State Street Corp.

Strong 3Q financial performance + momentum - EPS: $3.69, +33% YoY; total revenue: ~$4.0B, +13% YoY; fee revenue: +11% YoY; NII: +21% YoY. - 11th consecutive quarter of positive operating leverage (excluding notable items), ~+530 bps in the quarter. - Profitability: pretax margin 35% (+350 bps YoY); ROTCE 25% (+4+ pts YoY). - Records/traction: record quarterly servicing & management fees; record FX client volumes; AUC/A: $59.2T, +15% YoY; AUM (Investment Management): $6.3T, +16% YoY.

Forward outlook (excluding notable items) remains confident—key forecasts for full year 2026 - Fee revenue growth: 13%–14% (raised from prior 12%–13%). - NII growth: 15%–16% (raised from prior 14%–15%), reflecting strong 3Q trends. - Expense growth: ~8%–8.5%. - Operating leverage: >500 bps positive expected for 2026. - Effective tax rate: ~22%. - Capital returns: total payout approaching ~80% for the year (subject to market conditions).

Capital return & buybacks: high payout, but still subject to rate/AOCI effects - 3Q capital return to shareholders: $651M total ($400M buybacks + $251M dividends); dividend increased 10% effective in 3Q. - Management explicitly expects buyback ramp into 4Q and confidence in delivering payout near 80% despite a rate-related headwind. - Rate sensitivity (AOCI): rule-of-thumb discussed—25 bps unmitigated/unaddressed rate increase ≈ ~10 bps capital impact (with AFS duration ~1 year, fixed portion possibly up to ~2 years). They emphasize there are “levers” to optimize timing.