NORTHERN TRUST (NTRS) Company Report

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

Northern Trust issues $1.25 billion of senior and subordinated notes

NTRS

Debt Issuance

Northern Trust issued $500 million of 4.150% Senior Notes due 2030 and $750 million of 5.117% Fixed-to-Fixed Rate Subordinated Notes due 2040 on November 19, 2025.
The Senior Notes are unsecured, rank equally with all existing and future senior debt, bear interest semi-annually at 4.150%, and are non-callable before maturity on November 19, 2030.
The Subordinated Notes rank junior to depositors and senior debt, bear 5.117% interest until the November 19, 2035 reset date, then reset to the five-year U.S. Treasury rate plus 105 bps, and are redeemable in whole only on the reset date at 100%.
The offering was underwritten by BofA Securities, Citigroup, J.P. Morgan Securities, Siebert Williams Shank and others, and was sold under the Company’s shelf registration on Form S-3.

Nov 19, 2025, 9:33 PM

8-K

Northern Trust Universe posts Q3 2025 market gains

NTRS

The Northern Trust Universe delivered a 4.3% median return in Q3 2025, with ERISA plans at 3.7%, Public Funds at 4.0%, and Foundations & Endowments at 4.3%.
Markets were buoyed by a 25 bps Fed rate cut, AI momentum and tariff stabilization; the S&P 500 rose 8.1%, Northern Trust US Equity programs returned 7.2%, Non-US Equity 6.1%, and Fixed Income 2.4%.
Over one year, median returns stood at 5.1% for ERISA, 9.6% for Public Funds, and 10.6% for Foundations & Endowments; Public Funds allocate 26% to U.S. equity and 22% to U.S. fixed income, while Foundations & Endowments maintain over 20% in private equity.

Oct 30, 2025, 2:15 PM

Press Release

Northern Trust: Canadian pension plans deliver positive Q3 returns

NTRS

The median Canadian pension plan returned 3.6% in Q3 and 4.3% year-to-date through September 30, 2025.
Equities were strong, with Canadian (S&P/TSX Composite) up 12.5%, U.S. (S&P 500) up 10.3%, developed markets (MSCI EAFE) up 6.9%, and emerging markets (MSCI EM) up 13.1% in CAD.
Fixed income investors gained diversification as the FTSE Canada Universe Bond Index advanced 1.5% in CAD, led by mid-term bonds.
The Bank of Canada cut its key rate by 25 bps to 2.50% in September, mirroring the Fed’s first 25 bps cut to 4.00–4.25%.

Oct 29, 2025, 2:15 PM

Press Release

Northern Trust reports Q3 2025 earnings results

NTRS

Earnings

Net interest income was $590.8 million with a net interest margin of 1.68% in Q3 2025.
Total revenue (GAAP) reached $2.025 billion, generating pre-tax income of $619.5 million and a pre-tax profit margin of 30.6%.
On a fully taxable equivalent (FTE) basis, total revenue was $2.031 billion and pre-tax income was $625.0 million, reflecting non-GAAP adjustments.
Q3 included notable pre-tax revenue impacts of $55.3 million and expense impacts of $182.2 million related to items such as severance, FDIC assessments, and investment losses.

Oct 22, 2025, 1:00 PM

Presentation

Northern Trust reports Q3 2025 results

NTRS

Earnings

Guidance Update

Northern Trust delivered 6% revenue growth, $458 million net income, $2.29 EPS, and a 14.8% ROE, with pre-tax margin expanding 200 bps and positive operating leverage of 110 bps year-over-year.
Assets under custody and administration rose 1% sequentially and 5% year-over-year, while assets under management increased 4% sequentially and 9% year-over-year.
Wealth Management AUM reached $493 billion (up 11% year-over-year), and trust, investment, and servicing fees totalled $559 million, a 5% increase year-over-year.
Operating expenses grew 4.7% year-over-year, driving the expense-to-trust fee ratio down 120 bps to 112%, and full-year expense growth remains below 5% guidance.
Capital metrics remained robust with a 12.4% CET1 ratio, 8% Tier 1 leverage ratio, and full-year net interest income now expected to grow mid- to high-single digits.

Oct 22, 2025, 1:00 PM

Transcript

Northern Trust reports Q3 2025 earnings

NTRS

Earnings

Guidance Update

Product Launch

Under new leadership, NTAM appointed Mike Hunstad as President and launched 11 new ETF strategies, including eight industry-first fixed-income distributing ladder ETFs, driving positive flows in liquidity, ETFs, custom SMAs and fixed income.
Asset Servicing secured major custody and fund administration mandates totaling $49 billion ($14 B Sacramento County ERS, $16 B Atlanta foundation, $19 B New Mexico ERB) and added over 100 new capital markets clients YTD, extending its market share in alternatives and non-profit healthcare coverage to 75% of top 50 systems.
Net interest income on an FTE basis was $596 million (-3% QoQ, +5% YoY), net interest margin rose to 1.7%, and average deposits declined 5% to $116.7 billion QoQ.
Operating expenses increased 4.7% YoY (4.4% ex-currency), common equity Tier 1 ratio improved to 12.4%, Tier 1 leverage ratio to 8%, and the firm returned $431 million to shareholders (98% payout ratio) in Q3.
Guidance for full year includes below-5% operating expense growth and mid- to high-single-digit NII growth over prior year, with a target to sustain a pre-tax margin above 30%.

Oct 22, 2025, 1:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for NORTHERN TRUST.

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

Q2 2025

Q1 2025

Q4 2024

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

Analyst Coverage

Betsy Graseck

Ebrahim Poonawala

David Smith

Gerard Cassidy

Glenn Schorr

Alexander Blostein

Brian Bedell

James Mitchell

Mike Mayo

Vivek Juneja

Brennan Hawken

Brennan Hawkin

Ken Houston

Michael Mayo

Steven Alexopoulos

Steven Chubak

Brennan Hawken

Glenn Schorr

Kenneth Usdin

Ken Usdin

Sharon Leung

Thomas Leddy

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