Filing Flows › Northern Trust (NTRS) › Q3 2026 › vs Q2 2026
Northern Trust (NTRS) Q3 2026 vs Q2 2026 (quarter over quarter)
Northern Trust's revenue fell $404M (-15%) from $2.7B in Q2 2026 to $2.3B in Q3 2026. The biggest changes: Other revenues −$427M (-32%); Investment Management and Advisory +$23.3M (+3%); Custody and Fund Administration +$1.9M (+0.3%). Operating margin 34.7% against 39.5% (-4.7 pts).
Northern Trust, Q3 2026: revenue $2.3B (+13% year over year), operating margin 34.7%, net earnings $643M, operating cash flow $1.8B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 34.7% | 39.5% | -4.7 pts |
| Net margin | 28.0% | 29.4% | -1.3 pts |
| Free cash flow margin | 78.6% | -3.3% | +81.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Investment Management and Advisory | $736M | $712M | $23.3M | +3% |
| Custody and Fund Administration | $547M | $545M | $1.9M | +0.3% |
| Other | $61.2M | $62.7M | −$1.5M | -2% |
| Securities Lending | $29.4M | $29.6M | −$200K | -0.7% |
| Other revenues | $921M | $1.3B | −$427M | -32% |
| Revenue | $2.3B | $2.7B | −$404M | -15% |
| Operating profit | $796M | $1.1B | −$268M | -25% |
| Costs & expenses | $1.5B | $1.6B | −$135M | -8% |
| Pre-tax earnings | $796M | $1.1B | −$268M | -25% |
| Sales & marketing | $26.3M | $19.1M | $7.2M | +38% |
| Other operating costs | $1.5B | $1.6B | −$143M | -9% |
| Net earnings | $643M | $792M | −$149M | -19% |
| Income tax | $154M | $272M | −$119M | -44% |
| Depreciation & amortization | $200M | $198M | $1.1M | +0.6% |
| Share-based compensation | $14.2M | $52.8M | −$38.6M | -73% |
| Working capital & other | $968M | −$1.1B | $2.1B | — |
| Operating cash flow | $1.8B | −$64.9M | $1.9B | — |
| Free cash flow (OCF − capex) | $1.8B | −$90.3M | $1.9B | — |
| Capital expenditures | $22.2M | $25.4M | −$3.2M | -13% |
Questions
How much did Northern Trust's revenue grow quarter over quarter in Q3 2026?
Northern Trust's revenue fell $404M (-15%) from $2.7B in Q2 2026 to $2.3B in Q3 2026.
What drove Northern Trust's revenue change in Q3 2026?
Other revenues −$427M (-32%); Investment Management and Advisory +$23.3M (+3%); Custody and Fund Administration +$1.9M (+0.3%).