State Street Corporation

Strong Q3 performance + sustained momentum (what’s good) - EPS: $3.69, up 33% YoY. - Operating leverage: 11th consecutive quarter of positive YoY operating leverage (excludes notable items), with ~530 bps positive leverage in Q3. - Profitability: Pretax margin 35% (+350 bps YoY) and ROTCE 25% (+4+ pts). - Total revenue: $4.0B, up 13% YoY; driven by fee revenue +11% YoY and NII +21% YoY.

Record franchise activity (fees, AUC/A, FX) - Custody/servicing AUC/A: $59.2T, up 15% YoY; record servicing fees about $1.5B, up 10% YoY (includes ~7% organic growth + higher average market levels). - Investment Management: AUM $6.3T, up 16% YoY; management fees $797M, up 20% YoY. - Net inflows: 6th consecutive quarter of organic AUM growth; $7B net inflows in Q3 (long-term net inflows $69B, down from $79B in Q2 due to redeployment of client cash). - Markets (FX): record quarterly FX client volumes; FX trading services revenue $427M, up 17% YoY.

Full-year 2026 outlook (forecast/expectations) - Fee revenue growth: now 13%–14% (up from 12%–13% in the July outlook). - NII growth: now 15%–16% (up from 14%–15% in July). - Expenses: expected up ~8% to 8.5%. - Operating leverage: expect >500 bps positive operating leverage for 2026 (ex notable items). - Effective tax rate: ~22%. - Capital return: total payout ratio approaching ~80% for 2026 (subject to conditions).