Northern Trust Financials
This page shows Northern Trust (NTRS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Northern Trust’s reported earnings ride on an asset-heavy, highly leveraged balance sheet where cash generation can swing far more than profit.
Cash conversion flipped from-$486M of operating cash flow in FY2024 to$5.53B in FY2025 even though reported profit stayed positive in both years, a clue that balance-sheet flows can dominate accounting earnings in this model. Because capital spending was only$74M in FY2025, the rise to$5.46B of free cash flow reflects funding mechanics rather than a suddenly less capital-intensive franchise.
The balance sheet remains equity-thin relative to assets:
Share count fell to 185.8M in FY2025 from 204.8M two years earlier, showing that management kept shrinking the denominator even as net income eased from its FY2024 peak. With dividends paid still around
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Northern Trust's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Northern Trust's revenue declined 2.5% year-over-year, from $8.3B to $8.1B. This contraction results in a growth score of 49/100.
Northern Trust has elevated debt relative to equity (D/E of 12.67), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Northern Trust converts 67.5% of revenue into free cash flow ($5.5B). This strong cash generation earns a score of 100/100.
Northern Trust's ROE of 13.4% shows moderate profitability relative to equity, earning a score of 41/100. This is down from 15.9% the prior year.
Northern Trust passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Northern Trust generates $3.19 in operating cash flow ($5.5B OCF vs $1.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Northern Trust generated $8.1B in revenue in fiscal year 2025. This represents a decrease of 2.5% from the prior year.
Northern Trust reported $1.7B in net income in fiscal year 2025. This represents a decrease of 14.5% from the prior year.
Northern Trust earned $8.74 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 10.5% from the prior year.
Cash & Balance Sheet
Northern Trust generated $5.5B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 1029.3% from the prior year.
Northern Trust held $5.9B in cash against $0 in long-term debt as of fiscal year 2025.
Northern Trust paid $3.10 per share in dividends in fiscal year 2025. This represents an increase of 3.3% from the prior year.
Northern Trust had 186M shares outstanding in fiscal year 2025. This represents a decrease of 5.0% from the prior year.
Margins & Returns
Northern Trust's net profit margin was 21.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.0 percentage points from the prior year.
Northern Trust's ROE was 13.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.5 percentage points from the prior year.
Capital Allocation
Northern Trust spent $1.3B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 35.8% from the prior year.
Northern Trust invested $74.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 27.1% from the prior year.
NTRS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2B+3.9% | $2.1B+4.8% | $2.0B+1.4% | $2.0B+3.0% | $1.9B-1.0% | $2.0B-0.5% | $2.0B-27.5% | $2.7B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $822.2M-61.9% | $2.2B+51.9% | $1.4B+0.4% | $1.4B+87.9% | $754.1M-45.2% | $1.4B+1.2% | $1.4B-11.4% | $1.5B |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $1.6B+6.4% | $1.5B-4.4% | $1.6B-3.0% | $1.6B+1.9% | $1.6B-8.4% | $1.7B-12.8% | $2.0B-0.8% | $2.0B |
| Income Tax | $175.1M+4.4% | $167.8M+3.6% | $161.9M+12.8% | $143.5M+10.9% | $129.4M-6.8% | $138.8M+1.9% | $136.2M-50.9% | $277.5M |
| Net Income | $525.5M+12.8% | $466.0M+1.8% | $457.6M+8.6% | $421.3M+7.5% | $392.0M-13.9% | $455.4M-2.0% | $464.9M-48.1% | $896.1M |
| EPS (Diluted) | $2.71 | N/A | $2.29+7.5% | $2.13+12.1% | $1.90 | N/A | $2.22-48.8% | $4.34 |
NTRS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $174.6B-1.4% | $177.1B+4.0% | $170.3B-0.9% | $171.9B+4.1% | $165.1B+6.1% | $155.5B-0.2% | $155.8B-0.7% | $156.8B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $5.8B-1.0% | $5.9B+9.9% | $5.3B-16.8% | $6.4B+47.0% | $4.4B-6.6% | $4.7B-31.9% | $6.9B+4.6% | $6.6B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $709.5M-0.5% | $712.9M0.0% | $712.9M-0.2% | $714.6M+2.0% | $700.5M+0.8% | $694.9M-1.8% | $707.8M+1.5% | $697.4M |
| Total Liabilities | $161.6B-1.6% | $164.2B+4.4% | $157.3B-1.1% | $159.0B+4.5% | $152.2B+6.6% | $142.7B-0.2% | $143.0B-0.8% | $144.1B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $13.0B+0.2% | $13.0B0.0% | $13.0B+0.7% | $12.9B-0.1% | $12.9B+0.7% | $12.8B+0.3% | $12.7B+0.7% | $12.7B |
| Retained Earnings | $17.1B+2.1% | $16.7B+1.9% | $16.4B+1.8% | $16.1B+1.7% | $15.8B+1.5% | $15.6B+2.0% | $15.3B+2.0% | $15.0B |
NTRS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$320.0M-182.4% | $388.4M-26.1% | $525.8M-71.9% | $1.9B-32.0% | $2.7B+204.4% | -$2.6B-531.2% | $611.1M-79.6% | $3.0B |
| Capital Expenditures | $9.4M-71.3% | $32.8M+100.0% | $16.4M+32.3% | $12.4M0.0% | $12.4M-69.5% | $40.7M+58.4% | $25.7M+23.6% | $20.8M |
| Free Cash Flow | -$329.4M-192.6% | $355.6M-30.2% | $509.4M-72.6% | $1.9B-32.2% | $2.7B+202.3% | -$2.7B-557.0% | $585.4M-80.3% | $3.0B |
| Investing Cash Flow | $3.5B+149.3% | -$7.1B-975.4% | $807.7M+122.3% | -$3.6B+64.8% | -$10.3B-365.9% | -$2.2B-163.3% | $3.5B+266.9% | $950.5M |
| Financing Cash Flow | -$3.1B-143.8% | $7.1B+410.1% | -$2.3B-165.5% | $3.5B-48.5% | $6.8B+116.5% | $3.2B+178.6% | -$4.0B-52.0% | -$2.6B |
| Dividends Paid | $148.5M-0.7% | $149.6M-1.5% | $151.9M+5.5% | $144.0M-1.4% | $146.1M-1.0% | $147.6M-1.1% | $149.2M-1.8% | $151.9M |
| Share Buybacks | $358.9M-3.0% | $369.9M+33.5% | $277.0M-18.4% | $339.4M+18.2% | $287.2M+13.2% | $253.6M-15.9% | $301.4M+20.2% | $250.8M |
NTRS Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 23.8%+1.9pp | 21.9%-0.6pp | 22.6%+1.5pp | 21.1%+0.9pp | 20.2%-3.0pp | 23.2%-0.4pp | 23.6%-9.4pp | 33.0% |
| Return on Equity | 4.0%+0.5pp | 3.6%+0.1pp | 3.5%+0.3pp | 3.3%+0.2pp | 3.0%-0.5pp | 3.6%-0.1pp | 3.6%-3.4pp | 7.1% |
| Return on Assets | 0.3%+0.0pp | 0.3%-0.0pp | 0.3%+0.0pp | 0.3%+0.0pp | 0.2%-0.1pp | 0.3%-0.0pp | 0.3%-0.3pp | 0.6% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 12.44-0.2 | 12.67+0.5 | 12.14-0.2 | 12.36+0.5 | 11.82+0.7 | 11.16-0.1 | 11.22-0.2 | 11.39 |
| FCF Margin | -14.9%-31.7pp | 16.8%-8.4pp | 25.1%-67.8pp | 93.0%-48.2pp | 141.1%+277.6pp | -136.5%-166.3pp | 29.7%-79.6pp | 109.3% |
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Frequently Asked Questions
What is Northern Trust's annual revenue?
Northern Trust (NTRS) reported $8.1B in total revenue for fiscal year 2025. This represents a -2.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Northern Trust's revenue growing?
Northern Trust (NTRS) revenue declined by 2.5% year-over-year, from $8.3B to $8.1B in fiscal year 2025.
Is Northern Trust profitable?
Yes, Northern Trust (NTRS) reported a net income of $1.7B in fiscal year 2025, with a net profit margin of 21.5%.
What is Northern Trust's net profit margin?
Northern Trust (NTRS) had a net profit margin of 21.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Northern Trust pay dividends?
Yes, Northern Trust (NTRS) paid $3.10 per share in dividends during fiscal year 2025.
What is Northern Trust's return on equity (ROE)?
Northern Trust (NTRS) has a return on equity of 13.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Northern Trust's free cash flow?
Northern Trust (NTRS) generated $5.5B in free cash flow during fiscal year 2025. This represents a 1029.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Northern Trust's operating cash flow?
Northern Trust (NTRS) generated $5.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Northern Trust's total assets?
Northern Trust (NTRS) had $177.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Northern Trust's capital expenditures?
Northern Trust (NTRS) invested $74.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Northern Trust's debt-to-equity ratio?
Northern Trust (NTRS) had a debt-to-equity ratio of 12.67 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Northern Trust's return on assets (ROA)?
Northern Trust (NTRS) had a return on assets of 1.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Northern Trust's Piotroski F-Score?
Northern Trust (NTRS) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Northern Trust's earnings high quality?
Northern Trust (NTRS) has an earnings quality ratio of 3.19x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Northern Trust?
Northern Trust (NTRS) scores 32 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.