NTRS FY 2023 Earnings Report — Northern Trust Corporation Revenue & Financial Results | Market Cap Arena

Northern Trust CorporationNTRS

FY 2023 Earnings

Reported February 27, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$12.1B	—	$7.8B	—	56.3%
Op. Income	$1.5B	—	$1.8B	—	-17.1%
Gross Margin	55.7%	—	87.1%	—	-31.4pp
Net Margin	9.1%	—	17.2%	—	-8.1pp
EPS (Diluted)	$5.08	—	$6.14	—	-17.3%
Free Cash Flow	$1.9B	—	$1.7B	—	16.8%

Revenue Flow

Item	Amount
REVENUE	$12.1B
Cost of Revenue	$5.4B
GROSS PROFIT	$6.7B
R&D Expenses	$0
Selling & Marketing	$75M
General & Administrative	$2.8B
SG&A Expenses	$2.9B
Other Expenses	$2.4B
Operating Expenses	$5.3B
Cost & Expenses	$10.7B
OPERATING INCOME	$1.5B
Interest Income	$7.3B
Interest Expense	$5.3B
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.5B
Income Tax Expense	$358M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$635M
EBIT	$1.5B
EBITDA	$2.1B
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$12.1B
Cost of Revenue	$5.4B
GROSS PROFIT	$6.7B
R&D Expenses	$0
Selling & Marketing	$75M
General & Administrative	$2.8B
SG&A Expenses	$2.9B
Other Expenses	$2.4B
Operating Expenses	$5.3B
Cost & Expenses	$10.7B
OPERATING INCOME	$1.5B
Interest Income	$7.3B
Interest Expense	$5.3B
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.5B
Income Tax Expense	$358M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$635M
EBIT	$1.5B
EBITDA	$2.1B
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$1.1B
Depreciation & Amortization	$635M
Stock-Based Compensation	$0
Deferred Income Tax	-$48M
Other Non-Cash Items	$951M
Change in Working Capital	-$19M
OPERATING CASH FLOW	$2.6B
Capital Expenditure	-$676M
Acquisitions (Net)	$0
Purchases of Investments	-$40.1B
Sales/Maturities of Investments	$43.7B
Other Investing Activities	$1.3B
NET CASH FROM INVESTING	$4.8B
Net Debt Issuance	$941M
Common Stock Repurchased	-$348M
Common Dividends Paid	-$622M
Other Financing Activities	-$7.1B
NET CASH FROM FINANCING	-$7.2B
FREE CASH FLOW	$1.9B
Net Change in Cash	$137M

Balance Sheet

Item	Amount
Cash & Equivalents	$41.1B
Short-Term Investments	$23.9B
Net Receivables	$213M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$65.1B
PP&E (Net)	$502M
Goodwill	$702M
Intangible Assets	$0
Long-Term Investments	$72.9B
Tax Assets	$0
Other Non-Current Assets	$11.6B
TOTAL NON-CURRENT ASSETS	$85.6B
TOTAL ASSETS	$150.8B
Account Payables	$0
Short-Term Debt	$3.8B
Deferred Revenue	$0
Other Current Liabilities	$116.2B
TOTAL CURRENT LIABILITIES	$120.0B
Long-Term Debt	$13.4B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$5.5B
TOTAL NON-CURRENT LIABILITIES	$18.9B
TOTAL LIABILITIES	$138.9B
Common Stock	$409M
Additional Paid-In Capital	$1.0B
Retained Earnings	$14.2B
Treasury Stock	-$3.5B
Accum. Other Comp. Income	-$1.1B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$11.9B
Minority Interest	$0
TOTAL EQUITY	$11.9B
TOTAL LIABILITIES & EQUITY	$150.8B
Total Debt	$17.2B
Net Debt	-$23.8B