How did Northern Trust perform in the first quarter of 2026?

Net income was $525.5 million, or $2.71 per diluted share, compared with $392.0 million, or $1.90 per diluted share, in the first quarter of 2025. Total revenue on a fully taxable equivalent basis rose 14% year over year to $2,213.2 million, while noninterest expense rose 6% to $1,508.0 million.

What drove revenue growth?

Trust, investment and other servicing fees rose 11% year over year to $1,341.4 million, primarily due to favorable markets and net new business. Foreign exchange trading income increased to $87.7 million, and security commissions and trading income rose to $52.1 million, both attributed to higher volumes from market volatility. Net interest income (FTE) rose 15% to $661.6 million, driven by higher deposits, partially offset by lower interest rates.

How did client assets change?

Assets under custody/administration were $18.6 trillion at March 31, 2026, up 10% from March 31, 2025 and down 1% from December 31, 2025. Assets under management were $1.8 trillion, up 11% year over year and down 1% sequentially. The company attributed the year-over-year increases primarily to favorable markets, with assets under management also reflecting net client inflows. These figures are preliminary until the Form 10-Q is filed.

What did the company do with its capital?

Northern Trust returned $509.7 million to common shareholders during the quarter through dividends and share repurchases. It declared $150.8 million in common dividends, maintained the quarterly dividend of $0.80 per share, repurchased 2,488,148 shares at a total cost of $358.9 million, and declared $16.2 million in preferred dividends. The standardized CET1 ratio was 12.0% at March 31, 2026, and the company described its capital ratios as well capitalized.

What do the filing's exhibits contain?

Exhibit 99.1 is the first-quarter 2026 earnings press release. Exhibit 99.2 contains presentation materials for the earnings call, and Exhibit 99.3 is a Financial Trends report with additional quarterly financial information. The information is furnished under Items 2.02 and 7.01 and is not deemed filed for purposes of Section 18 of the Exchange Act.

NTRS/NTRSO 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed April 21, 2026. Cited figures are marked; the original filing is the authoritative source.

Northern Trust Corporation reported first-quarter 2026 net income of $525.5 million^a, or $2.71 per diluted common share, up from $392.0 million and $1.90 in the first quarter of 2025, and up from $466.0 million and $2.42 in the fourth quarter of 2025.

Total revenue on a fully taxable equivalent basis was $2,213.2 million^b, up 14% year over year, while noninterest expense was $1,508.0 million, up 6% year over year. The company stated a pre-tax margin of 32.0% (FTE basis) and a return on average common equity of 17.4%, and said it returned 100% of its earnings to shareholders. Client assets were $18.6 trillion in assets under custody/administration and $1.8 trillion in assets under management as of March 31, 2026, with growth from the prior-year quarter attributed primarily to favorable markets and, for assets under management, net client inflows.

Trust, investment and other servicing fees rose 11% year over year to $1,341.4 million^c, and foreign exchange trading income rose to $87.7 million, driven by market volatility. Net interest margin on an FTE basis was 1.75%, down from 1.81% in the fourth quarter of 2025 but up from 1.69% a year earlier. Capital remained strong, with a standardized Common Equity Tier 1 ratio of 12.0% at March 31, 2026, and the company declared $150.8 million in common dividends and repurchased $358.9 million of common stock during the quarter.

The first-quarter figures for client assets, regulatory capital and related ratios are described in the filing as preliminary until the Form 10-Q is filed. The provision for credit losses was a $3.0 million^d benefit, and the company reported a 25.0% effective tax rate.

02—Key points

Key Highlights

Net income of $525.5 million, up 34% from the first quarter of 2025; diluted EPS of $2.71, up 43% year over year.
Total revenue (FTE) of $2,213.2 million, up 14% year over year; noninterest expense of $1,508.0 million, up 6%, which the company said generated more than 700 basis points of operating leverage.
Pre-tax margin (FTE) of 32.0% and return on average common equity of 17.4%, compared with 13.0% in the first quarter of 2025.
Total assets under custody/administration of $18,553.9 million (in billions: $18.6 trillion) and assets under management of $1,784.9 million (in billions: $1.8 trillion) at March 31, 2026.
Asset Servicing pre-tax income of $373.3 million with a 28.3% pre-tax margin, and Wealth Management pre-tax income of $330.2 million with a 37.1% pre-tax margin.
Standardized CET1 ratio of 12.0% and total payout ratio of 100%, including $150.8 million in common dividends and $358.9 million in share repurchases.
Provision for credit losses was a $3.0 million benefit, reflecting improved credit quality in the Commercial and Institutional portfolio.

03—Questions

Frequently Asked Questions

How did Northern Trust perform in the first quarter of 2026?
Net income was $525.5 million, or $2.71 per diluted share, compared with $392.0 million, or $1.90 per diluted share, in the first quarter of 2025. Total revenue on a fully taxable equivalent basis rose 14% year over year to $2,213.2 million, while noninterest expense rose 6% to $1,508.0 million.
What drove revenue growth?
Trust, investment and other servicing fees rose 11% year over year to $1,341.4 million, primarily due to favorable markets and net new business. Foreign exchange trading income increased to $87.7 million, and security commissions and trading income rose to $52.1 million, both attributed to higher volumes from market volatility. Net interest income (FTE) rose 15% to $661.6 million, driven by higher deposits, partially offset by lower interest rates.
How did client assets change?
Assets under custody/administration were $18.6 trillion at March 31, 2026, up 10% from March 31, 2025 and down 1% from December 31, 2025. Assets under management were $1.8 trillion, up 11% year over year and down 1% sequentially. The company attributed the year-over-year increases primarily to favorable markets, with assets under management also reflecting net client inflows. These figures are preliminary until the Form 10-Q is filed.
What did the company do with its capital?
Northern Trust returned $509.7 million to common shareholders during the quarter through dividends and share repurchases. It declared $150.8 million in common dividends, maintained the quarterly dividend of $0.80 per share, repurchased 2,488,148 shares at a total cost of $358.9 million, and declared $16.2 million in preferred dividends. The standardized CET1 ratio was 12.0% at March 31, 2026, and the company described its capital ratios as well capitalized.
What do the filing's exhibits contain?
Exhibit 99.1 is the first-quarter 2026 earnings press release. Exhibit 99.2 contains presentation materials for the earnings call, and Exhibit 99.3 is a Financial Trends report with additional quarterly financial information. The information is furnished under Items 2.02 and 7.01 and is not deemed filed for purposes of Section 18 of the Exchange Act.

04—Continue

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