Northern Trust Corporation (NTRS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$4.62	$4.23	-8.4%	—	—	—
Q3 26	$2.33	$2.71	+16.3%	—	—	—
Q2 26	$2.37	$2.42	+2.1%	—	—	—
Q1 26	$2.24	$2.29	+2.2%	—	—	—
Q4 25	$2.04	$2.13	+4.4%	—	—	—
Q3 25	$1.84	$1.9	+3.3%	—	—	—
Q2 25	$2	$2.26	+13.0%	—	—	—
Q1 25	$1.93	$2.22	+15.0%	—	—	—
Q4 24	$1.73	$4.34	+150.9%	—	—	—
Q3 24	$1.06	$0.96	-9.4%	—	—	—
Q2 24	$0.91	$0.52	-42.9%	—	—	—
Q1 24	$1.49	$1.49	0.0%	—	—	—
Q4 23	$1.61	$1.56	-3.1%	—	—	—
Q3 23	$1.51	$1.51	0.0%	—	—	—
Q2 23	$1.79	$0.71	-60.3%	—	—	—
Q1 23	$1.85	$1.8	-2.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.78	—	—	$8.1B	—
FY24	—	$9.8	—	—	$8.3B	—
FY23	—	$5.09	—	—	$6.8B	—
FY22	—	$6.16	—	—	$6.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.8B	$5.4B	$6B	$6.1B	$6.1B	$6.5B	$6.8B	$6.8B	$8.3B	$8.1B
YoY change	+5.13%	+11.1%	+10.9%	+1.89%	+0.46%	+5.96%	+4.59%	+0.18%	+22.4%	-2.46%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.8B	5.4B	6B	6.1B	6.1B	6.5B	6.8B	6.8B	8.3B	8.1B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2B	2.2B	2.3B	2.4B	2.4B	2.6B	2.8B	2.9B	3B	3.1B
Operating expenses	2B	2.2B	2.3B	2.4B	2.4B	2.6B	2.8B	2.9B	3B	3.1B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	1.5B	1.6B	2B	1.9B	1.6B	2B	1.8B	1.5B	2.7B	2.3B
Income tax	484.6M	434.9M	401.4M	451.9M	418.3M	464.8M	430.3M	357.5M	628.4M	602.6M
Net income	1B	1.2B	1.6B	1.5B	1.2B	1.5B	1.3B	1.1B	2B	1.7B
Net margin	21.3%	22.3%	26.1%	24.6%	19.8%	23.9%	19.8%	16.3%	24.5%	21.5%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	4.35	4.95	6.68	6.66	5.48	7.16	6.16	5.09	9.8	8.78
Diluted EPS	4.32	4.92	6.64	6.63	5.46	7.14	6.14	5.08	9.77	8.74

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.7B	1.5B	1.6B	2.7B	2B	2B	1.9B	2B	2B	2.1B	2.2B	2.2B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	694.4M	785.5M	765.3M	722.4M	731.4M	664.4M	783.1M	771.2M	773.7M	777.7M	857.6M	855.8M
Operating expenses	694.4M	785.5M	765.3M	722.4M	731.4M	664.4M	783.1M	771.2M	773.7M	777.7M	857.6M	855.8M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	434.3M	145.8M	290.6M	1.2B	601.1M	594.2M	521.4M	564.8M	619.5M	633.8M	700.6M	1.1B
Income tax	106.5M	32.7M	75.9M	277.5M	136.2M	138.8M	129.4M	143.5M	161.9M	167.8M	175.1M	272.5M
Net income	327.8M	113.1M	214.7M	896.1M	464.9M	455.4M	392M	421.3M	457.6M	466M	525.5M	792.2M
Net margin	19%	7.32%	13%	33%	23.6%	23.2%	20.2%	21.1%	22.6%	21.9%	23.8%	36.5%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	1.49	0.52	0.96	4.35	2.23	2.27	1.91	2.14	2.3	2.44	2.72	4.25
Diluted EPS	1.49	0.52	0.96	4.34	2.22	2.26	1.9	2.13	2.29	2.42	2.71	4.23

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	20.3B	22.8B	18.7B	22.8B	19.4B	24.9B	18.4B	17.5B	20.6B	26.1B	31.9B
Enterprise value	-19.8B	-30.5B	-45.9B	-48.6B	-78.3B	-75.5B	-42.5B	-20.3B	-22.1B	-36.5B	39.4B
Shares outstanding	227.6M	228.3M	223.1M	214.5M	208.3M	208.1M	208.3M	207.2M	201.3M	191.4M	191.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	19.6	19	12	15.3	16	16.1	13.8	15.8	10.2	15	15
P/S	4.19	4.24	3.13	3.75	3.18	3.85	2.73	2.58	2.49	3.23	3.52
P/B	2.07	2.23	1.78	2.05	1.66	2.07	1.64	1.47	1.61	2.02	2.56
EV/Sales	-4.1	-5.67	-7.69	-8	-12.8	-11.7	-6.29	-2.99	-2.66	-4.51	4.33
Earnings yield	5.09%	5.26%	8.34%	6.55%	6.23%	6.21%	7.25%	6.33%	9.85%	6.65%	6.65%
FCF yield	5.11%	5.47%	6.76%	8.74%	6.89%	3.38%	9.05%	11.1%	-5.97%	18.2%	5.26%
PEG	—	—	—	—	—	—	—	—	—	—	0.15

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	42.5%
Net margin	21.3%	22.3%	26.1%	24.6%	19.8%	23.9%	19.8%	16.3%	24.5%	21.5%	24.7%
ROE	10.6%	11.7%	14.8%	13.5%	10.3%	12.9%	11.9%	9.31%	15.9%	13.4%	17.1%
ROA	—	—	—	—	—	—	—	—	1.31%	0.98%	1.28%
Return on tangible assets	—	—	—	—	—	—	—	—	1.32%	0.99%	1.26%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Debt / equity	0.84	0.91	1.08	0.97	0.74	0.6	1.1	1.13	1.05	1.08	0.01
Debt / assets	—	—	—	—	—	—	—	—	0.09	0.08	0.08
Effective tax rate	31.9%	26.6%	20.5%	23.2%	25.7%	23.1%	24.4%	24.4%	23.6%	25.8%	25.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	21.3	23.5	26.7	28.3	29.3	31.1	32.5	32.7	41.2	42.3	48.7
EPS (basic)	4.35	4.95	6.68	6.66	5.48	7.16	6.16	5.09	9.8	8.78	8.78
EPS (diluted)	4.32	4.92	6.64	6.63	5.46	7.14	6.14	5.08	9.77	8.74	11.6
Book value per share	42.9	44.8	47.1	51.7	56.1	57.8	54.1	57.4	63.5	67.7	68.4
FCF per share	4.55	5.47	5.65	9.29	6.42	4.04	8.01	9.41	-6.12	24.9	-1.18
Cash per share	212.3	273.9	339.8	382.7	510.2	517.1	352	246.8	278.7	400.3	54.7
Capex per share	0.49	0.4	0.44	0.74	0.65	0.46	0.62	0.56	0.5	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.3%	1.7%	1.64%	2.6%	2.23%	1.48%	1.9%	1.72%	1.22%	—	—
Capex / operating cash flow	7.7%	5.53%	5.55%	6.2%	8%	7.08%	5.49%	4.76%	-23.9%	—	—
Payout ratio	34.5%	33.9%	29%	38.6%	52.1%	40.5%	59.6%	59.9%	31.7%	36.5%	27.5%
Dividend yield	1.76%	1.78%	2.42%	2.53%	3.25%	2.51%	4.32%	3.79%	3.12%	2.42%	2.02%

Yield

2.02%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.88

ex-dividend Sep 4, 2026

Payout ratio

27%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 4, 2026	$0.88
Jun 5, 2026	$0.80
Mar 6, 2026	$0.80

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.7B	$1.5B	$1.6B	$2.7B	$2B	$2B	$1.9B	$2B	$2B	$2.1B	$2.2B	$2.2B
YoY change	-1.61%	+1.73%	-5.61%	+54.5%	+14%	+26.8%	+17.8%	-26.4%	+2.89%	+8.35%	+13.7%	+8.74%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	48.3B	62.5B	75.8B	82.1B	106.3B	107.6B	73.3B	51.2B	56.1B	76.6B
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	686M	668.8M	832.4M	908.5M	257.1M	271.1M	275.8M	249.1M	263.8M	236.8M
Goodwill & intangibles	1B	1.2B	1.3B	1.4B	3.1B	3.2B	1.4B	1.4B	1.4B	1.4B
Total assets	—	—	—	—	—	—	—	—	155.5B	177.1B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	499.8M	0	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	8.2B	9.3B	11.3B	10.7B	8.6B	6.7B	12.4B	13.4B	13.4B	14B
Total liabilities	—	—	—	—	—	—	—	—	142.7B	164.2B
Shareholders' equity	9.8B	10.2B	10.5B	11.1B	11.7B	12B	11.3B	11.9B	12.8B	13B
Total debt	8.2B	9.3B	11.3B	10.7B	8.6B	7.2B	12.4B	13.4B	13.4B	14B
Net debt	-28.6B	-41.3B	-27.6B	-32.5B	-55.7B	-62.4B	-34.2B	-27.7B	-32B	-47.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	48.3B	51.2B	55.4B	60B	59.1B	56.1B	69.2B	72.5B	69.5B	76.6B	60.2B	68.1B
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	249.1M	—	—	—	263.8M	—	—	—	236.8M	—	—
Goodwill & intangibles	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B
Total assets	—	—	156.1B	156.8B	155.8B	155.5B	165.1B	171.9B	170.3B	177.1B	174.6B	179.3B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	13.6B	13.4B	13.3B	13.6B	13.8B	13.4B	13.4B	13.5B	13.5B	14B	14.1B	14B
Total liabilities	—	—	—	144.1B	143B	142.7B	152.2B	159B	157.3B	164.2B	161.6B	165.9B
Shareholders' equity	11.8B	11.9B	12.1B	12.7B	12.7B	12.8B	12.9B	12.9B	13B	13B	13B	13.4B
Total debt	13.6B	13.4B	13.3B	13.6B	13.8B	13.4B	13.4B	13.5B	13.5B	14B	14.1B	14B
Net debt	-25.8B	-27.7B	-33.6B	-37.5B	-35.5B	-32B	-45.4B	-47.6B	-43.2B	-47.1B	-35.4B	-43.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1B	1.2B	1.6B	1.5B	1.2B	1.5B	1.3B	1.1B	2B	1.7B
Depreciation & amortization	373.3M	421.7M	460.9M	458.9M	500.3M	515.6M	553.6M	634.6M	716.8M	779.1M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-438.7M	413.8M	-998.1M	1B	-11.5M	-898M	931.2M	-19.2M	-3.2B	2.9B
Operating cash flow	1.4B	1.7B	1.8B	2.5B	1.7B	1.3B	2.3B	2.4B	-425.2M	5.5B
Capital expenditure	-111.3M	-91.6M	-97.6M	-158M	-135.8M	-95.5M	-128.6M	-116.5M	-101.5M	—
Investing cash flow	-6.8B	-2.6B	-6.2B	-239.6M	-7.4B	-4.7B	6.1B	3.5B	-985.5M	-5.8B
Dividends paid	-356.4M	-406.6M	-451.8M	-576.1M	-630.5M	-625.1M	-796.7M	-663.3M	-644.1M	-633.4M
Share repurchases	-411.1M	-523.1M	-924.3M	-1.1B	-699.8M	-267.6M	-35.4M	-347.5M	-937.8M	-1.3B
Financing cash flow	785.3M	179.4M	669.5M	-2B	-3.5B	-2.1B	4.6B	-72.6M	-1.7B	-1.5B
Net change in cash	-4.5B	-718.2M	-3.8B	335.7M	-9.2B	-5.5B	13.1B	5.9B	-3.1B	-1.7B
Free cash flow	1B	1.2B	1.3B	2B	1.3B	840.9M	1.7B	1.9B	-1.2B	4.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	327.8M	113.1M	214.7M	896.1M	464.9M	455.4M	392M	421.3M	457.6M	466M	525.5M	792.3M
Depreciation & amortization	157.5M	169M	170.3M	180.5M	183.1M	182.9M	190.7M	195.7M	195.8M	196.9M	197.1M	198.4M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-869.8M	1.9B	-1.2B	305.6M	647.5M	-2.9B	2.2B	924.7M	-1.1B	749.6M	-1.3B	-363.2M
Operating cash flow	71.2M	2.7B	-1.4B	3B	610.6M	-2.6B	2.9B	1.9B	525.8M	388.4M	-320M	-64.9M
Capital expenditure	-21.1M	-63.8M	-14.3M	-20.8M	-25.7M	-40.7M	-12.4M	-12.4M	—	—	—	—
Investing cash flow	119.7M	995M	559M	-693.8M	569.2M	-1.4B	298.1M	-1.3B	-1.5B	-3.3B	-7.8B	3.9B
Dividends paid	-171.6M	-158.9M	-169.8M	-156.6M	-165.4M	-152.3M	-162.3M	-148.7M	-168.1M	-154.3M	-164.7M	-151.6M
Share repurchases	-1.1M	-146.2M	-132M	-250.8M	-301.4M	-253.6M	-287.2M	-339.4M	-277M	-369.9M	-358.9M	-350.6M
Financing cash flow	-3.7B	-648.3M	-332.7M	-169.9M	-429M	-760.5M	-443.8M	-555.7M	-397.4M	45.7M	-462.7M	-516.1M
Net change in cash	-3.5B	3B	-1.2B	2.1B	750.8M	-4.8B	2.8B	23.8M	-1.3B	-2.9B	-8.6B	3.3B
Free cash flow	-78.3M	2.6B	-1.6B	2.8B	402.2M	-2.9B	2.6B	1.7B	357.5M	183.5M	-539.5M	-219.4M

Date	Ratio
Dec 10, 1999	2:1
Dec 10, 1996	2:1
Dec 10, 1992	3:2
May 1, 1990	2:1
May 1, 1986	3:1

Northern Trust Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history