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State Street cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.9B in Q3 2026 · −$3.7B over twelve months

Operating cash flow$2.2B
Capital spending−$345M
Free cash flow+$1.9B
Cash / net income2.1×

Analysis

In Q3 2026, State Street generated $2.2B of operating cash flow and spent $345M on capital projects, leaving free cash flow of $1.9B. That is $5.8B less than in Q3 2025 ($7.7B).

Over the twelve months to Sep 30, 2026, operating cash flow was −$2.2B; the largest uses were other investing ($16.6B), operating cash flow ($2.2B), buybacks ($1.6B); besides operations, cash came from other financing ($21.7B), net borrowing (+) / repaid (−) ($917M); the cash balance rose by $40.0M.

Operating cash flow was $2.2B against net income of $1.1B — 2.1× profit, cash ran ahead of reported earnings. The largest differences: other liabilities −$2.8B, prepaid and other assets +$2.5B, other non-cash +$82.0M.

Free cash flow

State Street: free cash flow by quarterState Street: free cash flow by quarter−$7.7BQ4 2024$2.2BQ1 2025−$8.8BQ2 2025$7.7BQ3 2025$9.8BQ4 2025−$12.4BQ1 2026−$3.0BQ2 2026$1.9BQ3 2026
Operating cash flow less capital spending.
State Street: operating cash flow against capital spendingState Street: operating cash flow against capital spendingOperating cash flowCapital spending−$7.4B$249MQ4 2024$2.4B$226MQ1 2025−$8.4B$319MQ2 2025$7.9B$243MQ3 2025$10.0B$267MQ4 2025−$12.1B$270MQ1 2026−$2.3B$675MQ2 2026$2.2B$345MQ3 2026
Latest (Q3 2026): Operating cash flow $2.2B, Capital spending $345M.

Capital allocation, year by year

State Street: where the cash came from (up) and went (down), by fiscal yearState Street: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow −$6.7BFY2021: Net borrowing −$6.8BFY2021: Shares issued $1.9BFY2021: Asset sales $13.0MFY2021: Capital spending −$811MFY2021: Acquisitions −$346MFY2021: Buybacks −$900MFY2021: Dividends −$866M$1.9BFY2021FY2022: Operating cash flow $12.0BFY2022: Net borrowing $2.1BFY2022: Capital spending −$734MFY2022: Buybacks −$1.5BFY2022: Dividends −$972M$14.1BFY2022FY2023: Operating cash flow $690MFY2023: Net borrowing $3.6BFY2023: Capital spending −$816MFY2023: Acquisitions −$61.0MFY2023: Buybacks −$3.8BFY2023: Dividends −$970M$4.3BFY2023FY2024: Operating cash flow −$13.2BFY2024: Net borrowing $4.4BFY2024: Shares issued $2.3BFY2024: Capital spending −$926MFY2024: Acquisitions −$194MFY2024: Buybacks −$1.3BFY2024: Dividends −$1.0B$6.8BFY2024FY2025: Operating cash flow $11.9BFY2025: Net borrowing $1.5BFY2025: Shares issued $743MFY2025: Capital spending −$1.1BFY2025: Acquisitions −$286MFY2025: Buybacks −$1.2BFY2025: Dividends −$1.1B$14.2BFY2025
Over these 5 years operating cash flow totalled $4.6B; the largest uses were operating cash flow ($19.9B) and buybacks ($8.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.8B
Debt$25.1B
Net debt$20.3B
Cash runway15 months

State Street is burning cash: its operations consume cash, a free cash flow of −$3.7B a year at the current rate against $4.8B of cash and investments: a runway of about 15 months before any new financing.

Where the cash came from and went

State Street: sources (+) and uses (−) of cash, Q3 2026State Street: sources (+) and uses (−) of cash, Q3 2026Other financing−$11.4BOther investing$10.4BOperating cash flow$2.2BCash drawn (+) / kept (−)−$506MShares issued$496MBuybacks−$400MCapital spending−$345MDividends−$289MNet borrowing (+) / repaid (−)−$270M
State Street: sources (+) and uses (−) of cash, TTM to Q3 2026State Street: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$21.7BOther investing−$16.6BOperating cash flow−$2.2BBuybacks−$1.6BCapital spending−$1.6BDividends−$1.2BNet borrowing (+) / repaid (−)$917MShares issued$496MCash drawn (+) / kept (−)−$40.0M

From profit to cash

State Street: net income to operating cash flow, Q3 2026State Street: net income to operating cash flow, Q3 2026Net income$1.1BDeferred taxes$52.0MOther non-cash$82.0MPrepaid and other assets$2.5BOther liabilities−$2.8BOperating cash flow$2.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.2B−$345M—−$400M−$289M−$270M$496M−$506M$1.9B
Q2 2026−$2.3B−$675M—−$400M−$291M$579M—$2.2B−$3.0B
Q1 2026−$12.1B−$270M—−$400M−$293M$118M—−$2.1B−$12.4B
Q4 2025$10.0B−$267M−$286M−$400M−$296M$490M—$323M$9.8B
Q3 2025$7.9B−$243M—−$400M−$275M−$1.3B—−$736M$7.7B
Q2 2025−$8.4B−$319M—−$300M−$283M$978M—$638M−$8.8B
Q1 2025$2.4B−$226M—−$100M−$266M$1.4B$743M−$1.5B$2.2B
Q4 2024−$7.4B−$249M—−$550M−$278M$2.5B—$922M−$7.7B

State Street: income statement and cash flow

State Street, Q3 2026: revenue $4.0B (+13% year over year), operating margin 34.7%. The chart follows the revenue to costs, profit and cash.

State Street: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.