Northern Trust Corporation

NTRS · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$25,832	$20,317	$17,470	$18,443	$24,838	$19,342	$22,062	$17,358	$20,743	$18,492	$14,970	$15,895	$14,808	$12,059	$9,574	$13,411	$12,341	$11,546	$16,823	$13,216	$11,302	$10,663	$10,191	$7,730	$13,334	$18,022	$11,749	$9,644	$7,742	$4,038	$3,155	$1,930	$2,107	$2,270	$1,739	$1,033	$1,038	$674	$534	$595	$401
Enterprise value	($78,989)	($60,836)	($56,447)	($66,270)	($98,582)	($96,733)	($61,248)	($59,910)	($65,586)	($55,897)	($53,098)	($47,345)	($44,486)	($43,259)	($47,593)	($26,430)	$8,897	$3,892	$16,221	$10,761	($3,988)	$5,311	$9,552	$5,295	$14,447	$19,788	$11,511	$10,537	$9,894	$6,328	$5,811	$3,811	$3,512	$3,000	$2,753	$1,581	$2,279	–	–	–	–
P/E (TTM) at period end	15.24×	10.21×	16.40×	14.25×	16.52×	16.77×	15.26×	11.50×	18.05×	18.33×	15.75×	19.81×	20.25×	17.55×	15.86×	20.03×	16.39×	14.75×	23.14×	19.86×	19.34×	21.09×	25.18×	17.29×	27.35×	37.15×	29.01×	27.25×	25.02×	15.60×	14.34×	10.59×	12.55×	15.19×	13.65×	8.95×	9.17×	6.16×	–	11.38×	11.75×
P/S (TTM) at period end	3.19×	2.45×	2.58×	2.73×	5.70×	4.84×	5.73×	4.62×	3.86×	3.73×	3.18×	3.67×	3.62×	3.10×	2.54×	3.68×	3.26×	2.70×	3.09×	2.94×	3.19×	3.77×	3.92×	2.79×	4.05×	5.04×	4.19×	3.75×	3.41×	2.09×	1.77×	1.31×	1.67×	1.84×	1.38×	0.78×	0.84×	–	–	–	–
P/B at period end	1.99×	1.59×	1.47×	1.64×	2.07×	1.65×	1.99×	1.65×	2.03×	1.89×	1.72×	1.88×	1.87×	1.60×	1.35×	1.96×	1.96×	1.81×	3.73×	3.35×	3.14×	3.24×	3.34×	2.58×	4.81×	7.32×	5.40×	4.97×	4.45×	2.62×	2.17×	1.51×	1.83×	2.25×	2.12×	1.46×	1.76×	–	–	–	–
EV / EBITDA (TTM)	(25.39×)	(18.02×)	(26.89×)	(28.57×)	(39.03×)	(45.46×)	(25.49×)	(24.77×)	(30.36×)	(28.07×)	(28.40×)	(30.34×)	(30.92×)	(34.06×)	(42.70×)	(22.33×)	5.94×	2.60×	12.75×	8.79×	(3.69×)	5.70×	11.69×	7.29×	19.12×	30.86×	17.69×	24.26×	25.89×	17.76×	16.02×	12.58×	9.95×	12.48×	14.18×	8.97×	16.13×	–	–	–	–
EV / Sales (TTM)	(9.77×)	(7.34×)	(8.33×)	(9.80×)	(22.60×)	(24.21×)	(15.90×)	(15.96×)	(12.20×)	(11.27×)	(11.29×)	(10.93×)	(10.88×)	(11.10×)	(12.62×)	(7.25×)	2.35×	0.91×	2.98×	2.39×	(1.13×)	1.88×	3.68×	1.91×	4.39×	5.53×	4.11×	4.09×	4.36×	3.28×	3.26×	2.58×	2.79×	2.44×	2.18×	1.20×	1.85×	–	–	–	–
Returns
Return on equity	13.1%	15.6%	9.0%	11.5%	12.5%	9.9%	13.0%	14.4%	11.2%	10.3%	10.9%	9.5%	9.2%	9.1%	8.5%	9.8%	11.9%	12.3%	16.1%	16.9%	16.2%	15.3%	13.2%	14.9%	17.6%	19.7%	18.6%	18.2%	17.8%	16.8%	15.1%	14.2%	14.6%	14.8%	15.5%	16.3%	19.1%	–	–	–	–
Return on invested capital	7.4%	8.4%	4.5%	6.2%	8.9%	7.2%	8.1%	7.8%	6.6%	7.7%	9.4%	6.6%	6.0%	7.1%	5.4%	4.7%	4.3%	6.0%	6.2%	5.2%	–	–	17.5%	79.2%	12.5%	11.5%	20.9%	12.5%	8.0%	6.7%	5.4%	5.8%	6.6%	8.6%	6.9%	9.2%	6.2%	–	–	–	–
Dividend yield	2.3%	3.0%	3.6%	4.1%	2.3%	3.0%	2.4%	2.3%	1.7%	1.8%	2.1%	1.9%	1.5%	2.9%	2.9%	2.0%	2.1%	2.1%	1.3%	1.5%	1.6%	1.6%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.73×	0.68×	0.61×	0.65×	0.62×	0.40×	0.34×	0.40×	0.37×	0.29×	0.19×	0.25×	0.19×	0.18×	0.16×	0.19×	0.28×	0.27×	0.20×	0.20×	0.17×	–	–	–	–
Debt / equity	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.00×	1.15×	2.45×	3.48×	2.46×	2.59×	3.20×	2.87×	3.85×	3.81×	1.88×	3.37×	3.57×	3.65×	3.81×	3.86×	4.42×	3.62×	4.10×	3.71×	4.89×	–	–	–	–
Effective tax rate	25.8%	23.6%	24.4%	24.4%	23.1%	25.7%	23.2%	20.5%	26.6%	31.9%	33.5%	31.8%	32.0%	30.7%	31.7%	32.4%	31.2%	37.7%	31.5%	35.0%	34.2%	33.1%	32.9%	33.2%	33.4%	33.6%	34.3%	34.8%	34.4%	33.2%	31.4%	30.3%	28.2%	27.6%	22.1%	17.4%	9.4%	–	–	–	–
Share count
Diluted shares outstanding	192	202	208	209	209	209	216	224	230	229	234	238	241	241	242	243	236	224	223	222	222	219	224	226	229	231	230	230	229	229	232	225	218	216	213	210	207	188	178	183	171

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$10,723	$8,086	$8,290	$6,774	$6,761	$4,361	$3,995	$3,852	$3,754	$5,375	$4,962	$4,703	$4,331	$4,089	$3,896	$3,770	$3,648	$3,787	$4,278	$5,446	$4,501	$3,545	$2,829	$2,598	$2,775	$3,294	$3,578	$2,804	$2,575	$2,267	$1,932	$1,782	$1,478	$1,259	$1,231	$1,260	$1,323	$1,230	–	–	–	–
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	$10,723	$8,086	$8,290	$6,774	$6,761	$4,361	$3,995	$3,852	$3,754	$5,375	$4,962	$4,703	$4,331	$4,089	$3,896	$3,770	$3,648	$3,787	$4,278	$5,446	$4,501	$3,545	$2,829	$2,598	$2,775	$3,294	$3,578	$2,804	$2,575	$2,267	$1,932	$1,782	$1,478	$1,259	$1,231	$1,260	$1,323	$1,230	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,014)	($2,376)	($2,290)	($2,084)	($1,938)	($1,794)	($1,667)	($1,600)	($1,523)	($1,384)	($1,272)	($1,224)	($1,176)	($1,116)	($1,070)	($1,062)	($915)	($1,494)	($1,488)	($1,388)	($1,159)	($1,025)	($869)	($785)	($797)	($808)	($798)	($681)	($609)	($527)	($441)	($419)	($391)	($362)	($328)	($292)	($270)	($244)	–	–	–	–
Total operating expenses	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($7,535)	($5,755)	($5,631)	($5,309)	($4,995)	($2,351)	($2,367)	($1,908)	($1,796)	($3,741)	($3,445)	($3,238)	($3,141)	($3,014)	($2,904)	($2,886)	($2,658)	($2,532)	($3,003)	($4,385)	($3,477)	($2,657)	($2,074)	($1,967)	($2,106)	($2,562)	($2,848)	($2,187)	($2,032)	($1,795)	($1,544)	($1,462)	($1,217)	($1,025)	($1,025)	($1,097)	($1,183)	($1,105)	$109	($65)	$52	$34
Operating income	$3,188	$2,332	$2,660	$1,465	$1,766	$2,010	$1,628	$1,944	$1,958	$1,634	$1,517	$1,465	$1,190	$1,076	$992	$884	$990	$1,255	$1,276	$1,061	$1,024	$888	$755	$631	$669	$732	$730	$616	$543	$472	$387	$320	$262	$234	$206	$164	$140	$125	$109	($65)	$52	$34
Earnings
EBITDA	–	$3,111	$3,376	$2,099	$2,320	$2,526	$2,128	$2,403	$2,419	$2,161	$1,991	$1,870	$1,561	$1,439	$1,270	$1,115	$1,184	$1,499	$1,496	$1,272	$1,224	$1,080	$932	$817	$727	$756	$641	$651	$434	$382	$356	$363	$303	$353	$240	$194	$176	$141	–	–	–	–
Interest income	$8,623	$8,625	$9,762	$7,325	$2,878	$1,406	$1,644	$2,500	$2,321	$1,769	$1,417	$1,224	$1,187	$1,156	$1,288	$1,409	$1,297	$1,406	$2,478	$2,784	$2,250	$1,591	$1,118	$1,056	$1,238	$1,682	$2,011	$1,569	$1,503	$1,333	$1,152	$1,104	$849	$706	$722	$847	$954	$900	–	–	–	–
Interest expense	($5,980)	($6,214)	($7,585)	($5,343)	($990)	($24)	($200)	($822)	($699)	($340)	($182)	($154)	($181)	($222)	($297)	($400)	($378)	($406)	($1,399)	($1,939)	($1,505)	($929)	($557)	($508)	($636)	($1,086)	($1,442)	($1,050)	($1,026)	($895)	($763)	($746)	($510)	($377)	($411)	($566)	($704)	($662)	–	–	–	–
Pre-tax income	$3,196	$2,340	$2,660	$1,465	$1,766	$2,010	$1,628	$1,944	$1,958	$1,634	$1,517	$1,465	$1,190	$1,076	$992	$884	$990	$1,255	$1,276	$1,061	$1,024	$888	$755	$631	$669	$732	$730	$616	$543	$472	$387	$320	$262	$234	$206	$164	$140	$125	–	–	–	–
Income tax expense	($769)	($603)	($628)	($358)	($430)	($465)	($418)	($452)	($401)	($435)	($485)	($491)	($378)	($344)	($305)	($280)	($320)	($391)	($481)	($334)	($359)	($303)	($250)	($208)	($222)	($244)	($245)	($212)	($189)	($162)	($129)	($100)	($79)	($66)	($57)	($36)	($24)	($12)	$109	($65)	$52	$34
Net income	$2,427	$1,737	$2,031	$1,107	$1,336	$1,545	$1,209	$1,492	$1,556	$1,199	$1,032	$974	$812	$731	$687	$604	$670	$864	$795	$727	$665	$584	$506	$405	$447	$488	$485	$405	$354	$309	$259	$220	$182	$168	$150	$127	$115	$113	$109	($65)	$52	$34
Per share
Diluted EPS (GAAP)	$12.76	$8.74	$9.77	$5.08	$6.14	$7.14	$5.46	$6.63	$6.64	$4.92	$4.32	$3.99	$3.32	$2.99	$2.81	$2.47	$2.74	$3.16	$3.47	$3.23	$3.00	$2.64	$2.27	$1.80	$1.97	$2.11	$2.08	$1.74	$1.52	$1.33	$1.11	$0.93	$0.79	$0.74	$0.66	$0.57	$0.52	$0.51	$0.58	($0.37)	$0.29	$0.20
Basic EPS (GAAP)	$12.83	$8.78	$9.80	$5.09	$6.16	$7.16	$5.48	$6.66	$6.68	$4.95	$4.35	$4.03	$3.34	$3.01	$2.82	$2.47	$2.74	$3.18	$3.51	$3.28	$3.06	$2.68	$2.30	$1.84	$2.02	$2.18	$2.17	$1.81	$1.58	$1.37	$1.14	$0.94	$0.79	$0.76	$0.66	$0.58	$0.52	$0.52	$0.60	($0.37)	$0.29	$0.20
Basic shares outstanding	185	191	201	207	208	208	208	215	223	228	228	232	236	239	240	241	242	236	221	220	218	218	219	220	221	221	221	222	221	222	223	225	221	213	216	209	210	203	182	178	183	171
Margins
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	–	–	–	–
Operating margin	29.7%	28.8%	32.1%	21.6%	26.1%	46.1%	40.7%	50.5%	52.2%	30.4%	30.6%	31.2%	27.5%	26.3%	25.5%	23.4%	27.1%	33.1%	29.8%	19.5%	22.8%	25.0%	26.7%	24.3%	24.1%	22.2%	20.4%	22.0%	21.1%	20.8%	20.1%	18.0%	17.7%	18.6%	16.8%	13.0%	10.6%	10.2%	–	–	–	–
Net margin	22.6%	21.5%	24.5%	16.3%	19.8%	35.4%	30.3%	38.7%	41.5%	22.3%	20.8%	20.7%	18.7%	17.9%	17.6%	16.0%	18.4%	22.8%	18.6%	13.3%	14.8%	16.5%	17.9%	15.6%	16.1%	14.8%	13.6%	14.4%	13.7%	13.6%	13.4%	12.3%	12.3%	13.3%	12.1%	10.1%	8.7%	9.2%	–	–	–	–

Analyst consensus

Hold35 analysts

Bearish · 5 · Hold · 18 · Bullish · 12

Earnings history

	EPS	Estimate
Q4 2024	$2.26	$1.96	Beat
Q1 2025	$1.90	$1.85	Beat
Q2 2025	$2.13	$2.06	Beat
Q3 2025	$2.29	$2.26	Beat
Q4 2025	$2.69	$2.37	Beat
Q1 2026	$2.71	$2.32	Beat
Q2 2026	$2.97	$2.71	Beat
Q3 2026	$3.20	$2.87	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOMichael Gerard O'Grady

Employees23,800

SectorFinancial Services

IndustryAsset Management

CountryUS

ExchangeNASDAQ Global Select

Websitewww.northerntrust.com

Northern Trust Corporation, a financial holding company established in 1889 and based in Chicago, Illinois, offers a comprehensive suite of wealth management, asset servicing, asset management, and banking solutions worldwide. Its diverse client base includes corporations, institutions, families, and individual investors. The company structures its operations across two primary segments: Asset Servicing and Wealth Management. The Asset Servicing division delivers a broad spectrum of support and operational services tailored for institutional entities. These services include custody, fund administration, outsourced investment operations, investment management, investment risk and analytical reporting, employee benefit services, securities lending, foreign exchange, treasury management, brokerage, transition management, and banking and cash management solutions. This segment serves corporate and public retirement funds, charitable foundations, endowments, investment managers, insurance companies, sovereign wealth funds, and other major institutional investors. Conversely, the Wealth Management segment is dedicated to high-net-worth individuals, families, business owners, executives, professionals, retirees, and established privately held businesses. Its offerings span trust administration, investment management, custody, philanthropic advisory, financial consulting, guardianship and estate administration, family business consulting, family financial education, brokerage services, and private and business banking. Furthermore, Northern Trust provides extensive asset management capabilities, encompassing active and passive strategies for both equity and fixed income, cash management, and alternative asset classes like private equity and hedge funds of funds. These investment products are delivered via diverse vehicles, including individually managed accounts, bank common and collective funds, registered investment companies, exchange-traded funds, non-U.S. collective investment funds, and unregistered private investment funds. The corporation also offers sophisticated overlay and other risk management services.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.