Filing Flows › Northern Trust (NTRS) › Q2 2026 › vs Q2 2025
Northern Trust (NTRS) Q2 2026 vs Q2 2025 (year over year)
Northern Trust's revenue rose $700M (+35%) from $2.0B in Q2 2025 to $2.7B in Q2 2026. The biggest changes: Other revenues +$582M (+76%); Investment Management and Advisory +$62.7M (+10%); Custody and Fund Administration +$46.5M (+9%). Operating margin 39.5% against 28.3% (+11.2 pts).
Northern Trust, Q2 2026: revenue $2.7B (+35% year over year), operating margin 39.5%, net earnings $792M, operating cash flow −$64.9M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 39.5% | 28.3% | +11.2 pts |
| Net margin | 29.4% | 21.1% | +8.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Investment Management and Advisory | $712M | $650M | $62.7M | +10% |
| Custody and Fund Administration | $545M | $498M | $46.5M | +9% |
| Other | $62.7M | $62.8M | −$100K | -0.2% |
| Securities Lending | $29.6M | $20.3M | $9.3M | +46% |
| Other revenues | $1.3B | $767M | $582M | +76% |
| Revenue | $2.7B | $2.0B | $700M | +35% |
| Operating profit | $1.1B | $565M | $500M | +89% |
| Costs & expenses | $1.6B | $1.4B | $200M | +14% |
| Pre-tax earnings | $1.1B | $565M | $500M | +89% |
| Sales & marketing | $19.1M | $22.2M | −$3.1M | -14% |
| Other operating costs | $1.6B | $1.4B | $203M | +14% |
| Net earnings | $792M | $421M | $371M | +88% |
| Income tax | $272M | $144M | $129M | +90% |
| Operating cash sources | $1.1B | −$1.2B | $2.3B | — |
| Depreciation & amortization | $198M | $196M | $2.7M | +1% |
| Share-based compensation | $52.8M | $18.2M | $34.6M | +190% |
| Cash used in operations | $64.9M | −$1.9B | $1.9B | — |
| Working capital & other | $1.1B | −$1.2B | $2.3B | — |
Questions
How much did Northern Trust's revenue grow year over year in Q2 2026?
Northern Trust's revenue rose $700M (+35%) from $2.0B in Q2 2025 to $2.7B in Q2 2026.
What drove Northern Trust's revenue change in Q2 2026?
Other revenues +$582M (+76%); Investment Management and Advisory +$62.7M (+10%); Custody and Fund Administration +$46.5M (+9%).