Sales up 6.6%, free cash flow up to $10.8B
The latest figures
All key numbers (32) From EDGAR
| EPS (ttm) | 12.24 | Sales (ttm) | 15.5B | Net income (ttm) | 3.7B | Sales growth | +7.3% | EPS growth | +14.5% | Sales Q/Q | +12.9% |
| Free cash flow | -3.7B | Gross margin | - | Oper. margin | - | Net margin | 23.8% | FCF margin | -24.1% | ROE | 12.8% |
| ROA | 0.9% | R&D / sales | - | Dividend | 3.20 | Debt/Eq | 0.88 | Curr. ratio | - | Cash | 4.8B |
| Op. cash flow (ttm) | -2.2B | Net debt | 20.3B | Payout ratio | 34.0% | Tax rate | 21.1% | Shares out. | 272.1M | Shares Y/Y | -4.4% |
| Book / share | 105.52 | Cash / share | 17.63 | Sales / share | 57.02 | Asset turnover | 0.04 | Sales 3Y CAGR | +4.7% | Sales 5Y CAGR | +3.6% |
| EPS 3Y CAGR | +9.3% | EPS 5Y CAGR | +8.3% |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Free cash flow turned positive−$14.1B → $10.8B · Cash from operations − capital expenditure · 10-K ↗
STT against Financials peers
Ten years, side by side → · All 76 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| STT State Street Corporation | $15.5B | +7.3% | - | 23.8% | 12.8% | -24.1% | 0.88 |
| AJG Arthur J. Gallagher & Co. | $16.4B | +20.7% | - | 10.4% | 7.1% | - | 0.53 |
| SPGI S&P Global | $16.3B | +7.9% | 71.0% | 30.6% | 25.3% | 35.8% | 0.79 |
| EG Everest Group | $16.2B | +1.2% | - | 11.7% | 13.3% | - | - |
| BX Blackstone Inc. | $16.1B | +9.2% | - | 22.1% | 40.2% | 36.2% | 1.53 |
| WRB W. R. Berkley Corporation | $14.9B | +7.8% | - | 12.5% | 19.4% | - | - |
Profitability
2 of 3- ✓Net margin above the peer median23.8% vs 20.4%
- !Return on equity below 15%12.8%
- ✓A profit in every one of 10 years
Cash and shareholders
2 of 2- ✓Share count down over 5 years−19.1%
- ✓Dividend per share up over 5 years$2.08 → $3.20
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
Revenue and net income, FY2016 to FY2025
Revenue 13.9B Net income 2.9BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $13.9B of revenue came from
by region, year to Dec 31, 2025- U.S. $8.0B · 57%
- Non-U.S. $5.9B · 43%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
Income statement, balance sheet and cash flow
STT's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by business segment
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Investment Servicing | 6.7B | 47.9% | +6.5% |
| Investment Management | 2.6B | 18.4% | +13.5% |
10-K 0000093751-26-000124, segment and revenue notes (XBRL).
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Total fee revenue | 11.0B | 78.7% | +8.1% |
| Servicing fees | 5.3B | 38.2% | +6.1% |
| Net interest income | 3.0B | 21.2% | +1.3% |
| Management fees | 2.4B | 17.2% | +12.9% |
| Foreign exchange trading services | 1.6B | 11.6% | +15.2% |
| Software and processing fees | 903.0M | 6.5% | +1.7% |
| Securities finance | 505.0M | 3.6% | +15.3% |
| Other fee revenue | 236.0M | 1.7% | -18.3% |
10-K 0000093751-26-000124, segment and revenue notes (XBRL).
Revenue by region
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| U.S. | 8.0B | 57.4% | +6.6% |
| Non-U.S. | 5.9B | 42.6% | +8.2% |
10-K 0000093751-26-000124, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 10.2B | 11.3B | 12.1B | 11.8B | 11.7B | 12.0B | 12.2B | 12.2B | 13.1B | 13.9B |
| Interest expense | 428.0M | 604.0M | 991.0M | 1.4B | 375.0M | 3.0M | 1.5B | 6.4B | 9.0B | 8.8B |
| Pretax income | 2.1B | 3.0B | 3.1B | 2.7B | 2.9B | 3.2B | 3.3B | 2.3B | 3.4B | 3.7B |
| Income tax | -22.0M | 839.0M | 508.0M | 470.0M | 479.0M | 478.0M | 553.0M | 372.0M | 708.0M | 786.0M |
| Net income | 2.1B | 2.2B | 2.6B | 2.2B | 2.4B | 2.7B | 2.8B | 1.9B | 2.7B | 2.9B |
| EPS (diluted) | 4.97 | 5.19 | 6.39 | 5.38 | 6.32 | 7.19 | 7.19 | 5.58 | 8.21 | 9.40 |
| Diluted shares | 396.1M | 380.2M | 376.5M | 373.7M | 357.1M | 358.0M | 370.1M | 326.6M | 302.2M | 289.0M |
| Depreciation & amortization | 472.0M | 526.0M | 599.0M | - | - | - | - | - | - | - |
| Net margin | 21.0% | 19.1% | 21.4% | 19.1% | 20.7% | 22.4% | 22.8% | 15.9% | 20.5% | 21.1% |
| Revenue growth | - | +10.8% | +7.3% | -3.1% | -0.5% | +2.8% | +1.0% | +0.7% | +6.9% | +6.6% |
| EPS growth | - | +4.4% | +23.1% | -15.8% | +17.5% | +13.8% | 0.0% | -22.4% | +47.1% | +14.5% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 1.2B | 2.0B | 3.2B | 3.3B | 3.5B | 3.6B | 4.0B | 4.0B | 3.1B | 4.4B |
| Property & equipment | 2.1B | 2.2B | 2.2B | 2.3B | 2.2B | 2.3B | 2.3B | 2.4B | - | - |
| Goodwill | 5.8B | 6.0B | 7.4B | 7.6B | 7.7B | 7.6B | 7.5B | 7.6B | 7.7B | 8.2B |
| Total assets | 242.7B | 238.4B | 244.6B | 245.6B | 314.7B | 314.6B | 301.4B | 297.3B | 353.2B | 366.0B |
| Total debt | 11.4B | 11.6B | 11.1B | 12.5B | 13.8B | 13.5B | 15.0B | 18.8B | 23.3B | 25.1B |
| Total liabilities | 221.5B | 216.1B | 219.9B | 221.2B | 288.5B | 287.3B | 276.3B | 273.5B | 327.9B | 338.2B |
| Shareholders' equity | 21.2B | 22.3B | 24.7B | 24.4B | 26.2B | 27.4B | 25.2B | 23.8B | 25.3B | 27.8B |
| Retained earnings | 17.5B | 18.8B | 20.6B | 21.9B | 23.4B | 25.2B | 27.0B | 28.0B | 29.6B | 31.4B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.3B | 6.9B | 10.2B | 5.7B | 3.5B | -6.7B | 12.0B | 690.0M | -13.2B | 11.9B |
| Capital spending | 613.0M | 637.0M | 609.0M | 730.0M | 560.0M | 811.0M | 734.0M | 816.0M | 926.0M | 1.1B |
| Free cash flow | 1.7B | 6.3B | 9.6B | 5.0B | 3.0B | -7.5B | 11.2B | -126.0M | -14.1B | 10.8B |
| Stock-based pay (added back) | 268.0M | 243.0M | 262.0M | - | - | - | - | - | - | - |
| Dividends paid | 723.0M | 768.0M | 828.0M | 930.0M | 889.0M | 866.0M | 972.0M | 970.0M | 1.0B | 1.1B |
| Buybacks | 1.4B | 1.3B | 350.0M | 1.6B | 515.0M | 900.0M | 1.5B | 3.8B | 1.3B | 1.2B |
| Acquisitions | 437.0M | 0 | 2.6B | 54.0M | 0 | 346.0M | 0 | 61.0M | 194.0M | 286.0M |
| Debt raised | 1.5B | 747.0M | 995.0M | 1.5B | 2.5B | 1.3B | 3.7B | 6.2B | 6.5B | 5.7B |
| Investing cash flow | 4.2B | 48.0M | -4.5B | -2.6B | -65.5B | -2.2B | 6.8B | 12.7B | -39.5B | -13.0B |
| Financing cash flow | -6.4B | -6.2B | -4.5B | -3.0B | 62.2B | 9.0B | -18.4B | -13.4B | 51.8B | 2.4B |
| Dividend per share | 1.44 | 1.60 | 1.78 | 1.98 | 2.08 | 2.18 | 2.40 | 2.64 | 2.90 | 3.20 |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 268.0M | 243.0M | 262.0M | - | - | - | - | - | - | - |
| Stock-based pay / revenue | 2.6% | 2.1% | 2.2% | - | - | - | - | - | - | - |
| Operating lease cost | - | - | - | 179.0M | 169.0M | 147.0M | 130.0M | 163.0M | 168.0M | 179.0M |
| Operating lease cash paid | - | - | - | 201.0M | 192.0M | 198.0M | 161.0M | 197.0M | 179.0M | 193.0M |
| Finance lease principal paid | - | - | - | 54.0M | 33.0M | 47.0M | 58.0M | 45.0M | 46.0M | 43.0M |
| Right-of-use assets | - | - | - | 858.0M | 720.0M | 542.0M | 500.0M | 805.0M | 818.0M | 865.0M |
| Operating lease liabilities | - | - | - | 1.0B | 891.0M | 689.0M | 630.0M | 832.0M | 839.0M | 863.0M |
| Finance lease liabilities | - | - | 190.0M | 136.0M | 103.0M | 164.0M | 176.0M | 130.0M | 79.0M | 106.0M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.