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STTState Street Corporation

Financials · Banks · NYSE
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The 10-K against last year's

457 changes: 58 added, 113 removed, 281 reworded, 5 quiet changes

10-K Feb 19, 2026 vs Feb 13, 2025
Risk FactorsRedline ↓
23.9%
of the text changed · 24,678 words now
23.0%
of the text changed · 32,436 words now
Legal ProceedingsRedline ↓
16.7%
of the text changed · 1,260 words now
Accounting PoliciesRedline ↓
25.8%
of the text changed · 1,737 words now

10-K 0000093751-26-000124 (2026-02-19) vs 10-K 0000093751-25-000111 (2025-02-13)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 300 words changed in this paragraph; it is 44% similar to last year's version.
In recent years, we have undertaken acquisitions, including our 2025 acquisition of PriceStats, our 2024 acquisition of CF Global, our 2021 acquisition of Mercatus and our 2018 acquisition of CRD. The integration of acquisitions presents risks that differ from the risks associated with our ongoing operations. Integration activities are complicated and time consuming and can involve significant unforeseen costs. We may not be able to effectively assimilate services, technologies, key personnel or businesses of acquired companies into our business or service offerings as anticipated, and we may not achieve related revenue growth or cost savings. We also face the risk of being unable to retain, or cross-sell our products or services to, the clients of acquired companies or joint ventures and the risk of being unable to cross-sell acquired products or services to our existing clients. In particular, some clients, including significant clients, of an acquired business may have the right to transition their business to other providers on short notice for convenience, fiduciary or other reasons and may take the opportunity of the acquisition or market, commercial, relationship, service satisfaction or other developments following the acquisition to terminate, reduce or renegotiate the fees or other terms of our relationship. Any such client losses, reductions or renegotiations likely will reduce the expected benefits of the acquisition, including revenues, cross-selling opportunities and market share, cause impairment to goodwill and other intangibles or result in reputational harm, which effects could be material, and we may not have recourse against the seller of the business or the client. The risk of client loss is even greater where the client is a competitor of ours or has key strategic commercial relationships with our competitors. Acquisitions of Investment Servicing businesses entail information technology systems conversions, which involve operational risks, as well as fiduciary and other risks associated with client retention. Acquisitions of Asset Management businesses similarly involve fiduciary and similar risks associated with client retention, distribution channels and additional servicing opportunities, as well as potential cultural conflicts. Acquisitions of technology firms can involve extensive information technology integration, with associated risk of defects, security breaches and resiliency lapses and product enhancement and development activities, the costs of which can be difficult to estimate, as well as heightened cultural and compliance concerns in integrating an unregulated firm into a bank regulatory environment. Joint ventures involve all of these risks, as well as risks associated with shared control and decision-making (even in majority-owned situations), minority rights and exit rights, which can delay, challenge or

Source: Item 1A, 10-K 0000093751-26-000124 vs Item 1A, 10-K 0000093751-25-000111

MD&A 204 words changed in this paragraph; it is 33% similar to last year's version.
The industry in which we operate has historically faced pricing pressure, and our servicing fee revenues are also continue to be affected by such pressures today. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing AUC/A wins, as the amount of revenue associated with AUC/A, once installed, can vary materially. On average, over the five years ended December 31, 2024, we estimate that pricing pressure with respect to existing clients has impacted our servicing fees by approximately (2)% annually, with the impact ranging from (2)% to (3)% in any given year and approximately (3)% and (2)% in 2024 and 2023, respectively. Pricing concessions can be a part of a contract renegotiation with a client including terms that may benefit us, such as extending the term of our relationship with the client, expanding the scope of services that we provide or reducing our dependency on manual processes through the standardization of the services we provide. In 2024, the impact was primarily driven by several multi-year renewals of large strategic clients. The timing of the impact of additional revenue generated by anticipated additional services and the amount of revenue generated may differ from expectations due to the impact of pricing concessions on existing services due to the necessary time required to onboard those new services or process changes, the nature of those services and client investment practices and other factors. These same market pressures also impact the fees we negotiate when we win business from new clients. materially between mandates.

Source: Item 7, 10-K 0000093751-26-000124 vs Item 7, 10-K 0000093751-25-000111

Accounting Policies 146 words changed in this paragraph; it is 49% similar to last year's version.
We consolidate subsidiaries in which we exercise control. Investments in unconsolidated subsidiaries, recorded in other assets, generally are accounted for under the equity method of accounting if Equity investments where we have the ability to exercise significant influence over the operations of the investee. For investee are generally accounted for under the equity method of accounting and are recorded in other assets. Income or losses from investments accounted for under the equity method, our share of income or loss is method are recorded in other fee revenue in our consolidated statement of income. Investments Equity investments that do not meeting meet the criteria for equity-method treatment are measured at fair value through earnings, except for investments in low-income housing and production tax credit entities (see Note 14 for further information) or where a one of two U.S. GAAP exceptions applies. The first exception allows Federal Reserve Bank stock, Federal Home Loan Bank stock and exchange memberships to remain accounted for at cost, less impairment. The second exception is for equity investments where fair market value is not readily available, which are accounted for under at cost, less impairment, adjusted for any observable price changes in orderly transactions for the cost method identical or a similar investment of accounting. the same issuer, with any such changes reflected in other fee revenue.

Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000093751-26-000124 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000093751-25-000111

Legal Proceedings 58 words changed in this paragraph; it is 50% similar to last year's version.
withheld In connection with a routine audit including the period 2013-2015, German tax authorities have determined that State Street should have withheld, and be is secondarily liable for for, certain taxes on dividends paid on securities of German issuers held as collateral over dividend record dates in client lending transactions with counterparties outside of Germany. This determination is subject to review in proceedings in which State Street will in due course contest these conclusions, in addition to separately seeking relief from those determined to be primarily liable.

Source: Item 3, via Note 13 – Contingencies, 10-K 0000093751-26-000124 vs Item 3, via Note 13 – Contingencies, 10-K 0000093751-25-000111

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of STT's Risk Factors and MD&A, 10-K 2026-02-19 against 10-K 2025-02-13. Each links to the text at sec.gov.

RemovedRisk Factors
We have significant global operations, and clients, that can be adversely impacted by disruptions in key economies, including local, regional and geopolitical developments affecting those economies.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
Economic conditions across the world face continued uncertainty due to, among other things, elevated geopolitical risks in multiple regions, including Ukraine, Israel and the Middle East, among others, an uncertain monetary policy environment, and slowing growth and heightened volatility in key emerging markets. New or continued economic deterioration may increase concerns about sovereign debt sustainability, interdependencies among financial institutions and sovereigns, and political and other risks. Continued uncertainty in the external environment has led to increased concern around the near- to medium-term outlook for economic progress in the regions in which we operate, including the United States, Europe, the Middle East and Asia.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
Given the scope of our global operations, economic or market uncertainty, volatility, illiquidity or disruption resulting from these and related factors could have a material adverse impact on our consolidated results of operations or financial condition, with a greater relative impact as compared to our peers.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
Our investment securities portfolio represented approximately 30% of our total assets as of December 31, 2024. The gross interest income associated with our investment portfolio represented approximately 17% of our total gross revenue for the year ended December 31, 2024 and has represented as much as 31% of our total gross revenue in the

Read it in 10-K 2025-02-13 at sec.gov ↗

Show the other 16
RemovedRisk Factors
•Subcustodian risks: With the exception of the United States, Canada, Germany and the United Kingdom, we maintain subcustodian relationships in all jurisdictions in which our clients invest, including emerging and other underdeveloped markets, and markets subject to sanctions. Our use of unaffiliated subcustodians exposes us to operational, reputational and regulatory risk, as we are dependent upon the subcustodians in performing several of our services to clients in those markets. Operational risk includes risks of the legal and regulatory systems and market practices of the jurisdictions in which

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
•Leveraged loans: We invest in leveraged loans, both in the United States and in Europe. We invest in these loans to non-investment grade borrowers through participation in loan syndications in the non-investment grade lending market. We rate

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
•Operating leverage was 9.4% points, largely reflecting the net impact of notable items in the current and prior year periods, which represented 7.4% points of operating leverage. Operating leverage represents the difference between the percentage change in total revenue and the percentage change in total expenses, in each case relative to the prior year period.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
•Fee operating leverage was 7.7% points, largely reflecting the net impact of notable items in the current and prior year periods, which represented 5.6% points of fee operating leverage. Fee operating leverage represents the difference between the percentage change in total fee revenue and the percentage change in total expenses, in each case relative to the prior year period.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
•Completed the consolidation of our final joint venture in India, further advancing the plan to transform our operating model to unlock efficiency savings and improve client experience. The joint venture consolidation in 2024 increased our headcount by approximately 17% as of December 31, 2024, compared to December 31, 2023. Associated headcount cost was previously reflected in compensation and employee benefits expenses.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
◦Deferred compensation expense acceleration of approximately $79 million, related to prior period incentive compensation awards to align our deferred pay mix with peers.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
◦Revenue-related recovery of $15 million from settlement proceeds associated with a 2018 FX benchmark litigation resolution, which is reflected in foreign exchange trading services.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
◦FDIC special assessment of $387 million recorded in other expenses, related to FDIC’s recovery of estimated losses to the Deposit Insurance Fund associated with the

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
•Servicing fee revenue increased 2% compared to 2023, as higher average market levels and net new business, excluding a previously disclosed client transition, were partially offset by pricing headwinds, a previously disclosed client transition and lower client activity and adjustments, including asset mix shift.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
•Securities finance revenue increased 3% compared to 2023, mainly due to higher client lending balances, partially offset by lower spreads primarily resulting from muted industry specials activity.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
•NII increased 6% compared to 2023, primarily due to higher investment securities yields and loan growth, partially offset by deposit mix shift towards interest-bearing deposits.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
•On March 15, 2024, we redeemed an aggregate $1.0 billion, or all 7,500 outstanding shares, of our non-cumulative perpetual preferred stock, Series D, for a cash redemption price of $100,000 per share (equivalent to $25 per depository share), and all 2,500 of the outstanding shares of our noncumulative perpetual preferred stock, Series F (represented by 250,000 depository shares), for a cash redemption price of $100,000 per share (equivalent to $1,000 per

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
•On September 16, 2024, we redeemed an aggregate $500 million, or all 5,000 outstanding shares, of our non-cumulative perpetual preferred stock, Series H (represented by 500,000 depository shares), for a cash redemption price of $100,000 per share (equivalent to $1,000 per depository share), plus all declared and unpaid dividends.

Read it in 10-K 2025-02-13 at sec.gov ↗

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