NORTHERN TRUST (NTRS) Company Report

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

Northern Trust outlines priorities and 2026 financial guidance

NTRS

Guidance Update

New Projects/Investments

Northern Trust reaffirms 2025 net interest income to finish up mid–high single digits, with Q4 flat to modestly up quarter-over-quarter, and 2026 NII expected to be flat to +1–2% assuming three rate cuts.
Expense growth disciplined at sub-5% in 2025, with a dynamic planning framework and a commitment to positive operating leverage maintained into 2026.
Asset Servicing business targets lifting pre-tax margins from mid-20s into high-20s over the next two years through selective client wins and pricing discipline.
Wealth management will expand up-market via enhanced global family office services and a WM alts platform, having more than doubled third-party funds added in 2025.

Dec 10, 2025, 4:20 PM

Transcript

Northern Trust Outlines 2026 Strategy and Financial Outlook at Goldman Sachs Conference

NTRS

Guidance Update

CEO Michael O'Grady highlights two‐year “One Northern Trust” strategy focused on optimizing growth, strengthening resiliency, and driving productivity, delivering average 7% revenue growth, 2 pp operating leverage, 13%+ ROE, and double‐digit EPS growth.
Institutional asset servicing retention remains in the high‐90s, with a target to lift pre‐tax margins from mid‐20s to high‐20s over the next two years while sustaining low‐ to mid‐single‐digit organic fee growth.
The firm is building interoperable custody and processing capabilities for public and private blockchains, exploring early‐stage commercialization and tokenized money market fund opportunities.
Wealth management prioritizes Global Family Office and ultra‐HNW segments through institutional-grade, virtual/hybrid family office services and expands private markets allocations via 50 South Capital’s proprietary solutions and a curated third-party alternatives platform.
CFO David Fox reaffirms 2025 guidance of mid- to high-single-digit NII growth and <5% expense growth, and projects 2026 NII flat to +1–2% (assuming three rate cuts) with a commitment to positive operating leverage.

Dec 10, 2025, 4:20 PM

Transcript

Northern Trust accelerates new business momentum in 2025

NTRS

Revenue Acceleration/Inflection

New Projects/Investments

Northern Trust secured over 100 institutional asset owner mandates, representing US$385 billion in assets under custody as of November 30, 2025.
New business growth spans North America, EMEA and APAC, underpinned by targeted innovations in client servicing, regulatory reporting, collateral and liquidity management.
Its cloud-based Front Office Solutions now supports US$1 trillion in alternative asset lifecycle management for global clients (as of July 2025).
As of September 30, 2025, the firm reported US$18.2 trillion in assets under custody/administration and US$1.8 trillion in assets under management.

Dec 9, 2025, 10:00 AM

Press Release

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)

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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

Marcy Klevorn

Martin Slark

Richard Petrino

Robert Moritz

Susan Crown

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Ebrahim Poonawala

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Vivek Juneja

Brennan Hawkin

Ken Houston

Michael Mayo

Steven Alexopoulos

Brennan Hawken

Ebrahim Poonawalla

Glenn Schorr

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Ken Usdin

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Manjot

Sharon Leung

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