STTState Street Corporation
State Street Corporation is one of the world’s leading providers of financial services to institutional investors, including investment servicing, markets and financing solutions and investment management. 10-K, Item 1
- Headquarters
- Boston, MA
- CEO
- Hanley Ronald P. O
- Next results
- around Jan 15, 2027
19 paragraphs in Risk Factors of the 10-K filed Feb 19, 2026 with nothing like them in the 10-K filed Feb 13, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
We are subject to variability in our assets under custody and/or administration and assets under
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Transactions of this nature also involve a number of risks and financial, accounting, tax, regulatory, strategic, client relationship, managerial, operational, cybersecurity, cultural and employment challenges, which could adversely affect our consolidated results of operations and financial
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affect us, particularly if we face increased uncertainty and unpredictability in managing our businesses.” Further, we hold a portfolio of U.S. state and municipal bonds, the value of which may be affected by the budget deficits that a number of states and municipalities currently face, resulting in risks associated with this portfolio.
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Management Activities” in our Management’s Discussion and Analysis in this Form 10-K.
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This was observed during the 2008 financial crisis, when economic, market, political and other factors contributed to the perception of many financial institutions and sovereign issuers as being less credit worthy. This led to credit downgrades of numerous
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•Subcustodian risks: With the exception of the United States, Canada, Germany and the United Kingdom, we maintain subcustodian
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agree to indemnify our clients from any loss that would arise on a default by the counterparty under these repurchase arrangements if the proceeds from the disposition of the securities or other financial assets held as collateral are less than the amount of the repayment obligation by the client’s counterparty. In such instances of counterparty default, for both securities lending and repurchase agreements, we, rather than our client, are exposed to the risks associated with collateral value.
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constant, increases or decreases in volumes or bid-offer spreads across product mix tend to result in corresponding changes in client-related FX revenue.
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9 more
Our return of capital to shareholders through common share repurchases and common stock dividends may be variable and is subject to various business and financial factors and regulatory requirements and approvals of our Board of Directors.
Stock purchases under our common share repurchase program may be made using various types of transactions, including open market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing and amount of any stock purchases and the type of transaction may not be ratable over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including our capital position and our financial performance, investment opportunities, market conditions, the nature and timing of implementation of revisions to the Basel III framework and the amount of common stock issued as part of employee compensation programs. The common share repurchase program does not have specific price targets and may be suspended at any time. For information regarding our common share repurchases, refer to “Market for Registrant’s Common Equity” included under Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities in this Form 10-K.
Federal and state banking regulations place certain restrictions on dividends paid by subsidiary banks to the parent holding company. In addition, banking regulators have the authority to prohibit bank holding companies from paying dividends. For information concerning limitations on dividends from our subsidiary banks, refer to “Related Stockholder Matters” included under Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, and to Note 15 to the consolidated financial statements in this Form 10-K. Our common stock and preferred stock dividends, including the declaration, timing and amount thereof, are subject to consideration and approval by the Board at the relevant times.
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However, our ability to access the capital markets, if needed, on a timely basis or at all will depend on a number of factors, such as the state of
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In implementing various aspects of these capital and liquidity regulations, we are making
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Moreover, the current presidential administration has made certain changes in the leadership and senior staffs of the federal banking agencies, and may make additional changes in the future. Such
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judgment and a variety of assumptions and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the estimate at any time.
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financial liabilities are exacerbated, particularly under data protection regulations such as the GDPR.
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business, some of whom provide material services to us, there are few or no viable alternative providers, and we therefore face transition risks to either change to a new external provider (which may be a current alternative provider), if available with sufficient capacity and on terms acceptable to us, or to internalize the service or technology, in the event the third party is unable to resume the provision of services or technology on substantially the same basis as prior to the relevant incident. These transition risks include out-of-pocket costs, client loss, regulatory scrutiny and reputational harm, any of which could be material.
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We have in the past failed and may in the future fail to identify and manage risks related to a variety of
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economic interests in the fund and could exceed the value of our initial seed capital investment.
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New in the latest 10-Q
17 paragraphs in the 10-Q filed Oct 28, 2026 with nothing like them in the 10-Q filed Jul 30, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
Our servicing fee revenue is impacted by both our levels and the geographic and product mix of our
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TABLE 9: ACTIVITY IN ASSETS UNDER MANAGEMENT BY STRATEGY AND ASSET CLASS(1) (In billions) Equity Fixed-Income Cash(2) Multi-Asset Alternative Investments(3) Total Ending balance as of December 31, 2024 $ 3,007 $ 616 $ 518 $ 374 $ 200 $ 4,715 Net asset flows: Index strategies and solutions: ETFs (18) 9 — — 9 — Other index (18) (7) — 13 — (12) Total index strategies and solutions (36) 2 — 13 9 (12) Active, alternatives and other (1) — — — (1) (2) Cash — — 1 — — 1 Total flows, net (37) 2 1 13 8 (13) Market appreciation/(depreciation) (84) 8 (2) (1) 14 (65) Foreign exchange impact 15 7 1 4 1 28 Total market and foreign exchange impact (69) 15 (1) 3 15 (37) Ending balance as of March 31, 2025 $ 2,901 $ 633 $ 518 $ 390 $ 223 $ 4,665 Net asset flows: Index strategies and solutions: ETFs 8 3 — — 4 15 Other index 9 49 — 24 (1) 81 Total index strategies and solutions 17 52 — 24 3 96 Active, alternatives and other (3) (1) — 1 (10) (13) Cash — — (1) — — (1) Total flows, net 14 51 (1) 25 (7) 82 Market appreciation/(depreciation) 273 7 6 27 5 318 Foreign exchange impact 30 9 2 7 4 52 Total market and foreign exchange impact 303 16 8 34 9 370 Ending balance as of June 30, 2025 $ 3,218 $ 700 $ 525 $ 449 $ 225 $ 5,117 Net asset flows: Index Strategies and Solutions: ETFs 27 1 — — 10 38 Other Index (24) 13 — 4 — (7) Total Index Strategies and Solutions 3 14 — 4 10 31 Active, Alternatives and Other 2 (1) — 2 (18) (15) Cash — — 10 — — 10 Total Flows, net 5 13 10 6 (8) 26 Market Appreciation/(Depreciation) 244 10 5 24 27 310 Foreign Exchange Impact (2) (3) — (2) — (7) Total Market and Foreign Exchange Impact 242 7 5 22 27 303 Ending balance as of September 30, 2025 $ 3,465 $ 720 $ 540 $ 477 $ 244 $ 5,446
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TABLE 9: ACTIVITY IN ASSETS UNDER MANAGEMENT BY STRATEGY AND ASSET CLASS(1) (continued) (In billions) Equity Fixed-Income Cash(2) Multi-Asset Alternative Investments(3) Total Ending balance as of December 31, 2025 $ 3,589 $ 734 $ 570 $ 501 $ 271 $ 5,665 Net asset flows: Index strategies and solutions: ETFs 15 10 — — — 25 Other index (13) 18 — 11 (3) 13 Total index strategies and solutions 2 28 — 11 (3) 38 Active, alternatives and other — — — 1 2 3 Cash — — 8 — — 8 Total flows, net 2 28 8 12 (1) 49 Market appreciation/(depreciation) (94) (3) 3 (6) 14 (86) Foreign exchange impact (1) (3) — (4) — (8) Total market and foreign exchange impact (95) (6) 3 (10) 14 (94) Ending balance as of March 31, 2026 $ 3,496 $ 756 $ 581 $ 503 $ 284 $ 5,620 Net asset flows: Index strategies and solutions: ETFs 67 3 — — (4) 66 Other index (5) 9 — 13 (2) 15 Total index strategies and solutions 62 12 — 13 (6) 81 Active, alternatives and other (2) — — — — (2) Cash — — 35 — — 35 Total flows, net 60 12 35 13 (6) 114 Market appreciation/(depreciation) 499 11 5 51 (15) 551 Foreign exchange impact (4) (3) — — — (7) Total market and foreign exchange impact 495 8 5 51 (15) 544 Ending balance as of June 30, 2026 $ 4,051 $ 776 $ 621 $ 567 $ 263 $ 6,278 Net asset flows: Index strategies and solutions: ETFs 46 9 — 3 10 68 Other index (29) 22 — 6 — (1) Total index strategies and solutions 17 31 — 9 10 67 Active, alternatives and other — 1 — — 1 2 Cash — — (62) — — (62) Total flows, net 17 32 (62) 9 11 7 Market appreciation/(depreciation) 31 (28) 5 (1) 4 11 Foreign exchange impact 5 5 — — — 10 Total market and foreign exchange impact 36 (23) 5 (1) 4 21 Ending balance as of September 30, 2026 $ 4,104 $ 785 $ 564 $ 575 $ 278 $ 6,306
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TABLE 21: LOANS (In millions) September 30, 2026 December 31, 2025 Subscription finance $ 15,421 $ 13,138 Fund finance(1) 11,331 10,916 Collateralized loan obligations(2) 14,071 12,809 Commercial 1,000 2,851 Commercial real estate 2,270 2,471 Overdrafts 3,528 1,962 Other(3) 1,688 2,635 Total loans(4)(5) 49,309 46,782 Allowance for credit losses (152) (193) Loans, net of allowance for credit losses $ 49,157 $ 46,589
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the remainder of 2026 or subsequent periods, we may increase our allowance for credit losses during those periods.
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sector institutions; and in our custody business through overdrafts. Credit risk is also incurred in our day-to-day settlement operations.
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well as the potential impairment of our ability to access the global capital markets.
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TABLE 28: NET INTEREST INCOME SENSITIVITY September 30, 2026 September 30, 2025 (In millions) U.S. Dollar All Other Currencies Total U.S. Dollar All Other Currencies Total Rate change: Benefit (Exposure) Benefit (Exposure) Parallel shifts: +100 bps shock $ 69 $ 285 $ 354 $ 73 $ 210 $ 283 -100 bps shock (75) (270) (345) (78) (187) (265) Steeper yield curve: +100 bps shift in long-end rates(1) 14 16 30 18 22 40 -100 bps shift in short-end rates(1) (64) (254) (318) (51) (165) (216) Flatter yield curve: +100 bps shift in short-end rates(1) 54 269 323 51 188 239 -100 bps shift in long-end rates(1) (16) (16) (32) (31) (22) (53)
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On August 12, 2026, we issued 500,000 depositary shares, each representing a 1/100th ownership interest in a share of fixed rate reset non-cumulative perpetual preferred stock, Series L, 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 $496 million.
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Financial statements and notes
Adjustments to reconcile net income to net cash provided by operating activities:
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Other non-cash adjustments for depreciation, amortization and accretion, net 485 198
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Payments for long-term debt and obligations under finance leases (2,432) (3,639)
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(1) As of September 30, 2026, there were three revolving credit facilities that had converted to term loans, totaling $ 104 million.
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(1) As of December 31, 2025, there were three revolving credit facilities that had converted to term loans, totaling $ 130 million.
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line, along with management judgment. Capital allocations may not be representative of the capital that might be required if these lines of business were separate business entities.
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Other information
The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted by executive officers during the third quarter of 2026, which are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as a Rule 10b5-1 trading plan.
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(1) A trading plan may also expire on such earlier date as all transactions under the trading plan are completed.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 28, 2026 against Item 1A of the 10-K filed Feb 19, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
This 10-Q has no Item 1A (Risk Factors) text of its own, so there is nothing to compare. Many companies leave it out when their risks have not changed.
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