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Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
For additional information on the nature of services and our revenue from contracts with customers, including revenues associated with both our Investment Servicing and Investment Management lines of business, refer to Note 25 of the notes to consolidated financial statements in our 2025 Form 10-K.
Revenue by category
In the following table, revenue is disaggregated by our two lines of business and by revenue stream for which the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The amounts in the “Other” columns were not allocated to our business lines.
Three Months Ended March 31, 2026
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2026
Servicing fees$1,409 $— $1,409 $— $— $— $— $— $— $1,409 
Management fees (1)
— — — 724 — 724 — — — 724 
Foreign exchange trading services(1)
111 321 432 3 — 3 — — — 435 
Securities finance55 55 110 — 6 6 — — — 116 
Software services(1)
169 — 169 — — — — — — 169 
Other fee revenue(1)
— 102 102 — 5 5 — — — 107 
Total fee revenue1,744 478 2,222 727 11 738 — — — 2,960 
Net interest income— 832 832 — 3 3 — — — 835 
Total other income— 1 1 — — — — — — 1 
Total revenue$1,744 $1,311 $3,055 $727 $14 $741 $— $— $— $3,796 
Three Months Ended March 31, 2025
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2025
Servicing fees$1,275 $— $1,275 $— $— $— $— $— $— $1,275 
Management fees (1)
— — — 587 — 587 — — — 587 
Foreign exchange trading services(1)
100 237 337 — — — — — — 337 
Securities finance45 63 108 — 6 6 — — — 114 
Software services(1)
158 — 158 — — — — — — 158 
Other fee revenue(1)
— 101 101 — (2)(2)— — — 99 
Total fee revenue1,578 401 1,979 587 4 591 — — — 2,570 
Net interest income— 709 709 — 5 5 — — — 714 
Total revenue$1,578 $1,110 $2,688 $587 $9 $596 $— $— $— $3,284 
(1) In the first quarter of 2026, revenue related to distribution and marketing activities was reclassified from foreign exchange trading services to management fees. Additionally, lending-related and other fees, previously recognized within software and processing fees, was reclassified to other fee revenue, and the software and processing fees caption has been changed to software services. Prior-period amounts have been reclassified to conform to the current presentation. These reclassifications had no impact on total fee revenue, total revenue or net income, on either a consolidated or line of business basis.
Contract balances
As of March 31, 2026 and December 31, 2025, net receivables of $3.86 billion and $3.51 billion, respectively, are included in accrued interest and fees receivable and other assets, representing amounts billed or currently billable related to revenue from contracts with customers. As performance obligations are satisfied, generally, we have an unconditional right to payment and billing is performed monthly or quarterly.
We had $141 million and $131 million of deferred revenue as of March 31, 2026 and December 31, 2025, respectively. Deferred revenue is a contract liability which represents payments received and accounts receivable recorded in advance of providing services and is included in accrued expenses and other liabilities in the consolidated statement of condition. In the first quarter of 2026, we recognized revenue of $52 million relating to deferred revenue of $131 million as of December 31, 2025.
Transaction price allocated to the remaining performance obligations represents future, non-cancelable contracted revenue that has not yet been recognized, inclusive of deferred revenue that has been invoiced and non-cancellable amounts that will be invoiced and recognized as revenue in future periods. As of March 31, 2026, total remaining non-cancellable performance obligations for services and products not yet delivered, primarily comprised of software license sales and SaaS, were approximately $2.06 billion. We expect to recognize approximately half of this amount in revenue over the next three years, with the remainder to be recognized thereafter.
No adjustments are made to the promised amount of consideration for the effects of a significant financing component as the period between when we transfer a promised service to a customer and when the customer pays for that service is expected to be one year or less.