Northern Trust
NTRS · NasdaqState Commercial Banks · Fiscal year ends Dec 31
Northern Trust reported revenue of $5B in the fiscal year ended Dec 2025, up 6.1% from the year before. Net income was $1.7B. Operating cash flow of $5.5B less capital expenditure of $74M left free cash flow of $5.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.4B | $4.4B | $4.4B | $4.7B | $5B |
| Net interest incomeBanks | $1.4B | $1.9B | $2B | $2.2B | $2.4B |
| Interest expense | $24M | $991M | $5.3B | – | – |
| Pre-tax income | $2B | $1.8B | $1.5B | $2.7B | $2.3B |
| Income tax | $465M | $430M | $358M | $628M | $603M |
| Net income | $1.5B | $1.3B | $1.1B | $2B | $1.7B |
| Diluted EPS | 7.14 | 6.14 | 5.08 | 9.77 | 8.74 |
| Diluted shares | 209M | 209M | 208M | 202M | 192M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.1B | $4.7B | $4.8B | $4.7B | $5.9B |
| Net PP&E | $489M | $501M | $502M | $490M | $465M |
| Goodwill | $706M | $691M | $702M | $695M | $713M |
| Total assets | $184B | $155B | $151B | $156B | $177B |
| DepositsBanks | $160B | $124B | $116B | $122B | $143B |
| Total liabilities | $172B | $144B | $139B | $143B | $164B |
| Shareholders' equity | $12B | $11.3B | $11.9B | $12.8B | $13B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $2.4B | $2.6B | −$486M | $5.5B |
| Capital expenditure | $96M | $129M | $117M | $102M | $74M |
| Free cash flow | $1.3B | $2.3B | $2.5B | −$588M | $5.5B |
| Depreciation & amortisation | $516M | $554M | $635M | $717M | $779M |
| Stock-based compensation | $96M | $125M | $118M | $119M | $127M |
| Share buybacks | $268M | $35M | $348M | $938M | $1.3B |
| Dividends paid | $583M | $750M | $622M | $602M | $592M |
| Dividend per share | 2.80 | 2.90 | 3.00 | 3.00 | 3.10 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.6% | −1.6% | 8.4% | 6.1% |
| EPS growth (YoY) | – | −14.0% | −17.3% | 92.3% | −10.5% |
| Net margin | 35.4% | 30.1% | 25.4% | 43.0% | 34.6% |
| Return on equityBlank when equity is negative | 12.9% | 11.9% | 9.3% | 15.9% | 13.4% |
| Free cash flow margin | 28.9% | 51.1% | 57.5% | −12.4% | 108.8% |
| Cash conversion (CFO ÷ net income) | 0.88x | 1.79x | 2.37x | −0.24x | 3.19x |
Recent filings
More in State Commercial Banks
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.