State Street's 11th consecutive quarter of positive operating leverage and raised FY2026 guidance signal sustained momentum. The $500M senior note redemption improves credit profile. Watch for Q4 2026 earnings on January 15, 2027 to see if fee revenue growth and NII trajectory continue toward medium-term targets of ~35% pre-tax margin and mid-20s% ROTCE.
Price Chart
Executive Summary
State Street reported strong Q3 2026 results with EPS of $3.69, beating consensus of $3.63 by 1.6%, and total revenue of $4.004B (up 13% YoY). Record servicing and management fees, along with 21% NII growth, drove pre-tax margin expansion to 34.6% and ROTCE of 25.1%. The company also announced a $500M senior note redemption and the election of a new independent director.
Key Financial Metrics
Key Facts
- Q3 2026 diluted EPS of $3.69 vs consensus $3.63 (beat by 1.6%)
- Total revenue of $4.004B, up 13% YoY; fee revenue up 11% YoY to $3.14B
- Record servicing fees of $1.492B (up 10% YoY) and record management fees of $797M (up 20% YoY)
- Net interest income of $864M, up 21% YoY; NIM expanded 16 bps to 1.12%
- Pre-tax margin of 34.6%, up 3.5 ppts YoY; ROTCE of 25.1%, up 4.2 ppts YoY
- Record AUCA of $59.2T (up 15% YoY) and record AUM of $6.3T (up 16% YoY)
- FY2026 guidance raised: fee revenue now expected up ~13-14% YoY, NII up ~15-16% YoY, expenses up ~8-8.5% YoY
- Company announced redemption of $500M 1.684% senior notes due 2027 on November 18, 2026
- Alexander Vollert elected as independent director, effective October 9, 2026
Financial Impact
EPS beat of $0.06 (1.6%) on consensus $3.63; revenue beat of ~$66M vs $4.07B consensus; $500M senior note redemption reduces debt and interest expense
Risk Factors
- NIM compression risk if interest rates decline faster than forward curves
- Market downturn could reduce AUCA/AUM levels and associated fee revenue
- Integration risk from announced Santander CACEIS Latam acquisition
- Capital return may be constrained if CET1 ratio approaches regulatory minimum
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000093751-26-000592 |
| Document: a3q26earningspressrelease.htm | 0000093751-26-000592 |
| Document: stt3q26earningspresentat.htm | 0000093751-26-000592 |
| Document: stt-20261009.htm | 0000093751-26-000592 |
| Document: 0000093751-26-000592-index-headers.html | 0000093751-26-000592 |
| Document: 0000093751-26-000592-index.html | 0000093751-26-000592 |
| Document: 0000093751-26-000592.txt | 0000093751-26-000592 |
| 8-K Data (Synthetic) | 0000093751-26-000592 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 144 | $169.94 | awaiting T+5 | awaiting T+5 | $170.89 (+0.56%) |
Oct 20, 2026 7d ago | 8-K | $168.95 | awaiting T+5 | awaiting T+5 | $170.89 (+1.15%) |
Oct 15, 2026 12d ago | 424B5 | $167.60 $167.84 | ▲ +0.14% | ▲ +1.16% | $170.89 (+1.96%) |
Oct 14, 2026 13d ago | 8-K | $166.89 $168.95 | ▲ +1.23% | ▲ +0.78% | $170.89 (+2.40%) |
Oct 13, 2026 14d ago | 3 | $166.89 $168.95 | ▲ +1.23% | ▲ +0.78% | $170.89 (+2.40%) |
Sep 14, 2026 6w ago | 8-K | $188.16 $184.40 | ▼ −2.00% | ▼ −2.10% | $170.89 (−9.18%) |
Aug 5, 2026 11w ago | 424B5 | $187.05 $190.11 | ▲ +1.64% | ▲ +1.29% | $170.89 (−8.64%) |
Jul 28, 2026 13w ago | Insider Cluster | $176.04 $187.05 | ▲ +6.25% | ▲ +0.73% | $170.89 (−2.93%) |
Jul 23, 2026 13w ago | Insider Cluster | $185.40 $184.16 | ▼ −0.67% | ▼ −1.76% | $170.89 (−7.83%) |
Jul 16, 2026 14w ago | 8-K | $185.66 $184.21 | ▼ −0.78% | ▲ +0.89% | $170.89 (−7.96%) |
US Market Status
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