Line of Business Information (Tables)

12 Months Ended

Dec. 31, 2025

The following is a summary of our line of business results for the periods indicated.

























	Years Ended December 31,
	Investment Servicing									Investment Management									Other						Total
(Dollars in millions)	2025			2024			2023			2025			2024			2023			2025		2024		2023		2025			2024			2023
Revenue:
Servicing fees	$	5,324		$	5,016		$	4,922		$	—		$	—		$	—		$	—	$	—	$	—	$	5,324		$	5,016		$	4,922
Management fees	—			—			—			2,398			2,124			1,876			—		—		—		2,398			2,124			1,876
Foreign exchange trading services	1,441			1,248			1,140			170			138			125			3		15		—		1,614			1,401			1,265
Securities finance	481			415			402			24			23			24			—		—		—		505			438			426
Software and processing fees	927			888			811			—			—			—			(24)		—		—		903			888			811
Other fee revenue	209			188			145			27			35			35			—		66		—		236			289			180
Total fee revenue	8,382			7,755			7,420			2,619			2,320			2,060			(21)		81		—		10,980			10,156			9,480
Net interest income	2,945			2,899			2,740			15			24			19			—		—		—		2,960			2,923			2,759
Total other income	4			2			—			—			—			—			—		(81)		(294)		4			(79)			(294)
Total revenue	11,331			10,656			10,160			2,634			2,344			2,079			(21)		—		(294)		13,944			13,000			11,945
Provision for credit losses	59			75			46			—			—			—			—		—		—		59			75			46
Expenses:
Compensation and employee benefits	4,220			4,078			4,033			604			555			520			211		64		191		5,035			4,697			4,744
Information systems and communications	1,960			1,743			1,568			92			86			94			42		—		41		2,094			1,829			1,703
Transaction processing services	875			825			777			175			173			180			—		—		—		1,050			998			957

Other	1,001			1,041			1,035			904			841			746			70		124		398		1,975			2,006			2,179
Total expenses	8,056			7,687			7,413			1,775			1,655			1,540			323		188		630		10,154			9,530			9,583
Income before income tax expense	$	3,216		$	2,894		$	2,701		$	859		$	689		$	539		$	(344)	$	(188)	$	(924)	$	3,731		$	3,395		$	2,316
Pre-tax margin	28		%	27		%	27		%	33		%	29		%	26		%							27		%	26		%	19		%

Average assets (in billions)	$	339.9		$	308.5		$	271.5		$	3.6		$	3.2		$	3.2								$	343.5		$	311.7		$	274.7

Components of Other in Segment Reporting

The following provides additional information about the items included in the line of business results “Other” column for the periods indicated.


	Years Ended December 31,
	Other
(Dollars in millions)	2025		2024		2023
Foreign exchange trading services(1)	$	3	$	15	$	—
Client rescoping (revenue impact)(2)	(24)		—		—
Other fee revenue(3)	—		66		—
Gains (losses) related to investment securities, net(4)	—		(81)		(294)
Deferred incentive compensation expense acceleration(5)	—		(79)		—
Net repositioning (charges) release(6)	(326)		2		(203)
Client rescoping (expense impact)(2)	(18)		—		—
Other notable items(7)	21		(111)		(427)
Total	$	(344)	$	(188)	$	(924)

(1) Amount consists 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) Includes the loss on the sale of investment securities of $81 million and $294 million in 2024 and 2023, respectively, related to the repositioning of the investment portfolio.

(5) Deferred compensation expense acceleration of $79 million in 2024 reflected in compensation and employee benefits, associated with an amendment of certain outstanding deferred cash incentive compensation awards to align our deferred pay mix with peers.

(6) Amount in 2025 includes a charge of $211 million, reflected in compensation and employee benefits primarily from workforce rationalization, a $69 million charge reflected in occupancy costs associated with real estate footprint optimization and other repositioning charges of $24 million and $22 million, reflected in information systems and communications and other expenses, respectively, relating to operating model changes. 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, and net repositioning charges in 2023 includes $182 million reflected in compensation and employee benefits expenses related to workforce rationalization and $21 million of occupancy costs related to real estate footprint optimization.

(7) Amount in 2025 primarily includes an FDIC special assessment release of $60 million and legal and related costs of $40 million reflected in other expenses. Amounts in 2024 and 2023 are primarily related to the FDIC special assessment of $99 million and $387 million, respectively, reflected in other expenses. Other notable items also include a $12 million charge in 2024 reflected in other expenses and $41 million in 2023 reflected in information systems and communications, primarily related to operating model changes.

STATE STREET CORP 10-K