Filing Flows › State Street (STT) › Q2 2025
State Street (STT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
State Street (STT) reported revenue of $3.4B for the second quarter 2025 (Q2 2025), +8% from a year earlier and +5% from the quarter before. Operating margin was 25.8%, net earnings $693M (20.1% of revenue).
State Street, Q2 2025: revenue $3.4B (+8% year over year), operating margin 25.8%, net earnings $693M, operating cash flow −$8.4B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.4B | +5% | +8% |
| Operating profit | $889M | +8% | -3% |
| Net earnings | $693M | +8% | -3% |
| Operating cash flow | −$8.4B | -452% | — |
What changed
Revenue was $3.4B in Q2 2025, up 8% year over year and up 5% from the previous quarter. Account Servicing was the largest line at 38% of revenue. Foreign exchange trading services added $0.10B year over year (up 28%), 37% of the total change. Net interest income declined 1%.
Operating profit was $0.89B, a 25.8% margin (down 2.8 points year over year). Operating profit fell $0.02B even though revenue rose $0.26B versus a year earlier, so costs grew faster than sales. Total costs grew 12% against revenue growth of 8%. The fastest-growing cost line was Sales & marketing (+15%). Net earnings were $0.69B, down 3% year over year. The effective tax rate was 22.0%.
Operating cash flow was −$8.4B. Working capital and other items used $9.1B. Capital expenditures of $0.32B exceeded it, leaving free cash flow of −$8.8B.
Questions
What was State Street's revenue in the second quarter 2025?
State Street (STT) reported revenue of $3.4B for the second quarter 2025 (Q2 2025), +8% from a year earlier and +5% from the quarter before.
Was State Street profitable in the second quarter 2025?
Operating profit was $889M (25.8% of revenue) and net earnings $693M.
Source: State Street 10-Q on SEC EDGAR.