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Northern Trust (NTRS) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Northern Trust (NTRS) Q3 2026 earnings results →

Q3 2026 Revenue up 13% year over year to $2.3B · 28¢ of every $1 of revenue kept as net profit · operating margin 34.7%

Northern Trust made $2.3B in Q3 2026 (+13% Y/Y): Other revenues $921M, Investment Management and Advisory $736M, Custody and Fund Administration $547M. Operating margin 34.7%, net earnings $643M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$2.3B
Year over year+13%
Operating margin34.7%
Net earnings$643M
Operating cash flow$1.8B

Drawing the Sankey…

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Northern Trust Q3 2026 revenue breakdown: Sankey diagram of revenue (Other revenues, Investment Management and Advisory, Custody and Fund Administration, Other), costs, profit and cash flow
Northern Trust Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.3B in Q3 2026, up 13% year over year and down 15% from the previous quarter. Investment Management and Advisory was the largest line at 32% of revenue. Investment Management and Advisory added $0.07B year over year (up 10%), 25% of the total change.

Operating profit was $0.80B, a 34.7% margin (up 4.1 points year over year). Of the extra revenue versus Q3 2025, 66% reached operating profit, above the 31% margin then. Total costs grew 7% against revenue growth of 13%. The fastest-growing cost line was Sales & marketing (+54%). Net earnings were $0.64B, up 40% year over year. The effective tax rate was 19.3%.

Operating cash flow was $1.8B (up 247% year over year), 284% of net earnings. Non-cash charges added back $0.20B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $1.0B. Capital expenditures of $0.02B left free cash flow of $1.8B.

Quarterly history

Northern Trust revenue by quarterNorthern Trust revenue by quarter$1.9BQ1 2025$2.0BQ2 2025$2.0BQ3 2025$2.1BQ4 2025$2.2BQ1 2026$2.7BQ2 2026$2.3BQ3 2026
Northern Trust net earnings by quarterNorthern Trust net earnings by quarter$392MQ1 2025$421MQ2 2025$458MQ3 2025$466MQ4 2025$526MQ1 2026$792MQ2 2026$643MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$2.3B+13%34.7%$643M$1.8B
Q2 202610-QJul 30, 2026$2.7B+35%39.5%$792M−$64.9M
Q1 202610-QApr 30, 2026$2.2B+14%31.8%$526M−$320M
Q4 202510-KFeb 24, 2026$2.1B+8%29.9%$466M$388M
Q3 202510-QOct 30, 2025$2.0B+3%30.6%$458M$526M
Q2 202510-QJul 30, 2025$2.0B-26%28.3%$421M$1.9B
Q1 202510-QApr 30, 2025$1.9B+18%26.9%$392M$2.7B

Charts

Northern Trust: revenue growth, year over year and quarter over quarterNorthern Trust: revenue growth, year over year and quarter over quarterY/YQ/Q+18%Q1 2025-26%+3%Q2 2025+3%+1%Q3 2025+8%+5%Q4 2025+14%+4%Q1 2026+35%+22%Q2 2026+13%-15%Q3 2026
Latest (Q3 2026): Y/Y +13%, Q/Q -15%.
Northern Trust: where the cash came from (+) and went (−), TTM to Q3 2026Northern Trust: where the cash came from (+) and went (−), TTM to Q3 2026Other financing−$4.9BOther investing$4.3BNet borrowing (+) / repaid (−)$2.1BOperating cash flow$1.8BBuybacks−$1.4BCash drawn (+) / kept (−)−$1.1BDividends−$605MCapital spending−$89.8MExchange rates−$69.7MShares issued$4.7M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Northern Trust: profit against cash, quarter by quarterNorthern Trust: profit against cash, quarter by quarterNet incomeOperating cash flow$455M−$2.6BQ4 2024$392M$2.7BQ1 2025$421M$1.9BQ2 2025$458M$526MQ3 2025$466M$388MQ4 2025$526M−$320MQ1 2026$792M−$64.9MQ2 2026$643M$1.8BQ3 2026
Latest (Q3 2026): Net income $643M, Operating cash flow $1.8B.
Northern Trust: diluted shares by fiscal yearNorthern Trust: diluted shares by fiscal year209MFY2020209MFY2021209MFY2022208MFY2023202MFY2024192MFY2025
-8.0% since FY2020: buybacks shrank the count.
Northern Trust in its industry: growth against margin (133 companies, SIC 6022)Northern Trust in its industry: growth against margin (133 companies, SIC 6022)revenue growth, year over year →↑ operating marginmedian +9%median 40%BNYSTTFITBMTBFCNCAALLYCFGWALBPOPEWBCWTFCCOLBSSBCBSHASBHWCAUBGBCIUBSIABCBHTHHOMBUCBRNSTFBPCATYFIBKCUBIFHBIBOCMBINSBCFBOHCVBFBUSEEFSCOFGLOBFBKFFINSFBSMCHBCCBFBNCGABCBYSYBTPEBOTCBKOBKSTBAFMBHRBCAACNOBAMALMCBQCRHOSBCFMNBBFSTUVSPTMPCCNEMSBIHBTEQBKCTBICPFTHFFMPBSBSIMBWMLKFNIBCPEGBNSPFIWASHCCBGCOFSCWBCHBIAACNBGSBCFSBCTRSTCIVBFCBCMCBSFBIZINBKBWBCBANMVBFBSRRCZNCCFFIRBBISTRUNTYBWFGBMRCRRBIPCBFCBMCHMGCZFSNWFLWTBAMYFWAVBHOPBKUSCBFCCOEBMTCOSOFXNCPKBKISBAPEBKBPRNBRBSHNVRMNSBFVCBCCFNSBFGJMSBBOTJNWPPFUSBAUBNJUVFNTRS (+13%, 35%)
State Commercial Banks; dot size is quarterly revenue; dashed lines are the industry's medians.

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About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2026, Northern Trust had assets under custody/administration of US$20.0 trillion, and assets under management of US$2.0 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.

In its own words, from its 8-K, filed Jul 22, 2026.

Northern Trust against its State Commercial Banks peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +10%. Operating margin: 34.7% against the peers' median 34.6%.

CompanyQuarterRevenueY/YOp. margin
NTRS Northern TrustQ3 2026$2.3B+13%34.7%
BNY Bank of New York MellonQ3 2026$5.7B+12%38.5%
STT State StreetQ3 2026$4.0B+13%34.7%
FITB Fifth Third BancorpQ3 2026$3.3B+42%33.8%
MTB M&T BankQ3 2026$2.5B+0.9%39.7%
FCNCA First Citizens BancsharesQ3 2026$2.4B0%33.1%
ALLY Ally FinancialQ3 2026$2.3B+8%24.3%
CFG Citizens Financial GroupQ3 2026$2.3B+10%34.6%
WAL Western Alliance BancorporationQ3 2026$1.0B+8%33.4%

Source: Northern Trust 10-Q on SEC EDGAR · CIK 73124 · State Commercial Banks

13F: who owns NTRS and who is buying

Largest holders of NTRS (13F)Largest holders of NTRS (13F)Vanguard Group$3.0BBlackRock$2.5BVanguard Capital Management LLC$2.0BState Street$1.6BFMR LLC$1.5BVanguard Portfolio Management LLC$1.5BPrimecap Management$1.1BMassachusetts Financial Services$1.0BNorthern Trust$966MGeode Capital Management, LLC$893M
Funds' net buying of NTRS by quarter (13F)Funds' net buying of NTRS by quarter (13F)$134M2024-09−$234M2024-12−$73.5M2025-03−$101M2025-06−$589M2025-09−$574M2025-12−$110M2026-03−$423M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NTRS

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：Northern Trust（NTRS）财报

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