Filing Flows › Northern Trust (NTRS) › Q2 2025
Northern Trust (NTRS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Northern Trust (NTRS) reported revenue of $2.0B for the second quarter 2025 (Q2 2025), -26% from a year earlier and +3% from the quarter before. Operating margin was 28.3%, net earnings $421M (21.1% of revenue).
Northern Trust, Q2 2025: revenue $2.0B (-26% year over year), operating margin 28.3%, net earnings $421M, operating cash flow $1.9B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | +3% | -26% |
| Operating profit | $565M | +8% | -52% |
| Net earnings | $421M | +7% | -53% |
| Operating cash flow | $1.9B | -32% | -37% |
| Free cash flow | $1.9B | -32% | -37% |
What changed
Revenue was $2.0B in Q2 2025, down 26% year over year and up 3% from the previous quarter. Investment Management and Advisory was the largest line at 33% of revenue.
Operating profit was $0.56B, a 28.3% margin (down 14.9 points year over year). Total costs fell 7% while revenue fell 26%. Net earnings were $0.42B, down 53% year over year. The effective tax rate was 25.4%.
Operating cash flow was $1.9B (down 37% year over year), 444% of net earnings. Non-cash charges added back $0.20B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $1.2B. Capital expenditures of $0.01B left free cash flow of $1.9B.
Questions
What was Northern Trust's revenue in the second quarter 2025?
Northern Trust (NTRS) reported revenue of $2.0B for the second quarter 2025 (Q2 2025), -26% from a year earlier and +3% from the quarter before.
Was Northern Trust profitable in the second quarter 2025?
Operating profit was $565M (28.3% of revenue) and net earnings $421M.
Source: Northern Trust 10-Q on SEC EDGAR.