State Street Corporation Announces Planned 11% Dividend Increase and Preliminary Stress Capital Buffer Requirement
The Company also announced today that it had completed the Federal Reserve's 2025 Supervisory Stress Test process. State Street's calculated Stress Capital Buffer (SCB) under this year's supervisory stress test was well below the 2.5% minimum, preliminarily resulting in a continued SCB at that floor, which maintains its common equity tier 1 (CET1) ratio requirement at 8% 1. The Federal Reserve will release the firm's final SCB requirement by August 31, 2025, which will become effective on October 1, 2025, and remain in effect through September 30, 2026. The results of the firm's 2025 annual stress test, with its disclosure, are available on the Investor Relations section of its website at http://investors.statestreet.com.
'The results of the Federal Reserve's stress test reaffirm State Street's robust financial strength and our ability to support clients through a range of severely adverse economic conditions,' said Chairman and Chief Executive Officer Ron O'Hanley. 'We are pleased to once again announce a planned increase to our quarterly common dividend, enabled by our strong earnings, resilient balance sheet and continued execution of our strategy,' O'Hanley added.
State Street's Board of Directors will consider the common stock dividend at a regularly scheduled board meeting in the third quarter of 2025. State Street's third quarter 2025 common stock and other stock dividends, including the declaration, timing and amount, remain subject to consideration and approval by State Street's Board of Directors at the relevant times.
Stock purchases under State Street's common share repurchase program may be made using various types of transactions, including open-market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing and amount of any stock purchases and the type of transaction may not be ratable over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including State Street's capital position and financial performance, investment opportunities, market conditions, the nature and timing of implementation of revisions to the Basel III framework and the amount of common stock issued as part of employee compensation programs. The common share repurchase program does not have specific price targets and may be suspended at any time.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $46.7 trillion in assets under custody and/or administration and $4.7 trillion* in assets under management as of March 31, 2025, State Street operates globally in more than 100 geographic markets and employs approximately 53,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of March 31, 2025, includes approximately $106 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated.
Forward Looking Statements
This News Release contains forward-looking statements within the meaning of United States securities laws, including statements about our intentions, plans and expectations regarding our quarterly common stock dividends, our share repurchase program and results of regulatory evaluations of our capital. Forward looking statements are often, but not always, identified by such forward-looking terminology as 'plan,' 'intend,' 'will,' 'project,' 'priority,' 'expect,' 'aim,' 'outcome,' 'future,' 'strategy,' 'pipeline,' 'trajectory,' 'target,' 'guidance,' 'outlook,' 'objective,' 'forecast,' 'believe,' 'anticipate,' 'estimate,' 'seek,' 'may,' 'trend,' and 'goal,' or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements.
This News Release references important factors that may affect future results and outcomes. In addition to those factors, other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2024 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this News Release should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.
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For more information about REPREVE, visit Financial Statements, Business Segment Information and Reconciliations of Reported Results to Adjusted Results to Follow CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts) For the Three Months Ended For the Fiscal Year Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Net sales $ 138,535 $ 157,452 $ 571,344 $ 582,209 Cost of sales 139,664 146,661 562,926 565,593 Gross (loss) profit (1,129 ) 10,791 8,418 16,616 Selling, general and administrative expenses 11,947 11,243 49,005 46,632 (Benefit) provision for bad debts (127 ) 312 (166 ) 1,571 Restructuring costs 7,604 — 8,924 5,101 (Gain) loss on sales and disposals of assets (35,783 ) 131 (40,079 ) 62 Other operating expense (income), net 110 (72 ) 254 671 Operating income (loss) 15,120 (823 ) (9,520 ) (37,421 ) Interest income (256 ) (426 ) (888 ) (2,136 ) Interest expense 2,198 2,357 9,520 9,862 Equity in loss of unconsolidated affiliates 10 79 477 390 Income (loss) before income taxes 13,168 (2,833 ) (18,629 ) (45,537 ) (Benefit) provision for income taxes (2,302 ) 1,151 1,719 1,858 Net income (loss) $ 15,470 $ (3,984 ) $ (20,348 ) $ (47,395 ) Net income (loss) per common share: Basic $ 0.84 $ (0.22 ) $ (1.11 ) $ (2.61 ) Diluted $ 0.82 $ (0.22 ) $ (1.11 ) $ (2.61 ) Weighted average common shares outstanding: Basic 18,361 18,252 18,314 18,154 Diluted 18,940 18,252 18,314 18,154 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) June 29, 2025 June 30, 2024 ASSETS Cash and cash equivalents $ 22,664 $ 26,805 Receivables, net 75,383 79,165 Inventories 122,929 131,181 Income taxes receivable 5,429 164 Other current assets 9,222 11,618 Total current assets 235,627 248,933 Property, plant and equipment, net 172,923 193,723 Operating lease assets 7,879 8,245 Deferred income taxes 5,535 5,392 Other non-current assets 4,904 12,951 Total assets $ 426,868 $ 469,244 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 37,468 $ 43,622 Income taxes payable 49 754 Current operating lease liabilities 2,368 2,251 Current portion of long-term debt 12,159 12,277 Other current liabilities 18,899 17,662 Total current liabilities 70,943 76,566 Long-term debt 95,727 117,793 Non-current operating lease liabilities 5,614 6,124 Deferred income taxes 1,224 1,869 Other long-term liabilities 3,889 3,507 Total liabilities 177,397 205,859 Commitments and contingencies Common stock 1,836 1,825 Capital in excess of par value 74,095 70,952 Retained earnings 239,049 259,397 Accumulated other comprehensive loss (65,509 ) (68,789 ) Total shareholders' equity 249,471 263,385 Total liabilities and shareholders' equity $ 426,868 $ 469,244 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) For the Fiscal Year Ended June 29, 2025 June 30, 2024 Cash and cash equivalents at beginning of year $ 26,805 $ 46,960 Operating activities: Net loss (20,348 ) (47,395 ) Adjustments to reconcile net loss to net cash (used) provided by operating activities: Equity in loss of unconsolidated affiliates 477 390 Distribution received from unconsolidated affiliate — 1,000 Depreciation and amortization expense 25,284 27,669 Non-cash compensation expense 3,252 2,074 (Gain) loss on sales and disposals of assets (39,317 ) 62 Deferred income taxes (676 ) (3,543 ) Other, net 160 (50 ) Changes in assets and liabilities 9,857 21,885 Net cash (used) provided by operating activities (21,311 ) 2,092 Investing activities: Capital expenditures (10,488 ) (11,189 ) Proceeds from sale of assets 51,553 519 Net cash provided (used) by investing activities 41,065 (10,670 ) Financing activities: Proceeds from long-term debt 212,551 149,600 Payments on long-term debt (236,544 ) (160,201 ) Other, net (428 ) (6 ) Net cash used by financing activities (24,421 ) (10,607 ) Effect of exchange rate changes on cash and cash equivalents 526 (970 ) Net decrease in cash and cash equivalents (4,141 ) (20,155 ) Cash and 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For the Three Months Ended For the Fiscal Year Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Net income (loss) $ 15,470 $ (3,984 ) $ (20,348 ) $ (47,395 ) Interest expense, net 1,942 1,931 8,632 7,726 (Benefit) provision for income taxes (2,302 ) 1,151 1,719 1,858 Depreciation and amortization expense (1) 6,018 6,850 25,064 27,513 EBITDA 21,128 5,948 15,067 (10,298 ) Transition costs (2) 10,585 — 13,485 — Gain on sales of assets (3) (35,807 ) — (40,103 ) — Restructuring costs (4) — — — 5,101 Adjusted EBITDA $ (4,094 ) $ 5,948 $ (11,551 ) $ (5,197 ) (1) Within this reconciliation, depreciation and amortization expense excludes the amortization of debt issuance costs, which are reflected in interest expense, net. However, within the accompanying Condensed Consolidated Statements of Cash Flows, amortization of debt issuance costs is reflected in depreciation and amortization expense. (2) In fiscal 2025, UNIFI incurred various transition costs totaling $10,585 for the fourth quarter of fiscal 2025 and $13,485 for fiscal 2025 in connection with the consolidation of its yarn manufacturing operations including (i) facility closure and equipment relocation costs (including asset impairments and disposals) of $4,808 and $5,896, respectively, (ii) inventory write-downs of $1,924 and $2,923, respectively, (iii) excess fixed manufacturing costs of $1,058 and $1,638, respectively, and (iv) employee separation or retention costs of $1,347 and $1,580, respectively, and (v) forfeitures of deposits for texturing machinery of $1,448 and $1,448, respectively. The facility closure, equipment relocation, employee separation and retention costs, and forfeitures of deposits were all recorded within Restructuring costs and the inventory write-downs and excess fixed manufacturing costs were recorded within Cost of sales in the Condensed Consolidated Statements of Operations. 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The facility closure, equipment relocation, employee separation and retention costs, and forfeitures of deposits were all recorded within Restructuring costs and the inventory write-downs and excess fixed manufacturing costs were recorded within Cost of sales in the Condensed Consolidated Statements of Operations. The associated tax impact was estimated to be $0 due to a valuation allowance against net operating losses in the U.S. (2) In the second quarter of fiscal 2025, UNIFI recorded a gain of $4,296 related to the sale of a warehouse located in Yadkinville, North Carolina. In the fourth quarter of fiscal 2025, UNIFI recorded a gain of $35,807 related to the sale of a manufacturing facility in Madison, North Carolina. The associated tax impact was estimated to be $0 due to a valuation allowance against net operating losses and capital losses in the U.S. (3) In fiscal 2025, following a favorable preliminary court injunction, UNIFI recorded a recovery of income taxes in connection with ICMS deductibility for Brazil's federal income tax return relating to the income taxes paid in prior fiscal years. (4) In the second quarter of fiscal 2024, UNIFI incurred severance costs of $2,351 in connection with the Profitability Improvement Plan in the U.S. and a loss of $2,750 related to the dissolution of a nylon joint venture. Net Debt (Non-GAAP Financial Measure) Reconciliations of Net Debt are as follows: June 29, 2025 June 30, 2024 Long-term debt $ 95,727 $ 117,793 Current portion of long-term debt 12,159 12,277 Unamortized debt issuance costs 122 229 Debt principal 108,008 130,299 Less: cash and cash equivalents 22,664 26,805 Net Debt $ 85,344 $ 103,494 Cash and cash equivalents At June 29, 2025 and June 30, 2024, UNIFI's foreign operations held nearly all consolidated cash and cash equivalents. REPREVE Fiber REPREVE Fiber represents UNIFI's collection of fiber products on its recycled platform, with or without added technologies. Non-GAAP Financial Measures Certain non-GAAP financial measures included herein are designed to complement the financial information presented in accordance with GAAP. These non-GAAP financial measures include Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Adjusted EBITDA, Adjusted Net (Loss) Income, Adjusted EPS, and Net Debt (together, the "non-GAAP financial measures"). EBITDA represents Net (loss) income before net interest expense, income tax expense, and depreciation and amortization expense. Adjusted EBITDA represents EBITDA adjusted to exclude, from time to time, certain adjustments necessary to understand and compare the underlying results of UNIFI. Adjusted Net (Loss) Income represents Net (loss) income calculated under GAAP adjusted to exclude certain amounts. Management believes the excluded amounts do not reflect the ongoing operations and performance of UNIFI and/or exclusion may be necessary to understand and compare the underlying results of UNIFI. Adjusted EPS represents Adjusted Net (Loss) Income divided by UNIFI's weighted average common shares outstanding. Net Debt represents debt principal less cash and cash equivalents. The non-GAAP financial measures are not determined in accordance with GAAP and should not be considered a substitute for performance measures determined in accordance with GAAP. The calculations of the non-GAAP financial measures are subjective, based on management's belief as to which items should be included or excluded in order to provide the most reasonable and comparable view of the underlying operating performance of the business. We may, from time to time, modify the amounts used to determine our non-GAAP financial measures. We believe that these non-GAAP financial measures better reflect UNIFI's underlying operations and performance and that their use, as operating performance measures, provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles, and ages of related assets, among otherwise comparable companies. This press release also includes certain forward-looking information that is not presented in accordance with GAAP. Management believes that a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts because a reconciliation of these non-GAAP financial measures would require UNIFI to predict the timing and likelihood of potential future events such as restructurings, M&A activity, contract modifications, and other infrequent or unusual gains and losses. Neither the timing nor likelihood of these events, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of such forward-looking information to the most directly comparable GAAP financial measure is not provided. Management uses Adjusted EBITDA (i) as a measurement of operating performance because it assists us in comparing our operating performance on a consistent basis, as it removes the impact of (a) items directly related to our asset base (primarily depreciation and amortization) and (b) items that we would not expect to occur as a part of our normal business on a regular basis; (ii) for planning purposes, including the preparation of our annual operating budget; (iii) as a valuation measure for evaluating our operating performance and our capacity to incur and service debt, fund capital expenditures, and expand our business; and (iv) as one measure in determining the value of other acquisitions and dispositions. Adjusted EBITDA is a key performance metric utilized in the determination of variable compensation. We also believe Adjusted EBITDA is an appropriate supplemental measure of debt service capacity, because it serves as a high-level proxy for cash generated from operations. Management uses Adjusted Net (Loss) Income and Adjusted EPS (i) as measurements of net operating performance because they assist us in comparing such performance on a consistent basis, as they remove the impact of (a) items that we would not expect to occur as a part of our normal business on a regular basis and (b) components of the provision for income taxes that we would not expect to occur as a part of our underlying taxable operations; (ii) for planning purposes, including the preparation of our annual operating budget; and (iii) as measures in determining the value of other acquisitions and dispositions. Management uses Net Debt as a liquidity and leverage metric to determine how much debt would remain if all cash and cash equivalents were used to pay down debt principal. In evaluating non-GAAP financial measures, investors should be aware that, in the future, we may incur expenses similar to the adjustments included herein. Our presentation of non-GAAP financial measures should not be construed as indicating that our future results will be unaffected by unusual or non-recurring items. Each of our non-GAAP financial measures has limitations as an analytical tool, and investors should not consider it in isolation or as a substitute for analysis of our results or liquidity measures as reported under GAAP. Some of these limitations are (i) it is not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows; (ii) it does not reflect the impact of earnings or charges resulting from matters we consider not indicative of our ongoing operations; (iii) it does not reflect changes in, or cash requirements for, our working capital needs; (iv) it does not reflect the cash requirements necessary to make payments on our debt; (v) it does not reflect our future requirements for capital expenditures or contractual commitments; (vi) it does not reflect limitations on or costs related to transferring earnings from our subsidiaries to us; and (vii) other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure. Because of these limitations, these non-GAAP financial measures should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to us to meet our obligations, including those under our outstanding debt obligations. Investors should compensate for these limitations by relying primarily on our GAAP results and using these measures only as supplemental information. Cautionary Statement on Forward-Looking Statements Certain statements included herein contain "forward-looking statements" within the meaning of federal securities laws about the financial condition and results of operations of UNIFI that are based on management's beliefs, assumptions and expectations about our future economic performance, considering the information currently available to management. An example of such forward-looking statements include, among others, guidance pertaining to our financial outlook. The words "believe," "may," "could," "will," "should," "would," "anticipate," "plan," "estimate," "project," "expect," "intend," "seek," "strive" and words of similar import, or the negative of such words, identify or signal the presence of forward-looking statements. These statements are not statements of historical fact, and they involve risks and uncertainties that may cause our actual results, performance or financial condition to differ materially from the expectations of future results, performance or financial condition that we express or imply in any forward-looking statement. Factors that could contribute to such differences include, but are not limited to: the competitive nature of the textile industry and the impact of global competition; changes in the trade regulatory environment and governmental policies and legislation; the availability, sourcing, and pricing of raw materials; general domestic and international economic and industry conditions in markets where UNIFI competes, including economic and political factors over which UNIFI has no control; changes in consumer spending, customer preferences, fashion trends, and end-uses for UNIFI's products; the financial condition of UNIFI's customers; the loss of a significant customer or brand partner; natural disasters, industrial accidents, power or water shortages, extreme weather conditions, and other disruptions at one of our facilities; the disruption of operations, global demand, or financial performance as a result of catastrophic or extraordinary events, including, but not limited to, epidemics or pandemics; the success of UNIFI's strategic business initiatives; the volatility of financial and credit markets, including the impacts of counterparty risk (e.g., deposit concentration and recent depositor sentiment and activity); the ability to service indebtedness and fund capital expenditures and strategic business initiatives; the availability of and access to credit on reasonable terms; changes in foreign currency exchange, interest, and inflation rates; fluctuations in production costs; the ability to protect intellectual property; the strength and reputation of our brands; employee relations; the ability to attract, retain, and motivate key employees; the impact of climate change or environmental, health, and safety regulations; and the impact of tax laws, the judicial or administrative interpretations of tax laws, and/or changes in such laws or interpretations. All such factors are difficult to predict, contain uncertainties that may materially affect actual results and may be beyond our control. New factors emerge from time to time, and it is not possible for management to predict all such factors or to assess the impact of each such factor on UNIFI. Any forward-looking statement speaks only as of the date on which such statement is made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, except as may be required by federal securities laws. The above and other risks and uncertainties are described in UNIFI's most recent Annual Report on Form 10-K, and additional risks or uncertainties may be described from time to time in other reports filed by UNIFI with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. View source version on Contacts Chris Hodges or Josh CarrollAlpha IR Group312-445-2870UFI@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
