State Street Corporation reported QQ4 2024 revenue of $5.672 billion, up 14.4% year-over-year and 2.5% quarter-over-quarter, with gross profit of $3.40 billion and a reported operating income of $960 million. Net income reached $783 million and diluted earnings per share (EPS) was $2.46, up meaningfully year-over-year. Despite earnings expansion, the company posted negative cash flow from operations of -$7.43 billion and free cash flow of -$7.68 billion, driven by working capital dynamics and other cash outflows. The balance sheet remains highly liquid, featuring substantial cash and short-term investments (roughly $134.6 billion) and a positive overall liquidity footprint, supporting a net cash position of approximately $-79.3 billion in debt metrics. On a profitability basis, operating margin stood at roughly 17.7%, with net margin around 14.4%, while ROE remained modest at ~3.1%. Valuation metrics imply a conservative multiple framework (P/E around 9.2x; P/B ~1.14x) given the defensible, fee-based business franchise.