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Reported Q: Q3 2024 Rev YoY: -27.7% EPS YoY: +80.3% Move: +1.02%

State Street Corporation

STT-PG

$21.84 1.02%

Exchange NYSE Sector Financial Services Industry Asset Management

Q3 2024

Published: Oct 31, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for STT-PG

Reported

Report Date

Oct 31, 2024

Quarter Q3 2024

Revenue

3.18B

YoY: -27.7%

EPS

2.26

YoY: +80.3%

Market Move

+1.02%

Previous quarter: Q2 2024

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Earnings Highlights

Revenue of $3.18B down 27.7% year-over-year
EPS of $2.26 increased by 80.3% from previous year
Gross margin of 96.7%
Net income of 730.00M
"Alpha is a clear competitive advantage, which strategically positions us to retain business at even higher levels, win new long-term relationships, and, as evidenced this quarter, deepen existing relationships in a meaningful way." - Ron O'Hanley

STT-PG

Company STT-PG

Period Q3 2024

Currency USD

Report Type Quarterly Earnings

Generated Apr 1, 2026

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Executive Summary

State Street delivered a resilient Q3 2024 despite year-over-year revenue depreciation, anchored by meaningful improvements in profitability and the acceleration of strategic initiatives. Reported EPS of 2.26 (diluted) and ROE of 12% reflect robust fee growth, higher NII, and ongoing capital return. On a GAAP basis, revenue was $3.178 billion with net income of $730 million; excluding notable items, management highlighted 17% earnings growth YoY and 9% total revenue growth YoY, underscoring discipline in expense management and productivity initiatives. Alpha-driven wins dominated quarterly AUC/A activity, with $466 billion in AUC/A and $84 million of servicing-fee revenue wins in the quarter, illustrating the platform's ability to deepen client relationships and win new mandates.

Key Performance Indicators

Revenue

Decreasing

3.18B

QoQ: -0.41% | YoY: -27.69%

Gross Profit

Increasing

3.07B

96.70% margin

QoQ: -3.70% | YoY: 14.20%

Operating Income

Increasing

926.00M

QoQ: -4.73% | YoY: 81.21%

Net Income

Increasing

730.00M

QoQ: 2.67% | YoY: 72.99%

EPS

Increasing

2.29

QoQ: 5.05% | YoY: 80.31%

Revenue Trend

Margin Analysis

Financial Highlights

Revenue: $3.178B (Q3 2024); YoY change: -27.7%, QoQ: -0.4% (ratiosInfo shows Revenue yoy -27.69%, qoq -0.41%). Gross profit: $3.073B; gross margin: 96.7% (0.96696). Operating income: $0.926B; operating margin: 29.14%. Net income: $0.730B; net margin: 22.97%. EPS (diluted): $2.26; GAAP EPS: $2.29; YoY EPS growth ex-items: +17%. NII: $0.723B; YoY NII growth: +16%; sequential change: -2%. Depreciation & amortization: $0.088B. Interest expense: $2.358B. Free cash flow: $2.474B for the period; Operating cash flow: $5.476B. Balance sheet: Total assets $338.481B; total current assets $129.948B; cash and cash equivalents $109.251B; net debt at period end: -$76.212B; CET1 ratio: 11.6%. Liquidity and capital returns: over $670M total capital returned in Q3, including $450M share repurchases; full-year payout ratio guided to 80–90%. Key strategic momentum: Alpha mandating wins, 20 new Global Advisors ETFs in Q3, Apollo partnership discussions for private markets, and a pipeline aimed at six to eight Alpha clients in 2024.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	3.18B	-27.69%	-0.41%
Gross Profit	3.07B	14.20%	-3.70%
Operating Income	926.00M	81.21%	-4.73%
Net Income	730.00M	72.99%	2.67%
EPS	2.29	80.31%	5.05%

Key Financial Ratios

Gross Profit Margin

Excellent

96.70%

Gross profit margin is exceptional, indicating strong pricing power and operational efficiency

Operating Profit Margin

Excellent

29.10%

Operating margin is exceptional, indicating strong pricing power and operational efficiency

Net Profit Margin

Excellent

23.00%

Net profit margin is exceptional, indicating strong pricing power and operational efficiency

Return on Assets

Weak

0.22%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

2.83%

Return on equity suggests inefficient capital allocation

Current Ratio

Strong

15.96

Current ratio indicates excellent liquidity and financial flexibility

Debt to Equity

High Risk

1.20

Debt-to-equity indicates high leverage and elevated financial risk

P/E Ratio

Value

2.51x

P/E ratio suggests potential undervaluation or stable earnings

Price to Book

Undervalued

0.28x

Trading below book value, potential value opportunity or distressed

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
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

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State Street Corporation (STT-PG) Q3 2024 Earnings Report

Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Historical Earnings Comparison

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