Как говорит @djukha, замените or
на and
, так же:
data = ['test@statefarm.com','test@gmail.com', 'test@yahoo.com', 'test@edwardjones.com']
for email in data:
if "statefarm.com" not in email and "edwardjones.com" not in email:
print(email)
Но еще лучше:
data = ['test@statefarm.com','test@gmail.com', 'test@yahoo.com', 'test@edwardjones.com']
print('\n'.join(filter(lambda x: any(i in x for i in {"statefarm.com","edwardjones.com"}),data)))