State Street Corporation reported a significant increase in its financial performance for the first quarter of 2026, with total revenue reaching $3.796 billion, a 16% rise from $3.284 billion in the same period of 2025. This growth was primarily driven by a 15% increase in total fee revenue, which amounted to $2.96 billion, and a 17% increase in net interest income, totaling $835 million. The company’s net income also saw a notable increase of 19%, rising to $764 million from $644 million year-over-year. Earnings per share (EPS) increased by 22% to $2.49, compared to $2.04 in the previous year.
In terms of operational metrics, State Street's assets under custody and administration (AUC/A) grew to $54.52 trillion, a 17% increase from the previous year, while assets under management (AUM) rose by 20% to $5.62 trillion. The company onboarded approximately $220 billion of AUC/A in the first quarter and announced new investment servicing mandates totaling around $365 billion. However, notable items, including a repositioning charge of $89 million and client rescoping costs of $41 million, reduced income before income tax expense by $130 million.
State Street's total expenses increased by 15% to $2.811 billion, reflecting higher revenue-related costs and continued investments in technology and infrastructure. The company reported a pre-tax margin of 25.5%, slightly up from 25.0% in the prior year, and a return on average common equity of 11.6%, compared to 10.6% in the same period of 2025. The employee headcount decreased to approximately 51,000, down from 52,711 a year earlier, as part of ongoing efforts to streamline operations.
Looking ahead, State Street remains focused on strategic initiatives, including the continued development of its State Street Alpha platform, which integrates various investment management services. The company is also navigating a complex regulatory environment as a global systemically important bank (G-SIB), maintaining a common equity tier 1 (CET1) capital ratio of 10.6% as of March 31, 2026, down from 11.6% at the end of 2025. The firm anticipates that ongoing market conditions and strategic decisions will influence its financial performance in the coming quarters.
About STATE STREET CORP
State Street Corporation is a leading provider of financial services to institutional investors, offering investment servicing, markets, financing solutions, and investment management. Its core operations include custody, fund administration, risk analytics, and asset management across global markets. Serving asset managers, pension funds, insurance companies, and central banks, it leverages scale, technology, and industry expertise to support clients' investment objectives and create better outcomes for investors worldwide.
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