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

Balance Sheet

Assets, liabilities, and equity

19 accounts · 3 years

Total assets $177.1B

Total liabilities $164.2B

Shareholders equity $13.0B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$5.9B 25.6%	$4.7B -2.4%	$4.8B
Short Term Investments	$57.5B 12.0%	$51.3B 4.0%	$49.3B
Other Current Assets	$12.9B -7.1%	$13.9B 29.0%	$10.8B
Property,Plant and Equipment	$464.6M -5.2%	$490.3M -2.4%	$502.2M
Goodwill	$712.9M 2.6%	$694.9M -1.1%	$702.3M
Intangible Assets	$0	$0	$0
Other Noncurrent Assets	$12.9B -7.1%	$13.9B 29.0%	$10.8B
Total Assets	$177.1B 13.9%	$155.5B 3.1%	$150.8B
Liabilities
Other Current Liabilities	$4.9B 16.6%	$4.2B -22.6%	$5.5B
Total Current Liabilities	$164.2B 15.0%	$142.7B 2.8%	$138.9B
Other Noncurrent Liabilities	$4.9B 16.6%	$4.2B -22.6%	$5.5B
Total Liabilities	$164.2B 15.0%	$142.7B 2.8%	$138.9B
Equity
Common Stock	$408.6M 0.0%	$408.6M 0.0%	$408.6M
Additional Paid In Capital	$1.0B 1.3%	$1.0B 1.6%	$1.0B
Retained Earnings	$16.7B 7.0%	$15.6B 9.7%	$14.2B
Treasury Stock	$5.5B 26.8%	$4.3B 23.7%	$3.5B
Accumulated Other Comprehensive Income	$-590.5M 27.5%	$-814.0M 28.5%	$-1.1B
Total Stockholders Equity	$13.0B 1.3%	$12.8B 7.5%	$11.9B
Total Liabilitiesand Equity	$177.1B 13.9%	$155.5B 3.1%	$150.8B

Income Statement

Revenue, expense, and profitability

14 accounts · 3 years

Revenue $8.6B

Operating income $207.7M

Net income $1.7B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$8.6B -11.7%	$9.8B 33.3%	$7.3B
Expenses Selling,General and Administrative	$77.2M -5.0%	$81.3M 8.7%	$74.8M
Expenses Share Based Compensation	$126.5M 5.9%	$119.4M 1.0%	$118.2M
Other Income Expense Operating Income	$207.7M -82.1%	$1.2B 406.1%	$228.7M
Other Income Expense Interest Income	$8.6B -11.7%	$9.8B 33.3%	$7.3B
Other Income Expense Other Income/expense	$0 100.0%	$-189.3M -11.7%	$-169.5M
Other Income Expense Income Before Tax	$2.3B -12.0%	$2.7B 81.6%	$1.5B
Income Tax Income Tax Expense	$602.6M -4.1%	$628.4M 75.8%	$357.5M
net Income net Income	$1.7B -14.5%	$2.0B 83.4%	$1.1B
net Income Comprehensive Income	$2.0B -16.8%	$2.4B 53.1%	$1.5B
Earnings Per Share Basic Eps	$9 -10.4%	$10 92.5%	$5
Earnings Per Share Diluted Eps	$9 -10.5%	$10 92.3%	$5
Earnings Per Share Weighted Average Shares Basic	$191.4M -4.9%	$201.3M -2.9%	$207.2M
Earnings Per Share Weighted Average Shares Diluted	$192.2M -4.8%	$201.9M -2.7%	$207.6M

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 3 years

Operating cash flow $5.5B

Investing cash flow $-20.2B

Financing cash flow $15.2B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	$1.7B -14.5%	$2.0B 83.4%	$1.1B
Operating Activities Depreciation and Amortization	$779.1M 8.7%	$716.8M 13.0%	$634.6M
Operating Activities Stock Based Compensation	$126.5M 5.9%	$119.4M 1.0%	$118.2M
Operating Activities Deferred Income Taxes	$194.5M 839.6%	$20.7M 142.9%	$-48.2M
Operating Activities Changes In Operating Assets and Liabilities	$-326.5M -884.9%	$41.6M 105.4%	$-774.5M
Operating Activities net Cash From Operating Activities	$5.5B 1238.6%	$-486.0M -118.5%	$2.6B
Investing Activities Capital Expenditures	$74.0M -27.1%	$101.5M -12.9%	$116.5M
Investing Activities Purchases of Investments	$9.4B -27.5%	$13.0B 77.7%	$7.3B
Investing Activities Proceeds From Sale of Investments	$5.0B -28.7%	$7.0B -39.9%	$11.6B
Investing Activities Other Investing Activities	$986.3M 224.4%	$-793.1M -2467.5%	$33.5M
Investing Activities net Cash From Investing Activities	$-20.2B -686.8%	$-2.6B -153.6%	$4.8B
Financing Activities Proceeds From Debt	$499.8M	$0	$0
Financing Activities Repurchase of Common Stock	$1.3B 35.8%	$937.8M 169.9%	$347.5M
Financing Activities Dividends Paid	$591.6M -1.8%	$602.3M -3.1%	$621.5M
Financing Activities Proceeds From Stock Issuance	$6.4M -31.9%	$9.4M 308.7%	$2.3M
Financing Activities Tax Withholding On Stock Based Compensation	$450.5K 6.0%	$424.8K 12.3%	$378.1K
Financing Activities Other Financing Activities	$-11.1M -73.4%	$-6.4M -137.0%	$-2.7M
Financing Activities net Cash From Financing Activities	$15.2B 341.2%	$3.4B 147.9%	$-7.2B
Cash Reconciliation Effect of Exchange Rate On Cash	$656.4M 230.2%	$-504.3M -461.6%	$-89.8M
Cash Reconciliation net Change In Cash	$1.2B 1146.3%	$-114.3M -183.2%	$137.3M
Cash Reconciliation Cash At Beginning of Period	$5.9B 25.6%	$4.7B -2.4%	$4.8B
Cash Reconciliation Cash At End of Period	$5.9B 25.6%	$4.7B -2.4%	$4.8B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	+2.4%	+11.9%	+3.1%
Net margin	+20.1%	+20.8%	+15.1%
FCF margin	+63.3%	-6.0%	+34.3%
Growth
Revenue CAGR (3y)	+44.2%	+90.8%	+64.6%
Returns
ROE	+13.4%	+15.9%	+9.3%
ROA	+1.0%	+1.3%	+0.7%
ROIC	—	—	—
Liquidity
Current ratio	—	—	—
Quick ratio	—	—	—
Leverage
D/E	12.67x	11.16x	11.67x
Interest coverage	—	—	0.04x
Efficiency
Asset turnover	0.05x	0.06x	0.05x
Cash conversion cycle	—	—	—

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FY2025 fundamentals · no price

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Northern Trust

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