# NORTHERN TRUST CORP (NTRS)

Informational only - not investment advice.

CIK: 0000073124
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=73124
Filing source: https://www.sec.gov/Archives/edgar/data/73124/000007312426000016/ntrs-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0000073124-26-000016 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000073124.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 8,086,400,000 USD | 2025 | verified |
| Net income | 1,736,900,000 USD | 2025 | verified |
| Assets | 177,132,700,000 USD | 2025 | verified |
| Free cash flow | 5,459,500,000 USD | 2025 | computed |
| Net margin | 21.48% | 2025 | computed |
| Revenue YoY | -2.46% | 2025 | computed |
| ROE | 13.40% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | NTRS | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 21.5% | 21.9% | 49 | 149 |
| Revenue growth | -2.5% | 6.0% | 12 | 148 |
| FCF margin | 67.5% | 23.8% | 98 | 133 |
| ROE | 13.4% | 9.6% | 89 | 149 |
| ROA | 1.0% | 1.1% | 42 | 149 |
| Liabilities / equity | 12.67 | 8.04 | 98 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 8086400000 | USD | 2025 | 2026-02-24 |
| Net income | 1736900000 | USD | 2025 | 2026-02-24 |
| Assets | 177132700000 | USD | 2025 | 2026-02-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000073124.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 4,961,800,000 | 5,375,300,000 | 5,960,200,000 | 6,073,100,000 | 6,100,800,000 | 6,464,500,000 | 6,761,200,000 | 6,773,500,000 | 8,290,400,000 | 8,086,400,000 |
| Net income | 1,032,500,000 | 1,199,000,000 | 1,556,400,000 | 1,492,200,000 | 1,209,300,000 | 1,545,300,000 | 1,336,000,000 | 1,107,300,000 | 2,031,100,000 | 1,736,900,000 |
| Diluted EPS | 4.32 | 4.92 | 6.64 | 6.63 | 5.46 | 7.14 | 6.14 | 5.08 | 9.77 | 8.74 |
| Operating cash flow | 1,510,000,000 | 1,720,400,000 | 1,767,500,000 | 2,592,000,000 | 1,896,800,000 | 1,356,000,000 | 2,392,400,000 | 2,625,600,000 | -486,000,000 | 5,533,500,000 |
| Capital expenditures | 111,300,000 | 91,600,000 | 97,600,000 | 158,000,000 | 135,800,000 | 95,500,000 | 128,600,000 | 116,500,000 | 101,500,000 | 74,000,000 |
| Dividends paid | 333,000,000 | 356,800,000 | 405,400,000 | 529,700,000 | 584,600,000 | 583,300,000 | 750,200,000 | 621,500,000 | 602,300,000 | 591,600,000 |
| Share buybacks | 411,100,000 | 523,100,000 | 924,300,000 | 1,100,200,000 | 299,800,000 | 267,600,000 | 35,400,000 | 347,500,000 | 937,800,000 | 1,273,500,000 |
| Assets | 123,926,900,000 | 138,590,500,000 | 132,212,500,000 | 136,828,400,000 | 170,003,900,000 | 183,889,800,000 | 155,036,700,000 | 150,783,100,000 | 155,508,400,000 | 177,132,700,000 |
| Liabilities | 114,156,500,000 | 128,374,300,000 | 121,704,200,000 | 125,737,400,000 | 158,315,600,000 | 171,873,000,000 | 143,777,200,000 | 138,885,200,000 | 142,720,000,000 | 164,174,800,000 |
| Stockholders' equity | 9,770,400,000 | 10,216,200,000 | 10,508,300,000 | 11,080,900,000 | 11,688,300,000 | 12,016,800,000 | 11,259,500,000 | 11,897,900,000 | 12,788,400,000 | 12,957,900,000 |
| Free cash flow | 1,398,700,000 | 1,628,800,000 | 1,669,900,000 | 2,434,000,000 | 1,761,000,000 | 1,260,500,000 | 2,263,800,000 | 2,509,100,000 | -587,500,000 | 5,459,500,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 20.81% | 22.31% | 26.11% | 24.57% | 19.82% | 23.90% | 19.76% | 16.35% | 24.50% | 21.48% |
| Return on equity | 10.57% | 11.74% | 14.81% | 13.47% | 10.35% | 12.86% | 11.87% | 9.31% | 15.88% | 13.40% |
| Return on assets | 0.83% | 0.87% | 1.18% | 1.09% | 0.71% | 0.84% | 0.86% | 0.73% | 1.31% | 0.98% |
| Liabilities / equity | 11.68 | 12.57 | 11.58 | 11.35 | 13.54 | 14.30 | 12.77 | 11.67 | 11.16 | 12.67 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000073124.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 1.86 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 1.80 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.51 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.56 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,935,000,000 | 311,600,000 | 1.49 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 2,199,600,000 | 108,400,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 2,445,600,000 | 198,500,000 | 0.96 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 2,506,500,000 | 891,400,000 | 4.34 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 2,530,200,000 | 448,700,000 | 2.22 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 2,280,000,000 | 450,700,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 2,140,900,000 | 375,800,000 | 1.90 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 2,212,800,000 | 416,600,000 | 2.13 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 2,144,300,000 | 441,400,000 | 2.29 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 2,126,600,000 | 461,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 2,234,000,000 | 509,300,000 | 2.71 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 2,189,300,000 | 787,500,000 |  | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from NTRS's latest 10-K: [/company/NTRS/business/](/company/NTRS/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from NTRS's latest 10-K: [/company/NTRS/risk-factors/](/company/NTRS/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/73124/000007312426000047/ntrs-20260630.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

CONSOLIDATED RESULTS OF OPERATIONS

General

The Corporation is a leading provider of asset servicing, wealth management, asset management and banking solutions to corporations, institutions, families and individuals. The Corporation focuses on managing and servicing client assets through its two client-focused reporting segments: Asset Servicing and Wealth Management. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business. Except where the context requires otherwise, the terms “Northern Trust,” “we,” “us,” “our,” “its,” or similar terms mean the Corporation and its subsidiaries on a consolidated basis.

Overview of Financial Results

TABLE 1: FINANCIAL HIGHLIGHTS

[[GREPCENT_TABLE]]
[["","THREE MONTHS ENDED JUNE 30,","SIX MONTHS ENDED JUNE 30,"],["($ In Millions)","2026","2025","CHANGE","2026","2025","CHANGE"],["Trust, Investment and Other Servicing Fees","$","1,349.5","","$","1,231.1","","$","118.4","","10","%","$","2,690.9","","$","2,444.9","","$","246.0","","10","%"],["Other Noninterest Income(1)","673.0","","156.3","","516.7","","N/M","883.3","","314.4","","568.9","","181"],["Net Interest Income","675.5","","610.5","","65.0","","11","","1,329.5","","1,178.6","","150.9","","13"],["Total Revenue","$","2,698.0","","$","1,997.9","","$","700.1","","35","%","$","4,903.7","","$","3,937.9","","$","965.8","","25","%"],["Provision for Credit Losses","(5.3)","","16.5","","N/M","N/M","(8.3)","","17.5","","N/M","N/M"],["Noninterest Expense(2)","1,638.6","","1,416.6","","222.0","","16","","3,146.6","","2,834.2","","312.4","","11"],["Income before Income Taxes","$","1,064.7","","$","564.8","","$","499.9","","89","%","$","1,765.4","","$","1,086.2","","$","679.2","","63","%"],["Provision for Income Taxes","272.5","","143.5","","129.0","","90","","447.6","","272.9","","174.7","","64"],["Net Income","$","792.2","","$","421.3","","$","370.9","","88","%","$","1,317.8","","$","813.3","","$","504.5","","62","%"],["Preferred Stock Dividends","4.7","","4.7","","\u2014","","\u2014","","20.9","","20.9","","\u2014","","\u2014"],["Net Income Applicable to Common Stock","$","787.5","","$","416.6","","$","370.9","","89","%","$","1,296.9","","$","792.4","","$","504.5","","64","%"],["PER COMMON SHARE"],["Net Income \u2013 Basic","$","4.25","","$","2.14","","$","2.11","","98","%","$","6.97","","$","4.05","","$","2.92","","72","%"],["\u2013 Diluted","4.23","","2.13","","2.10","","98","","6.93","","4.03","","2.90","","72"],["Cash Dividends Declared Per Common Share","0.80","","0.75","","0.05","","7","","1.60","","1.50","","0.10","","7"]]
[[/GREPCENT_TABLE]]

N/M - Not meaningful

(1)    For the three and six months ended June 30, 2026, Other Noninterest Income included a $525.4 million (pre-tax) gain related to Northern Trust’s participation in the second Visa, Inc. Exchange Offer, recorded in Other Operating Income and a $73.9 million (pre-tax) loss on available for sale debt securities sold in conjunction with a repositioning of the portfolio, recognized in Investment Security Gains (Losses)

(2)    For the three and six months ended June 30, 2026, Noninterest Expense included a $61.5 million (pre-tax) charge related to software dispositions, recognized in Equipment and Software expense, as well as $51.0 million (pre-tax) of severance-related charges and a $33.1 million (pre-tax) expense related to the Invested as One equity grant to eligible employees, both recognized in Compensation and Benefits expense.

3

CONSOLIDATED RESULTS OF OPERATIONS (continued)

Overview of Financial Results (continued)

Three Months Ended June 30, 2026 highlights:

•Revenue for the three months ended June 30, 2026 increased from the prior-year quarter to $2.7 billion, reflecting:

◦Trust, Investment and Other Servicing Fees increased to $1.3 billion in the current quarter primarily due to favorable markets, net client inflows, and net new business.

◦Other Noninterest Income increased to $673.0 million in the current quarter primarily due to higher Other Operating Income, mainly driven by a $525.4 million gain related to Northern Trust’s participation in the second Visa, Inc. Exchange Offer in the current quarter, as well as higher Foreign Exchange Trading Income and Securities Commissions and Trading Income, mainly driven by higher volumes resulting from client activity and market volatility, partially offset by a $73.9 million loss on the sale of AFS securities related to a repositioning of the portfolio in the current quarter, recognized in Investment Security Gains (Losses), net.

◦Net Interest Income increased to $675.5 million in the current quarter primarily driven by higher deposits and lower funding costs.

•Noninterest Expense increased to $1.6 billion in the current quarter primarily due to a $61.5 million charge related to software dispositions recognized in Equipment and Software expense, as well as $51.0 million of severance-related charges and a $33.1 million expense related to the Invested as One equity grant to eligible employees, both recognized in Compensation and Benefits expense, all occurring in the current quarter.

•In the current quarter, there was a negative Provision for Credit Losses of $5.3 million, as compared to a Provision for Credit Losses of $16.5 million in the prior-year quarter. For additional information, refer to the Provision for Credit Losses within the “Consolidated Results of Operations” section.

Six Months Ended June 30, 2026 highlights:

•Revenue for the six months ended June 30, 2026 increased from the prior-year period to $4.9 billion, reflecting:

◦Trust, Investment and Other Servicing Fees increased to $2.7 billion in the current year primarily due to favorable markets, net new business, and favorable currency movement.

◦Other Noninterest Income increased to $883.3 million in the current year primarily due to higher Other Operating Income, mainly driven by a $525.4 million gain related to Northern Trust’s participation in the second Visa, Inc. Exchange Offer in the current quarter, as well as higher Foreign Exchange Trading Income and Securities Commissions and Trading Income, mainly driven by higher volumes resulting from client activity and market volatility, partially offset by a $73.9 million loss on the sale of AFS securities related to a repositioning of the portfolio in the current quarter, recognized in Investment Security Gains (Losses), net.

◦Net Interest Income increased to $1.3 billion in the year primarily driven by higher deposit levels and lower funding costs, partially offset by lower asset yields.

•Noninterest Expense increased to $3.1 billion in the current year primarily due to a $61.5 million charge related to software dispositions recognized in Equipment and Software expense, as well as $51.0 million of severance-related charges and a $33.1 million expense related to the Invested as One equity grant to eligible employees, both recognized in Compensation and Benefits expense, all occurring in the current quarter.

•In the current year, there was a negative Provision for Credit Losses of $8.3 million, as compared to a Provision for Credit Losses of $17.5 million in the prior-year quarter. For additional information, refer to the Provision for Credit Losses within the “Consolidated Results of Operations” section.

4

SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)

Trust, Investment and Other Servicing Fees

Trust, Investment and Other Servicing Fees are based primarily on the market value of assets held in custody, managed or serviced; the volume of transactions; securities lending volume and spreads; and fees for other services rendered. Certain market value calculations on which fees are based are performed on a monthly or quarterly basis in arrears.

The components of Trust, Investment and Other Servicing Fees are provided below.

TABLE 2: TRUST, INVESTMENT AND OTHER SERVICING FEES

[[GREPCENT_TABLE]]
[["","THREE MONTHS ENDED JUNE 30,","SIX MONTHS ENDED JUNE 30,"],["($ In Millions)","2026","2025","CHANGE","2026","2025","CHANGE"],["Asset Servicing Trust, Investment and Other Servicing Fees"],["Custody and Fund Administration","$","512.3","","$","469.2","","$","43.1","","9","%","$","1,009.9","","$","922.5","","$","87.4","","9","%"],["Investment Management","172.2","","157.3","","14.9","","10","","341.4","","309.8","","31.6","","10"],["Securities Lending","29.4","","20.2","","9.2","","46","","52.8","","38.1","","14.7","","39"],["Other","43.5","","45.1","","(1.6)","","(3)","","93.8","","93.3","","0.5","","1"],["Total Asset Servicing Trust, Investment and Other Servicing Fees","$","757.4","","$","691.8","","$","65.6","","9","%","$","1,497.9","","$","1,363.7","","$","134.2","","10","%"],["Wealth Management Trust, Investment and Other Servicing Fees"],["Private Wealth(1)","$","483.0","","$","434.8","","$","48.2","","11","%","$","969.0","","$","872.9","","$","96.1","","11","%"],["Global Family Office","109.1","","104.5","","4.6","","4","","224.0","","208.3","","15.7","","8"],["Total Wealth Management Trust, Investment and Other Servicing Fees","$","592.1","","$","539.3","","$","52.8","","10","%","$","1,193.0","","$","1,081.2","","$","111.8","","10","%"],["Total Consolidated Trust, Investment and Other Servicing Fees","$","1,349.5","","$","1,231.1","","$","118.4","","10","%","$","2,690.9","","$","2,444.9","","$","246.0","","10","%"]]
[[/GREPCENT_TABLE]]

(1) Beginning in Q2 2026, Wealth Management Trust, Investment and Other Servicing Fees by region are combined into the Private Wealth line item. Prior periods have been revised.

Asset Servicing

Custody and Fund Administration fees, the largest component of Asset Servicing fees, are driven primarily by values of client assets under custody/administration (AUC/A), transaction volumes and the number of accounts. The asset values used to calculate these fees vary depending on the individual fee arrangements negotiated with each client. Custody fees related to asset values are client-specific and are priced based on month-end market values, quarter-end market values, or the average of month-end market values for the quarter. The fund administration fees that are asset-value-related are priced using month-end, quarter-end, or average daily balances. Investment Management fees are based generally on market values of client AUM throughout the period. Typically, the asset values used to calculate fee revenue are based on a one-month or one-quarter lag. Securities Lending revenue is affected by market values; the demand for securities to be lent, which drives volumes; and the interest rate spread earned on the investment of cash deposited by investment firms as collateral for securities they have borrowed. The Other fee category in Asset Servicing includes products such as investment risk and analytical services, benefit payments, and other services. Revenue from these products is based generally on the volume of services provided or a fixed fee.

Custody and Fund Administration fees increased from the prior-year quarter primarily driven by favorable markets and net new business. Custody and Fund Administration fees increased from the prior-year period primarily driven by favorable markets, favorable currency movements and net new business.

Investment Management fees increased from both the the prior-year quarter and the prior-year period primarily due to favorable markets and net client inflows.

Securities Lending increased from both the prior-year quarter and prior-year period primarily due to higher trading volumes and spreads.

Wealth Management

Wealth Management fees are calculated primarily based on market values and is impacted by both one-month and one-quarter lagged asset values.

Private Wealth fee income increased from the prior-year quarter and from the prior-year period primarily due to favorable markets.

Global Family Office fee income increased from the prior-year period primarily due to favor

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/73124/000007312426000016/ntrs-20251231.htm
Complete FY 2025 MD&A: /company/NTRS/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-31

ITEM 7 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is management’s discussion and analysis of the financial condition and results of operations (MD&A) of Northern Trust Corporation (Corporation) for the year ended December 31, 2025. The following should be read in conjunction with the consolidated financial statements and related footnotes included in this report. Investors also should read the section titled “Forward-Looking Statements.”

BUSINESS OVERVIEW

The Corporation is a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals. The Corporation focuses on managing and servicing client assets through its two client-focused reporting segments: Asset Servicing and Wealth Management. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business.

The Corporation conducts business through various U.S. and non-U.S. subsidiaries, including The Northern Trust Company (the Bank). The Corporation was formed as a holding company for the Bank in 1971. The Corporation has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. Except where the context requires otherwise, the terms “Northern Trust,” “we,” “us,” “our,” “its,” or similar terms refers to the Corporation and its subsidiaries on a consolidated basis.

FINANCIAL OVERVIEW

TABLE 3: FINANCIAL HIGHLIGHTS

[[GREPCENT_TABLE]]
[["","FOR THE YEAR ENDED DECEMBER 31,","","CHANGE(1)"],["($ In Millions)","2025","2024","2023","","2025 / 2024","2024 / 2023"],["Noninterest Income(2)","$","5,675.4","","$","6,113.3","","$","4,791.5","","","(7)","%","28","%"],["Net Interest Income","2,411.0","","2,177.1","","1,982.0","","","11","","10"],["Total Revenue","$","8,086.4","","$","8,290.4","","$","6,773.5","","","(2)","%","22","%"],["Provision for Credit Losses","(7.5)","","(3.0)","","24.5","","","N/M","N/M"],["Noninterest Expense(3)","5,754.4","","5,633.9","","5,284.2","","","2","","7"],["Income before Income Taxes","$","2,339.5","","$","2,659.5","","$","1,464.8","","","(12)","%","82","%"],["Provision for Income Taxes","602.6","","628.4","","357.5","","","(4)","","76"],["Net Income","$","1,736.9","","$","2,031.1","","$","1,107.3","","","(14)","%","83","%"],["Preferred Stock Dividends","41.8","","41.8","","41.8","","","\u2014","","\u2014"],["Net Income Applicable to Common Stock","$","1,695.1","","$","1,989.3","","$","1,065.5","","","(15)","%","87","%"],["PER COMMON SHARE"],["Net Income \u2013 Basic","$","8.78","","$","9.80","","$","5.09","","","(10)","%","93","%"],["\u2013 Diluted","8.74","","9.77","","5.08","","","(11)","","92"],["Cash Dividends Declared Per Common Share","3.10","","3.00","","3.00","","","3","","\u2014"],["Carrying Value \u2013 End of Period (EOP)","64.79","","60.74","","53.69","","","7","","13"],["Market Price \u2013 EOP","136.59","","102.50","","84.38","","","33","","21"],["SELECTED RATIOS AND METRICS"],["Return on Average Common Equity","14.4","%","17.4","%","10.0","%"],["Dividend Payout Ratio","35.5","","30.7","","59.1"],["Average Stockholders\u2019 Equity to Average Assets","8.3","","8.4","","8.1"]]
[[/GREPCENT_TABLE]]

(1) Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.

(2)2025 Noninterest Income includes a $19.2 million expense related to mark-to-market activity associated with existing Visa Class B swap agreements. 2024 Noninterest Income includes an $878.4 million net gain related to Northern Trust's participation in a Visa Exchange Offer, a $189.3 million loss on AFS debt securities sold in conjunction with a repositioning of the portfolio, a $68.1 million gain related to the sale of an equity investment, a $12.8 million expense of mark-to-market activity associated with existing Visa Class B swap agreements, a $7.6 million charge for investment impairments, and a $6.5 million loss recognized as a result of a securities repositioning related to the supplemental pension plan. 2023 Noninterest Income includes a $169.5 million loss on AFS debt securities sold in conjunction with a repositioning of the portfolio.

(3)2025 Noninterest Expense includes a $58.8 million severance-related charge and a $15.9 million release of the Federal Deposit Insurance Corporation (FDIC) special assessment reserve, including a $9.5 million released during the fourth quarter. 2024 Noninterest Expense includes an $85.2 million severance-related charge, a $70.0 million charitable contribution, a $16.4 million charge for software accelerations and dispositions, a $14.7 million expense related to the FDIC special assessment, and a $10.6 million expense related to a legal settlement. 2023 Noninterest Expense includes an $84.6 million expense related to the FDIC special assessment, a $38.7 million severance-related charge, a $25.6 million charge related to the write-off of an investment in a client capability, and a $12.8 million occupancy charge.

N/M - Not meaningful

40 2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

CONSOLIDATED RESULTS OF OPERATIONS

The following information summarizes our consolidated results of operations for 2025 compared to 2024. For a discussion related to the consolidated results of operations for 2024 compared to 2023, refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Form 10-K), which was filed with the United States Securities and Exchange Commission on February 24, 2025.

Revenue

Northern Trust generates the majority of its revenue from Noninterest Income that primarily consists of Trust, Investment and Other Servicing Fees. Net Interest Income comprises the remainder of revenue and consists of Interest Income generated by earning assets, net of Interest Expense on deposits and borrowed funds.

TABLE 4: REVENUE

[[GREPCENT_TABLE]]
[["","FOR THE YEAR ENDED DECEMBER 31,","CHANGE"],["($ In Millions)","2025","2024","2023","2025 / 2024","2024 / 2023"],["Noninterest Income"],["Trust, Investment and Other Servicing Fees","$","5,017.8","","$","4,727.8","","$","4,361.8","","6","%","8","%"],["Foreign Exchange Trading Income","240.8","","231.2","","203.9","","4","","13"],["Treasury Management Fees","38.7","","35.7","","31.6","","8","","13"],["Security Commissions and Trading Income","170.4","","150.5","","135.0","","13","","11"],["Other Operating Income","207.7","","1,157.4","","228.7","","(82)","","N/M"],["Investment Security Gains (Losses), net","\u2014","","(189.3)","","(169.5)","","N/M","12"],["Total Noninterest Income","$","5,675.4","","$","6,113.3","","$","4,791.5","","(7)","%","28","%"],["Net Interest Income(1)","2,411.0","","2,177.1","","1,982.0","","11","","10"],["Total Revenue","$","8,086.4","","$","8,290.4","","$","6,773.5","","(2)","%","22","%"]]
[[/GREPCENT_TABLE]]

(1) Net Interest Income stated on a GAAP basis. Net Interest Income on an FTE basis includes FTE adjustments of $28.5 million, $31.8 million, and $57.5 million for 2025, 2024, and 2023, respectively. A reconciliation of total consolidated revenue, Net Interest Income and net interest margin on a GAAP basis to revenue, Net Interest Income and net interest margin on an FTE basis, respectively, (each of which is a non-GAAP financial measure) is provided in “Supplemental Information—Reconciliation to Fully Taxable Equivalent” within this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section.

Revenue in 2025 decreased $204.0 million from 2024, reflecting:

•Trust, Investment and Other Servicing Fees increased $290.0 million in 2025 compared to 2024, primarily due to favorable markets, net new business, and favorable currency movements.

•Noninterest Income, excluding Trust, Investment and Other Servicing Fees, decreased $727.9 million in 2025 compared to 2024 primarily due to lower Other Operating Income driven by a $896.7 million gain related to Northern Trust’s participation in a Visa Exchange Offer in the prior year, partially offset by lower losses recognized on investment securities and higher Security Commissions and Trading Income.

•Net Interest Income on a fully taxable equivalent (FTE) basis in 2025 of $2.4 billion increased $230.6 million, or 10%, from $2.2 billion in 2024, primarily due to higher deposits and lower funding costs, partially offset by lower yields on interest-earning assets.

[[GREPCENT_TABLE]]
[["","","2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION 41"]]
[[/GREPCENT_TABLE]]

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Trust, Investment and Other Servicing Fees

Trust, Investment and Other Servicing Fees are based primarily on the market value of assets held in custody, managed or serviced; the volume of transactions; number of accounts; securities lending volume and spreads; and fees for other services rendered. Certain market value calculations on which fees are based are performed on a monthly or quarterly basis in arrears.

The components of Trust, Investment and Other Servicing Fees are provided in the following table.

TABLE 5: TRUST, INVESTMENT AND OTHER SERVICING FEES

[[GREPCENT_TABLE]]
[["","FOR THE YEAR ENDED DECEMBER 31,","CHANGE"],["($ In Millions)","2025","2024","2023","2025 / 2024","2024 / 2023"],["Asset Servicing Trust, Investment and Other Servicing Fees"],["Custody and Fund Administration","$","1,901.6","","$","1,792.6","","$","1,689.5","","6","%","6","%"],["Investment Management","635.2","","595.2","","528.1","","7","","13"],["Securities Lending","82.4","","72.3","","83.0","","14","","(13)"],["Other","181.0","","172.7","","161.3","","5","","7"],["Total Asset Servicing Trust, Investment and Other Servicing Fees","$","2,800.2","","$","2,632.8","","$","2,461.9","","6","%","7","%"],["Wealth Management Trust, Investment and Other Servicing Fees"],["Central","$","786.0","","$","740.9","","$","673.8","","6","%","10","%"],["East","575.5","","539.7","","491.5","","7","","10"],["West","439.0","","418.9","","378.0","","5","","11"],["Global Family Office","417.1","","395.5","","356.6","","5","","11"],["Total Wealth Management Trust, Investment and Other Servicing Fees","$","2,217.6","","$","2,095.0","","$","1,899.9","","6","%","10","%"],["Total Consolidated Trust, Investment and Other Servicing Fees","$","5,017.8","","$","4,727.8","","$","4,361.8","","6","%","8","%"]]
[[/GREPCENT_TABLE]]

Asset Servicing

Asset Servicing Trust, Investment and Other Servicing Fees are primarily attributable to services related to custody, fund administration, investment management, and securities lending. Custody and Fund Administration fees are driven primarily by values of client AUC/A, transaction volumes and the number of accounts. The asset values used to calculate these fees vary depending on the individual fee arrangements negotiated with each client. Custody fees related to asset values are client specific and are priced based on month-end market values, quarter-end market values, or the average of month-end market values for the quarter. The fund administration fees that are asset-value-related are priced using month-end, quarter-end, or average daily balances. Investment Management fees are based generally on market values of client AUM throughout the period. Typically, the asset values used to calculate fee revenue are based on a one-month or one-quarter lag.

Securities Lending revenue is affected by market values; the demand for securities to be lent, which drives volumes; and the interest rate spread earned on the investment of cash deposited by investment firms as collateral for securities they have borrowed.

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/NTRS/mda/fy2025/
All MD&A years: /company/NTRS/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/NTRS/mda/fy2024/): filed 2025-02-24; accession 0000073124-25-000105 (https://www.sec.gov/Archives/edgar/data/73124/000007312425000105/ntrs-20241231.htm)
- [FY 2023 MD&A](/company/NTRS/mda/fy2023/): filed 2024-02-27; accession 0000073124-24-000073 (https://www.sec.gov/Archives/edgar/data/73124/000007312424000073/ntrs-20231231.htm)
- [FY 2022 MD&A](/company/NTRS/mda/fy2022/): filed 2023-02-28; accession 0000073124-23-000049 (https://www.sec.gov/Archives/edgar/data/73124/000007312423000049/ntrs-20221231.htm)
- [FY 2021 MD&A](/company/NTRS/mda/fy2021/): filed 2022-02-28; accession 0000073124-22-000071 (https://www.sec.gov/Archives/edgar/data/73124/000007312422000071/ntrs-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/NTRS.md · JSON record: /company/NTRS.json · verified financials: /company/NTRS/financials.json / /company/NTRS/financials.csv · machine TOC for the whole site: /llms.txt