Sentiment · FY2026 Q1
A pre-earnings brief is ready for STT: the setup, what peers and partners said this season, and which analysts to watch. Reading it is a Tellvest Pro feature.
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“And PRIV, our ETF with State Street, now approaches $700 million in size, and more importantly, it's among the top performers of investment-grade ETFs everywhere.”
Apollo's PRIV private-credit ETF with State Street nears $700M and is a top-performing IG ETF; the two also collaborate on DC/401(k) products.
“In infrastructure, clients such as Nationwide, State Street, and Credit Agricole are turning to AI to manage increased workloads and use z17 for its advanced AI inferencing capabilities and enhanced resiliency.”
State Street is cited as an IBM z17 mainframe client using it for AI inferencing and resiliency amid rising workloads.
“A recent example is the announcement of our expanded partnership with State Street, establishing a unified global back office for many Columbia Threadneedle funds.”
Ameriprise expanded its partnership with State Street to run a unified global back office for many Columbia Threadneedle funds, a mandate win for State Street's servicing business.
“I mean you know about how we partner with State Street on the ETFs.”
Apollo highlights its partnership with State Street on ETFs as a template for distributing private assets through traditional managers.
“We announced in May that Invesco has decided to adopt a hybrid solution by utilizing platforms from both State Street for equities and BlackRock who we currently use for fixed income.”
Invesco selected State Street as its equities technology platform provider in a hybrid outsourcing arrangement.
“Innovation can be a partnering with State Street on their ETF.”
Apollo cites its partnership with State Street on an ETF product as an example of the kind of distribution innovation fueling new demand for private assets.
“Okay. So we have two announced public partnerships, one with State Street and one with Lord Abbott.”
Apollo names State Street as one of two announced public distribution partnerships bringing private-credit products to traditional-asset-manager channels, including the State Street PRIV ETF.
“Fees paid to State Street as we transition assets to alpha will increase as future waves are executed.”
Invesco is migrating assets onto State Street's Alpha platform; platform fees paid to State Street will rise as more asset waves transition, alongside one-time implementation costs.
“that's really what motivated what we tried to do with BBH.”
Management references its prior attempted acquisition of Brown Brothers Harriman's investor services as the motivation behind its scale ambitions.
“we also announced a strategic minority investment in Grow AMC, the asset management arm of one of India's most innovative and fast-growing digital investment platforms.”
State Street announced a strategic minority investment in Groww's asset-management arm, deepening its footprint in India's digital investment market.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jim Mitchell | Seaport Research Partners | 12 (0%) |
| Alex Blostein | Goldman Sachs | 10 (20%) |
| Ken Usdin | Autonomous Research |
“we made a strategic minority investment in Collard Capital, one of the world's largest dedicated private market secondaries managers.”
State Street took a strategic minority stake in Coller Capital, a leading private-market secondaries manager, expanding its private-markets exposure.
“and partnered with Van Lanschop, Kempen Investment Management to drive further growth in Europe.”
State Street partnered with Van Lanschot Kempen Investment Management to drive investment-management growth in Europe.
“We also established a strategic relationship with Smallcase, India's largest model portfolios platform”
State Street established a strategic relationship with Smallcase, India's largest model-portfolios platform, to expand distribution in India.
“Early in the year, we invested in Ethic, a technology leader that enables wealth advisers to build tailored client portfolios at scale.”
State Street made a strategic investment in Ethic, a wealth-advisory personalization technology firm, to strengthen its distribution/technology capabilities.
“the investment that we've made in Apex, that gives us a highly modernized platform that's much more up to date than anybody else”
State Street's minority investment in wealth fintech Apex gives it a modernized wealth-services platform, positioning Apex as a strategic wealth-tech partner.
“innovative alternatives offerings developed through partnerships with Apollo Global Management, Bridgewater Associates, and Blackstone”
State Street partnered with Blackstone to develop innovative alternatives ETF offerings, a product-partnership read-through for BX.
“innovative alternatives offerings developed through partnerships with Apollo Global Management, Bridgewater Associates, and Blackstone”
State Street partnered with Bridgewater Associates to build alternatives ETF offerings within its ETF franchise.
“innovative alternatives offerings developed through partnerships with Apollo Global Management, Bridgewater Associates, and Blackstone”
State Street partnered with Apollo Global Management to develop innovative alternatives ETF offerings, a product-partnership read-through for APO.
“seem to suggest that Aladdin picking up some momentum”
An analyst notes BlackRock's Aladdin platform is gaining momentum in front-office software, framing it as competitive pressure on State Street's Charles River.
“Obviously, there's been the issue with Invesco, but beyond that, are you seeing more outflows in the fixed income order management systems?”
An analyst references an Invesco-related issue on State Street's Charles River order management platform, probing whether the OMS client is seeing broader fixed-income outflows.
| 10 (10%) |
| Glenn Schorr | Evercore ISI | 10 (10%) |
| Mike Mayo | Wells Fargo | 10 (30%) |
| Gerard Cassidy | RBC Capital Markets | 9 (0%) |
| Brennan Hawken | BMO Capital Markets | 8 (0%) |
| Vivek Juneja | JPMorgan | 7 (43%) |
| Dave Smith | Truist Securities | 6 (0%) |
| Ebrahim Poonawala | Bank of America | 5 (20%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Seaport Research Partners | 1 | 12 (0%) |
| Autonomous Research | 1 | 10 (10%) |
| Evercore ISI | 1 | 10 (10%) |
| Goldman Sachs | 1 | 10 (20%) |
| Wells Fargo | 1 | 10 (30%) |
| RBC Capital Markets | 1 | 9 (0%) |
| BMO Capital Markets | 1 | 8 (0%) |
| JPMorgan | 1 | 7 (43%) |
State Street delivered record full-year revenue with its eighth consecutive quarter of operating leverage, introducing FY2026 guidance targeting 4-6% fee revenue growth, low single-digit NII growth, and operating leverage exceeding 100 basis points. Investment management reached record revenue at $5.7 trillion AUM while full-year EPS grew 19% excluding notable items to $10.30. Servicing fee wins totaled $330 million for 2025 with $2.1 billion in capital returned, though investor frustration persisted over stock underperformance despite strategic progress.
Credit | Revenue Growth | Competitive Dynamics | Macroeconomic | Innovation & R&D | Capital Allocation | Demand | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 4 | 3 | 1 | 2 | 3 | 2 | |
| 2025Q1 | 5 | 4 | 3 | 7 | 1 | 2 | 2 | 1 |
| 2025Q2 | 3 | 7 | 5 | 5 | 3 | 3 | 2 | |
| 2025Q3 | 4 | 3 | 6 | 3 | 3 | 2 | 2 | 3 |
| 2025Q4 | 5 | 4 | 3 | 1 | 4 | 5 | 1 | 2 |
| 2026Q1 | 3 | 4 | 3 | 2 | 3 | 1 | 3 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Credit | 7 | 5 | 3 | 4 | 5 | 3 |
| Revenue Growth | 4 | 4 | 7 | 3 | 4 | 4 |
| Competitive Dynamics | 3 | 3 | 5 | 6 | 3 | 3 |
| Macroeconomic | 1 | 7 | 5 | 3 | 1 | 2 |
| Innovation & R&D | 2 | 1 | 3 | 3 | 4 | 3 |
| Capital Allocation | 3 | 2 | 3 | 2 | 5 | 1 |
| Demand | 2 | 2 | 2 | 2 | 1 | 3 |
| Margin | 1 | 3 | 2 | 4 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
STT State Street Corporation | 9 | +2.2% | |
| AMP Ameriprise Financial | 8 | +9.0% | |
| ARES Ares Management Corporation | 9 | +40.8% | |
| BEN Franklin Resources | 8 | +8.7% | |
| BLK BlackRock | 9 | +26.9% | |
| BNY BNY Mellon | 9 | +2.2% | |
| BX Blackstone Inc. | 8 | +39.3% | |
| IVZ Invesco | 8 | +14.1% | |
| KKR KKR | 7 | +31.0% | |
| NTRS Northern Trust | 9 | +7.8% | |
| TROW T. Rowe Price | 6 | +5.3% |