State Street’s third-quarter revenue rose from a year earlier but declined from the preceding quarter, its 14 October 2026 results show. The apparent contrast is a reminder to ask what period an earnings-growth headline is comparing.
For the quarter ended 30 September, total revenue was $4.004 billion. That compares with $3.545 billion in Q3 2025 and $4.048 billion in Q2 2026. The issuer rounds those changes to a 13% annual increase and a 1% sequential decline. GAAP diluted earnings per share were $3.69, compared with $2.78 a year earlier and $3.65 in Q2.
State Street results: annual and sequential comparisons
| Measure | Q3 2026 | Q2 2026 | Q3 2025 | Primary evidence |
|---|---|---|---|---|
| Total revenue | $4.004 billion | $4.048 billion | $3.545 billion | Official results |
| Fee revenue | $3.140 billion | $3.188 billion | $2.829 billion | Official results |
| Net interest income | $864 million | $860 million | $715 million | Official results |
| Net income | $1.090 billion | $1.084 billion | $861 million | Official results |
| GAAP diluted EPS | $3.69 | $3.65 | $2.78 | Official results |
Why growth depends on the comparison
The annual revenue calculation is ($4.004 billion − $3.545 billion) ÷ $3.545 billion, or approximately 12.9%. Against Q2, the same method gives approximately −1.1%. Different starting points produce different answers; neither calculation should be presented as the other.
Fees were higher year on year but lower sequentially. The company’s earnings presentation shows foreign-exchange trading revenue of $427 million, versus $494 million in Q2, while servicing and management fees increased from Q2. This is more informative than treating all fee activity as moving in one direction.
Reported earnings are not a substitute label for every metric
The release identifies $3.69 as GAAP diluted EPS and says there were no notable items in Q3 2026, Q2 2026 or Q3 2025. That does not make every ratio in the presentation GAAP: return on tangible common equity, for example, is separately identified as a non-GAAP presentation.
For readers assessing the business, the useful follow-up is whether individual fee lines and interest income sustain their performance on comparable periods. The figures are historical quarterly results, not a forecast or a verified claim about current share-price performance.
This report was prepared with AI assistance and checked against the linked primary documents. It is not an independent human editorial approval or investment recommendation.
Related reading: M&T Bank: reported earnings versus adjusted EPS.
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