STT · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

State Street

40 named things its latest annual report says its results depend on, each in the company's own words. 26 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Private equity funds

insures or lends tonamed as a risk

The portfolio consists of capital call lines of credit, the repayment of which is dependent on the receipt of capital calls from the underlying limited partner investors in the funds managed by these firms.Risk factors (Item 1A)

Suppliers

Cloud service providers

depends onnamed as a risk

Some of the vendors on which we rely, including cloud service providers, are large, well known and used by many other major financial and other institutions, which increases the risk that they will be targeted by malefactors.Risk factors (Item 1A)

Also named by ALLY, BAC, BX, C, EFX, HLT, IDXX, LNC and 5 more

Subcustodians

depends onnamed as a risk

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.Risk factors (Item 1A)

Partners and platforms

Fixed Income Clearing Corporation (FICC)

named as a risk

We may sponsor clients to clear their eligible repurchase or resale transactions with FICC, backed by our guarantee to FICC of the prompt and full payment and performance of our sponsored member clients’ respective obligations.Risk factors (Item 1A)

Also named by CBOE, CME, NLY

Other companies

Investment securities portfolio

exposed to its price · approximately 29% of our total assetsnamed as a risk

Our investment securities portfolio represented approximately 29% of our total assets as of December 31, 2025.Risk factors (Item 1A)

Also named by FSUN, SSB

Moody's Investors Service

named as a risk

For example, between November 2023 and November 2024, Moody’s Investors Service advised that its outlooks for State Street Bank’s long-term issuer and deposit ratings, and State Street Corporation’s senior unsecured ratings, were negative.Risk factors (Item 1A)

Also named by AMG, KHC

U.S. state Attorneys General coal antitrust litigation

named as a risk

We have received information requests from various U.S. state and federal government entities in connection with their investigations of sustainability or ESG investing practices and memberships in certain climate-oriented investor groups and are named as defendants in litigation initiated by several U.S. state Attorneys General alleging violations of antitrust laws in the coal industry.Risk factors (Item 1A)

Places

Asia-Pacific

operates in · approximately $3.46 trillion

As of December 31, 2025, we serviced AUC/A of approximately $53.80 trillion, comprising approximately $37.42 trillion in the Americas, approximately $12.92 trillion in Europe and the Middle East and approximately $3.46 trillion in the Asia-Pacific region.Business (Item 1)

Also named by AIG, AVY, BLK, BNY, CCK, CL, COHR, DCI and 17 more

Americas

concentrated in · approximately $37.42 trillion

Also named by BLK, CYRX, DELL, EMR, FDS, FICO, GGG, GS and 6 more

Europe and the Middle East

operates in · approximately $12.92 trillion

Russia

concentrated innamed as a risk

Currently, we hold cash on deposit with our subcustodian and clearing agencies in Russia, which amount is expected to increase materially over time as long as the sanctions and other restrictions remain in effect, and which currently is subject to restrictions on our ability to access such deposits.Risk factors (Item 1A)

Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more

India

concentrated innamed as a risk

Our geographic footprint also exposes us to the relevant macroeconomic, political, legal and similar risks generally involved in doing business in the jurisdictions in which we establish lower-cost locations or joint ventures or in which our outsourcing vendors locate their operations, particularly in locations where we have a concentration of our operational activities, such as India, Poland and China.Risk factors (Item 1A)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more

China

concentrated innamed as a risk

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

United Kingdom

operates innamed as a risk

For example, governmental actions and reputational issues in our transition management business in the United Kingdom have adversely affected our transition management revenue and, with criminal convictions or guilty pleas of three of our former employees in 2018 and the deferred prosecution agreement we entered into in early 2017 and the related SEC settlement, these effects have the potential to continue.Risk factors (Item 1A)

Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more

Poland

concentrated innamed as a risk

Also named by ATI, C, GE, JBI, MSI, MSTR, UNM

Commodities and inputs

Commercial real estate

insures or lends to · $119 million and $102 millionnamed as a risk

We have observed these effects in 2025 and 2024, resulting in commercial real estate-related allowance for credit losses of $119 million and $102 million as of December 31, 2025 and 2024, respectively.Risk factors (Item 1A)

Also named by AFL, APO, AUB, BAC, C, CFR, FSUN, GBCI and 11 more

Euro

exposed to its pricenamed as a risk

If European interest rates remain low or decrease and the U.S. dollar strengthens relative to the Euro, the negative effects on our NII likely will continue or increase.Risk factors (Item 1A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Agency residential MBS

concentrated innamed as a risk

Our investment portfolio continues to have significant concentrations in several classes of securities, including agency residential MBS, commercial MBS and other ABS, and securities with concentrated exposure to consumers.Risk factors (Item 1A)

Leveraged loans

insures or lends tonamed as a risk

Our leveraged loans are primarily rated as “sub-investment grade” under our internal risk-rating framework, and these loans have significant exposure to credit losses relative to higher-rated loans.Risk factors (Item 1A)

Regulators

U.S. Attorney for the District of Massachusetts

subject to · $115 millionnamed as a risk

For example, in 2021, we paid a $115 million penalty to the office of the United States Attorney for the District of Massachusetts to resolve potential criminal claims arising from the previously disclosed invoicing matter.Risk factors (Item 1A)

Federal Deposit Insurance Corporation (FDIC)

subject tonamed as a risk

Under Section 165(d) of the Dodd-Frank Act, we are required to submit a resolution plan on a biennial basis jointly to the Federal Reserve and the FDIC (the Agencies).Business (Item 1)

Also named by AFRM, BAC, BNY, CASH, CFG, CFR, COF, FCFS and 27 more

Federal Reserve

subject tonamed as a risk

We are registered with the Federal Reserve as a bank holding company pursuant to the Bank Holding Company Act of 1956.Business (Item 1)

Also named by AGNC, AUB, AXP, BAC, CASH, COF, DX, EFSC and 24 more

European Central Bank (ECB)

subject tonamed as a risk

Our continental European banking subsidiary, State Street Bank International GmbH is a significant entity in accordance with European banking regulations and accordingly is supervised directly by the ECB.Business (Item 1)

Also named by BNY, GS, JPM, NTRS, PYPL, V

Commodity Futures Trading Commission (CFTC)

subject to

State Street Bank has registered with the CFTC as a swap dealer.Business (Item 1)

Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more

Central Bank of Ireland

subject to

In Ireland our depositary and fund administration companies are regulated by the Central Bank of Ireland and in Canada our trust company is regulated by the Office of the Superintendent of Financial Institutions.Business (Item 1)

Also named by BEN, BX, IBKR, KKR, MRSH, TRV, XYZ

Massachusetts Commissioner of Banks

subject to

State Street Bank is a member of the Federal Reserve System, its deposits are insured by the FDIC and it is subject to applicable federal and state banking laws and to supervision and examination by the Federal Reserve, the Massachusetts Commissioner of Banks, as well as the FDIC and the regulatory authorities of those states and countries in which State Street Bank operates a branch.Business (Item 1)

Laws and programs

FDIC special assessment

subject to · approximately $387 million and $99 million in 2023 and 2024named as a risk

We recognized a pre-tax expense of approximately $387 million and $99 million in 2023 and 2024, respectively, and a $60 million pre-tax reduction in expense in 2025, within other expenses, reflecting State Street Bank’s allocation of the special assessment and the FDIC’s subsequent updates to its estimate of losses to the DIF.Business (Item 1)

Also named by BPOP, CFG, CFR, CUBI, EFSC, EWBC, FCNCA, GBCI and 10 more

Stress Capital Buffer

subject to · 2.5% of RWAnamed as a risk

Based on our results from the 2025 supervisory stress test, our SCB for the period of October 1, 2025 through September 30, 2026 is set at the prescribed minimum floor of 2.5% of RWA.Business (Item 1)

Also named by HBAN, RF, TFC, USB

G-SIB capital surcharge

subject to · 1.0%named as a risk

Our current G-SIB surcharge, through December 31, 2026, is 1.0%.Business (Item 1)

Also named by WFC

EGRRCPA Section 402 custody bank SLR exclusion

subject to · $91.5 billion

For the quarter ended December 31, 2025, we excluded $91.5 billion of average balances held on deposit at central banks from the denominator used in the calculation of our SLR based on this custodial banking exclusion.Business (Item 1)

General Data Protection Regulation (GDPR)

subject tonamed as a risk

For example, in the European Union, we are subject to the GDPR, which requires, among other things, a comprehensive privacy, data protection and cybersecurity program to protect the personal and sensitive data of residents of the European Economic Area.Business (Item 1)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

GENIUS Act

subject tonamed as a risk

Widespread adoption and rapid evolution of emerging technologies, including with respect to digital assets, such as stablecoins, as well as developments in the regulatory landscape relating to emerging technologies, such as the enactment and implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (GENIUS Act) and potential enactment of the Digital Asset Market Clarity Act of 2025 (CLARITY Act) or similar market structure legislation or regulation, may affect our clients’ needs and expectations for products and services.Risk factors (Item 1A)

Also named by AUB, C, CFR, COF, COIN, CUBI, EWBC, FCNCA and 15 more

Volcker Rule

subject tonamed as a risk

Consequently, Volcker Rule compliance entails both the cost of implementing a compliance program and loss of certain revenue and future opportunities.Business (Item 1)

Also named by AMP, BAC, GS, HBAN, MS, NTRS, PNC, RJF and 5 more

Basel III Endgame Proposal

subject tonamed as a risk

While a re‑proposal is currently expected in March 2026, the timing and content of any potential re-proposal, and the effects on us, remain uncertain at this stage.Risk factors (Item 1A)

Also named by ALLY, CFG, HBAN, NTRS, PNC, RF

Liquidity Coverage Ratio (LCR)

subject tonamed as a risk

This has resulted in increased levels of HQLA as a percentage of our investment portfolio and an associated negative impact on our NII and our NIM.Risk factors (Item 1A)

European Union UCITS V directive

subject tonamed as a risk

In some regulatory regimes, such as the European Union’s UCITS V directive, we are subject to requirements that we be responsible for resulting losses suffered by our clients, and we may agree to similar or more stringent standards with clients that are not subject to such regulations.Risk factors (Item 1A)

SEC T+1 settlement rule

subject tonamed as a risk

Implementation of similar rules in other jurisdictions presents the risk of non-compliance, as well as careful coordination with and dependencies on other industry participants and additional risks associated with technology development and implementation, change management and operational errors, any of which could be material in light of the magnitude and volume of our settlement-related activities and obligations.Risk factors (Item 1A)

ERISA

subject to

Our business related to investment management and trusteeship of collective trust funds and separate accounts offered to employee benefit plans is subject to the Employee Retirement Income Security Act (ERISA), and is regulated by the U.S. Department of Labor (DOL).Business (Item 1)

Also named by BBSI, BLK, KKR, LNC, LPLA, MET, MRSH, WHR

eSLR Final Rule

subject to

We adopted the modified standards effective January 1, 2026.Business (Item 1)

Federal Reserve Regulation K

subject to

The majority of our non-U.S. investment servicing operations are conducted pursuant to the Federal Reserve’s Regulation K through State Street Bank’s Edge Act subsidiary or through international branches of State Street Bank.Business (Item 1)