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Northern Trust cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.8B in Q3 2026 · $1.7B over twelve months

Operating cash flow$1.8B
Capital spending−$22.2M
Free cash flow+$1.8B
Cash / net income2.8×

Analysis

In Q3 2026, Northern Trust generated $1.8B of operating cash flow and spent $22.2M on capital projects, leaving free cash flow of $1.8B. That is $1.3B more than in Q3 2025 ($509M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.8B; the largest uses were other financing ($4.9B), buybacks ($1.4B), dividends ($605M); besides operations, cash came from other investing ($4.3B), net borrowing (+) / repaid (−) ($2.1B); the cash balance rose by $1.1B.

Operating cash flow was $1.8B against net income of $643M — 2.8× profit, cash ran ahead of reported earnings. The largest differences: other operating capital +$1.1B, depreciation & amortization +$200M, receivables +$28.5M.

Free cash flow

Northern Trust: free cash flow by quarterNorthern Trust: free cash flow by quarter−$2.7BQ4 2024$2.7BQ1 2025$1.9BQ2 2025$509MQ3 2025$356MQ4 2025−$329MQ1 2026−$90.3MQ2 2026$1.8BQ3 2026
Operating cash flow less capital spending.
Northern Trust: operating cash flow against capital spendingNorthern Trust: operating cash flow against capital spendingOperating cash flowCapital spending−$2.6B$40.7MQ4 2024$2.7B$12.4MQ1 2025$1.9B$12.4MQ2 2025$526M$16.4MQ3 2025$388M$32.8MQ4 2025−$320M$9.4MQ1 2026−$64.9M$25.4MQ2 2026$1.8B$22.2MQ3 2026
Latest (Q3 2026): Operating cash flow $1.8B, Capital spending $22.2M.

Capital allocation, year by year

Northern Trust: where the cash came from (up) and went (down), by fiscal yearNorthern Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $1.4BFY2021: Net borrowing −$926MFY2021: Shares issued $53.8MFY2021: Capital spending −$95.5MFY2021: Buybacks −$268MFY2021: Dividends −$583M$1.4BFY2021FY2022: Operating cash flow $2.4BFY2022: Net borrowing $5.5BFY2022: Shares issued $3.9MFY2022: Capital spending −$129MFY2022: Buybacks −$35.4MFY2022: Dividends −$750M$7.9BFY2022FY2023: Operating cash flow $2.6BFY2023: Net borrowing −$1.1BFY2023: Shares issued $2.3MFY2023: Capital spending −$116MFY2023: Buybacks −$348MFY2023: Dividends −$622M$2.6BFY2023FY2024: Operating cash flow −$486MFY2024: Net borrowing −$104MFY2024: Shares issued $9.4MFY2024: Capital spending −$102MFY2024: Buybacks −$938MFY2024: Dividends −$602M$9.4MFY2024FY2025: Operating cash flow $5.5BFY2025: Net borrowing $1.1BFY2025: Shares issued $6.4MFY2025: Capital spending −$74.0MFY2025: Buybacks −$1.3BFY2025: Dividends −$592M$6.6BFY2025
Over these 5 years operating cash flow totalled $11.4B; the largest uses were dividends ($3.1B) and buybacks ($2.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.4B
Debtnone
Net cash$6.4B

Northern Trust funds itself: free cash flow was $1.7B over the last twelve months, with $6.4B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Northern Trust: sources (+) and uses (−) of cash, Q3 2026Northern Trust: sources (+) and uses (−) of cash, Q3 2026Other financing−$13.2BOther investing$12.7BOperating cash flow$1.8BCash drawn (+) / kept (−)−$707MBuybacks−$352MDividends−$160MExchange rates−$103MNet borrowing (+) / repaid (−)$57.2MCapital spending−$22.2M
Northern Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Northern Trust: sources (+) and uses (−) of cash, 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 profit to cash

Northern Trust: net income to operating cash flow, Q3 2026Northern Trust: net income to operating cash flow, Q3 2026Net income$643MDepreciation & amortization$200MStock-based pay$14.2MReceivables$28.5MOther operating capital$1.1BOperating cash flow$1.8B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.8B−$22.2M−$352M−$160M$57.2M—−$707M$1.8B
Q2 2026−$64.9M−$25.4M−$351M−$147M−$10.8M$100K$79.1M−$90.3M
Q1 2026−$320M−$9.4M−$359M−$148M$62.6M$2.7M$57.1M−$329M
Q4 2025$388M−$32.8M−$370M−$150M$573M$1.9M−$527M$356M
Q3 2025$526M−$16.4M−$277M−$152M$50.5M—$1.1B$509M
Q2 2025$1.9B−$12.4M−$339M−$144M−$64.9M—−$2.1B$1.9B
Q1 2025$2.7B−$12.4M−$287M−$146M$8.2M$4.5M$308M$2.7B
Q4 2024−$2.6B−$40.7M−$254M−$148M−$354M$5.1M$2.2B−$2.7B

Northern Trust: income statement and cash flow

Northern Trust, Q3 2026: revenue $2.3B (+13% year over year), operating margin 34.7%. The chart follows the revenue to costs, profit and cash.

Northern Trust: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.