Northern Trust

Financials Asset Management & Custody Banks Chicago, Illinois Last filing Feb 24, 2026 · FY2025

                    Revenue
                    FY2025
                
$8.6B
                    3y CAGR +44.2%
                    
                    P96
                    
                    -11.7%
                    
                    Net income
                    FY2025
                
$1.7B
                    Net margin +20.1%
                    
                    P50
                    
                    -14.5%
                    
                    Total assets
                    FY2025
                
$177.1B
                    ROA +1.0%
                    
                    P18
                    
                    +13.9%
                    
                    Operating cash flow
                    FY2025
                
$5.5B
                    FCF margin +63.3%
                    
                    P82
                    
                    +1238.6%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

19 accounts · 5 years

Total assets $177.1B

Total liabilities $164.2B

Shareholders equity $13.0B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	68.1%	47.9%	65.4%	161.7%	217.3%
Short Term Investments	666.3%	525.5%	673.2%	1801.1%	4377.9%
Other Current Assets	150.0%	142.6%	147.3%	342.5%	609.6%
Property,Plant and Equipment	5.4%	5.0%	6.9%	17.4%	34.7%
Goodwill	8.3%	7.1%	9.6%	24.0%	50.2%
Intangible Assets	0.0%	0.0%	0.0%	0.0%	0.0%
Other Noncurrent Assets	150.0%	142.6%	147.3%	342.5%	609.6%
Total Assets	2053.8%	1592.9%	2058.5%	5387.5%	13074.3%
Liabilities
Other Current Liabilities	57.4%	43.5%	74.9%	173.7%	297.0%
Total Current Liabilities	1903.6%	1462.0%	1896.0%	4996.3%	12219.9%
Other Noncurrent Liabilities	57.4%	43.5%	74.9%	173.7%	297.0%
Total Liabilities	1903.6%	1462.0%	1896.0%	4996.3%	12219.9%
Equity
Common Stock	4.7%	4.2%	5.6%	14.2%	29.1%
Additional Paid In Capital	12.0%	10.5%	13.8%	34.2%	66.8%
Retained Earnings	193.7%	159.9%	194.3%	479.5%	932.6%
Treasury Stock	63.7%	44.4%	47.8%	112.8%	234.5%
Accumulated Other Comprehensive Income	-6.8%	-8.3%	-15.5%	-54.5%	-2.5%
Total Stockholders Equity	150.2%	131.0%	162.4%	391.3%	854.4%
Total Liabilitiesand Equity	2053.8%	1592.9%	2058.5%	5387.5%	13074.3%

Income Statement

Revenue, expense, and profitability

14 accounts · 5 years

Revenue $8.6B

Operating income $207.7M

Net income $1.7B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Selling,General and Administrative	0.9%	0.8%	1.0%	2.7%	4.7%
Expenses Share Based Compensation	1.5%	1.2%	1.6%	4.4%	6.8%
Other Income Expense Operating Income	2.4%	11.9%	3.1%	6.6%	17.3%
Other Income Expense Interest Income	100.0%	100.0%	100.0%	100.0%	100.0%
Other Income Expense Other Income/expense	0.0%	-1.9%	-2.3%	-0.0%	-0.0%
Other Income Expense Income Before Tax	27.1%	27.2%	20.0%	61.4%	142.9%
Income Tax Income Tax Expense	7.0%	6.4%	4.9%	15.0%	33.0%
net Income net Income	20.1%	20.8%	15.1%	46.4%	109.9%
net Income Comprehensive Income	22.7%	24.1%	21.0%	-6.9%	76.9%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	2.2%	2.1%	2.8%	7.2%	14.8%
Earnings Per Share Weighted Average Shares Diluted	2.2%	2.1%	2.8%	7.3%	14.9%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 5 years

Operating cash flow $5.5B

Investing cash flow $-20.2B

Financing cash flow $15.2B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	20.1%	20.8%	15.1%	46.4%	109.9%
Operating Activities Depreciation and Amortization	9.0%	7.3%	8.7%	0.3%	1.1%
Operating Activities Stock Based Compensation	1.5%	1.2%	1.6%	4.4%	6.8%
Operating Activities Deferred Income Taxes	2.3%	0.2%	-0.7%	-5.0%	0.1%
Operating Activities Changes In Operating Assets and Liabilities	-3.8%	0.4%	-10.6%	11.6%	-13.1%
Operating Activities net Cash From Operating Activities	64.2%	-5.0%	35.8%	83.1%	96.4%
Investing Activities Capital Expenditures	0.9%	1.0%	1.6%	4.5%	6.8%
Investing Activities Purchases of Investments	109.3%	133.3%	99.9%	158.7%	988.0%
Investing Activities Proceeds From Sale of Investments	57.8%	71.5%	158.6%	226.3%	716.6%
Investing Activities Other Investing Activities	11.4%	-8.1%	0.5%	11.1%	11.6%
Investing Activities net Cash From Investing Activities	-233.9%	-26.3%	65.3%	901.1%	-1322.6%
Financing Activities Proceeds From Debt	5.8%	0.0%	0.0%	69.1%	0.0%
Financing Activities Repurchase of Common Stock	14.8%	9.6%	4.7%	1.2%	19.0%
Financing Activities Dividends Paid	6.9%	6.2%	8.5%	26.1%	41.5%
Financing Activities Proceeds From Stock Issuance	0.1%	0.1%	0.0%	0.1%	3.8%
Financing Activities Tax Withholding On Stock Based Compensation	0.0%	0.0%	0.0%	—	—
Financing Activities Other Financing Activities	-0.1%	-0.1%	-0.0%	0.0%	0.0%
Financing Activities net Cash From Financing Activities	176.0%	35.2%	-98.1%	-918.7%	1142.8%
Cash Reconciliation Effect of Exchange Rate On Cash	7.6%	-5.2%	-1.2%	-10.0%	-11.3%
Cash Reconciliation net Change In Cash	13.9%	-1.2%	1.9%	55.5%	-94.8%
Cash Reconciliation Cash At Beginning of Period	68.1%	47.9%	65.4%	161.7%	217.3%
Cash Reconciliation Cash At End of Period	68.1%	47.9%	65.4%	161.7%	217.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	+2.4%	+11.9%	+3.1%	+6.6%	+17.3%
Net margin	+20.1%	+20.8%	+15.1%	+46.4%	+109.9%
FCF margin	+63.3%	-6.0%	+34.3%	+78.7%	+89.6%
Growth
Revenue CAGR (3y)	+44.2%	+90.8%	+64.6%	+4.8%	-15.4%
Returns
ROE	+13.4%	+15.9%	+9.3%	+11.9%	+12.9%
ROA	+1.0%	+1.3%	+0.7%	+0.9%	+0.8%
ROIC	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	12.67x	11.16x	11.67x	12.77x	14.30x
Interest coverage	—	—	0.04x	0.19x	10.25x
Efficiency
Asset turnover	0.05x	0.06x	0.05x	0.02x	0.01x
Cash conversion cycle	—	—	—	—	—

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Northern Trust

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