State Street Corporation · STT · FY2024 Q3 · Calendar Q4 2024

State Street posts record EPS as Alpha and fee growth accelerate

State Street's Q3 results support a constructive earnings-growth case: fee momentum, Alpha wins, ETF activity and operating leverage strengthened together. The durability of that trajectory depends on executing new mandates, sustaining NII and managing succession and capital-allocation questions.

Reported Before market openNYSEFinancial Services $45.44B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.26 Consensus $2.12
EPS surprise +6.6% Reported versus consensus
Reported revenue $3.26B Consensus $3.19B
Revenue surprise +2.1% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +1.0% Event window
SPY move -0.8% Same window
Abnormal move +1.8% Stock minus SPY
Volume 2.6× Versus trailing sessions
Subsequent drift +3.7% Up to 20 sessions
STTSPY benchmark

Ask FN2 about STT FY2024 Q3

Transcript, numbers and history already loaded

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

Compared with the prior-quarter analysis, the company moved from raised outlook and pipeline development to reported record EPS, $466 billion of Alpha AUC/A wins, 20 ETF launches and accelerated capital return. The analysis also adds the Apollo hybrid-product partnership and a five-year software-revenue ambition.

Guidance delta

Management raised fee-revenue and NII guidance versus the prior quarter, while targeting 4–5% fee-revenue growth and a 30% medium-term pre-tax margin.

Key takeaways

  • Record quarterly EPS of $2.26 was reported, with robust fee and total-revenue growth and positive operating leverage.
  • State Street Alpha generated $466 billion of AUC/A wins from two new mandates.
  • The ETF franchise launched 20 funds, including three digitally focused offerings.
  • Capital return accelerated to $670 million, including $450 million of Q3 share repurchases.
  • Management highlighted stronger FX, securities finance and private-market activity.

Management priorities

  • Expand State Street Alpha and secure additional custodial mandates.
  • Continue ETF launches, including digital-asset-focused products.
  • Build software and front-office processing revenue toward $1 billion within five years.
  • Continue capital returns and pursue a near-full-year payout ratio of 80–90%.
  • Expand in Latin America with modest investments.

Follow STT with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
STT EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 estimate $1.81 Q4 '23 actual $2.04, beat Q1 '24 estimate $1.50 Q1 '24 actual $1.69, beat Q2 '24 estimate $2.03 Q2 '24 actual $2.15, beat Q3 '24 estimate $2.12 Q3 '24 actual $2.26, beat Q2 '25 estimate $2.35 Q2 '25 actual $2.53, beat Q3 '25 estimate $2.64 Q3 '25 actual $2.78, beat Q4 '25 estimate $2.84 Q4 '25 actual $2.97, beat Q1 '26 estimate $2.64 Q1 '26 actual $2.84, beat Q2 '26 estimate $3.34 Q2 '26 actual $3.65, beat Q3 '26 estimate $3.68 Q3 '26 actual $3.69, match Q4 '26 estimate $3.62 Q1 '27 estimate $3.36 Q2 '27 estimate $3.93 Q3 '27 estimate $4.09
Show less

Analyst Consensus ?

ConsensusHold38 ratings
Bullish1950.0%
Neutral1539.5%
Bearish410.5%

Analyst 52W Price Targets

$165.43Previous close
$77Low
$142.84Average
$200High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 20, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Citigroup Buy BuyMaintainOct 16, 2026
Truist Securities Hold HoldMaintainOct 15, 2026
RBC Capital Sector Perform Sector PerformMaintainOct 15, 2026
Keefe, Bruyette & Woods Outperform OutperformMaintainOct 15, 2026
Evercore ISI Group Outperform OutperformMaintainOct 15, 2026
Show 33 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $165.43. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Truist FinancialAnalyst unavailable$171$165.39 +3.4%Oct 15, 2026
RBC CapitalGerard Cassidy$175$162.92 +5.8%Oct 15, 2026
Capital One FinancialAnalyst unavailable$200$175.99 +20.9%Oct 6, 2026
Truist FinancialAnalyst unavailable$190$176.37 +14.9%Oct 6, 2026
Evercore ISIAnalyst unavailable$200$183.98 +20.9%Jul 20, 2026
See 69 more

Track every rating change on STT the moment it posts. Free to start.

Start free

Company context

Snapshot as of publication

State Street Corporation (STT) is a well-established global financial services firm that delivers a wide array of financial products and specialized services to institutional investors worldwide. The company's extensive offerings include core investment servicing functionalities such as secure asset custody, detailed product accounting, daily valuation, comprehensive administration, master trust and master custody arrangements, and specific depotbank services. It also manages record-keeping, cash, foreign exchange, brokerage, and various trading activities. Further services in this area encompass securities finance, advanced custody solutions, deposit and short-term investment facilities, as well as loan and lease financing. State Street additionally provides operational outsourcing for both traditional and alternative investment managers, complemented by sophisticated analytics for performance, risk, and compliance, along with financial data management.…

Historical context

All STT earnings

Financial Services peers this season

Latest reports in the same sector

Latest beats and misses

Who reports next

Get the STT recap when the next report posts

One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-10-17T05:10:49.140638+00:00
  3. Polygon adjusted daily market bars · 2026-10-20T08:50:41.986950+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-20T08:50:41.984141+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-20. For educational purposes only; not investment advice.