stt-20250715


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

Boston, MA… July 15, 2025 News Release


STATE STREET REPORTS SECOND QUARTER 2025 EPS OF $2.17; $2.53 EXCLUDING NOTABLE ITEMS
See note (a) below for a description of the presentation in this news release

RECORD $49 TRILLION OF AUC/A AND RECORD $5 TRILLION OF AUM

NEW INVESTMENT SERVICING AUC/A WINS OF $1.1 TRILLION

INVESTMENT MANAGEMENT NET INFLOWS OF $82 BILLION

TOTAL OPERATING LEVERAGE (341) BPS; 241 BPS, EX-NOTABLES

FEE OPERATING LEVERAGE (75) BPS; 526 BPS, EX-NOTABLES

PRE-TAX MARGIN OF 26%; 30%, EX-NOTABLES


Ron O'Hanley, Chairman and Chief Executive Officer: "We delivered strong financial results and continued business momentum, all while supporting our clients and growing revenues amid heightened market uncertainty and volatility. During the second quarter, we achieved robust fee revenue growth across the franchise with total fee revenue up 11% year-over-year, and up 12%, excluding notable items, coupled with ongoing expense management." O'Hanley added: "Disciplined execution of our strategy continues to drive positive results. In 2Q, we achieved a sixth straight quarter of positive year-over-year total operating leverage, excluding notable items, generated near-record sales in Investment Services, surpassed $5 trillion in AUM at State Street Investment Management and generated record FX trading client volumes. This momentum underscores the strong foundation we have built to support long-term growth. As we build on this progress, we remain focused on creating value for our shareholders while delivering operational excellence for our clients." O'Hanley concluded: "The results of the Federal Reserve's stress test reaffirm our financial strength, and we were pleased to announce a planned 11% increase in our per share quarterly common stock dividend. As we look ahead, given the strength of our strategy and our focus on disciplined execution, we expect this momentum will continue, which positions us well to deliver improved results and drive long-term, sustainable growth for our shareholders."

FINANCIAL HIGHLIGHTS


(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted)	2Q25			1Q25			2Q24			% QoQ			% YoY
Income statement:
Total fee revenue	$	2,719		$	2,570		$	2,456		6	%		11	%
Net interest income	729			714			735			2			(1)

Total revenue	3,448			3,284			3,191			5			8
Provision for credit losses	30			12			10			nm			nm
Total expenses	2,529			2,450			2,269			3			11
Net income	693			644			711			8			(3)

Financial ratios and other metrics:
Diluted earnings per share (EPS)	$	2.17		$	2.04		$	2.15		6	%		1	%
Return on average common equity (ROE)	10.8		%	10.6		%	11.9		%	0.2	%	pts	(1.1)	%	pts
Pre-tax margin	25.8			25.0			28.6			0.8	%	pts	(2.8)	%	pts
AUC/A ($ billions)(1)	$	49,000		$	46,733		$	44,312		5	%		11	%
AUM ($ billions)(1)	5,117			4,665			4,369			10			17

(1) As of quarter end.

(a) See the "2Q25 Highlights" and "In This News Release" sections for a listing of notable items and further explanations of our disclosures in this Press Release. 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. AUC/A and AUM are presented as of quarter end; Percentage changes noted above reflect year-over-year 2Q comparisons.

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

2Q25 HIGHLIGHTS

(All comparisons are to 2Q24, unless otherwise noted)

AUC/A and AUM

•Investment Servicing AUC/A as of quarter-end increased 11% to $49.0 trillion, mainly due to higher quarter-end market levels, flows, and the impact of currency translation

•Investment Management AUM as of quarter-end increased 17% to $5.1 trillion, mainly driven by higher quarter-end market levels and net inflows

New business and strategy execution(a)

•New wins in 2Q25

◦New servicing fee revenue wins: New servicing fee revenue wins of $145 million primarily related to back office

◦AUC/A wins: New servicing AUC/A wins of $1.1 trillion, with the majority from Asset Owners and Asset Managers

▪Approximately $380 billion of new servicing AUC/A wins driven by State Street Alpha®

•Future installations as of 2Q25

◦Servicing fee revenue: Quarter-end servicing fee revenue of $444 million to be installed in future periods

◦AUC/A: Quarter-end AUC/A of $4.0 trillion to be installed in future periods

•State Street Alpha: Reported 2 new mandates in 2Q25; 3 Alpha clients went live in 2Q25, resulting in a total of 28 live clients to-date

•Front Office Software and Data: Annual recurring revenue (ARR) increased approximately 10%, driven by continued SaaS client conversions and implementations

•Investment Management: Continued ETF momentum and market share gains in U.S. Low Cost ETF suite, as well as net inflows across Gold, SPY, EMEA, and U.S. Fixed Income products. Investment Management continued to bolster its global capabilities and investor access to innovative products through key strategic partnerships and product launches

•Markets: Record quarterly FX trading volumes, up 17%

Revenue(b)

•Total revenue increased 8%, driven by higher Fee revenue. Excluding notable items, total revenue increased 9%

•Fee revenue increased 11%, reflecting broad-based strength across the franchise. Excluding notable items, fee revenue increased 12%

◦Servicing fees increased 5%

◦Management fees increased 10%

◦FX trading services increased 28%, and excluding notable items, increased 27%(c)

◦Securities finance increased 17%

◦Software and processing fees increased 7%, and excluding notable items, increased 19%(d)

◦Other fee revenue increased $18 million

•Net interest income (NII) decreased 1%, primarily driven by lower average short-end rates and deposit mix shift, partially offset by continued loan growth and securities portfolio repricing

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

(b) See the "2Q25 Highlights" section 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.

(c) GAAP FX trading services of $431 million in 2Q25 included a notable item related to a revenue-related recovery of $3 million associated with the settlement of proceeds from a 2018 FX benchmark litigation resolution. Excluding the notable item, 2Q25 adjusted FX trading services of $428 million increased 27% compared to GAAP 2Q24 FX trading services of $336 million and increased 18% compared to GAAP 1Q25 FX trading services of $362 million.

(d) GAAP Software and processing fees of $230 million in 2Q25 included a notable item related to an Alpha-related client rescoping of $24 million. Excluding the notable item, 2Q25 adjusted Software and processing fees of $254 million increased 19% compared to GAAP 2Q24 Software and processing fees of $214 million and increased 13% compared to GAAP 1Q25 Software and processing fees of $225 million.

Expenses(a)

•Total expenses increased 11%, primarily driven by $100 million workforce rationalization and $18 million Alpha-related client rescoping notable items, as well as higher performance-based incentive compensation. Excluding notable items, total expenses increased 6%, largely reflecting higher performance-based incentive compensation and other revenue-related costs, higher technology and infrastructure investments, and the impact from currency translation

•Compensation and employee benefits increased 16%, and excluding notables, increased 7%(b)

•Information systems and communications increased 15%, and excluding notables, increased 11%(c)

•Transaction processing services increased 4%

•Occupancy decreased 1%

•Other expenses increased 2%, and excluding notables, increased 2%(d)

Notable items


(Dollars in millions, except EPS amounts)	2Q25		1Q25		2Q24











Repositioning charge	$	(100)	$	—	$	—

Client rescoping

Revenue impact	(24)		—		—

Expense impact	(18)		—		—

Other notable items	4		—		—






Total notable items (pre-tax)	$	(138)	$	—	$	—

Income tax impact from notable items	(35)		—		—

EPS impact	$	(0.36)	$	—	$	—

•Repositioning charge of $100 million related to Compensation and employee benefits primarily from workforce rationalization consistent with the strategic focus on operating model transformation to drive further operating efficiency and productivity gains over time

•Client rescoping

◦Revenue impact: $24 million Alpha-related client rescoping reflected in Front office software and data in Professional services

◦Expense impact: $18 million Alpha-related client rescoping reflected in Information systems and communications

•Other notable items of $4 million representing a revenue-related recovery of $3 million associated with the settlement of proceeds from a 2018 FX benchmark litigation resolution, reflected in FX trading services revenue, and a $1 million release of a prior period notable item reflected in Other expenses

(a) See the "2Q25 Highlights" section 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) GAAP Compensation and employee benefits expenses of $1,280 million in 2Q25 included a notable item related to a repositioning charge of $100 million. Excluding this notable item, 2Q25 adjusted Compensation and employee benefits of $1,180 million increased 7% compared to 2Q24 GAAP Compensation and employee benefits of $1,099 million and decreased 6% compared to 1Q25 GAAP Compensation and employee benefits of $1,262 million.

(c) GAAP Information systems and communications expenses of $523 million in 2Q25 included a notable item related to an Alpha-related client rescoping of $18 million. Excluding this notable item, 2Q25 adjusted Information systems and communications expenses of $505 million increased 11% compared to 2Q24 GAAP Information systems and communications expenses of $454 million and increased 2% compared to 1Q25 GAAP Information systems and communications expenses of $497 million.

(d) GAAP Other expenses of $305 million in 2Q25 included a notable item related to a $1 million release of a prior period notable item. Excluding this notable item, 2Q25 adjusted Other expenses of $306 million increased 2% compared to 2Q24 GAAP Other expenses of $300 million and increased 11% compared to 1Q25 GAAP Other expenses of $276 million.

Capital and liquidity

•Standardized common equity tier 1 (CET1) ratio at quarter-end of 10.7% decreased 0.5% points compared to 2Q24 and decreased 0.3% points compared to 1Q25, primarily due to higher risk-weighted assets (RWA) from business deployment and continued capital return, partially offset by capital generated from earnings

•Liquidity coverage ratio (LCR) for State Street Corporation was approximately 107%, and LCR for State Street Bank and Trust was approximately 136%

•In 2Q25, State Street returned a total of $517 million of capital to common shareholders, including $300 million of share repurchases and $217 million (or $0.76 per share) of declared dividends

◦In July 2025, State Street announced a planned 11% increase to its quarterly common stock dividend to $0.84 per share in 3Q25, subject to approval by the Board of Directors

MARKET DATA

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


(Dollars in billions, except market indices and foreign exchange rates)(1)	2Q25		1Q25		2Q24		% QoQ		% YoY

Assets under Custody and/or Administration (AUC/A)(2)(3)	$	49,000	$	46,733	$	44,312	5	%	11	%
Assets under Management (AUM)(3)	5,117		4,665		4,369		10		17

Market Indices:(4)
S&P 500 EOP	6,205		5,612		5,460		11		14
S&P 500 Daily Average	5,732		5,895		5,247		(3)		9
MSCI EAFE EOP	2,655		2,401		2,315		11		15
MSCI EAFE Daily Average	2,514		2,395		2,325		5		8
MSCI Emerging Markets EOP	1,223		1,101		1,086		11		13
MSCI Emerging Markets Daily Average	1,140		1,104		1,063		3		7
MSCI ACWI EOP	918		827		802		11		14
MSCI ACWI Daily Average	853		856		782		—		9
Bloomberg Global Aggregate Bond Index EOP	497		476		456		5		9
Bloomberg Global Aggregate Bond Index Daily Average	487		469		456		4		7

Foreign Exchange Volatility Indices:(4)
CBOE Volatility Index (VIX) Daily Average	23.6		18.5		14.0		27		69
JPM G7 Volatility Index Daily Average	9.3		8.5		7.2		9		29
JPM Emerging Market Volatility Index Daily Average	8.7		8.3		7.1		4		22

Average Foreign Exchange Rates:
EUR vs. USD	1.135		1.053		1.076		8		5
GBP vs. USD	1.336		1.260		1.261		6		6

(1) Historical financial information may not be indicative of future financial information.

(2) Includes quarter-end assets under custody of $35,548 billion, $33,837 billion and $32,161 billion, as of 2Q25, 1Q25, and 2Q24, respectively.

(3) As of period-end.

(4) The index names listed are service marks of their respective owners.

INDUSTRY FLOW DATA

The following table represents industry flow data.


(Dollars in billions)	2Q25		1Q25		4Q24		3Q24		2Q24
North America - (U.S. Domiciled) Morningstar Direct Market Data:(1)(2)
Long-term Funds	$	(180)	$	(148)	$	(129)	$	(117)	$	(111)
Money Market	(14)		100		376		230		62
ETF	247		291		427		288		206
Total Flows(3)	$	54	$	243	$	673	$	401	$	157

EMEA - Morningstar Direct Market Data:(1)(4)
Long-term Funds	$	70	$	75	$	108	$	82	$	52
Money Market	41		58		73		107		39
ETF	72		92		85		66		57
Total Flows(3)	$	183	$	224	$	265	$	255	$	148

(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) 2Q25 data for North America includes actuals for April and May 2025 and Morningstar estimates for June 2025.

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

(4) 2Q25 data for EMEA is on a rolling three-month basis for March through May 2025, 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)	2Q25		1Q25		2Q24		% QoQ		% YoY
Assets Under Custody and/or Administration(1)
By product classification:
Collective funds, including ETFs	$	16,728	$	15,430	$	14,573	8	%	15	%
Mutual funds	12,641		12,143		11,645		4		9
Pension products	9,679		9,377		8,916		3		9
Insurance and other products	9,952		9,783		9,178		2		8
Total Assets Under Custody and/or Administration	$	49,000	$	46,733	$	44,312	5	%	11	%
By asset class:
Equities	$	29,311	$	27,508	$	26,291	7	%	11	%
Fixed-income	12,122		11,900		11,303		2		7
Short-term and other investments(2)	7,567		7,325		6,718		3		13
Total Assets Under Custody and/or Administration	$	49,000	$	46,733	$	44,312	5	%	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 2Q25 activity in AUM by product category.


(Dollars in billions)	Equity		Fixed- Income		Cash		Multi-Asset Class Solutions		Alternative Investments(1)		Total
Beginning balance as of March 31, 2025	$	2,901	$	633	$	518	$	390	$	223	$	4,665
Net asset flows:
Long-term institutional(2)	6		48		—		25		(11)		68
ETF	8		3		—		—		4		15
Cash	—		—		(1)		—		—		(1)
Total flows, net	$	14	$	51	$	(1)	$	25	$	(7)	$	82
Market appreciation/(depreciation)	273		7		6		27		5		318
Foreign exchange impact	30		9		2		7		4		52
Total market and foreign exchange impact	$	303	$	16	$	8	$	34	$	9	$	370

Ending balance as of June 30, 2025	$	3,218	$	700	$	525	$	449	$	225	$	5,117

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


(Dollars in billions)	2Q25		1Q25		4Q24		3Q24(1)		2Q24(1)
Beginning balance	$	4,665	$	4,715	$	4,732	$	4,369	$	4,299
Net asset flows:
Long-term institutional(2)	68		(15)		26		9		(8)
ETF	15		1		65		37		6
Cash	(1)		1		(27)		54		(4)
Total flows, net	$	82	$	(13)	$	64	$	100	$	(6)
Market appreciation/(depreciation)	318		(65)		1		208		83
Foreign exchange impact	52		28		(82)		55		(7)
Total market and foreign exchange impact	$	370	$	(37)	$	(81)	$	263	$	76

Ending balance	$	5,117	$	4,665	$	4,715	$	4,732	$	4,369

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

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

REVENUE(a)


(Dollars in millions)	2Q25			1Q25			2Q24			% QoQ		% YoY


Servicing fees	$	1,304		$	1,275		$	1,239		2.3	%	5.2	%
Management fees	562			562			511			—		10.0
Foreign exchange trading services	431			362			336			19.1		28.3
Securities finance	126			114			108			10.5		16.7
Front office software and data	169			158			152			7.0		11.2
Lending related and other fees	61			67			62			(9.0)		(1.6)
Software and processing fees	230			225			214			2.2		7.5
Other fee revenue	66			32			48			nm		37.5
Total fee revenue	$	2,719		$	2,570		$	2,456		5.8	%	10.7	%

Net interest income	729			714			735			2.1	%	(0.8)	%

Total Revenue	$	3,448		$	3,284		$	3,191		5.0	%	8.1	%
Total revenue, excluding notable items(1)	$	3,469		$	3,284		$	3,191		5.6	%	8.7	%


Net interest margin (FTE)(2)	0.96		%	1.00		%	1.13		%	(0.04)	%	(0.17)	%

(1) See "2Q25 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.

(2) 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 5% compared to 2Q24, driven by higher average market levels, net new business, client activity, and the impact of currency translation, partially offset by normal pricing headwinds. Servicing fees increased 2% compared to 1Q25, mainly due to higher average market levels, client activity, and the impact of currency translation.

Management fees increased 10% compared to 2Q24, driven by higher average market levels and net inflows from prior periods. Management fees were flat compared to 1Q25, as higher day count and performance fees were offset by lower average market levels and mix shift.

Foreign exchange trading services(b) increased 28% compared to 2Q24 and increased 19% compared to 1Q25 primarily driven by higher volumes and higher spreads associated with an increase in FX volatility. Excluding notable items, Foreign exchange trading services increased 27% compared to 2Q24 and increased 18% compared to 1Q25.

Securities finance increased 17% compared to 2Q24, largely driven by higher client lending balances, partially offset by lower Prime Services spreads. Securities finance increased 11% compared to 1Q25, primarily due to higher client lending balances and higher Agency spreads.

Software and processing fees(c) increased 7% compared to 2Q24 and, excluding notable items, Software and processing fees increased 19% compared to 2Q24. Software and processing fees increased 2% compared to 1Q25, and, excluding notable items, Software and processing fees increased 13% compared to 1Q25.

•Front office software and data(d) increased 11% compared to 2Q24, primarily driven by higher On-premises renewals and continued growth in Software-enabled revenue, partially offset by the Alpha-related client rescoping notable item reflected in Professional services. Excluding notable items, Front office software and data increased 27% compared to 2Q24. Front office software and data increased 7% compared to 1Q25, mainly due to higher On-premises renewals, partially offset by the Alpha-related client rescoping notable item reflected in Professional services. Excluding notable items, Front office software and data increased 22% compared to 1Q25

•Lending related and other fees decreased 2% compared to 2Q24 and decreased 9% compared to 1Q25, largely due to fewer one-time fees in prior periods

Other fee revenue increased $18 million compared to 2Q24, largely driven by higher equity investment income. Other fee revenue increased $34 million compared to 1Q25, largely due to higher equity investment income and fair value adjustments on equity investments.

Net interest income decreased 1%, compared to 2Q24, primarily driven by lower average short-end rates and deposit mix shift, partially offset by continued loan growth and securities portfolio repricing. Net interest income increased 2% compared to 1Q25, supported by higher non-U.S. deposit balances, securities portfolio repricing and loan growth, partially offset by lower average short-end rates.

Total revenues were positively impacted by currency translation of $33 million and $49 million compared to 2Q24 and 1Q25, respectively.

PROVISION FOR CREDIT LOSSES


(Dollars in millions)	2Q25		1Q25		2Q24		% QoQ		% YoY
Allowance for credit losses:
Beginning balance	$	186	$	183	$	146	1.6	%	27.4	%
Provision for credit losses	30		12		10		nm		nm
Charge-offs	(24)		(9)		(11)		nm		nm

Ending Balance	$	192	$	186	$	145	3.2	%	32.4	%

Total provision for credit losses was $30 million in 2Q25, mainly due to the evolving macroeconomic environment and an increase in loan loss reserves associated with certain commercial real estate loans.

(b) GAAP FX trading services of $431 million in 2Q25 included a notable item related to a revenue-related recovery of $3 million associated with the settlement of proceeds from a 2018 FX benchmark litigation resolution. Excluding the notable item, 2Q25 adjusted FX trading services of $428 million increased 27% compared to GAAP 2Q24 FX trading services of $336 million and increased 18% compared to GAAP 1Q25 FX trading services of $362 million.

(c) GAAP Software and processing fees of $230 million in 2Q25 included a notable item related to an Alpha-related client rescoping of $24 million. Excluding the notable item, 2Q25 adjusted Software and processing fees of $254 million increased 19% compared to GAAP 2Q24 Software and processing fees of $214 million and increased 13% compared to GAAP 1Q25 Software and processing fees of $225 million.

(d) GAAP Front office software and data of $169 million in 2Q25 included a notable item related to an Alpha-related client rescoping of $24 million. Excluding the notable item, 2Q25 adjusted Front office software and data of $193 million increased 27% compared to GAAP 2Q24 Front office software and data of $152 million and increased 22% compared to GAAP 1Q25 Front office software and data of $158 million.

EXPENSES(a)


(Dollars in millions)	2Q25			1Q25			2Q24			% QoQ			% YoY
Compensation and employee benefits	$	1,280		$	1,262		$	1,099		1.4	%		16.5	%
Information systems and communications	523			497			454			5.2			15.2
Transaction processing services	260			258			250			0.8			4.0
Occupancy	105			103			106			1.9			(0.9)

Amortization of other intangible assets	56			54			60			3.7			(6.7)
Other	305			276			300			10.5			1.7
Total Expenses	$	2,529		$	2,450		$	2,269		3.2	%		11.5	%
Total expenses, excluding notable items(1)	$	2,412		$	2,450		$	2,269		(1.6)	%		6.3	%

Effective tax rate	22.0		%	21.7		%	22.1		%	0.3	%	pts	(0.1)	%	pts

Compensation and employee benefits(b) increased 16% compared to 2Q24, mainly due to the repositioning charge this quarter and higher performance-based incentive compensation, as well as merit increases, partially offset by productivity and other savings. Excluding notable items, Compensation and employee benefits increased 7% compared to 2Q24, with approximately half of the increase due to higher performance-based incentive compensation, as well as merit increases and the impact of currency translation, partially offset by productivity and other savings. Compared to 1Q25, Compensation and employee benefits increased 1%, primarily driven by the repositioning charge this quarter, partially offset by the absence of seasonal expenses. Excluding notable items, Compensation and employee benefits decreased 6% compared to 1Q25, primarily driven by the absence of seasonal expenses, partially offset by higher performance-based incentive compensation and the impact of currency translation.

Information systems and communications(c) increased 15% compared to 2Q24 and increased 5% compared to 1Q25, partially due to an Alpha-related client rescoping notable item. Excluding notable items, Information systems and communications increased 11% compared to 2Q24 and increased 2% compared to 1Q25, largely related to higher technology and infrastructure investments, partially offset by vendor savings.

Transaction processing services increased 4% compared to 2Q24, mainly from higher sub-custody costs driven by higher market levels. Transaction processing services increased 1% compared to 1Q25, primarily driven by higher broker fees and the impact of currency translation, partially offset by lower market data costs.

Occupancy decreased 1% compared to 2Q24, mainly driven by footprint optimization, partially offset by the impact of currency translation. Compared to 1Q25, Occupancy increased 2%, largely due to the impact of currency translation, partially offset by footprint optimization.

Other expenses(d) increased 2% compared to 2Q24, primarily due to timing of foundation funding and higher marketing costs, partially offset by recoverable client-related expenses. Other expenses increased 11% compared to 1Q25, largely reflecting higher marketing costs and episodic client-related costs.

Total expenses were negatively impacted by currency translation of $26 million and $39 million compared to 2Q24 and 1Q25, respectively.

TAXES(a)

The effective tax rate of 22.0% in 2Q25 was roughly flat compared to 22.1% in 2Q24 and slightly higher than 21.7% in 1Q25 due to lower discrete benefits in 2Q25. Excluding the impact of notable items in 2Q25, the effective tax rate was 22.5%.

CAPITAL AND LIQUIDITY

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


(As of period end)	2Q25		1Q25		2Q24
Basel III Standardized Approach:
Common equity tier 1 ratio (CET1)	10.7	%	11.0	%	11.2	%
Tier 1 capital ratio	13.3		13.8		13.3
Total capital ratio	14.8		15.3		15.0

Basel III Advanced Approaches:
Common equity tier 1 ratio (CET1)	12.5		12.6		12.0
Tier 1 capital ratio	15.5		15.7		14.2
Total capital ratio	17.0		17.3		15.9

Tier 1 leverage ratio	5.3		5.5		5.3
Supplementary leverage ratio	6.3		6.5		6.3

Liquidity coverage ratio (LCR) (1)	107	%	106	%	106	%
LCR - State Street Bank and Trust (1)	136	%	139	%	134	%

(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 10.7% decreased 0.5% points compared to 2Q24 and decreased 0.3% points compared to 1Q25, primarily due to higher RWA from business deployment and continued capital return, partially offset by capital generated from earnings.

Tier 1 leverage ratio at quarter-end of 5.3% remained flat compared to 2Q24, largely due to capital generated from earnings and higher preferred equity, offset by higher average balance sheet levels and continued capital return. Tier 1 leverage decreased 0.2% points compared to 1Q25, mainly driven by higher average balance sheet levels and continued capital return, partially offset by capital generated from earnings.

LCR for State Street Corporation was approximately 107%, up 1% point compared to 2Q24 and 1Q25. LCR for State Street Bank and Trust was approximately 136%, up 2% points compared to 2Q24 and down 3% points from 1Q25.

INVESTOR CONFERENCE CALL AND QUARTERLY WEBSITE DISCLOSURE

State Street will webcast an investor conference call today, Tuesday, July 15, 2025, at 12:00 p.m. ET, available at http://investors.statestreet.com. The conference call will also be available via telephone, at (805) 309-0220. The Participant Passcode is 1408453#.

Recorded replay of the conference call will be available on the website beginning approximately two hours after the call's completion. The 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 2Q25, State Street expects to publish its updates during the period beginning today and ending on or about August 9, 2025 and on or about August 14, 2025 for the liquidity coverage 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 $49.0 trillion in assets under custody and/or administration and $5.1 trillion* in assets under management as of June 30, 2025, State Street operates globally in more than 100 geographic markets and employs approximately 52,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management as of June 30, 2025 includes approximately $116 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 Investment Management 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 (i.e., "to be installed") 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. Both AUC/A and servicing fee revenue, when presented on a "backlog" or "to be installed" basis, are presented as of period-end. 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. 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 $345 million, $373 million, and $379 million in 2Q24, 1Q25, and 2Q25, 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 2Q25. 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. 2Q25 data for North America (U.S. domiciled) includes Morningstar actuals for April and May 2025 and Morningstar estimates for June 2025.

◦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. 2Q25 data for Europe is on a rolling three-month basis for March 2025 through May 2025, 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, changes in U.S. trade or other policies or those policies of other nations, the ongoing conflicts in Ukraine and in the Middle East, major political shifts domestically or internationally (including the potential for retaliatory actions by governments, market participants or clients based on diverging perspectives or otherwise), actions taken by central banks in an attempt to address prevailing economic conditions, changes in monetary policy or periods of significant volatility in the markets for equity, fixed income and other asset 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 risks associated with strategic initiatives we are undertaking to enhance the effectiveness and efficiency of our operations and of our cybersecurity and technology infrastructure or by our failure to meet the related, resiliency or other 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, 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 operations and clients in many markets and jurisdictions globally that can be adversely impacted, locally or more broadly, by disruptions in those or other markets or economies, including local, regional and geopolitical developments affecting those markets or 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, changes in prevailing interest rates or market conditions have led, and were they to persist or 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 and may decline based on, among other factors, market and currency declines, investment activities and preferences of our clients and their business mix, as well as the timing of new business onboarding;

•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, regulatory and client scrutiny of asset management, stewardship and corporate sustainability or Environmental, Social and Governance (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 or may infringe upon the rights of third parties;

•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, and lapses in disclosure controls and procedures or internal control over financial reporting could occur, any of which could result in material harm;

•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 global regulatory requirements and expectations, shifting client preferences, and disclosure requirements related to climate risks and sustainability standards 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 2024 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 be 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.

Exhibit 99.2



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
June 30, 2025


Table of Contents

GAAP-Basis Financial Information:
4-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			21
Reconciliations of Constant Currency FX Impacts			22






This financial information should be read in conjunction with State Street's news release dated July 15, 2025.


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

(Dollars in millions, except per share amounts, or where otherwise noted)	2021			2022			2023			2024
Year ended December 31:
Total fee revenue	$	10,012		$	9,606		$	9,480		$	10,156
Net interest income	1,905			2,544			2,759			2,923
Other income	110			(2)			(294)			(79)
Total revenue	12,027			12,148			11,945			13,000
Provision for credit losses	(33)			20			46			75
Total expenses	8,889			8,801			9,583			9,530
Income before income tax expense	3,171			3,327			2,316			3,395
Income tax expense	478			553			372			708
Net income	2,693			2,774			1,944			2,687
Net income available to common shareholders	$	2,572		$	2,660		$	1,821		$	2,483
Per common share:
Diluted earnings per common share	$	7.19		$	7.19		$	5.58		$	8.21
Average diluted common shares outstanding (in thousands)	357,962			370,109			326,568			302,226
Cash dividends declared per common share	$	2.18		$	2.40		$	2.64		$	2.90
Closing price per share of common stock (at year end)	93.00			77.57			77.46			98.15
Average balance sheet:
Investment securities	$	111,730		$	111,929		$	105,765		$	104,784
Total assets	299,743			286,430			274,696			311,723
Total deposits	235,404			222,874			205,111			225,611
Ratios and other metrics:
Return on average common equity	10.7		%	11.1		%	8.2		%	11.1		%
Return on average tangible common equity(1)	17.2			17.4			13.3			17.9
Pre-tax margin	26.4			27.4			19.4			26.1
Pre-tax margin, excluding notable items(2)	27.6			28.4			26.4			27.6
Net interest margin, fully taxable-equivalent basis	0.74			1.03			1.20			1.10
Common equity tier 1 ratio(3)(4)	14.3			13.6			11.6			10.9
Tier 1 capital ratio(3)(4)	16.1			15.4			13.4			13.2
Total capital ratio(3)(4)	17.5			16.8			15.2			14.8
Tier 1 leverage ratio(3)	6.1			6.0			5.5			5.2
Supplementary leverage ratio(3)	7.4			7.0			6.2			6.2
Assets under custody and/or administration (in trillions)	$	43.68		$	36.74		$	41.81		$	46.56
Assets under management (in trillions)	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)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25			2Q25 vs. 2Q24			2Q25 vs. 1Q25			2024		2025		YTD2025 vs. YTD2024

Fee revenue:


Servicing fees	$	1,228	$	1,239	$	1,266	$	1,283	$	1,275	$	1,304		5.2	%		2.3	%		$	2,467	$	2,579	4.5	%
Management fees	510		511		527		576		562		562			10.0			—			1,021		1,124		10.1
Foreign exchange trading services	331		336		374		360		362		431			28.3			19.1			667		793		18.9
Securities finance	96		108		116		118		114		126			16.7			10.5			204		240		17.6
Front office software and data	144		152		146		197		158		169			11.2			7.0			296		327		10.5
Lending related and other fees	63		62		62		62		67		61			(1.6)			(9.0)			125		128		2.4
Software and processing fees	207		214		208		259		225		230			7.5			2.2			421		455		8.1
Other fee revenue	50		48		125		66		32		66			37.5			nm			98		98		—
Total fee revenue	2,422		2,456		2,616		2,662		2,570		2,719			10.7			5.8			4,878		5,289		8.4
Net interest income:
Interest income	2,889		2,998		3,081		3,009		2,922		3,055			1.9			4.6			5,887		5,977		1.5
Interest expense	2,173		2,263		2,358		2,260		2,208		2,326			2.8			5.3			4,436		4,534		2.2
Net interest income	716		735		723		749		714		729			(0.8)			2.1			1,451		1,443		(0.6)
Other income:
Gains (losses) related to investment securities, net	—		—		(80)		1		—		—			—			—			—		—		—

Total other income	—		—		(80)		1		—		—			—			—			—		—		—
Total revenue	3,138		3,191		3,259		3,412		3,284		3,448			8.1			5.0			6,329		6,732		6.4
Provision for credit losses	27		10		26		12		12		30			nm			nm			37		42		13.5
Expenses:
Compensation and employee benefits	1,252		1,099		1,134		1,212		1,262		1,280			16.5			1.4			2,351		2,542		8.1
Information systems and communications	432		454		463		480		497		523			15.2			5.2			886		1,020		15.1
Transaction processing services	248		250		255		245		258		260			4.0			0.8			498		518		4.0
Occupancy	103		106		105		123		103		105			(0.9)			1.9			209		208		(0.5)

Amortization of other intangible assets	60		60		56		54		54		56			(6.7)			3.7			120		110		(8.3)
Other	418		300		295		326		276		305			1.7			10.5			718		581		(19.1)
Total expenses	2,513		2,269		2,308		2,440		2,450		2,529			11.5			3.2			4,782		4,979		4.1
Income before income tax expense	598		912		925		960		822		889			(2.5)			8.2			1,510		1,711		13.3
Income tax expense	135		201		195		177		178		196			(2.5)			10.1			336		374		11.3
Net income	$	463	$	711	$	730	$	783	$	644	$	693		(2.5)			7.6			$	1,174	$	1,337	13.9


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)		1Q24			2Q24			3Q24			4Q24			1Q25			2Q25				2Q25 vs. 2Q24				2Q25 vs. 1Q25			2024			2025			YTD2025 vs. YTD2024
Adjustments to net income:
Dividends on preferred stock		$	(45)		$	(55)		$	(48)		$	(54)		$	(46)		$	(63)			(14.5)	%			(37.0)	%		$	(100)		$	(109)		(9.0)	%
Earnings allocated to participating securities		—			(1)			—			(1)			(1)			—				nm				nm			(1)			(1)			—
Net income available to common shareholders		$	418		$	655		$	682		$	728		$	597		$	630			(3.8)				5.5			$	1,073		$	1,227		14.4
Per common share:
Basic earnings		$	1.38		$	2.18		$	2.29		2.50			$	2.07		$	2.20			0.9				6.3			$	3.56		$	4.27		19.9
Diluted earnings		1.37			2.15			2.26			2.46			2.04			2.17				0.9				6.4			3.52			4.21			19.6
Average common shares outstanding (in thousands):
Basic		301,991			300,564			297,365			291,686			288,562			286,281				(4.8)				(0.8)			301,278			287,415			(4.6)
Diluted		305,943			304,765			301,847			296,420			292,716			290,490				(4.7)				(0.8)			305,354			291,596			(4.5)
Cash dividends declared per common share		$	0.69		$	0.69		$	0.76		$	0.76		$	0.76		$	0.76			10.1				—			$	1.38		$	1.52		10.1
Closing price per share of common stock (as of quarter end)		77.32			74.00			88.47			98.15			89.53			106.34				43.7				18.8			74.00			106.34			43.7
Book value per common share		$	72.85		$	74.50		$	78.22		$	77.95		$	80.13		$	83.16			11.6				3.8			$	74.50		$	83.16		11.6
Tangible book value per common share(1)		45.06			46.10			49.22			49.14			51.23			53.56				16.2				4.5			46.10			53.56			16.2
Balance sheet averages:
Investment securities		$	101,318		$	105,098		$	107,364		$	105,322		$	110,070		$	112,083			6.6				1.8			$	103,208		$	111,082		7.6
Total assets		298,570			306,298			314,640			327,181			337,291			353,779				15.5				4.9			302,434			345,580			14.3
Total deposits		218,892			220,881			225,482			237,066			243,036			260,745				18.0				7.3			219,886			251,938			14.6
Ratios and other metrics:
Effective tax rate		22.5		%	22.1		%	21.1		%	18.4		%	21.7		%	22.0		%		(0.1)	%	pts		0.3	%	pts	22.3		%	21.9		%	(0.4)	%	pts
Return on average common equity		7.7			11.9			12.0			12.7			10.6			10.8				(1.1)				0.2			9.8			10.7			0.9
Return on average tangible common equity(2)		12.4			19.3			19.3			20.3			16.4			16.7				(2.6)				0.3			15.9			16.6			0.7
Pre-tax margin		19.1			28.6			28.4			28.1			25.0			25.8				(2.8)				0.8			23.9			25.4			1.5
Pre-tax margin, excluding notable items(3)		23.2			28.6			28.4			29.8			25.0			29.6				1.0				4.6			25.9			27.4			1.5
Net interest margin, fully taxable-equivalent basis		1.13			1.13			1.07			1.07			1.00			0.96				(0.2)				—			1.13			0.98			(0.2)
Common equity tier 1 ratio(4)(5)		11.1			11.2			11.6			10.9			11.0			10.7				(0.5)				(0.3)			11.2			10.7			(0.5)
Tier 1 capital ratio(4)(5)		13.2			13.3			13.9			13.2			13.8			13.3				—				(0.5)			13.3			13.3			—
Total capital ratio(4)(5)		14.9			15.0			15.6			14.8			15.3			14.8				(0.2)				(0.5)			15.0			14.8			(0.2)
Tier 1 leverage ratio(4)		5.4			5.3			5.5			5.2			5.5			5.3				—				(0.2)			5.3			5.3			—
Supplementary leverage ratio(4)		6.5			6.3			6.4			6.2			6.5			6.3				—				(0.2)			6.3			6.3			—
Assets under custody and/or administration (in billions)		$	43,912		$	44,312		$	46,759		$	46,557		$	46,733		$	49,000			10.6	%			4.9	%		$	44,312		$	49,000		10.6	%
Assets under management (in billions)		4,299			4,369			4,732			4,715			4,665			5,117				17.1				9.7			4,369			5,117			17.1
Average securities on loan(6)		301,247			334,675			349,113			354,372			358,869			386,730				15.6				7.8			317,961			372,877			17.3

(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 June 30, 2025 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 $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, and $376,269 million and $387,070 million at March 31, 2025 and June 30, 2025, 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, 2024		June 30, 2024		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025			2Q25 vs. 2Q24		2Q25 vs. 1Q25
Assets:
Cash and due from banks		$	3,413	$	2,898	$	4,067	$	3,145	$	4,658	$	4,020		38.7	%	(13.7)	%
Interest-bearing deposits with banks, net		125,486		99,876		105,121		112,957		119,464		118,835			19.0		(0.5)
Securities purchased under resale agreements		7,489		6,340		8,334		6,679		7,971		8,275			30.5		3.8
Trading account assets		760		780		802		768		743		791			1.4		6.5
Investment securities:
Investment securities available-for-sale, net		48,640		56,755		56,853		58,895		67,444		70,603			24.4		4.7
Investment securities held-to-maturity, net(1)		52,914		51,051		49,477		47,727		45,505		43,286			(15.2)		(4.9)
Total investment securities		101,554		107,806		106,330		106,622		112,949		113,889			5.6		0.8
Loans		38,635		39,376		41,961		43,200		44,685		47,279			20.1		5.8
Allowance for credit losses on loans(2)		135		136		162		174		176		179			31.6		1.7
Loans, net		38,500		39,240		41,799		43,026		44,509		47,100			20.0		5.8
Premises and equipment, net(3)		2,479		2,539		2,621		2,715		2,784		2,942			15.9		5.7
Accrued interest and fees receivable		4,014		4,066		4,160		4,034		4,280		4,589			12.9		7.2
Goodwill		7,582		7,751		7,833		7,691		7,763		7,918			2.2		2.0
Other intangible assets		1,258		1,209		1,166		1,089		1,046		1,014			(16.1)		(3.1)
Other assets		45,468		53,098		56,248		64,514		66,526		67,344			26.8		1.2
Total assets		$	338,003	$	325,603	$	338,481	$	353,240	$	372,693	$	376,717		15.7		1.1
Liabilities:
Deposits:
Non-interest-bearing		$	37,367	$	34,519	$	31,448	$	33,180	$	32,265	$	34,569		0.1		7.1
Interest-bearing - U.S.		148,485		140,983		145,527		166,483		168,362		169,444			20.2		0.6
Interest-bearing - Non-U.S.		66,032		63,658		70,454		62,257		71,429		79,011			24.1		10.6
Total deposits(4)		251,884		239,160		247,429		261,920		272,056		283,024			18.3		4.0
Securities sold under repurchase agreements		3,576		2,716		2,119		3,681		3,524		2,377			(12.5)		(32.5)

Other short-term borrowings		11,541		13,571		10,018		9,840		11,849		9,844			(27.5)		(16.9)
Accrued expenses and other liabilities		26,823		25,657		32,185		29,201		33,726		28,254			10.1		(16.2)
Long-term debt		19,746		19,737		20,902		23,272		24,846		25,911			31.3		4.3
Total liabilities		313,570		300,841		312,653		327,914		346,001		349,410			16.1		1.0
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:


Series G, 5,000 shares issued and outstanding		493		493		493		493		493		493			—		—
Series H, 5,000 shares issued and outstanding		494		494		—		—		—		—			nm		—
Series I, 15,000 shares issued and outstanding		1,481		1,481		1,481		1,481		1,481		1,481			—		—
Series J, 8,500 shares issued and outstanding		—		—		842		842		842		842			nm		—
Series K, 7,500 shares issued and outstanding		—		—		—		—		743		743			nm		nm
Common stock, $1 par, 750,000,000 shares authorized(5)(6)		504		504		504		504		504		504			—		—
Surplus		10,724		10,721		10,723		10,722		10,693		10,698			(0.2)		—
Retained earnings		28,166		28,615		29,073		29,582		29,959		30,373			6.1		1.4
Accumulated other comprehensive income (loss)		(2,369)		(2,314)		(1,625)		(2,100)		(1,792)		(1,321)			42.9		26.3
Treasury stock, at cost(7)		(15,060)		(15,232)		(15,663)		(16,198)		(16,231)		(16,506)			(8.4)		(1.7)
Total shareholders' equity		24,433		24,762		25,828		25,326		26,692		27,307			10.3		2.3
Total liabilities and equity		$	338,003	$	325,603	$	338,481	$	353,240	$	372,693	$	376,717		15.7		1.1


(1) Fair value of investment securities held-to-maturity		$	46,823	$	44,916	$	44,925	$	41,906	$	40,424	$	38,485
(2) Total allowance for credit losses including off-balance sheet commitments		146		145		171		183		186		192
(3) Accumulated depreciation for premises and equipment		6,193		6,318		6,400		6,461		6,635		6,824
(4) Average total deposits		218,892		220,881		225,482		237,066		243,036		260,745
(5) Common stock shares issued		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642
(6) Total common shares outstanding		301,504,470		299,231,005		294,191,001		288,766,452		288,676,229		285,561,974
(7) Treasury stock shares		202,375,172		204,648,637		209,688,641		215,113,190		215,203,413		218,317,668
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
	1Q24					2Q24					3Q24					4Q24					1Q25					2Q25					2Q25 vs. 2Q24	2Q25 vs. 1Q25
(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 balance
Assets:
Interest-bearing deposits with banks, net	$	90,230	4.45		%	$	87,894	4.25		%	$	86,884	4.02		%	$	90,018	3.67		%	$	92,780	3.36		%	$	98,321	3.23		%			11.9	%	6.0	%
Securities purchased under resale agreements(2)	6,118		10.97			6,558		10.17			6,991		10.44			7,480		9.04			7,716		8.66			9,169		7.83					39.8		18.8
Trading account assets	767		—			779		—			788		—			795		—			756		0.15			791		0.06					1.5		4.6
Investment securities:
Investment securities available-for-sale, net	46,497		4.93			53,204		5.06			57,302		5.13			57,205		4.90			63,428		4.57			67,718		4.45					27.3		6.8
Investment securities held-to-maturity, net	54,821		2.14			51,894		2.14			50,062		2.12			48,117		2.11			46,642		2.07			44,365		2.11					(14.5)		(4.9)
Total investment securities	101,318		3.42			105,098		3.62			107,364		3.73			105,322		3.63			110,070		3.51			112,083		3.52					6.6		1.8
Loans(3)	37,747		5.82			38,703		5.85			39,782		5.79			42,377		5.48			43,730		5.17			45,277		5.08					17.0		3.5
Other interest-earning assets	18,153		6.92			22,708		6.92			27,697		6.35			32,534		5.76			34,464		5.49			39,007		5.38					71.8		13.2
Total interest-earning assets	254,333		4.57			261,740		4.61			269,506		4.55			278,526		4.30			289,516		4.09			304,648		4.02					16.4		5.2
Cash and due from banks	4,608					2,861					3,417					3,811					4,516					4,058							41.8		(10.1)
Other non-interest-earning assets	39,629					41,697					41,717					44,844					43,259					45,073							8.1		4.2
Total assets	$	298,570				$	306,298				$	314,640				$	327,181				$	337,291				$	353,779						15.5		4.9
Liabilities:
Interest-bearing deposits:
U.S.	$	129,846	4.22		%	$	132,162	4.15		%	$	135,440	4.16		%	$	146,040	3.79		%	$	154,462	3.54		%	$	159,770	3.50		%			20.9	%	3.4	%
Non-U.S.	62,087		1.80			63,767		1.72			65,824		1.70			64,871		1.62			63,677		1.38			76,807		1.55					20.4		20.6
Total interest-bearing deposits(4)	191,933		3.44			195,929		3.36			201,264		3.35			210,911		3.12			218,139		2.91			236,577		2.87					20.7		8.5
Securities sold under repurchase agreements	3,122		5.06			3,404		5.07			2,193		4.98			3,937		4.67			4,530		4.54			3,160		4.42					(7.2)		(30.2)

Other short-term borrowings	8,314		4.85			13,073		5.15			13,639		5.16			10,656		4.96			11,848		4.64			10,179		4.51					(22.1)		(14.1)
Long-term debt	18,944		5.44			19,694		5.44			20,258		5.27			22,658		5.18			23,742		5.00			25,864		4.98					31.3		8.9
Other interest-bearing liabilities	4,430		12.29			4,753		12.57			5,238		14.41			4,873		10.93			5,471		11.76			3,543		18.35					(25.5)		(35.2)
Total interest-bearing liabilities	226,743		3.85			236,853		3.84			242,592		3.87			253,035		3.55			263,730		3.40			279,323		3.34					17.9		5.9
Non-interest-bearing deposits(5)	26,959					24,952					24,218					26,155					24,897					24,168							(3.1)		(2.9)
Other non-interest-bearing liabilities	20,233					19,964					22,119					22,431					22,554					23,232							16.4		3.0
Preferred shareholders' equity	2,785					2,468					3,020					2,816					3,263					3,560							44.2		9.1
Common shareholders' equity	21,850					22,061					22,691					22,744					22,847					23,496							6.5		2.8
Total liabilities and shareholders' equity	$	298,570				$	306,298				$	314,640				$	327,181				$	337,291				$	353,779						15.5		4.9

Total deposits	$	218,892				$	220,881				$	225,482				$	237,066				$	243,036				$	260,745						18.0		7.3

Excess of rate earned over rate paid			0.72		%			0.77		%			0.68		%			0.74		%			0.70		%			0.68		%
Net interest margin			1.13		%			1.13		%			1.07		%			1.07		%			1.00		%			0.96		%
Net interest income, fully taxable-equivalent basis			$	717				$	736				$	724				$	749				$	714				$	729
Tax-equivalent adjustment			(1)					(1)					(1)					—					—					—
Net interest income, GAAP-basis(4)			$	716				$	735				$	723				$	749				$	714				$	729

(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 $172 billion, $180 billion, $201 billion and $212 billion in the first, second, third and fourth quarters of 2024, respectively, and approximately $232 billion and $253 billion in the first and second quarters of 2025, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.38%, 0.36%, 0.35% and 0.31% in the first, second, third and fourth quarters of 2024, respectively, and approximately 0.28% and 0.27% in the first and second quarters of 2025, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were 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 and approximately $43,562 million and $45,113 million in the first and second quarters of 2025, respectively.
(4) Average rates includes the impact of FX swap expense of approximately ($49) million, ($64) million, ($82) million and ($80) million in the first, second, third and fourth quarters of 2024, respectively, and approximately ($83) million and ($42) million in the first and second quarters of 2025, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately 3.54%, 3.49%, 3.52% and 3.27% in the first, second, third and fourth quarters of 2024, respectively, and approximately 3.07% and 2.94% in the first and second quarters of 2025, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.


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 2024 and 2025, adjusted for applicable state income taxes, net of related federal benefit.
			Year-to-Date														% Change
			2024							2025							YTD2025 vs YTD2024
(Dollars in millions; fully-taxable equivalent basis)	Average balance				Average rates			Average balance				Average rates			Average balance
Assets:
Interest-bearing deposits with banks, net	$	89,062			4.36		%	$	95,565			3.29		%	7.3	%
Securities purchased under resale agreements(2)	6,338				10.58			8,447				8.21			33.3
Trading account assets	773				—			773				0.11			—
Investment securities:
Investment securities available-for-sale, net	49,850				5.00			65,585				4.50			31.6
Investment securities held-to-maturity, net	53,358				2.14			45,497				2.09			(14.7)
Total investment securities	103,208				3.52			111,082				3.52			7.6
Loans(3)	38,225				5.84			44,508				5.12			16.4
Other interest-earning assets	20,430				6.92			36,748				5.43			79.9
Total interest-earning assets	258,036				4.59			297,123				4.06			15.1
Cash and due from banks	3,734							4,286							14.8
Other non-interest-earning assets	40,664							44,171							8.6
Total assets	$	302,434						$	345,580						14.3
Liabilities:
Interest-bearing deposits:
U.S.	$	131,004			4.19			$	157,130			3.52			19.9
Non-U.S.	62,927				1.76			70,278				1.48			11.7
Total interest-bearing deposits(4)	193,931				3.41			227,408				2.89			17.3
Securities sold under repurchase agreements	3,263				5.07			3,841				4.49			17.7

Other short-term borrowings	10,694				5.05			11,009				4.58			2.9
Long-term debt	19,319				5.44			24,809				4.99			28.4
Other interest-bearing liabilities	4,591				12.43			4,503				14.37			(1.9)
Total interest-bearing liabilities	231,798				3.85			271,570				3.37			17.2
Non-interest-bearing deposits(5)	25,955							24,530							(5.5)
Other non-interest-bearing liabilities	20,098							22,894							13.9
Preferred shareholders' equity	2,626							3,411							29.9
Common shareholders' equity	21,957							23,175							5.5
Total liabilities and shareholders' equity	$	302,434						$	345,580						14.3

Total deposits			$	219,886						$	251,938						14.6

Excess of rate earned over rate paid					0.74		%					0.69		%
Net interest margin					1.13		%					0.98		%
Net interest income, fully taxable-equivalent basis					$	1,453						$	1,443
Tax-equivalent adjustment					(2)							—
Net interest income, GAAP-basis(4)					$	1,451						$	1,443

(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 $176 billion and $243 billion as of June 30, 2024 and 2025, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.37% and 0.28% for the six months ended June 30, 2024 and 2025, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses as of June 30, 2024 and 2025 was approximately $38,100 million and $44,342 million, respectively.
(4) Average rates include the impact of FX swap cost of approximately ($112) million and ($125) million for the six months ended June 30, 2024 and 2025, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap cost were 3.51% and 3.00% for the six months ended June 30, 2024 and 2025, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.


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

	2Q25
	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	$	43,978	4.53	%	$	30,178	2.19	%	$	6,417	4.32	%	$	17,748	1.39	%	$	98,321	3.23	%
Total investment securities	91,562		3.50		8,427		2.54		6,289		4.50		5,805		4.24		112,083		3.52
Loans	36,459		5.19		6,873		4.31		1,309		6.22		636		5.02		45,277		5.08
Total other interest-earning assets(2)	44,091		5.99		999		1.55		329		3.42		3,548		4.21		48,967		5.76
Total interest-earning assets	$	216,090	4.51		$	46,477	2.55		$	14,344	4.56		$	27,737	2.43		$	304,648	4.02

Total interest-bearing deposits(3)(4)	$	157,056	3.75		$	41,656	1.32		$	12,465	1.95		$	25,400	0.43		$	236,577	2.87

Central Bank Rate(5)			4.50				2.22				4.35

	1Q25
	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	$	42,137	4.52	%	$	25,385	2.71	%	$	5,709	4.68	%	$	19,549	1.30	%	$	92,780	3.36	%
Total investment securities	91,215		3.47		7,339		2.51		5,487		4.52		6,029		4.42		110,070		3.51
Loans	35,740		5.27		6,085		4.54		1,349		6.00		556		3.70		43,730		5.17
Total other interest-earning assets(2)	40,091		6.10		203		2.28		138		3.47		2,504		4.35		42,936		5.97
Total interest-earning assets	$	209,183	4.51		$	39,012	2.96		$	12,683	4.76		$	28,638	2.28		$	289,516	4.09

Total interest-bearing deposits(3)(4)	$	153,068	3.74		$	33,657	1.63		$	10,772	1.94		$	20,642	(0.65)		$	218,139	2.91

Central Bank Rate(5)			4.50				2.76				4.60

	2Q24
	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	$	38,412	5.56	%	$	26,820	3.85	%	$	6,609	5.15	%	$	16,053	1.41	%	$	87,894	4.25	%
Total investment securities	85,209		3.63		8,891		2.68		4,701		4.35		6,297		4.25		105,098		3.62
Loans	31,156		5.82		5,614		5.88		1,239		6.85		694		5.34		38,703		5.85
Total other interest-earning assets(2)	27,570		7.77		135		3.25		51		6.59		2,289		3.87		30,045		7.45
Total interest-earning assets	$	182,347	5.05		$	41,460	3.87		$	12,600	5.04		$	25,333	2.45		$	261,740	4.61

Total interest-bearing deposits(3)(4)	$	128,122	4.45		$	35,166	2.16		$	11,313	1.70		$	21,328	(0.32)		$	195,929	3.36

Central Bank Rate(5)			5.50				3.93				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
	1Q24				2Q24				3Q24				4Q24				1Q25				2Q25
(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
Available-for-sale investment securities:
Government & agency securities	$	25.1	4.44	%	$	31.4	4.73	%	$	35.0	4.89	%	$	35.3	4.59	%	$	41.3	4.29	%	$	42.6	4.15	%
U.S. Treasury direct obligations	9.6		5.11		15.6		5.27		18.7		5.12		20.4		4.95		26.5		4.48		26.4		4.43
Non-U.S. sovereign, supranational and non-U.S. agency	15.5		4.03		15.8		4.20		16.3		4.63		14.9		4.11		14.8		3.96		16.2		3.70
Asset-backed securities	6.9		5.61		7.2		5.68		7.6		5.53		8.1		5.41		7.8		5.09		8.5		4.75






Mortgage-backed securities	5.6		5.44		5.9		5.48		6.2		5.36		6.3		5.36		7.0		5.06		9.2		5.09


CMBS	5.6		5.81		5.4		5.75		5.1		5.81		4.5		5.55		4.3		4.86		4.2		4.74




Other	3.3		4.63		3.3		4.85		3.4		5.12		3.0		5.20		3.0		5.16		3.2		5.14
Total available-for-sale portfolio	$	46.5	4.93		$	53.2	5.06		$	57.3	5.13		$	57.2	4.90		$	63.4	4.57		$	67.7	4.45

	Quarters
	1Q24				2Q24				3Q24				4Q24				1Q25				2Q25
(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
Held-to-maturity investment securities:
Government & agency securities	$	12.7	0.96	%	$	10.8	0.88	%	$	10.1	0.82	%	$	9.3	0.76	%	$	8.6	0.75	%	$	7.2	0.78	%
U.S. Treasury direct obligations	7.4		1.07		6.1		0.90		5.7		0.76		5.4		0.68		5.0		0.66		3.9		0.67
Non-U.S. sovereign, supranational and non-U.S. agency	5.3		0.80		4.7		0.84		4.4		0.90		3.9		0.88		3.6		0.89		3.3		0.92
Asset-backed securities	3.1		6.15		3.0		6.15		2.7		6.21		2.5		5.92		2.4		5.32		2.4		5.17



Mortgage-backed securities	33.8		2.25		32.9		2.23		32.1		2.22		31.1		2.24		30.5		2.22		29.7		2.21


CMBS	5.2		1.93		5.2		1.91		5.2		1.91		5.2		1.90		5.2		1.88		5.1		1.89

Total held-for-maturity portfolio	$	54.8	2.14		$	51.9	2.14		$	50.1	2.12		$	48.1	2.11		$	46.7	2.07		$	44.4	2.11

Total investment securities	$	101.3	3.42		$	105.1	3.62		$	107.4	3.73		$	105.3	3.63		$	110.1	3.51		$	112.1	3.52


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	62		%	21		%	14		%	—		%	2		%	1		%	$	43.3	61.3	%	$	78	94% / 6%
U.S. Treasury direct obligations	100			—			—			—			—			—			26.8		61.9		(17)		100% / 0%
Non-U.S. sovereign, supranational and non-U.S. agency	—			56			38			—			5			1			16.5		38.1		95		85% / 15%
Asset-backed securities	—			94			6			—			—			—			9.1		12.9		15		0% / 100%






Mortgage-backed securities	56			—			44			—			—			—			10.7		15.2		(69)		56% / 44%


CMBS	100			—			—			—			—			—			4.1		5.8		(24)		5% / 95%




Other	—			20			20			52			8			—			3.4		4.8		50		60% / 40%
Total available-for-sale portfolio	53		%	26		%	17		%	2		%	2		%	—		%	$	70.6	100.0	%	$	50	70% / 30%

Fair Value	$	37.0		$	18.5		$	12.1		$	1.7		$	1.1		$	0.2

	Ratings
	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	48		%	33		%	17		%	2		%	—		%	—		%	$	6.4	14.8	%	$	(55)	100% / 0%
U.S. Treasury direct obligations	100			—			—			—			—			—			3.1		48.4		(19)		100% / 0%
Non-U.S. sovereign, supranational and non-U.S. agency	—			64			33			3			—			—			3.3		51.6		(36)		100% / 0%
Asset-backed securities	—			25			70			3			—			2			2.4		5.5		(31)		5% / 95%



Mortgage-backed securities	100			—			—			—			—			—			29.4		67.9		(4,206)		100% / 0%


CMBS	100			—			—			—			—			—			5.1		11.8		(510)		97% / 3%
Total held-for-maturity portfolio	87		%	6		%	6		%	1		%	—		%	—		%	$	43.3	100.0	%	$	(4,802)	94% / 6%

Amortized Cost	$	37.6		$	2.7		$	2.8		$	0.2		$	—		$	—

Total Investment Securities(3)																			$	113.9					79% / 21%


(1) At June 30, 2025, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $36 million, after-tax unrealized loss on securities held-to-maturity of $3,462 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $305 million.
(2) At June 30, 2025, fixed-to-floating rate securities, which excludes the impact of hedges, had a book value of approximately $20 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 June 30, 2025, approximately 84% of our investment portfolio was held in HQLA.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES

	Quarters													% Change
(Dollars in millions)		1Q24		2Q24		3Q24		4Q24		1Q25		2Q25			2Q25 vs. 2Q24		2Q25 vs. 1Q25
Allowance for credit losses:
Beginning balance		$	150	$	146	$	145	$	171	$	183	$	186		27.4	%	1.6	%
Provision for credit losses (funded commitments)		31		12		26		12		11		27			nm		nm
Provision for credit losses (unfunded commitments)		(4)		(2)		—		—		1		2			nm		nm
Provision for credit losses (all other)		—		—		—		—		—		1			nm		nm
Total provision		27		10		26		12		12		30			nm		nm
Charge-offs		(31)		(11)		—		—		(9)		(24)			nm		nm
Ending balance(1)		$	146	$	145	$	171	$	183	$	186	$	192		32.4		3.2

Allowance for credit losses:
Loans		$	135	$	136	$	162	$	174	$	176	$	179		31.6		1.7
Investment securities		1		1		1		—		—		—			nm		—
Unfunded (off-balance sheet) commitments		10		8		8		9		9		11			37.5		22.2
All other		—		—		—		—		1		2			—		nm
Ending balance(1)		$	146	$	145	$	171	$	183	$	186	$	192		32.4		3.2

(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)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25			2Q25 vs. 2Q24		2Q25 vs. 1Q25
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs	$	14,694	$	14,573	$	15,253	$	15,266	$	15,430	$	16,728		14.8	%	8.4	%
Mutual funds	11,552		11,645		12,223		12,301		12,143		12,641			8.6		4.1
Pension products	8,800		8,916		9,339		9,386		9,377		9,679			8.6		3.2
Insurance and other products	8,866		9,178		9,944		9,604		9,783		9,952			8.4		1.7
Total Assets Under Custody and/or Administration	$	43,912	$	44,312	$	46,759	$	46,557	$	46,733	$	49,000		10.6		4.9
By Asset Class:
Equities	$	25,909	$	26,291	$	27,715	$	27,535	$	27,508	$	29,311		11.5		6.6
Fixed-Income	11,368		11,303		12,027		11,933		11,900		12,122			7.2		1.9
Short-term and other investments(2)	6,635		6,718		7,017		7,089		7,325		7,567			12.6		3.3
Total Assets Under Custody and/or Administration	$	43,912	$	44,312	$	46,759	$	46,557	$	46,733	$	49,000		10.6		4.9
By Geographic Location(3):
Americas	$	31,610	$	31,763	$	33,460	$	33,284	$	33,340	$	35,028		10.3		5.1
Europe/Middle East/Africa	9,207		9,406		10,214		10,179		10,303		10,803			14.9		4.9
Asia/Pacific	3,095		3,143		3,085		3,094		3,090		3,169			0.8		2.6
Total Assets Under Custody and/or Administration	$	43,912	$	44,312	$	46,759	$	46,557	$	46,733	$	49,000		10.6		4.9
Assets Under Custody(4)
By Product Classification:
Collective funds, including ETFs	$	12,717	$	12,570	$	13,122	$	13,162	$	13,335	$	14,487		15.3		8.6
Mutual funds	9,309		9,360		9,806		9,887		9,725		10,060			7.5		3.4
Pension products	7,235		7,333		7,693		7,737		7,731		7,975			8.8		3.2
Insurance and other products	2,898		2,898		3,046		3,019		3,046		3,026			4.4		(0.7)
Total Assets Under Custody	$	32,159	$	32,161	$	33,667	$	33,805	$	33,837	$	35,548		10.5		5.1
By Geographic Location(3):
Americas	$	24,241	$	24,211	$	25,386	$	25,491	$	25,407	$	26,705		10.3		5.1
Europe/Middle East/Africa	5,380		5,361		5,715		5,740		5,861		6,215			15.9		6.0
Asia-Pacific	2,538		2,589		2,566		2,574		2,569		2,628			1.5		2.3
Total Assets Under Custody	$	32,159	$	32,161	$	33,667	$	33,805	$	33,837	$	35,548		10.5		5.1

(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)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25			2Q25 vs. 2Q24		2Q25 vs. 1Q25
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	51	$	51	$	54	$	52	$	52	$	55		7.8	%	5.8	%
Passive	2,661		2,708		2,923		2,955		2,849		3,163			16.8		11.0
Total Equity	2,712		2,759		2,977		3,007		2,901		3,218			16.6		10.9
Fixed-Income:
Active	27		28		30		31		30		30			7.1		—
Passive	551		555		593		585		603		670			20.7		11.1
Total Fixed-Income	578		583		623		616		633		700			20.1		10.6
Cash(1)	481		483		543		518		518		525			8.7		1.4
Multi-Asset-Class Solutions:
Active	23		22		23		23		24		26			18.2		8.3
Passive	312		327		352		351		366		423			29.4		15.6
Total Multi-Asset-Class Solutions	335		349		375		374		390		449			28.7		15.1
Alternative Investments(2):
Active	11		10		10		10		10		10			—		—
Passive(3)	182		185		204		190		213		215			16.2		0.9
Total Alternative Investments	193		195		214		200		223		225			15.4		0.9
Total Assets Under Management	$	4,299	$	4,369	$	4,732	$	4,715	$	4,665	$	5,117		17.1		9.7
By Geographic Location(4):
Americas	$	3,154	$	3,195	$	3,448	$	3,468	$	3,431	$	3,713		16.2		8.2
Europe/Middle East/Africa	635		665		728		713		690		771			15.9		11.7
Asia-Pacific	510		509		556		534		544		633			24.4		16.4
Total Assets Under Management	$	4,299	$	4,369	$	4,732	$	4,715	$	4,665	$	5,117		17.1		9.7

(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)	$	74	$	77	$	91	$	90	$	114	$	124		61.0	%	8.8	%

Equity	1,131		1,157		1,253		1,310		1,252		1,374			18.8		9.7
Fixed-Income	155		159		171		177		187		191			20.1		2.1
Multi-Asset	1		1		1		1		1		1			—		—
Total Exchange-Traded Funds	$	1,361	$	1,394	$	1,516	$	1,578	$	1,554	$	1,690		21.2		8.8

(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 June 30,
	Investment Servicing										% Change							Investment Management										% Change						Other(1)									% Change				Total									% Change
(Dollars in millions)	2Q24			1Q25			2Q25				2Q25 vs. 2Q24			2Q25 vs. 1Q25				2Q24				1Q25			2Q25			2Q25 vs. 2Q24		2Q25 vs. 1Q25				2Q24			1Q25				2Q25		2Q25 vs. 2Q24		2Q25 vs. 1Q25		2Q24			1Q25			2Q25			2Q25 vs. 2Q24		2Q25 vs. 1Q25
Servicing fees	$	1,239		$	1,275		$	1,304			5.2		%	2.3		%		$	—			$	—		$	—		—	%	—		%		$	—		$	—			$	—	—	%	—	%	$	1,239		$	1,275		$	1,304		5.2	%	2.3	%
Management fees	—			—			—				—			—				511				562			562			10.0		—				—			—				—		—		—		511			562			562			10.0		—
Foreign exchange trading services	304			337			390				28.3			15.7				32				25			38			18.8		52.0				—			—				3		nm		—		336			362			431			28.3		19.1
Securities finance	101			108			119				17.8			10.2				7				6			7			—		16.7				—			—				—		—		—		108			114			126			16.7		10.5
Software and processing fees	214			225			254				18.7			12.9				—				—			—			—		—				—			—				(24)		nm		—		214			225			230			7.5		2.2
Other fee revenue	36			34			51				41.7			50.0				12				(2)			15			25.0		nm				—			—				—		—		—		48			32			66			37.5		nm
Total fee revenue	1,894			1,979			2,118				11.8			7.0				562				591			622			10.7		5.2				—			—				(21)		nm		—		2,456			2,570			2,719			10.7		5.8
Net interest income	730			709			726				(0.5)			2.4				5				5			3			(40.0)		(40.0)				—			—				—		—		—		735			714			729			(0.8)		2.1

Total revenue	2,624			2,688			2,844				8.4			5.8				567				596			625			10.2		4.9				—			—				(21)		nm		—		3,191			3,284			3,448			8.1		5.0
Provision for credit losses	10			12			30				nm			nm				—				—			—			—		—				—			—				—		—		—		10			12			30			nm		nm
Total expenses	1,880			2,019			1,995				6.1			(1.2)				388				431			417			7.5		(3.2)				1			—				117		nm		—		2,269			2,450			2,529			11.5		3.2
Income before income tax expense	$	734		$	657		$	819			11.6			24.7				$	179			$	165		$	208		16.2		26.1				$	(1)		$	—			$	(138)	nm		—		$	912		$	822		$	889		(2.5)		8.2
Pre-tax margin	28.0		%	24.5		%	28.8		%		0.8		%	4.3		%	pts	31.6		%		27.7		%	33.3		%	1.7	%	5.6		%	pts														28.6		%	25.0		%	25.8		%	(2.8)	%	0.8	%	pts

	Six Months Ended June 30,
	Investment Servicing						% Change				Investment Management							% Change				Other(1)						% Change		Total							% Change
(Dollars in millions)	2024			2025			YTD2025 vs. YTD2024				2024			2025				YTD2025 vs. YTD2024				2024			2025			YTD2025 vs. YTD2024		2024				2025			YTD2025 vs. YTD2024
Servicing fees	$	2,467		$	2,579		4.5		%		$	—		$	—			—		%		$	—		$	—		—	%	$	2,467			$	2,579		4.5		%
Management fees	—			—			—				1,021			1,124				10.1				—			—			—		1,021				1,124			10.1
Foreign exchange trading services	612			727			18.8				55			63				14.5				—			3			nm		667				793			18.9
Securities finance	191			227			18.8				13			13				—				—			—			—		204				240			17.6
Software and processing fees	421			479			13.8				—			—				—				—			(24)			nm		421				455			8.1
Other fee revenue	79			85			7.6				19			13				(31.6)				—			—			—		98				98			—
Total fee revenue	3,770			4,097			8.7				1,108			1,213				9.5				—			(21)			nm		4,878				5,289			8.4
Net interest income	1,441			1,435			(0.4)				10			8				(20.0)				—			—			—		1,451				1,443			(0.6)

Total revenue	5,211			5,532			6.2				1,118			1,221				9.2				—			(21)			nm		6,329				6,732			6.4
Provision for loan losses	37			42			13.5				—			—				—				—			—			—		37				42			13.5
Total expenses	3,843			4,014			4.4				808			848				5.0				131			117			(10.7)		4,782				4,979			4.1
Income before income tax expense	$	1,331		$	1,476		10.9				$	310		$	373			20.3				$	(131)		$	(138)		5.3		$	1,510			$	1,711		13.3
Pre-tax margin	25.5		%	26.7		%	1.2		%	pts	27.7		%	30.5		%		2.8		%	pts									23.9		%		25.4		%	1.5		%	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)	1Q24			2Q24			3Q24			4Q24			1Q25			2Q25				1Q24			2Q24			3Q24			4Q24			1Q25			2Q25
Ratios and Supporting Calculations:







Common equity tier 1 capital	$	13,167		$	13,346		$	14,071		$	13,799		$	14,362		$	14,791			$	13,167		$	13,346		$	14,071		$	13,799		$	14,362		$	14,791
Total risk-weighted assets	112,161			111,224			112,795			114,602			114,274			118,652				118,613			119,244			121,137			126,281			130,208			137,677
Common equity tier 1 risk-based capital ratio	11.7		%	12.0		%	12.5		%	12.0		%	12.6		%	12.5		%		11.1		%	11.2		%	11.6		%	10.9		%	11.0		%	10.7		%

Tier 1 capital	$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350			$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350
Tier 1 risk-based capital ratio	13.9		%	14.2		%	15.0		%	14.5		%	15.7		%	15.5		%		13.2		%	13.3		%	13.9		%	13.2		%	13.8		%	13.3		%

Total capital	$	17,504		$	17,682		$	18,754		$	18,476		$	19,799		$	20,226			$	17,650		$	17,827		$	18,925		$	18,659		$	19,978		$	20,418
Total risk-based capital ratio	15.6		%	15.9		%	16.6		%	16.1		%	17.3		%	17.0		%		14.9		%	15.0		%	15.6		%	14.8		%	15.3		%	14.8		%

Tier 1 capital	$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350			$	15,635		$	15,814		$	16,887		$	16,615		$	17,921		$	18,350
Adjusted average assets (Tier 1)(3)	289,772			297,350			305,699			318,470			328,520			344,822				289,772			297,350			305,699			318,470			328,520			344,822
Tier 1 leverage ratio	5.4		%	5.3		%	5.5		%	5.2		%	5.5		%	5.3		%		5.4		%	5.3		%	5.5		%	5.2		%	5.5		%	5.3		%

On-and off-balance sheet leverage exposure	$	249,668		$	261,135		$	273,809		$	278,344		$	286,035		$	300,585			$	249,668		$	261,135		$	273,809		$	278,344		$	286,035		$	300,585
Less: regulatory deductions	(8,798)			(8,948)			(8,941)			(8,711)			(8,771)			(8,957)				(8,798)			(8,948)			(8,941)			(8,711)			(8,771)			(8,957)
Leverage exposure (SLR)	240,870			252,187			264,868			269,633			277,264			291,628				240,870			252,187			264,868			269,633			277,264			291,628
Supplementary leverage ratio(4)	6.5		%	6.3		%	6.4		%	6.2		%	6.5		%	6.3		%		6.5		%	6.3		%	6.4		%	6.2		%	6.5		%	6.3		%

(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 June 30, 2025 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 June 30, 2025 are estimates.
(3) Adjusted average assets (Tier 1) 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)	1Q24			2Q24			3Q24			4Q24			1Q25			2Q25
Tangible common equity - period end:
Total shareholders' equity	$	24,433		$	24,762		$	25,828		$	25,326		$	26,692		$	27,307
Less:
Preferred stock	2,468			2,468			2,816			2,816			3,559			3,559
Common shareholders' equity	21,965			22,294			23,012			22,510			23,133			23,748
Less:
Goodwill	7,582			7,751			7,833			7,691			7,763			7,918
Other intangible assets	1,258			1,209			1,166			1,089			1,046			1,014
Plus related deferred tax liabilities	460			461			467			459			465			479
Tangible common shareholders' equity - Non-GAAP	$	13,585		$	13,795		$	14,480		$	14,189		$	14,789		$	15,295

Total common shares outstanding - period end (in thousands)	301,504			299,231			294,191			288,766			288,676			285,562
Book value per common share	$	72.85		$	74.50		$	78.22		$	77.95		$	80.13		$	83.16
Tangible book value per common share - Non-GAAP	45.06			46.10			49.22			49.14			51.23			53.56

	Quarters																		Year-to-Date
(Dollars in millions, except where otherwise noted)	1Q24			2Q24			3Q24			4Q24			1Q25			2Q25				2024			2025
Tangible common equity - average:
Average common shareholders' equity	$	21,850		$	22,061		$	22,691		$	22,744		$	22,847		$	23,496			$	21,957		$	23,175
Less:
Average goodwill	7,589			7,750			7,798			7,745			7,717			7,854				7,670			7,786
Average other intangible assets	1,287			1,230			1,187			1,121			1,065			1,029				1,259			1,047
Plus related deferred tax liabilities	460			460			464			463			462			472				461			467
Average tangible common shareholders' equity - Non-GAAP	$	13,434		$	13,541		$	14,170		$	14,341		$	14,527		$	15,085			$	13,489		$	14,809

Net income available to common shareholders	$	418		$	655		$	682		$	728		$	597		$	630			$	1,073		$	1,227
Net income available to common shareholders, excluding notable items(1)	517			655			682			769			597			733				1,172			1,330


Return on average tangible common equity - Non-GAAP(2)	12.4		%	19.3		%	19.3		%	20.3		%	16.4		%	16.7		%		15.9		%	16.6		%
Return on average tangible common equity, excluding notable items - Non-GAAP(2)(3)	15.4			19.3			19.3			21.4			16.4			19.4				17.4			18.0



(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)		1Q24		2Q24		3Q24		4Q24		1Q25		2Q25		2Q25 vs. 2Q24			2Q25 vs. 1Q25			2024		2025		YTD2025 vs. YTD2024
Fee Revenue:
Total fee revenue, GAAP-basis		$	2,422	$	2,456	$	2,616	$	2,662	$	2,570	$	2,719	10.7	%		5.8	%		$	4,878	$	5,289	8.4	%
Less: Notable items:
Foreign exchange trading services(1)		—		—		(15)		—		—		(3)		nm			nm			—		(3)		nm
Client rescoping (revenue impact)(2)		—		—		—		—		—		24		nm			nm			—		24		nm
Other fee revenue(3)		—		—		(66)		—		—		—		—			—			—		—		—

Total fee revenue, excluding notable items		$	2,422	$	2,456	$	2,535	$	2,662	$	2,570	$	2,740	11.6			6.6			$	4,878	$	5,310	8.9

Total Revenue:
Total revenue, GAAP-basis		$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,448	8.1	%		5.0	%		$	6,329	$	6,732	6.4	%
Less: Notable items:
Foreign exchange trading services(1)		—		—		(15)		—		—		(3)		nm			nm			—		(3)		nm
Client rescoping (revenue impact)(2)		—		—		—		—		—		24		nm			nm			—		24		nm
Other fee revenue(3)		—		—		(66)		—		—		—		—			—			—		—		—
(Gains) losses related to investment securities, net(4)		—		—		81		—		—		—		—			—			—		—		—
Total revenue, excluding notable items		$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,469	8.7			5.6			$	6,329	$	6,753	6.7

Expenses:
Total expenses, GAAP-basis		$	2,513	$	2,269	$	2,308	$	2,440	$	2,450	$	2,529	11.5	%		3.2	%		$	4,782	$	4,979	4.1	%
Less: Notable items:

Deferred compensation expense acceleration(5)		—		—		—		(79)		—		—		—			—			—		—		—

Repositioning charges(6)		—		—		—		2		—		(100)		nm			nm			—		(100)		nm
Client rescoping (expense impact)(2)		—		—		—		—		—		(18)		nm			nm			—		(18)		nm
FDIC special assessment(7)		(130)		—		—		31		—		—		nm			nm			(130)		—		nm
Other notable items(8)		—		—		—		(12)		—		1		nm			nm			—		1		nm
Total expenses, excluding notable items		2,383		2,269		2,308		2,382		2,450		2,412		6.3			(1.6)			4,652		4,862		4.5
Seasonal expenses		(162)		—		—		—		(155)		—		—			nm			(162)		(155)		(4.3)
Total expenses, excluding notable items and seasonal expenses		$	2,221	$	2,269	$	2,308	$	2,382	$	2,295	$	2,412	6.3			5.1			$	4,490	$	4,707	4.8

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis		$	2,422	$	2,456	$	2,616	$	2,662	$	2,570	$	2,719	10.71	%		5.80	%		$	4,878	$	5,289	8.43	%
Total expenses, GAAP-basis		2,513		2,269		2,308		2,440		2,450		2,529		11.46			3.22			4,782		4,979		4.12
Fee operating leverage, GAAP-basis(9)														(75)		bps	258		bps					431		bps

Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)		$	2,422	$	2,456	$	2,535	$	2,662	$	2,570	$	2,740	11.56	%		6.61	%		$	4,878	$	5,310	8.86	%
Total expenses, excluding notable items (as reconciled above)		2,383		2,269		2,308		2,382		2,450		2,412		6.30			(1.55)			4,652		4,862		4.51
Fee operating leverage, excluding notable items(10)														526		bps	816		bps					435		bps

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis		$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,448	8.05	%		4.99	%		$	6,329	$	6,732	6.37	%
Total expenses, GAAP-basis		2,513		2,269		2,308		2,440		2,450		2,529		11.46			3.22			4,782		4,979		4.12
Operating leverage, GAAP-basis(11)														(341)		bps	177		bps					225		bps


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)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25		2Q25 vs. 2Q24			2Q25 vs. 1Q25			2024		2025		YTD2025 vs. YTD2024
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)	$	3,138	$	3,191	$	3,259	$	3,412	$	3,284	$	3,469	8.71	%		5.63	%		$	6,329	$	6,753	6.70	%
Total expenses, excluding notable items (as reconciled above)	2,383		2,269		2,308		2,382		2,450		2,412		6.30			(1.55)			4,652		4,862		4.51
Operating leverage, excluding notable items(12)													241		bps	718		bps					219		bps
















Income before income tax expense:
Income before income tax expense GAAP-basis	$	598	$	912	$	925	$	960	$	822	$	889	(2.5)	%		8.2	%		$	1,510	$	1,711	13.3	%
Less: Notable items
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)								—		(3)
Client rescoping (revenue impact)(2)	—		—		—		—		—		24								—		24
Other fee revenue(3)	—		—		(66)		—		—		—								—		—
(Gains) losses related to investment securities, net(4)	—		—		81		—		—		—								—		—

Deferred compensation expense acceleration(5)	—		—		—		79		—		—								—		—
Repositioning charges(6)	—		—		—		(2)		—		100								—		100
Client rescoping (expense impact)(2)	—		—		—		—		—		18								—		18
FDIC special assessment(7)	130		—		—		(31)		—		—								130		—
Other notable items(8)	—		—		—		12		—		(1)								—		(1)
Income before income tax expense, excluding notable items	$	728	$	912	$	925	$	1,018	$	822	$	1,027	12.6			24.9			$	1,640	$	1,849	12.7


Net Income:
Net Income GAAP-basis	$	463	$	711	$	730	$	783	$	644	$	693	(2.5)	%		7.6	%		$	1,174	$	1,337	13.9	%
Less: Notable items
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)								—		(3)
Client rescoping (revenue impact)(2)	—		—		—		—		—		24								—		24
Other fee revenue(3)	—		—		(66)		—		—		—								—		—
(Gains) losses related to investment securities, net(4)	—		—		81		—		—		—								—		—

Deferred compensation expense acceleration(5)	—		—		—		79		—		—								—		—
Repositioning charges(6)	—		—		—		(2)		—		100								—		100
Client rescoping (expense impact)(2)	—		—		—		—		—		18								—		18
FDIC special assessment(7)	130		—		—		(31)		—		—								130		—

Other notable items(8)	—		—		—		12		—		(1)								—		(1)
Tax impact of notable items	(31)		—		—		(17)		—		(35)								(31)		(35)
Net Income, excluding notable items	$	562	$	711	$	730	$	824	$	644	$	796	12.0			23.6			$	1,273	$	1,440	13.1

Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis	$	418	$	655	$	682	$	728	$	597	$	630	(3.8)	%		5.5	%		$	1,073	$	1,227	14.4	%
Less: Notable items
Foreign exchange trading services(1)	—		—		(15)		—		—		(3)								—		(3)
Client rescoping (revenue impact)(2)	—		—		—		—		—		24								—		24
Other fee revenue(3)	—		—		(66)		—		—		—								—		—
(Gains) losses related to investment securities, net(4)	—		—		81		—		—		—								—		—

Deferred compensation expense acceleration(5)	—		—		—		79		—		—								—		—
Repositioning charges(6)	—		—		—		(2)		—		100								—		100
Client rescoping (expense impact)(2)	—		—		—		—		—		18								—		18
FDIC special assessment(7)	130		—		—		(31)		—		—								130		—

Other notable items(8)	—		—		—		12		—		(1)								—		(1)
Tax impact of notable items	(31)		—		—		(17)		—		(35)								(31)		(35)
Net Income Available to Common Shareholders, excluding notable items	$	517	$	655	$	682	$	769	$	597	$	733	11.9			22.8			$	1,172	$	1,330	13.5


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)	1Q24			2Q24			3Q24			4Q24			1Q25			2Q25			2Q25 vs. 2Q24			2Q25 vs. 1Q25			2024			2025			YTD2025 vs. YTD2024
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis	$	1.37		$	2.15		$	2.26		$	2.46		$	2.04		$	2.17		0.9	%		6.4	%		$	3.52		$	4.21		19.6	%
Less: Notable items
Foreign exchange trading services(1)	—			—			(0.04)			—			—			(0.01)									—			(0.01)
Client rescoping (revenue impact)(2)	—			—			—			—			—			0.06									—			0.06
Other fee revenue(3)	—			—			(0.16)			—			—			—									—			—
(Gains) losses related to investment securities, net(4)	—			—			0.20			—			—			—									—			—

Deferred compensation expense acceleration(5)	—			—			—			0.20			—			—									—			—
Repositioning charges(6)	—			—			—			(0.01)			—			0.26									—			0.26
Client rescoping (expense impact)(2)	—			—			—			—			—			0.05									—			0.05
FDIC special assessment(7)	0.32			—			—			(0.08)			—			—									0.32			—

Other notable items(8)	—			—			—			0.03			—			—									—			—
Diluted earnings per share, excluding notable items	$	1.69		$	2.15		$	2.26		$	2.60		$	2.04		$	2.53		17.7			24.0			$	3.84		$	4.57		19.0
























Pre-tax Margin:
Pre-tax margin, GAAP-basis(13)	19.1		%	28.6		%	28.4		%	28.1		%	25.0		%	25.8		%	(2.8)	%	pts	0.8	%	pts	23.9		%	25.4		%	1.5	%	pts
Less: Notable items
Foreign exchange trading services(1)	—			—			(0.3)			—			—			(0.1)									—			—
Client rescoping (revenue impact)(2)	—			—			—			—			—			0.7									—			0.3
Other fee revenue(3)	—			—			(1.1)			—			—			—									—			—
(Gains) losses related to investment securities, net(4)	—			—			1.4			—			—			—									—			—

Deferred compensation expense acceleration(5)	—			—			—			2.3			—			—									—			—
Repositioning charges(6)	—			—			—			(0.1)			—			2.7									—			1.4
Client rescoping (expense impact)(2)	—			—			—			—			—			0.5									—			0.3
FDIC special assessment(7)	4.1			—			—			(0.9)			—			—									2.0			—
Other notable items(8)	—			—			—			0.4			—			—									—			—
Pre-tax margin, excluding notable items	23.2		%	28.6		%	28.4		%	29.8		%	25.0		%	29.6		%	1.0			4.6			25.9		%	27.4		%	1.5

Return on Average Common Equity:
Return on average common equity, GAAP-basis	7.7		%	11.9		%	12.0		%	12.7		%	10.6		%	10.8		%	(1.1)	%	pts	0.2	%	pts	9.8		%	10.7		%	0.9	%	pts
Less: Notable items
Foreign exchange trading services(1)	—			—			(0.3)			—			—			(0.1)									—			—
Client rescoping (revenue impact)(2)	—			—			—			—			—			0.4									—			0.2
Other fee revenue(3)	—			—			(1.1)			—			—			—									—			—
(Gains) losses related to investment securities, net(4)	—			—			1.4			—			—			—									—			—

Deferred compensation expense acceleration(5)	—			—			—			1.5			—			—									—			—
Repositioning charges(6)	—			—			—			—			—			1.7									—			0.8
Client rescoping (expense impact)(2)	—			—			—			—			—			0.3									—			0.2
FDIC special assessment(7)	2.4			—			—			(0.6)			—			—									1.2			—

Other notable items(8)	—			—			—			0.2			—			—									—			—
Tax impact of notable items	(0.6)			—			—			(0.3)			—			(0.6)									(0.3)			(0.3)
Return on average common equity, excluding notable items	9.5		%	11.9		%	12.0		%	13.5		%	10.6		%	12.5		%	0.6			1.9			10.7		%	11.6		%	0.9


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)	1Q24		2Q24		3Q24		4Q24		1Q25		2Q25		2Q25 vs. 2Q24			2Q25 vs. 1Q25			2024		2025		YTD2025 vs. YTD2024
Effective Tax Rate:
Effective tax rate, GAAP-basis	22.5	%	22.1	%	21.1	%	18.4	%	21.7	%	22.0	%	(0.1)	%	pts	0.3	%	pts	22.3	%	21.9	%	(0.4)	%	pts
Less: Notable items
Foreign exchange trading services(1)	—		—		—		—		—		—								—		—
Client rescoping (revenue impact)(2)	—		—		—		—		—		0.1								—		—
Other fee revenue(3)	—		—		(0.1)		—		—		—								—		—
(Gains) losses related to investment securities, net(4)	—		—		0.1		—		—		—								—		—

Deferred compensation expense acceleration(5)	—		—		—		0.7		—		—								—		—
Repositioning charges(6)	—		—		—		—		—		0.4								—		0.2
Client rescoping (expense impact)(2)	—		—		—		—		—		—								—		—
FDIC special assessment(7)	0.3		—		—		(0.3)		—		—								0.1		—
Other notable items(8)	—		—		—		0.1		—		—								—		—
Effective tax rate, excluding notable items	22.8	%	22.1	%	21.1	%	18.9	%	21.7	%	22.5	%	0.4			0.8			22.4	%	22.1	%	(0.3)










(1) Amounts in both 2024 and 2025 consist of a 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 related to a client rescoping which decreased income before income taxes by $42 million, of which $24 million is reflected in front office software and data revenue and $18 million is reflected in information systems and communications expenses.
(3) Amount consists of a $66 million gain on sale of equity investment, which is reflected in other fee revenue.
(4) Amount consists of a $81 million loss on the sale of investment securities, which is related to the repositioning of the investment portfolio reflected in other income.

(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 2025 includes $100 million of compensation and benefits expenses related to workforce rationalization consistent with the strategic focus on operating model transformation to drive further operating efficiency and productivity gains over time and the 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.
(7) Amounts related to the FDIC special assessment and subsequent true-up reflected in other expenses.
(8) Amounts include a $12 million charge in 2024 and subsequent true-up in 2025 associated with operating model changes which are reflected in other expenses.
(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.

(13) GAAP- basis pre-tax margin for the first quarter of 2025 of 25.0% included seasonal expenses of $155 million as shown on page 17. Excluding seasonable expenses, pre-tax margin for the first quarter of 2025 was 29.8%.


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

(Dollars in millions)			2021			2022			2023			2024
Total revenue:
Total revenue, GAAP-basis			$	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			11,916			12,125			12,239			13,000

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

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

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

Pre-tax margin, excluding notable items			27.6		%	28.4		%	26.4		%	27.6		%
Pre-tax margin, GAAP-basis			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)	2Q24		1Q25		2Q25		2Q25 vs. 2Q24		2Q25 vs. 1Q25			2Q25 vs. 2Q24		2Q25 vs. 1Q25		2Q25 vs. 2Q24		2Q25 vs. 1Q25
GAAP-Basis Results:
Fee revenue:


Servicing fees	$	1,239	$	1,275	$	1,304	$	15	$	24		$	1,289	$	1,280	4.0	%	0.4	%
Management fees	511		562		562		3		4			559		558		9.4		(0.7)
Foreign exchange trading services	336		362		431		—		—			431		431		28.3		19.1
Securities finance	108		114		126		—		—			126		126		16.7		10.5
Front office software and data	152		158		169		1		1			168		168		10.5		6.3
Lending related and other fees	62		67		61		—		—			61		61		(1.6)		(9.0)
Software and processing fees	214		225		230		1		1			229		229		7.0		1.8
Other fee revenue	48		32		66		1		—			65		66		35.4		nm
Total fee revenue	2,456		2,570		2,719		20		29			2,699		2,690		9.9		4.7
Net interest income	735		714		729		13		20			716		709		(2.6)		(0.7)

Total revenue	$	3,191	$	3,284	$	3,448	$	33	$	49		$	3,415	$	3,399	7.0		3.5

Expenses:
Compensation and employee benefits	$	1,099	$	1,262	$	1,280	$	16	$	25		$	1,264	$	1,255	15.0		(0.6)
Information systems and communications	454		497		523		2		2			521		521		14.8		4.8
Transaction processing services	250		258		260		3		4			257		256		2.8		(0.8)
Occupancy	106		103		105		2		3			103		102		(2.8)		(1.0)

Amortization of other intangible assets	60		54		56		1		1			55		55		(8.3)		1.9
Other	300		276		305		2		4			303		301		1.0		9.1
Total expenses	$	2,269	$	2,450	$	2,529	$	26	$	39		$	2,503	$	2,490	10.3		1.6

Total expenses, excluding notable items - Non-GAAP	$	2,269	$	2,450	$	2,412	$	26	$	39		$	2,386	$	2,373	5.2		(3.1)
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	1,170		1,188		1,232		10		14			1,222		1,218		4.4		2.5


GAAP-Basis YTD Comparison	Reported				Currency Translation Impact		Excluding Currency Impact		% Change Constant Currency
(Dollars in millions)	2024		2025		YTD2025 vs. YTD2024		2025		YTD2025 vs. YTD2024
GAAP-Basis Results:
Fee revenue:


Servicing fees	$	2,467	$	2,579	$	4	$	2,575	4.4		%
Management fees	1,021		1,124		1		1,123		10.0
Foreign exchange trading services	667		793		—		793		18.9
Securities finance	204		240		—		240		17.6
Front office software and data	296		327		1		326		10.1
Lending related and other fees	125		128		—		128		2.4
Software and processing fees	421		455		1		454		7.8
Other fee revenue	98		98		—		98		—
Total fee revenue	4,878		5,289		6		5,283		8.3
Net interest income	1,451		1,443		—		1,443		(0.6)

Total revenue	$	6,329	$	6,732	$	6	$	6,726	6.3

Expenses:
Compensation and employee benefits	$	2,351	$	2,542	$	3	$	2,539	8.0
Information systems and communications	886		1,020		1		1,019		15.0
Transaction processing services	498		518		1		517		3.8
Occupancy	209		208		—		208		(0.5)

Amortization of other intangible assets	120		110		—		110		(8.3)
Other	718		581		1		580		(19.2)
Total expenses	$	4,782	$	4,979	$	6	$	4,973	4.0

Total expenses, excluding notable items - Non-GAAP	$	4,652	$	4,862	$	6	$	4,856	4.4
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	2,301		2,420		3		2,417		5.0

(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 $1,180 million in the second quarter of 2025, $1,262 million in the first quarter of 2025 and $1,099 million in the second quarter of 2024.
nm Denotes not meaningful

1 NYSE: STT July 15, 2025 Exhibit 99.3

2A Ex-notables is a non-GAAP presentation; 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 27. All comparisons are to corresponding prior year period unless otherwise noted. See note A below for a description of ex-notables presentation. Financial performance • Total revenue of $3.4B, up 8%; up 9% ex-notables; Fee revenue of $2.7B, up 11%; up 12% ex-notables • Total expenses of $2.5B, up 11%; up 6% ex-notables • Operating leverage of (341)bps; 241bps ex-notables; Fee operating leverage of (75)bps; 526bps ex-notables • Pre-tax margin of 26%; 30% ex-notables; ROE of 11%; 13% ex-notables; ROTCE of 17%; 19% ex-notables • EPS of $2.17, up 1%; $2.53, up 18% ex-notables Business momentum Investment Servicing • Record AUC/A of $49.0T at quarter-end; AUC/A wins of $1,093B and AUC/A yet to be installed of $4.0T1 • New servicing fee revenue wins of $145M primarily related to back office2 • Reported 2 new State Street Alpha® mandates; 3 Alpha clients went live in 2Q25, resulting in a total of 28 live clients to-date1 Investment Management • Record AUM of $5.1T at quarter-end with total net inflows of $82B, including record Institutional net inflows of $68B1 • Continued ETF momentum and market share gains in U.S. Low Cost ETF suite, as well as net inflows across Gold, SPY, EMEA, and U.S. Fixed Income1 • Continued product innovation with 39 new products launched in 2Q25 and 56 new products launched YTD Markets • Record quarterly FX trading volumes, up 17% Balance sheet and capital • Returned $517M to common shareholders, including $300M of share repurchases and $217M of declared dividends • Announced a planned 11% increase to 3Q25 per share quarterly common stock dividend to $0.84, subject to Board approval3 • CET1 ratio of 10.7% and State Street Bank and Trust LCR of 136% at quarter-end4,5 • Strong performance under Federal Reserve supervisory stress test, preliminary SCB maintained at 2.5% floor6

3 Repositioning charge of $100M • $100M related to Compensation and employee benefits primarily from workforce rationalization Client rescoping • Revenue impact: $(24)M Alpha-related client rescoping reflected in Front office software and data in Professional services • Expense impact: $18M Alpha-related client rescoping reflected in Information systems and communications Other notable items of $4M • $4M representing a revenue-related recovery of $3M associated with the settlement of proceeds from a 2018 FX benchmark litigation resolution reflected in FX trading services revenue, and a $1M release of a prior period notable item reflected in Other expenses A These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. ($M, except EPS data) 2Q24 1Q25 2Q25 Repositioning charge - - ($100) Client rescoping Revenue impact - - (24) Expense impact - - (18) Other notable items - - 4 Total notable items (pre-tax) - - ($138) Income tax impact from notable items - - (35) EPS impact - - ($0.36) QuartersA

4 Key drivers A Ex-notables is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. B Other fee revenue primarily consists of income from equity investments, certain tax-advantaged investments and market-related adjustments. Other fee revenue increased $18M YoY largely driven by higher equity investment income. Other fee revenue increased $34M QoQ largely due to higher equity investment income and fair value adjustments on equity investments. Financial results (GAAP; $M, except EPS data, or where otherwise noted) 2Q24 1Q25 2Q25 1Q25 2Q24 Revenue: Servicing fees $1,239 $1,275 $1,304 2% 5% Management fees 511 562 562 - 10 Foreign exchange trading services 336 362 431 19 28 Securities finance 108 114 126 11 17 Software and processing fees 214 225 230 2 7 Other fee revenueB 48 32 66 nm 38 Total fee revenue 2,456 2,570 2,719 6 11 Net interest income 735 714 729 2 (1) Total revenue $3,191 $3,284 $3,448 5% 8% Provision for credit losses 10 12 30 nm nm Total expenses $2,269 $2,450 $2,529 3% 11% Net income before income taxes $912 $822 $889 8% (3)% Net income $711 $644 $693 8% (3)% Diluted earnings per share $2.15 $2.04 $2.17 6% 1% Return on average common equity 11.9% 10.6% 10.8% 0.2%pts (1.1)%pts Return on average tangible common equityA 19.3% 16.4% 16.7% 0.3%pts (2.6)%pts Pre-tax margin 28.6% 25.0% 25.8% 0.8%pts (2.8)%pts Tax rate 22.1% 21.7% 22.0% 0.3%pts (0.1)%pts Ex-notable items, non-GAAP A: Total revenue $3,191 $3,284 $3,469 6% 9% Total expenses $2,269 $2,450 $2,412 (2)% 6% Diluted earnings per share $2.15 $2.04 $2.53 24% 18% Return on average common equity 11.9% 10.6% 12.5% 1.9%pts 0.6%pts Return on average tangible common equity 19.3% 16.4% 19.4% 3.0%pts 0.1%pts Pre-tax margin 28.6% 25.0% 29.6% 4.6%pts 1.0%pts Tax rate 22.1% 21.7% 22.5% 0.8%pts 0.4%pts Quarters %∆ • Total revenue of $3.4B, up 8%; up 9% ex-notables – Fee revenue of $2.7B, up 11%; up 12% ex-notables reflecting broad-based strength across the franchise – NII of $729M, down (1)% primarily driven by lower average short-end rates and deposit mix shift, partially offset by continued loan growth and securities portfolio repricing • Total expenses of $2.5B, up 11%; up 6% ex-notables which includes higher performance-based incentive compensation and other revenue-related costs (~2%pts), higher technology and infrastructure investments (~2%pts), and an impact from currency translation (~1%pts) All comparisons are to corresponding prior year period unless otherwise noted. See note A below for a description of ex-notables presentation.

5 AUC/A ($T, as of period-end) 1 Market indices7 • Up 11% YoY and 5% QoQ mainly due to higher quarter-end market levels, flows, and the impact of currency translation • Up 17% YoY and 10% QoQ mainly driven by higher quarter-end market levels and net inflows AUM ($T, as of period-end) 1 +10% 2Q24 1Q25 2Q25 $4.4 $4.7 $5.1 +17% A Line items may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 27. +5% $44.3 $46.7 $49.0 2Q24 1Q25 2Q25 +11% 2Q25 vs. 2Q24 1Q25 Equity & Bond Indices (End of Period): S&P 500 14% 11% MSCI EAFE 15 11 MSCI EM 13 11 MSCI ACWI 14 11 Bloomberg Global Agg 9 5 Equity & Bond Indices (Daily Average): S&P 500 9% (3)% MSCI EAFE 8 5 MSCI EM 7 3 MSCI ACWI 9 (0) Bloomberg Global Agg 7 4 Volatility Indices (Daily Average): VIX 69% 27% JPM G7 FX 29 9 JPM EM FX 22 4

6 Servicing fees of $1,304M up 5% YoY and up 2% QoQ • Up 5% YoY primarily driven by higher average market levels, net new business, client activity, and the impact of currency translation, partially offset by normal pricing headwinds • Up 2% QoQ mainly due to higher average market levels, client activity, and the impact of currency translation Servicing fees ($M) 2Q25 performance 2Q24 3Q24 4Q24 1Q25 2Q25 $1,239 $1,266 $1,283 $1,275 $1,304 Business momentum • New 2Q25 servicing fee revenue wins of $145M, with the majority driven by back office2 – Trailing 12-month servicing fee revenue wins of $438M • $1,093B in new servicing AUC/A wins in 2Q25, with the majority from Asset Owners and Asset Managers1 – Reported ~$380B of new servicing AUC/A wins driven by Alpha +5% +2% Refer to the Appendix included with this presentation for endnotes 1 to 27. 2Q24 3Q24 4Q24 1Q25 2Q25 AUC/A ($B) 1 AUC/A wins $291 $466 $1,098 $182 $1,093 AUC/A to be installed 2,390 2,354 2,988 3,056 3,975 Servicing ($M) 2 Servicing fee rev. wins $72 $84 $154 $55 $145 Servicing fee rev. to be installed 276 288 346 356 444 Alpha # of mandate wins1 1 2 2 1 2 Live mandates to-date 23 23 25 25 28 Performance indicators

7 Management fees ($M) Performance indicators ($B) 1 Management fees of $562M up 10% YoY and flat QoQ • Up 10% YoY driven by higher average market levels and net inflows from prior periods • Flat QoQ as higher day count and performance fees were offset by lower average market levels and mix shift • Investment Management 2Q25 pre-tax margin of 33% 2Q24 3Q24 4Q24 1Q25 2Q25 $511 $527 $576 $562 $562 Refer to the Appendix included with this presentation for endnotes 1 to 27. Flat +10% 2Q25 performance 2Q24 3Q24 4Q24 1Q25 2Q25 AUM $4,369 $4,732 $4,715 $4,665 $5,117 Net flows (QoQ) (6) 100 64 (13) 82 • Strategic partnership: Strategic investment in smallcase, a wealth technology platform based in India • ETF: Continued momentum and market share gains in U.S. Low Cost ETF suite, as well as net inflows across Gold, SPY, EMEA, and U.S. Fixed Income, which contributed to ETF franchise record AUM of $1.7T • Institutional: Record quarterly net inflows of $68B contributing to Institutional franchise record AUM of $2.9T; continued strength in U.S. Defined Contribution • Cash: Net inflows of $3B into Money Market funds Business momentum1

8 2Q24 3Q24 4Q24 1Q25 2Q25 $336 $359 $360 $362 $428 FX trading services of $428M8 • Up 27% YoY and 18% QoQ primarily driven by higher volumes and higher spreads associated with an increase in FX volatility 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 27. +27% +18% 2Q24 3Q24 4Q24 1Q25 2Q25 $108 $116 $118 $114 $126 Securities finance of $126M • Up 17% YoY largely driven by higher client lending balances, partially offset by lower Prime Services spreads • Up 11% QoQ primarily due to higher client lending balances and higher Agency spreads FX trading services8 (Ex-notable items, non-GAAP, $M)A Securities finance ($M) 2Q25 performance (Ex-notable items, non-GAAP)A +17% +11%

9 2Q24 3Q24 4Q24 1Q25 2Q25 New bookings10 $3 $10 $48 $9 $6 ARR11 345 356 375 373 379 Uninstalled revenue backlog12 99 100 134 137 143 Software and processing fees9 (Ex-notable items, non-GAAP, $M)A Performance indicators ($M) • 2Q25 ARR increased ~10% YoY driven by continued SaaS client conversions and implementations11 • Professional services and Software-enabled revenue combined increased 10% YoY and 7% QoQ Business momentum (Ex-notable items, non-GAAP)A Professional services Software- enabled (incl. SaaS)13 On-premises13 +13% +19% Lending related and other fees 62 62 62 67 61 101 106 109 110 107 29 29 44 24 36 18 42 20 48 2Q24 8 3Q24 4Q24 1Q25 2Q25 $214 $208 $259 $225 $254 nm 24% YoY % 6% (2)% $152 $146 $197 $158 $193 Front office software and data14,15 YoY +27% QoQ +22% Software & processing fees of $254M up 19% YoY and 13% QoQ9 • Front office software and data of $193M up 27% YoY and 22% QoQ14,15 • Lending related and other fees of $61M 2Q25 performance (Ex-notable items, non-GAAP)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 27.

10 NII ($M) 16 Average balance sheet highlights ($B) A A Line items are rounded. Refer to the Appendix included with this presentation for endnotes 1 to 27. 2Q24 3Q24 4Q24 1Q25 2Q25 Total assets $306 $315 $327 $337 $354 Cash17 91 90 94 97 102 Investment portfolio 105 107 105 110 112 Duration (EOP) 18 2.5 2.5 2.2 2.1 2.0 Loans19 39 40 42 44 45 Total deposits $221 $225 $237 $243 $261 NIM16 (FTE, %) 1.13% 1.07% 1.07% 1.00% 0.96% 2Q24 3Q24 4Q24 1Q25 2Q25 $735 $723 $749 $714 $729 • Assets increased 16% YoY and 5% QoQ primarily due to an increase in total deposits • Loan growth of 17% YoY and 4% QoQ driven by strong client demand • Deposits increased 18% YoY and 7% QoQ mainly driven by growth in interest-bearing balances, partially offset by a reduction in non- interest-bearing deposits NII of $729M down (1)% YoY and up 2% QoQ • Down (1)% YoY primarily driven by lower average short-end rates and deposit mix shift, partially offset by continued loan growth and securities portfolio repricing • Up 2% QoQ supported by higher non-U.S. deposit balances, securities portfolio repricing and loan growth, partially offset by lower average short-end rates Average assets and liabilities2Q25 performance +2% -1%

11 Expenses of $2,412M up 6% YoY and down (2)% QoQ • Compensation and employee benefits of $1,180M20 – Up 7% YoY with approximately half of the increase due to higher performance-based incentive compensation, as well as merit increases and the impact of currency translation, partially offset by productivity and other savings – Down (6)% QoQ primarily driven by the absence of seasonal expenses, partially offset by higher performance-based incentive compensation and the impact of currency translationB • Information systems and communications of $505M20 – Up 11% YoY and 2% QoQ largely related to higher technology and infrastructure investments, partially offset by vendor savings • Transaction processing services of $260M – Up 4% YoY mainly from higher sub-custody costs driven by higher market levels – Up 1% QoQ primarily driven by higher broker fees and the impact of currency translation, partially offset by lower market data costs • Occupancy of $105M • Other of $362M20,21 – Up 10% QoQ largely reflecting higher marketing costs and episodic client- related costs 360 330 362 250 258 260 454 497 505 1,099 1,262 1,180 106 2Q24 103 1Q25 105 2Q25 $2,269 $2,450 $2,412 A These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. B 1Q25 includes $155M of seasonal deferred incentive compensation expenses. Refer to the Appendix included with this presentation for endnotes 1 to 27. Comp. & benefits20 Info. sys. Tran. processing Other20,21 Occupancy +6% Expenses (Ex-notable items, non-GAAP, $M)A 2Q25 performance (Ex-notable items, non-GAAP)A -2% 7% 11% 4% YoY % (1)% 1% $2,269 $2,450 $2,529 52,568 52,711 52,014 GAAP Expenses Headcount YoY +11% QoQ +3% YoY -1% QoQ -1%

12 eSLR buffer26 • Capital return of $517M to common shareholders; total payout ratio of 82%25 • Announced a planned 11% increase to 3Q25 per share quarterly common stock dividend to $0.84 per share, subject to Board approval3 • 2Q25 standardized CET1 ratio at quarter-end of 10.7% decreased 0.3%pts QoQ primarily due to higher RWA from business deployment and continued capital return, partially offset by capital generated from earnings • 2Q25 Tier 1 leverage ratio of 5.3% decreased 0.2%pts QoQ mainly driven by higher average balance sheet levels and continued capital return, partially offset by capital generated from earnings 2Q24 1Q25 2Q25 Capital Return ($M) Declared common dividends $207 $220 $217 Common share repurchases 200 100 300 Total capital return 407 320 517 Capital ($B) CET1 capital $13.3 $14.4 $14.8 Tier 1 capital 15.8 17.9 18.4 RWA / Leverage ($B) Risk weighted assets (Standardized) $119 $130 $138 Adjusted average assets (Tier 1)23 297 329 345 Leverage exposure (SLR)24 252 277 292 Liquidity (%) State Street Bank and Trust LCR5 134% 139% 136% 2Q25 commentary Capital and liquidity metrics Tier 1 leverage ratio 5.3% 5.5% 5.2% 5.5% 5.3% 2Q24 3Q24 4Q24 1Q25 2Q25 Minimum ratio4.0% STT Target Range5.25-5.75% Refer to the Appendix included with this presentation for endnotes 1 to 27. CET1 ratio (Standardized) 11.2% 11.6% 10.9% 11.0% 10.7% 4.5% 2.5% 2Q24 3Q24 4Q24 1Q25 2Q25 SCB22 Minimum ratio8 .0 % 10-11% G-SIB surcharge1.0% Capital (%, as of period-end) 4 Supplementary leverage ratio Requirement Requirement Requirement 6.3% 6.4% 6.2% 6.5% 6.3% 3.0% 2.0% 2Q24 3Q24 4Q24 1Q25 2Q25 STT Target Range Minimum ratio 5.0%

14 2Q25 line of business performance 15 Preferred stock dividends 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 State StreetAInvestment Servicing Total revenue 730 726 1,894 2,118 2Q24 2Q25 $2,624M $2,844M Pre-tax income Fee revenue NII Pre-tax margin 28.0% 28.8% +0.8%pts YoY % ∆ +12% -1% +8% +12% Investment Management Total revenueB 2Q24 2Q25 $567M $625M Pre-tax income Pre-tax margin 31.6% 33.3% +1.7%pts 2Q24 2Q25 $179M $208M YoY % ∆ +10% +16% Total revenue ex-notable itemsC 735 729 2,456 2,740 2Q24 2Q25 $3,191M $3,469M Pre-tax income ex-notable itemsC Fee revenue NII Pre-tax margin 28.6% 29.6% +1.0%pts YoY % ∆ +12% -1% +9% +13% 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 2Q24 and 2Q25 Total revenue includes $5M and $3M in NII, respectively. C These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. 2Q24 2Q25 $734M $819M 2Q24 2Q25 $912M $1,027M

16Refer to the Appendix included with this presentation for endnotes 1 to 27. FY2025 FY2026 1Q $46 $58 2Q 63 58 3Q 58 58 4Q 58 58 Total $226 $233

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) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 2Q25 vs. 2Q24 2Q25 vs. 1Q25 2024 2025 YTD 2025 vs. YTD 2024 Total fee revenue, GAAP-basis 2,422$ 2,456$ 2,616$ 2,662$ 2,570$ 2,719$ 10.7% 5.8% 4,878$ 5,289$ 8.4% Less: Notable items: Foreign exchange trading services (15) (3) (3) Client rescoping (revenue) 24 24 Other fee revenue (66) Total fee revenue, excluding notable items 2,422 2,456 2,535 2,662 2,570 2,740 11.6% 6.6% 4,878 5,310 8.9% Total revenue, GAAP-basis 3,138 3,191 3,259 3,412 3,284 3,448 8.1% 5.0% 6,329 6,732 6.4% Less: Notable items: Foreign exchange trading services (15) (3) (3) Client rescoping (revenue) 24 24 Other fee revenue (66) (Gains) losses related to investment securities, net 81 Total revenue, excluding notable items 3,138 3,191 3,259 3,412 3,284 3,469 8.7% 5.6% 6,329 6,753 6.7% Total expenses, GAAP basis 2,513 2,269 2,308 2,440 2,450 2,529 11.5% 3.2% 4,782 4,979 4.1% Less: Notable items: Deferred compensation expense acceleration (79) - Repositioning charges 2 (100) (100) Client rescoping (expense) (18) (18) FDIC special assessment (130) 31 (130) Other notable items (12) 1 1 Total expenses, excluding notable items 2,383 2,269 2,308 2,382 2,450 2,412 6.3% (1.6)% 4,652 4,862 4.5% Seasonal expenses (162) (155) (162) (155) Total expenses, excluding notable items and seasonal expense items 2,221$ 2,269$ 2,308$ 2,382$ 2,295$ 2,412$ 6.3% 5.1% 4,490$ 4,707$ 4.8% Fee operating leverage, GAAP-basis (%pts)A (75) bps 258 bps 431 bps Fee operating leverage, excluding notable items (%pts)B 526 bps 816 bps 435 bps Operating leverage, GAAP-basis (%pts)C (341) bps 177 bps 225 bps Operating leverage, excluding notable items (%pts)D 241 bps 718 bps 219 bps Pre-tax margin, GAAP-basis (%) 19.1% 28.6% 28.4% 28.1% 25.0% 25.8% (2.8)% pts 0.8% pts 23.9% 25.4% 1.5% pts Notable items as reconciled above (%) 4.1% 1.7% 3.8% 2.0% 2.0% Pre-tax margin, excluding notable items (%) 23.2% 28.6% 28.4% 29.8% 25.0% 29.6% 1.0% pts 4.6% pts 25.9% 27.4% 1.5% pts Net income available to common shareholders, GAAP-basis 418$ 655$ 682$ 728$ 597$ 630$ (3.8)% 5.5% 1,073$ 1,227$ 14.4% Notable items as reconciled above: pre-tax 130 58 138 130 138 Tax impact on notable items as reconciled above (31) (17) (35) (31) (35) Net income available to common shareholders, excluding notable items 517$ 655$ 682$ 769$ 597$ 733$ 11.9% 22.8% 1,172$ 1,330$ 13.5% Diluted EPS, GAAP-basis 1.37$ 2.15$ 2.26$ 2.46$ 2.04$ 2.17$ 0.9% 6.4% 3.52$ 4.21$ 19.6% Notable items as reconciled above 0.32 0.14 0.36 0.32 0.36 Diluted EPS, excluding notable items 1.69$ 2.15$ 2.26$ 2.60$ 2.04$ 2.53$ 17.7% 24.0% 3.84$ 4.57$ 19.0% % Change Year-to-Date

18 Reconciliation of Constant Currency FX Impacts (Dollars in millions) 2Q24 1Q25 2Q25 2Q25 vs. 2Q24 2Q25 vs. 1Q25 2Q25 vs. 2Q24 2Q25 vs. 1Q25 2Q25 vs. 2Q24 2Q25 vs. 1Q25 Non-GAAP basis Servicing fees, excluding notable items $ 1,239 $ 1,275 $ 1,304 $ 15 $ 24 $ 1,289 $ 1,280 4.0% 0.4% Management fees, excluding notable items 511 562 562 3 4 559 558 9.4% (0.7)% Foreign exchange trading services, excluding notable items 336 362 428 - - 428 428 27.4% 18.2% Securities finance, excluding notable items 108 114 126 - - 126 126 16.7% 10.5% Software and processing fees, excluding notable items 214 225 254 1 1 253 253 18.2% 12.4% Other fee revenue, excluding notable items 48 32 66 1 - 65 66 35.4% nm Total fee revenue, excluding notable items 2,456 2,570 2,740 20 29 2,720 2,711 10.7% 5.5% Net interest income, excluding notable items 735 714 729 13 20 716 709 (2.6)% (0.7)% Total revenue, excluding notable items $ 3,191 $ 3,284 $ 3,469 $ 33 $ 49 $ 3,436 $ 3,420 7.7% 4.1% Compensation and employee benefits, excluding notable items $ 1,099 $ 1,262 $ 1,180 $ 16 $ 25 $ 1,164 $ 1,155 5.9% (8.5)% Information systems and communications, excluding notable items 454 497 505 2 2 503 503 10.8% 1.2% Transaction processing services, excluding notable items 250 258 260 3 4 257 256 2.8% (0.8)% Occupancy, excluding notable items 106 103 105 2 3 103 102 (2.8)% (1.0)% Other expenses, excluding notable items 360 330 362 3 5 359 357 (0.3)% 8.2% Total expenses, excluding notable items $ 2,269 $ 2,450 $ 2,412 $ 26 $ 39 $ 2,386 $ 2,373 5.2% (3.1)% 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 second quarter 2025 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. 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. 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. 2. Servicing fee revenue wins/backlog (i.e., "to be installed") 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 1 above in reference to considerations applicable to pending servicing engagements, which similarly apply to engagements for which reported servicing fee revenue wins/backlog are attributable. Both AUC/A and servicing fee revenue, when presented on a "backlog" or "to be installed" basis, are presented as of period-end. 3. State Street’s Board of Directors will consider the common stock dividend at a regularly scheduled board meeting in 3Q25. State Street’s 3Q25 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. 4. 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 2Q24 to 2Q25. Refer to the Addendum for descriptions of these ratios. June 30, 2025 capital ratios are presented as of quarter-end and are preliminary estimates. 5. State Street Corporation LCR in 2Q25 increased 1% QoQ 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. 6. The Federal Reserve will release the firm’s final SCB requirement by August 31, 2025, which will become effective on October 1, 2025 and remain in effect through September 30, 2026. 7. The index names listed are service marks of their respective owners. 8. GAAP FX trading services of $431M in 2Q25 included a notable item related to a revenue-related recovery of $3M associated with the settlement of proceeds from a 2018 FX benchmark litigation resolution. Excluding the notable item, 2Q25 adjusted FX trading services of $428M was up 27% compared to GAAP 2Q24 FX trading services of $336M and up 18% compared to GAAP 1Q25 FX trading services of $362M. 9. GAAP Software and processing fees of $230M in 2Q25 included a notable item related to an Alpha-related client rescoping of $24M. Excluding the notable item, 2Q25 adjusted Software and processing fees of $254M was up 19% compared to GAAP 2Q24 Software and processing fees of $214M and up 13% compared to GAAP 1Q25 Software and processing fees of $225M.

20 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 State Street Investment Management. 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. 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. 14. Front office software and data revenue primarily includes revenue from CRD, Alpha Data Platform and Alpha Data Services. Includes Other revenue of $3-4M in each of 2Q24 through 2Q25. Revenue line items may not sum to total due to rounding. 15. GAAP Front office software and data of $169M in 2Q25 included a notable item related to an Alpha-related client rescoping of $24M. Excluding the notable item, 2Q25 adjusted Front office software and data of $193M was up 27% compared to GAAP 2Q24 Front office software and data of $152M and up 22% compared to GAAP 1Q25 Front office software and data of $158M. 16. 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. 17. Includes Cash and due from banks and Interest-bearing deposits with banks. 18. Duration as of period end and based on the total investment portfolio. 19. Average loans are presented on a gross basis. Refer to the Addendum for average loans net of expected credit losses. 20. GAAP Compensation and employee benefits expenses of $1,280M in 2Q25 included a notable item related to a repositioning charge of $100M. Excluding this notable item, 2Q25 adjusted Compensation and employee benefits of $1,180M was up 7% compared to 2Q24 GAAP Compensation and employee benefits of $1,099M and down (6)% compared to 1Q25 GAAP Compensation and employee benefits of $1,262M. GAAP Information systems and communications expenses of $523M in 2Q25 included a notable item related to an Alpha-related client rescoping of $18M. Excluding this notable item, 2Q25 adjusted Information systems and communications expenses of $505M was up 11% compared to 2Q24 GAAP Information systems and communications expenses of $454M and up 2% compared to 1Q25 GAAP Information systems and communications expenses of $497M. GAAP Other expenses of $361M in 2Q25 included a notable item related to a $1M release of a prior period notable item. Excluding this notable item, 2Q25 adjusted Other expenses of $362M was up 1% compared to 2Q24 GAAP Other expenses of $360M and up 10% compared to 1Q25 GAAP Other expenses of $330M. 21. Other, excluding notable items, includes Other expenses and Amortization of intangible assets. 22. The SCB of 2.5% effective on October 1, 2025 is calculated based upon the results of the 2025 Federal Reserve supervisory stress test. 23. Adjusted average assets (Tier 1) is equal to average consolidated assets less applicable Tier 1 leverage capital reductions under regulatory standards. 24. The Tier 1 leverage ratio differs from the SLR primarily in that the denominator of the Tier 1 leverage ratio is a quarterly average of on-balance sheet assets, while the SLR additionally includes off-balance sheet exposures. In addition, STT’s SLR includes regulatory deductions. Refer to the Addendum for additional information on regulatory capital. 25. Capital returned represents the common stock dividends declared during 2Q25 and common share repurchases made in 2Q25. Total payout represents capital returned divided by net income available to common shareholders over the period of 2Q25. The total payout ratio was 82% in 2Q25. 26. As a U.S. G-SIB, State Street must maintain a 2% SLR buffer at the holding company and a 3% buffer at State Street Bank in order to avoid any limitations on distributions to shareholders and discretionary bonus payments to certain executives. 27. Represents aggregated quarterly declared preferred stock dividends (estimated for future periods). Future dividends are estimated based on the preferred stock outstanding as of June 30, 2025, along with any public announcements of issuances and redemptions through the date hereof. These estimates do not account for any potential future issuances or redemptions, which could alter the projected preferred stock dividends. State Street’s preferred 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. Full year dividends may not sum to total due to rounding.

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 "estimate," "will," "opportunity," "strategy," "future," "driver," “outlook,” “priority,” “expect,” “intend,” “aim,” “outcome,” “future,” “pipeline,” “trajectory,” “target," “guidance,” “objective,” “plan,” “forecast,” “believe,” “anticipate,” “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, changes in U.S. trade or other policies or those policies of other nations, the ongoing conflicts in Ukraine and in the Middle East, major political shifts domestically or internationally (including the potential for retaliatory actions by governments, market participants or clients based on diverging perspectives or otherwise), actions taken by central banks in an attempt to address prevailing economic conditions, changes in monetary policy or periods of significant volatility in the markets for equity, fixed income and other asset 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 risks associated with strategic initiatives we are undertaking to enhance the effectiveness and efficiency of our operations and of our cybersecurity and technology infrastructure or by our failure to meet the related, resiliency or other 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, 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 operations, and clients, in many markets and jurisdictions globally that can be adversely impacted, locally or more broadly, by disruptions in those or other markets or economies, including local, regional and geopolitical developments affecting those markets or 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, changes in prevailing interest rates or market conditions have led, and were they to persist or 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 and may decline based on, among other factors, market and currency declines, investment activities and preferences of our clients and their business mix, as well as the timing of new business onboarding; 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, regulatory and client scrutiny of asset management, stewardship and corporate sustainability or Environmental, Social and Governance (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 or may infringe upon the rights of third parties; 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, and lapses in disclosure controls and procedures or internal control over financial reporting could occur, any of which could result in material harm; 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 global regulatory requirements and expectations, shifting client preferences, and disclosure requirements related to climate risks and sustainability standards 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 2024 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 be 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 “Reconciliation of notable items” in this Appendix and 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”.

23 ACWI All Country World Index ARR Annual recurring revenue AUC/A Assets under custody and/or administration AUM Assets under management Bloomberg Global Agg Bloomberg Global Agg represents Bloomberg Global Aggregate Bond Index CET1 ratio Common equity tier 1 ratio CRD Charles River Development Diluted earnings per share (EPS) Net income available to common shareholders divided by diluted average common shares outstanding for the noted period EAFE Europe, Australia, and Far East EM Emerging markets EMEA Europe, Middle East and Africa EOP End of period EPS Earnings per share ESG Environmental, Social, and Governance ETF Exchange-traded fund FDIC Federal Deposit Insurance Corporation Fee operating leverage Rate of growth of total fee revenue less the rate of growth of total expenses, relative to the successive prior year period, as applicable FIX The Charles River Network's FIX Network Service (CRN) is an end-to-end trade execution and support service facilitating electronic trading between Charles River's asset management and broker clients Front office uninstalled revenue backlog Represents the annualized recurring revenue from signed client contracts that are scheduled to be fully installed over the next 24 months for CRD, Charles River 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 FTE Fully taxable-equivalent FX Foreign exchange FY Full-year GAAP Generally accepted accounting principles in the United States G-SIB Global systemically important bank HQLA High Quality Liquid Assets JPM G7 JP Morgan G7 Volatility Index JPM EM JP Morgan Emerging Market Bond Index LCR Liquidity Coverage Ratio Lending related and other Lending related and other fees primarily consist of fee revenue associated with State Street’s fund finance, leveraged loans, municipal finance, insurance and stable value wrap businesses MSCI Morgan Stanley Capital International Net interest income (NII) Income earned on interest bearing assets less interest paid on interest bearing liabilities Net interest margin (NIM) (FTE) Fully taxable-equivalent (FTE) Net interest income divided by average total interest-earning assets nm Not meaningful NYSE New York Stock Exchange On-premises On-premises revenue as recognized in Front office software and data Operating leverage Rate of growth of total revenue less the rate of growth of total expenses, relative to the corresponding prior year period, as applicable %Pts Percentage points is the difference from one percentage value subtracted from another Payout ratio Total payout ratio is equal to common stock dividends and common stock purchases as a percentage of net income available to common shareholders Pre-tax margin Income before income tax expense divided by total revenue Quarter-over-Quarter (QoQ) Sequential quarter comparison Return on equity (ROE) Net income available to common shareholders divided by average common equity Return on tangible common equity (ROTCE) Net income available to common shareholders divided by average tangible common equity RWA Risk weighted assets SaaS Software as a service SCB Stress capital buffer Seasonal expenses Seasonal deferred incentive compensation expenses for retirement-eligible employees and payroll taxes SEC Securities Exchange Commission SPDR Standard and Poor's Depository Receipt SPY SPDR® S&P 500® ETF Trust SSC State Street Corporation VIX Chicago Board Options Exchange's CBOE Volatility Index Year-over-Year (YoY) Current period compared to the same period a year ago YTD Year-to-date


	Exhibit No.	Description
	99.1	State Street's news release dated July 1 5 , 2025, announcing its second -quarter 2025 results of operations (this Exhibit 99.1 is furnished, not filed)
	99.2	State Street's second -quarter 2025 financial information addendum (this Exhibit 99.2 is furnished, not filed)
	99.3	Slide presentation providing highlights of State Street's second-quarter 2025 results of operations and related information (this Exhibit 99.3 is furnished, not filed)
*	104	Cover Page Interactive Data File (formatted as Inline XBRL)


Registrant’s telephone number, including area code:			(617)			786-3000





*						Submitted electronically herewith