Filing Flows › Northern Trust (NTRS) › Q3 2026 › vs Q3 2025
Northern Trust (NTRS) Q3 2026 vs Q3 2025 (year over year)
Northern Trust's revenue rose $269M (+13%) from $2.0B in Q3 2025 to $2.3B in Q3 2026. The biggest changes: Other revenues +$162M (+21%); Investment Management and Advisory +$67.3M (+10%); Custody and Fund Administration +$31.3M (+6%). Operating margin 34.7% against 30.6% (+4.1 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 34.7% | 30.6% | +4.1 pts |
| Net margin | 28.0% | 22.6% | +5.4 pts |
| Free cash flow margin | 78.6% | 25.2% | +53.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Investment Management and Advisory | $736M | $668M | $67.3M | +10% |
| Custody and Fund Administration | $547M | $516M | $31.3M | +6% |
| Other | $61.2M | $60.2M | $1.0M | +2% |
| Securities Lending | $29.4M | $21.5M | $7.9M | +37% |
| Other revenues | $921M | $760M | $162M | +21% |
| Revenue | $2.3B | $2.0B | $269M | +13% |
| Operating profit | $796M | $620M | $177M | +29% |
| Costs & expenses | $1.5B | $1.4B | $92.0M | +7% |
| Pre-tax earnings | $796M | $620M | $177M | +29% |
| Sales & marketing | $26.3M | $17.1M | $9.2M | +54% |
| Other operating costs | $1.5B | $1.4B | $82.8M | +6% |
| Net earnings | $643M | $458M | $185M | +40% |
| Income tax | $154M | $162M | −$8.3M | -5% |
| Depreciation & amortization | $200M | $196M | $3.7M | +2% |
| Share-based compensation | $14.2M | $17.6M | −$3.4M | -19% |
| Working capital & other | $968M | −$145M | $1.1B | — |
| Operating cash flow | $1.8B | $526M | $1.3B | +247% |
| Free cash flow (OCF − capex) | $1.8B | $509M | $1.3B | +254% |
| Capital expenditures | $22.2M | $16.4M | $5.8M | +35% |
Questions
How much did Northern Trust's revenue grow year over year in Q3 2026?
Northern Trust's revenue rose $269M (+13%) from $2.0B in Q3 2025 to $2.3B in Q3 2026.
What drove Northern Trust's revenue change in Q3 2026?
Other revenues +$162M (+21%); Investment Management and Advisory +$67.3M (+10%); Custody and Fund Administration +$31.3M (+6%).