NTRS

MKT CAP:$26B

Northern Trust Corporation

Market Cap

$26B

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$164.01+$24.73 (+17.76%)

Apr 24, 2026

Company Details

Northern Trust Corporation, a financial holding company, provides wealth management, asset servicing, asset management, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates in two segments, ...

CEO

Michael Gerard O'Grady

IPO Date

Mar 17, 1980

Website

www.northerntrust.com

Key Metrics TTM

Revenue

$14.6B

-7.9% YoY

Net Income

$1.9B

EPS (Diluted)

$9.55

Free Cash Flow

$4.7B

Revenue / Share

$78.12

Gross Margin

57.3%

Operating Margin

17.2%

Net Margin

12.8%

FCF Margin

32.5%

P/S

1.8x

P/E

14.1x

Earnings Reports

Q1 2026

Apr 21, 2026

NEW

$3.8B+7.8%EPS $2.71

FY 2025

Feb 24, 2026

$14.3B-9.9%EPS $8.74

Q4 2025

Feb 24, 2026

$3.6B-1.8%EPS $2.42

Q3 2025

Oct 30, 2025

$3.6B-9.1%EPS $2.29

Q2 2025

Jul 30, 2025

$3.6B-23.4%EPS $2.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$1.8B	$1.8B	$541M
Q3 22	$2.0B	$1.8B	$525M
Q4 22	$2.2B	$1.5B	$190M
Q1 23	$2.7B	$1.7B	$444M
Q2 23	$3.0B	$1.8B	$441M
Q3 23	$3.2B	$1.7B	$434M
Q4 23	$3.3B	$1.5B	$146M
Q1 24	$3.6B	$1.7B	$291M
Q2 24	$4.7B	$2.7B	$1.2B
Q3 24	$3.9B	$2.0B	$601M
Q4 24	$3.7B	$2.0B	$594M
Q1 25	$3.5B	$1.9B	$521M
Q2 25	$3.6B	$2.0B	$565M
Q3 25	$3.6B	$2.0B	$620M
Q4 25	$3.6B	$2.1B	$626M
Q1 26	$3.8B	$2.2B	$701M

Valuation

Quarter	P/S	P/E
Q2 22	3.9x	16.7x
Q3 22	3.6x	16.7x
Q4 22	3.4x	19.8x
Q1 23	3.0x	20.6x
Q2 23	2.7x	21.7x
Q3 23	2.4x	23.0x
Q4 23	2.2x	23.9x
Q1 24	2.0x	26.8x
Q2 24	1.8x	17.0x
Q3 24	1.7x	15.7x
Q4 24	1.7x	13.0x
Q1 25	1.7x	12.0x
Q2 25	1.8x	15.2x
Q3 25	1.8x	15.3x
Q4 25	1.8x	15.2x
Q1 26	1.8x	14.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$747M	$598M
Q2 22	-$1.6B	-$1.8B
Q3 22	-$896M	-$1.1B
Q4 22	$4.2B	$3.9B
Q1 23	-$165M	-$294M
Q2 23	-$99M	-$271M
Q3 23	$87M	-$78M
Q4 23	$2.8B	$2.6B
Q1 24	-$1.5B	-$1.6B
Q2 24	$3.0B	$2.8B
Q3 24	$611M	$402M
Q4 24	-$2.6B	-$2.9B
Q1 25	$2.7B	$2.6B
Q2 25	$1.9B	$1.7B
Q3 25	$526M	$358M
Q4 25	$388M	$159M

Capital Expenditures

Quarter	CapEx
Q1 22	$149M
Q2 22	$168M
Q3 22	$179M
Q4 22	$228M
Q1 23	$129M
Q2 23	$171M
Q3 23	$165M
Q4 23	$210M
Q1 24	$128M
Q2 24	$182M
Q3 24	$209M
Q4 24	$227M
Q1 25	$184M
Q2 25	$218M
Q3 25	$168M
Q4 25	$230M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+15.3%	+17.1%
Q3 22	+24.6%	+35.3%
Q4 22	+29.1%	+69.5%
Q1 23	+55.1%	+83.8%
Q2 23	+62.9%	+97.0%
Q3 23	+57.0%	+82.7%
Q4 23	+51.4%	+58.6%
Q1 24	+33.6%	+47.1%
Q2 24	+57.7%	+38.8%
Q3 24	+22.8%	+20.4%
Q4 24	+12.7%	-1.1%
Q1 25	-1.4%	-8.6%
Q2 25	-23.4%	-13.9%
Q3 25	-9.1%	-11.3%
Q4 25	-1.8%	-3.2%
Q1 26	+7.8%	+3.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$677M	$18M
Q3 22	$675M	$20M
Q4 22	$679M	$28M
Q1 23	$710M	$16M
Q2 23	$721M	$21M
Q3 23	$678M	$16M
Q4 23	$764M	$21M
Q1 24	$749M	$17M
Q2 24	$783M	$21M
Q3 24	$712M	$19M
Q4 24	$640M	$25M
Q1 25	$766M	$17M
Q2 25	$749M	$22M
Q3 25	$757M	$17M
Q4 25	$1.1B	$36M
Q1 26	$1.2B	—

Revenue Segments

Quarter	Asset Servicing Segment	Wealth Management
Q2 22	$1.0B	$751M
Q4 24	$2.2B	$1.6B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$45.6B	$9.7B	$55.3B
Q3 22	$45.7B	$9.9B	$55.6B
Q4 22	$46.6B	$26.7B	$73.3B
Q1 23	$45.7B	$9.8B	$55.5B
Q2 23	$49.1B	$10.8B	$59.9B
Q3 23	$39.4B	$8.9B	$48.3B
Q4 23	$41.1B	$23.1B	$64.1B
Q1 24	$47.0B	$8.4B	$55.4B
Q2 24	$51.2B	$8.8B	$60.0B
Q3 24	$49.3B	$10.8B	$60.1B
Q4 24	$45.4B	$11.1B	$56.5B
Q1 25	$58.8B	$10.5B	$69.3B
Q2 25	$61.1B	$12.3B	$73.4B
Q3 25	$56.7B	$14.6B	$71.3B
Q4 25	$61.1B	$2.7B	$63.8B
Q1 26	$6.3B	$0	$6.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	209M	+0.0%	-0.1%
Q3 22	209M	+0.0%	-0.0%
Q4 22	209M	+0.0%	+0.1%
Q1 23	209M	-0.1%	-0.0%
Q2 23	208M	-0.4%	-0.5%
Q3 23	207M	-0.3%	-0.8%
Q4 23	206M	-0.4%	-1.2%
Q1 24	205M	-0.7%	-1.7%
Q2 24	204M	-0.7%	-2.0%
Q3 24	201M	-1.6%	-3.2%
Q4 24	198M	-1.2%	-4.1%
Q1 25	196M	-1.0%	-4.4%
Q2 25	193M	-1.4%	-5.1%
Q3 25	191M	-1.2%	-4.8%
Q4 25	189M	-1.3%	-4.8%
Q1 26	187M	-1.1%	-4.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$86.7K	21K
Q3 22	$96.7K	21K
Q4 22	$91.3K	24K
Q1 23	$113.1K	24K
Q2 23	$126.3K	24K
Q3 23	$135.8K	24K
Q4 23	$141.2K	23K
Q1 24	$154.3K	23K
Q2 24	$203.4K	23K
Q3 24	$170.4K	23K
Q4 24	$157.8K	23K
Q1 25	$150.8K	23K
Q2 25	$154.5K	23K
Q3 25	$153.6K	23K
Q4 25	$151.6K	24K
Q1 26	$159.1K	24K

Revenue / Employee