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Northern TrustNTRS

Legal name
Northern Trust Corporation
Sector
Financial Services
Industry
State Commercial Banks
Exchange
Nasdaq

Stock Price $NTRS

Latest filings

You are here#53 of 80 in Financials by market cap

Filing record · 2016–202610-K1110-Q338-K118

NTRS filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 118 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Feb ’19Feb ’19
  2. FY2020 annual report10-K · Feb ’21Feb ’21
  3. Leadership change8-K · Sep ’25Sep ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $8.09B
YoY changeLargest recent move+22.4%in FY24Latest −2.5%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All NTRS Financial Metrics43 metrics

Income Statement9

Balance Sheet15

Cash Flow14

Per Share5

02—Overview

Northern Trust Financial Overview 2021–2025

Updated Nov 4, 2026

Northern Trust's FY2024 net income jumped 83% to $2.03 billiona, yet a $896.7 million Visa exchange gain did much of the lifting. That matters because reported earnings have been lumpy, while the engine underneath has been getting steadier. The core thesis: higher net interest income and rising servicing fees have rebuilt earnings power, but expense growth keeps a lid on how much reaches the bottom line.

The long-term arc shows it. Net income moved from $1.55 billion in FY2021 to $1.74 billionb in FY2025, with a trough of $1.11 billion in FY2023. Diluted EPS rose from $7.14 to $8.74 over the same span. Net interest income climbed from $1.38 billion to $2.41 billion, as net interest margin widened from 0.99% to 1.70%. Trust fees grew to $5.02 billion in FY2025 from $4.36 billion. Noninterest expense, however, rose from $4.54 billion to $5.75 billion. Client assets under custody reached $18.7 trillion at year-end 2025, up from $16.25 trillion. Capital looks ample: a 12.6% CET1 ratio and $1.9 billion returned to common stockholders in 2025. Through nine months of 2026, net income hit $1.96 billion, though $540.1 million came from a second Visa gain.

The market priced this at $136.59c per share at the close of FY2025, or 15.6x earnings, for a market cap of $25.5 billion. That is a modest multiple for a business whose underlying income streams have grown, though the earnings base it applies to includes some one-time swings.

Recent Developments (Q2 and Q3 2026)

Q2 2026 earnings jumped to $792.2 milliond, but a $525.4 million Visa gain drove it. Q3 2026 net income eased to $642.9 million, or $3.40 per share, up 40% year over year. Net interest margin rose from 1.75% in Q1 2026 to 1.81% in Q2 and 1.83% in Q3. Noninterest expense fell 9% sequentially in Q3 to $1.49 billion after $145.6 million of Q2 charges. CFO David Fox plans to retire around March 2027. A new $3.5 billion buyback was approved on October 20, 2026.

Bulls point to $1.37 billione of quarterly servicing fees, 14% net interest income growth and 12.4% CET1. Bears note that deposits fell 7% to $132.2 billion, expenses keep rising, and a CFO transition adds execution risk. At 19.8x earnings as of the October 28, 2026 report date, using FY2025 EPS, the stock is pricier than before. Today's price may differ.

What to watch: CFO succession and Q4 2026 guidance of 6-7% revenue growth; deposit trends and expense discipline

03—Filings

Recent SEC Filings

  1. 8-KNorthern Trust 8-K Report, Financial Results (Oct 21, 2026)Northern Trust Corporation filed this Form 8-K on October 21, 2026 to furnish its third-quarter 2026 earnings release (Exhibit 99.1), an earnings presentation (Exhibit 99.2), and a Financial Trends report (Exhibit 99.3) for the three and nine months ended September 30, 2026. The company reported third-quarter net income of $642.9 million, or $3.40 per diluted common share, compared with $792.2 million ($4.23 per diluted share) in the second quarter of 2026 and $457.6 million ($2.29 per diluted share) in the third quarter of 2025. Third-quarter results included $48.7 million of pre-tax notable items, consisting of a $34.0 million gain on the sale of the guardianship services business and a $14.7 million incremental gain related to the second Visa Exchange Offer. Excluding notable items, management said revenues grew 11% year over year and pretax income rose 21%, while earnings per share increased 40%. Total revenue (FTE) was $2,302.1 million, down 15% from the prior quarter, which included a $525.4 million Visa-related gain, but up 13% from the prior-year quarter. Noninterest expense was $1,492.5 million, down 9% sequentially and up 5% year over year. Trust, investment and other servicing fees rose 8% year over year to $1,373.0 million, and total assets under custody/administration reached $19.9 trillion, up 9% from a year earlier. The company returned more than $1.5 billion to common shareholders year to date and declared a quarterly dividend of $0.88 per share, up from $0.80. The presentation also gives fourth-quarter 2026 guidance of 8-9% growth in net interest income and 6-7% growth in total revenue, both versus fourth-quarter 2025. Capital remained strong, with a standardized CET1 ratio of 12.4% at September 30, 2026, and all figures for the current quarter are preliminary until the Form 10-Q is filed.
  2. 8-KNorthern Trust 8-K Report, Executive Changes (Oct 20, 2026)Northern Trust Corporation (Nasdaq: NTRS) filed a Form 8-K on October 20, 2026 reporting the appointment of Rima Qureshi as a director of the Corporation and of its principal subsidiary, The Northern Trust Company, effective that day. The Board appointed her to the Risk Committee and the Technology and Operations Committee. She will participate in the Non-Employee Director Compensation Plan and is eligible for the 2018 Deferred Compensation Plan for Non-Employee Directors, and will receive prorated equity awards through the 2027 Annual Meeting of Stockholders. The accompanying press release (Exhibit 99.1) describes Ms. Qureshi as former executive vice president and chief strategy officer of Verizon Communications Inc., where she joined in 2017. Previously she spent 23 years at Ericsson, serving as chief strategy officer and later chief executive officer of Ericsson North America. The release notes more than 15 years of public company board experience, including 15 years on the board of Mastercard Incorporated, and current board seats at BT Group plc, Loblaw Companies Limited and Swift. Chairman and CEO Michael O'Grady said her telecommunications, technology and regulated-industry experience will be valuable as the company works to strengthen Northern Trust, serve clients and pursue long-term growth. The filing contains no financial results or guidance. For context, the press release states that as of June 30, 2026, Northern Trust had assets under custody/administration of US$20.0 trillion and assets under management of US$2.0 trillion.
  3. 8-KNorthern Trust 8-K Report, Executive Changes (Sep 29, 2026)Northern Trust Corporation filed an 8-K on September 29, 2026 to disclose that Chief Financial Officer David W. Fox, Jr. plans to retire. He informed the company on September 28, 2026 that he intends to retire effective on or around March 31, 2027. The company plans to conduct a search for its next Chief Financial Officer in preparation for the retirement. According to the accompanying press release (Exhibit 99.1), Fox intends to remain in his role through the end of the first quarter of 2027 to support an orderly transition. During this period, he is expected to continue leading Finance and work with Michael O'Grady, chairman and chief executive officer, and the leadership team to maintain continuity across financial, regulatory, investor and strategic priorities. The search will be comprehensive, covering both internal and external candidates. The press release describes Fox's background, including his tenure at Northern Trust since 2012, his roles overseeing global financial strategy as CFO and leading wealth management and institutional businesses earlier, and more than 25 years at JPMorgan before joining the firm. The release also notes that as of June 30, 2026, Northern Trust had assets under custody/administration of US$20.0 trillion and assets under management of US$2.0 trillion.
  4. 8-KNorthern Trust 8-K Report, Corporate Update (Aug 3, 2026)Northern Trust Corporation announced on August 3, 2026 that it will redeem all outstanding shares of its Series D Non-Cumulative Perpetual Preferred Stock, along with the corresponding depositary shares, on October 1, 2026 (the Redemption Date). The filing states there are 5,000 outstanding preferred shares with a $100,000 liquidation preference per share, and 500,000 outstanding depositary shares, each representing a 1/100th interest in a preferred share. The depositary shares will be redeemed at $1,000.00 per depositary share. The redemption price does not include the regular quarterly dividend of $23.00 per depositary share, which was previously declared and will be paid on the Redemption Date to holders of record as of 5:00 p.m. Chicago time on September 15, 2026. After the Redemption Date, the preferred stock will no longer be deemed outstanding and no further dividends will be declared or payable on it. Equiniti Trust Company is serving as redemption agent, with payments to holders made through DTC. The press release states that it does not itself constitute a notice of redemption under the certificate of designation or the deposit agreement. The company also describes itself as a provider of wealth management, asset servicing, asset management and banking, with $20.0 trillion in assets under custody/administration and $2.0 trillion in assets under management as of June 30, 2026.
  5. 8-KNorthern Trust 8-K Report, Financial Results (Jul 22, 2026)Northern Trust Corporation reported second-quarter 2026 net income of $792.2 million, or $4.23 per diluted common share, compared with $525.5 million ($2.71) in the first quarter of 2026 and $421.3 million ($2.13) in the second quarter of 2025. Results included net favorable notable items: a $525.4 million pre-tax gain tied to the second Visa, Inc. Exchange Offer and a $73.9 million pre-tax loss on available-for-sale securities sold in a portfolio repositioning, against $145.6 million of pre-tax expense items (software dispositions of $61.5 million, severance of $51.0 million, and a one-time equity grant of $33.1 million). Total revenue (FTE) was $2,705.6 million, up 22% sequentially and 35% year over year, while noninterest expense rose to $1,638.6 million. Client assets grew, with assets under custody/administration reaching $20.0 trillion at June 30, 2026 (up 8% from March 31, 2026 and 11% from June 30, 2025) and assets under management reaching $1.97 trillion. The filing states that the company returned over $1 billion of capital to shareholders in the first half of the year, declared $148.8 million in common dividends in the quarter, and repurchased $350.6 million of common stock. The Board approved an $0.08 increase in the quarterly dividend, as stated in the CEO's commentary. Capital ratios remained above well-capitalized thresholds, with the standardized Common Equity Tier 1 ratio at 12.2%. The filing is furnished under Items 2.02 and 7.01, with the earnings press release (Exhibit 99.1), presentation materials (Exhibit 99.2), and a financial trends report (Exhibit 99.3) incorporated by reference. Management described the quarter as reflecting disciplined execution of its One Northern Trust strategy, and the company noted that Q2 client asset figures and regulatory capital figures remain preliminary until the Form 10-Q is filed.
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04—See also

Related Companies

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