Filing Flows › Northern Trust (NTRS) › Q3 2025
Northern Trust (NTRS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Northern Trust (NTRS) reported revenue of $2.0B for the third quarter 2025 (Q3 2025), +3% from a year earlier and +1% from the quarter before. Operating margin was 30.6%, net earnings $458M (22.6% of revenue).
Northern Trust, Q3 2025: revenue $2.0B (+3% year over year), operating margin 30.6%, net earnings $458M, operating cash flow $526M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | +1% | +3% |
| Operating profit | $620M | +10% | +3% |
| Net earnings | $458M | +9% | -2% |
| Operating cash flow | $526M | -72% | -14% |
| Free cash flow | $509M | -73% | -13% |
What changed
Revenue was $2.0B in Q3 2025, up 3% year over year and up 1% from the previous quarter. Investment Management and Advisory was the largest line at 33% of revenue. Investment Management and Advisory added $0.03B year over year (up 5%), 59% of the total change. Other declined 2%.
Operating profit was $0.62B, a 30.6% margin (up 0.1 points year over year). Of the extra revenue versus a year earlier, 32% reached operating profit, above the 31% margin then. Total costs grew 3% against revenue growth of 3%. Net earnings were $0.46B, down 2% year over year. The effective tax rate was 26.1%.
Operating cash flow was $0.53B (down 14% year over year), 115% 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 used $0.15B. Capital expenditures of $0.02B left free cash flow of $0.51B.
Questions
What was Northern Trust's revenue in the third quarter 2025?
Northern Trust (NTRS) reported revenue of $2.0B for the third quarter 2025 (Q3 2025), +3% from a year earlier and +1% from the quarter before.
Was Northern Trust profitable in the third quarter 2025?
Operating profit was $620M (30.6% of revenue) and net earnings $458M.
Source: Northern Trust 10-Q on SEC EDGAR.