NORTHERN TRUST (NTRS) Company Report

One Northern Trust initiative centralizes the COO function for integrated planning, linking productivity targets with capital and expense management to drive growth and resilience.
Reiterated net interest income guidance, modeling two rate cuts in 2026, with liability repricing and a low-duration securities book underpinning NIM stability.
Firmwide deployment of AI tools (Copilot, NT Byron) targeting 150 use cases to boost efficiency in asset servicing—e.g., RFP automation and document digitization—alongside code generation via GitHub Copilot.
Asset Management will accelerate ETFs and alternatives and introduced a tokenized share class for a $10 billion treasury fund to enable 24/7 collateral use.
Expanding wealth management’s family office services by replicating a specialized segmentation model in key U.S. markets through targeted hiring and center-of-expertise build-out.

Feb 10, 2026, 5:10 PM

Transcript

Northern Trust outlines asset management growth and tech strategy at Bank of America conference

NTRS

Product Launch

Revenue Acceleration/Inflection

New Projects/Investments

Northern Trust Asset Management oversees $1.4 trillion in AUM, with 40% in active strategies, a $300 billion liquidity platform, and $50 billion in quantitative strategies, leveraging an $18 trillion custody franchise and global distribution.
Growth priorities target double‐digit expansion in ETFs, alternatives (50 South Capital), and custom SMAs; in 2025 the firm launched 11 ETFs, grew alternatives fundraising 2.5× YoY, added $5 billion in SMAs, and registered $35 billion of liquidity net inflows.
The company is investing heavily in technology and AI—rolling out Copilot firm-wide, evaluating 150 AI use cases (e.g., RFP automation, internal AI engine NT Byron), and enhancing its cloud-enabled data stack to scale and customize solutions efficiently.
Northern Trust launched its first tokenized share class of a treasury-only fund to enable 24/7 collateral usage and is upgrading its asset servicing infrastructure to be fully blockchain-agnostic.

Feb 10, 2026, 5:10 PM

Transcript

Northern Trust outlines growth and productivity strategy at BOA Financial Services Conference 2026

NTRS

Product Launch

Guidance Update

M&A

$1.4 trillion in AUM with 40% active management, including $300 billion in liquidity and a $50 billion quantitative strategies business, serving a global client base across 16 locations.
Launched 11 new ETFs (e.g., laddered fixed income), achieved 2.5× alternative fundraising growth, gathered $5 billion in custom SMAs for a $150 billion total, and issued a tokenized share class for its treasury-only liquidity fund in 2025.
Centralized operations under a new COO function, employing integrated productivity targets across workforce span of control, vendor consolidation, and AI-driven process automation to flex expenses dynamically.
Raised its medium-term pre-tax margin target to 33% by shifting mix toward higher-margin wealth and asset management, maintaining a CET1 ratio of 11–12%, and earmarking capital for selective inorganic opportunities in asset management and wealth.

Feb 10, 2026, 5:10 PM

Transcript

Northern Trust reports Q4 2025 earnings

NTRS

Earnings

Dividends

Guidance Update

Northern Trust reported Q4 2025 revenue of $2.136 billion, up 8 % YoY; EPS was $2.42, up 7 % YoY; pre-tax margin (FTE) was 30.3 % and return on equity was 15.4 %
Assets under custody/administration grew 11 % YoY to $18.7 trillion, with AUM up 12 % to $1.8 trillion
CET1 ratio was 12.6 %; Q4 dividends totaled $151.8 million and shares repurchased amounted to $369.8 million, yielding a total payout ratio of 113 %
For full-year 2025, revenue declined 2 % and net income fell 14 % to $1.737 billion; EPS declined 11 % to $8.74; pre-tax margin was 29.2 % and RoE was 14.4 %, with AUC/A up 11 %
2026 guidance calls for low- to mid-single digit net interest income growth, positive operating leverage > 1 pt, and total payout ratio > 100 %

Jan 22, 2026, 2:00 PM

Presentation

Northern Trust reports Q4 2025 earnings

NTRS

Earnings

Share Buyback

Guidance Update

Q4 net income of $466 million, EPS of $2.42, and ROE of 15.4% (Q4 2025)
Trust, investment, and other servicing fees of $1.3 billion (+7% y/y) and record net interest income of $654 million (+14% y/y); assets under custody and administration up 11% y/y and assets under management up 12% y/y (Q4 2025)
Expenses rose 9% y/y (5% ex-notables), driving an expense-to-trust fee ratio of 110.8% (ex-notables) and a pre-tax margin of 33.2% (Q4 2025)
Returned $522 million to shareholders in Q4 (113% payout ratio), including $152 million in dividends and $370 million in buybacks; full-year 2025 returns totaled $1.9 billion with a record $1.3 billion in share repurchases
2026 outlook: effective tax rate 26%–26.5%, net interest income growth of low- to mid-single digits, >100 bps positive operating leverage, and >100% earnings returned to shareholders

Jan 22, 2026, 2:00 PM

Transcript

Northern Trust reports Q4 2025 results

NTRS

Earnings

Guidance Update

Share Buyback

Northern Trust delivered strong Q4 2025 results: trust fees +7%, net interest income +14%, and revenue +9% (ex notables) year-over-year; for the full year, revenue rose 7%, expenses grew 5%, pre-tax margin was 30%, ROE 14.8%, and EPS 17% (all ex notables).
Returned $1.9 billion to shareholders in 2025, including a record $1.3 billion of share repurchases (reducing share count by 5%).
Asset Servicing ended Q4 with $17.4 trillion in assets under custody (+11% y/y), generated $730 million in fees (+8%), managed $1.3 trillion AUM (+12%), and achieved a pre-tax margin of 25.5% with profit up 23%.
Q4 expenses increased 9% y/y (or 5% ex notables), yielding an expense-to-trust-fee ratio of 110.8% ex notables; for the full year (ex notables), revenue +7%, expenses +4.9%, pre-tax margin +160 bps to 30%, and EPS +17%.
2026 guidance calls for net interest income growth of low- to mid-single digits, >100 bps of positive operating leverage, and returning >100% of earnings to shareholders.

Jan 22, 2026, 2:00 PM

Transcript

Northern Trust reports Q4 and full-year 2025 results

NTRS

Earnings

Guidance Update

Share Buyback

Northern Trust reported Q4 net income of $466 million, EPS of $2.42, and return on average common equity of 15.4%, and for FY2025, revenue rose 7%, expenses grew 5%, pre-tax margin reached 30%, ROE was 14.8%, and EPS grew 17% ex-notables.
In Q4, trust fees grew 7%, net interest income increased 14%, revenue excluding notables was up 9%, pre-tax margin expanded to 33%, and EPS rose 19% ex-notables.
Assets under custody and administration rose 3% sequentially and 11% year-over-year; assets under management increased 2% sequentially and 12% year-over-year, with servicing fees of $1.3 billion in the quarter.
The firm returned $1.9 billion to shareholders in 2025, including a record $1.3 billion in share repurchases (reducing share count by 5%), and 2026 guidance targets low-mid single-digit net interest income growth, over 100 bps of positive operating leverage, over 100% earnings payout, and medium-term goals of a 33% pre-tax margin and mid-teens ROE.

Jan 22, 2026, 2:00 PM

Transcript

Northern Trust reports Q4 2025 earnings

NTRS

Earnings

Dividends

Share Buyback

Northern Trust reported Q4 2025 net income of $466.0 million and diluted EPS of $2.42, up 2% sequentially and 7% year-over-year.
Total revenue (FTE) was $2,135.8 million, a 5% increase from Q3 and 8% increase year-over-year, led by 10% growth in net interest income (FTE).
Return on average common equity reached 15.4%, at the high end of the firm’s target range.
The board declared $0.80 per share dividend and repurchased $369.8 million of stock, resulting in a 113% total payout ratio for the quarter.
Q4 results included $58.8 million of severance charges, a $9.5 million FDIC reserve release, and $19.2 million Visa swap expense.

Jan 22, 2026, 12:03 PM

8-K

Northern Trust posts Q4 2025 net income of $466M

NTRS

Earnings

Share Buyback

Revenue Acceleration/Inflection

Northern Trust reported Q4 2025 revenue of $2.14 billion, up 8.4% YoY, with trust fees rising 7% and net interest income up 14%.
GAAP and non-GAAP EPS came in at $2.42, driving a quarterly net income of $466 million.
The firm returned $1.9 billion to shareholders in 2025, including a record $1.3 billion in share repurchases.
Return on average common equity was a robust 15.4%, though management provided no forward guidance, leading to a muted market reaction.

Jan 22, 2026, 5:19 AM

Morningstar

Northern Trust outlines 2026 priorities and financial guidance

NTRS

Guidance Update

New Projects/Investments

One Northern Trust strategy for 2026 centers on accelerating organic growth and productivity while continuing to strengthen resiliency and discipline on operating expenses.
The asset servicing unit aims to lift pre-tax margins from the mid-20s to high-20s over the next couple of years, driven by retention, relationship expansion and more disciplined new-client pricing.
Northern is building an interoperable custody and servicing platform for digital assets, advancing from private blockchain pilots to public blockchain capabilities as the next stage of its investment.
Wealth management will leverage its global family office expertise to extend “family office services” down-market and expand alternatives—doubling third-party funds on its WM alts platform in 2025 alongside proprietary 50 South Capital offerings.
CFO re-affirmed Q4 NII guidance at flat to up versus Q3 and full-year 2025 expense growth ≤ 5%, and expects 2026 NII to be flat to modestly up through three rate cuts, with continued positive operating leverage and a ~100% capital return target.

Dec 10, 2025, 4:20 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for NORTHERN TRUST.

Q4 2025

Jan 22, 2026

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Q3 2025

Oct 22, 2025

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Q2 2025

Jul 23, 2025

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NORTHERN TRUST (NTRS)

Analyst Earnings Quarterly Reports

Q3 2025

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Executives

Michael O’Grady

Daniel Gamba

David Fox Jr.

Jason Tyler

Peter Cherecwich

Steven Fradkin

Teresa Parker

Board Members

Bobby Mehta

Chandra Dhandapani

Charles Tribbett III

David Smith Jr.

Dean Harrison

Donald Thompson

Jay Henderson

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Martin Slark

Richard Petrino

Robert Moritz

Susan Crown

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Michael Mayo

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Brennan Hawken

Ebrahim Poonawalla

Glenn Schorr

Kenneth Usdin

Ken Usdin

Malkjot

Manjot

Sharon Leung

Thomas Leddy

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