Reported Q: Q2 2024 Rev YoY: -31.4% EPS YoY: -0.9% Move: -0.21%
State Street Corporation
STT-PG
$23.30 -0.21%
Exchange NYSE Sector Financial Services Industry Asset Management
Q2 2024
Published: Aug 1, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for STT-PG

Reported

Report Date

Aug 1, 2024

Quarter Q2 2024

Revenue

3.19B

YoY: -31.4%

EPS

2.15

YoY: -0.9%

Market Move

-0.21%

Previous quarter: Q1 2024

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Earnings Highlights

  • Revenue of $3.19B down 31.4% year-over-year
  • EPS of $2.15 decreased by 0.9% from previous year
  • Gross margin of 100.0%
  • Net income of 711.00M
  • "The vast majority of it is around client rebalancing. In one case, an extremely large client that’s rebalancing away from certain asset classes. So it's idiosyncratic. We don't expect it to continue." - Ron O'Hanley
STT-PG
Company STT-PG

Executive Summary

State Street delivered a solid second quarter (QQ2 2024) characterized by continued revenue growth and disciplined cost management, underscored by a roughly 3% year-over-year growth in total revenue and a 12% return on equity contribution for the quarter. EPS of $2.15 (GAAP) with a non-GAAP presentation highlighting adjusted items aided by the company’s ongoing efficiency initiatives. Management emphasized the durability of the business model as fee revenue and net interest income (NII) showed resilience despite a headwind from a client transition in servicing fees. The Global Advisors segment achieved a record $4.4 trillion in assets under management (AUM) and generated 11% year-over-year growth in management fees, supporting a diversified mix of revenue streams (pricing actions, ETF penetration, and new funds). The company also highlighted Alpha as a differentiator, with a new 10-year APAC client mandating 23 live Alpha mandates by quarter-end, contributing to a growing pipeline and long-term client relationships. In addition, the quarter featured meaningful capital deployment, including a 10% dividend increase to $0.76 per share commencing 3Q 2024 and more than $700 million in total capital return mid-year. Looking ahead, management raised the full-year guidance modestly: total fee revenue expected to be up 4-5% and NII expected to be up slightly year over year, with expenses projected to rise ~3% (excluding notable items). The firm remains focused on expanding Alfa-based servicing revenue, accelerating onboarding, and reinforcing its Alpha-driven growth strategy, while navigating potential macro volatility and rate-cycle dynamics.

Key Performance Indicators

Revenue
Decreasing
3.19B
QoQ: 1.69% | YoY: -31.39%
Gross Profit
Increasing
3.19B
1.00% margin
QoQ: 1.69% | YoY: 2.01%
Operating Income
Increasing
972.00M
QoQ: 47.72% | YoY: 6.11%
Net Income
Decreasing
711.00M
QoQ: 53.56% | YoY: -6.82%
EPS
Decreasing
2.18
QoQ: 57.97% | YoY: -0.91%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 3,284.00 2.04 +4.7% View
Q4 2024 3,400.00 2.41 -31.4% View
Q3 2024 3,178.00 2.26 -27.7% View
Q2 2024 3,191.00 2.15 -31.4% View
Q1 2024 3,138.00 1.37 -28.1% View