Filing Flows › Northern Trust (NTRS) › Q4 2025
Northern Trust (NTRS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Northern Trust (NTRS) reported revenue of $2.1B for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +5% from the quarter before. Operating margin was 29.9%, net earnings $466M (21.9% of revenue).
Northern Trust, Q4 2025: revenue $2.1B (+8% year over year), operating margin 29.9%, net earnings $466M, operating cash flow $388M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.1B | +5% | +8% |
| Operating profit | $634M | +2% | +7% |
| Net earnings | $466M | +2% | +2% |
| Operating cash flow | $388M | -26% | — |
| Free cash flow | $356M | -30% | — |
What changed
Revenue was $2.1B in Q4 2025, up 8% year over year and up 5% from the previous quarter. Investment Management and Advisory was the largest line at 33% of revenue.
Operating profit was $0.63B, a 29.9% margin (down 0.5 points year over year). Of the extra revenue versus a year earlier, 24% reached operating profit, below the 30% margin then. Total costs grew 9% against revenue growth of 8%. Net earnings were $0.47B, up 2% year over year. The effective tax rate was 26.5%.
Operating cash flow was $0.39B, 83% 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 $0.29B. Capital expenditures of $0.03B left free cash flow of $0.36B.
Questions
What was Northern Trust's revenue in the fourth quarter 2025?
Northern Trust (NTRS) reported revenue of $2.1B for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +5% from the quarter before.
Was Northern Trust profitable in the fourth quarter 2025?
Operating profit was $634M (29.9% of revenue) and net earnings $466M.
Source: Northern Trust 10-K on SEC EDGAR.