State Street (STT) 10-K risk factor changes: FY2025 vs FY2024

Additional risks beyond those described in our Management’s Discussion and Analysis or in the following discussion may apply to our activities or operations as currently conducted, or as we may conduct them in the future, or in the markets in which [added: we operate or may in the future operate.]

State Street Corporation | [removed: 20][added: 50]

Market changes, macroeconomic developments and other [removed: factors] [added: factors, whether as a result of financial, technological or regulatory changes or otherwise,] cannot always be anticipated, and may adversely affect the demand for, and profitability of, the products and services that we [removed: offer.][added: offer, potentially materially.]

In addition, new market entrants and competitors may address or influence changes in the markets more rapidly than we do, may have materially greater resources to invest in [removed: infrastructure] [added: infrastructure, technology] and product development than we do, or may provide clients with a more attractive or cost-efficient offering of products and services, adversely affecting our business.

[removed: Our efforts to develop and] market new products, particularly in the “Fintech” sector including through State Street Alpha and [removed: State Street Digital] [added: broader digital asset-related initiatives] or in attractive areas of focus such as wealth servicing and alternative investment management, may position us in new markets with pre-existing [added: or less regulated] competitors with strong market position.

This pricing pressure has and may continue to impact our revenue growth and [removed: operational] [added: operating] margins and may limit the positive impact of new client demand and growth in [removed: AUC/A.][added: AUC/A or AUM.]

These competitors are in some instances significant clients, and the retention of these clients involves additional risks, such as the [added: avoidance of actual or perceived conflicts of interest and the maintenance of high levels of service quality and intra-company confidentiality.]

[removed: We are subject to variability in our assets under custody and/or administration and assets under management,] [added: management,] and in our financial results, due to the significant size of our relationship with many of our institutional clients, and are also subject to significant pricing pressure due to trends in the market for custodial services and the considerable market influence exerted by those clients.

In both our [removed: asset] [added: investment] servicing and [removed: asset] [added: investment] management businesses, we endeavor to attract institutional investors controlling large and diverse pools of assets, as those clients typically have the opportunity to benefit from the full range of our expertise and service offerings.

Large institutional clients also, by their nature, are often able to exert considerable market influence, and this, combined with strong competitive forces in the markets for our services, has resulted in, and may continue to result in, significant pressure to reduce the fees we charge for our services in both our [removed: asset] [added: investment] servicing and [removed: asset] [added: investment] management lines of business.

As a result, the servicing fees we generate from any particular client, or any specific client mandate over time, may be less than the servicing fees we expect [removed: as a result of that client or mandate at the time we win that business.]

This dependency is exacerbated in the current “Fintech” environment, where financial institutions are investing significantly in evaluating [added: and deploying] new technologies, such as [added: artificial intelligence and] distributed ledger [removed: technology (e.g., blockchain and artificial intelligence),] [added: technology,] and developing [added: and marketing] potentially industry-changing products, services and standards.

The introduction of new products and services can require significant time and resources, including regulatory approvals and the development and implementation of technical data management, [added: governance,] control and model validation requirements and effective security and resiliency elements.

[added: New products and services, such as State Street Alpha and those related to wealth servicing, alternative investment management or digital assets or] incorporating artificial intelligence, often also involve dependencies on third parties to, among other things, access [added: or support] innovative technologies, develop new distribution channels or form collaborative product and service offerings, and can require complex strategic alliances and joint venture relationships.

Substantial risks and uncertainties are associated with the introduction of new products and services, strategic alliances and joint ventures, including rapid technological change in the industry, our ability to access and use technical, data and other information from our [removed: clients,] [added: clients or other parties,] significant and ongoing investments required to bring new products and services to market in a timely manner at competitive prices, sharing of benefits in those relationships, conflicts with existing business partners [removed: and clients, understanding third party rights, delineating ownership and exit rights, protection of intellectual property and other confidential information, competition for employees with the necessary expertise and experience, and maintaining sales and other materials that fully and accurately describe the product or service and its underlying risks and are compliant with applicable regulations.]

Our failure to manage these risks and uncertainties also exposes us to enhanced risk of operational [removed: lapses] [added: lapses, regulatory noncompliance] and third party claims, which may result in the recognition of financial statement liabilities.

Failure to successfully manage all of the above risks in the development and implementation of new products or services, including State Street Alpha and those related to wealth servicing, alternative investment management or digital [removed: assets] [added: assets,] or incorporating artificial intelligence, could have a material adverse effect on our business and reputation, consolidated results of operations or financial condition.

We undertake transactions of varying sizes to, among other reasons, gain advantages of scale, expand our geographic footprint, access new clients, distribution channels, technologies or services, enhance our operating model, expand or enhance our product offerings, develop closer or more collaborative [added: relationships with our business partners, efficiently deploy capital or leverage cost savings or other business or financial opportunities.]

Transactions of this nature also involve a number of risks and financial, accounting, tax, regulatory, strategic, client relationship, managerial, operational, cybersecurity, cultural and employment challenges, which could adversely affect our consolidated results of operations and financial [removed: condition.]

Divestitures additionally present risks of client dissatisfaction or loss, loss or restricted access to intellectual property and key talent, challenges presented by the post-divestiture operating model, contractual arrangements or responsibility for contingent or other liabilities of the divested business [added: or reduced opportunities due to the effects of non-competition or other restrictive covenants.]

Other major financial services firms have paid significant penalties to resolve government [removed: investigations into matters conducted in significant part by acquired entities.]

The integration and the retention and development of the benefits of our [removed: acquisitions][added: acquisitions result in risks to our business and other uncertainties.]

In recent years, we have undertaken acquisitions, including our [added: 2025 acquisition of PriceStats, our] 2024 acquisition of CF Global, our 2021 acquisition of Mercatus and our 2018 acquisition of CRD.

We also face the risk of being unable to retain, or cross-sell our products or services to, the clients of acquired companies or joint ventures and [removed: the risk of being unable to cross-sell acquired products or services to our existing clients.]

Any such client losses, reductions or renegotiations likely will reduce the expected benefits of the acquisition, including revenues, cross-selling opportunities and market share, cause impairment [removed: to] [added: of] goodwill and other intangibles or result in reputational harm, which effects could be material, and we may not have recourse against the seller of the business or the client.

Joint ventures involve all of these risks, as well as risks associated with shared control and decision-making (even in majority-owned situations), minority rights and exit rights, which can delay, challenge or [added: foreclose execution on material opportunities or initiatives, create regulatory risks and limit divestment opportunities.]

[added: The extent to which changes in the strength of the U.S. dollar relative to other currencies affect our consolidated results of] operations, including the degree of any offset between increases or decreases to both revenue and expenses, will depend upon the nature and scope of our operations and activities in the relevant jurisdictions during the relevant periods, which may vary from period to period.

Our investment securities portfolio represented approximately [removed: 30%] [added: 29%] of our total assets as of December 31, [removed: 2024.][added: 2025.]

The gross interest income associated with our investment portfolio represented approximately 17% of our total gross revenue for the year ended December 31, [removed: 2024] [added: 2025] and has represented as much as 31% of our total gross revenue in the [added: fiscal years since 2007.]

As such, our consolidated financial condition and results of operations are materially exposed to the risks associated with our investment portfolio, including changes in interest rates, credit spreads, credit performance (including risk of default), and credit ratings, our access to liquidity and foreign exchange markets and [removed: mark- to-market] [added: mark-to-market] valuations, and our ability to profitably manage changes in repayment rates of principal with respect to our portfolio securities.

Our investment securities portfolio represents a greater proportion of our consolidated statement of [removed: condition and] [added: condition, while] our loan portfolio [removed: represents a smaller proportion (approximately 12%] [added: represented approximately 13%] of our total assets as of December 31, [removed: 2024), in comparison] [added: 2025, a smaller percentage relative] to many other major financial institutions.

For example, under the Basel III rule, after-tax changes in the fair value of [removed: AFS investment securities are recognized in AOCI and included in Tier 1 capital.]

Due to this differing treatment, we may experience increased variability in our Tier 1 capital relative to other major financial institutions for which loan-and-lease portfolios represent a larger [added: proportion of their consolidated total assets than ours.]

These classes and types of securities experienced significant liquidity, valuation and credit quality deterioration during the financial crisis that began in [removed: mid-2007.][added: mid-2007 (the 2008 financial crisis).]

[added: affect us, particularly if we face increased uncertainty and unpredictability in managing our businesses.”] Further, we hold a portfolio of U.S. state and municipal bonds, the value of which may be affected by the budget deficits that a number of states and municipalities currently face, resulting in risks associated with this portfolio.

[added: If market conditions deteriorate, our investment] portfolio could experience a decline in market value, whether due to a decline in liquidity or an increase in the yield required by investors to hold such securities, regardless of our credit view of our portfolio holdings.

[removed: The overall level of NII can also be impacted by] the size and mix (i.e., interest bearing vs. non-interest bearing) of our deposit base, as further increases in interest rates could lead to reduced deposit levels and also lower overall NII.

Further, a reduction in deposit levels could increase the requirements under the regulatory liquidity standards requiring us to invest a greater proportion of our investment portfolio holdings in HQLA that have lower yields than other investable [added: assets.]

For additional information about the effects on interest rates on our business, refer to the Market Risk Management section, “Asset and Liability [removed: Management Activities” in our Management’s Discussion and Analysis in this Form 10-K.]

These financial institutions also include collective investment funds, such as mutual funds, [removed: UCITS] [added: UCITS, private market funds] and hedge funds that share these interdependencies.

For example, the adoption and implementation of evolving and emerging technologies, such as artificial intelligence and distributed ledger technology, and related regulatory frameworks, have the potential to disrupt materially the activities of the financial services industry, the operation of financial markets, processes, infrastructure and service providers, including State Street, and the servicing and other requirements of financial services clients, including our clients.

All of these effects may occur, regardless of our response to these financial, technological, regulatory or other changes, including our own investment in innovation, product development, business process optimization and regulatory compliance.

Our efforts to develop and

We are subject to variability in our assets under custody and/or administration and assets under

as a result of that client or mandate at the time we win that business.

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.

and clients, understanding third party rights, delineating ownership and exit rights, protection of intellectual property and other confidential information, competition for employees with the necessary expertise and experience, and maintaining sales and other materials that fully and accurately describe the product or service and its underlying risks and are compliant with applicable regulations.

condition.

investigations into matters conducted in significant part by acquired entities.

the risk of being unable to cross-sell acquired products or services to our existing clients.

AFS investment securities are recognized in AOCI and included in Tier 1 capital.

For further information, refer to the risk factor titled “Political, geopolitical and economic conditions and developments could adversely

The overall level of NII can also be impacted by

Management Activities” in our Management’s Discussion and Analysis in this Form 10-K.

This led to credit downgrades of numerous

- Subcustodian risks: With the exception of the United States, Canada, Germany and the United Kingdom, we maintain subcustodian

If the subcustodian or clearing agency were to become insolvent in circumstances not involving expropriation of assets or other

Our settlement-related activities and obligations are also subject to regulatory risk, including the risk of regulators globally accelerating the timeline to settlement, such

As with the securities lending program, we

issuing such bonds and contingent liquidity risk.

As a consequence, we may incur a loss in

to mitigate all of our and our clients’ counterparty credit risk.

Market influences may also continue to affect client demand for securities finance, and as a result our revenue from, and the profitability of, our securities lending activities in future periods.

In addition, the constantly evolving regulatory environment, including revised or proposed capital and liquidity standards, interpretations of those standards, and our own balance sheet management activities, may influence modifications to the way in which we deliver our agency lending or prime services businesses, the volume of our securities lending activity and related revenue and profitability in future periods.

Our FX trading revenue is influenced by multiple factors, including: the volume and type of client FX transactions and related spreads; currency volatility reflecting market conditions; and our management of exchange rate, interest rate and other market risks associated with our FX activities.

The relative impact of these factors on our total FX trading revenues often differs from period to period.

For example, assuming all other factors remain

constant, increases or decreases in volumes or bid-offer spreads across product mix tend to result in corresponding changes in client-related FX revenue.

obligations relative to alternative short-term investments available to our clients, including the capital markets, and the classification of certain deposits for regulatory purposes and related discussions we may have from time to time with clients regarding better balancing our clients’ cash management needs with our economic and regulatory objectives.

Our return of capital to shareholders through common share repurchases and common stock dividends may be variable and is subject to various business and financial factors and regulatory requirements and approvals of our Board of Directors.

Stock purchases under our common share repurchase program may be made using various types of transactions, including open market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs.

The timing and amount of any stock purchases and the type of transaction may not be ratable over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including our capital position and our financial performance, investment opportunities, market conditions, the nature and timing of implementation of revisions to the Basel III framework and the amount of common stock issued as part of employee compensation programs.

The common share repurchase program does not have specific price targets and may be suspended at any time.

For information regarding our common share repurchases, refer to “Market for Registrant’s Common Equity” included under Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities in this Form 10-K.

Federal and state banking regulations place certain restrictions on dividends paid by subsidiary banks to the parent holding company.

In addition, banking regulators have the authority to prohibit bank holding companies from paying dividends.

For information concerning limitations on dividends from our subsidiary banks, refer to “Related Stockholder Matters” included under Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, and to Note 15 to the consolidated financial statements in this Form 10-K.

Our common stock and preferred stock dividends, including the declaration, timing and amount thereof, are subject to consideration and approval by the Board at the relevant times.

the financial markets and securities law requirements and standards.

If we experience diminished financial strength or stability, actual or perceived, due to the effects of market or regulatory developments, announced or rumored business developments, consolidated results of operations, a decline in our stock price or a

we operate or may in the future operate.

avoidance of actual or perceived conflicts of interest and the maintenance of high levels of service quality and intra-company confidentiality.

For example, as previously disclosed in early 2021, due to a decision to diversify providers, one of our large asset servicing clients is moving a significant portion of its ETF assets currently with State Street to one or more other providers.

The transition began in 2022.

Prior to the commencement of the transition of assets, we estimated that the financial impact of this transition represented approximately 1.9% of our 2021 total fee revenue.

New products and services, such as State Street Alpha and those related to wealth servicing, alternative investment management or digital assets or

relationships with our business partners, efficiently deploy capital or leverage cost savings or other business or financial opportunities.

For example, we recorded goodwill and intangible assets of approximately $2.46 billion associated with our acquisition of CRD in 2018.

or reduced opportunities due to the effects of non-competition or other restrictive covenants.

result in risks to our business and other uncertainties.

foreclose execution on material opportunities or initiatives, create regulatory risks and limit divestment opportunities.

The extent to which changes in the strength of the U.S. dollar relative to other currencies affect our consolidated results of

We have significant global operations, and clients, that can be adversely impacted by disruptions in key economies, including local, regional and geopolitical developments affecting those economies.

Economic conditions across the world face continued uncertainty due to, among other things, elevated geopolitical risks in multiple regions, including Ukraine, Israel and the Middle East, among others, an uncertain monetary policy environment, and slowing growth and heightened volatility in key emerging markets.

New or continued economic deterioration may increase concerns about sovereign debt sustainability, interdependencies among financial institutions and sovereigns, and political and other risks.

Continued uncertainty in the external environment has led to increased concern around the near- to medium-term outlook for economic progress in the regions in which we operate, including the United States, Europe, the Middle East and Asia.

Given the scope of our global operations, economic or market uncertainty, volatility, illiquidity or disruption resulting from these and related factors could have a material adverse impact on our consolidated results of operations or financial condition, with a greater relative impact as compared to our peers.

fiscal years since 2007.

proportion of their consolidated total assets than ours.

For further information, refer to the risk factor titled “We have significant global operations and clients, that can be adversely impacted by disruptions in key economies, including local, regional and geopolitical developments affecting those economies”.

If market conditions deteriorate, our investment

assets.

As a result, we may be exposed to increased counterparty

the subcustodians operate.

Our

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.

These risks will also be relevant in other jurisdictions that may similarly change their settlement cycles.

In such instances of counterparty default, for both securities

We rate

In the event we become unable, due to operational constraints, actions by regulators, changes in

Fee revenue generated by our Investment

Since the 2008 financial crisis, the level of client deposits held by us has tended to increase during

If clients demand a return of their cash or assets,

In addition, our advanced systems are subject to update and periodic revalidation in response to

regulatory compliance and optimize our capital management activities.

The risk that we may be perceived as less creditworthy than other market participants is higher

The 2023 Basel III Endgame Proposal would introduce the expanded risk-based approach, reflecting new RWA methodologies that generally align with changes to the global Basel Accord adopted by the BCBS.

As compared with the standardized approach, the proposed expanded approach includes more granular risk weights for credit risk and introduces a new market risk framework.

In addition, the proposed expanded risk-based approach includes new standardized approaches for operational risk and CVA RWA components.

some of our competitors are not subject to the same additional capital requirements.

As of December 31, [removed: 2024,] [added: 2025,] we had consolidated total assets of [removed: $353.24] [added: $366.05] billion, consolidated total deposits of [removed: $261.92] [added: $274.35] billion, consolidated total shareholders’ equity of [removed: $25.33] [added: $27.84] billion and approximately [removed: 53,000] [added: 52,000] employees.

In this Management’s Discussion and Analysis, where we describe the effects of changes in foreign currency translation, those effects are determined by applying applicable weighted average FX rates from the relevant [removed: 2023] [added: 2024] period to the relevant [removed: 2024] [added: 2025] period results.

[removed: OVERVIEW OF FINANCIAL RESULTS][added: Summary of Financial Results]

| (Dollars in millions, except per share amounts) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | | | | | | | | | | | | |

| Total fee revenue | | | $ | [removed: 10,156] [added: 10,980] | | | | | $ | [removed: 9,480] [added: 10,156] | | | | | $ | [removed: 9,606] [added: 9,480] | | | | | | | | | | | | | | | | |

| Net interest income | | | [removed: 2,923] [added: 2,960] | | | | | | [removed: 2,759] [added: 2,923] | | | | | | [removed: 2,544] [added: 2,759] | | | | | | | | | | | | | | | | | |

| Total other income | | | [removed: (79)] [added: 4] | | | | | | [removed: (294)] [added: (79)] | | | | | | [removed: (2)] [added: (294)] | | | | | | | | | | | | | | | | | |

| Total revenue | | | [removed: 13,000] [added: 13,944] | | | | | | [removed: 11,945] [added: 13,000] | | | | | | [removed: 12,148] [added: 11,945] | | | | | | | | | | | | | | | | | |

| Provision for credit losses | | | [removed: 75] [added: 59] | | | | | | [removed: 46] [added: 75] | | | | | | [removed: 20] [added: 46] | | | | | | | | | | | | | | | | | |

| Total expenses | | | [removed: 9,530] [added: 10,154] | | | | | | [removed: 9,583] [added: 9,530] | | | | | | [removed: 8,801] [added: 9,583] | | | | | | | | | | | | | | | | | |

| Income before income tax expense | | | [removed: 3,395] [added: 3,731] | | | | | | [removed: 2,316] [added: 3,395] | | | | | | [removed: 3,327] [added: 2,316] | | | | | | | | | | | | | | | | | |

| Income tax expense | | | [removed: 708] [added: 786] | | | | | | [removed: 372] [added: 708] | | | | | | [removed: 553] [added: 372] | | | | | | | | | | | | | | | | | |

| Net income | | | $ | [removed: 2,687] [added: 2,945] | | | | | $ | [removed: 1,944] [added: 2,687] | | | | | $ | [removed: 2,774] [added: 1,944] | | | | | | | | | | | | | | | | |

| Dividends on preferred stock(1) | | | $ | [removed: (202)] [added: (226)] | | | | | $ | [removed: (122)] [added: (202)] | | | | | $ | [removed: (112)] [added: (122)] | | | | | | | | | | | | | | | | |

| Earnings allocated to participating securities(2) | | | (2) | | | | | | [removed: (1)] [added: (2)] | | | | | | [removed: (2)] [added: (1)] | | | | | | | | | | | | | | | | | |

| Net income available to common shareholders | | | $ | [removed: 2,483] [added: 2,717] | | | | | $ | [removed: 1,821] [added: 2,483] | | | | | $ | [removed: 2,660] [added: 1,821] | | | | | | | | | | | | | | | | |

| Basic | | | $ | [removed: 8.33] [added: 9.55] | | | | | $ | [removed: 5.65] [added: 8.33] | | | | | $ | [removed: 7.28] [added: 5.65] | | | | | | | | | | | | | | | | |

| Diluted | | | [removed: 8.21] [added: 9.40] | | | | | | [removed: 5.58] [added: 8.21] | | | | | | [removed: 7.19] [added: 5.58] | | | | | | | | | | | | | | | | | |

| Basic | | | [removed: 297,883] [added: 284,545] | | | | | | [removed: 322,337] [added: 297,883] | | | | | | [removed: 365,214] [added: 322,337] | | | | | | | | | | | | | | | | | |

| Diluted | | | [removed: 302,226] [added: 289,019] | | | | | | [removed: 326,568] [added: 302,226] | | | | | | [removed: 370,109] [added: 326,568] | | | | | | | | | | | | | | | | | |

| Cash dividends declared per common share | | | $ | [removed: 2.90] [added: 3.20] | | | | | $ | [removed: 2.64] [added: 2.90] | | | | | $ | [removed: 2.40] [added: 2.64] | | | | | | | | | | | | | | | | |

| Return on average common equity | | | [removed: 11.1] [added: 11.5] | | % | | | | [removed: 8.2] [added: 11.1] | | % | | | | [removed: 11.1] [added: 8.2] | | % | | | | | | | | | | | | | | | |

| Pre-tax margin | | | [removed: 26.1] [added: 26.8] | | | | | | [removed: 19.4] [added: 26.1] | | | | | | [removed: 27.4] [added: 19.4] | | | | | | | | | | | | | | | | | |

| Return on average assets | | | 0.9 | | | | | | [removed: 0.7] [added: 0.9] | | | | | | [removed: 1.0] [added: 0.7] | | | | | | | | | | | | | | | | | |

| Common dividend payout | | | [removed: 35.3] [added: 34.0] | | | | | | [removed: 47.3] [added: 35.3] | | | | | | [removed: 33.4] [added: 47.3] | | | | | | | | | | | | | | | | | |

| Average common equity to average total assets | | | [removed: 7.2] [added: 6.9] | | | | | | [removed: 8.1] [added: 7.2] | | | | | | [removed: 8.3] [added: 8.1] | | | | | | | | | | | | | | | | | |

The following section provides information related to significant events, as well as highlights of our consolidated financial results for the year ended December 31, [removed: 2024] [added: 2025] presented in Table 1: Overview of Financial Results.

More detailed information about our consolidated financial results, including the comparison of our financial results for the year ended December 31, [removed: 2024] [added: 2025] to those of the year ended December 31, [removed: 2023,] [added: 2024,] is provided under “Consolidated Results of Operations”, “Line of Business Information” and “Capital” sections which follow “Financial Results and Highlights”, as well as in our consolidated financial statements in this Form 10-K.

The comparison of our financial results for the year ended December 31, [removed: 2023] [added: 2024] to those of the years ended December 31, [removed: 2022] [added: 2023] is included in the Management’s Discussion and Analysis in our Annual Report on Form 10-K for the year ended December 31, [removed: 2023] [added: 2024] filed with the SEC on February [removed: 15, 2024.][added: 13, 2025.]

- EPS of [removed: $8.21,] [added: $9.40,] increased from [removed: $5.58] [added: $8.21] in [removed: 2023,] [added: 2024,] primarily reflecting higher total [removed: revenue and lower] [added: revenue, partially offset by higher] total expenses, including the [removed: net] [added: higher] impact of notable items in the current [removed: and prior year periods,] [added: year,] which [removed: in aggregate represented $1.62 of the] [added: decreased] EPS [removed: increase.][added: by net $0.44 relative to 2024.]

[removed: The] [added: Other expenses decreased 5% in 2025 compared to 2024, primarily reflecting the] net impact of notable items in the current and prior year periods [removed: decreased expenses by 5% points in 2024 as compared to 2023.]

- [removed: Returned] [added: In 2025, we returned] approximately [removed: $2.2] [added: $2.1] billion to our shareholders in the form of common share repurchases and common stock [removed: dividends compared to approximately $4.6 billion in 2023.][added: dividends.]

[removed: ◦Net] [added: - Net] repositioning release of $2 million, including a $15 million release reflected in compensation and employee benefits expenses, partially offset by $13 million of occupancy charges related to footprint optimization.

[removed: - Total] [added: ◦Total] fee revenue increased [removed: 7%] [added: 8%] compared to [removed: 2023, primarily] [added: 2024,] reflecting higher [added: servicing fees,] management fees, foreign exchange trading services [added: revenue and securities finance] revenue, [added: partially offset by lower] other fee [removed: revenue and servicing fees.][added: revenue.]

[removed: -] Management [removed: fee revenue] [added: fees] increased 13% [added: in 2025] compared to [removed: 2023,] [added: 2024,] primarily due to higher average market levels and net inflows.

[removed: ▪Software] [added: Software] and processing fees [removed: revenue] [added: revenue, as presented in Table 2: Total Revenue,] increased [removed: 9%] [added: 2% in 2025] compared to [removed: 2023,] [added: 2024,] primarily due to higher front office software and data revenue associated with CRD.

[removed: -] Other fee revenue [removed: increased $109] [added: decreased $53] million [added: in 2025,] compared to [removed: 2023, primarily] [added: 2024,] reflecting [added: the absence of] a [added: notable item related to a] $66 million gain on sale of an equity investment [removed: and the absence of the impact of the Argentine peso devaluation] in the prior year period.

[removed: -] Other income included a [removed: loss] [added: gain] of [removed: $79] [added: $4] million [added: in 2025,] compared to a loss of [removed: $294] [added: $79] million in [removed: 2023, mainly] [added: 2024] reflecting [removed: a] [added: the 2024] loss on sale of investment securities related to the repositioning of the investment [removed: portfolio in both periods.][added: portfolio.]

[removed: Provision] [added: | Provision] for [removed: Credit Losses][added: credit losses | | | | | | | | | | | | | | | | | | | | | 59 | | | | | | 75 | | | | | | 46 | | | | | | (21) | | | | | | 63 | | | | | | | | | | | | | | | | | | | | |]

[removed: -] In [removed: 2024,] [added: 2025,] we recorded a [removed: $75] [added: $59] million provision for credit losses, primarily reflecting [added: the evolving macroeconomic environment and] an increase in loan loss reserves associated with certain commercial real estate and [removed: leveraged loans, compared to $46 million in 2023.][added: commercial loans.]

2025 Performance Highlights

- Total revenue increased 7% compared to 2024, driven by higher fee revenue and net interest income:

◦NII increased 1% compared to 2024, primarily driven by 11% growth in average interest-earnings assets, partially offset by a 10 bps decline in NIM.

- Total expenses increased 7% compared to 2024, primarily due to higher business and technology investments, revenue-related costs and higher impact of notables items in the current year, partially offset by productivity and other savings.

- Pre-tax margin of 26.8% increased from 26.1% in 2024, while return on equity of 11.5% increased from 11.1% in 2024.

- Notable items reduced income before income tax expense by $344 million in 2025, including repositioning charges of $326 million and other notable items of $18 million, net.

- In 2024, notable items reduced income before income tax expense by $188 million, including a net loss on sale of investment securities of $81 million related to an investment portfolio repositioning, a deferred compensation expense acceleration of approximately $79 million and other notable items of $30 million, net.

Investment servicing

Standardized capital ratios were binding for both periods.

For servicing fees for which we

corresponding impact on our servicing fee revenues on average and over time.

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| Cash fund flows, net | | | — | | | | | | — | | | | | | 34 | | | | | | — | | | | | | — | | | | | | 34 | | | | | |

| Balance as of December 31, 2025 | | | $ | 3,589 | | | | | $ | 734 | | | | | $ | 570 | | | | | $ | 501 | | | | | $ | 271 | | | | | $ | 5,665 | | | | |

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Lending related and other fees decreased 1% in 2025 compared to 2024.

NII increased 1% in 2025 compared to 2024, primarily driven by 11% growth in average interest-earnings assets, partially offset by a 10 bps decline in NIM.

| Interest rate spread | | | | | | | | | | | | | | | 0.72 | | % | | | | | | | | | | | | | | | | 0.73 | | % | | | | | | | | | | | | | | | | 0.75 | | % | | | | | | | | | | | | | | | | | | |

(3) Average loans presented on gross basis.

Average loans net of expected credit losses was approximately $45.61 billion, $39.52 billion and $34.69 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

Non-interest earning assets also includes a portion of our prime services assets where we act as lender in a

securities lending transaction and we receive securities as collateral that we are permitted to transfer or re-pledge.

The increase is driven by market volatility and our active client engagement to support our structural liquidity position and to support business growth on the asset side of the balance sheet.

The decrease is driven by our response to higher client deposit levels.

reinvestment program and future levels of NII and NIM.

Total expenses increased 7% compared to 2024, primarily due to higher business and technology investments, revenue-related costs and higher impact of notables items in the current year, partially offset by productivity and other savings.

| Other | | | 1,044 | | | | | | 1,104 | | | | | | 1,325 | | | | | | (5) | | | | | | (17) | | |

| Total other | | | 1,488 | | | | | | 1,569 | | | | | | 1,753 | | | | | | (5) | | | | | | (10) | | |

Notable items reflected in expenses in 2025 included:

- Repositioning charges of $326 million, which included $211 million of compensation and employee benefits expenses related to workforce rationalization, $69 million of occupancy costs associated with real estate footprint optimization, and costs associated with operating model changes of $24 million and $22 million reflected in information systems and communications and other expenses, respectively.

- Other notable items which included an FDIC special assessment release of $60 million, partially offset by $40 million of legal and related costs, both reflected in other expenses, and an Alpha-related client rescoping of $18 million reflected in information systems and communications expenses.

Notable items reflected in expenses in 2024 included:

- Deferred compensation expense acceleration of $79 million.

- Other notable items of $111 million, primarily related to a $99 million increase to the FDIC special assessment, recognized in other expenses.

State Street Corporation | 58

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

2024 financial performance

- Total revenue increased 9% compared to 2023, primarily driven by higher fee revenue and NII and the impact of the loss on sale of investment securities notable item in the prior year period.

The prior year notable item represented 3% points of the increase.

- Total expenses decreased 1% compared to 2023 as higher business investments, as well as revenue and performance-related costs, were more than offset by productivity savings from organizational simplification, process improvements and other initiatives, including from the joint venture consolidations in India and the net impact of notable items.

- Pre-tax margin of 26.1% increased from 19.4% in 2023, primarily reflecting higher total revenue and lower total expenses.

Return on equity of 11.1% increased from 8.2% in 2023, primarily reflecting higher total revenue and lower total expenses.

- Operating leverage was 9.4% points, largely reflecting the net impact of notable items in the current and prior year periods, which represented 7.4% points of operating leverage.

Operating leverage represents the difference between the percentage change in total revenue and the percentage change in total expenses, in each case relative to the prior year period.

- Fee operating leverage was 7.7% points, largely reflecting the net impact of notable items in the current and prior year periods, which represented 5.6% points of fee operating leverage.

Fee operating leverage represents the difference between the percentage change in total fee revenue and the percentage change in total expenses, in each case relative to the prior year period.

- Completed the consolidation of our final joint venture in India, further advancing the plan to transform our operating model to unlock efficiency savings and improve client experience.

The joint venture consolidation in 2024 increased our headcount by approximately 17% as of December 31, 2024, compared to December 31, 2023.

Associated headcount cost was previously reflected in compensation and employee benefits expenses.

- The impact of notable items in 2024 includes:

◦Other expenses of $111 million, including a $99 million increase to the 2023 FDIC special assessment, and a $12 million charge associated with operating model changes.

◦Loss on sale of investment securities of $81 million related to an investment portfolio repositioning reflected in other income.

◦Deferred compensation expense acceleration of approximately $79 million, related to prior period incentive compensation awards to align our deferred pay mix with peers.

◦Gain on sale of an equity investment of $66 million recorded in other fee revenue.

◦Revenue-related recovery of $15 million from settlement proceeds associated with a 2018 FX benchmark litigation resolution, which is reflected in foreign exchange trading services.

◦The impact of notable items in 2023 includes:

◦Loss on the sale of investment securities of approximately $294 million related to an investment portfolio repositioning.

◦FDIC special assessment of $387 million recorded in other expenses, related to FDIC’s recovery of estimated losses to the Deposit Insurance Fund associated with the

closures of Silicon Valley Bank and Signature Bank.

◦Net repositioning charges of approximately $203 million, including $182 million of compensation and employee benefits expenses related to workforce rationalization and $21 million of occupancy costs related to real estate footprint optimization.

◦Other net expenses of approximately $30 million, including $41 million in information systems and communications and $4 million in other expenses, primarily related to operating model changes, partially offset by a $15 million accrual release in acquisition and restructuring costs.

Revenue

- Servicing fee revenue increased 2% compared to 2023, as higher average market levels and net new business, excluding a previously disclosed client transition, were partially offset by pricing headwinds, a previously disclosed client transition and lower client activity and adjustments, including asset mix shift.

- Foreign exchange trading services revenue increased 11% compared to 2023, primarily due to higher client volumes, partially offset by lower spreads associated with lower average FX volatility.

- Securities finance revenue increased 3% compared to 2023, mainly due to higher client lending balances, partially offset by lower spreads primarily resulting from muted industry specials activity.

- NII increased 6% compared to 2023, primarily due to higher investment securities yields and loan growth, partially offset by deposit mix shift towards interest-bearing deposits.

- Total expenses decreased 1% compared to 2023, as higher business investments, as well as revenue and performance-related costs, were more than offset by productivity savings from organizational simplification, process improvements and other initiatives, including from the joint venture consolidations in India and the net impact of notable items.

- In 2024, we returned approximately $2.2 billion to our shareholders in the form of common share repurchases and common stock dividends compared to approximately $4.6 billion in 2023.

$859 million compared to $2.64 per share, totaling $837 million in 2023.

- On January 31, 2024, we issued 1.5 million depositary shares, each representing a 1/100th ownership interest in a share of fixed rate reset, non-cumulative perpetual preferred stock, Series I, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), and an initial dividend rate of 6.700% per annual, in a public offering.

The net proceeds from the offering were approximately $1.5 billion.

- On March 15, 2024, we redeemed an aggregate $1.0 billion, or all 7,500 outstanding shares, of our non-cumulative perpetual preferred stock, Series D, for a cash redemption price of $100,000 per share (equivalent to $25 per depository share), and all 2,500 of the outstanding shares of our noncumulative perpetual preferred stock, Series F (represented by 250,000 depository shares), for a cash redemption price of $100,000 per share (equivalent to $1,000 per

depositary share), plus all declared and unpaid dividends.

State Street Corporation is one of the world’s leading providers of financial services to institutional investors, including investment [removed: services,] [added: servicing,] markets and financing solutions and investment management.

Our clients [removed: -] [added: —] asset managers and owners, insurance companies, wealth managers, official institutions and central banks [removed: -] [added: —] rely on us to deliver solutions that support their business objectives across the investment life cycle.

Through our subsidiaries, including our principal banking subsidiary, State Street Bank and Trust Company, referred to as State Street Bank, we operate in more than 100 geographic markets worldwide, [removed: including the United States, Canada, Latin America, Europe, the Middle East] [added: providing a broad range of financial products] and [removed: Asia.][added: services to institutional investors globally.]

We had consolidated total assets of [removed: $353.24] [added: $366.05] billion, consolidated total deposits of [removed: $261.92] [added: $274.35] billion, consolidated total shareholders’ equity of [removed: $25.33] [added: $27.84] billion and approximately [removed: 53,000] [added: 52,000] employees as of December 31, [removed: 2024.][added: 2025.]

The Parent Company is a source of financial and managerial [removed: strength to our subsidiaries.]

State Street Bank operates as a specialized bank, referred to as a trust [added: or custody bank, that services and manages assets on behalf of its institutional clients.]

We have included the website addresses of State Street (including references to [removed: investors.statestreet.com)] [added: *investors.statestreet.com*)] and the SEC in this report as inactive textual references only.

We provide additional disclosures required by applicable bank regulatory standards, including supplemental qualitative and quantitative information with respect to regulatory capital (including market risk associated with our trading activities), the LCR and the NSFR, summary results of annual State Street-run stress tests that we conduct under the Dodd-Frank Act, and [added: recovery and] resolution [removed: plan disclosures required under the Dodd-Frank Act.][added: disclosures.]

These additional disclosures are accessible on the “Filings & reports” [removed: tab of our website at *investors.statestreet.com*.][added: and “Fixed]

Our operations are organized into two lines of business: Investment Servicing and Investment [added: Management, which are defined based on products and services provided.]

Our Investment Servicing line of business provides a broad range of [removed: services] [added: investment servicing] and market and financing solutions to institutional clients, including mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, [added: wealth managers,] investment managers, foundations and endowments worldwide.

Through State Street Investment [removed: Services, State Street Global Markets®] [added: Services] and State Street [removed: Alpha®,] [added: Markets,] we offer a full range of [removed: back-] [added: back-, middle-] and [removed: middle-office] [added: front-office] solutions, including custody, accounting and fund administration services for traditional and alternative assets, as well as multi-asset class investments; recordkeeping, client reporting and investment book of record, transaction management, loans, cash, derivatives and collateral services; investor services operations outsourcing; performance, risk and compliance analytics; financial data management to support institutional investors; foreign exchange, brokerage and other trading services; securities finance, including prime services products; and deposit and short-term investment facilities.

Together with our [removed: middle-] [added: back-] and [removed: back-office] [added: middle-office] services, CRD’s front- and middle-office technology offerings form the foundation of State Street [removed: Alpha®.][added: Alpha.]

Our State Street Alpha platform combines portfolio management, trading and execution, analytics and compliance tools, [removed: and] [added: along with] advanced data aggregation and integration with other industry platforms and providers.

Included in CRD’s technology offerings are Charles River Investment Management Solution, a front-office technology offering that automates and simplifies the institutional investment process across asset classes, from portfolio management and risk analytics through trading and post-trade settlement, with integrated compliance and managed data throughout; Charles River for Private Markets, an investment management solution for institutions investing in Private Credit, Private Equity, Real Estate, Infrastructure, and Funds; and Charles River Wealth Management Solution, which provides portfolio management, trading compliance and [removed: manager/sponsor communication capabilities to wealth managers, private banks and financial advisors.][added: manager/]

As the digital asset space continues to mature, we [removed: are building] [added: continue to build] solutions to [removed: service,] tokenize [removed: and safekeep digital] assets.

We provide some or all of our Investment Servicing products and services to clients in the United States and in many other [removed: markets, including,][added: key markets around the world.]

As of December 31, [removed: 2024,] [added: 2025,] we serviced AUC/A of approximately [removed: $46.56] [added: $53.80] trillion, comprising approximately [removed: $33.29] [added: $37.42] trillion in the Americas, approximately [removed: $10.18] [added: $12.92] trillion in Europe and the Middle East and approximately [removed: $3.09] [added: $3.46] trillion in the Asia-Pacific region.

Our Investment Management line of business provides a comprehensive range of investment management solutions and products for our clients through State Street [added: Investment Management (previously State Street] Global [removed: Advisors.][added: Advisors).]

Our investment management solutions [removed: include strategies] [added: span] across equity, fixed income, [added: liquidity and] cash, multi-asset and [removed: alternatives;] [added: alternatives strategies, delivered through] products such as [removed: SPDR® ETFs and index funds;] [added: ETFs, custom indexed,] and [removed: services including defined benefit, defined contribution,] [added: actively managed funds] and [removed: Outsourced Chief Investment Officer.][added: mandates.]

As of December 31, [removed: 2024,] [added: 2025,] State Street [removed: Global Advisors] [added: Investment Management] had approximately [removed: $4.72] [added: $5.67] trillion in AUM.

As our businesses grow and markets [added: and new technologies, including artificial intelligence,] evolve, we may encounter increasing and new forms of competition around the world.

Technological [removed: expertise,] [added: advances,] economies of scale, required levels of capital, pricing, quality and scope of services, and sales and marketing are critical to our Investment Servicing line of business.

[added: Our success and competitive position may depend on our ability to develop and market new and] innovative services, to adopt or develop new technologies, including those incorporating artificial intelligence, to implement efficiencies into our operational processes, to bring new services to market in a timely fashion at competitive prices, to integrate existing and future products and services effectively into State Street Alpha and State Street [removed: Digital,] [added: Wealth Services,] to continue to expand our relationships with existing clients and to attract new clients, to maintain and enhance our reputation, to manage risk and to effectively and efficiently operate in a highly regulated environment.

We aim to promote strong levels of employee commitment and connection to the company by providing an environment that supports our diverse [removed: employee population in amplifying behaviors that drive our business strategy.]

We want our employees to know their opinions matter and are respected, to feel comfortable asking [added: questions and raising concerns, and to have no fear of retaliation.]

Bank holding companies that have elected to be treated as financial holding companies, such as the Parent Company, may engage in a broader range of activities considered to be “financial in nature.” The regulatory limits on our activities also [added: apply to non-banking entities that we are deemed to “control” for purposes of the Bank Holding Company Act, which may include companies of which we own or control 5% or more of a class of voting shares.]

Many of these changes have occurred as a result of the Dodd-Frank [removed: Wall Street Reform and Consumer Protection] Act [removed: of 2010] and its implementing regulations, most of which are now in place, and subsequently the enhancement of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

[added: Developments at the federal banking agencies that regulate banking organizations,] including the Federal Reserve, the FDIC and the OCC [removed: (U.S.] [added: (the U.S.] Agencies), or in the financial system more generally, may result in increased prudential and conduct oversight, more extensive regulatory requirements, changing interpretations of existing rules and guidelines, and potentially more stringent enforcement and more severe penalties.

In July 2023, the U.S. Agencies issued a proposed rule to implement the Basel III endgame agreement (2023 Basel III Endgame Proposal) for large banks, and separately proposed revisions to the [removed: U.S. G-SIB capital surcharge framework (2023 G-SIB Surcharge Proposal).]

The 2023 Basel III Endgame Proposal would, among other things, eliminate the advanced approaches for monitoring risk-based capital adequacy in favor of a new standardized expanded risk-based approach that includes new standardized [removed: approaches] [added: methodologies] for [added: credit risk,] operational risk and CVA risk [removed: RWA] components, and would also replace the existing market risk rule with the new fundamental review of the trading book (FRTB) framework.

The [added: 2023] G-SIB Surcharge Proposal would, among other things, measure the G-SIB surcharge in [removed: more granular] 0.1% [added: increments as opposed to the 0.5% increments that currently apply.]

[removed: Recent public] [added: Public] statements by U.S. banking [added: agency] officials indicate that the 2023 Basel III Endgame Proposal and 2023 G-SIB Surcharge Proposal are under reconsideration.

[removed: However,] [added: While a re‑proposal is currently expected in March 2026,] the timing and content of any potential re-proposal, and the effects [removed: of any re-proposal] on [removed: State Street,] [added: us,] remain uncertain at this stage.

[removed: *Risk Weighted] [added: *Risk-Weighted] Assets*

Tier 1 capital is composed of CET1 capital plus additional Tier 1 capital instruments which, for us, includes three series of preferred equity outstanding as of December 31, [removed: 2024.][added: 2025.]

Tier 2 capital includes certain eligible [added: subordinated long-term debt instruments.]

The eight U.S. bank holding companies deemed to be G-SIBs, including us, are required to calculate [removed: the] [added: their] G-SIB surcharge annually according to two methods, and be bound by the higher of the two:

Method 2 is the binding methodology for us as of December 31, [removed: 2024.][added: 2025.]

Our current G-SIB surcharge, through December 31, [removed: 2025,] [added: 2026,] is 1.0%.

As of December 31, 2025, we reported $53.80 trillion in AUC/A and $5.67 trillion in AUM.

strength to our subsidiaries.

Income” tabs of our website at *investors.statestreet.com*.

sponsor communication capabilities to wealth managers, private banks and financial advisors.

Our vision is to deliver digital asset solutions to our clients as a trusted provider of end-to-end capabilities across the asset servicing lifecycle on a secure, interoperable platform with multiple blockchain connectivity.

employee population in amplifying behaviors that drive our business strategy.

Our employee population at December 31, 2025 decreased approximately 2% to approximately 52,000 employees, compared to December 31, 2024, primarily driven by our continued efforts to simplify our operations through organization design and technology and automation efforts.

U.S. G-SIB capital surcharge framework (2023 G-SIB Surcharge Proposal).

The finalization of the data as of December 31, 2025, which will be used to calculate our G-SIB surcharge through December 31, 2027, is currently pending.

December 31, 2025 would become effective January 1, 2027).

In April 2025, the Federal Reserve issued a proposed rule to reduce volatility in the SCB requirement, primarily through the averaging of the decline in a firm’s CET1 capital over a two-year horizon (current and prior year).

The proposal would also extend the annual effective date of each firm’s SCB requirement by one quarter, from October 1 to January 1.

The proposal was intended to be effective as of the 2025 stress testing cycle, but has yet to be finalized.

We do not expect the proposal to materially

impact our SCB requirement, which is currently at the 2.5% floor.

The SLR is based on total leverage exposure and, includes certain off-balance sheet exposures not used in the calculation of the minimum Tier 1 leverage ratio.

On November 25, 2025, the U.S. Agencies jointly adopted a final rule (eSLR Final Rule) amending the calibration of the eSLR for U.S. G-SIBs and their IDI subsidiaries.

The final rule is effective April 1, 2026, with the option for firms to adopt the modified standards early, effective January 1, 2026.

The final rule replaces the current eSLR buffer of 2% at the holding company and 3% at State Street Bank (for State Street Bank to be considered "well capitalized"), with an eSLR buffer for both bank holding companies and IDI subsidiaries calibrated at 50% of a G-SIB’s Method 1 capital surcharge, with the buffer for IDI subsidiaries capped at 1%.

Conforming changes were also made to the TLAC and LTD requirements.

We adopted the modified standards effective January 1, 2026.

The eSLR Final Rule is not expected to materially impact our total leverage-based capital, which already benefits from the custody bank exemption for central bank placements in the SLR denominator from Section 402 of the EGRRCPA.

Changes to the TLAC and LTD requirements may have limited implications for us, but, are not expected to change our management of TLAC or LTD.

For the quarter ended December 31, 2025, we excluded $91.5 billion of average balances held on deposit at

In addition, we are subject to the final rule issued by the U.S. banking agencies implementing the NSFR in the United States, which became effective on July 1, 2021.

The NSFR, a quantitative liquidity metric and requirement, measures the stability of a firm’s funding profile over a one-year time horizon.

companies, including us, which form part of the Federal Reserve’s annual stress testing and capital planning framework.

In October 2025, the Federal Reserve proposed revisions to its supervisory stress testing framework through two related proposals designed to enhance the transparency and public accountability of its annual stress test.

The first proposal solicits comments on the Federal Reserve’s stress test models, scenario design framework and an enhanced disclosure process under which the Federal Reserve would annually publish and invite public comment on stress test scenarios, models and material changes to those models.

The second proposal solicits comments on the scenarios for the 2026 supervisory stress test.

In February 2026, the Federal Reserve adopted the proposed 2026 scenarios largely as proposed, including the models used to generate the final 2026 scenarios.

Additionally, in February 2026 the Federal Reserve Board voted to maintain the current SCB requirements until 2027.

Our status as a G-SIB has also resulted in heightened expectations of

The purpose of our resolution plan is to

SSIF has provided the Parent Company with a committed credit line and issued (and may issue) one

the first IDI plan submission under the final rule due by July 1, 2026.

The FDIC’s releases have indicated that it would likely use its powers under the orderly liquidation authority to resolve a SIFI pursuant to an SPOE Strategy, but not all aspects of how the FDIC might exercise this authority are known and additional rulemaking is possible.

The execution of an SPOE Strategy, whether applied pursuant to our preferred resolution strategy under the U.S. Bankruptcy Code or in a proceeding pursuant to the FDIC’s “orderly liquidation authority” under Title II of the Dodd-Frank Act, will likely result in the holders of unsecured debt of the Parent Company absorbing State Street Corporation’s losses in a resolution scenario, including in the event of the

failure of State Street Bank as contemplated by the IDI plan.

The eSLR Final Rule adopted by the U.S. Agencies on November 25, 2025 would modify the eSLR for depository institution subsidiaries of G-SIBs from the current 6% “well capitalized” threshold under the prompt corrective action framework to an eSLR buffer standard equal to 50% of the parent G-SIB's Method 1 surcharge calculation floored at 1%.

We provide a broad range of financial products and services to institutional investors globally, with $46.56 trillion of AUC/A and $4.72 trillion of AUM as of December 31, 2024.

or custody bank, that services and manages assets on behalf of its institutional clients.

Management, which are defined based on products and services provided.

Our vision is to enable core digital asset infrastructure as a trusted provider of end-to-end solutions on a secure, interoperable blockchain.

among others, Australia, Canada, China, Cayman Islands, France, Germany, Ireland, Italy, Japan, Luxembourg, South Korea and the United Kingdom.

Our success and competitive position may depend on our ability to develop and market new and

questions and raising concerns, and to have no fear of retaliation.

Our employee population at December 31, 2024 increased approximately 13% to approximately 53,000 employees, compared to December 31, 2023, primarily reflecting the consolidation of an operations joint venture in India in the second quarter of 2024.

apply to non-banking entities that we are deemed to “control” for purposes of the Bank Holding Company Act, which may include companies of which we own or control 5% or more of a class of voting shares.

Developments at the federal banking agencies that regulate banking organizations,

increments as opposed to the 0.5% increments that currently apply.

subordinated long-term debt instruments.

Based upon preliminary calculations using data as of December 31, 2024, we currently anticipate that our surcharge will remain at 1.0% through December 31, 2026; however, that calculation has not yet been finalized and is subject to many financial, balance sheet, market and other factors, and consequently there is a risk that a higher G-SIB surcharge (e.g., 1.5%) may result from the final calculation.

lowest projected CET1 ratio under the severely adverse scenario of the Federal Reserve’s supervisory stress test plus planned common stock dividend payments (as a percentage of RWA) from the fourth through seventh quarter of the supervisory stress testing planning horizon.

The Tier 1 leverage ratio differs from the SLR primarily in that the denominator of the Tier 1 leverage ratio is a quarterly average of on-balance sheet assets, while the SLR additionally includes off-balance sheet exposures.

are subject to the Federal Reserve’s TLAC and LTD requirements, as well as foreign G-SIBs.

In general, HQLA investments generate a lower investment return than other types of investments, resulting in a negative impact on our NII and our NIM.

In addition, as a large banking organization, we are subject to the NSFR rule approved by the U.S. Agencies.

As a U.S. G-SIB, we

Additional information about our NSFR is provided in “Asset Liquidity” in “Liquidity Risk Management” in our Management’s Discussion and Analysis in this Form 10-K.

The final rule made related changes to capital planning and stress testing processes for bank holding companies subject to the SCB requirement.

The final rule did not change regulatory capital requirements under the advanced approaches, the Tier 1 leverage ratio or the SLR.

On June 26, 2024, we were notified by the Federal Reserve of the results from the 2024 supervisory stress test.

Our SCB calculated under the 2024 supervisory stress test was below the 2.5% minimum, resulting in an SCB at that floor, which remains in effect for the period from October 1, 2024 through September 30, 2025.

stress test from three to two and modifying our obligation to perform company-run stress-tests from semi-annually to annually.

short-term debt, including off-balance sheet exposures.

Feedback letters from the U.S. Agencies on the results of the 2023 plan submissions were released to each of the U.S. G-SIBs on June 21, 2024.

We have no identified shortcomings or deficiencies.

Entities in accordance with the Parent Company’s capital and liquidity policies.

In accordance with our policies, we are required to monitor, on an ongoing basis, the capital and liquidity needs of State Street Bank and our other Beneficiary Entities.

To support this process, we have established a trigger framework that identifies key actions that would need to be taken or decisions that would need to be made if certain events tied to our financial condition occur.

The trigger thresholds are set at levels intended to provide for the availability of sufficient capital and liquidity to enable an orderly resolution without extraordinary government support that results in us emerging from resolution as a stabilized institution with market confidence restored.

extent of its available resources and consistent with the support agreement; and (4) the Parent Company would be expected to commence Chapter 11 proceedings under the U.S. Bankruptcy Code.

Following the notice of proposed rulemaking from August 2023, the FDIC amended and restated its rule on IDI plans in June 2024.

among similarly situated creditors, subject to a minimum recovery right to receive at least what they would have received in bankruptcy liquidation; and (4) broad powers to administer the claims process to determine distributions from the assets of the receivership to creditors not transferred to a third party or bridge financial institution.

Although the orderly liquidation authority went into effect in 2010, rulemaking is proceeding incrementally, with some regulations finalized and others planned but not yet proposed.

The FDIC released its proposed SPOE strategy for resolution of a SIFI under the orderly liquidation authority in December 2013 and a comprehensive report on the orderly resolution of a U.S. G-SIB using SPOE as the presumptive strategy in April 2024.

The FDIC’s releases outline how it would likely use its powers under the orderly liquidation authority to resolve a SIFI by placing its top-tier U.S. holding company in receivership and keeping its operating subsidiaries open and out of insolvency proceedings by transferring the operating subsidiaries to a new bridge holding company, recapitalizing the operating subsidiaries and imposing losses on the shareholders and creditors of the holding company in receivership according to their statutory order of priority.

to both our U.S. and non-U.S. operations.

Superintendent of Financial Institutions.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the per share price [removed: ($74.00)] [added: ($106.34)] at which the common equity was last sold as of the last business day of the registrant’s most recently completed second fiscal quarter (June [removed: 28, 2024)] [added: 30, 2025)] was approximately [removed: $22.09] [added: $30.31] billion.

The number of shares of the registrant’s common stock outstanding as of January [removed: 31, 2025] [added: 30, 2026] was [removed: 288,469,096.][added: 278,728,211.]

(1) The registrant’s definitive Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders to be filed pursuant to Regulation 14A on or before April 30, [removed: 2025] [added: 2026] (Part III).

| Item 1A | | | Risk Factors | | | [removed: [20](#i6da18c2a6cc0457ea0c957830c34c6d5_52)] [added: [21](#i6da18c2a6cc0457ea0c957830c34c6d5_52)] | | |

| Item 1B | | | Unresolved Staff Comments | | | [removed: [50](#i6da18c2a6cc0457ea0c957830c34c6d5_58)] [added: [52](#i6da18c2a6cc0457ea0c957830c34c6d5_58)] | | |

| Item 1C | | | Cybersecurity | | | [removed: [50](#i6da18c2a6cc0457ea0c957830c34c6d5_5821)] [added: [52](#i6da18c2a6cc0457ea0c957830c34c6d5_5821)] | | |

| Item 2 | | | Properties | | | [removed: [51](#i6da18c2a6cc0457ea0c957830c34c6d5_61)] [added: [53](#i6da18c2a6cc0457ea0c957830c34c6d5_61)] | | |

| Item 3 | | | Legal Proceedings | | | [removed: [51](#i6da18c2a6cc0457ea0c957830c34c6d5_64)] [added: [53](#i6da18c2a6cc0457ea0c957830c34c6d5_64)] | | |

| Item 4 | | | Mine Safety Disclosures | | | [removed: [51](#i6da18c2a6cc0457ea0c957830c34c6d5_67)] [added: [53](#i6da18c2a6cc0457ea0c957830c34c6d5_67)] | | |

| Supplemental Item | | | Information about our Executive Officers | | | [removed: [52](#i6da18c2a6cc0457ea0c957830c34c6d5_70)] [added: [54](#i6da18c2a6cc0457ea0c957830c34c6d5_70)] | | |

| Item 5 | | | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | | | [removed: [55](#i6da18c2a6cc0457ea0c957830c34c6d5_76)] [added: [56](#i6da18c2a6cc0457ea0c957830c34c6d5_76)] | | |

| Item 6 | | | \[Reserved\] | | | [removed: [58](#i6da18c2a6cc0457ea0c957830c34c6d5_85)] [added: [59](#i6da18c2a6cc0457ea0c957830c34c6d5_85)] | | |

| Item 7 | | | Management’s Discussion and Analysis of Financial Condition and Results of Operations | | | [removed: [58](#i6da18c2a6cc0457ea0c957830c34c6d5_85)] [added: [59](#i6da18c2a6cc0457ea0c957830c34c6d5_85)] | | |

| | | | General | | | [removed: [58](#i6da18c2a6cc0457ea0c957830c34c6d5_88)] [added: [59](#i6da18c2a6cc0457ea0c957830c34c6d5_88)] | | |

| | | | [removed: Overview of] Financial Results [added: and Highlights] | | | [removed: [59](#i6da18c2a6cc0457ea0c957830c34c6d5_94)] [added: [60](#i6da18c2a6cc0457ea0c957830c34c6d5_94)] | | |

| | | | Consolidated Results of Operations | | | [removed: [62](#i6da18c2a6cc0457ea0c957830c34c6d5_103)] [added: [61](#i6da18c2a6cc0457ea0c957830c34c6d5_103)] | | |

| | | | Total Revenue | | | [removed: [62](#i6da18c2a6cc0457ea0c957830c34c6d5_106)] [added: [61](#i6da18c2a6cc0457ea0c957830c34c6d5_106)] | | |

| | | | Net Interest Income | | | [removed: [70](#i6da18c2a6cc0457ea0c957830c34c6d5_130)] [added: [68](#i6da18c2a6cc0457ea0c957830c34c6d5_130)] | | |

| | | | Provision for Credit Losses | | | [removed: [73](#i6da18c2a6cc0457ea0c957830c34c6d5_142)] [added: [71](#i6da18c2a6cc0457ea0c957830c34c6d5_142)] | | |

| | | | Expenses | | | [removed: [73](#i6da18c2a6cc0457ea0c957830c34c6d5_145)] [added: [71](#i6da18c2a6cc0457ea0c957830c34c6d5_145)] | | |

| | | | Repositioning Charges | | | [removed: [74](#i59081a26767d4b6ca4cae6493baa5b50_19444)] [added: [72](#i59081a26767d4b6ca4cae6493baa5b50_19444)] | | |

| | | | Income Tax Expense | | | [removed: [74](#i6da18c2a6cc0457ea0c957830c34c6d5_148)] [added: [72](#i6da18c2a6cc0457ea0c957830c34c6d5_148)] | | |

| | | | Line of Business Information | | | [removed: [74](#i6da18c2a6cc0457ea0c957830c34c6d5_154)] [added: [72](#i6da18c2a6cc0457ea0c957830c34c6d5_154)] | | |

| | | | Investment Servicing | | | [removed: [75](#i6da18c2a6cc0457ea0c957830c34c6d5_157)] [added: [72](#i6da18c2a6cc0457ea0c957830c34c6d5_157)] | | |

| | | | Investment Management | | | [removed: [75](#i6da18c2a6cc0457ea0c957830c34c6d5_166)] [added: [73](#i6da18c2a6cc0457ea0c957830c34c6d5_166)] | | |

| | | | Financial Condition | | | [removed: [76](#i6da18c2a6cc0457ea0c957830c34c6d5_175)] [added: [73](#i6da18c2a6cc0457ea0c957830c34c6d5_175)] | | |

| | | | Investment Securities | | | [removed: [77](#i6da18c2a6cc0457ea0c957830c34c6d5_181)] [added: [74](#i6da18c2a6cc0457ea0c957830c34c6d5_181)] | | |

| | | | Loans | | | [removed: [80](#i6da18c2a6cc0457ea0c957830c34c6d5_190)] [added: [77](#i6da18c2a6cc0457ea0c957830c34c6d5_190)] | | |

| | | | Risk Management | | | [removed: [81](#i6da18c2a6cc0457ea0c957830c34c6d5_199)] [added: [79](#i6da18c2a6cc0457ea0c957830c34c6d5_199)] | | |

| | | | Credit and Counterparty Risk Management | | | [removed: [87](#i6da18c2a6cc0457ea0c957830c34c6d5_208)] [added: [82](#i6da18c2a6cc0457ea0c957830c34c6d5_208)] | | |

| | | | Liquidity Risk Management | | | [removed: [91](#i6da18c2a6cc0457ea0c957830c34c6d5_238)] [added: [87](#i6da18c2a6cc0457ea0c957830c34c6d5_238)] | | |

| | | | Operational Risk Management | | | [removed: [97](#i6da18c2a6cc0457ea0c957830c34c6d5_271)] [added: [92](#i6da18c2a6cc0457ea0c957830c34c6d5_271)] | | |

| | | | Information Technology Risk Management | | | [removed: [98](#i6da18c2a6cc0457ea0c957830c34c6d5_274)] [added: [93](#i6da18c2a6cc0457ea0c957830c34c6d5_274)] | | |

| | | | Market Risk Management | | | [removed: [99](#i6da18c2a6cc0457ea0c957830c34c6d5_277)] [added: [94](#i6da18c2a6cc0457ea0c957830c34c6d5_277)] | | |

| | | | Model Risk Management | | | [removed: [106](#i6da18c2a6cc0457ea0c957830c34c6d5_292)] [added: [101](#i6da18c2a6cc0457ea0c957830c34c6d5_292)] | | |

| | | | Strategic Risk Management | | | [removed: [107](#i6da18c2a6cc0457ea0c957830c34c6d5_304)] [added: [102](#i6da18c2a6cc0457ea0c957830c34c6d5_304)] | | |

| | | | Capital | | | [removed: [108](#i6da18c2a6cc0457ea0c957830c34c6d5_307)] [added: [102](#i6da18c2a6cc0457ea0c957830c34c6d5_307)] | | |

| | | | Off-Balance Sheet Arrangements | | | [removed: [117](#i6da18c2a6cc0457ea0c957830c34c6d5_355)] [added: [112](#i6da18c2a6cc0457ea0c957830c34c6d5_355)] | | |

| | | | Significant Accounting Estimates | | | [removed: [117](#i6da18c2a6cc0457ea0c957830c34c6d5_355)] [added: [112](#i6da18c2a6cc0457ea0c957830c34c6d5_355)] | | |

December 31, 2025

| | | | | | | | | |

- Our return of capital to shareholders through common share repurchases and common stock dividends may be variable and is subject to various business and financial factors and regulatory requirements and approvals of our Board of Directors;

connection with our services to clients, as a result of tax authority examinations; and

December 31, 2024

| | | | Note 28. Subsequent Events | | | [178](#i6da18c2a6cc0457ea0c957830c34c6d5_508) | | |

- We have significant global operations, and clients, that can be adversely impacted by disruptions in key economies, including local, regional and geopolitical developments affecting those economies;

We design our information and systems access restrictions referencing the National Institute of Standards and Technology [removed: 800 53R5] [added: 800-53R5] and NIST CSF 2.0 Framework and use the supplemental requirements as implementation guidance.

They are responsible for complying with the information security program, reporting suspected violations and [removed: threats;] [added: threats,] and protecting the confidentiality of information assets of us, our clients and others at all times.

State Street Corporation | [removed: 50][added: 52]

As of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] we occupied a total of approximately [removed: 5.7] [added: 5.5] million and [removed: 5.4] [added: 5.7] million square feet, respectively, of office space, data centers and related facilities worldwide, of which approximately [removed: 4.9] [added: 4.7] million and [removed: 4.6] [added: 4.9] million square feet, respectively, were leased.

An additional approximate [removed: 1.4] [added: 1.1] million square feet is occupied in Eastern Massachusetts of which approximately 720 thousand square feet is owned.

Outside the United States, we also occupy other principal leased space to support our operations in Europe, the Middle East and [removed: Africa (EMEA),] [added: Africa,] including [removed: Germany, Ireland, Luxembourg,] Poland, [removed: and the] United Kingdom, [added: Ireland, Germany] and [added: Luxembourg, and] in Asia-Pacific, including [removed: China] [added: India] and [removed: India.][added: China.]

The following table provides information regarding our principal office space, data centers and related facilities by region as of December 31, [removed: 2024:][added: 2025:]

| Europe/Middle East/Africa | | | | | | 1 | | | | | | [removed: 30] [added: 32] | | | | | | [removed: 31] [added: 33] | | | | | | 0.1 | | | | | | 1.1 | | | | | | 1.2 | | |

| Asia/Pacific | | | | | | — | | | | | | [removed: 38] [added: 34] | | | | | | [removed: 38] [added: 34] | | | | | | — | | | | | | [removed: 2.0] [added: 2.1] | | | | | | [removed: 2.0] [added: 2.1] | | |

| Americas | | | | | | 1 | | | | | | 33 | | | | | | 34 | | | | | | 0.7 | | | | | | 1.5 | | | | | | 2.2 | | |

| Total | | | | | | 2 | | | | | | 99 | | | | | | 101 | | | | | | 0.8 | | | | | | 4.7 | | | | | | 5.5 | | |

| Americas | | | | | | 1 | | | | | | 35 | | | | | | 36 | | | | | | 0.7 | | | | | | 1.8 | | | | | | 2.5 | | |

| Total | | | | | | 2 | | | | | | 103 | | | | | | 105 | | | | | | 0.8 | | | | | | 4.9 | | | | | | 5.7 | | |

State Street Corporation | [removed: 51][added: 55]

The following table presents certain information with respect to each of our executive officers as of February [removed: 13, 2025.][added: 19, 2026.]

| Ronald P. O’Hanley | | | | | | [removed: 67] [added: 69] | | | | | | Chairman, Chief Executive Officer and President | | |

| [removed: Eric W. Aboaf] [added: John F. Woods] | | | | | | [removed: 60] [added: 61] | | | | | | [added: Executive] Vice [removed: Chairman] [added: President] and Chief Financial Officer | | |

| Joerg Ambrosius | | | | | | [removed: 54] [added: 55] | | | | | | Executive Vice President and President of Investment Services | | |

| [removed: Brian Franz] [added: Bradford Hu] | | | | | | [removed: 59] [added: 62] | | | | | | Executive Vice [removed: President,] [added: President and] Chief [removed: Information] [added: Risk] Officer [removed: and Head of Enterprise Resiliency] | | |

| Kathryn M. Horgan | | | | | | [removed: 59] [added: 60] | | | | | | Executive Vice President and Chief Human Resources and Citizenship Officer | | |

| [removed: Bradford Hu] [added: Mostapha Tahiri] | | | | | | [removed: 61] [added: 51] | | | | | | Executive Vice President and Chief [removed: Risk] [added: Operating] Officer | | |

| Yie-Hsin Hung | | | | | | [removed: 62] [added: 63] | | | | | | President and Chief Executive Officer, State Street [removed: Global Advisors] [added: Investment Management] | | |

| John Plansky | | | | | | [removed: 59] [added: 61] | | | | | | Executive Vice President and Head of Wealth Services | | |

| Elizabeth Schaefer | | | | | | [removed: 50] [added: 51] | | | | | | Senior Vice President and Chief Accounting Officer [added: and Interim Controller] | | |

| Mark Shelton | | | | | | [removed: 57] [added: 58] | | | | | | Executive Vice President, General Counsel and Secretary | | |

He served as the Chief Executive Officer and President of State Street [removed: Global Advisors,] [added: Investment Management,] the investment management arm of State Street Corporation, from April 2015 to November 2017.

From 1997 to 2010, Mr. O’Hanley served in various positions at Bank of New York Mellon, a global banking and financial services corporation, serving as [added: president and chief executive officer of BNY Asset Management in Boston from 2007 to 2010.]

Mr. [removed: Aboaf] [added: Ambrosius] joined State Street in [removed: December 2016 as Executive Vice President] [added: June 2001] and has served as Executive Vice President and [removed: Chief Financial Officer] [added: President of Investment Services] since [removed: February 2017.][added: December]

Prior to joining State Street, Mr. [removed: Aboaf] [added: Woods] served as [removed: chief financial officer] [added: Chief Financial Officer] of Citizens Financial Group, [added: Inc. (Citizens),] a financial services and retail banking firm, from [removed: April 2015] [added: March 2017] to [removed: December 2016, with responsibility for all finance functions] [added: August 2025,] and [removed: corporate development.][added: as Citizens’ Vice Chair from February 2019 to August 2025.]

Mr. [removed: Keating, 56,] [added: Richards joined State Street in 2014 and] has served as [removed: State Street’s] Executive Vice President and [added: Senior Advisor to the] Chief [removed: Financial] [added: Executive] Officer [removed: for Investment Services,] [added: and Executive Committee] since [removed: 2018.][added: March 2024, rejoining our Executive Committee in March 2025.]

He had previously served as Chief Commercial Officer and Head of State Street’s European business [removed: since] [added: beginning in] October 2022.

Mr. [removed: Franz] [added: Woods] joined State Street in [removed: January 2020] [added: August 2025] as Executive Vice President and Chief [removed: Information] [added: Financial] Officer.

Prior to 2011, Ms. Horgan served as the Senior Vice President of Human Resources for State Street [removed: Global Advisors.][added: Investment Management.]

Ms. Hung joined State Street in December 2022 as President and Chief Executive Officer of State Street [removed: Global Advisors.][added: Investment Management.]

[added: Prior to joining State Street, Ms. Hung served as Chief Executive Officer of New] York Life Investment Management (NYLIM), a global investment management business that provides a broad range of fixed income, alternatives, and equity capabilities, from April 2015 to October 2022.

Ms. [removed: Milrod] [added: Schaefer] joined State Street in [removed: December 2018] [added: 2014] and has served as [removed: Executive] [added: Senior] Vice President and Chief [removed: Product] [added: Accounting] Officer since [removed: December 2022.][added: June 2024 and also as Interim Controller since September 2025.]

[removed: Prior to that] role, Mr. Plansky served as Executive Vice President and Head of State Street Alpha from December 2020 to December 2024 and as Chief Executive Officer of CRD from October 2018 to December 2020.

Prior to joining State Street, she served in various roles at American Express Company, a global services company whose principal products and services are [added: charge and credit card products and travel-related services, including from August 2012 to December 2014, senior roles within the Controllership organization.]

[removed: Prior to joining Barclays Bank PLC, Mr. Shelton] served as Partner in the Financial Institutions Group of Gibson, Dunn & Crutcher LLP, an international law firm, from February 2014 to February 2015.

Prior to joining UBS in 2003, [added: Mr.] Shelton served as Partner at Wilmer Cutler Pickering LLP, an international law firm, from 1997 to 2003.

Prior to this role, he served as Head of Institutional Investors & Digital Transformation, Asia Pacific, of BNP Paribus, from October 2017 to January 2019 and as CEO BNP Paribas Securities Singapore & Head of Southeast Asia from September 2013 to [removed: Jun] [added: June] 2018.

[removed: Ms. Timby joined State Street in January] [added: From April] 2020 [removed: and since January 2024 has] [added: to March 2024, he] served as Executive Vice President and Chief Administrative Officer.

| Michael L. Richards | | | | | | 67 | | | | | | Executive Vice President and Senior Advisor | | |

2024.

In addition, since February 2024 she has served as co-head of Corporate Strategy and Marketing and since October 2025 oversees the State Street Markets business.

Prior to that

Prior to that role, Mr. Richards served as Executive Vice President and General Auditor from June 2014 to April 2020.

Before joining State Street, Mr. Richards was a partner at Ernst & Young and was responsible for managing their Banking Capital Markets practice in the United States.

Prior to joining Barclays Bank PLC, Mr. Shelton

Before joining Citizens, Mr. Woods spent several years at Mitsubishi UFJ Financial Group (MUFG) in a variety of finance leadership roles, including as CFO of MUFG Americas Holdings Corporation.

Mr. Woods also held leadership roles at other large financial institutions, including CFO of Home Lending at JPMorgan Chase & Co. He began his career at Arthur Andersen, where he was a partner in the financial consulting group.

| Anthony C. Bisegna | | | | | | 61 | | | | | | Executive Vice President and Head of State Street Global Markets | | |

| Ann Fogarty | | | | | | 58 | | | | | | Executive Vice President and Head of Global Delivery | | |

| Donna Milrod | | | | | | 57 | | | | | | Executive Vice President and Chief Product Officer | | |

| Mostapha Tahiri | | | | | | 50 | | | | | | Executive Vice President and Chief Operating Officer | | |

| Sarah Timby | | | | | | 55 | | | | | | Executive Vice President and Chief Administrative Officer | | |

president and chief executive officer of BNY Asset Management in Boston from 2007 to 2010.

In May 2022, Mr. Aboaf was appointed to the role of Vice Chairman, with expanded responsibility for State Street’s Global Markets and Global Credit Finance businesses.

From 2003 to March 2015, he served in several senior management positions for Citigroup, a global investment banking and financial services corporation, including as global treasurer and as the chief financial officer of the institutional client group, which included the custody business.

On October 10, 2024, Eric Aboaf informed State Street of his intention to step down from his roles as State Street's Vice Chairman and Chief Financial Officer to take a position with a firm outside of banking.

Mr. Aboaf will remain at State Street through the date this annual report on Form 10-K is filed with the SEC.

On January 14, 2025, the Board appointed Mark R.

Keating as interim CFO, effective upon the date following that Form 10-K filing date.

Mr. Ambrosius joined State Street in June 2001 and has served as Executive Vice President and President of Investment Services since December 2024.

Mr. Bisegna joined State Street in July 1987 and has served as Executive Vice President and Head of State Street Global Markets since September 2021.

Prior to this role, he served as Executive Vice President and Global Head of Multi-Asset Class Trading and Research from December 2018 to September 2021.

Mr. Bisegna has also held several other senior positions during his over 35 years with State Street.

Prior to joining State Street, he was with Chase Manhattan Bank, New York, a global financial services firm, in their treasury operations.

State Street Corporation | 52

Ms. Fogarty joined State Street in March 2021 as Executive Vice President and Deputy Head of Global Delivery.

She assumed the role of Head of Global Delivery in March 2022.

Prior to joining State Street, she served as Global Head of Operations for BNY Mellon, a global banking and financial services corporation, from February 2018 to February 2021.

Prior to this role, Ms. Fogarty served as Global Head of Fund Accounting and Administration at BNY Mellon, from March 2015 to February 2018.

Ms. Fogarty served in several other leadership roles with BNY Mellon from January 2005 to February 2015.

She also served as Head of Hedge Fund Administration at AIB Capital Markets, a sister joint venture to the AIB/BNY Trust Company, providing Custody and Trustee Services, from January 1995 to December 2002.

Prior to this role, Mr. Franz served as Chief Productivity Officer and Chief Information Officer at Diageo PLC, a British multinational alcoholic beverages company, with responsibility for enterprise operations, technology and business service functions.

Prior to joining Diageo in 2008, he was Chief Information Officer at PepsiCo International, and before that in leadership roles at General Electric (GE), including GE Capital, and AT&T.

Prior to joining State Street, Ms. Hung served as Chief Executive Officer of New

Prior to that role, she served as Executive Vice President and Lead Executive for a large proposed investment services acquisition from October 2021 to December 2022, as Executive Vice President, Head of Global Clients Division and Head of Global Asset Managers Segment from January 2021 to October 2021 and as Executive Vice President and Head of the Global Clients Division from December 2018 to October 2021.

Prior to joining State Street, Ms. Milrod served as Senior Advisor at Mckinsey & Company, a global management consulting firm, from 2016 to 2018.

Prior to joining McKinsey & Company, she served in multiple leadership positions at The Depository Trust & Clearing Corporation, a post-trade market infrastructure for the global financial services industry, from 2012 to 2016.

Ms. Milrod also held several leadership roles at Deutsche Bank, a global financial services company, from 1999 to 2012.

Ms. Schaefer joined State Street in 2014 and has served as Senior Vice President and Chief Accounting Officer since June 2024.

charge and credit card products and travel-related services, including from August 2012 to December 2014, senior roles within the Controllership organization.

Prior to this role, Ms. Timby served as Executive Vice President and Global Technology Services Chief Information Officer and International & Global Technology Risk Manager from May 2022 to December 2023 and as International Chief Information Officer from January 2020 to May 2022.

Prior to joining State Street, she served as Managing Director: Group Operations European Bank for Reconstruction and Development for the European Bank for Reconstruction and Development, a financial services company, from January 2019 to January 2020.

Before this role, Ms. Timby served as Managing Director: Head of Investments & Corporate Bank Know Your Customer Operations, with Barclays, from March 2017 to December 2018.

She also held several other senior positions during her 30-year tenure with Barclays.

There were [removed: 1,888] [added: 1,784] shareholders of record as of January [removed: 31, 2025.][added: 30, 2026.]

On January 19, 2024, we announced a [removed: new] common share repurchase program, approved by [removed: our] [added: the] Board and superseding all prior programs, authorizing the purchase of up to $5.0 billion of our common stock beginning in the first quarter of 2024 [removed: with no set expiration date.][added: (the 2024 Program).]

The following table presents the activity under our common share repurchase program for each of the months in the quarter ended December 31, [removed: 2024.][added: 2025.]

(1) As of December 31, [removed: 2024,] [added: 2025,] approximately [removed: $3.7] [added: $2.5] billion was remaining under the 2024 share repurchase authorization.

State Street Corporation | [removed: 55][added: 58]

The graph below presents the cumulative total shareholder return on our common stock as compared to the cumulative total return of the S&P 500 Index, the KBW Bank Index and a [added: Direct] Peer Group over a five-year period.

The cumulative total shareholder return assumes the investment of $100 in our common stock and in each index on December 31, [removed: 2019] [added: 2020] and reinvestment of common stock dividends.

- The [added: Direct] Peer Group is composed of The Bank of New York Mellon Corporation and Northern Trust Corporation.

[removed: ][added: ]

| | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | |

| KBW Bank Index | | | [removed: 100 | | | | | | 90 | | | | | | 124 | | |] [added: 33] | | | [removed: 98] | | | [added: 80] | | | [removed: 97] | | | [added: 96] | | | [removed: 133] | | |

The following table compares the cumulative total shareholder return on our common stock to the cumulative total return of the S&P 500 Index, the KBW Bank Index and a [added: Direct] Peer Group over a one-year, three-year and five-year period.

| State Street Corporation | | | [removed: 30] [added: 36] | | % | | | | [removed: 16] [added: 83] | | % | | | | [removed: 45] [added: 107] | | % | | | |

| S&P 500 Index | | | [removed: 25] [added: 18] | | | | | | [removed: 29] [added: 86] | | | | | | [removed: 97] [added: 96] | | | | | |

| [added: Direct] Peer [removed: group] [added: Group] | | | [removed: 44] [added: 50] | | | | | | [removed: 28] [added: 141] | | | | | | [removed: 55] [added: 163] | | | | | |

During 2025, we repurchased $1.2 billion of our common stock and since its inception we have repurchased an aggregate of $2.50 billion of our common stock under the 2024 Program through December 31, 2025.

This program has no set expiration date.

| October 1 - October 31, 2025 | | | 3,019 | | | | | | $ | 115.93 | | | | | 3,019 | | | | | | $ | 2,550 | |

| November 1 - November 30, 2025 | | | — | | | | | | — | | | | | | — | | | | | | 2,550 | | |

| December 1 - December 31, 2025 | | | 388 | | | | | | 129.03 | | | | | | 388 | | | | | | 2,500 | | |

| Total | | | 3,407 | | | | | | $ | 117.42 | | | | | 3,407 | | | | | | $ | 2,500 | |

| State Street Corporation | | | $ | 100 | | | | | $ | 131 | | | | | $ | 113 | | | | | $ | 117 | | | | | $ | 152 | | | | | $ | 207 | |

| S&P 500 Index | | | 100 | | | | | | 129 | | | | | | 105 | | | | | | 133 | | | | | | 166 | | | | | | 196 | | |

| KBW Bank Index | | | 100 | | | | | | 138 | | | | | | 109 | | | | | | 108 | | | | | | 148 | | | | | | 196 | | |

| Direct Peer Group | | | 100 | | | | | | 138 | | | | | | 109 | | | | | | 122 | | | | | | 176 | | | | | | 263 | | |

During 2024, we repurchased $1.3 billion of our common stock under our 2024 share repurchase authorization and expect common share repurchases to continue under this program during 2025.

| October 1 - October 31, 2024 | | | 1,294 | | | | | | $ | 92.05 | | | | | 1,294 | | | | | | $ | 4,131 | |

| November 1 - November 30, 2024 | | | 2,460 | | | | | | 95.93 | | | | | | 2,460 | | | | | | 3,895 | | |

| December 1 - December 31, 2024 | | | 1,974 | | | | | | 98.72 | | | | | | 1,974 | | | | | | 3,700 | | |

| Total | | | 5,728 | | | | | | $ | 96.01 | | | | | 5,728 | | | | | | $ | 3,700 | |

| State Street Corporation | | | $ | 100 | | | | | $ | 95 | | | | | $ | 125 | | | | | $ | 108 | | | | | $ | 111 | | | | | $ | 145 | |

| S&P 500 Index | | | 100 | | | | | | 118 | | | | | | 152 | | | | | | 125 | | | | | | 158 | | | | | | 197 | | |

| Peer group | | | 100 | | | | | | 88 | | | | | | 121 | | | | | | 96 | | | | | | 108 | | | | | | 155 | | |

| KBW Bank Index | | | 37 | | | | | | 7 | | | | | | 33 | | | | | |

We have audited the accompanying consolidated statements of condition of State Street Corporation (the Corporation) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Corporation at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Corporation’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February [removed: 13, 2025] [added: 19, 2026] expressed an unqualified opinion thereon.

| *Description of the Matter* | | | Revenue recognized by the Corporation as servicing fees was [removed: $5.016] [added: $5.324] billion for the year ended December 31, [removed: 2024.] [added: 2025.] As disclosed in Notes 24 and 25 of the financial statements, servicing fee revenue involves revenue earned from various back and middle office solutions including custody, accounting and fund administration, record keeping, [removed: client reporting] and [removed: investment book of record.] [added: client reporting.] The Corporation’s servicing fee revenue involves a significant volume of contracts and transactions and is sourced from multiple systems and processes across different business teams and geographies. Auditing servicing fee revenue was complex and involved significant audit effort due to the nature of the Corporation’s contracts, the volume of [removed: contracts,] [added: contracts] and [added: transactions and] the number of different processes used to recognize revenue. | | |

| (Dollars in millions, except per share amounts) | | | | | | | | | | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | |

| Servicing fees | | | | | | | | | | | | | | | $ | [removed: 5,016] [added: 5,324] | | | | | $ | [removed: 4,922] [added: 5,016] | | | | | $ | [removed: 5,087] [added: 4,922] | | | | |

| Management fees | | | | | | | | | | | | | | | [removed: 2,124] [added: 2,398] | | | | | | [removed: 1,876] [added: 2,124] | | | | | | [removed: 1,939] [added: 1,876] | | | | | |

| Foreign exchange trading services | | | | | | | | | | | | | | | [removed: 1,401] [added: 1,614] | | | | | | [removed: 1,265] [added: 1,401] | | | | | | [removed: 1,376] [added: 1,265] | | | | | |

| Securities finance | | | | | | | | | | | | | | | [removed: 438] [added: 505] | | | | | | [removed: 426] [added: 438] | | | | | | [removed: 416] [added: 426] | | | | | |

| Software and processing fees | | | | | | | | | | | | | | | [removed: 888] [added: 903] | | | | | | [removed: 811] [added: 888] | | | | | | [removed: 789] [added: 811] | | | | | |

| Other fee revenue | | | | | | | | | | | | | | | [removed: 289] [added: 236] | | | | | | [removed: 180] [added: 289] | | | | | | [removed: (1)] [added: 180] | | | | | |

| Total fee revenue | | | | | | | | | | | | | | | [removed: 10,156] [added: 10,980] | | | | | | [removed: 9,480] [added: 10,156] | | | | | | [removed: 9,606] [added: 9,480] | | | | | |

| Interest income | | | | | | | | | | | | | | | [removed: 11,977] [added: 11,644] | | | | | | [removed: 9,180] [added: 11,977] | | | | | | [removed: 4,088] [added: 9,180] | | | | | |

| Interest expense | | | | | | | | | | | | | | | [removed: 9,054] [added: 8,684] | | | | | | [removed: 6,421] [added: 9,054] | | | | | | [removed: 1,544] [added: 6,421] | | | | | |

| Net interest income | | | | | | | | | | | | | | | [removed: 2,923] [added: 2,960] | | | | | | [removed: 2,759] [added: 2,923] | | | | | | [removed: 2,544] [added: 2,759] | | | | | |

| Gains (losses) from sales of available-for-sale securities, net | | | | | | | | | | | | | | | [removed: (79)] [added: 4] | | | | | | [removed: (294)] [added: (79)] | | | | | | [removed: (2)] [added: (294)] | | | | | |

| Total other income | | | | | | | | | | | | | | | [removed: (79)] [added: 4] | | | | | | [removed: (294)] [added: (79)] | | | | | | [removed: (2)] [added: (294)] | | | | | |

| Total revenue | | | | | | | | | | | | | | | [removed: 13,000] [added: 13,944] | | | | | | [removed: 11,945] [added: 13,000] | | | | | | [removed: 12,148] [added: 11,945] | | | | | |

| Provision for credit losses | | | | | | | | | | | | | | | [removed: 75] [added: 59] | | | | | | [removed: 46] [added: 75] | | | | | | [removed: 20] [added: 46] | | | | | |

| Compensation and employee benefits | | | | | | | | | | | | | | | [removed: 4,697] [added: 5,035] | | | | | | [removed: 4,744] [added: 4,697] | | | | | | [removed: 4,428] [added: 4,744] | | | | | |

| Information systems and communications | | | | | | | | | | | | | | | [removed: 1,829] [added: 2,094] | | | | | | [removed: 1,703] [added: 1,829] | | | | | | [removed: 1,630] [added: 1,703] | | | | | |

| Transaction processing services | | | | | | | | | | | | | | | [removed: 998] [added: 1,050] | | | | | | [removed: 957] [added: 998] | | | | | | [removed: 971] [added: 957] | | | | | |

| Occupancy | | | | | | | | | | | | | | | [removed: 437] [added: 487] | | | | | | [removed: 426] [added: 437] | | | | | | [removed: 394] [added: 426] | | | | | |

| Amortization of other intangible assets | | | [removed: | | | | | |] [added: 223] | | | | | | [removed: 230] [added: 230] | | | | | | 239 | | | [removed: | | | 238 | | | | | |]

| [removed: Other | | | | | | | | | | | | | | | 1,339 | | | | | | 1,529] [added: Other(4)] | | | [added: 3,451] | | | [removed: 1,075] | | | [added: 2,529] | | |

| Total expenses | | | | | | | | | | | | | | | [removed: 9,530] [added: 10,154] | | | | | | [removed: 9,583] [added: 9,530] | | | | | | [removed: 8,801] [added: 9,583] | | | | | |

| Income before income tax expense | | | | | | | | | | | | | | | [removed: 3,395] [added: 3,731] | | | | | | [removed: 2,316] [added: 3,395] | | | | | | [removed: 3,327] [added: 2,316] | | | | | |

| Income tax expense | | | | | | | | | | | | | | | [removed: 708] [added: 786] | | | | | | [removed: 372] [added: 708] | | | | | | [removed: 553] [added: 372] | | | | | |

| Net income | | | | | | | | | | | | | | | $ | [removed: 2,687] [added: 2,945] | | | | | $ | [removed: 1,944] [added: 2,687] | | | | | $ | [removed: 2,774] [added: 1,944] | | | | |

| Net income available to common shareholders | | | | | | | | | | | | | | | $ | [removed: 2,483] [added: 2,717] | | | | | $ | [removed: 1,821] [added: 2,483] | | | | | $ | [removed: 2,660] [added: 1,821] | | | | |

| Basic | | | | | | | | | | | | | | | $ | [removed: 8.33] [added: 9.55] | | | | | $ | [removed: 5.65] [added: 8.33] | | | | | $ | [removed: 7.28] [added: 5.65] | | | | |

| Diluted | | | | | | | | | | | | | | | [removed: 8.21] [added: 9.40] | | | | | | [removed: 5.58] [added: 8.21] | | | | | | [removed: 7.19] [added: 5.58] | | | | | |

| Basic | | | | | | | | | | | | | | | [removed: 297,883] [added: 284,545] | | | | | | [removed: 322,337] [added: 297,883] | | | | | | [removed: 365,214] [added: 322,337] | | | | | |

| Diluted | | | | | | | | | | | | | | | [removed: 302,226] [added: 289,019] | | | | | | [removed: 326,568] [added: 302,226] | | | | | | [removed: 370,109] [added: 326,568] | | | | | |

| Cash dividends declared per common share | | | | | | | | | | | | | | | $ | [removed: 2.90] [added: 3.20] | | | | | $ | [removed: 2.64] [added: 2.90] | | | | | $ | [removed: 2.40] [added: 2.64] | | | | |

| (In millions) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net income | | | $ | [removed: 2,687] [added: 2,945] | | | | | $ | [removed: 1,944] [added: 2,687] | | | | | $ | [removed: 2,774] [added: 1,944] | |

| Foreign currency translation, net of related taxes of [removed: $153, ($19)] [added: $(200), $153] and [removed: $47,] [added: $(19),] respectively | | | [removed: (228)] [added: 592] | | | | | | [removed: 261] [added: (228)] | | | | | | [removed: (441)] [added: 261] | | |

| Net unrealized gains [removed: (losses)] on investment securities, net of reclassification adjustment and net of related taxes of [removed: $164, $335] [added: $108, $164] and [removed: ($650),] [added: $335,] respectively | | | [removed: 467] [added: 329] | | | | | | [removed: 870] [added: 467] | | | | | | [removed: (1,767)] [added: 870] | | |

| Net unrealized gains (losses) on cash flow hedges, net of related taxes of [removed: $0, $85] [added: $30, $0] and [removed: ($133),] [added: $85,] respectively | | | [removed: (1)] [added: 99] | | | | | | [removed: 228] [added: (1)] | | | | | | [removed: (357)] [added: 228] | | |

February 19, 2026

| Other | | | | | | | | | | | | | | | 1,488 | | | | | | 1,569 | | | | | | 1,753 | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

State Street Corporation | 119

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,945 | | | | | | | | | | | | | | | | | | | | | | | | 2,945 | | |

| Preferred stock issued | | | 743 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 743 | | |

| Balance at December 31, 2025 | | | $ | 3,559 | | | | | 503,880 | | | | | | $ | 504 | | | | | $ | 10,705 | | | | | $ | 31,392 | | | | | $ | (1,043) | | | | | 224,802 | | | | | | $ | (17,276) | | | | | $ | 27,841 | |

Equity investments that do not meet the criteria for equity-method treatment are measured at fair value through earnings, except for investments in low-income housing and production tax credit entities (see Note 14 for further information) or where one of two U.S. GAAP exceptions applies.

The first exception allows Federal Reserve Bank stock, Federal Home Loan Bank stock and exchange memberships to remain accounted for at cost, less impairment.

The second exception is for equity investments where fair market value is not readily available, which are accounted for at cost, less impairment, adjusted for any observable price changes in orderly transactions for the identical or a similar investment of the same issuer, with any such changes reflected in other fee revenue.

As a result of unanticipated events or

We adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, prospectively for the annual reporting period ending December 31, 2025.

The standard aims to improve transparency and comparability of income tax disclosures primarily by requiring consistent and expanded disclosures related to the reconciliation of the statutory and effective tax rate and disaggregated disclosure of income taxes paid by jurisdiction.

| | | | ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements | | | | | | | | | The amendments introduce targeted improvements to closely align hedge accounting with an entity’s risk management activities. The ASU expands the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge, introduces a new model for hedging forecasted interest payments on choose your rate debt instruments, and expands eligibility for certain hedged risks (nonfinancial forecasted transactions, net written options as hedging instruments and foreign currency dual hedge strategy). | | | | | | | | | Annual reporting for the period ending December 31, 2027 and for interim reporting in 2027. Early adoption is permitted. | | | | | | | | | We are currently evaluating the impact of this guidance. | | | | | |

| | | | ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software | | | | | | | | | The update removes all references to prescriptive and sequential software development stages, and amends related disclosures. Capitalization of software costs will commence when both i) management has authorized and committed to funding the software project, and ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). | | | | | | | | | Annual and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. | | | | | | | | | We are currently evaluating the impact of this guidance. | | | | | |

| | | | As of December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Foreign exchange contracts | | | $ | 5 | | | | | $ | 14,218 | | | | | $ | 1 | | | | | $ | (10,073) | | | | | $ | 4,151 | |

| Total derivative instruments | | | 9 | | | | | | 14,249 | | | | | | 1 | | | | | | (10,104) | | | | | | 4,155 | | |

| Other | | | 22 | | | | | | 832 | | | | | | — | | | | | | — | | | | | | 854 | | |

| Total assets carried at fair value | | | $ | 23,346 | | | | | $ | 59,747 | | | | | $ | 1 | | | | | $ | (10,104) | | | | | $ | 72,990 | |

| Foreign exchange contracts | | | $ | — | | | | | $ | 14,097 | | | | | $ | — | | | | | $ | (9,231) | | | | | $ | 4,866 | |

| Other derivative contracts | | | — | | | | | | 159 | | | | | | — | | | | | | — | | | | | | 159 | | |

| Total derivative instruments | | | — | | | | | | 14,261 | | | | | | — | | | | | | (9,236) | | | | | | 5,025 | | |

| December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Investment securities held-to-maturity | | | 38,171 | | | | | | 34,166 | | | | | | 563 | | | | | | 33,603 | | | | | | — | | |

| Net loans(1) | | | 46,589 | | | | | | 46,417 | | | | | | — | | | | | | 44,862 | | | | | | 1,555 | | |

| Long-term debt | | | 25,143 | | | | | | 25,253 | | | | | | — | | | | | | 25,130 | | | | | | 123 | | |

(1) Includes $92 million of loans classified as held-for-sale that were measured at fair value in level 2 as of December 31, 2025.

| (In millions) | | | Carrying Value | | | | | | Estimated Fair Value | | | | | | Quoted Market Prices in Active Markets (Level 1) | | | | | | Pricing Methods with Significant Observable Market Inputs (Level 2) | | | | | | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | | |

| Other | | | 90 | | | | | | 1 | | | | | | — | | | | | | 91 | | | | | | 90 | | | | | | 1 | | | | | | — | | | | | | 91 | | |

(5) Excludes CLO loans.

| | | | As of December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Direct obligations | | | $ | 756 | | | | | $ | 2 | | | | | $ | 2,063 | | | | | $ | 3 | | | | | $ | 2,819 | | | | | $ | 5 | |

| Mortgage-backed securities | | | 1,267 | | | | | | 3 | | | | | | 4,018 | | | | | | 51 | | | | | | 5,285 | | | | | | 54 | | |

| Mortgage-backed securities | | | 617 | | | | | | 1 | | | | | | 73 | | | | | | — | | | | | | 690 | | | | | | 1 | | |

| Asset-backed securities | | | 425 | | | | | | — | | | | | | 168 | | | | | | 1 | | | | | | 593 | | | | | | 1 | | |

| Other | | | 129 | | | | | | — | | | | | | — | | | | | | — | | | | | | 129 | | | | | | — | | |

| Total non-U.S. debt securities | | | 5,042 | | | | | | 29 | | | | | | 2,184 | | | | | | 8 | | | | | | 7,226 | | | | | | 37 | | |

| Total | | | $ | 8,133 | | | | | $ | 35 | | | | | $ | 8,265 | | | | | $ | 62 | | | | | $ | 16,398 | | | | | $ | 97 | |

February 13, 2025

| Acquisition and restructuring costs | | | | | | | | | | | | | | | — | | | | | | (15) | | | | | | 65 | | | | | |

| Series I, 15,000 shares issued and outstanding | | | 1,481 | | | | | | — | | |

| Series J, 8,500 shares issued and outstanding | | | 842 | | | | | | — | | |

| Balance at December 31, 2021 | | | $ | 1,976 | | | | | 503,880 | | | | | | $ | 504 | | | | | $ | 10,787 | | | | | $ | 25,238 | | | | | $ | (1,133) | | | | | 137,897 | | | | | | $ | (10,009) | | | | | $ | 27,363 | |

As the digital asset space continues to mature, we are building solutions to service, tokenize and safekeep digital assets.

Our vision is to enable core digital asset infrastructure as a trusted provider of end-to-end solutions on a secure, interoperable blockchain.

Investments not meeting the criteria for equity-method treatment are measured at fair value through earnings, except for investments where a fair market value is not readily available, which are accounted for under the cost method of accounting.

translated at month-end exchange rates, and revenue and expenses are translated at rates that approximate average monthly exchange rates.

The reduction in balances with our subcustodian in Russia was a result of various actions taken related to our contractual arrangements that resulted in the derecognition of certain cash balances and related client liabilities.

We adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, effective December 31, 2024.

The standard expands the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

This includes disclosure of segment expenses that are regularly provided to the CODM and other segment items that are included within each reported measure of segment profit or loss.

The standard requires disclosure of the CODM’s title and position and how the CODM uses the reported measure of segment profit or loss in assessing segment performance and allocating resources.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures | | | | | | | | | The amendments related to the rate reconciliation and income taxes paid disclosures and require disclosures of (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additional amendments require (1) disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission regulations, and (2) remove disclosures that no longer are considered cost beneficial or relevant. | | | | | | | | | Annual reporting for period ending December 31, 2025 | | | | | | | | | We are currently evaluating the disclosure impact of the new standard. | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Other | | | — | | | | | | 2,735 | | | | | | — | | | | | | | | | | | | 2,735 | | |

| Foreign exchange contracts | | | — | | | | | | 19,690 | | | | | | 4 | | | | | | $ | (14,387) | | | | | 5,307 | | |

| Total derivative instruments | | | — | | | | | | 19,703 | | | | | | 4 | | | | | | (14,400) | | | | | | 5,307 | | |

| Other | | | 11 | | | | | | 640 | | | | | | — | | | | | | — | | | | | | 651 | | |

| Total assets carried at fair value | | | $ | 8,348 | | | | | $ | 57,305 | | | | | $ | 4 | | | | | $ | (14,400) | | | | | $ | 51,257 | |

| Foreign exchange contracts | | | $ | 1 | | | | | $ | 19,414 | | | | | $ | 1 | | | | | $ | (11,909) | | | | | $ | 7,507 | |

| Total derivative instruments | | | 5 | | | | | | 19,596 | | | | | | 1 | | | | | | (11,909) | | | | | | 7,693 | | |

| Investment securities held-to-maturity | | | 57,117 | | | | | | 51,503 | | | | | | 8,409 | | | | | | 43,094 | | | | | | — | | |

| Net loans | | | 36,496 | | | | | | 36,335 | | | | | | — | | | | | | 34,308 | | | | | | 2,027 | | |

| Other(1) | | | 6,866 | | | | | | 6,866 | | | | | | — | | | | | | 6,866 | | | | | | — | | |

| Long-term debt | | | 18,839 | | | | | | 18,417 | | | | | | — | | | | | | 18,216 | | | | | | 201 | | |

| Other | | | 90 | | | | | | 1 | | | | | | — | | | | | | 91 | | | | | | 2,530 | | | | | | 3 | | | | | | 6 | | | | | | 2,527 | | |

(7) As of December 31, 2024 and 2023, the fair value of U.S. corporate bonds was $0.05 billion and $0.31 billion, respectively.

(11) Consists entirely of non-agency RMBS as of December 31, 2023.

As of December 31, 2023, we had $1 million allowance for credit losses on HTM investment securities.

| Direct obligations | | | $ | 333 | | | | | $ | 2 | | | | | $ | 5,416 | | | | | $ | 163 | | | | | $ | 5,749 | | | | | $ | 165 | |

| Mortgage-backed securities | | | 961 | | | | | | 6 | | | | | | 6,512 | | | | | | 158 | | | | | | 7,473 | | | | | | 164 | | |

| Mortgage-backed securities | | | 424 | | | | | | 1 | | | | | | 719 | | | | | | 6 | | | | | | 1,143 | | | | | | 7 | | |

| Asset-backed securities | | | 358 | | | | | | — | | | | | | 1,052 | | | | | | 13 | | | | | | 1,410 | | | | | | 13 | | |

| Other | | | 50 | | | | | | — | | | | | | 893 | | | | | | 37 | | | | | | 943 | | | | | | 37 | | |

| Total non-U.S. debt securities | | | 4,804 | | | | | | 8 | | | | | | 8,452 | | | | | | 181 | | | | | | 13,256 | | | | | | 189 | | |

| Collateralized loan obligations | | | 183 | | | | | | — | | | | | | 1,605 | | | | | | 6 | | | | | | 1,788 | | | | | | 6 | | |

| Other U.S. debt securities | | | 3 | | | | | | — | | | | | | 303 | | | | | | 8 | | | | | | 306 | | | | | | 8 | | |

For the year ended December 31, [removed: 2024,] [added: 2025,] State Street’s management carried out an evaluation, with the participation of the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of State Street’s disclosure controls and procedures.

Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that State Street’s disclosure controls and procedures were effective as of December 31, [removed: 2024.][added: 2025.]

During the quarter ended December 31, [removed: 2024,] [added: 2025,] no change occurred in State Street’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, State Street’s internal control over financial reporting.

State Street Corporation | [removed: 183][added: 178]

Management assessed the effectiveness of State Street’s internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] based on the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission in *Internal Control - Integrated Framework (2013).*

Based on that assessment, management concluded that, as of December 31, [removed: 2024,] [added: 2025,] State Street’s internal control over financial reporting is effective.

The effectiveness of State Street’s internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their accompanying report, which follows this report.

State Street Corporation | [removed: 184][added: 179]

We have audited State Street Corporation’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, State Street Corporation (the Corporation) maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the [removed: 2024] [added: 2025] consolidated financial statements of the Corporation and our report dated February [removed: 13, 2025] [added: 19, 2026] expressed an unqualified opinion thereon.

State Street Corporation | [removed: 185][added: 180]

February 19, 2026

February 13, 2025

During the fourth quarter of [removed: 2024,] [added: 2025,] none of our [added: other] executive officers or directors adopted [added: Rule 10b5-1 trading plans and none of our directors] or [added: executive officers] terminated a Rule 10b5-1 trading plan or [added: adopted or terminated] a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted by executive officers during the fourth quarter of 2025, which are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as a Rule 10b5-1 trading plan.

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Name and Title | | | | | | Date of Adoption of Rule 10b5-1 Trading Plan | | | | | | Scheduled Expiration Date of Rule 10b5-1 Trading Plan(1) | | | | | | Aggregate Number of Securities to Be Purchased or Sold | | |

| Ronald O’Hanley Chairman, Chief Executive Officer and President | | | | | | 11/26/2025 | | | | | | 11/30/2026 | | | | | | Sale of up to 130,216 shares of common stock in transactions during 2025 and 2026 | | |

| | | | | | | | | | | | | | | | | | | | | |

(1) A trading plan may also expire on such earlier date as all transactions under the trading plan are completed.

Information concerning our directors will appear in our Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders, to be filed pursuant to Regulation 14A on or before April 30, [removed: 2025,] [added: 2026,] referred to as the [removed: 2025] [added: 2026] Proxy Statement, under the caption “Election of Directors.” Information concerning compliance with Section 16(a) of the Exchange Act, if required, will appear in our [removed: 2025] [added: 2026] Proxy Statement under the caption “Delinquent Section 16(a) Reports.” Information concerning our Code of Ethics for Senior Financial Officers and our Examining and Audit Committee will appear in our [removed: 2025] [added: 2026] Proxy Statement under the caption “Corporate Governance at State Street." Information concerning our Securities Trading Policy will appear in our [removed: 2025] [added: 2026] Proxy Statement under the caption “Executive Equity Ownership Guidelines, Practices and Policies.” A copy of our Securities Trading Policy is filed as Exhibit 19 to this Form 10-K.

Information in response to this item will appear in our [removed: 2025] [added: 2026] Proxy Statement under the captions “Executive Compensation” and “Non-Management Director Compensation.” Such information (other than the information required by Item 402(v) of Regulation S-K) is incorporated herein by reference.

State Street Corporation | 181

Information concerning security ownership of certain beneficial owners and management will appear in our [removed: 2025] [added: 2026] Proxy Statement under the caption “Security Ownership of Certain Beneficial Owners and Management.” Such information is incorporated herein by reference.

The following table presents the number of outstanding common stock awards, options, warrants and rights granted by State Street to participants in our equity compensation plans, as well as the number of securities available for future issuance under these plans, as of December 31, [removed: 2024.][added: 2025.]

| Equity compensation plans [added: not] approved by shareholders | | | [removed: 6,898 |] [added: —] | | [removed: (2)] | | | [removed: $] | — | | | | | [removed: 18,255] | [added: —] | | [added: |]

| Equity compensation plans [removed: not] approved by shareholders | | | [removed: 7] [added: 6,654] | | | [removed: (3)] [added: (2)] | | | [removed: —] [added: $] | [added: —] | | | | | [removed: —] [added: 17,196] | | |

(2) Consists of [removed: 4,859] [added: 4,467] thousand shares subject to deferred stock awards, zero shares subject to stock options, zero stock appreciation rights and [removed: 2,039] [added: 2,187] thousand shares subject to performance awards (assuming payout at 100% for all awards, including awards for which performance is uncertain).

| Total | | | 6,654 | | | | | | — | | | | | | 17,196 | | |

State Street Corporation | 186

The table provides this information separately for equity compensation plans that have and have not been approved by shareholders.

| Total | | | 6,905 | | | | | | — | | | | | | 18,255 | | |

(3) Consists of shares subject to deferral.

Individual directors who are not our employees have received stock awards and cash retainers, both of which may be deferred.

Directors may elect to receive shares of our common stock in place of cash.

If payment is in the form of common stock, the number of shares is determined by dividing the approved cash amount by the closing price on the date of the annual shareholders’ meeting or date of grant, if different.

All deferred shares, whether stock awards or common stock received in place of cash retainers, are increased to reflect dividends paid on the common stock and, for certain directors, may include share amounts in respect of an accrual under a terminated retirement plan.

Pursuant to State Street’s Deferred Compensation Plan for Directors, non-employee directors may elect to defer the receipt of 0% or 100% of their (1) retainers, (2) meeting fees or (3) annual equity grant award.

Non-employee directors also may elect to receive their retainers in cash or shares of common stock.

Non-employee directors who elect to defer the cash payment of their retainers or meeting fees may choose from four notional investment fund returns for such deferred cash.

Deferrals of common stock are adjusted to reflect the hypothetical reinvestment in additional shares of common stock for any dividends or distributions on State Street common stock.

Deferred amounts will be paid (a) as elected by the non-employee director, on either the date of their termination of service on the Board or on the earlier of such termination and a future date specified, and (b) in the form elected by the non-employee director as either a lump sum or in installments over a two- to five-year period.

Stock awards totaling 287,895 shares of common stock were outstanding as of December 31, 2024; awards made through June 30, 2003, totaling 7,294 shares outstanding as of December 31, 2024, have not been approved by shareholders.

There are no other equity compensation plans under which our equity securities are authorized for issuance that have been adopted without shareholder approval.

Awards of stock made or retainer shares paid to individual directors after June 30, 2003 have been or will be made under our 1997, 2006 or 2017 Equity Incentive Plan, which were approved by shareholders.

Information concerning certain relationships and related transactions and director independence will appear in our [removed: 2025] [added: 2026] Proxy Statement under the caption “Corporate Governance at State Street.” Such information is incorporated herein by reference.

Information concerning principal accounting fees and services and the Examining and Audit Committee’s pre-approval policies and procedures will appear in our [removed: 2025] [added: 2026] Proxy Statement under the caption “Examining and Audit Committee Matters.” Such information is incorporated herein by reference.

State Street Corporation | [removed: 187][added: 182]

Consolidated Statement of Income - Years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Statement of Comprehensive Income - Years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Statement of Condition - As of December 31, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

Consolidated Statement of Changes in Shareholders’ Equity - Years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and

Consolidated Statement of Cash Flows - Years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

2023

2022

| | | | [3.1](https://www.sec.gov/Archives/edgar/data/93751/000009375125000111/exhibit31-sscarticlesaso.htm) | | | | | | [Restated Articles of Organization, as [removed: amended](https://www.sec.gov/Archives/edgar/data/93751/000009375125000111/exhibit31-sscarticlesaso.htm)] [added: amended (filed as Exhibit 3.1 to State Street’s Annual Report on Form 10-K (File No. 001-07511) filed with the SEC on February 13, 2025 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/93751/000009375125000111/exhibit31-sscarticlesaso.htm)] | | |

| | | | [4.1](https://www.sec.gov/Archives/edgar/data/93751/000009375125000111/exhibit41-sttxdescriptio.htm) | | | | | | [Description of Securities Registered under Section 12 of the Exchange [removed: Act](https://www.sec.gov/Archives/edgar/data/93751/000009375125000111/exhibit41-sttxdescriptio.htm)] [added: Act (filed as Exhibit 4.1 to State Street’s Annual Report on Form 10-K (File No. 001-07511) filed with the SEC on February 13, 2025 and incorporated by herein by reference)](https://www.sec.gov/Archives/edgar/data/93751/000009375125000111/exhibit41-sttxdescriptio.htm)] | | |

| | | | [10.2†](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit101scip-revised42.htm) | | | | | | [Supplemental Cash Incentive Plan, as amended, First and Second Amendments thereto, and form of award agreement thereunder (filed as Exhibit [removed: 10.1 to] [added: 10.](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit101scip-revised42.htm)[2](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit101scip-revised42.htm) [to] State Street’s Quarterly Report on Form 10-Q (File No. 001-07511) for the quarter ended March 31, [removed: 202](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit101scip-revised42.htm)[4](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit101scip-revised42.htm)] [added: 202](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit101scip-revised42.htm)[5](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit101scip-revised42.htm)] [filed with the SEC on](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit101scip-revised42.htm) [removed: [May 2, 2024](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit101scip-revised42.htm)] [added: [May](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit101scip-revised42.htm) [1](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit101scip-revised42.htm)[, 202](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit101scip-revised42.htm)[5](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit101scip-revised42.htm)] [and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit101scip-revised42.htm) | | |

| | | | [removed: [10.3](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)[B](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)[†](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit103huofferletter.htm)[3](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit103huofferletter.htm)[†](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit103huofferletter.htm)] | | | | | | [removed: [F](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)[orms of](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm) [Deferred Stock](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm) [A](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)[ward](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm) [and Cash-Settled](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm) [Restric](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)[ted S](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)[tock](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm) [Unit Awar](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)[d](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm) [A](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)[greements](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm) [under](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm) [State Street](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)[’](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)[s Ame](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)[nded and Restated 2017 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm) [(filed] [added: [Employment Letter Agreement entered into with Bradford Hu dated October 20, 2021 (filed] as Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)[2](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm) [to] [added: 10.3 to] State Street’s Quarterly Report on Form 10-Q (File No. 001-07511) for the quarter ended March 31, [removed: 202](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)[4](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm) [filed] [added: 2024 filed] with the SEC [removed: on](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm) [May] [added: on May] 2, [removed: 2024](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm) [and] [added: 2024 and] incorporated herein by [removed: reference)](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000587/exhibit102awardagreement.htm)] [added: reference)](https://www.sec.gov/Archives/edgar/data/93751/000009375124000587/exhibit103huofferletter.htm)] | | |

| | | | [removed: [10.3D†](https://www.sec.gov/Archives/edgar/data/93751/000009375125000111/exhibit103d-emeaprsurisk.htm)] [added: [10.3](https://www.sec.gov/Archives/edgar/data/93751/000009375125000111/exhibit103d-emeaprsurisk.htm)[C](https://www.sec.gov/Archives/edgar/data/93751/000009375125000111/exhibit103d-emeaprsurisk.htm)[†](https://www.sec.gov/Archives/edgar/data/93751/000009375125000111/exhibit103d-emeaprsurisk.htm)] | | | | | | [State Street’s Performance-Based Restricted Stock Units Risk Adjustment Guidelines for EVPs in EMEA, effective December 20, [removed: 2024](https://www.sec.gov/Archives/edgar/data/93751/000009375125000111/exhibit103d-emeaprsurisk.htm)] [added: 2024 (filed as Exhibit 10.3D to State Street’s Annual Report on Form 10-K (File No. 001-07511) for the year ended December 31, 2024 filed with the SEC on February 13, 2025 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/93751/000009375125000111/exhibit103d-emeaprsurisk.htm)] | | |

| | | | [10.4†](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000704/exhibit43-1statestreetco.htm) | | | | | | [State Street’s Management Supplemental Savings Plan, Amended and Restated Effective as of September 1, 2024 [removed: (“MSSP”)] [added: (](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000704/exhibit43-1statestreetco.htm)[MSSP](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000704/exhibit43-1statestreetco.htm)[)] (filed as Exhibit 4.3 to State Street’s Registration Statement on Form S-8 filed with the SEC on September 20, 2024 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/0000093751/000009375124000704/exhibit43-1statestreetco.htm) | | |

State Street Corporation | [removed: 189][added: 183]

| | | | [removed: [10.](https://www.sec.gov/Archives/edgar/data/93751/000119312512079737/d262731dex1012.htm)[6](https://www.sec.gov/Archives/edgar/data/93751/000119312512079737/d262731dex1012.htm)[†](https://www.sec.gov/Archives/edgar/data/93751/000119312512079737/d262731dex1012.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/93751/000119312512079737/d262731dex1012.htm)[7](https://www.sec.gov/Archives/edgar/data/93751/000119312512079737/d262731dex1012.htm)[†](https://www.sec.gov/Archives/edgar/data/93751/000119312512079737/d262731dex1012.htm)] | | | | | | [Deferred Compensation Plan for Directors of State Street Corporation, Restated January 1, 2007, as amended (filed as Exhibit 10.12 to State Street](https://www.sec.gov/Archives/edgar/data/93751/000119312512079737/d262731dex1012.htm)[’](https://www.sec.gov/Archives/edgar/data/93751/000119312512079737/d262731dex1012.htm)[s Annual Report on Form 10-K (File No. 001-07511) for the year ended December 31, 2011 filed with the SEC on February 27, 2012 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/93751/000119312512079737/d262731dex1012.htm) | | |

| | | | [removed: [10.](https://www.sec.gov/Archives/edgar/data/93751/000009375120000906/exhibit101deferredcompen.htm)[7](https://www.sec.gov/Archives/edgar/data/93751/000009375120000906/exhibit101deferredcompen.htm)[†](https://www.sec.gov/Archives/edgar/data/93751/000009375120000906/exhibit101deferredcompen.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/93751/000009375120000906/exhibit101deferredcompen.htm)[8](https://www.sec.gov/Archives/edgar/data/93751/000009375120000906/exhibit101deferredcompen.htm)[†](https://www.sec.gov/Archives/edgar/data/93751/000009375120000906/exhibit101deferredcompen.htm)] | | | | | | [Deferred Compensation Plan for Directors of State Street Corporation, Restated January 1, 2021, as amended (filed as Exhibit 10.1 to State Street](https://www.sec.gov/Archives/edgar/data/93751/000009375120000906/exhibit101deferredcompen.htm)[’](https://www.sec.gov/Archives/edgar/data/93751/000009375120000906/exhibit101deferredcompen.htm)[s Quarterly Report on Form 10-Q (File No. 001-07511) for the quarter ended June 30, 2020 filed with the SEC on July 27, 2020 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/93751/000009375120000906/exhibit101deferredcompen.htm) | | |

| | | | [removed: [10.8](https://www.sec.gov/Archives/edgar/data/93751/000009375117000249/exhibit1014dojprosecutio.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/93751/000009375114000040/exhibit1018a.htm)[1](https://www.sec.gov/Archives/edgar/data/93751/000009375114000040/exhibit1018a.htm)[A](https://www.sec.gov/Archives/edgar/data/93751/000009375114000040/exhibit1018a.htm)[†](https://www.sec.gov/Archives/edgar/data/93751/000009375114000040/exhibit1018a.htm)] | | | | | | [removed: [Deferred Prosecution] [added: [Form of Indemnification] Agreement [removed: dated January 17, 2017] between State Street Corporation and [removed: the U.S. Department of Justice and United States Attorney for the District] [added: each] of [removed: Massachusetts] [added: its directors] (filed as Exhibit [removed: 10.14] [added: 10.18A] to State [removed: Street](https://www.sec.gov/Archives/edgar/data/93751/000009375117000249/exhibit1014dojprosecutio.htm)[’](https://www.sec.gov/Archives/edgar/data/93751/000009375117000249/exhibit1014dojprosecutio.htm)[s] [added: Street](https://www.sec.gov/Archives/edgar/data/93751/000009375114000040/exhibit1018a.htm)[’](https://www.sec.gov/Archives/edgar/data/93751/000009375114000040/exhibit1018a.htm)[s] Annual Report on Form 10-K (File No. 001-07511) for the year ended December 31, [removed: 2016] [added: 2013] filed with the SEC on February [removed: 17, 2017] [added: 21, 2014] and incorporated herein by [removed: reference)](https://www.sec.gov/Archives/edgar/data/93751/000009375117000249/exhibit1014dojprosecutio.htm)] [added: reference)](https://www.sec.gov/Archives/edgar/data/93751/000009375114000040/exhibit1018a.htm)] | | |