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

Year-over-year change per cell; first column has no prior.

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	+25.6%	-2.4%	+3.0%	+52.3%	—
Short Term Investments	+12.0%	+4.0%	-4.9%	-15.8%	—
Other Current Assets	-7.1%	+29.0%	+9.5%	+14.9%	—
Property,Plant and Equipment	-5.2%	-2.4%	+0.3%	+2.4%	—
Goodwill	+2.6%	-1.1%	+1.6%	-2.1%	—
Intangible Assets	—	—	—	—	—
Other Noncurrent Assets	-7.1%	+29.0%	+9.5%	+14.9%	—
Total Assets	+13.9%	+3.1%	-2.7%	-15.7%	—
Liabilities
Other Current Liabilities	+16.6%	-22.6%	+9.7%	+19.6%	—
Total Current Liabilities	+15.0%	+2.8%	-3.4%	-16.3%	—
Other Noncurrent Liabilities	+16.6%	-22.6%	+9.7%	+19.6%	—
Total Liabilities	+15.0%	+2.8%	-3.4%	-16.3%	—
Equity
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+1.3%	+1.6%	+2.7%	+4.7%	—
Retained Earnings	+7.0%	+9.7%	+3.2%	+5.2%	—
Treasury Stock	+26.8%	+23.7%	+7.8%	-1.5%	—
Accumulated Other Comprehensive Income	+27.5%	+28.5%	+27.5%	-4307.9%	—
Total Stockholders Equity	+1.3%	+7.5%	+5.7%	-6.3%	—
Total Liabilitiesand Equity	+13.9%	+3.1%	-2.7%	-15.7%	—

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	-11.7%	+33.3%	+154.5%	+104.6%	—
Expenses Selling,General and Administrative	-5.0%	+8.7%	-2.5%	+17.1%	—
Expenses Share Based Compensation	+5.9%	+1.0%	-5.6%	+31.1%	—
Other Income Expense Operating Income	-82.1%	+406.1%	+19.6%	-21.6%	—
Other Income Expense Interest Income	-11.7%	+33.3%	+154.5%	+104.6%	—
Other Income Expense Other Income/expense	+100.0%	-11.7%	-15309.1%	-266.7%	—
Other Income Expense Income Before Tax	-12.0%	+81.6%	-17.1%	-12.1%	—
Income Tax Income Tax Expense	-4.1%	+75.8%	-16.9%	-7.4%	—
net Income net Income	-14.5%	+83.4%	-17.1%	-13.5%	—
net Income Comprehensive Income	-16.8%	+53.1%	+878.6%	-118.3%	—
Earnings Per Share Basic Eps	-10.4%	+92.5%	-17.4%	-14.0%	—
Earnings Per Share Diluted Eps	-10.5%	+92.3%	-17.3%	-14.0%	—
Earnings Per Share Weighted Average Shares Basic	-4.9%	-2.9%	-0.5%	+0.1%	—
Earnings Per Share Weighted Average Shares Diluted	-4.8%	-2.7%	-0.6%	-0.0%	—

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	-14.5%	+83.4%	-17.1%	-13.5%	—
Operating Activities Depreciation and Amortization	+8.7%	+13.0%	+6723.7%	-37.2%	—
Operating Activities Stock Based Compensation	+5.9%	+1.0%	-5.6%	+31.1%	—
Operating Activities Deferred Income Taxes	+839.6%	+142.9%	+66.2%	-7235.0%	—
Operating Activities Changes In Operating Assets and Liabilities	-884.9%	+105.4%	-332.1%	+281.6%	—
Operating Activities net Cash From Operating Activities	+1238.6%	-118.5%	+9.7%	+76.4%	—
Investing Activities Capital Expenditures	-27.1%	-12.9%	-9.4%	+34.7%	—
Investing Activities Purchases of Investments	-27.5%	+77.7%	+60.3%	-67.1%	—
Investing Activities Proceeds From Sale of Investments	-28.7%	-39.9%	+78.3%	-35.4%	—
Investing Activities Other Investing Activities	+224.4%	-2467.5%	-89.5%	+95.1%	—
Investing Activities net Cash From Investing Activities	-686.8%	-153.6%	-81.5%	+239.4%	—
Financing Activities Proceeds From Debt	—	—	-100.0%	—	—
Financing Activities Repurchase of Common Stock	+35.8%	+169.9%	+881.6%	-86.8%	—
Financing Activities Dividends Paid	-1.8%	-3.1%	-17.2%	+28.6%	—
Financing Activities Proceeds From Stock Issuance	-31.9%	+308.7%	-41.0%	-92.8%	—
Financing Activities Tax Withholding On Stock Based Compensation	+6.0%	+12.3%	—	—	—
Financing Activities Other Financing Activities	-73.4%	-137.0%	—	-100.0%	—
Financing Activities net Cash From Financing Activities	+341.2%	+147.9%	+72.8%	-264.5%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+230.2%	-461.6%	+68.8%	-80.1%	—
Cash Reconciliation net Change In Cash	+1146.3%	-183.2%	-91.4%	+219.9%	—
Cash Reconciliation Cash At Beginning of Period	+25.6%	-2.4%	+3.0%	+52.3%	—
Cash Reconciliation Cash At End of Period	+25.6%	-2.4%	+3.0%	+52.3%	—

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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