Filing Flows › Northern Trust (NTRS) › Q1 2025
Northern Trust (NTRS) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Northern Trust (NTRS) reported revenue of $1.9B for the first quarter 2025 (Q1 2025), +18% from a year earlier and -1% from the quarter before. Operating margin was 26.9%, net earnings $392M (20.2% of revenue).
Northern Trust, Q1 2025: revenue $1.9B (+18% year over year), operating margin 26.9%, net earnings $392M, operating cash flow $2.7B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | -1% | +18% |
| Operating profit | $521M | -12% | +79% |
| Net earnings | $392M | -14% | +83% |
| Operating cash flow | $2.7B | — | — |
| Free cash flow | $2.7B | — | — |
What changed
Revenue was $1.9B in Q1 2025, up 18% year over year and down 1% from the previous quarter. Investment Management and Advisory was the largest line at 33% of revenue. Investment Management and Advisory added $0.05B year over year (up 9%), 18% of the total change. Securities Lending declined 4%.
Operating profit was $0.52B, a 26.9% margin (up 9.2 points year over year). Of the extra revenue versus a year earlier, 79% reached operating profit, above the 18% margin then. Total costs grew 5% against revenue growth of 18%. Net earnings were $0.39B, up 83% year over year. The effective tax rate was 24.8%.
Operating cash flow was $2.7B, 701% of net earnings. Non-cash charges added back $0.19B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items added $2.1B. Capital expenditures of $0.01B left free cash flow of $2.7B.
Questions
What was Northern Trust's revenue in the first quarter 2025?
Northern Trust (NTRS) reported revenue of $1.9B for the first quarter 2025 (Q1 2025), +18% from a year earlier and -1% from the quarter before.
Was Northern Trust profitable in the first quarter 2025?
Operating profit was $521M (26.9% of revenue) and net earnings $392M.
Source: Northern Trust 10-Q on SEC EDGAR.