State Street Corporation showed a negative relationship between management tone and quarterly net income.
Does not remain notable after adjusting for hundreds of tests. Why?
The analysis measures a same-filing relationship, not a forecast. Limitations
Each dot represents one 10-Q filing. Points farther right have more positive MD&A tone. Points higher on the chart had stronger year-over-year net income growth, after extreme percent changes are capped. Upper-right and lower-left points indicate tone and earnings moving in the same direction. How to read this chart
Tone and earnings moved in the same direction in 2 of 4 comparable quarters.
2 / 4 direction agreement
How is agreement calculated?| Spearman ρ (exact) | -0.211 (p=0.451) |
|---|---|
| Pearson r | -0.185 (p=0.508) |
| 95% CI (Pearson) | [-0.64, 0.36] |
| FDR q | 0.707 |
| Sample size (n) | 15 · More established sample |
| Agreement | 2 / 4 (2 / 4) |
Secondary to net income because revenue concepts are less comparable across some industries.
Revenue comparison is not used for this industry because companies report revenue-like concepts differently.
Why?Annual samples are shorter and are not mixed into the default quarterly board.
Tone shown to three decimals so small nonzero values stay visible.
| Date | Form | Tone | Net income YoY | Revenue YoY |
|---|---|---|---|---|
| Jul 30, 2026 | 10-Q | +0.016 | +56.4% | n/a |
| Apr 29, 2026 | 10-Q | -0.034 | +18.6% | n/a |
| Oct 30, 2025 | 10-Q | -0.009 | +17.9% | n/a |
| Jul 31, 2025 | 10-Q | -0.010 | -2.5% | n/a |
| May 1, 2025 | 10-Q | -0.018 | +39.1% | n/a |
| Oct 31, 2024 | 10-Q | -0.007 | +73.0% | n/a |
| Aug 1, 2024 | 10-Q | -0.001 | -6.8% | n/a |
| May 2, 2024 | 10-Q | -0.001 | -15.7% | n/a |
| Oct 27, 2023 | 10-Q | +0.010 | -38.8% | n/a |
| Jul 28, 2023 | 10-Q | +0.008 | +2.1% | n/a |
| Apr 27, 2023 | 10-Q | +0.011 | -9.1% | n/a |
| Oct 26, 2022 | 10-Q | +0.185 | -3.4% | n/a |
| Jul 28, 2022 | 10-Q | +0.300 | -2.1% | n/a |
| Apr 27, 2022 | 10-Q | +0.076 | +16.4% | n/a |
| Oct 22, 2021 | 10-Q | +0.052 | +28.6% | n/a |
| Date | Form | Tone | Net income YoY | Revenue YoY |
|---|---|---|---|---|
| Feb 19, 2026 | 10-K | +0.042 | +9.6% | n/a |
| Feb 13, 2025 | 10-K | +0.037 | +38.2% | n/a |
| Feb 15, 2024 | 10-K | -0.009 | -29.9% | n/a |
| Feb 16, 2023 | 10-K | -0.111 | +3.0% | n/a |
| Feb 17, 2022 | 10-K | -0.121 | +11.3% | n/a |