The 16% revenue growth and 616bps of operating leverage excluding notable items signal strong franchise momentum. Traders should monitor the sustainability of NIM expansion and the impact of ongoing restructuring on future margins. The 90% payout ratio suggests capital returns may moderate if capital ratios decline further.
Price Chart
Executive Summary
State Street reported strong first-quarter 2026 results with total revenue of $3.8 billion, up 16% year-over-year, driven by record fee revenue and a 17% increase in net interest income. The company delivered adjusted EPS of $2.84, reflecting broad-based growth across its franchises, though notable restructuring charges impacted GAAP earnings. Capital returns and balance sheet strength remain key themes.
Key Financial Metrics
Key Facts
- Total revenue of $3.796 billion, up 16% year-over-year and 4% quarter-over-quarter
- GAAP EPS of $2.49, up 22% YoY; adjusted EPS of $2.84 after excluding $0.35 of notable items
- Record quarterly fee revenue of $2.96 billion, up 15% YoY, driven by 23% growth in management fees and 29% growth in foreign exchange trading services
- Net interest income of $835 million, up 17% YoY, driven by a 16 basis point expansion in net interest margin
- Total expenses increased 15% YoY to $2.811 billion, including $130 million in pre-tax notable items from workforce rationalization and client rescoping
- Capital return of $633 million in the quarter, comprising $400 million in share repurchases and $233 million in dividends
- Standardized CET1 capital ratio decreased to 10.6%, down 100 bps from prior quarter, due to capital return and market-driven risk-weighted asset growth
Financial Impact
Revenue increased $512 million YoY to $3.796 billion, with net interest income up $121 million and fee revenue up $390 million. Expenses rose $361 million, resulting in $120 million higher net income.
Risk Factors
- Capital ratios declined 100 bps QoQ to 10.6%, below the 11% target, raising potential regulatory constraints
- Notable items totaling $130 million pre-tax reflect ongoing restructuring and client challenges, which could recur
- The 29% YoY increase in FX trading services may not be sustainable if currency volatility normalizes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000093751-26-000184 |
| Document: a1q26earningspressrelease.htm | 0000093751-26-000184 |
| Document: stt1q26earningspresentat.htm | 0000093751-26-000184 |
| Document: stt-20260417.htm | 0000093751-26-000184 |
| Document: 0000093751-26-000184-index-headers.html | 0000093751-26-000184 |
| Document: 0000093751-26-000184-index.html | 0000093751-26-000184 |
| Document: 0000093751-26-000184.txt | 0000093751-26-000184 |
| 8-K Data (Synthetic) | 0000093751-26-000184 |
Track record builds as more directional reports settle.
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| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $188.16 $184.40 | ▼ −2.00% | ▼ −2.10% | $176.07 (−6.42%) |
Aug 5, 2026 8w ago | 424B5 | $187.05 $190.11 | ▲ +1.64% | ▲ +1.29% | $176.07 (−5.87%) |
Jul 28, 2026 9w ago | Insider Cluster | $182.57 $183.67 | ▲ +0.60% | ▼ −1.67% | $176.07 (−3.56%) |
Jul 23, 2026 10w ago | Insider Cluster | $184.21 $182.82 | ▼ −0.75% | ▼ −1.23% | $176.07 (−4.42%) |
Jul 16, 2026 11w ago | 8-K | $185.66 $184.21 | ▼ −0.78% | ▲ +0.89% | $176.07 (−5.16%) |
Jun 15, 2026 15w ago | Insider Cluster | $171.29 $173.73 | ▲ +1.42% | ▲ +3.66% | $176.07 (+2.79%) |
May 28, 2026 18w ago | Insider Cluster | $155.42 $161.21 | ▲ +3.73% | ▲ +6.25% | $176.07 (+13.29%) |
Apr 24, 2026 22w ago | 8-K | $22.35 $22.16 | ▼ −0.87% | ▼ −1.27% | $176.07 (+687.81%) |
Apr 22, 2026 23w ago | Insider Cluster | $152.26 $151.88 | ▼ −0.25% | ▼ −0.30% | $176.07 (+15.64%) |
Apr 21, 2026 23w ago | 424B5 | $22.20 $22.35 | ▲ +0.68% | ▼ −0.41% | $176.07 (+693.13%) |
US Market Status
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