State Street Corporation (STT) Cash Flow Statement
Where STT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.35B
- Capital expenditures
- $1.05B 4.7% of revenue
- Free cash flow
- $4.29B 19.0% margin
- Returned to shareholders
- $2.43B 57% of free cash flow
- Change in cash
- $1.29B cash at year-end $4.43B
Drawn to scale: where the cash came from and how it was used. Hover for values.
STT operating cash flow, capex and free cash flow
STT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.29B2016 | $5.35B2025 | +9.9%/yr | |
| Capital expenditures | $613.0M2016 | $1.05B2025 | +6.2%/yr | |
| Free cash flow | $1.68B2016 | $4.29B2025 | +11.0%/yr | |
| Free cash flow margin | 15.8%2016 | 19.0%2025 | +3.2 pts | |
| Operating cash flow / net income | 1.072016 | 1.822025 | +0.75 | |
| Stock-based compensation | $13.0M2016 | $286.0M2025 | +41.0%/yr | |
| Dividends paid | $723.0M2016 | $1.12B2025 | +5.0%/yr | |
| Share buybacks (net) | $1.49B2016 | $1.31B2025 | −1.4%/yr | |
| Capex / revenue | 5.8%2016 | 4.7%2025 | −1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
STT cash flow by activity
STT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
STT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.94B | $2.69B | $1.94B | $2.77B | $2.69B | $2.42B | $2.24B | $2.59B | $2.18B | $2.14B |
| Depreciation & amortization | $554.0M | $605.0M | $882.0M | $1.16B | $1.56B | $1.51B | $1.34B | $1.20B | $1.08B | $929.0M |
| Stock-based compensation | $286.0M | — | $220.0M | $261.0M | −$90.0M | $84.0M | $1.0M | $307.0M | $258.0M | $13.0M |
| Change in working capital | −$3.63B | −$17.11B | −$2.55B | $7.63B | −$11.11B | −$649.0M | $1.82B | $6.41B | $3.23B | −$923.0M |
| Other non-cash items | $5.19B | $609.0M | $193.0M | $137.0M | $239.0M | $167.0M | $290.0M | −$334.0M | $183.0M | $128.0M |
| Cash from operating activities | $5.35B | −$13.21B | $690.0M | $11.95B | −$6.71B | $3.53B | $5.69B | $10.18B | $6.93B | $2.29B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.05B | −$926.0M | −$816.0M | −$734.0M | −$811.0M | −$560.0M | −$730.0M | −$609.0M | −$637.0M | −$613.0M |
| Investments (net) | $3.49B | −$39.48B | $25.47B | $9.70B | −$4.66B | −$61.43B | −$5.75B | $70.0M | $1.87B | $3.66B |
| Acquisitions & other investing | −$15.48B | $926.0M | −$11.92B | −$2.15B | $3.30B | −$3.54B | $3.86B | −$3.96B | −$1.18B | $1.18B |
| Cash from investing activities | −$13.05B | −$39.48B | $12.74B | $6.82B | −$2.17B | −$65.53B | −$2.63B | −$4.50B | $48.0M | $4.23B |
| Financing activities | ||||||||||
| Dividends paid | −$1.12B | −$1.03B | −$970.0M | −$972.0M | −$866.0M | −$889.0M | −$930.0M | −$828.0M | −$768.0M | −$723.0M |
| Share repurchases & issuance (net) | −$1.31B | −$2.90B | −$3.88B | −$1.62B | −$1.44B | −$1.09B | −$2.42B | −$474.0M | −$1.42B | −$1.49B |
| Net borrowing (repayment) | −$4.44B | $10.66B | $5.24B | $2.16B | −$3.40B | $4.07B | −$1.14B | −$278.0M | −$1.75B | −$217.0M |
| Shares issued | $743.0M | $2.32B | $0 | $0 | $1.90B | $0 | $0 | $1.65B | $0 | $0 |
| Other financing | $15.11B | $42.75B | −$13.74B | −$18.00B | $12.85B | $60.08B | $1.51B | −$4.54B | −$2.26B | −$3.99B |
| Cash from financing activities | $8.99B | $51.79B | −$13.35B | −$18.43B | $9.05B | $62.17B | −$2.97B | −$4.47B | −$6.19B | −$6.41B |
| Summary | ||||||||||
| Net change in cash | $1.29B | −$902.0M | $77.0M | $339.0M | $164.0M | $165.0M | $90.0M | $1.21B | $793.0M | $107.0M |
| Cash at end of period | $4.43B | $3.15B | $4.05B | $3.97B | $3.63B | $3.47B | $3.30B | $3.21B | $2.11B | $1.31B |
| Free cash flow | $4.29B | −$14.14B | −$126.0M | $11.22B | −$7.52B | $2.97B | $4.96B | $9.57B | $6.30B | $1.68B |
| Free cash flow margin | 19.0% | −64.3% | −0.7% | 82.1% | −62.5% | 24.6% | 37.8% | 72.9% | 53.0% | 15.8% |
| Capex / revenue | 4.7% | 4.2% | 4.4% | 5.4% | 6.7% | 4.6% | 5.6% | 4.6% | 5.4% | 5.8% |
| Operating cash flow / net income | 1.82 | −4.92 | 0.35 | 4.31 | −2.49 | 1.46 | 2.54 | 3.92 | 3.18 | 1.07 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.08B | $764.0M | $747.0M | $861.0M | $693.0M | $644.0M | $783.0M | $730.0M | $710.0M | $463.0M | $210.0M | $422.0M |
| Depreciation & amortization | $200.0M | $217.0M | $190.0M | $159.0M | $117.0M | $88.0M | $119.0M | $144.0M | $161.0M | $181.0M | $191.0M | $223.0M |
| Stock-based compensation | — | — | $286.0M | — | — | — | — | −$220.0M | — | — | $220.0M | $294.0M |
| Change in working capital | $13.40B | −$13.40B | $9.00B | −$1.45B | −$9.32B | $1.48B | −$8.60B | −$3.74B | −$8.57B | −$1.64B | $3.74B | −$630.0M |
| Other non-cash items | −$17.01B | $280.0M | −$8.77B | $8.33B | $74.0M | $186.0M | $268.0M | $5.80B | $58.0M | $149.0M | −$182.0M | −$87.0M |
| Cash from operating activities | −$2.33B | −$12.14B | $1.46B | $7.90B | −$8.44B | $2.40B | −$7.43B | $2.71B | −$7.64B | −$844.0M | $4.18B | $222.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$270.0M | −$270.0M | −$267.0M | −$226.0M | −$319.0M | −$226.0M | −$249.0M | −$234.0M | −$213.0M | −$230.0M | −$329.0M | −$135.0M |
| Investments (net) | $242.0M | −$3.43B | $4.62B | $57.0M | −$384.0M | −$14.61B | −$11.04B | −$6.27B | $19.18B | −$41.35B | −$13.83B | $10.17B |
| Acquisitions & other investing | −$25.76B | −$686.0M | −$2.35B | $133.0M | $319.0M | $226.0M | $249.0M | $234.0M | $213.0M | $230.0M | $329.0M | $16.53B |
| Cash from investing activities | −$25.79B | −$4.38B | $2.00B | −$36.0M | −$384.0M | −$14.61B | −$11.04B | −$6.27B | $19.18B | −$41.35B | −$13.83B | $26.57B |
| Financing activities | ||||||||||||
| Dividends paid | −$291.0M | −$293.0M | −$296.0M | −$275.0M | −$283.0M | −$266.0M | −$278.0M | −$249.0M | −$263.0M | −$243.0M | −$251.0M | −$227.0M |
| Share repurchases & issuance (net) | −$422.0M | −$485.0M | −$419.0M | −$416.0M | −$314.0M | −$157.0M | −$565.0M | −$963.0M | −$213.0M | −$1.16B | −$493.0M | −$1.01B |
| Net borrowing (repayment) | $971.0M | $277.0M | −$5.51B | −$1.33B | −$1.03B | $3.44B | $2.34B | −$2.57B | — | — | — | $239.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $743.0M | $0 | $842.0M | $0 | $1.48B | $0 | $0 |
| Other financing | $25.63B | $19.11B | $2.45B | $6.02B | $9.81B | $9.97B | $16.05B | $7.67B | −$11.57B | $41.48B | $10.43B | −$9.31B |
| Cash from financing activities | $25.88B | $18.61B | −$3.78B | $4.00B | $8.19B | $13.72B | $17.55B | $4.73B | −$12.05B | $41.56B | $9.68B | −$10.31B |
| Summary | ||||||||||||
| Net change in cash | −$2.23B | $2.08B | −$323.0M | $1.61B | −$638.0M | $1.51B | −$922.0M | $1.17B | −$515.0M | −$634.0M | $38.0M | $79.0M |
| Cash at end of period | $4.29B | $6.52B | $4.43B | $4.76B | $4.02B | $4.66B | $3.15B | $4.07B | $2.90B | $3.41B | $4.05B | $4.01B |
| Free cash flow | −$2.06B | −$12.41B | $1.19B | $8.13B | −$8.76B | $2.17B | −$7.68B | $2.47B | −$7.86B | −$1.07B | $3.85B | $87.0M |
| Free cash flow margin | −34.1% | −221.2% | 21.3% | 141.4% | −151.2% | 39.5% | −135.4% | 44.7% | −144.1% | −20.2% | 77.7% | — |
| Capex / revenue | 4.5% | 4.8% | 4.8% | 3.9% | 5.5% | 4.1% | 4.4% | 4.2% | 3.9% | 4.3% | 6.6% | — |
| Operating cash flow / net income | −2.15 | −15.89 | 1.95 | 9.18 | −12.18 | 3.72 | −9.49 | 3.71 | −10.77 | −1.82 | 19.91 | 0.53 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
STT cash generation
In fiscal 2025 (ended December 31, 2025), State Street generated $5.3 billion of cash from operations and spent $1.1 billion on capital expenditures, leaving free cash flow of $4.3 billion, 19.0% of revenue. It returned $2.4 billion to shareholders through dividends ($1.1 billion) and net share buybacks ($1.3 billion). Cash and equivalents rose by $1.3 billion over the year.
Related: STT income statement, STT balance sheet, STT dividend history. See the STT stock overview for the latest quote and news.
STT cash flow FAQ
What is State Street's free cash flow?
State Street's free cash flow was $4.3 billion in fiscal 2025: $5.3 billion of operating cash flow minus $1.1 billion of capital expenditures It was -$14.1 billion a year earlier..
How much cash does State Street generate from operations?
State Street generated $5.3 billion of cash from operating activities in fiscal 2025, 1.82 times its net income of $2.9 billion.
How much does State Street spend on capital expenditures?
State Street spent $1.1 billion on capital expenditures in fiscal 2025, 4.7% of revenue, compared with $926.0 million the year before.
How much stock does State Street buy back?
State Street spent $1.3 billion on net share repurchases in fiscal 2025.
How much does State Street pay in dividends?
State Street paid $1.1 billion in dividends in fiscal 2025, 26.1% of free cash flow.