Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Shareholders’ Equity

Preferred Stock

The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of December 31, 2025:


Preferred Stock(1):	Issuance Date	Depositary Shares Issued	Amount outstanding (In millions)		Ownership Interest Per Depositary Share	Liquidation Preference Per Share	Liquidation Preference Per Depositary Share	Per Annum Dividend Rate	Dividend Payment Frequency	Carrying Value as of December 31, 2025 (In millions)		Redemption Date(2)

Series G	April 2016	20,000,000	$	500	1/4,000th	100,000	25	5.35%(3)	Quarterly	$	493	March 15, 2026
Series I	January 2024	1,500,000	1,500		1/100th	100,000	1,000	6.700% through March 14, 2029; resets March 15, 2029 and every subsequent five year anniversary at the five- year U.S. Treasury rate plus 2.613%	Quarterly	1,481		March 15, 2029
Series J	July 2024	850,000	850		1/100th	100,000	1,000	6.700% through September 14, 2029; resets September 15, 2029 and every subsequent five year anniversary at the five-year U.S. Treasury rate plus 2.628%	Quarterly	842		September 15, 2029
Series K	February 2025	750,000	750		1/100th	100,000	1,000	6.450% through September 14, 2030; resets September 15, 2030 and every subsequent five year anniversary at the five- year U.S. Treasury rate plus 2.135%	Quarterly	743		September 15, 2030

(1) The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

(2) On the redemption date, or any dividend payment date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

(3) The dividend rate for the floating rate period of the Series G preferred stock that begins on March 15, 2026 and all subsequent floating rate periods will remain at the current fixed rate in accordance with the LIBOR Act and the contractual terms of the Series G preferred stock.

On February 6, 2025, we issued 750,000 depositary shares, each representing a 1/100th ownership interest in a share of fixed rate reset, non-cumulative perpetual preferred stock, Series K, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), in a public offering. The aggregate proceeds, net of underwriting discounts, commissions and other issuance costs, were approximately $743 million.

The following table presents the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated:















	Years Ended December 31,
	2025						2024
(Dollars in millions, except per share amounts)	Dividends Declared per Share		Dividends Declared per Depositary Share		Total		Dividends Declared per Share		Dividends Declared per Depositary Share		Total
Preferred Stock:

Series D	$	—	$	—	$	—	$	1,475	$	0.37	$	11

Series F	—		—		—		2,336		23.36		6
Series G	5,350		1.34		27		5,350		1.34		27
Series H	—		—		—		6,251		62.51		31
Series I	6,700		67.00		100		5,863		58.63		88
Series J	6,700		67.00		57		2,643		26.43		22
Series K	5,536		55.36		42		—		—		—
Total					$	226					$	185

In February 2026, we declared dividends on our series G, I, J and K preferred stock of approximately $1,338, $1,675, $1,675 and $1,613, respectively, per share, or approximately $0.33, $16.75, $16.75 and $16.13, respectively, per depositary share. These dividends total approximately $7 million, $25 million, $14 million and $12 million on our Series G, I, J and K preferred stock, respectively, which will be paid in March 2026.

Common Stock

On January 19, 2024, we announced a common share repurchase program, approved by the Board and superseding all prior programs, authorizing the purchase of up to $5.0 billion of our common stock beginning in the first quarter of 2024. During 2025, we repurchased $1.2 billion of our common stock and since its inception we have repurchased an aggregate of $2.5 billion of our common stock under the 2024 Program through December 31, 2025. The program has no set expiration date.

The table below presents the activity under our common share repurchase program for the periods indicated:


	Years Ended December 31,
	2025					2024
	Shares Acquired (In millions)	Average Cost per Share		Total Acquired (In millions)		Shares Acquired (In millions)	Average Cost per Share		Total Acquired (In millions)
2024 Program	11.5	$	104.05	$	1,200	15.1	$	85.89	$	1,300

The table below presents the dividends declared on common stock for the periods indicated:


	Years Ended December 31,
		2025	2024
			Dividends Declared per Share		Total (In millions)		Dividends Declared per Share		Total (In millions)
Common Stock			$	3.20	$	909	$	2.90	$	859

In February 2026, we declared a common stock dividend of $0.84 per share, payable on April 13, 2026, to shareholders of record on April 1, 2026.

Accumulated Other Comprehensive Income (Loss)

The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes:



(In millions)	Net Unrealized Gains (Losses) on Cash Flow Hedges		Net Unrealized Gains (Losses) on Investment Securities(1)		Net Unrealized Losses on Retirement Plans		Foreign Currency Translation		Net Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. Subsidiaries		Total








Balance as of December 31, 2022	$	(359)	$	(1,817)	$	(143)	$	(1,751)	$	359	$	(3,711)
Other comprehensive income (loss) before reclassifications	75		442		(3)		351		(90)		775
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income	153		428		1		—		—		582
Other comprehensive income (loss)	228		870		(2)		351		(90)		1,357
Balance as of December 31, 2023	(131)		(947)		(145)		(1,400)		269		(2,354)
Other comprehensive income (loss) before reclassifications	39		15		14		(768)		540		(160)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income	(40)		452		2		—		—		414
Other comprehensive income (loss)	(1)		467		16		(768)		540		254
Balance as of December 31, 2024	(132)		(480)		(129)		(2,168)		809		(2,100)
Other comprehensive income (loss) before reclassifications	(5)		224		36		1,375		(783)		847
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income	104		105		1		—		—		210
Other comprehensive income (loss)	99		329		37		1,375		(783)		1,057
Balance as of December 31, 2025	$	(33)	$	(151)	$	(92)	$	(793)	$	26	$	(1,043)

(1) Includes after-tax net unamortized unrealized gains (losses) of $(267) million, $(374) million and $(530) million as of December 31, 2025, 2024 and 2023, respectively, related to AFS investment securities previously transferred to HTM.

The following table presents after-tax reclassifications into earnings for the periods indicated:




















	Years Ended December 31,
	2025		2024		2023
(In millions)	Amounts Reclassified into Earnings						Affected Line Item in Consolidated Statement of Income



Investment securities:
Net realized (gains) losses from sales of available-for-sale securities, net of related taxes of $(2), $21 and $81 respectively	$	(2)	$	59	$	213	Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $47, $137 and $81 respectively	107		393		215		Net interest income


Cash flow hedges:
Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of $31, $(14) and $55 respectively	104		(40)		153		Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of nil, nil and nil respectively	1		2		1		Compensation and employee benefits expenses



Total amounts reclassified from accumulated other comprehensive income	$	210	$	414	$	582

- Definition

The entire disclosure for equity.

+ References

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+ Details

STATE STREET CORP 10-K