Net interest income	2,200			1,905			2,544			2,759			2,923
Other income	4			110			(2)			(294)			(79)
Total revenue	11,703			12,027			12,148			11,945			13,000
Provision for credit losses	88			(33)			20			46			75
Total expenses	8,716			8,889			8,801			9,583			9,530
Income before income tax expense	2,899			3,171			3,327			2,316			3,395
Income tax expense	479			478			553			372			708
Net income	2,420			2,693			2,774			1,944			2,687
Net income available to common shareholders	$	2,257		$	2,572		$	2,660		$	1,821		$	2,483
Per common share:
Diluted earnings per common share	$	6.32		$	7.19		$	7.19		$	5.58		$	8.21
Average diluted common shares outstanding (in thousands)	357,106			357,962			370,109			326,568			302,226
Cash dividends declared per common share	$	2.08		$	2.18		$	2.40		$	2.64		$	2.90
Closing price per share of common stock (at year end)	72.78			93.00			77.57			77.46			98.15
Average balance sheet:
Investment securities	$	109,175		$	111,730		$	111,929		$	105,765		$	104,784
Total assets	269,334			299,743			286,430			274,696			311,723
Total deposits	193,225			235,404			222,874			205,111			225,611
Ratios and other metrics:
Return on average common equity	10.0		%	10.7		%	11.1		%	8.2		%	11.1		%
Return on average tangible common equity(1)	16.7			17.2			17.4			13.3			17.9
Pre-tax margin	24.8			26.4			27.4			19.4			26.1
Pre-tax margin, excluding notable items(2)	26.3			27.6			28.4			26.4			27.6
Net interest margin, fully taxable-equivalent basis	0.97			0.74			1.03			1.20			1.10
Common equity tier 1 ratio(3)(4)	12.3			14.3			13.6			11.6			10.9
Tier 1 capital ratio(3)(4)	14.4			16.1			15.4			13.4			13.2
Total capital ratio(3)(4)	15.3			17.5			16.8			15.2			14.8
Tier 1 leverage ratio(3)	6.4			6.1			6.0			5.5			5.2
Supplementary leverage ratio(3)	8.1			7.4			7.0			6.2			6.2
Assets under custody and/or administration (in trillions)	$	38.79		$	43.68		$	36.74		$	41.81		$	46.56
Assets under management (in trillions)	3.47			4.14			3.48			4.13			4.72

(1) Return on average tangible common equity is calculated by dividing the net income available to common shareholders (GAAP-basis) for the relevant period by average tangible common equity (non-GAAP). Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(2) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of pre-tax margin excluding notable items for details.
(3) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end.

(4) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS

	Quarters																% Change				Year-to-Date				% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q23		2Q23		3Q23		4Q23		1Q24		2Q24		3Q24		4Q24		4Q24 vs. 4Q23		4Q24 vs. 3Q24		2023		2024		YTD2024 vs. YTD2023

Fee revenue:
Back office services	$	1,131	$	1,164	$	1,138	$	1,128	$	1,136	$	1,146	$	1,167	$	1,184	5.0	%	1.5	%	$	4,561	$	4,633	1.6	%
Middle office services	86		95		96		84		92		93		99		99		17.9		—		361		383		6.1
Servicing fees	1,217		1,259		1,234		1,212		1,228		1,239		1,266		1,283		5.9		1.3		4,922		5,016		1.9
Management fees	457		461		479		479		510		511		527		576		20.3		9.3		1,876		2,124		13.2
Foreign exchange trading services	342		303		313		307		331		336		374		360		17.3		(3.7)		1,265		1,401		10.8
Securities finance	109		117		103		97		96		108		116		118		21.6		1.7		426		438		2.8
Front office software and data	109		162		130		179		144		152		146		197		10.1		34.9		580		639		10.2
Lending related and other fees	56		59		58		58		63		62		62		62		6.9		—		231		249		7.8
Software and processing fees	165		221		188		237		207		214		208		259		9.3		24.5		811		888		9.5
Other fee revenue	45		58		44		33		50		48		125		66		nm		(47.2)		180		289		60.6
Total fee revenue	2,335		2,419		2,361		2,365		2,422		2,456		2,616		2,662		12.6		1.8		9,480		10,156		7.1
Net interest income:
Interest income	2,027		2,232		2,328		2,593		2,889		2,998		3,081		3,009		16.0		(2.3)		9,180		11,977		30.5
Interest expense	1,261		1,541		1,704		1,915		2,173		2,263		2,358		2,260		18.0		(4.2)		6,421		9,054		41.0
Net interest income	766		691		624		678		716		735		723		749		10.5		3.6		2,759		2,923		5.9
Other income:
Gains (losses) related to investment securities, net	—		—		(294)		—		—		—		(80)		1		nm		nm		(294)		(79)		73.1

Total other income	—		—		(294)		—		—		—		(80)		1		nm		nm		(294)		(79)		73.1
Total revenue	3,101		3,110		2,691		3,043		3,138		3,191		3,259		3,412		12.1		4.7		11,945		13,000		8.8
Provision for credit losses	44		(18)		—		20		27		10		26		12		(40.0)		(53.8)		46		75		63.0
Expenses:
Compensation and employee benefits	1,292		1,123		1,082		1,247		1,252		1,099		1,134		1,212		(2.8)		6.9		4,744		4,697		(1.0)
Information systems and communications	414		405		411		473		432		454		463		480		1.5		3.7		1,703		1,829		7.4
Transaction processing services	239		235		241		242		248		250		255		245		1.2		(3.9)		957		998		4.3
Occupancy	94		103		101		128		103		106		105		123		(3.9)		17.1		426		437		2.6
Acquisition and restructuring costs	—		—		—		(15)		—		—		—		—		nm		—		(15)		—		nm
Amortization of other intangible assets	60		60		60		59		60		60		56		54		(8.5)		(3.6)		239		230		(3.8)
Other	270		286		285		688		418		300		295		326		(52.6)		10.5		1,529		1,339		(12.4)
Total expenses	2,369		2,212		2,180		2,822		2,513		2,269		2,308		2,440		(13.5)		5.7		9,583		9,530		(0.6)
Income before income tax expense	688		916		511		201		598		912		925		960		nm		3.8		2,316		3,395		46.6
Income tax expense	139		153		89		(9)		135		201		195		177		nm		(9.2)		372		708		90.3
Net income	$	549	$	763	$	422	$	210	$	463	$	711	$	730	$	783	nm		7.3		$	1,944	$	2,687	38.2


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)

	Quarters																									% Change						Year-to-Date						% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q23			2Q23			3Q23			4Q23			1Q24			2Q24			3Q24			4Q24			4Q24 vs. 4Q23			4Q24 vs. 3Q24			2023			2024			YTD2024 vs. YTD2023
Adjustments to net income:
Dividends on preferred stock		$	(23)		$	(37)		$	(24)		$	(38)		$	(45)		$	(55)		$	(48)		$	(54)		(42.1)	%		(12.5)	%		$	(122)		$	(202)		(65.6)	%
Earnings allocated to participating securities		(1)			—			—			—			—			(1)			—			(1)			nm			nm			(1)			(2)			nm
Net income available to common shareholders		$	525		$	726		$	398		$	172		$	418		$	655		$	682		$	728		nm			6.7			$	1,821		$	2,483		36.4
Per common share:
Basic earnings		$	1.54		$	2.20		$	1.27		0.56			$	1.38		$	2.18		$	2.29		$	2.50		nm			9.2			$	5.65		$	8.33		47.4
Diluted earnings		1.52			2.17			1.25			0.55			1.37			2.15			2.26			2.46			nm			8.8			5.58			8.21			47.1
Average common shares outstanding (in thousands):
Basic		341,106			329,383			313,147			306,198			301,991			300,564			297,365			291,686			(4.7)			(1.9)			322,337			297,883			(7.6)
Diluted		345,472			333,540			317,329			310,419			305,943			304,765			301,847			296,420			(4.5)			(1.8)			326,568			302,226			(7.5)
Cash dividends declared per common share		$	0.63		$	0.63		$	0.69		$	0.69		$	0.69		$	0.69		$	0.76		$	0.76		10.1			—			$	2.64		$	2.90		9.8
Closing price per share of common stock (as of quarter end)		75.69			73.18			66.96			77.46			77.32			74.00			88.47			98.15			26.7			10.9			77.46			98.15			26.7
Book value per common share		$	67.69		$	69.01		$	70.14		$	72.27		$	72.85		$	74.50		$	78.22		$	77.95		7.9			(0.3)			$	72.27		$	77.95		7.9
Tangible book value per common share(1)		42.34			42.68			43.07			44.22			45.06			46.10			49.22			49.14			11.1			(0.2)			44.22			49.14			11.1
Balance sheet averages:
Investment securities		$	107,089		$	107,550		$	104,995		$	103,474		$	101,318		$	105,098		$	107,364		$	105,322		1.8			(1.9)			$	105,765		$	104,784		(0.9)
Total assets		277,492			274,972			267,727			278,659			298,570			306,298			314,640			327,181			17.4			4.0			274,696			311,723			13.5
Total deposits		210,320			205,831			197,869			206,544			218,892			220,881			225,482			237,066			14.8			5.1			205,111			225,611			10.0
Ratios and other metrics:
Effective tax rate		20.2		%	16.7		%	17.4		%	(4.4)		%	22.5		%	22.1		%	21.1		%	18.4		%	22.8	%	pts	(2.7)	%	pts	16.1		%	20.8		%	4.7	%	pts
Return on average common equity		9.3			13.0			7.3			3.1			7.7			11.9			12.0			12.7			9.6			0.7			8.2			11.1			2.9
Return on average tangible common equity(2)		14.6			20.9			12.0			5.1			12.4			19.3			19.3			20.3			15.2			1.0			13.3			17.9			4.6
Pre-tax margin		22.2			29.5			19.0			6.6			19.1			28.6			28.4			28.1			21.5			(0.3)			19.4			26.1			6.7
Pre-tax margin, excluding notable items(3)		22.2			29.5			27.0			27.0			23.2			28.6			28.4			29.8			2.8			1.4			26.4			27.6			1.2
Net interest margin, fully taxable-equivalent basis		1.31			1.19			1.12			1.16			1.13			1.13			1.07			1.07			(0.1)			—			1.20			1.10			(0.1)
Common equity tier 1 ratio(4)(5)		12.1			11.8			11.0			11.6			11.1			11.2			11.6			10.9			(0.7)			(0.7)			11.6			10.9			(0.7)
Tier 1 capital ratio(4)(5)		13.8			13.6			12.7			13.4			13.2			13.3			13.9			13.2			(0.2)			(0.7)			13.4			13.2			(0.2)
Total capital ratio(4)(5)		15.2			14.9			14.0			15.2			14.9			15.0			15.6			14.8			(0.4)			(0.8)			15.2			14.8			(0.4)
Tier 1 leverage ratio(4)		6.0			5.8			5.8			5.5			5.4			5.3			5.5			5.2			(0.3)			(0.3)			5.5			5.2			(0.3)
Supplementary leverage ratio(4)		6.8			6.4			6.3			6.2			6.5			6.3			6.4			6.2			—			(0.2)			6.2			6.2			—
Assets under custody and/or administration (in billions)		$	37,635		$	39,589		$	40,017		$	41,810		$	43,912		$	44,312		$	46,759		$	46,557		11.4	%		(0.4)	%		$	41,810		$	46,557		11.4	%
Assets under management (in billions)		3,613			3,787			3,672			4,102			4,299			4,369			4,732			4,715			14.9			(0.4)			4,102			4,715			14.9
Average securities on loan(6)		355,150			298,145			283,855			283,048			301,247			334,675			349,113			354,372			25.2			1.5			304,794			334,944			9.9

(1) Tangible book value per common share is calculated by dividing the period end tangible common equity (non-GAAP) by the total common shares outstanding at period end. Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(2) Return on average tangible common equity is calculated by dividing annualized net income available to common shareholders (GAAP-basis) for the relevant period by average tangible common equity (non-GAAP). Beginning in the third quarter of 2024, quarterly annualized net income available to common shareholders is utilized in the quarterly return on average tangible common equity calculation as compared to year-to-date annualized net income available to common shareholders utilized in prior quarters. Prior quarterly periods have been revised to conform to the current presentation. Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(3) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
(4) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Capital ratios as of December 31, 2024 are estimates.
(5) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches. Refer to Regulatory Capital for details on Standardized and Advanced Approaches ratios.
(6) End-of-period securities on loan were $362,438 million, $290,515 million, $280,408 million and $293,331 million at March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, respectively, and $339,940 million, $339,111 million, $378,713 million and $327,389 million at March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION

	As of																	% Change
(Dollars in millions, except per share amounts)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		4Q24 vs. 4Q23		4Q24 vs. 3Q24
Assets:
Cash and due from banks		$	3,698	$	3,930	$	4,009	$	4,047	$	3,413	$	2,898	$	4,067	$	3,145	(22.3)	%	(22.7)	%
Interest-bearing deposits with banks, net		87,935		86,048		76,756		87,665		125,486		99,876		105,121		112,957		28.9		7.5
Securities purchased under resale agreements		1,134		1,668		1,816		6,692		7,489		6,340		8,334		6,679		(0.2)		(19.9)
Trading account assets		695		715		725		773		760		780		802		768		(0.6)		(4.2)
Investment securities:
Investment securities available-for-sale, net		42,841		43,046		41,546		44,526		48,640		56,755		56,853		58,895		32.3		3.6
Investment securities held-to-maturity, net(1)		65,027		63,510		61,956		57,117		52,914		51,051		49,477		47,727		(16.4)		(3.5)
Total investment securities		107,868		106,556		103,502		101,643		101,554		107,806		106,330		106,622		4.9		0.3
Loans		33,916		34,123		35,436		36,631		38,635		39,376		41,961		43,200		17.9		3.0
Allowance for credit losses on loans(2)		115		120		119		135		135		136		162		174		28.9		7.4
Loans, net		33,801		34,003		35,317		36,496		38,500		39,240		41,799		43,026		17.9		2.9
Premises and equipment, net(3)		2,337		2,349		2,334		2,399		2,479		2,539		2,621		2,715		13.2		3.6
Accrued interest and fees receivable		3,570		3,732		3,874		3,806		4,014		4,066		4,160		4,034		6.0		(3.0)
Goodwill		7,530		7,544		7,487		7,611		7,582		7,751		7,833		7,691		1.1		(1.8)
Other intangible assets		1,493		1,435		1,363		1,320		1,258		1,209		1,166		1,089		(17.5)		(6.6)
Other assets		40,755		46,581		47,232		44,806		45,468		53,098		56,248		64,514		44.0		14.7
Total assets		$	290,816	$	294,561	$	284,415	$	297,258	$	338,003	$	325,603	$	338,481	$	353,240	18.8		4.4
Liabilities:
Deposits:
Non-interest-bearing		$	45,856	$	36,455	$	35,824	$	32,569	$	37,367	$	34,519	$	31,448	$	33,180	1.9		5.5
Interest-bearing - U.S.		108,623		122,676		118,561		121,738		148,485		140,983		145,527		166,483		36.8		14.4
Interest-bearing - Non-U.S.		69,152		63,185		58,616		66,663		66,032		63,658		70,454		62,257		(6.6)		(11.6)
Total deposits(4)		223,631		222,316		213,001		220,970		251,884		239,160		247,429		261,920		18.5		5.9
Securities sold under repurchase agreements		3,695		4,294		3,097		1,867		3,576		2,716		2,119		3,681		97.2		73.7

Other short-term borrowings		8		53		8		3,660		11,541		13,571		10,018		9,840		nm		(1.8)
Accrued expenses and other liabilities		22,427		26,516		26,124		28,123		26,823		25,657		32,185		29,201		3.8		(9.3)
Long-term debt		16,305		17,178		18,564		18,839		19,746		19,737		20,902		23,272		23.5		11.3
Total liabilities		266,066		270,357		260,794		273,459		313,570		300,841		312,653		327,914		19.9		4.9
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series D, 7,500 shares issued and outstanding		742		742		742		742		—		—		—		—		nm		—
Series F, 2,500 shares issued and outstanding		247		247		247		247		—		—		—		—		nm		—
Series G, 5,000 shares issued and outstanding		493		493		493		493		493		493		493		493		—		—
Series H, 5,000 shares issued and outstanding		494		494		494		494		494		494		—		—		nm		—
Series I, 15,000 shares issued and outstanding		—		—		—		—		1,481		1,481		1,481		1,481		nm		—
Series J, 8,500 shares issued and outstanding		—		—		—		—		—		—		842		842		nm		—
Common stock, $1 par, 750,000,000 shares authorized(5)(6)		504		504		504		504		504		504		504		504		—		—
Surplus		10,724		10,729		10,735		10,741		10,724		10,721		10,723		10,722		(0.2)		—
Retained earnings		27,342		27,808		27,993		27,957		28,166		28,615		29,073		29,582		5.8		1.8
Accumulated other comprehensive income (loss)		(3,272)		(3,258)		(3,045)		(2,354)		(2,369)		(2,314)		(1,625)		(2,100)		10.8		(29.2)
Treasury stock, at cost(7)		(12,524)		(13,555)		(14,542)		(15,025)		(15,060)		(15,232)		(15,663)		(16,198)		(7.8)		(3.4)
Total shareholders' equity		24,750		24,204		23,621		23,799		24,433		24,762		25,828		25,326		6.4		(1.9)
Total liabilities and equity		$	290,816	$	294,561	$	284,415	$	297,258	$	338,003	$	325,603	$	338,481	$	353,240	18.8		4.4


(1) Fair value of investment securities held-to-maturity		$	59,139	$	56,863	$	54,121	$	51,503	$	46,823	$	44,916	$	44,925	$	41,906
(2) Total allowance for credit losses including off-balance sheet commitments		162		136		134		150		146		145		171		183
(3) Accumulated depreciation for premises and equipment		5,918		6,035		6,148		6,062		6,193		6,318		6,400		6,461
(4) Average total deposits		210,320		205,831		197,869		206,544		218,892		220,881		225,482		237,066
(5) Common stock shares issued		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642
(6) Total common shares outstanding		336,461,072		322,101,110		308,583,511		301,944,043		301,504,470		299,231,005		294,191,001		288,766,452
(7) Treasury stock shares		167,418,570		181,778,532		195,296,131		201,935,599		202,375,172		204,648,637		209,688,641		215,113,190
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS(1)
The following table presents average rates earned and paid, on a fully taxable-equivalent basis, on consolidated average interest-earning assets and average interest-bearing liabilities for the quarters indicated. Tax-equivalent adjustments were calculated using a federal income tax rate of 21%, adjusted for applicable state income taxes, net of related federal benefit.
	Quarters																												% Change
	1Q23					2Q23					3Q23					4Q23					1Q24					2Q24					3Q24					4Q24					4Q24 vs. 4Q23		4Q24 vs. 3Q24
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average balance
Assets:
Interest-bearing deposits with banks, net	$	77,220	3.37		%	$	69,079	4.05		%	$	62,514	4.40		%	$	70,873	4.69		%	$	90,230	4.45		%	$	87,894	4.25		%	$	86,884	4.02		%	$	90,018	3.67		%	27.0	%	3.6	%
Securities purchased under resale agreements(2)	1,643		18.94			1,634		19.82			1,639		15.75			2,138		16.56			6,118		10.97			6,558		10.17			6,991		10.44			7,480		9.04			nm		7.0
Trading account assets	667		—			704		—			728		—			745		—			767		—			779		—			788		—			795		—			6.7		0.9
Investment securities:
Investment securities available-for-sale, net	42,101		3.31			43,409		3.76			42,341		4.39			43,537		4.84			46,497		4.93			53,204		5.06			57,302		5.13			57,205		4.90			31.4		(0.2)
Investment securities held-to-maturity, net	64,988		1.97			64,141		1.99			62,654		2.00			59,937		2.05			54,821		2.14			51,894		2.14			50,062		2.12			48,117		2.11			(19.7)		(3.9)
Total investment securities	107,089		2.50			107,550		2.71			104,995		2.97			103,474		3.23			101,318		3.42			105,098		3.62			107,364		3.73			105,322		3.63			1.8		(1.9)
Loans(3)	33,517		4.80			34,235		5.18			34,525		5.65			36,887		5.72			37,747		5.82			38,703		5.85			39,782		5.79			42,377		5.48			14.9		6.5
Other interest-earning assets	17,393		5.71			18,783		6.09			18,089		6.60			18,117		6.59			18,153		6.92			22,708		6.92			27,697		6.35			32,534		5.76			79.6		17.5
Total interest-earning assets	237,529		3.46			231,985		3.86			222,490		4.16			232,234		4.43			254,333		4.57			261,740		4.61			269,506		4.55			278,526		4.30			19.9		3.3
Cash and due from banks	3,639					3,893					3,742					4,418					4,608					2,861					3,417					3,811					(13.7)		11.5
Other non-interest-earning assets	36,324					39,094					41,495					42,007					39,629					41,697					41,717					44,844					6.8		7.5
Total assets	$	277,492				$	274,972				$	267,727				$	278,659				$	298,570				$	306,298				$	314,640				$	327,181				17.4		4.0
Liabilities:
Interest-bearing deposits:
U.S.	$	105,261	3.00		%	$	109,015	3.48		%	$	110,343	3.83		%	$	116,077	4.06		%	$	129,846	4.22		%	$	132,162	4.15		%	$	135,440	4.16		%	$	146,040	3.79		%	25.8		7.8
Non-U.S.	66,356		1.07			64,838		1.54			58,808		1.80			60,856		2.11			62,087		1.80			63,767		1.72			65,824		1.70			64,871		1.62			6.6		(1.4)
Total interest-bearing deposits(4)	171,617		2.25			173,853		2.75			169,151		3.13			176,933		3.39			191,933		3.44			195,929		3.36			201,264		3.35			210,911		3.12			19.2		4.8
Securities sold under repurchase agreements	4,409		0.84			4,266		1.25			3,908		0.61			3,048		0.70			3,122		5.06			3,404		5.07			2,193		4.98			3,937		4.67			29.2		79.5
Federal funds purchased	—		—			—		—			—		—			1		5.48			—		—			—		—			—		—			—		—			nm		—
Other short-term borrowings	1,278		3.78			1,965		4.11			324		2.68			1,183		3.11			8,314		4.85			13,073		5.15			13,639		5.16			10,656		4.96			nm		(21.9)
Long-term debt	15,865		4.64			16,735		5.00			18,117		5.33			18,663		5.43			18,944		5.44			19,694		5.44			20,258		5.27			22,658		5.18			21.4		11.8
Other interest-bearing liabilities	3,078		13.49			3,595		11.74			4,267		11.37			4,606		11.66			4,430		12.29			4,753		12.57			5,238		14.41			4,873		10.93			5.8		(7.0)
Total interest-bearing liabilities	196,247		2.61			200,414		3.09			195,767		3.45			204,434		3.72			226,743		3.85			236,853		3.84			242,592		3.87			253,035		3.55			23.8		4.3
Non-interest-bearing deposits(5)	38,703					31,978					28,718					29,611					26,959					24,952					24,218					26,155					(11.7)		8.0
Other non-interest-bearing liabilities	17,691					18,195					19,516					20,855					20,233					19,964					22,119					22,431					7.6		1.4
Preferred shareholders' equity	1,976					1,976					1,976					1,976					2,785					2,468					3,020					2,816					42.5		(6.8)
Common shareholders' equity	22,875					22,409					21,750					21,783					21,850					22,061					22,691					22,744					4.4		0.2
Total liabilities and shareholders' equity	$	277,492				$	274,972				$	267,727				$	278,659				$	298,570				$	306,298				$	314,640				$	327,181				17.4		4.0

Total deposits	$	210,320				$	205,831				$	197,869				$	206,544				$	218,892				$	220,881				$	225,482				$	237,066				14.8		5.1

Excess of rate earned over rate paid			0.86		%			0.77		%			0.70		%			0.71		%			0.72		%			0.77		%			0.68		%			0.74		%
Net interest margin			1.31		%			1.19		%			1.12		%			1.16		%			1.13		%			1.13		%			1.07		%			1.07		%
Net interest income, fully taxable-equivalent basis			$	768				$	691				$	626				$	679				$	717				$	736				$	724				$	749
Tax-equivalent adjustment			(2)					—					(2)					(1)					(1)					(1)					(1)					—
Net interest income, GAAP-basis(4)			$	766				$	691				$	624				$	678				$	716				$	735				$	723				$	749

(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $117 billion, $140 billion, $138 billion and $167 billion in the first, second, third and fourth quarters of 2023, respectively, and approximately $172 billion, $180 billion, $201 billion and $212 billion in the first, second, third and fourth quarters of 2024, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.26%, 0.23%, 0.19% and 0.21% in the first, second, third and fourth quarters of 2023, respectively, and approximately 0.38%, 0.36%, 0.35% and 0.31% in the first, second, third and fourth quarters of 2024, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $33,422 million, $34,124 million, $34,407 million and $36,771 million in the first, second, third and fourth quarters of 2023 and approximately $37,626 million, $38,573 million, $39,645 million and $42,214 million in the first, second, third and fourth quarters of 2024, respectively.
(4) Average rates includes the impact of FX swap expense of approximately ($5) million, $22 million, $24 million and $13 million in the first, second, third and fourth quarters of 2023, respectively, and approximately ($49) million, ($64) million, ($82) million and ($80) million in the first, second, third and fourth quarters of 2024, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately 2.26%, 2.70%, 3.07% and 3.36% in the first, second, third and fourth quarters of 2023, respectively, and approximately 3.54%, 3.49%, 3.52% and 3.27% in the first, second, third and fourth quarters of 2024, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS - YEAR TO DATE(1)
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the years indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 21% for periods ending in 2023 and 2024, adjusted for applicable state income taxes, net of related federal benefit.
			Year-to-Date														% Change
			2023							2024							YTD2024 vs YTD2023
(Dollars in millions; fully-taxable equivalent basis)	Average balance				Average rates			Average balance				Average rates			Average balance
Assets:
Interest-bearing deposits with banks, net	$	69,883			4.11		%	$	88,754			4.09		%	27.0	%
Securities purchased under resale agreements(2)	1,764				17.67			6,789				10.10			nm
Trading account assets	711				—			782				—			10.0
Investment securities:
Investment securities available-for-sale, net	42,850				4.08			53,572				5.01			25.0
Investment securities held-to-maturity, net	62,915				2.01			51,212				2.13			(18.6)
Total investment securities	105,765				2.85			104,784				3.60			(0.9)
Loans(3)	34,800				5.35			39,660				5.73			14.0
Other interest-earning assets	18,098				6.25			25,300				6.39			39.8
Total interest-earning assets	231,021				3.98			266,069				4.50			15.2
Cash and due from banks	3,925							3,674							(6.4)
Other non-interest-earning assets	39,750							41,980							5.6
Total assets	$	274,696						$	311,723						13.5
Liabilities:
Interest-bearing deposits:
U.S.	$	110,204			3.61			$	135,898			4.07			23.3
Non-U.S.	62,689				1.62			64,144				1.71			2.3
Total interest-bearing deposits(4)	172,893				2.89			200,042				3.31			15.7
Securities sold under repurchase agreements	3,904				0.87			3,163				4.93			(19.0)
Federal funds purchased	65				4.82			—				—			nm
Other short-term borrowings	1,120				3.60			11,425				5.05			nm
Long-term debt	17,355				5.12			20,394				5.32			17.5
Other interest-bearing liabilities	3,891				11.96			4,826				12.59			24.0
Total interest-bearing liabilities	199,228				3.22			239,850				3.77			20.4
Non-interest-bearing deposits(5)	32,218							25,569							(20.6)
Other non-interest-bearing liabilities	19,073							21,192							11.1
Preferred shareholders' equity	1,976							2,773							40.3
Common shareholders' equity	22,201							22,339							0.6
Total liabilities and shareholders' equity	$	274,696						$	311,723						13.5

Total deposits			$	205,111						$	225,611						10.0

Excess of rate earned over rate paid					0.75		%					0.73		%
Net interest margin					1.20		%					1.10		%
Net interest income, fully taxable-equivalent basis					$	2,764						$	2,926
Tax-equivalent adjustment					(5)							(3)
Net interest income, GAAP-basis(4)					$	2,759						$	2,923

(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $140 billion and $191 billion as of December 31, 2023 and 2024, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.22% and 0.46% for the years ended December 31, 2023 and 2024, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses as of December 31, 2023 and 2024 was approximately $34,689 million and $39,522 million, respectively.
(4) Average rates include the impact of FX swap cost of approximately $54 million and ($274) million for the years ended December 31, 2023 and 2024, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap cost were 2.86% and 3.45% for the years ended December 31, 2023 and 2024, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
SELECTED AVERAGE BALANCES BY CURRENCY - RATES EARNED AND PAID(1)

	4Q24
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	40,424	4.73	%	$	26,655	3.15	%	$	6,409	4.80	%	$	16,530	1.44	%	$	90,018	3.67	%
Total investment securities	86,269		3.57		7,763		2.64		4,813		4.72		6,477		4.69		105,322		3.63
Loans	34,448		5.49		6,126		5.17		1,272		6.59		531		5.37		42,377		5.48
Total other interest-earning assets(2)	37,934		6.41		69		3.62		46		7.24		2,760		4.06		40,809		6.25
Total interest-earning assets	$	199,075	4.67		$	40,613	3.36		$	12,540	4.95		$	26,298	2.59		$	278,526	4.30

Total interest-bearing deposits(3)(4)	$	144,667	4.00		$	33,589	1.94		$	11,250	1.94		$	21,405	(0.35)		$	210,911	3.12

Central Bank Rate(5)			4.81				3.24				4.85

	3Q24
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	35,838	5.57	%	$	25,168	3.63	%	$	6,469	5.06	%	$	19,409	1.30	%	$	86,884	4.02	%
Total investment securities	87,088		3.73		8,488		2.71		5,035		4.33		6,753		4.47		107,364		3.73
Loans	31,965		5.85		6,028		5.40		1,236		6.44		553		5.17		39,782		5.79
Total other interest-earning assets(2)	32,435		7.33		242		2.89		205		4.66		2,594		3.63		35,476		7.01
Total interest-earning assets	$	187,326	5.06		$	39,926	3.70		$	12,945	4.89		$	29,309	2.31		$	269,506	4.55

Total interest-bearing deposits(3)(4)	$	133,961	4.41		$	34,286	2.17		$	11,605	1.84		$	21,412	(0.52)		$	201,264	3.35

Central Bank Rate(5)			5.43				3.70				5.08

	4Q23
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	34,767	5.55	%	$	19,626	4.05	%	$	6,171	5.12	%	$	10,309	2.74	%	$	70,873	4.69	%
Total investment securities	83,798		3.27		8,694		2.31		4,245		3.20		6,737		3.81		103,474		3.23
Loans	29,834		5.67		5,197		5.82		1,223		6.95		633		4.80		36,887		5.72
Total other interest-earning assets(2)	18,356		7.95		201		4.22		54		5.62		2,389		3.23		21,000		7.37
Total interest-earning assets	$	166,755	4.68		$	33,718	3.87		$	11,693	4.61		$	20,068	3.21		$	232,234	4.43

Total interest-bearing deposits(3)(4)	$	113,890	4.32		$	31,306	2.07		$	11,010	1.59		$	20,727	1.19		$	176,933	3.39

Central Bank Rate(5)			5.50				4.00				5.25

(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Average total other interest-earning assets include securities purchased under resale agreements, trading account assets and other interest-earning assets. Refer to average statement of condition - rates earned and paid - full taxable-equivalent basis for details.
(3) Average rates for interest-bearing deposit balances denominated in U.S. dollars include both client and wholesale deposits.
(4) FX swap costs for interest-bearing deposits are included in other currencies.
(5) Central Bank Rate represents the quarterly average Federal Funds Target Rate for USD, European Central Bank Deposit Facility Rate for EUR, and the Bank of England's Bank Rate for GBP.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS

	Quarters
	1Q23				2Q23				3Q23				4Q23				1Q24				2Q24				3Q24				4Q24
(Dollars in billions, except where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Available-for-sale investment securities:
Government & agency securities	$	23.1	2.74	%	$	24.0	3.20	%	$	23.2	3.82	%	$	23.1	4.25	%	$	25.1	4.44	%	$	31.4	4.73	%	$	35.0	4.89	%	$	35.3	4.59	%
U.S. Treasury direct obligations	7.7		3.16		7.7		3.82		7.4		4.73		8.1		4.85		9.6		5.11		15.6		5.27		18.7		5.12		20.4		4.95
Non-U.S. sovereign, supranational and non-U.S. agency	15.4		2.47		16.3		2.88		15.8		3.37		15.0		3.92		15.5		4.03		15.8		4.20		16.3		4.63		14.9		4.11
Asset-backed securities	5.9		4.43		5.8		5.06		5.9		5.63		6.6		5.67		6.9		5.61		7.2		5.68		7.6		5.53		8.1		5.41






Mortgage-backed securities	2.2		3.72		2.9		4.53		3.7		4.88		4.7		5.52		5.6		5.44		5.9		5.48		6.2		5.36		6.3		5.36


CMBS	6.9		4.60		6.6		5.26		6.1		5.73		5.9		5.88		5.6		5.81		5.4		5.75		5.1		5.81		4.5		5.55




Other	4.0		2.65		4.1		2.27		3.4		4.28		3.2		4.47		3.3		4.63		3.3		4.85		3.4		5.12		3.0		5.20
Total available-for-sale portfolio	$	42.1	3.31		$	43.4	3.76		$	42.3	4.39		$	43.5	4.84		$	46.5	4.93		$	53.2	5.06		$	57.3	5.13		$	57.2	4.90

	1Q23				2Q23				3Q23				4Q23				1Q24				2Q24				3Q24				4Q24
(Dollars in billions, except where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Held-to-maturity investment securities:
Government & agency securities	$	18.8	0.88	%	$	18.9	0.88	%	$	18.5	0.87	%	$	16.9	0.92	%	$	12.7	0.96	%	$	10.8	0.88	%	$	10.1	0.82	%	$	9.3	0.76	%
U.S. Treasury direct obligations	11.7		0.98		11.8		0.99		11.8		0.99		10.9		1.02		7.4		1.07		6.1		0.90		5.7		0.76		5.4		0.68
Non-U.S. sovereign, supranational and non-U.S. agency	7.1		0.67		7.1		0.70		6.7		0.67		6.0		0.73		5.3		0.80		4.7		0.84		4.4		0.90		3.9		0.88
Asset-backed securities	3.8		5.37		3.7		5.73		3.5		6.02		3.4		6.19		3.1		6.15		3.0		6.15		2.7		6.21		2.5		5.92



Mortgage-backed securities	37.1		2.23		36.3		2.22		35.4		2.21		34.4		2.22		33.8		2.25		32.9		2.23		32.1		2.22		31.1		2.24


CMBS	5.3		1.93		5.2		1.94		5.3		1.94		5.2		1.93		5.2		1.93		5.2		1.91		5.2		1.91		5.2		1.90

Total held-for-maturity portfolio	$	65.0	1.97		$	64.1	1.99		$	62.7	2.00		$	59.9	2.05		$	54.8	2.14		$	51.9	2.14		$	50.1	2.12		$	48.1	2.11

Total investment securities	$	107.1	2.50		$	107.5	2.71		$	105.0	2.97		$	103.4	3.23		$	101.3	3.42		$	105.1	3.62		$	107.4	3.73		$	105.3	3.63


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS (continued)

	Ratings
(Dollars in billions, or where otherwise noted)	UST/AGY			AAA			AA			A			BBB			<BBB			Fair Value		% Total		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)		Fixed Rate/ Floating Rate(2)
Available-for-sale investment securities:
Government & agency securities	63		%	22		%	14		%	—		%	1		%	—		%	$	37.5	63.7	%	$	(29)	95% / 5%
U.S. Treasury direct obligations	100			—			—			—			—			—			23.6		62.9		(14)		100% / 0%
Non-U.S. sovereign, supranational and non-U.S. agency	—			59			37			—			3			1			13.9		37.1		(15)		78% / 22%
Asset-backed securities	—			95			5			—			—			—			7.9		13.4		14		0% / 100%






Mortgage-backed securities	100			—			—			—			—			—			6.2		10.5		(101)		100% / 0%


CMBS	100			—			—			—			—			—			4.4		7.5		(29)		5% / 95%




Other	—			9			23			56			12			—			2.9		4.9		33		69% / 31%
Total available-for-sale portfolio	58		%	27		%	11		%	3		%	1		%	—		%	$	58.9	100.0	%	$	(112)	75% / 25%

Fair Value	$	34.1		$	16.1		$	6.2		$	1.6		$	0.7		$	0.2

	UST/AGY			AAA			AA			A			BBB			<BBB			Amortized Cost		% Total		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)		Fixed Rate/ Floating Rate(2)
Held-to-maturity investment securities:
Government & agency securities	60		%	23		%	17		%	—		%	—		%	—		%	$	9.1	19.1	%	$	(121)	100% / 0%
U.S. Treasury direct obligations	100			—			—			—			—			—			5.4		59.3		(55)		100% / 0%
Non-U.S. sovereign, supranational and non-U.S. agency	—			57			43			—			—			—			3.7		40.7		(66)		100% / 0%
Asset-backed securities	—			25			69			4			—			2			2.5		5.2		(26)		5% / 95%



Mortgage-backed securities	100			—			—			—			—			—			30.9		64.8		(4,999)		100% / 0%


CMBS	100			—			—			—			—			—			5.2		10.9		(675)		97% / 3%
Total held-for-maturity portfolio	87		%	6		%	7		%	—		%	—		%	—		%	$	47.7	100.0	%	$	(5,821)	95% / 5%

Amortized Cost	$	41.5		$	2.7		$	3.3		$	0.1		$	—		$	0.1

Total Investment Securities(3)																			$	106.6					84% / 16%


(1) At December 31, 2024, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $83 million, after-tax unrealized loss on securities held-to-maturity of $4,309 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $376 million.
(2) At December 31, 2024, fixed-to-floating rate securities, which excludes the impact of hedges, had a book value of approximately $23 million or 0.02% of the total portfolio.
(3) State Street has a highly liquid balance sheet, with more than half of total assets deemed HQLA. Based upon fair value as of December 31, 2024, approximately 86% of our investment portfolio was held in HQLA.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES

	Quarters																	% Change
(Dollars in millions)		1Q23		2Q23		3Q23		4Q23		1Q24		2Q24		3Q24		4Q24		4Q24 vs. 4Q23		4Q24 vs. 3Q24
Allowance for credit losses:
Beginning balance		$	121	$	162	$	136	$	134	$	150	$	146	$	145	$	171	27.6	%	17.9	%
Provision for credit losses(funded commitments)		21		12		1		20		31		12		26		12		(40.0)		(53.8)
Provision for credit losses(unfunded commitments)		(7)		(1)		(1)		—		(4)		(2)		—		—		—		—
Provision for credit losses(investment securities and all other)		30		(29)		—		—		—		—		—		—		—		—
Total provision		44		(18)		—		20		27		10		26		12		(40.0)		(53.8)
Charge-offs		(3)		(8)		(2)		(4)		(31)		(11)		—		—		nm		—
Ending balance(1)		$	162	$	136	$	134	$	150	$	146	$	145	$	171	$	183	22.0		7.0

Allowance for credit losses:
Loans		$	115	$	120	$	119	$	135	$	135	$	136	$	162	$	174	28.9		7.4
Investment securities		2		—		1		1		1		1		1		—		nm		nm
Unfunded (off-balance sheet) commitments		16		15		14		14		10		8		8		9		(35.7)		12.5
All other		29		1		—		—		—		—		—		—		—		—
Ending balance(1)		$	162	$	136	$	134	$	150	$	146	$	145	$	171	$	183	22.0		7.0

(1) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION

	Quarters																% Change
(Dollars in billions)	1Q23		2Q23		3Q23		4Q23		1Q24		2Q24		3Q24		4Q24		4Q24 vs. 4Q23		4Q24 vs. 3Q24
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs	$	12,748	$	13,210	$	13,145	$	14,070	$	14,694	$	14,573	$	15,253	$	15,266	8.5	%	0.1	%
Mutual funds	10,077		10,438		10,313		11,009		11,552		11,645		12,223		12,301		11.7		0.6
Pension products	7,871		8,037		8,255		8,352		8,800		8,916		9,339		9,386		12.4		0.5
Insurance and other products	6,939		7,904		8,304		8,379		8,866		9,178		9,944		9,604		14.6		(3.4)
Total Assets Under Custody and/or Administration	$	37,635	$	39,589	$	40,017	$	41,810	$	43,912	$	44,312	$	46,759	$	46,557	11.4		(0.4)
By Asset Class:
Equities	$	20,966	$	22,454	$	22,971	$	24,317	$	25,909	$	26,291	$	27,715	$	27,535	13.2		(0.6)
Fixed-Income	10,645		10,812		10,688		11,043		11,368		11,303		12,027		11,933		8.1		(0.8)
Short-term and other investments(2)	6,024		6,323		6,358		6,450		6,635		6,718		7,017		7,089		9.9		1.0
Total Assets Under Custody and/or Administration	$	37,635	$	39,589	$	40,017	$	41,810	$	43,912	$	44,312	$	46,759	$	46,557	11.4		(0.4)
By Geographic Location(3):
Americas	$	27,599	$	28,220	$	28,237	$	29,951	$	31,610	$	31,763	$	33,460	$	33,284	11.1		(0.5)
Europe/Middle East/Africa	7,396		8,658		8,987		8,913		9,207		9,406		10,214		10,179		14.2		(0.3)
Asia/Pacific	2,640		2,711		2,793		2,946		3,095		3,143		3,085		3,094		5.0		0.3
Total Assets Under Custody and/or Administration	$	37,635	$	39,589	$	40,017	$	41,810	$	43,912	$	44,312	$	46,759	$	46,557	11.4		(0.4)
Assets Under Custody(4)
By Product Classification:
Collective funds, including ETFs	$	10,935	$	11,331	$	11,250	$	12,101	$	12,717	$	12,570	$	13,122	$	13,162	8.8		0.3
Mutual funds	8,157		8,447		8,364		8,905		9,309		9,360		9,806		9,887		11.0		0.8
Pension products	6,355		6,485		6,679		6,825		7,235		7,333		7,693		7,737		13.4		0.6
Insurance and other products	2,706		2,778		2,820		2,784		2,898		2,898		3,046		3,019		8.4		(0.9)
Total Assets Under Custody	$	28,153	$	29,041	$	29,113	$	30,615	$	32,159	$	32,161	$	33,667	$	33,805	10.4		0.4
By Geographic Location(3):
Americas	$	21,019	$	21,708	$	21,578	$	22,904	$	24,241	$	24,211	$	25,386	$	25,491	11.3		0.4
Europe/Middle East/Africa	5,039		5,153		5,273		5,302		5,380		5,361		5,715		5,740		8.3		0.4
Asia-Pacific	2,095		2,180		2,262		2,409		2,538		2,589		2,566		2,574		6.8		0.3
Total Assets Under Custody	$	28,153	$	29,041	$	29,113	$	30,615	$	32,159	$	32,161	$	33,667	$	33,805	10.4		0.4

(1) Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month.
(2) Short-term and other investments includes derivatives, cash and cash equivalents and other instruments.
(3) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(4) Assets under custody are a component of assets under custody and/or administration presented above.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT

	Quarters																% Change
(Dollars in billions)	1Q23		2Q23		3Q23		4Q23		1Q24		2Q24		3Q24		4Q24		4Q24 vs. 4Q23		4Q24 vs. 3Q24
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	60	$	59	$	53	$	47	$	51	$	51	$	54	$	52	10.6	%	(3.7)	%
Passive	2,152		2,287		2,161		2,466		2,661		2,708		2,923		2,955		19.8		1.1
Total Equity	2,212		2,346		2,214		2,513		2,712		2,759		2,977		3,007		19.7		1.0
Fixed-Income:
Active	85		84		80		71		27		28		30		31		(56.3)		3.3
Passive	490		505		506		538		551		555		593		585		8.7		(1.3)
Total Fixed-Income	575		589		586		609		578		583		623		616		1.1		(1.1)
Cash(1)	375		390		434		467		481		483		543		518		10.9		(4.6)
Multi-Asset-Class Solutions:
Active	28		25		20		21		23		22		23		23		9.5		—
Passive	203		220		222		289		312		327		352		351		21.5		(0.3)
Total Multi-Asset-Class Solutions	231		245		242		310		335		349		375		374		20.6		(0.3)
Alternative Investments(2):
Active	35		36		21		11		11		10		10		10		(9.1)		—
Passive(3)	185		181		175		192		182		185		204		190		(1.0)		(6.9)
Total Alternative Investments	220		217		196		203		193		195		214		200		(1.5)		(6.5)
Total Assets Under Management	$	3,613	$	3,787	$	3,672	$	4,102	$	4,299	$	4,369	$	4,732	$	4,715	14.9		(0.4)
By Geographic Location(4):
Americas	$	2,648	$	2,784	$	2,702	$	3,028	$	3,154	$	3,195	$	3,448	$	3,468	14.5		0.6
Europe/Middle East/Africa	516		544		519		577		635		665		728		713		23.6		(2.1)
Asia-Pacific	449		459		451		497		510		509		556		534		7.4		(4.0)
Total Assets Under Management	$	3,613	$	3,787	$	3,672	$	4,102	$	4,299	$	4,369	$	4,732	$	4,715	14.9		(0.4)

(1) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.
(3) AUM for passive alternative investments has been revised from prior presentations.
(4) Geographic mix is based on client location or fund management location.

Exchange-Traded Funds(1)
By Asset Class:
Alternative Investments(2)	$	73	$	70	$	66	$	73	$	74	$	77	$	91	$	90	23.3	%	(1.1)	%

Equity	841		919		886		1,038		1,131		1,157		1,253		1,310		26.2		4.5
Fixed-Income	141		142		142		156		155		159		171		177		13.5		3.5
Multi-Asset	1		1		1		1		1		1		1		1		—		—
Total Exchange-Traded Funds	$	1,056	$	1,132	$	1,095	$	1,268	$	1,361	$	1,394	$	1,516	$	1,578	24.4		4.1

(1) Exchange-traded funds are a component of assets under management presented above.
(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
LINE OF BUSINESS INFORMATION

	Three Months Ended,
	Investment Servicing											% Change							Investment Management										% Change						Other(1)									% Change				Total									% Change
(Dollars in millions)	4Q23			q23	3Q24			4Q24				4Q24 vs. 4Q23			4Q24 vs. 3Q24				4Q23				3Q24			4Q24			4Q24 vs. 4Q23		4Q24 vs. 3Q24				4Q23			3Q24				4Q24		4Q24 vs. 4Q23		4Q24 vs. 3Q24		4Q23			3Q24			4Q24			4Q24 vs. 4Q23		4Q24 vs. 3Q24
Servicing fees	$	1,212			$	1,266		$	1,283			5.9		%	1.3		%		$	—			$	—		$	—		—	%	—		%		$	—		$	—			$	—	—	%	—	%	$	1,212		$	1,266		$	1,283		5.9	%	1.3	%
Management fees	—				—			—				—			—				479				527			576			20.3		9.3				—			—				—		—		—		479			527			576			20.3		9.3
Foreign exchange trading services	265				312			324				22.3			3.8				42				47			36			(14.3)		(23.4)				—			15				—		—		nm		307			374			360			17.3		(3.7)
Securities finance	92				111			113				22.8			1.8				5				5			5			—		—				—			—				—		—		—		97			116			118			21.6		1.7
Software and processing fees	237				208			259				9.3			24.5				—				—			—			—		—				—			—				—		—		—		237			208			259			9.3		24.5
Other fee revenue	21				48			61				nm			27.1				12				11			5			(58.3)		(54.5)				—			66				—		—		nm		33			125			66			nm		(47.2)
Total fee revenue	1,827				1,945			2,040				11.7			4.9				538				590			622			15.6		5.4				—			81				—		—		nm		2,365			2,616			2,662			12.6		1.8
Net interest income	671				716			743				10.7			3.8				7				7			6			(14.3)		(14.3)				—			—				—		—		—		678			723			749			10.5		3.6
Total other income	—				1			1				—			—				—				—			—			—		—				—			(81)				—		—		nm		—			(80)			1			—		nm
Total revenue	2,498				2,662			2,784				11.4			4.6				545				597			628			15.2		5.2				—			—				—		—		—		3,043			3,259			3,412			12.1		4.7
Provision for credit losses	20				26			12				(40.0)			(53.8)				—				—			—			—		—				—			—				—		—		—		20			26			12			(40.0)		(53.8)
Total expenses	1,787				1,891			1,952				9.2			3.2				414				417			430			3.9		3.1				621			—				58		(90.7)		nm		2,822			2,308			2,440			(13.5)		5.7
Income before income tax expense	$	691			$	745		$	820			18.7			10.1				$	131			$	180		$	198		51.1		10.0				$	(621)		$	—			$	(58)	(90.7)		—		$	201		$	925		$	960		nm		3.8
Pre-tax margin	27.7		%		28.0		%	29.5		%		1.8		%	1.5		%	pts	24.0		%		30.2		%	31.5		%	7.5	%	1.3		%	pts														6.6		%	28.4		%	28.1		%	21.5	%	(0.3)	%	pts

	Year Ended December 31,
	Investment Servicing							% Change				Investment Management							% Change				Other(1)						% Change		Total							% Change
(Dollars in millions)	2023				2024			YTD2024 vs. YTD2023				2023			2024				YTD2024 vs. YTD2023				2023			2024			YTD2024 vs. YTD2023		2023				2024			YTD2024 vs. YTD2023
Servicing fees	$	4,922			$	5,016		1.9		%		$	—		$	—			—		%		$	—		$	—		—	%	$	4,922			$	5,016		1.9		%
Management fees	—				—			—				1,876			2,124				13.2				—			—			—		1,876				2,124			13.2
Foreign exchange trading services	1,140				1,248			9.5				125			138				10.4				—			15			nm		1,265				1,401			10.8
Securities finance	402				415			3.2				24			23				(4.2)				—			—			—		426				438			2.8
Software and processing fees	811				888			9.5				—			—				—				—			—			—		811				888			9.5
Other fee revenue	145				188			29.7				35			35				—				—			66			nm		180				289			60.6
Total fee revenue	7,420				7,755			4.5				2,060			2,320				12.6				—			81			nm		9,480				10,156			7.1
Net interest income	2,740				2,899			5.8				19			24				26.3				—			—			—		2,759				2,923			5.9
Total other income	—				2			—				—			—				—				(294)			(81)			(72.4)		(294)				(79)			73.1
Total revenue	10,160				10,656			4.9				2,079			2,344				12.7				(294)			—			nm		11,945				13,000			8.8
Provision for loan losses	46				75			63.0				—			—				—				—			—			—		46				75			63.0
Total expenses	7,413				7,687			3.7				1,540			1,655				7.5				630			188			(70.2)		9,583				9,530			(0.6)
Income before income tax expense	$	2,701			$	2,894		7.1				$	539		$	689			27.8				$	(924)		$	(188)		(79.7)		$	2,316			$	3,395		46.6
Pre-tax margin	26.6		%		27.2		%	0.6		%	pts	25.9		%	29.4		%		3.5		%	pts							—		19.4		%		26.1		%	6.7		%	pts

(1) Represents amounts that are not allocated to a specific line of business, including repositioning charges, employee costs, acquisition costs, revenue-related recoveries and certain legal accruals.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL

	Basel III Advanced Approaches(1)																								Basel III Standardized Approach(2)
(Dollars in millions)	1Q23			2Q23			3Q23			4Q23			1Q24			2Q24			3Q24			4Q24			1Q23			2Q23			3Q23			4Q23			1Q24			2Q24			3Q24			4Q24
Ratios and Supporting Calculations:







Common equity tier 1 capital	$	14,029		$	13,496		$	13,004		$	12,971		$	13,167		$	13,346		$	14,071		$	13,799		$	14,029		$	13,496		$	13,004		$	12,971		$	13,167		$	13,346		$	14,071		$	13,799
Total risk-weighted assets	108,296			106,521			106,846			107,453			112,161			111,224			112,795			114,602			115,582			114,022			118,008			111,703			118,613			119,244			121,137			126,281
Common equity tier 1 risk-based capital ratio	13.0		%	12.7		%	12.2		%	12.1		%	11.7		%	12.0		%	12.5		%	12.0		%	12.1		%	11.8		%	11.0		%	11.6		%	11.1		%	11.2		%	11.6		%	10.9		%

Tier 1 capital	$	16,005		$	15,472		$	14,980		$	14,947		$	15,635		$	15,814		$	16,887		$	16,615		$	16,005		$	15,472		$	14,980		$	14,947		$	15,635		$	15,814		$	16,887		$	16,615
Tier 1 risk-based capital ratio	14.8		%	14.5		%	14.0		%	13.9		%	13.9		%	14.2		%	15.0		%	14.5		%	13.8		%	13.6		%	12.7		%	13.4		%	13.2		%	13.3		%	13.9		%	13.2		%

Total capital	$	17,374		$	16,854		$	16,357		$	16,817		$	17,504		$	17,682		$	18,754		$	18,476		$	17,535		$	16,982		$	16,488		$	16,967		$	17,650		$	17,827		$	18,925		$	18,659
Total risk-based capital ratio	16.0		%	15.8		%	15.3		%	15.7		%	15.6		%	15.9		%	16.6		%	16.1		%	15.2		%	14.9		%	14.0		%	15.2		%	14.9		%	15.0		%	15.6		%	14.8		%

Tier 1 capital	$	16,005		$	15,472		$	14,980		$	14,947		$	15,635		$	15,814		$	16,887		$	16,615		$	16,005		$	15,472		$	14,980		$	14,947		$	15,635		$	15,814		$	16,887		$	16,615
Leverage exposure(3)	268,747			266,240			259,086			269,807			289,772			297,350			305,699			318,470			268,747			266,240			259,086			269,807			289,772			297,350			305,699			318,470
Tier 1 leverage ratio	6.0		%	5.8		%	5.8		%	5.5		%	5.4		%	5.3		%	5.5		%	5.2		%	6.0		%	5.8		%	5.8		%	5.5		%	5.4		%	5.3		%	5.5		%	5.2		%

On-and off-balance sheet leverage exposure	$	244,049		$	249,353		$	246,948		$	248,371		$	249,668		$	261,135		$	273,809		$	278,344		$	244,049		$	249,353		$	246,948		$	248,371		$	249,668		$	261,135		$	273,809		$	278,344
Less: regulatory deductions	(8,745)			(8,732)			(8,641)			(8,852)			(8,798)			(8,948)			(8,941)			(8,711)			(8,745)			(8,732)			(8,641)			(8,852)			(8,798)			(8,948)			(8,941)			(8,711)
Total leverage exposure for SLR	235,304			240,621			238,307			239,519			240,870			252,187			264,868			269,633			235,304			240,621			238,307			239,519			240,870			252,187			264,868			269,633
Supplementary leverage ratio(4)	6.8		%	6.4		%	6.3		%	6.2		%	6.5		%	6.3		%	6.4		%	6.2		%	6.8		%	6.4		%	6.3		%	6.2		%	6.5		%	6.3		%	6.4		%	6.2		%

(1) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the advanced approaches provisions of the Basel III final rule. Capital ratios as of December 31, 2024 are estimates.
(2) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the standardized approach provisions of the Basel III final rule. Capital ratios as of December 31, 2024 are estimates.
(3) Leverage exposure is equal to average consolidated total assets less applicable Tier 1 capital deductions.
(4) We are subject to a minimum Supplementary Leverage Ratio or SLR of 3%, and as a U.S. G-SIB, we must maintain a 2% SLR buffer in order to avoid any limitations on distributions to shareholders and discretionary bonus payments to certain executives.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF TANGIBLE BOOK VALUE PER SHARE AND RETURN ON TANGIBLE COMMON EQUITY

The tangible book value per common share (TBVPS) and return on average tangible common equity (ROTCE) are ratios that management believes provides context about State Street's use of equity. The TBVPS ratio is calculated by dividing the period end tangible common equity by total common shares outstanding. The ROTCE ratio is calculated by dividing annualized net income available to common shareholders for the relevant period by average tangible common equity. Period end and average tangible common equity reflected in the TBVPS and ROTCE ratios, are both non-GAAP measures which reduce period end and average common shareholders' equity, by period end and average goodwill and other intangible assets, net of related deferred taxes. Since there is no authoritative requirement to calculate the TBVPS and ROTCE ratios, our TBVPS and ROTCE ratios are not necessarily comparable to similar measures disclosed or used by other companies in the financial services industry. TBVPS and ROTCE are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of these ratios are presented below.

	Quarters
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q23			2Q23			3Q23			4Q23			1Q24			2Q24			3Q24			4Q24
Tangible common equity - period end:
Total shareholders' equity	$	24,750		$	24,204		$	23,621		$	23,799		$	24,433		$	24,762		$	25,828		$	25,326
Less:
Preferred stock	1,976			1,976			1,976			1,976			2,468			2,468			2,816			2,816
Common shareholders' equity	22,774			22,228			21,645			21,823			21,965			22,294			23,012			22,510
Less:
Goodwill	7,530			7,544			7,487			7,611			7,582			7,751			7,833			7,691
Other intangible assets	1,493			1,435			1,363			1,320			1,258			1,209			1,166			1,089
Plus related deferred tax liabilities	496			499			497			461			460			461			467			459
Tangible common shareholders' equity - Non-GAAP	$	14,247		$	13,748		$	13,292		$	13,353		$	13,585		$	13,795		$	14,480		$	14,189

Total common shares outstanding - period end (in thousands)	336,461			322,101			308,584			301,944			301,504			299,231			294,191			288,766
Book value per common share	$	67.69		$	69.01		$	70.14		$	72.27		$	72.85		$	74.50		$	78.22		$	77.95
Tangible book value per common share - Non-GAAP	42.34			42.68			43.07			44.22			45.06			46.10			49.22			49.14

	Quarters																								Year-to-Date
(Dollars in millions, except where otherwise noted)	1Q23			2Q23			3Q23			4Q23			1Q24			2Q24			3Q24			4Q24			2023			2024
Tangible common equity - average:
Average common shareholders' equity	$	22,875		$	22,409		$	21,750		$	21,783		$	21,850		$	22,061		$	22,691		$	22,744		$	22,201		$	22,339
Less:
Average goodwill	7,505			7,536			7,540			7,561			7,589			7,750			7,798			7,745			7,536			7,721
Average other intangible assets	1,516			1,462			1,402			1,336			1,287			1,230			1,187			1,121			1,460			1,206
Plus related deferred tax liabilities	495			497			498			479			460			460			464			463			492			462
Average tangible common shareholders' equity - Non-GAAP	$	14,349		$	13,908		$	13,306		$	13,365		$	13,434		$	13,541		$	14,170		$	14,341		$	13,697		$	13,874

Net income available to common shareholders	$	525		$	726		$	398		$	172		$	418		$	655		$	682		$	728		$	1,821		$	2,483
Net income available to common shareholders, excluding notable items(1)	525			726			613			636			517			655			682			769			2,500			2,623


Return on average tangible common equity - Non-GAAP(2)	14.6		%	20.9		%	12.0		%	5.1		%	12.4		%	19.3		%	19.3		%	20.3		%	13.3		%	17.9		%
Return on average tangible common equity, excluding notable items - Non-GAAP(2)(3)	14.6			20.9			18.4			19.0			15.4			19.3			19.3			21.4			18.3			18.9



(1) Refer to Reconciliations of non-GAAP Financial Information pages for a reconciliation of net income available to common shareholders, excluding notable items.
(2) Beginning in the third quarter of 2024, quarterly annualized net income available to common shareholders is utilized in the quarterly ROTCE calculation as compared to year-to-date annualized net income available to common shareholders utilized in prior quarters. Prior quarterly periods have been revised to conform to the current presentation.
(3) Return on average tangible common equity, excluding notable items - non-GAAP is calculated by dividing annualized net income available to common shareholders, excluding notable items for the relevant period by average tangible common equity.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as "expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results.
Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP.

	Quarters																	% Change						Year-to-Date				% Change
(Dollars in millions)		1Q23		2Q23		3Q23		4Q23		1Q24		2Q24		3Q24		4Q24		4Q24 vs. 4Q23			4Q24 vs. 3Q24			2023		2024		YTD2024 vs. YTD2023
Fee Revenue:
Total fee revenue, GAAP-basis		$	2,335	$	2,419	$	2,361	$	2,365	$	2,422	$	2,456	$	2,616	$	2,662	12.6	%		1.8	%		$	9,480	$	10,156	7.1	%
Less: Notable items:
Foreign exchange trading services(1)		—		—		—		—		—		—		(15)		—		—			nm			—		(15)		nm
Other fee revenue(2)		—		—		—		—		—		—		(66)		—		—			nm			—		(66)		nm

Total fee revenue, excluding notable items		$	2,335	$	2,419	$	2,361	$	2,365	$	2,422	$	2,456	$	2,535	$	2,662	12.6			5.0			$	9,480	$	10,075	6.3

Total Revenue:
Total revenue, GAAP-basis		$	3,101	$	3,110	$	2,691	$	3,043	$	3,138	$	3,191	$	3,259	$	3,412	12.1	%		4.7	%		$	11,945	$	13,000	8.8	%
Less: Notable items:
Foreign exchange trading services(1)		—		—		—		—		—		—		(15)		—		—			nm			—		(15)		nm
Other fee revenue(2)		—		—		—		—		—		—		(66)		—		—			nm			—		(66)		nm
(Gains) losses related to investment securities, net(3)		—		—		294		—		—		—		81		—		—			nm			294		81		(72.4)
Total revenue, excluding notable items		$	3,101	$	3,110	$	2,985	$	3,043	$	3,138	$	3,191	$	3,259	$	3,412	12.1			4.7			$	12,239	$	13,000	6.2

Expenses:
Total expenses, GAAP-basis		$	2,369	$	2,212	$	2,180	$	2,822	$	2,513	$	2,269	$	2,308	$	2,440	(13.5)	%		5.7	%		$	9,583	$	9,530	(0.6)	%
Less: Notable items:
Acquisition and restructuring costs(4)		—		—		—		15		—		—		—		—		nm			—			15		—		nm
Deferred compensation expense acceleration(5)		—		—		—		—		—		—		—		(79)		nm			nm			—		(79)		nm

Repositioning charges(6)		—		—		—		(203)		—		—		—		2		nm			nm			(203)		2		nm
FDIC special assessment(7)		—		—		—		(387)		(130)		—		—		31		nm			nm			(387)		(99)		nm
Other notable items(8)		—		—		—		(45)		—		—		—		(12)		(73.3)			nm			(45)		(12)		(73.3)
Total expenses, excluding notable items		2,369		2,212		2,180		2,202		2,383		2,269		2,308		2,382		8.2			3.2			8,963		9,342		4.2
Seasonal expenses		(181)		—		—		—		(162)		—		—		—		—			—			(181)		(162)		(10.5)
Total expenses, excluding notable items and seasonal expenses		$	2,188	$	2,212	$	2,180	$	2,202	$	2,221	$	2,269	$	2,308	$	2,382	8.2			3.2			$	8,782	$	9,180	4.5

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis		$	2,335	$	2,419	$	2,361	$	2,365	$	2,422	$	2,456	$	2,616	$	2,662	12.56	%		1.76	%		$	9,480	$	10,156	7.13	%
Total expenses, GAAP-basis		2,369		2,212		2,180		2,822		2,513		2,269		2,308		2,440		(13.54)			5.72			9,583		9,530		(0.55)
Fee operating leverage, GAAP-basis(9)																		26.10	%	pts	(3.96)	%	pts					7.68	%	pts

Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)		$	2,335	$	2,419	$	2,361	$	2,365	$	2,422	$	2,456	$	2,535	$	2,662	12.56	%		5.01	%		$	9,480	$	10,075	6.28	%
Total expenses, excluding notable items (as reconciled above)		2,369		2,212		2,180		2,202		2,383		2,269		2,308		2,382		8.17			3.21			8,963		9,342		4.23
Fee operating leverage, excluding notable items(10)																		4.39	%	pts	1.80	%	pts					2.05	%	pts

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis		$	3,101	$	3,110	$	2,691	$	3,043	$	3,138	$	3,191	$	3,259	$	3,412	12.13	%		4.69	%		$	11,945	$	13,000	8.83	%
Total expenses, GAAP-basis		2,369		2,212		2,180		2,822		2,513		2,269		2,308		2,440		(13.54)			5.72			9,583		9,530		(0.55)
Operating leverage, GAAP-basis(11)																		25.67	%	pts	(1.03)	%	pts					9.38	%	pts

Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)		$	3,101	$	3,110	$	2,985	$	3,043	$	3,138	$	3,191	$	3,259	$	3,412	12.13	%		4.69	%		$	12,239	$	13,000	6.22	%
Total expenses, excluding notable items (as reconciled above)		2,369		2,212		2,180		2,202		2,383		2,269		2,308		2,382		8.17			3.21			8,963		9,342		4.23
Operating leverage, excluding notable items(12)																		3.96	%	pts	1.48	%	pts					1.99	%	pts


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)

	Quarters																	% Change				Year-to-Date				% Change
(Dollars in millions, except earnings per share, or where otherwise noted)		1Q23		2Q23		3Q23		4Q23		1Q24		2Q24		3Q24		4Q24		4Q24 vs. 4Q23		4Q24 vs. 3Q24		2023		2024		YTD2024 vs. YTD2023
Income before income tax expense:
Income before income tax expense GAAP-basis		$	688	$	916	$	511	$	201	$	598	$	912	$	925	$	960	nm		3.8	%	$	2,316	$	3,395	46.6	%
Less: Notable items
Foreign exchange trading services(1)		—		—		—		—		—		—		(15)		—						—		(15)
Other fee revenue(2)		—		—		—		—		—		—		(66)		—						—		(66)
(Gains) losses related to investment securities, net(3)		—		—		294		—		—		—		81		—						294		81
Acquisition and restructuring costs(4)		—		—		—		(15)		—		—		—		—						(15)		—
Deferred compensation expense acceleration(5)		—		—		—		—		—		—		—		79						—		79
Repositioning charges(6)		—		—		—		203		—		—		—		(2)						203		(2)
FDIC special assessment(7)		—		—		—		387		130		—		—		(31)						387		99
Other notable items(8)		—		—		—		45		—		—		—		12						45		12
Income before income tax expense, excluding notable items		$	688	$	916	$	805	$	821	$	728	$	912	$	925	$	1,018	24.0		10.1		$	3,230	$	3,583	10.9


Net Income:
Net Income GAAP-basis		$	549	$	763	$	422	$	210	$	463	$	711	$	730	$	783	nm		7.3	%	$	1,944	$	2,687	38.2	%
Less: Notable items
Foreign exchange trading services(1)		—		—		—		—		—		—		(15)		—						—		(15)
Other fee revenue(2)		—		—		—		—		—		—		(66)		—						—		(66)
(Gains) losses related to investment securities, net(3)		—		—		294		—		—		—		81		—						294		81
Acquisition and restructuring costs(4)		—		—		—		(15)		—		—		—		—						(15)		—
Deferred compensation expense acceleration(5)		—		—		—		—		—		—		—		79						—		79
Repositioning charges(6)		—		—		—		203		—		—		—		(2)						203		(2)
FDIC special assessment(7)		—		—		—		387		130		—		—		(31)						387		99

Other notable items(8)		—		—		—		45		—		—		—		12						45		12
Tax impact of notable items		—		—		(79)		(156)		(31)		—		—		(17)						(235)		(48)
Net Income, excluding notable items		$	549	$	763	$	637	$	674	$	562	$	711	$	730	$	824	22.3		12.9		$	2,623	$	2,827	7.8

Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis		$	525	$	726	$	398	$	172	$	418	$	655	$	682	$	728	nm		6.7	%	$	1,821	$	2,483	36.4	%
Less: Notable items
Foreign exchange trading services(1)		—		—		—		—		—		—		(15)		—						—		(15)
Other fee revenue(2)		—		—		—		—		—		—		(66)		—						—		(66)
(Gains) losses related to investment securities, net(3)		—		—		294		—		—		—		81		—						294		81
Acquisition and restructuring costs(4)		—		—		—		(15)		—		—		—		—						(15)		—
Deferred compensation expense acceleration(5)		—		—		—		—		—		—		—		79						—		79
Repositioning charges(6)		—		—		—		203		—		—		—		(2)						203		(2)
FDIC special assessment(7)		—		—		—		387		130		—		—		(31)						387		99

Other notable items(8)		—		—		—		45		—		—		—		12						45		12
Tax impact of notable items		—		—		(79)		(156)		(31)		—		—		(17)						(235)		(48)
Net Income Available to Common Shareholders, excluding notable items		$	525	$	726	$	613	$	636	$	517	$	655	$	682	$	769	20.9		12.8		$	2,500	$	2,623	4.9

Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis		$	1.52	$	2.17	$	1.25	$	0.55	$	1.37	$	2.15	$	2.26	$	2.46	nm		8.8	%	$	5.58	$	8.21	47.1	%
Less: Notable items
Foreign exchange trading services(1)		—		—		—		—		—		—		(0.04)		—						—		(0.04)
Other fee revenue(2)		—		—		—		—		—		—		(0.16)		—						—		(0.16)
(Gains) losses related to investment securities, net(3)		—		—		0.68		—		—		—		0.20		—						0.66		0.20
Acquisition and restructuring costs(4)		—		—		—		(0.04)		—		—		—		—						(0.03)		—
Deferred compensation expense acceleration(5)		—		—		—		—		—		—		—		0.20						—		0.19
Repositioning charges(6)		—		—		—		0.50		—		—		—		(0.01)						0.47		—
FDIC special assessment(7)		—		—		—		0.94		0.32		—		—		(0.08)						0.89		0.24

Other notable items(8)		—		—		—		0.09		—		—		—		0.03						0.09		0.03
Diluted earnings per share, excluding notable items		$	1.52	$	2.17	$	1.93	$	2.04	$	1.69	$	2.15	$	2.26	$	2.60	27.5	%	15.0	%	$	7.66	$	8.67	13.2


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)

	Quarters																	% Change						Year-to-Date				% Change
(Dollars in millions, except earnings per share, or where otherwise noted)		1Q23		2Q23		3Q23		4Q23		1Q24		2Q24		3Q24		4Q24		4Q24 vs. 4Q23			4Q24 vs. 3Q24			2023		2024		YTD2024 vs. YTD2023
Pre-tax Margin:
Pre-tax margin, GAAP-basis		22.2	%	29.5	%	19.0	%	6.6	%	19.1	%	28.6	%	28.4	%	28.1	%	21.5	%	pts	(0.3)	%	pts	19.4	%	26.1	%	6.7	%	pts
Less: Notable items
Foreign exchange trading services(1)		—		—		—		—		—		—		(0.3)		—								—		(0.1)
Other fee revenue(2)		—		—		—		—		—		—		(1.1)		—								—		(0.5)
(Gains) losses related to investment securities, net(3)		—		—		8.0		—		—		—		1.4		—								2.3		0.6
Acquisition and restructuring costs(4)		—		—		—		(0.5)		—		—		—		—								(0.1)		—
Deferred compensation expense acceleration(5)		—		—		—		—		—		—		—		2.3								—		0.6
Repositioning charges(6)		—		—		—		6.7		—		—		—		(0.1)								1.6		—
FDIC special assessment(7)		—		—		—		12.7		4.1		—		—		(0.9)								3.0		0.8
Other notable items(8)		—		—		—		1.5		—		—		—		0.4								0.2		0.1
Pre-tax margin, excluding notable items		22.2	%	29.5	%	27.0	%	27.0	%	23.2	%	28.6	%	28.4	%	29.8	%	2.8			1.4			26.4	%	27.6	%	1.2

Return on Average Common Equity:
Return on average common equity, GAAP-basis		9.3	%	13.0	%	7.3	%	3.1	%	7.7	%	11.9	%	12.0	%	12.7	%	9.6	%	pts	0.7	%	pts	8.2	%	11.1	%	2.9	%	pts
Less: Notable items
Foreign exchange trading services(1)		—		—		—		—		—		—		(0.3)		—								—		(0.1)
Other fee revenue(2)		—		—		—		—		—		—		(1.1)		—								—		(0.2)
(Gains) losses related to investment securities, net(3)		—		—		5.4		—		—		—		1.4		—								1.3		0.3
Acquisition and restructuring costs(4)		—		—		—		(0.3)		—		—		—		—								(0.1)		—
Deferred compensation expense acceleration(5)		—		—		—		—		—		—		—		1.5								—		0.3
Repositioning charges(6)		—		—		—		3.7		—		—		—		—								0.9		—
FDIC special assessment(7)		—		—		—		7.0		2.4		—		—		(0.6)								1.7		0.4

Other notable items(8)		—		—		—		0.9		—		—		—		0.2								—		0.05
Tax impact of notable items		—		—		(1.5)		(2.8)		(0.6)		—		—		(0.3)								(1.0)		(0.2)
Return on average common equity, excluding notable items		9.3	%	13.0	%	11.2	%	11.6	%	9.5	%	11.9	%	12.0	%	13.5	%	1.9			1.5			11.3	%	11.7	%	0.4

Effective Tax Rate:
Effective tax rate, GAAP-basis		20.2	%	16.7	%	17.4	%	(4.4)	%	22.5	%	22.1	%	21.1	%	18.4	%	22.8	%	pts	(2.7)	%	pts	16.1	%	20.8	%	4.7	%	pts
Less: Notable items
Foreign exchange trading services(1)		—		—		—		—		—		—		—		—								—		—
Other fee revenue(2)		—		—		—		—		—		—		(0.1)		—								—		(0.1)
(Gains) losses related to investment securities, net(3)		—		—		3.5		—		—		—		0.1		—								0.9		0.1
Acquisition and restructuring costs(4)		—		—		—		(0.5)		—		—		—		—								—		—
Deferred compensation expense acceleration(5)		—		—		—		—		—		—		—		0.7								—		0.1
Repositioning charges(6)		—		—		—		7.3		—		—		—		—								0.6		—
FDIC special assessment(7)		—		—		—		13.9		0.3		—		—		(0.3)								1.1		0.2
Other notable items(8)		—		—		—		1.6		—		—		—		0.1								0.1		—
Effective tax rate, excluding notable items		20.2	%	16.7	%	20.9	%	17.9	%	22.8	%	22.1	%	21.1	%	18.9	%	1.0			(2.2)			18.8	%	21.1	%	2.3










(1) Amount in 2024 consists of a $15 million revenue-related recovery associated with the proceeds from a 2018 foreign exchange benchmark litigation resolution, which is reflected in foreign exchange trading services revenue.
(2) Amount in 2024 consists of a $66 million gain on sale of equity investment, which is reflected in other fee revenue.
(3) In 2024 and 2023, loss on the sale of investment securities of $81 million and $294 million, respectively, related to the repositioning of the investment portfolio, which is reflected in other income.
(4) Acquisition and restructuring costs related to the BBH Investor Services acquisition transaction that State Street is no longer pursuing.
(5) Deferred compensation expense acceleration of $79 million in 2024 related to prior period incentive compensation awards to align State Street's deferred pay mix with peers.
(6) Amount in 2024 includes a $15 million release related to compensation and employee benefits, partially offset by $13 million related to occupancy costs associated with real estate footprint and the amount in 2023 includes $182 million of compensation and benefits expenses related to workforce rationalization, and $21 million of occupancy charges related to real estate footprint optimization.
(7) Amounts in 2024 and 2023 related to the FDIC special assessment and subsequent true-up reflected in other expenses.
(8) The amount in 2024 includes a $12 million charge reflected in other expenses, associated with operating model changes and the amount in 2023 includes charges of $41 million in information systems and communications and $4 million, net, in other expenses, primarily associated with operating model changes.
(9) Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses.
(10) Calculated as the period-over-period change in total fee revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items.
(11) Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses.
(12) Calculated as the period-over-period change in total revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS

(Dollars in millions)			2020			2021			2022			2023			2024
Total revenue:
Total revenue, GAAP-basis			$	11,703		$	12,027		$	12,148		$	11,945		$	13,000
		Less: Fees revenue	—			—			(23)			—			(15)
		Less: Total other income	—			(111)			—			—			(66)

		Add: (Gains) losses related to investment securities, net	—			—			—			294			81

Total revenue, excluding notable items			11,703			11,916			12,125			12,239			13,000

Provision for credit losses			88			(33)			20			46			75
Total expenses:
Total expenses, GAAP-basis			8,716			8,889			8,801			9,583			9,530
	Less: Notable expense items:

		Acquisition and restructuring costs	(50)			(65)			(65)			15			—
		Deferred compensation expense acceleration	—			(147)			—			—			(79)
		Legal and other	9			(18)			—			—			—
		Repositioning (charges) / release	(133)			3			(70)			(203)			2
		FDIC special assessment	—			—			—			(387)			(99)
		Other notable items	—			—			—			(45)			(12)
Total expenses, excluding notable items			8,542			8,662			8,666			8,963			9,342
Income before income tax expense, excluding notable items			$	3,073		$	3,287		$	3,439		$	3,230		$	3,583

Income before income tax expense, GAAP-basis			$	2,899		$	3,171		$	3,327		$	2,316		$	3,395

Pre-tax margin, excluding notable items			26.3		%	27.6		%	28.4		%	26.4		%	27.6		%
Pre-tax margin, GAAP-basis			24.8			26.4			27.4			19.4			26.1


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS

GAAP-Basis QTD Comparison	Reported						Currency Translation Impact					Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	4Q23		3Q24		4Q24		4Q24 vs. 4Q23		4Q24 vs. 3Q24			4Q24 vs. 4Q23		4Q24 vs. 3Q24		4Q24 vs. 4Q23		4Q24 vs. 3Q24
GAAP-Basis Results:
Fee revenue:
Back office services	$	1,128	$	1,167	$	1,184	$	(1)	$	(9)		$	1,185	$	1,193	5.1	%	2.2	%
Middle office services	84		99		99		—		(1)			99		100		17.9		1.0
Servicing fees	1,212		1,266		1,283		(1)		(10)			1,284		1,293		5.9		2.1
Management fees	479		527		576		—		(2)			576		578		20.3		9.7
Foreign exchange trading services	307		374		360		—		—			360		360		17.3		(3.7)
Securities finance	97		116		118		—		—			118		118		21.6		1.7
Front office software and data	179		146		197		1		—			196		197		9.5		34.9
Lending related and other fees	58		62		62		—		—			62		62		6.9		—
Software and processing fees	237		208		259		1		—			258		259		8.9		24.5
Other fee revenue	33		125		66		—		—			66		66		nm		(47.2)
Total fee revenue	2,365		2,616		2,662		—		(12)			2,662		2,674		12.6		2.2
Net interest income	678		723		749		(2)		(10)			751		759		10.8		5.0
Total other income	—		(80)		1		—		—			1		1		nm		nm
Total revenue	$	3,043	$	3,259	$	3,412	$	(2)	$	(22)		$	3,414	$	3,434	12.2		5.4

Expenses:
Compensation and employee benefits	$	1,247	$	1,134	$	1,212	$	1	$	(11)		$	1,211	$	1,223	(2.9)		7.8
Information systems and communications	473		463		480		—		(1)			480		481		1.5		3.9
Transaction processing services	242		255		245		—		(1)			245		246		1.2		(3.5)
Occupancy	128		105		123		—		(1)			123		124		(3.9)		18.1
Acquisition and restructuring costs	(15)		—		—		—		—			—		—		nm		—
Amortization of other intangible assets	59		56		54		—		(1)			54		55		(8.5)		(1.8)
Other	688		295		326		—		(1)			326		327		(52.6)		10.8
Total expenses	$	2,822	$	2,308	$	2,440	$	1	$	(16)		$	2,439	$	2,456	(13.6)		6.4

Total expenses, excluding notable items - Non-GAAP	$	2,202	$	2,308	$	2,382	$	1	$	(16)		$	2,381	$	2,398	8.1		3.9
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	1,137		1,174		1,234		—		(5)			1,234		1,239		8.5		5.5


GAAP-Basis YTD Comparison	Reported				Currency Translation Impact		Excluding Currency Impact		% Change Constant Currency
(Dollars in millions)	2023		2024		YTD2024 vs. YTD2023		2024		YTD2024 vs. YTD2023
GAAP-Basis Results:
Fee revenue:
Back office services	$	4,561	$	4,633	$	—	$	4,633	1.6		%
Middle office services	361		383		1		382		5.8
Servicing fees	4,922		5,016		1		5,015		1.9
Management fees	1,876		2,124		(2)		2,126		13.3
Foreign exchange trading services	1,265		1,401		—		1,401		10.8
Securities finance	426		438		—		438		2.8
Front office software and data	580		639		1		638		10.0
Lending related and other fees	231		249		—		249		7.8
Software and processing fees	811		888		1		887		9.4
Other fee revenue	180		289		—		289		60.6
Total fee revenue	9,480		10,156		—		10,156		7.1
Net interest income	2,759		2,923		(1)		2,924		6.0
Total other income	(294)		(79)		—		(79)		(73.1)
Total revenue	$	11,945	$	13,000	$	(1)	$	13,001	8.8

Expenses:
Compensation and employee benefits	$	4,744	$	4,697	$	9	$	4,688	(1.2)
Information systems and communications	1,703		1,829		—		1,829		7.4
Transaction processing services	957		998		1		997		4.2
Occupancy	426		437		1		436		2.3
Acquisition and restructuring costs	(15)		—		—		—		nm
Amortization of other intangible assets	239		230		—		230		(3.8)
Other	1,529		1,339		—		1,339		(12.4)
Total expenses	$	9,583	$	9,530	$	11	$	9,519	(0.7)

Total expenses, excluding notable items - Non-GAAP	$	8,963	$	9,342	$	11	$	9,331	4.1
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	4,401		4,709		2		4,707		7.0

(1) Total non-compensation expenses, excluding notable items is comprised of total expenses, excluding notable items - Non-GAAP, less compensation and employee benefits, excluding notable items. Compensation and benefits, excluding notable items were $1,148 million in the fourth quarter of 2024, $1,134 million in the third quarter of 2024 and $1,065 million in the fourth quarter of 2023.
nm Denotes not meaningful

Document 1

EX-99.3 4 stt4q24earningspresentat.htm EX-99.3 stt4q24earningspresentat

1 NYSE: STT January 17, 2025 Exhibit 99.3

2 All comparisons are to corresponding prior year period unless otherwise noted FY2024 & 4Q24 highlights FY2024 Highlights • Total revenue of $13.0B, up 9%; up 6% ex-notables; Fee revenue up 7%; up 6% ex-notables; NII up 6%; Expenses of $9.5B, down (1)%; up 4% ex-notablesA • Positive operating leverage of 9.4%pts and 2.0%pts ex-notables; Positive fee operating leverage of 7.7%pts and 2.1%pts ex-notablesA • Pre-tax margin of 26%; 28% ex-notables; ROE of 11%; 12% ex-notables; ROTCE of 18%; 19% ex-notablesA • EPS of $8.21, up 47%; $8.67, up 13% ex-notablesA • 87% total payout ratio; returned $2.2B to common shareholders, including $1.3B in share repurchases1 4Q24 Highlights • Total revenue of $3.4B, up 12%; Fee revenue up 13%; NII up 10%; Total expenses of $2.4B, down (14)%; up 8% ex-notablesA • Pre-tax margin of 28%; 30% ex-notables; ROE of 13%; 13% ex-notables; ROTCE of 20%; 21% ex-notablesA • EPS of $2.46, as compared to $0.55 in 4Q23; $2.60, up 27% ex-notablesA • Returned $770M to common shareholders, including $550M of share repurchases1 Strong business momentum Investment Servicing • Delivered against full year goal of $350-400M in new Servicing fee revenue wins with $377M2 • Achieved full year goal of 6-8 new State Street Alpha® mandates with 7 new Alpha mandates 3 • 2024 AUC/A wins of over $2.3T, including $1.1T in 4Q24; AUC/A yet to be installed of $3.0T3 Investment Management • AUM of $4.7T at year-end with net inflows of $146B in 2024, including record ETF net inflows of $109B and record ETF AUM3 • Expanded ETF market share in U.S. Low Cost and in EMEA Markets & Financing • In 2024, strong FX Trading volumes up ~15% YoY; average loans up 14% YoY Strategic initiatives • Transformation: Advanced transformation of operating model with consolidation of the final operations joint venture in India in 2024 • Productivity: Efforts generated YoY recurring savings of ~$500M in 20244 • Investments: Fully self-funded ~$375M of incremental technology and business growth investments during 20244 A These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 26.

3 A These are non-GAAP presentations; refer to the Appendix for further explanations of non-GAAP measures, and for endnotes 1 to 28; refer to the Addendum to this presentation for a complete listing of notable items in FY2023 and FY2024, including those occurring outside of 4Q23, 3Q24 and 4Q24. B 4Q24 deferred compensation expense acceleration of $79M related to prior period incentive compensation awards to align State Street’s deferred pay mix with peers. The acceleration allows for an increase in the immediate versus the deferred portion of incentive compensation in future periods. C 4Q23 FDIC special assessment of $387M reflected in Other expenses. 4Q24 FDIC special assessment release of $31M related to a reduction in the special assessment from the FDIC reflected in Other expenses. D 4Q23 repositioning charges and other notable items (net) of $233M represents $182M reflected in Compensation and employee benefits, $21M reflected in Occupancy costs, $41M reflected in Information systems and communications and $4M reflected in Other expenses, primarily associated with operating model changes, partially offset by an Acquisition and restructuring benefit of $15M. 3Q24 repositioning charges and other notable items (net) of $0 represents an $81M loss on sale related to a repositioning of the investment portfolio reflected in Other income, offset by a $66M gain on sale of equity investment reflected in Other fee revenue and a $15M revenue-related recovery reflected in FX trading services revenue. 4Q24 repositioning charges and other notable items (net) of $10M represents a $13M charge reflected in Occupancy and a $12M charge reflected in Other expenses, partially offset by a $15M release reflected in Compensation and employee benefits associated with operating model changes. Financial results Notable items ($M, except EPS data) 4Q23 3Q24 4Q24 Deferred compensation expense accelerationB - - ($79) FDIC special assessmentC ($387) - 31 Repositioning charges and other notable items (net)D (233) - (10) Total notable items (pre-tax) ($620) - ($58) Income tax impact from notable items (156) - (17) EPS impact ($1.49) - ($0.14) QuartersAFull Year %∆ (GAAP; $M, except EPS data, or where otherwise noted) 4Q24 3Q24 4Q23 2024 2023 Revenue: Servicing fees $1,283 1% 6% $5,016 2% Management fees 576 9 20 2,124 13 Foreign exchange trading services 360 (4) 17 1,401 11 Securities finance 118 2 22 438 3 Software and processing fees 259 25 9 888 9 Other fee revenue 66 (47) nm 289 61 Total fee revenue 2,662 2 13 10,156 7 Net interest income 749 4 10 2,923 6 Other income 1 nm nm (79) 73 Total revenue $3,412 5% 12% $13,000 9% Provision for credit losses 12 (54)% (40)% 75 63% Total expenses $2,440 6% (14)% $9,530 (1)% Net income before income taxes $960 4% nm $3,395 47% Net income $783 7% nm $2,687 38% Diluted earnings per share $2.46 9% nm $8.21 47% Return on average common equity 12.7% 0.7%pts 9.6%pts 11.1% 2.9%pts Return on average tangible common equityA 20.3% 1.0%pts 15.2%pts 17.9% 4.6%pts Pre-tax margin 28.1% (0.3)%pts 21.5%pts 26.1% 6.7%pts Tax rate 18.4% (2.7)%pts 22.8%pts 20.8% 4.7%pts Ex-notable items, non-GAAP A: Total revenue $3,412 5% 12% $13,000 6% Total expenses $2,382 3% 8% $9,342 4% Diluted earnings per share $2.60 15% 27% $8.67 13% Return on average common equity 13.5% 1.5%pts 1.9%pts 11.7% 0.4%pts Return on average tangible common equity 21.4% 2.1%pts 2.4%pts 18.9% 0.6%pts Pre-tax margin 29.8% 1.4%pts 2.8%pts 27.6% 1.2%pts Tax Rate 18.9% (2.2)%pts 1.0%pts 21.1% 2.3%pts Quarter %∆

4 AUC/A ($T, as of period-end) 3 Market indices5 • Up 11% YoY mainly due to higher quarter- end market levels and flows • Flat QoQ primarily driven by higher quarter-end market levels, offset by the impact of currency translation • Up 15% YoY mainly driven by higher quarter-end market levels and net inflows • Flat QoQ largely reflecting net inflows, offset by the impact of currency translation AUM ($B, as of period-end) 3 Flat Flat $41.8 $46.8 $46.6 4Q23 3Q24 4Q24 4Q23 3Q24 4Q24 $4,102 $4,732 $4,715 +11% +15% A Line items may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 26. Select industry flows6 3Q24 4Q23 Equity & Bond Indices: EOP 2% 23% Daily Avg 7 32 EOP (8) 1 Daily Avg (2) 12 EOP (8) 5 Daily Avg 2 16 EOP (1) 16 Daily Avg 4 26 EOP (5) (2) Daily Avg (1) 6 Volatility Indices: VIX Daily Avg 2% 14% JPM G7 FX Daily Avg 9 11 JPM EM FX Daily Avg 10 13 Specials Volumes: S&P Global Industry Specials Avg Volume 7% 5% S&P U.S. Industry Specials Avg Volume 13 13 (% change) 4Q24 vs S&P 500 MSCI EAFE MSCI EM MSCI ACWI Bloomberg Global Agg 4Q23 3Q24 4Q24 Long Term Funds $(207) $(117) $(131) Money Market 154 230 355 ETF 265 288 427 North America Total 212 401 651 EMEA Total 115 255 244 Total flowsA ($B)

5 Servicing fees of $1,283M Up 6% YoY and 1% QoQ • Up 6% YoY as higher average market levels and net new business were partially offset by pricing headwinds and lower client activity/adjustments, and included the impact of a previously disclosed client transition • Up 1% QoQ mainly due to higher client activity/adjustments and net new business Servicing fees ($M) 4Q24 performance 1,128 1,136 1,146 1,167 1,184 84 4Q23 92 1Q24 93 2Q24 99 3Q24 99 4Q24 $1,212 $1,228 $1,239 $1,266 $1,283 Investment Services business momentum • New 4Q24 servicing fee revenue wins of $154M, mainly driven by a large, multiregional win with an APAC Asset Owner2 – FY2024 servicing fee revenue wins of $377M, with ~85% related to Back office wins • $346M of servicing fee revenue to be installed as of 4Q24 quarter- end, up $76M YoY and $58M QoQ2 • $1.1T in new servicing AUC/A wins in 4Q243 – FY2024 new servicing AUC/A wins of over $2.3T, with $1.2T driven by Alpha +6% Back office services Middle office services 5% 18% YoY % $501 $474 $291 $466 $1,098 2,302 2,576 2,390 2,354 2,988 103 67 72 84 154 Performance indicators AUC/A wins3 ($B) AUC/A to be installed3 ($B) Servicing fee rev. wins2 ($M) +1% Refer to the Appendix included with this presentation for endnotes 1 to 26.

6 • ETF: Strong net inflows of $65B, which contributed to record FY2024 ETF net inflows of $109B and franchise record ETF AUM of $1.6T; market share gains across U.S. Low Cost, Fixed Income and in EMEA • Institutional: Net inflows of $26B in 4Q24 led by Index Fixed Income, Index Equity and multi-asset solutions, including U.S. Defined Contribution • Cash: FY2024 net inflows of $32B across the Cash franchise, following a record year for Cash net inflows in FY2023 Management fees ($M) 4Q24 performance Management fees of $576M up 20% YoY and 9% QoQ • Up 20% YoY and 9% QoQ primarily due to higher average market levels and net inflows • Investment Management 4Q24 pre-tax margin of 32% Performance indicators ($B) 3 4Q23 1Q24 2Q24 3Q24 4Q24 $479 $510 $511 $527 $576 Investment Management business momentum3 AUM $4,102 $4,299 $4,369 $4,732 $4,715 Net flows (QoQ) 95 (14) (6) 100 64 Refer to the Appendix included with this presentation for endnotes 1 to 26. +9% +20%

7 33 50 48 59 66 237 207 214 208 259 97 96 108 116 118 307 331 336 359 360 4Q23 1Q24 2Q24 3Q24 4Q24 $674 $684 $706 $742 $803 FX trading Securities finance Software & processing 17% 22% 9% YoY % Other fees7 nm • FX trading services of $360M – Up 17% YoY primarily due to higher volumes and higher spreads associated with an increase in FX volatility – Flat QoQ as higher spreads associated with an increase in FX volatility were offset by lower volumes • Securities finance of $118M – Up 22% YoY and 2% QoQ mainly due to higher client lending balances, partially offset by lower spreads • Software and processing fees of $259M – Up 9% YoY primarily due to higher Front office software and data revenue associated with CRD – Up 25% QoQ mainly driven by higher On-premises renewals in Front office software and data • Other fee revenue of $66M 7 – Increased $33M YoY largely due to better FX and market-related adjustments, including the absence of the impact of the Argentine peso devaluation in the prior year period 4Q24 performance (Ex-notable items, non-GAAP, $M)A Markets, Software & processing, and Other fees (Ex-notable items, non-GAAP, $M)A A These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 26.

8 • Record quarter for Front office new bookings at $48M in 4Q24 • 4Q24 annual recurring revenue (ARR) increased 19% YoY, driven by 25+ SaaS client implementations and conversions since 4Q23 • Achieved our FY2024 Alpha new mandates target with 7 new Alpha mandates, supported by 2 new Alpha mandates in 4Q243 89 94 101 106 109 33 31 29 29 44 52 18 42 4Q23 1Q24 2Q24 3Q24 4Q24 $179 $144 $152 $146 $197 15 8 • Up 10% YoY primarily due to continued strong Software-enabled revenue growth, partially offset by lower On-premises renewals • Up 35% QoQ primarily driven by higher On-premises renewals and Professional services revenue growth ($M) 4Q23 3Q24 4Q24 Front office metrics New bookings10 $32 $10 $48 ARR11 315 356 375 Uninstalled revenue backlog12 100 100 134 Middle office metric Uninstalled revenue backlog13 102 114 100 Alpha metrics # of mandate wins3 4 2 2 Live mandates to-date 18 23 25 Professional services Software- enabled (incl. SaaS)9 On-premises9 25% YoY Growth Business momentum Front office software and data ($M) 8 Future growth driven by Front, Middle and Alpha 4Q24 performance +35% +10% Refer to the Appendix included with this presentation for endnotes 1 to 26.

9 NII and NIM ($M) 14 Average balance sheet highlights ($B) A A Line items are rounded. Refer to the Appendix included with this presentation for endnotes 1 to 26. 4Q23 1Q24 2Q24 3Q24 4Q24 Total assets $279 $299 $306 $315 $327 Cash15 75 95 91 90 94 Investment portfolio 103 101 105 107 105 HTM % (EOP) 56% 52% 47% 47% 45% Duration (EOP) 16 2.7 2.7 2.5 2.5 2.2 Loans17 37 38 39 40 42 Total deposits $207 $219 $221 $225 $237 % Operational 18 74% 73% 75% 75% 74% NIM14 (FTE, %) 1.16% 1.13% 1.13% 1.07% 1.07% 4Q23 1Q24 2Q24 3Q24 $678 $716 $735 $723 4Q24 $749 • Assets increased 17% YoY and 4% QoQ primarily due to an increase in total deposits and balance sheet funding • Deposits increased 15% YoY mainly driven by growth in interest-bearing balances, partially offset by a reduction in non-interest-bearing deposits • Loan growth of 15% YoY and 7% QoQ driven by strong client demand • Up 10% YoY primarily driven by higher investment securities yields and double-digit loan growth, partially offset by deposit mix shift • Up 4% QoQ largely due to higher deposit balances and loan growth Average assets and liabilities4Q24 performance B +4% +10%

10 $2,822 $2,308 $2,440 46,451 54,577 52,566 52,626 Expenses of $2,382M up 8% YoY and up 3% QoQA • Compensation and employee benefits of $1,148M20 – Up 8% YoY mainly due to higher performance-based incentive compensation and elevated employee benefits – Up 1% QoQ primarily driven by higher performance-based incentive compensation • Information systems and communications of $480M – Up 11% YoY and 4% QoQ largely from higher technology and infrastructure investments, partially offset by vendor savings initiatives • Transaction processing services of $245M – Up 1% YoY primarily reflecting higher revenue-related costs associated with broker fees and market data – Down (4)% QoQ mainly from lower sub-custody costs from vendor credits • Occupancy of $110M20 • Other of $399M19,20 – Up 12% YoY and 14% QoQ mainly due to higher professional services and episodic client-related costs GAAP Expenses Headcount 356 351 399 242 255 245 432 463 480 1,065 1,134 1,148 4Q23 3Q24 4Q24 $2,202 $2,308 $2,382 A These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 26. Comp. & benefits Info. sys. Tran. processing Other19 Occupancy 110105107 YoY -14% QoQ +6% +8% YoY +13% QoQ flat Headcount reflects the consolidation of two operations JVs in India (one in 4Q23 and one in 2Q24), which increased headcount by ~12,000. The associated headcount costs were previously reflected in the Compensation and employee benefits line. Pro-forma21 YoY -4% Expenses (Ex-notable items, non-GAAP, $M)A 4Q24 performance (Ex-notable items, non-GAAP, $M)A +3% 8% 11% 1% YoY % 3% 12%

11 • 4Q24 standardized CET1 ratio at quarter-end of 10.9% decreased (0.7)%pts QoQ primarily due to increased capital return and higher deployment of RWA for business growth, partially offset by capital generated from earnings • 4Q24 Tier 1 leverage ratio of 5.2% decreased (0.3)%pts QoQ mainly driven by higher average balance sheet levels • Returned $770M to common shareholders, including $550M of share repurchases and $220M of declared dividends – 106% total payout ratio1 Capital and liquidity highlights Capital ($B unless otherwise noted, capital metrics as of period-end) 4Q23 3Q24 4Q24 Standardized CET1 CET1 capital $13.0 $14.0 $13.8 Risk weighted assets 112 121 126 Tier 1 leverage Tier 1 capital 14.9 16.9 16.6 Leverage exposure25 270 306 318 OCI impact of investment portfolio on regulatory capital26 0.4 0.4 (0.1) Tier 1 leverage 5.5% 5.4% 5.3% 5.5% 5.2% 4Q23 1Q24 2Q24 3Q24 4Q24 Minimum ratio4.0% STT Target Range5.25-5.75% Refer to the Appendix included with this presentation for endnotes 1 to 26. CET1 (Standardized) 11.6% 11.1% 11.2% 11.6% 10.9% 4.5% 2.5% 4Q23 1Q24 2Q24 3Q24 4Q24 SCB23 Minimum ratio8 .0 % 10-11% G-SIB surcharge1.0% Ratios (%, as of period-end) 22 State Street Bank and Trust LCR 24 Requirement Requirement Requirement 122% 130% 134% 129% 134% 100% 4Q23 1Q24 2Q24 3Q24 4Q24 STT Target Range

12 FY2025 OutlookA Key Assumptions Fee Revenue • Up ~3-5% YoY • Growth in servicing and management fees driven by higher average market levels and organic growth • Growth in FX Trading and Securities Financing on higher volumes and volatility • Continued growth in Front office software and data revenue • Negative impact of currency translation reducing growth by ~1%pt NII • NII roughly flat YoY (+/- low-single-digits % YoY) • Market-implied forward interest rates globally as of year-end 2024 • Deposit mix-shift; continued decline in non-interest-bearing deposits • Loan growth Expenses • Up ~2-3% YoY • Continued incremental investments in business-growth, as well as infrastructure and technology (~$400M+) • Higher revenue-related expenses • Productivity savings driven by further operating model simplification, process re-engineering and automation along with resource optimization (~$500M) • Positive impact of currency translation reducing growth by ~1%pt Operating Leverage • Positive fee and total operating leverage • Resulting from continued fee revenue growth and expense discipline • Positive operating leverage assumes no material headwind from NII A Outlook, in particular fee revenue and NII, are, among other things, dependent on macroeconomic, industry and other factors, including, but not limited to, the impacts from changes in interest rates, as well as equity and fixed income markets (which are highly uncertain). Outlook does not reflect items outside of the normal course of business. Financial metrics are ex-notable items (e.g. items outside of the normal course of business), which are non-GAAP measures; refer to the Appendix for a reconciliation of ex-notable items/currency translation (for FY2024 results) and further explanations of non-GAAP measures. Operating Environment • Global equity markets up 5% from year-end 2024; implies full-year daily average global equity markets up ~8% YoY • Interest rate outlook aligned with forward curve as of year-end 2024

14 4Q24 line of business performance 15 FY2024 line of business performance 16 Reconciliation of notable items 17 Reconciliation of constant currency impacts 18 Endnotes & other information 19 Forward-looking statements 21 Non-GAAP measures 22 Definitions 23

15 2,040 State StreetAInvestment Servicing Total revenueB 671 743 1,827 2,040 4Q23 4Q24 $2,498M $2,784M Pre-tax income Fee revenue NII Pre-tax margin 27.7% 29.5% +1.8%pts YoY % ∆ +12% +11% +11% +19% Investment Management Total revenueC 4Q23 4Q24 $545M $628M Pre-tax income Pre-tax margin 24.0% 31.5% +7.5%pts 4Q23 4Q24 $131M $198M YoY % ∆ +15% +51% Total revenue ex-notable itemsB,D 678 749 2,365 2,662 4Q23 4Q24 $3,043M $3,412M Pre-tax income ex-notable itemsD Fee revenue NII Pre-tax margin 27.0% 29.8% +2.8%pts YoY % ∆ +13% +10% +12% +24% A State Street includes line of business results from Investment Servicing, Investment Management, and Other. Refer to the Addendum for further line of business information. B Total revenue also includes Other income of $1M in 4Q24. C 4Q23 and 4Q24 Total revenue includes $7M and $6M in NII, respectively. D These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. 4Q23 4Q24 $691M $820M 4Q23 4Q24 $821M $1,018M

16 7,755 State StreetAInvestment Servicing Total revenueB 2,740 2,899 7,420 7,755 2023 2024 $10,160M $10,656M Pre-tax income Fee revenue NII Pre-tax margin 26.6% 27.2% +0.6%pts YoY % ∆ +5% +6% +5% +7% Investment Management Total revenueC 2023 2024 $2,079M $2,344M Pre-tax income Pre-tax margin 25.9% 29.4% +3.5%pts 2023 2024 $539M $689M YoY % ∆ +13% +28% Total revenue ex-notable itemsB,D 2,759 2,923 9,480 10,075 2023 2024 $12,239M $13,000M Pre-tax income ex-notable itemsD Fee revenue NII Pre-tax margin ex-notable items D 26.4% 27.6% +1.2%pts YoY % ∆ +6% +6% +6% +11% A State Street includes line of business results from Investment Servicing, Investment Management, and Other. Refer to the Addendum for further line of business information. B 2024 Total revenue includes $2M in Other income. C 2023 and 2024 Total revenue includes $19M and $24M in NII, respectively. D This is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. 2023 2024 $2,701M $2,894M 2023 2024 $3,230M $3,583M

17 A Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses. B Calculated as the period-over-period change in total fee revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items. C Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses. D Calculated as the period-over- period change in total revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items. Quarterly reconciliation % Change (Dollars in millions, unless noted otherwise) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 4Q24 vs. 4Q23 4Q24 vs. 3Q24 2023 2024 YTD 2024 vs. YTD 2023 Total fee revenue, GAAP-basis 2,335$ 2,419$ 2,361$ 2,365$ 2,422$ 2,456$ 2,616$ 2,662$ 12.6% 1.8% 9,480$ 10,156$ 7.1% Less: Notable items: Foreign exchange trading services (15) (15) Other fee revenue (66) (66) Total fee revenue, excluding notable items 2,335 2,419 2,361 2,365 2,422 2,456 2,535 2,662 12.6% 5.0% 9,480 10,075 6.3% Total revenue, GAAP-basis 3,101 3,110 2,691 3,043 3,138 3,191 3,259 3,412 12.1% 4.7% 11,945 13,000 8.8% Less: Notable items: Foreign exchange trading services (15) (15) Other fee revenue (66) (66) (Gains) losses related to investment securities, net 294 81 294 81 Total revenue, excluding notable items 3,101 3,110 2,985 3,043 3,138 3,191 3,259 3,412 12.1% 4.7% 12,239 13,000 6.2% Total expenses, GAAP basis 2,369 2,212 2,180 2,822 2,513 2,269 2,308 2,440 (13.5)% 5.7% 9,583 9,530 (0.6)% Less: Notable items: Acquisition and restructuring costs 15 15 Deferred compensation expense acceleration (79) (79) Repositioning charges (203) 2 (203) 2 FDIC special assessment (387) (130) 31 (387) (99) Other notable items (45) (12) (45) (12) Total expenses, excluding notable items 2,369 2,212 2,180 2,202 2,383 2,269 2,308 2,382 8.2% 3.2% 8,963 9,342 4.2% Seasonal expenses (181) (162) (181) (162) Total expenses, excluding notable items and seasonal expense items 2,188$ 2,212$ 2,180$ 2,202$ 2,221$ 2,269$ 2,308$ 2,382$ 8.2% 3.2% 8,782$ 9,180$ 4.5% Fee operating leverage, GAAP-basis (%pts)A 26.10% pts -3.96% pts 7.68% pts Fee operating leverage, excluding notable items (%pts)B 4.39% pts 1.80% pts 2.05% pts Operating leverage, GAAP-basis (%pts)C 25.67% pts -1.03% pts 9.38% pts Operating leverage, excluding notable items (%pts)D 3.96% pts 1.48% pts 1.99% pts Pre-tax margin, GAAP-basis (%) 22.2% 29.5% 19.0% 6.6% 19.1% 28.6% 28.4% 28.1% 21.5% pts -0.3% pts 19.4% 26.1% 6.7% pts Notable items as reconciled above (%) 8.0% 20.4% 4.1% 1.7% 7.0% 1.5% Pre-tax margin, excluding notable items (%) 22.2% 29.5% 27.0% 27.0% 23.2% 28.6% 28.4% 29.8% 2.8% pts 1.4% pts 26.4% 27.6% 1.2% pts Net income available to common shareholders, GAAP-basis 525$ 726$ 398$ 172$ 418$ 655$ 682$ 728$ nm 6.7% 1,821$ 2,483$ 36.4% Notable items as reconciled above: pre-tax 294 620 130 58 914 188 Tax impact on notable items as reconciled above (79) (156) (31) (17) (235) (48) Net income available to common shareholders, excluding notable items 525$ 726$ 613$ 636$ 517$ 655$ 682$ 769$ 20.9% 12.8% 2,500$ 2,623$ 4.9% Diluted EPS, GAAP-basis 1.52$ 2.17$ 1.25$ 0.55$ 1.37$ 2.15$ 2.26$ 2.46$ nm 8.8% 5.58$ 8.21$ 47.1% Notable items as reconciled above 0.68 1.49 0.32 0.14 2.08 0.46 Diluted EPS, excluding notable items 1.52$ 2.17$ 1.93$ 2.04$ 1.69$ 2.15$ 2.26$ 2.60$ 27.5% 15.0% 7.66$ 8.67$ 13.2% % Change Year-to-Date

18 Reconciliation of Constant Currency FX Impacts (Dollars in millions) 4Q23 3Q24 4Q24 4Q24 vs. 4Q23 4Q24 vs. 3Q24 4Q24 vs. 4Q23 4Q24 vs. 3Q24 4Q24 vs. 4Q23 4Q24 vs. 3Q24 Non-GAAP basis Servicing fees, excluding notable items $ 1,212 $ 1,266 $ 1,283 $ (1) $ (10) $ 1,284 $ 1,293 5.9% 2.1% Management fees, excluding notable items 479 527 576 - (2) 576 578 20.3% 9.7% Foreign exchange trading services, excluding notable items 307 359 360 - - 360 360 17.3% 0.3% Securities finance, excluding notable items 97 116 118 - - 118 118 21.6% 1.7% Software and processing fees, excluding notable items 237 208 259 1 - 258 259 8.9% 24.5% Other fee revenue, excluding notable items 33 59 66 - - 66 66 100.0% 11.9% Total fee revenue, excluding notable items 2,365 2,535 2,662 - (12) 2,662 2,674 12.6% 5.5% Net interest income, excluding notable items 678 723 749 (2) (10) 751 759 10.8% 5.0% Total other income, excluding notable items - 1 1 - - 1 1 nm 0.0% Total revenue, excluding notable items $ 3,043 $ 3,259 $ 3,412 $ (2) $ (22) $ 3,414 $ 3,434 12.2% 5.4% Compensation and employee benefits, excluding notable items $ 1,065 $ 1,134 $ 1,148 $ 1 $ (11) $ 1,147 $ 1,159 7.7% 2.2% Information systems and communications, excluding notable items 432 463 480 - (1) 480 481 11.1% 3.9% Transaction processing services, excluding notable items 242 255 245 - (1) 245 246 1.2% (3.5)% Occupancy, excluding notable items 107 105 110 - (1) 110 111 2.8% 5.7% Other expenses, excluding notable items 356 351 399 - (2) 399 401 12.1% 14.2% Total expenses, excluding notable items $ 2,202 $ 2,308 $ 2,382 $ 1 $ (16) $ 2,381 $ 2,398 8.1% 3.9% Reported Currency Translation Impact Excluding Currency Impact % Change Constant Currency

19 This presentation (and the conference call accompanying it) includes certain highlights of, and also material supplemental to, State Street Corporation’s news release announcing its fourth quarter 2024 financial results. That news release contains a more detailed discussion of many of the matters described in this presentation and is accompanied by an Addendum with detailed financial tables. This presentation (and the conference call accompanying it) is designed to be reviewed together with that news release and that Addendum, which are available on State Street’s website, at http://investors.statestreet.com, and are incorporated herein by reference. No other information on our website is incorporated herein by reference. 1. Capital returned represents the common stock dividends declared during FY2024 and common share repurchases made in FY2024. Total payout represents capital returned divided by net income available to common shareholders over the period of FY2024. Stock purchases under our common stock repurchase programs may be made using various types of transactions, including open-market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing and amount of any stock purchases and the type of transaction may not be consistent over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including our capital position and financial performance, investment opportunities, market conditions, regulatory considerations including the nature and timing of implementation of revisions to the Basel III framework, and the amount of common stock issued as part of employee compensation programs. The common share repurchase programs do not have specific price targets and may be suspended at any time. State Street’s common stock and other stock dividends, including the declaration, timing and amount, remain subject to consideration and approval by State Street’s Board of Directors at the relevant times. 2. Servicing fee revenue wins/backlog represents estimates of future annual revenue associated with new servicing engagements State Street determines to be won during the current reporting period, which may include anticipated servicing-related revenues associated with acquisitions or structured transactions, based upon factors assessed at the time the engagement is determined by State Street to be won, including asset volumes, number of transactions, accounts and holdings, terms and expected strategy. These and other relevant factors influencing projected servicing fees upon asset implementation/onboarding will change from time to time prior to, upon and following asset implementation/onboarding, among other reasons, due to varying market levels and factors and client and investor activity and preferences. Servicing fee/backlog estimates are not updated to reflect those changes, regardless of the magnitude or direction of, or reason for, any change. Servicing fee revenue wins in any period are highly variable and include estimated fees attributable to both (1) services to be provided for new estimated AUC/A reflected in new asset servicing wins for the period (with AUC/A to be onboarded in the future) and (2) additional services to be provided for AUC/A already included in our end-of period AUC/A (i.e., for which other services are currently provided); and the magnitude of one source of servicing fee revenue wins relative to the other (i.e., (1) relative to (2)) will vary from period to period. Therefore, for these and other reasons, comparisons of estimated servicing fee revenue wins to estimated new asset servicing AUC/A wins for any period will not produce reliable fee per AUC/A estimates. No servicing fees are recognized until the point in the future when we begin performing the associated services with respect to the relevant AUC/A. See also endnote 3 below in reference to considerations applicable to pending servicing engagements, which similarly apply to engagements for which reported servicing fee revenue wins/backlog are attributable. 3. New asset servicing mandates, including announced Alpha front-to-back investment servicing clients, may be subject to completion of definitive agreements, consents or assignments, approval of applicable boards and shareholders, customary regulatory approvals or other conditions, the failure to complete any of which will prevent the relevant mandate from being installed and serviced. New asset servicing mandates and servicing assets/fees remaining to be installed in future periods exclude new business which has been contracted, but for which the client has not yet provided permission to publicly disclose or anonymously disclose and is not yet installed. These excluded assets, which from time to time may be significant, will be included in new asset servicing mandates and reflected in servicing assets/fees remaining to be installed in the period in which the client provides its permission. Servicing mandates, servicing assets remaining to be installed in future periods and servicing fee revenues remaining to be installed in future periods are presented on a gross basis based on factors present on or about the time we determine the business to be won by us and are not updated based on subsequent developments, including changes in assets, market valuations, scope and, potentially termination. Such assets therefore also do not include the impact of clients who have notified us during the period of their intent to terminate or reduce their relationship with State Street, which from time to time may be significant. New business in assets to be serviced is reflected in our AUC/A after we begin servicing the assets, and new business in assets to be managed is reflected in our AUM after we begin managing the assets. As such, only a portion of any new asset servicing and asset management mandates may be reflected in our AUC/A and AUM as of any particular date specified. Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month. Generally, our servicing fee revenues are affected by several factors, and we provide varied services from our full suite of offerings to different clients. The basis for fees will also differ across regions and clients and can reflect pricing pressures traditionally experienced in our industry. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing wins or new servicing business yet to be installed, as the amount of revenue associated with AUC/A can vary materially. Management fees also are generally affected by various factors, including investment product type and strategy and relationship pricing for clients, and are more sensitive to market valuations than are servicing fees. Therefore, no assumption should be drawn from management fees associated with changes in AUM levels. Levels of AUC/A, AUC/A to be installed, Servicing fee wins to be installed and AUM are always presented as of the end of the relevant period, unless otherwise specifically noted. AUM for passive alternative investments has been revised from prior presentations. 4. Company-wide productivity achieved gross savings of ~$500M based on an expenses ex-notable items basis for the comparison between FY2024 and FY2023. FY2024 expenses ex-notable items of $9,342M was up 4% compared to FY2023 expenses ex-notable items of $8,963M. The change is primarily driven by incremental investments of ~$375M and variable costs of ~$400M, offset by gross savings worth ~$500M, of which the significant majority are recurring savings. Financial metrics ex-notable items are non-GAAP measures. For further details on explanations and reconciliations of our non-GAAP measures, refer to Reconciliation of notable items and Non-GAAP measures included in the Appendix. 5. The index names listed are service marks of their respective owners. S&P Global Specials and S&P U.S. Specials Volumes sourced from S&P Global Market Intelligence. 6. Data presented for indicative purposes. Morningstar data includes long-term mutual funds, ETFs and Money Market funds. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while ETF data represents net issuance, which is gross issuance less gross redemptions. Data for Fund of Funds, Feeder funds and Obsolete funds were excluded from the series to prevent double counting. Data is from the Morningstar Direct Asset Flows database. The long-term fund flows reported by Morningstar in North America are composed of U.S. domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. 4Q24 data for North America (U.S. domiciled) includes Morningstar actuals for October and November 2024 and Morningstar estimates for December 2024. 4Q24 data for EMEA is on a rolling three month basis for September 2024 through November 2024.

20 7. Other fee revenue primarily consists of income from equity method investments, certain tax-advantaged investments and market-related adjustments. 8. Front office software and data revenue primarily includes revenue from CRD, Alpha Data Platform and Alpha Data Services. Includes Other revenue average of $4M in each of 4Q23 through 4Q24. Revenue line items may not sum to total due to rounding. 9. On-premises revenue is revenue derived from locally installed software. Software-enabled revenue includes SaaS, maintenance and support revenue, FIX, brokerage, and value-add services. The revenue recognition pattern for On-premises installations differs from software-enabled revenue. 10. Front office bookings represent signed ARR contract values for CRD, CRD for Private Markets, Alpha Data Platform, and Alpha Data Services excluding bookings with affiliates, including SSGA. Front office revenue derived from affiliate agreements is eliminated in consolidation for financial reporting purposes. 11. Front office software and data annual recurring revenue (ARR), an operating metric, is calculated by annualizing current quarter revenue for CRD and CRD for Private Markets and includes the annualized amount of most software-enabled revenue, including revenue generated from SaaS, maintenance and support revenue, FIX, and value-added services, which are all expected to be recognized ratably over the term of client contracts. Front office software and data ARR does not include software-enabled brokerage revenue, revenue from affiliates and licensing fees (excluding the portion allocated to maintenance and support) from On-premises software. 12. Represents expected ARR from signed client contracts that are scheduled to be largely installed over the next 24 months for CRD, CRD for Private Markets and Alpha Data Services. It includes SaaS revenue, as well as maintenance and support revenue, and excludes the one-time impact of On-premises license revenue, revenue generated from FIX, brokerage, value-add services, and professional services as well as revenue from affiliates. 13. Represents expected annual revenue from signed client contracts that are scheduled to be largely installed over the next 24 months. This amount of expected revenue is estimated based on factors present on or about the time the contract was signed (and is not updated based on subsequent developments, including changes in assets, market valuations and scope). It does not include professional services revenue or revenue from affiliates. 14. NII is presented on a GAAP-basis. NIM is presented on a fully taxable-equivalent (FTE) basis, and is calculated by dividing FTE NII by average total interest-earning assets. Refer to the Addendum for reconciliations of NII FTE-basis to NII GAAP-basis on the Average Statement of Condition. 15. Includes Cash and due from banks and Interest-bearing deposits with banks. 16. Duration as of period end and based on the total investment portfolio. 17. Average loans are presented on a gross basis. Refer to the Addendum for average loans net of expected credit losses. 18. Calculated as Operational deposits divided by Total deposits, in the respective periods. 19. Other, excluding notable items, includes Other expenses and Amortization of intangible assets. 20. Compensation and employee benefits expenses in 4Q24 included notable items related to the acceleration of deferred compensation charges of $79M and a repositioning release of $15M. Excluding these notable items, 4Q24 adjusted Compensation and employee benefits of $1,148M was up 8% compared to 4Q23 adjusted Compensation and employee benefits of $1,065M and up 1% compared to 3Q24 Compensation and employee benefits of $1,134M. Occupancy expenses in 4Q24 included a notable item related to repositioning charges of $13M. Excluding the notable item, 4Q24 adjusted Occupancy of $110M was up 3% compared to 4Q23 adjusted Occupancy of $107M and up 5% compared to 3Q24 Occupancy expenses of $105M. Other expenses in 4Q24 included notable items related to a reduction in the special assessment from the FDIC of $31M, and charges related to operating model changes of $12M. Excluding these notable items, 4Q24 adjusted Other expense of $399M was up 12% compared to 4Q23 Other expenses of $356M and up 14% compared to 3Q24 Other expenses of $351M. 21. Pro-forma headcount reflects estimated total headcount for 4Q23 as if the headcount of the India joint venture that was consolidated in 2Q24 had been included in the prior period and is based on headcount in each joint venture at the end of the period. 22. Unless otherwise noted, all capital ratios referenced on this slide and elsewhere in this presentation refer to State Street Corporation, or State Street, and not State Street Bank and Trust Company. All capital ratios are as of quarter end. The lower of capital ratios calculated under the Basel III advanced approaches and under the Basel III standardized approach are applied in the assessment of our capital adequacy for regulatory purposes. Standardized approach ratios were binding for 4Q23 to 4Q24. Refer to the Addendum for descriptions of these ratios. December 31, 2024 capital ratios are presented as of quarter-end and are preliminary estimates. 23. The SCB of 2.5% effective on October 1, 2024 is calculated based upon the results of the CCAR 2024 exam. 24. State Street Corporation LCR in 4Q24 remained flat QoQ at ~107% and increased 1%pt YoY to ~107%; State Street Bank and Trust's (SSBT) LCR is significantly higher than State Street Corporation's (SSC) LCR, primarily due to application of the transferability restriction in the U.S. LCR Final Rule to the calculation of SSC’s LCR. This restriction limits the amount of HQLA held at SSC’s principal banking subsidiary, SSBT, and available for the calculation of SSC’s LCR to the amount of net cash outflows of SSBT. This transferability restriction does not apply in the calculation of SSBT’s LCR, and therefore SSBT’s LCR reflects the full benefit of all of its HQLA holdings. Leverage exposure is equal to average consolidated assets less applicable Tier 1 leverage capital reductions under regulatory standards. 25. Leverage exposure is equal to average consolidated assets less applicable Tier 1 leverage capital reductions under regulatory standards. 26. OCI impact of investment portfolio on regulatory capital is a sub-component within GAAP AOCI.

21 This Presentation contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our strategy, growth and sales prospects, capital management, business, financial and capital condition, results of operations, the financial and market outlook and the business environment. Forward-looking statements are often, but not always, identified by such forward- looking terminology as “outlook,” “priority,” “will,” “expect,” “intend,” “aim,” “outcome,” “future,” “strategy,” “pipeline,” “trajectory,” “target," “guidance,” “objective,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “trend,” and “goal,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any time subsequent to the time this Presentation is first issued. We are subject to intense competition, which could negatively affect our profitability; We are subject to significant pricing pressure and variability in our financial results and our AUC/A and AUM; We could be adversely affected by political, geopolitical, economic and market conditions including, for example, as a result of liquidity or capital deficiencies (actual or perceived) by other financial institutions and related market and government actions, the ongoing wars in Ukraine and in the Middle East, major political shifts domestically or internationally, actions taken by central banks to address inflationary and growth pressures, changes in monetary policy, periods of significant volatility in the markets for equity, fixed income and other assets classes globally or within specific markets; Our development and completion of new products and services, including State Street Alpha® and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased risks; Our business may be negatively affected by our failure to update and maintain our cybersecurity or technology infrastructure, or otherwise meet the increasing resiliency expectations of our clients and regulators, or as a result of a cyber- attack or similar vulnerability in our or business partners’ infrastructure; Our risk management framework, models and processes may not be effective in identifying or mitigating risk and reducing the potential for related losses, and a failure or circumvention of our controls and procedures, or errors or delays in our operational and transaction processing, or those of third parties, could have an adverse effect on our business, financial condition, operating results and reputation; Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of these transactions may pose risks for our business; Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business; We have significant global operations and clients that can be adversely impacted by disruptions in key economies, including local, regional and geopolitical developments affecting those economies; Our investment securities portfolio, consolidated financial condition and consolidated results of operations could be adversely affected by changes in the financial markets, governmental action or monetary policy. For example, among other risks, decreases in prevailing interest rates or market conditions have led, and were they to occur in the future could further lead, to decreases in our NII or to portfolio management decisions resulting in reductions in our capital or liquidity ratios; Our business activities expose us to interest rate risk; We assume significant credit risk of counterparties, who may also have substantial financial dependencies on other financial institutions, and these credit exposures and concentrations could expose us to financial loss; Our fee revenue represents a significant portion of our revenue and is subject to decline based on, among other factors, market and currency declines, investment activities and preferences of our clients and their business mix; If we are unable to effectively manage our capital and liquidity, our financial condition, capital ratios, results of operations and business prospects could be adversely affected; We may need to raise additional capital or debt in the future, which may not be available to us or may only be available on unfavorable terms; If we experience a downgrade in our credit ratings, or an actual or perceived reduction in our financial strength, our borrowing and capital costs, liquidity and reputation could be adversely affected; Our business and capital-related activities, including common share repurchases, may be adversely affected by regulatory requirements and considerations, including capital, credit and liquidity; We face extensive and changing government regulation and supervision in the U.S. and non-U.S. jurisdictions in which we operate, which may increase our costs and compliance risks and may affect our business activities and strategies; Our businesses may be adversely affected by government enforcement and litigation; Our businesses may be adversely affected by increased and conflicting political and regulatory scrutiny of asset management stewardship and corporate sustainability or ESG practices; Any misappropriation of the confidential information we possess could have an adverse impact on our business and could subject us to regulatory actions, litigation and other adverse effects; Our calculations of risk exposures, total RWA and capital ratios depend on data inputs, formulae, models, correlations and assumptions that are subject to change, which could materially impact our risk exposures, our total RWA and our capital ratios from period to period; Changes in accounting standards may adversely affect our consolidated results of operations and financial condition; Changes in tax laws, rules or regulations, challenges to our tax positions and changes in the composition of our pre-tax earnings may increase our effective tax rate; We could face liabilities for withholding and other non-income taxes, including in connection with our services to clients, as a result of tax authority examinations; Our businesses may be negatively affected by adverse publicity or other reputational harm; Shifting and maintaining operational activities to non-U.S. jurisdictions, changing our operating model, and outsourcing to, or insourcing from, third parties expose us to increased operational risk, geopolitical risk and reputational harm and may not result in expected cost savings or operational improvements; Attacks or unauthorized access to our or our business partners’ or clients’ information technology systems or facilities, such as cyber-attacks or other disruptions to our or their operations, could result in significant costs, reputational damage and impacts on our business activities; Long-term contracts and customizing service delivery for clients expose us to increased operational risk, pricing and performance risk; We may not be able to protect our intellectual property, and we are subject to claims of third party intellectual property rights; The quantitative models we use to manage our business may contain errors that could adversely impact our business, financial condition, operating results and regulatory compliance; Our reputation and business prospects may be damaged if investors in the collective investment pools we sponsor or manage incur substantial losses in these investment pools or are restricted in redeeming their interests in these investment pools; The impacts of regulatory or policy change, shifting consumer preferences, or disclosure requirements related to climate, physical and transition risk could adversely affect us; and we may incur losses or face negative impacts on our business as a result of unforeseen events, including terrorist attacks, geopolitical events, acute or chronic physical risk events, including natural disasters, pandemics, global conflicts, or a banking crisis, which may have a negative impact on our business and operations. Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2023 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this Presentation should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this Presentation is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

22 In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as “expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, may also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP. Refer to the Addendum for reconciliations of our non-GAAP financial information. To access the Addendum go to http://investors.statestreet.com and click on “Filings & Reports – Quarterly Results”.