NASDAQ: NTRS
Northern Trust
Financials · State Commercial Banks
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$30.7B
Show tableHide table
| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $20.4B |
| FY2017, ended Dec 31, 2017 | $22.6B |
| FY2018, ended Dec 31, 2018 | $18.3B |
| FY2019, ended Dec 31, 2019 | $22.2B |
| FY2020, ended Dec 31, 2020 | $19.4B |
| FY2021, ended Dec 31, 2021 | $24.9B |
| FY2022, ended Dec 31, 2022 | $18.4B |
| FY2023, ended Dec 31, 2023 | $17.3B |
| FY2024, ended Dec 31, 2024 | $20.1B |
| FY2025, ended Dec 31, 2025 | $25.4B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $30.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$9.32B
Show tableHide table
| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.96B |
| FY2017, ended Dec 31, 2017 | $5.38B |
| FY2018, ended Dec 31, 2018 | $5.96B |
| FY2019, ended Dec 31, 2019 | $6.07B |
| FY2020, ended Dec 31, 2020 | $6.10B |
| FY2021, ended Dec 31, 2021 | $6.46B |
| FY2022, ended Dec 31, 2022 | $6.76B |
| FY2023, ended Dec 31, 2023 | $6.77B |
| FY2024, ended Dec 31, 2024 | $8.29B |
| FY2025, ended Dec 31, 2025 | $8.09B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $9.32B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.03B | $1.40B |
| FY2017, ended Dec 31, 2017 | $1.20B | $1.63B |
| FY2018, ended Dec 31, 2018 | $1.56B | $1.67B |
| FY2019, ended Dec 31, 2019 | $1.49B | $2.43B |
| FY2020, ended Dec 31, 2020 | $1.21B | $1.76B |
| FY2021, ended Dec 31, 2021 | $1.55B | $1.26B |
| FY2022, ended Dec 31, 2022 | $1.34B | $2.26B |
| FY2023, ended Dec 31, 2023 | $1.11B | $2.51B |
| FY2024, ended Dec 31, 2024 | $2.03B | −$588M |
| FY2025, ended Dec 31, 2025 | $1.74B | $5.46B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.43B | $1.74B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$6.44B
Show tableHide table
| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.33B |
| FY2017, ended Dec 31, 2017 | $4.52B |
| FY2018, ended Dec 31, 2018 | $4.58B |
| FY2019, ended Dec 31, 2019 | $4.46B |
| FY2020, ended Dec 31, 2020 | $4.39B |
| FY2021, ended Dec 31, 2021 | $3.06B |
| FY2022, ended Dec 31, 2022 | $4.65B |
| FY2023, ended Dec 31, 2023 | $4.79B |
| FY2024, ended Dec 31, 2024 | $4.68B |
| FY2025, ended Dec 31, 2025 | $5.87B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $6.44B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 20.8% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.181M
Show tableHide table
| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 229M |
| FY2017, ended Dec 31, 2017 | 226M |
| FY2018, ended Dec 31, 2018 | 218M |
| FY2019, ended Dec 31, 2019 | 209M |
| FY2020, ended Dec 31, 2020 | 208M |
| FY2021, ended Dec 31, 2021 | 208M |
| FY2022, ended Dec 31, 2022 | 208M |
| FY2023, ended Dec 31, 2023 | 205M |
| FY2024, ended Dec 31, 2024 | 196M |
| FY2025, ended Dec 31, 2025 | 186M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 181M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.27B more bought back than issued
Show tableHide table
| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $411M | $86.8M |
| FY2017, ended Dec 31, 2017 | $523M | $128M |
| FY2018, ended Dec 31, 2018 | $924M | $131M |
| FY2019, ended Dec 31, 2019 | $1.10B | $108M |
| FY2020, ended Dec 31, 2020 | $300M | $91.4M |
| FY2021, ended Dec 31, 2021 | $268M | $95.5M |
| FY2022, ended Dec 31, 2022 | $35.4M | $125M |
| FY2023, ended Dec 31, 2023 | $348M | $118M |
| FY2024, ended Dec 31, 2024 | $938M | $119M |
| FY2025, ended Dec 31, 2025 | $1.27B | $127M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.43B | $160M |
Revenue (TTM)
$9.32B
+17.6% YoY
Net income (TTM)
$2.43B
+40.6% YoY
Cash
$6.44B
+20.5% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $30.6B
- P/E
- 12.6×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.3×
- Price / Book
- 2.3×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $9.32B
- Revenue Growth YoY
- 17.6%
- Revenue CAGR 3Y
- 6.1%
- Revenue CAGR 5Y
- 5.8%
- EPS Growth YoY
- —. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- 40.6%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 26.0%
- FCF Margin
- 18.7%
- Return on Equity
- 18.4%
Earnings
Trailing 12 months- Net Income
- $2.43B
- EPS (diluted)
- —
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $6.44B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $167B
- Total Liabilities
- $154B
- Shareholders' Equity
- $13.4B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.83B
- Capital Expenditure
- $89.8M
- Free Cash Flow
- $1.74B
Dividends and risk
Last 12 months- Dividend Yield
- 1.9%
- Dividend / Share
- $3.28
- Beta (5Y)
- 1.24
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 17.6% year over year, at $9.32B.
Note
Net margin of 26.0% over the last 12 months.
Strength
Turns 18.7% of revenue into free cash flow.
Strength
Share count is down 4.2% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K52Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 24, 2026 · Read the filing on EDGAR
- Revenue fell 2% to $8.09 billion and net income fell 14% to $1.74 billion, mainly because 2024 included a one-time $896.7 million Visa gain.
- Core business grew: trust and servicing fees rose 6% and net interest income rose 11%, while costs rose only 2%.
- Client assets reached new highs, but mostly from rising markets; net inflows to managed assets slowed to $17.1 billion from $59.5 billion.
- Shareholder payouts rose to $1.9 billion from $1.5 billion, helped by a new $2.5 billion buyback program.
Business momentum
Weakening
“Revenue in 2025 decreased $204.0 million from 2024”
Outlook
Neutral
“Net pension expense in 2026 is expected to increase by approximately $22.2 million”
Financial stress
Low
“Northern Trust maintains a very liquid balance sheet, with cash and due from banks, deposits with the Federal Reserve and other central banks, short-term money market assets and investment securities in aggregate representing 66% and 62% of total assets”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Core fee income grew on markets and new business
“Trust, Investment and Other Servicing Fees increased $290.0 million in 2025 compared to 2024, primarily due to favorable markets, net new business, and favorable currency movements.”
Net interest income rose on higher deposits and cheaper funding
“Net Interest Income on a fully taxable equivalent (FTE) basis in 2025 of $2.4 billion increased $230.6 million, or 10%, from $2.2 billion in 2024”
More cash returned to shareholders
“Through the common stock dividends and repurchases, the Corporation returned $1.9 billion in capital to common stockholders in 2025.”
Concerns
New money into managed assets slowed sharply, with growth relying on markets
“Net Inflows (Outflows) $ 17.1 $ 59.5 $ 43.9”
Interest income is now more exposed to falling rates
“200 Basis Points (262) (82)”
Problem loans rose, though from a low level
“Nonaccrual assets as of December 31, 2025 increased from December 31, 2024, primarily due to downgrades of a small number of loans within the Residential Real Estate and C&I segments”
New risks since the previous report
Errors and legal exposure from using generative AI
“generative AI has been known to produce false or “hallucinatory” inferences or output”
Rivals may adopt AI faster and win business
“our competitors or other third parties may incorporate AI into their products more quickly or more successfully than us”
Stablecoins and new digital-asset laws may change what clients want
“Widespread adoption and rapid evolution of emerging technologies, including with respect to digital assets, such as stablecoins”
US credit downgrade lowered ratings on much of the securities portfolio
“Moody's downgraded the long-term credit rating of the U.S. from Aaa to Aa1 in May 2025.”
Biggest risks named
- Market downturns and outflows lowering asset-based fees
- Interest rate changes hurting net interest income and securities values
- Cyber attacks, technology failures and third-party vendor problems
- Changing regulation, including the pending Basel III capital rules
- Geopolitical shocks, including growing trapped Russia-related client cash
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −6 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 52 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 24, 2026 | 52 | Weakening | None | |
| 10-K | Feb 24, 2025 | 72 | Strong improvement | None | |
| 10-K | Feb 27, 2024 | 44 | Mixed | 1 medium1 minor | |
| 10-K | Feb 28, 2023 | 51 | Mixed | 1 medium | |
| 10-K | Feb 28, 2022 | 72 | Strong improvement | None | |
| 10-K | Feb 23, 2021 | 50 | Mixed | 1 minor | |
| 10-K | Feb 25, 2020 | 56 | Mixed | None | |
| 10-K | Feb 26, 2019 | 70 | Strong improvement | None | |
| 10-K | Feb 27, 2018 | 64 | Improving | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR