State Street: 2Q26 EPS PREVIEW: Strategic update on deck with refreshed medium-term objectives

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State Street: 2Q26 EPS PREVIEW: Strategic update on deck with refreshed medium-term objectives

Equity Research

U.S. Large-Cap Banks

25 June 2026

State Street

2Q26 EPS PREVIEW: Strategic

update on deck with refreshed

STT EQUAL WEIGHTmedium-term objectives

Unchanged

We expect results to evidence lower NII (NIM and balance U.S. Large-Cap Banks POSITIVE

sheet contraction) but higher fee income, lower expenses Unchanged

(seasonality), a lower provision for credit losses and Price Target USDUnchanged165.00

continued share repurchase activity. Its strategic update Price (23-Jun-26) USD 173.73

should include a refresh of medium-term objectives. Potential Upside/Downside -5.0% Source: Bloomberg, Barclays Research

Market Cap (USD mn) 48082

Expected Results Shares Outstanding (mn) 276.77

Free Float (%) 93.85

Expected results: We expect STT to report 2Q26 operating EPS of $3.19 (+$0.22, improving 52 Wk Avg Daily Volume (mn) 2.1

revenue trends) vs. consensus of $3.19. Intra-quarter STT noted it expects total revenue to be up Dividend Yield (%) 1.93

in the low teens y-o-y in 2Q26 with 400bps of positive operating leverage. We are raising our Return on Equity TTM (%) 11.94

2026 EPS estimate $0.25 to $12.20 and 2027 EPS estimate $0.25 to $13.50. We look for STT to Current BVPS (USD) 87.33

update its guidance for 2026, which calls for fee revenue growth in the high-single digits Source: Bloomberg

(assumed global equity markets to be flat point to point in 2026), with NII up 8-10% and better

controlled expenses than 2025, resulting in both positive fee and total operating leverage. Price Performance Exchange-NYSE

Continued share repurchase should provide an additional lift. In addition to reporting quarterly 52 Week range USD 175.46-99.00