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Northern Trust (NTRS) FY2025 results: revenue $8.1 billion, down 2.5% on the year

Northern Trust Corp. (NTRS) reported revenue of $8.1 billion for fiscal 2025, the year ended 31 December 2025, down 2.5% on the year before. Net income was $1.7 billion, down 14.5%, and diluted earnings per share $8.74. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue
$8.1 billion
-2.5% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$1.7 billion
-14.5% on the year
FY2018FY2025
Diluted EPS
$8.74
-10.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Diluted EPS rose to $2.42: Diluted EPS was $2.42, against $2.29 in the third quarter and $2.26 a year earlier. Net income was $466.0 million. Full-year net income was $1,736.9 million, down 14%.
  • Revenue rose 5% sequentially: Total revenue on an FTE basis was $2,135.8 million, up 5% from the third quarter and 8% from a year earlier. Trust, investment and other servicing fees were the largest component.
  • Trust fees rose 3% sequentially: Trust, investment and other servicing fees were $1,307.4 million, up 3% sequentially and 7% from a year earlier. Asset Servicing fees were $729.6 million and Wealth Management fees $577.8 million.
  • Net interest income rose 10%: Net interest income on an FTE basis was $654.3 million, up 10% sequentially and 14% from a year earlier. Management attributed the sequential rise to higher deposits, deposit mix and lower funding costs.
  • Noninterest expense rose 5%: Noninterest expense was $1,497.3 million, up 5% sequentially and 9% from a year earlier. Compensation was $686.8 million, up 10% sequentially.
Read the Q4 FY2025 earnings call summary

From this 10-K

Northern Trust does two things: it services assets for institutions, and it manages money for wealthy families. It is a financial holding company, and almost all of the business runs through The Northern Trust Company, an Illinois banking corporation headquartered in Chicago and founded in 1889. The holding company was formed above it in 1971. The company describes itself as a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals.

Northern Trust Corp., the 10-K for 2025

Northern Trust does two things: it services assets for institutions, and it manages money for wealthy families. It is a financial holding company, and almost all of the business runs through The Northern Trust Company, an Illinois banking corporation headquartered in Chicago and founded in 1889. The holding company was formed above it in 1971. The company describes itself as a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals.

Where it is

Offices in 24 US states and Washington, D.C., and 22 locations across Canada, Europe, the Middle East and the Asia-Pacific region. The wealth side is delivered through offices in 19 US states and Washington, D.C., plus London, Guernsey, Singapore and Abu Dhabi.

Asset Servicing

The institutional half. Clients are corporate and public retirement funds, foundations, endowments, fund managers, insurance companies, sovereign wealth funds and other institutional investors. The work runs to custody, fund administration, investment operations outsourcing, investment management, investment risk and analytical services, employee benefit services, securities lending, foreign exchange, treasury management, brokerage, transition management, banking and cash management. At the end of 2025 this segment held $17.4 trillion of assets under custody or administration, $13.6 trillion under custody, and $1.3 trillion under management. Those are client assets rather than the company's own.

Wealth Management

The private half, aimed at high net worth individuals and families, business owners, executives, professionals, retirees and established privately held businesses. It sells trust, investment management, custody and philanthropic services, financial consulting, guardianship and estate administration, family business consulting, family financial education, brokerage, and private and business banking. Inside it sits Global Family Office, which handles family offices specifically: investment management, global custody, fiduciary work, private banking, family office consulting and technology. At the end of 2025 this segment held $1.3 trillion under custody or administration, $1.3 trillion under custody, and $507.2 billion under management. The company describes it as one of the largest providers of advisory services in the United States.

Asset Management, which is not a segment

Worth understanding because it explains the reporting. Asset Management runs across the company's subsidiaries and supports both reporting segments rather than standing beside them: its revenue and expenses are allocated in full to Asset Servicing and Wealth Management. It delivers through separately managed accounts, bank common and collective funds, registered investment companies, exchange traded funds, non-US collective investment funds and unregistered private investment funds, and its capabilities cover active and passive equity, active and passive fixed income, and cash. Income and expense that is not allocated to either segment is reported in Other.

The bank inside the holding company

At the end of 2025 the bank held consolidated assets of $176.4 billion against the group's $177.1 billion, which is the filing's own way of saying that the holding company is a thin wrapper and the bank is the business. The company states that it expects the bank to continue to be the major source of the group's consolidated assets, revenues and net income for the foreseeable future.

From Northern Trust's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue8,0868,2906,774-2.5%
Interest expensen/an/a5,343
Pre-tax income2,3402,6601,465-12.0%
Income tax603628358-4.1%
Effective tax rate25.8%23.6%24.4%
Net income1,7372,0311,107-14.5%
Net margin21.5%24.5%16.3%
Diluted EPS$8.74$9.77$5.08-10.5%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow5,534-4862,626
Capital expenditure74.0102116-27.1%
Free cash flow5,460-5882,509
Cash from investing-20,170-2,5644,784
Cash from financing15,1763,440-7,183+341.2%
Depreciation and amortisation779717635+8.7%
Share-based compensation126119118+5.9%
Buybacks1,274938348+35.8%
Dividends paid592602622-1.8%
Dividend per share$3.10$3.00$3.00+3.3%
Diluted shares, weighted192m202m208m-4.8%
Shares outstanding at period end186m196m205m-4.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity12,95812,78811,898+1.3%
Deposits142,798122,483116,164+16.6%
Debt16,42815,99417,236+2.7%
Other liabilities4,9504,2445,485+16.6%
Total liabilities and equity177,133155,508150,783+13.9%
Fixed assets465490502-5.2%
Goodwill713695702+2.6%
Securities held for sale or to maturity57,46651,29849,312+12.0%
Resale agreements2,654451800+488.5%
Trading assetsn/an/a0.0
Cash and equivalents5,8734,6774,792+25.6%
Other assets109,96297,89794,676+12.3%
Total assets177,133155,508150,783+13.9%

10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.