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How Northern Trust (NTRS) makes money

Northern Trust (NTRS) made $2.3B of revenue in the third quarter 2026 (Q3 2026), +13% from a year earlier. Other revenues brought in $921M (40%); Investment Management and Advisory brought in $736M (32%); Custody and Fund Administration brought in $547M (24%). Of every dollar of revenue, 35¢ was left as operating profit, 28¢ was left as net earnings.

Drawing the Sankey…

Northern Trust revenue by segment, Q3 2026Northern Trust revenue by segment, Q3 2026Other revenues$921MInvestment Management and Advisory$736MCustody and Fund Administration$547MOther$61.2MSecurities Lending$29.4M
Northern Trust: revenue by line, Q1 2025 to Q3 2026Northern Trust: revenue by line, Q1 2025 to Q3 2026Other revenuesInvestment Management…Custody and Fund Admi…OtherSecurities LendingSecurities Commission…Securities Commission…Other Operating IncomeOther revenues: $921M latest$921MInvestment Management and Advisory: $736M latest$736MCustody and Fund Administration: $547M latest$547MOther: $61.2M latestSecurities Lending: $29.4M latestSecurities Commissions and Trading Income: $0 latestSecurities Commission and Trading: $0 latestOther Operating Income: $0 latestQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Other revenues went from 37% of revenue in Q1 2025 to 40% in Q3 2026, the largest shift in the mix.
Northern Trust revenue by quarterNorthern Trust revenue by quarter$1.9BQ1 2025$2.0BQ2 2025$2.0BQ3 2025$2.1BQ4 2025$2.2BQ1 2026$2.7BQ2 2026$2.3BQ3 2026
Northern Trust: where each dollar of revenue goesNorthern Trust: where each dollar of revenue goesOperating profit35¢Income tax7¢Net earnings28¢Operating cash flow80¢Free cash flow79¢

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
Other revenues$921M40.2%-32%+21%
Investment Management and Advisory$736M32.1%+3%+10%
Custody and Fund Administration$547M23.8%+0.3%+6%
Other$61.2M2.7%-2%+2%
Securities Lending$29.4M1.3%-0.7%+37%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$2.3B100.0%
Operating profit$796M34.7%
Income tax$154M6.7%
Net earnings$643M28.0%
Operating cash flow$1.8B79.5%
Free cash flow$1.8B78.6%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$2.3B+13%
Q2 2026$2.7B+35%
Q1 2026$2.2B+14%
Q4 2025$2.1B+8%
Q3 2025$2.0B+3%
Q2 2025$2.0B-26%
Q1 2025$1.9B+18%

From Northern Trust's 10-Q filed Oct 29, 2026 (on EDGAR).

Questions

How does Northern Trust make money?

Northern Trust (NTRS) made $2.3B of revenue in the third quarter 2026 (Q3 2026), +13% from a year earlier. Other revenues brought in $921M (40%); Investment Management and Advisory brought in $736M (32%); Custody and Fund Administration brought in $547M (24%). Of every dollar of revenue, 35¢ was left as operating profit, 28¢ was left as net earnings.

What is Northern Trust's biggest business?

Other revenues: $921M in the third quarter 2026, 40% of revenue, +21% from a year earlier.

What is Northern Trust's profit margin?

Net earnings were $643M, 28.0% of revenue, in the third quarter 2026; the operating margin was 34.7%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.