STTMEDIUM SIGNALRISK10-K

State Street added expanded geopolitical risk disclosures covering ongoing global conflicts, trade policy changes, and government shutdowns while reporting growth in assets under custody and management.

The company has meaningfully broadened its risk factor language to encompass specific geopolitical tensions including Ukraine and Middle East conflicts, suggesting heightened concern about these factors' potential impact on operations. The addition of language around potential "retaliatory actions by governments, market participants or clients based on diverging perspectives" indicates State Street is positioning defensively around political polarization risks that could affect its global institutional client base.

Comparing 2026-02-19 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

State Street's balance sheet reflects modest expansion with total debt increasing 14.9% to $11.5 billion, suggesting the company is taking on additional leverage. The company reported meaningful growth in both assets under custody/administration (rising to $53.80 trillion from $46.56 trillion) and assets under management (growing to $5.67 trillion from $4.72 trillion), indicating strong business momentum despite the heightened risk environment. Overall, the financial position shows a growing but more leveraged institution operating in an increasingly complex geopolitical landscape.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+14.9%
$10.0B→$11.5B

Debt rose 14.9% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-13
ADDED
Financial Market Risks We could be adversely affected by political, geopolitical, economic and market conditions including, for example, as a result of liquidity or capital deficiencies (actual or perceived) by other financial institutions and related market and government actions, changes in U.S.
trade or other policies or those policies of other nations, the ongoing conflicts in Ukraine and in the Middle East, major political shifts domestically or internationally, (including the potential for retaliatory actions by governments, market participants or clients based on diverging perspectives or otherwise and, separately, the recent shutdown of the U.S.
federal government), actions taken by central banks in an attempt to address prevailing economic conditions, changes in monetary policy or periods of significant volatility in the markets for equity, fixed income and other asset classes globally or within specific markets; Our investment securities portfolio, consolidated financial condition and consolidated results of operations could be adversely affected by changes in the financial markets, governmental action or monetary policy.
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, providing a broad range of financial products and services to institutional investors globally.
As of December 31, 2025, we reported $53.80 trillion in AUC/A and $5.67 trillion in AUM.
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REMOVED
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, including the United States, Canada, Latin America, Europe, the Middle East and Asia.
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.
We had consolidated total assets of $353.24 billion, consolidated total deposits of $261.92 billion, consolidated total shareholders equity of $25.33 billion and approximately 53,000 employees as of December 31, 2024.
The Parent Company is a source of financial and managerial strength to our subsidiaries.
These additional disclosures are accessible on the Filings reports tab of our website at investors.statestreet.com .
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