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Northern Trust Corporation

NTRS Financial Asset Management

Northern Trust Corporation’s revenue for fiscal 2025 (year ended December 2025) was $14.3 billion, down 9.92% from fiscal 2024.

Revenue
+3.27%
EPS
+48.7%
Free cash flow
+366.4%
Total debt
−23.4%

Quarter to September 2026, against a year earlier

173.68 2.29 +1.34%
Market cap
$31.0B
P/E
13.4×
Fwd P/E
12.6×
Dividend yield
1.91%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Bought, $m 0.31
Sold, $m 14.11
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 2 — — 1 — 1 — — 1 —
Sell 1 1 3 2 2 — 1 — 1 — 1 —
Insider Ownership 2.26%

Capital & Financial Ratios $m

Size
Market Cap 31,040.00
Revenue ttm 15,301.60
Net income ttm 2,426.60
Free cash flow ttm 1,092.00
Net debt Q (40,855.50)
Valuation
P/E 13.39
Forward P/E 12.60
Price / sales 2.04
Forward P/S Powerpack
Price / FCF 28.64
Price / book 2.51
Financial health
Current ratio Q 0.61
Debt / equity Q 0.40
Interest coverage Q —
Growth
Revenue growth Q +3.27% (above 0%: growing)
Operating income growth Q +28.57% (above 0%: growing)
EPS, this year +31.74% (at or above 15%: strong)
EPS, next year A +9.37%
Revenue, next year A −35.01% (below 0%: weak)
EPS, past 5 yrs +9.87%
EPS, next 5 yrs A +17.29% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 25.71%
10-year low 10-year high
P/S against its own 10 years 28.49%
10-year low 10-year high
P/B against its own 10 years 90.87%
10-year low 10-year high

Dividends

Yield
1.91%
Annual rate
3.28
Payout ratio
25.7%
Growth, 2017–25
+8.62%/yr
  1. 1.60 ’17
  2. 1.94 ’18 +21
  3. 2.60 ’19 +34
  4. 2.80 ’20 +8
  5. 2.80 ’21 +0
  6. 2.90 ’22 +4
  7. 3.00 ’23 +3
  8. 3.00 ’24 +0
  9. 3.10 ’25 +3
  10. 3.36 ’26e +8
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 41,841 45,848 63,782 46,170
Receivables — — — —
Inventory — — — —
Other — — — —
89,479 89,063 105,555 87,727
2023 2024 2025 Q'26
Payables 116,164 122,483 142,798 132,177
ST’ Debt — — — —
Other — — — —
126,562 131,625 152,389 142,826

Compound Annual Growth %

10y 5y 3y
Sales 11.40% 17.81% 22.64%
Cash Flow 11.67% 23.88% 32.25%
Earnings 6.03% 8.03% 9.40%
Book Value 4.06% 2.08% 4.79%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.86 Actual 3.20

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.37 2.69 Beat by 0.32
Q1 FY26 2.37 2.71 Beat by 0.34
Q2 FY26 2.68 2.97 Beat by 0.29
Q3 FY26 2.86 3.20 Beat by 0.34
Q4 FY26 3.06 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 2.71 4.23 3.40 — —
’25 1.90 2.13 2.29 2.42 8.74
’24 0.96 4.34 2.22 2.26 9.77
’23 1.51 1.56 1.49 0.47 5.08
’22 1.77 1.86 1.80 0.71 6.14
’21 1.70 1.72 1.80 1.91 7.14
’20 1.55 1.46 1.32 1.12 5.46
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,786 4,212 3,696 — —
’25 3,513 3,600 3,579 3,608 14,300
’24 3,564 4,699 3,936 3,676 15,876
’23 2,669 2,981 3,205 3,262 12,117
’22 1,721 1,835 2,041 2,155 7,752
’21 1,593 1,588 1,639 1,669 6,488
’20 1,709 1,540 1,512 1,540 6,301
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (320) (65) 1,825 — —
’25 2,750 1,870 526 388 5,534
’24 (1,453) 2,990 611 (2,635) (486)
’23 (165) (99) 87 2,803 2,626
’22 747 (1,611) (896) 4,152 2,392
’21 68 (1,236) 482 2,042 1,356
’20 (2,685) 3,184 (78) 1,476 1,897
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (539) (219) 1,667 — —
’25 2,566 1,652 358 184 4,759
’24 (1,580) 2,808 402 (2,861) (1,231)
’23 (294) (271) (78) 2,593 1,950
’22 598 (1,779) (1,074) 3,924 1,669
’21 (37) (1,339) 347 1,871 841
’20 (2,818) 3,052 (204) 1,306 1,336
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 18.6% a year for ten years. It grew 8.4% a year over the last ten.

Implied
18.6%
10 years, reported
8.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,144 5,716 6,659 6,895 6,301 6,488 7,752 12,117 15,876 14,300 15,302 +12.0% 9,293 9,494 9,984 (11.3%)
Gross margin, % 96.46 94.05 89.51 88.08 96.82 99.63 87.22 55.90 52.22 56.55 60.92 (39.9) pt
EBT 1,517 1,634 1,958 1,944 1,628 2,010 1,766 1,465 2,660 2,340 3,196 +4.9%
EBT margin, % 29.49 28.59 29.40 28.20 25.83 30.98 22.79 12.09 16.75 16.36 20.88 (13.1) pt
Net income 1,033 1,199 1,556 1,492 1,209 1,545 1,336 1,107 2,031 1,737 2,427 +5.9%
Per share, $
Per share, $ Revenue 22.60 25.04 29.84 32.14 30.25 31.18 37.21 58.46 78.88 74.73 84.06 +14.2%
Earnings 4.35 4.95 6.68 6.66 5.48 7.16 6.16 5.09 9.80 8.78 12.83 +8.1%
Cash flow 6.64 7.54 7.92 12.08 9.11 6.52 11.48 12.67 (2.41) 28.92 10.04 +17.8%
Capex (2.08) (2.07) (2.27) (2.80) (2.69) (2.48) (3.47) (3.26) (3.70) (4.05) (4.04) +7.7%
Free cash flow 4.55 5.47 5.65 9.29 6.42 4.04 8.01 9.41 (6.12) 24.87 6.00 +20.8%
Book value 42.93 44.76 47.09 51.70 56.11 57.75 54.05 57.41 63.54 67.72 73.41 +5.2%
Shares, m 228 228 223 215 208 208 208 207 201 191 186 (1.9%)
Valuation, ×
Valuation, × P/E 20.75 20.09 12.51 15.95 17.00 16.68 14.60 16.87 10.45 15.54 13.39 16.0
P/S 3.97 3.97 2.80 3.31 3.08 3.84 2.41 1.45 1.30 1.83 2.04 2.8
P/B 2.30 2.43 1.94 2.32 1.80 2.24 1.80 1.60 1.73 2.17 2.51 2.0
EV/Sales (2.97) (4.55) (2.71) (2.49) (6.64) (6.43) (3.14) (1.44) (1.16) (2.15) — (3.4)
EV/FCF (14.74) (20.85) (14.30) (8.61) (31.33) (49.63) (14.58) (8.93) 14.92 (6.47) — (15.5)
Cash, $m
Cash, $m Operating cash flow 1,510 1,720 1,768 2,592 1,897 1,356 2,392 2,626 (486) 5,534 1,828 +15.5%
Capex (473) (473) (506) (600) (560) (515) (723) (676) (745) (774) (736) +5.6%
Free cash flow 1,037 1,248 1,262 1,992 1,336 841 1,669 1,950 (1,231) 4,759 1,092 +18.5%
Balance, $m
Balance, $m Working capital (33,953) (35,520) (41,046) (40,822) (47,606) (51,498) (41,735) (37,083) (42,562) (46,834) (55,099) +3.6%
Net debt (35,676) (48,710) (36,690) (39,937) (61,273) (66,624) (43,033) (35,003) (38,997) (56,946) (40,855) +5.3%
Shareholders’ equity 9,770 10,216 10,508 11,091 11,688 12,017 11,260 11,898 12,788 12,958 13,363 +3.2%
Returns, %
Returns, % ROA 0.82 0.86 1.12 1.06 0.74 0.84 0.76 0.69 1.29 1.01 1.40 +0.2 pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 pt
ROE 11.51 12.41 15.93 14.70 11.07 13.59 11.93 9.86 17.21 14.01 19.28 +2.5 pt
People
People Employees 17,100 18,100 18,800 19,800 20,900 21,100 23,600 23,100 23,300 23,800 — +3.7%
Revenue/emp, $m 0.30 0.32 0.35 0.35 0.30 0.31 0.33 0.52 0.68 0.60 — +8.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Northern Trust is a financial holding company headquartered in Chicago. Its principal subsidiary, The Northern Trust Company, is an Illinois bank. The company provides wealth management, asset servicing, asset management and banking services to corporations, institutions, families and individuals.

Its two client-facing businesses are Asset Servicing and Wealth Management. Asset Servicing helps institutional investors and fund managers run investment portfolios after investment decisions are made. Its services include safekeeping securities, fund administration, investment-operations outsourcing, investment risk and analytics, securities lending, foreign exchange, treasury management, banking and cash management. At December 31, 2025, this business had $17.4 trillion of assets under custody or administration and $1.3 trillion of assets under management.

Northern Trust Corporation vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
STT State Street Corporation $45.0B 13.3× 12.6× +5.36% (above 0%: growing) +32.86% (above 0%: growing) −75.12% (below 0%: shrinking) 66.12% 0.00% Compare
AMP Ameriprise Financial, Inc. $44.2B 11.3× 10.8× +6.80% (above 0%: growing) +31.68% (above 0%: growing) −33.84% (below 0%: shrinking) 100.00% 35.49% Compare
ARES Ares Management Corporation $44.2B 69.2× 22.4× −13.53% (below 0%: shrinking) −21.50% (below 0%: shrinking) −197.89% (below 0%: shrinking) 100.00% 19.87% Compare
RJF Raymond James Financial, Inc. $31.7B 13.6× 13.5× +13.10% (above 0%: growing) +14.42% (above 0%: growing) −148.58% (below 0%: shrinking) 100.00% 27.94% Compare
NTRS Northern Trust Corporation $31.0B 13.4× 12.6× +3.27% (above 0%: growing) +48.70% (above 0%: growing) +366.41% (above 0%: growing) 62.08% 0.00%
PFG Principal Financial Group, Inc. $24.0B 12.6× 12.2× +25.39% (above 0%: growing) +190.78% (above 0%: growing) +51.01% (above 0%: growing) 49.13% 18.17% Compare
TROW T. Rowe Price Group, Inc. $23.2B 11.0× 9.8× +5.88% (above 0%: growing) −3.12% (below 0%: shrinking) −13.81% (below 0%: shrinking) 100.00% 38.40% Compare
PS Pershing Square Inc. $20.1B — — — n/m — 100.00% (166.36%) Compare
TPG TPG Inc. $18.0B 19.7× 23.7× −0.20% (below 0%: shrinking) +367.06% (above 0%: growing) −57.60% (below 0%: shrinking) 100.00% 18.08% Compare
Median of peers $27.8B 13.3× 12.6× +5.88% +31.68% −57.60% 100.00% 19.02%

All 121 Asset Management stocks →

From the latest earnings call

Updated

  • CEO Michael O’Grady said growth in trust fees, net interest income and capital markets revenue supported an 11% revenue increase excluding notable items.
  • CFO Dave Fox said fixed-income market pressure could weigh on asset-servicing fees in the fourth quarter, while transaction activity and new business could provide offsets.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 84.48%
Held by the ten largest 46.12%
Holder Shares Stake Change
Vanguard 22.16m 12.11% +9.41k
BlackRock 14.52m 7.94% +147.98k
State Street 9.10m 4.97% +12.30k
Fidelity (FMR) 8.68m 4.75% −2.13m
PRIMECAP Management 6.10m 3.33% −448.29k
MFS Investment Management 5.70m 3.12% −103.18k
Northern Trust 5.55m 3.04% −322.17k
Geode Capital Management 5.16m 2.82% −9.99k
State Farm 4.15m 2.27% 0.00
Invesco 3.27m 1.79% −240.49k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 11 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.06m 21.64m 170.76
2024 10.93m 21.25m 124.71
2023 10.17m 11.22m 99.27
2022 10.82m 4.02m 100.30
2021 10.45m 18.48m 131.65

Ownership

Directors and executive officers, together less than 1%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Northern Trust Corporation (NTRS) Latest News

28 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Business Wire
Impact 3 · · Business Wire

27 Oct

Impact 4 · · Simply Wall St.

26 Oct

Impact 3 · · Business Wire
Impact 3 · · The Motley Fool
Impact 3 · · Business Wire

22 Oct

Impact 4 · · privatebankerinternational.com
Impact 4 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.

21 Oct

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Business Wire

20 Oct

Impact 3 · · Business Wire
Impact 3 · · Business Wire
Impact 3 · · Zacks earnings
Impact 3 · · StockStory

16 Oct

Impact 3 · · Zacks

14 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

9 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

NTRS metrics, ten years each

stockrow.com/NTRS · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com