Northern Trust (NTRS) Q2 FY2026 earnings: revenue $2.7 billion, up 35.0% on the year

Northern Trust Corp. (NTRS) reported revenue of $2.7 billion for Q2 FY2026, the quarter ended 30 June 2026, up 35.0% on the same quarter a year earlier. Net income was $792 million, up 88.0% on the year. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue

$2.7 billion

+35.0% on the year · +22.3% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

n/a

Q3 FY2024Q2 FY2026

Net income

$792 million

+88.0% on the year · +50.8% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

n/a

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised.

Net income and diluted EPS increased: Net income was $792.2 million, up from $525.5 million in Q1 2026 and $421.3 million a year earlier. Diluted EPS was $4.23 against $2.71 and $2.13. Return on average common equity was 25.9%.
Notable items affected reported results: Notable items were a $451.5 million pre-tax impact in Other Noninterest Income and a $145.6 million pre-tax impact in Noninterest Expense, with after-tax amounts of $342.0 million and $109.9 million.
Client assets rose on markets and inflows: Assets under custody/administration reached $20.0 trillion and assets under management $1.97 trillion at June 30, 2026. Management cited favorable markets and net client inflows as the drivers.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	2,698	2,206	1,998	+22.3%	+35.0%
Pre-tax income	1,065	701	565	+52.0%	+88.5%
Income tax	272	175	144	+55.6%	+89.9%
Effective tax rate	25.6%	25.0%	25.4%
Net income	792	526	421	+50.8%	+88.0%
Net margin	29.4%	23.8%	21.1%
Diluted EPS	n/a	$2.71	$2.13

$ million except per share.

Free 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

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	-64.9	-320	1,870
Capital expenditure	25.4	9.4	12.4	+170.2%	+104.8%
Free cash flow	-90.3	-329	1,857
Cash from investing	-4,846	3,486	-3,621
Cash from financing	4,770	-3,123	3,516		+35.7%
Depreciation and amortisation	198	197	196	+0.7%	+1.4%
Share-based compensation	52.8	74.3	18.2	-28.9%	+190.1%
Buybacks	351	359	339	-2.3%	+3.3%
Dividends paid	147	148	144	-1.1%	+2.0%
Dividend per share	$0.80	$0.80	$0.75	0.0%	+6.7%
Diluted shares, weighted	185m	187m	193m	-0.9%	-4.4%
Shares outstanding at period end	183m	185m	191m	-1.1%	-4.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	13,402	12,987	12,866	+3.2%	+4.2%
Deposits	145,580	139,698	137,054	+4.2%	+6.2%
Debt	15,776	16,371	16,688	-3.6%	-5.5%
Other liabilities	4,539	5,517	5,276	-17.7%	-14.0%
Total liabilities and equity	179,297	174,574	171,884	+2.7%	+4.3%
Fixed assets	448	448	468	+0.0%	-4.3%
Goodwill	710	710	715	+0.0%	-0.7%
Securities held for sale or to maturity	61,615	61,199	53,651	+0.7%	+14.8%
Resale agreements	426	1,679	922	-74.6%	-53.7%
Cash and equivalents	5,737	5,816	6,423	-1.4%	-10.7%
Other assets	110,361	104,723	109,705	+5.4%	+0.6%
Total assets	179,297	174,574	171,884	+2.7%	+4.3%

Questions

What was Northern Trust's revenue in Q2 FY2026?

Northern Trust (NTRS) reported revenue of $2.7 billion for Q2 FY2026, the quarter ended 30 June 2026, up 35.0% on the same quarter a year earlier.

How much did Northern Trust earn in Q2 FY2026?

Net income for Q2 FY2026 was $792 million, up 88.0% on the year.

When did Northern Trust report Q2 FY2026 results?

Northern Trust filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 30 July 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,667	1,719	1,769	1,755	1,519	1,745	1,757	1,726	1,545	1,647	2,716	1,968	1,960	1,940	1,998	2,025	2,123	2,206	2,698	2,294
Interest expense	1.6	2.5	66.1	286	636	924	1,224	1,479	1,716	1,918	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	510	511	541	524	190	444	441	434	146	291	1,174	601	594	521	565	620	634	701	1,065	796
Tax rate	20%	24%	27%	25%	18%	25%	25%	25%	22%	26%	24%	23%	23%	25%	25%	26%	26%	25%	26%	19%
Net income	406	389	396	395	156	335	332	328	113	215	896	465	455	392	421	458	466	526	792	643
Net margin	24%	23%	22%	22%	10%	19%	19%	19%	7%	13%	33%	24%	23%	20%	21%	23%	22%	24%	29%	28%
Diluted EPS	$1.92	$1.77	$1.86	$1.80	$0.71	$1.51	$1.56	$1.49	$0.52	$0.96	$4.34	$2.22	$2.26	$1.90	$2.13	$2.29	$2.42	$2.71	n/a	n/a
Operating cash flow	2,042	747	-1,611	-896	4,152	-165	-99.4	86.7	2,803	-1,453	2,990	611	-2,635	2,750	1,870	526	388	-320	-64.9	1,825
Capital expenditure	30.5	25.8	21.4	23.5	57.9	11.5	20.1	21.1	63.8	14.3	20.8	25.7	40.7	12.4	12.4	16.4	32.8	9.4	25.4	22.2
Free cash flow	2,011	721	-1,632	-919	4,094	-176	-120	65.6	2,739	-1,467	2,970	585	-2,676	2,737	1,857	509	356	-329	-90.3	1,803
Buybacks	1.8	33.8	0.3	1.2	0.1	101	99.3	1.1	146	132	251	301	254	287	339	277	370	359	351	352
Dividends paid	146	146	146	146	313	156	155	155	154	154	152	149	148	146	144	152	150	148	147	160
Shares outstanding	208m	208m	208m	208m	208m	208m	207m	207m	205m	205m	202m	198m	196m	195m	191m	189m	186m	185m	183m	181m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 30 July 2026: the filing.