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Northern Trust (NTRS) stock

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NASDAQ: NTRS Nasdaq Asset Management & Custody Banks Next results ~January 21, 2027

Northern Trust is a US-listed company in the asset management & custody banks industry. Its financial year ends in December.

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 9 selling6 purchases and 19 sales by directors and officers, last 12 monthsInsider trades
  • Funds490 adding, 401 cuttingOf 80 active managers that changed their stake, 38 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Northern Trust files

10-Q filed October 29: Northern Trust

Northern Trust's revenue for the twelve months to September 2026 came in at $8.44bn, down 0.7% on a year earlier, a pace little changed from the quarter before. Share buybacks have cut the diluted share count by 4.6% on a year earlier, lifting the value attributable to each remaining share. As a result, our model value rises from $110 to $114 a share. Against a share price of $174, this leaves the stock looking expensive. The rating stays Sell.

Our model value for Northern Trust is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Northern Trust stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $8.33bn, down 1.1% on a year earlier, faster than -1.8% a quarter earlier. That puts it 12 of 12 for growth among the asset management & custody banks companies we cover. The diluted share count is down 4.7% on a year earlier, which lifts each remaining share.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 21, 2027 (estimated)

Northern Trust's trailing-twelve-month revenue fell 0.7% year on year, with a free-cash-flow margin of 20.6%.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 28.4% while net income grew 40.6%: a 69pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 20.6% of revenue turned into free cash flow.
  • Shrinking share count. Diluted shares fell 4.6% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $6.4bn.

Things to watch

  • Revenue shrinking. Revenue fell 0.7% over the last 12 months.
  • Weak cash conversion. Free cash flow was 72% of net income over the last 12 months.
  • Earnings expected to fall. The consensus expects earnings per share to fall 3% next year.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$3.40 against an average estimate of $2.84: beat by 19.7%
Revenue
$2.29bn, up 13.3% on a year earlier
Share reaction
+0.2% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Next report
January 21, 2027; average EPS estimate $3.06

Northern Trust's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.1%
  • 1 week+1.2%
  • 1 month+0.6%
  • This year+26.8%
  • 1 year+37.9%
  • 5 years+63.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$8.4B
Net margin
28.8%
EPS (TTM, diluted)
$13.06

Growth

Revenue growth
−0.7%
Change in growth rate
+0.5 pts
Share count change
−4.6%

Earnings

Last results
October 21, 2026
Next results (est.)
January 21, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Results
  3. Leadership
  4. Leadership
  5. Announcement
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Northern Trust valuation models and calculator

No model value for Northern Trust at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Northern Trust as a bank or lender, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.9 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$120 ~$86–$160 Primary model, counts double
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$130 ~$110–$160 Included
Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. ~$110 ~$72–$150 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$59 ~$77–$110 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$130 ~$120–$150 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$140 ~$120–$170 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Northern Trust with banks and lenders in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

76 /100

Strong moat

How hard Northern Trust's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Net income has been a median 1.0% of total assets over 10 years.

  • Durability 17 / 20

    Net margin has been a median 21.6%; its worst year was 17.3%.

  • Discipline 20 / 20

    The diluted share count fell 11.1% over five years; stock-based pay has been a median 1.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (81 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 21, 2027, before the open. Analysts expect revenue of $2.3bn and EPS of $3.06 (range $3.00 to $3.17) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $13.40 +53% $9.3bn +15%
Next $12.96 −3% $9.5bn +2%

Next year's EPS estimate has moved +3.4% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +5.1% on 90 days ago. In the last 30 days, 6 analysts raised Northern Trust's forecast and 2 cut it.

Consensus EPS forecast Northern Trust, last 90 days
$12.50 $13.00 $13.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $12.75 Current fiscal year, 60 days ago: $12.73 Current fiscal year, 30 days ago: $12.75 Current fiscal year, 7 days ago: $12.75 Current fiscal year, Now: $13.40 $13.40 Next fiscal year, 90 days ago: $12.53 Next fiscal year, 60 days ago: $12.56 Next fiscal year, 30 days ago: $12.57 Next fiscal year, 7 days ago: $12.71 Next fiscal year, Now: $12.96 $12.96

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $12.75$12.53
60 days ago $12.73$12.56
30 days ago $12.75$12.57
7 days ago $12.75$12.71
Now $13.40$12.96

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.84 $3.40 +19.7%
Jun 2026 $4.62 $4.23 −8.4%
Mar 2026 $2.33 $2.71 +16.1%
Dec 2025 $2.35 $2.42 +2.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026

No numeric guidance in Northern Trust's latest earnings release (filed October 21, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

16 analysts, Oct 2026
Buy213%
Hold1275%
Sell213%

Monthly trend

  1. Oct 202621216
  2. Sep 2026210215
  3. Aug 2026210215
  4. Jul 2026210215

Counts of recommendations published by analysts covering Northern Trust, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
3.62
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
87%
of shares
Held by insiders
0.9%
of shares
Employees
23,800
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +35.4%

$126.00 on October 31, 2025 to $170.66

ThenNowEffect
Revenue (last 12 months) $8.4bn $8.3bn −1.1%
Net margin 20.6% 26.9% +30.7%
P/E multiple 14.3x 14.3x −0.2%
Share count 197m 188m +5.0%

Biggest factor: net margin.

Last 3 years +160.4%

$65.53 on November 3, 2023 to $170.66

ThenNowEffect
Revenue (last 12 months) $6.6bn $8.3bn +26.1%
Net margin 18.4% 26.9% +46.1%
P/E multiple 11.2x 14.3x +27.3%
Share count 209m 188m +11.1%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NTRS+32%−24%−1%+26%+37%+27%
Industry peers (median)+33%−17%+19%+15%−4%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NTRS58%33%42%67%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NTRS−13%−41%−35%−11%−25%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 50% from January 14, 2022 to October 25, 2023. Getting back needed a 100% gain, reached on June 23, 2025, 607 days after the low.

Price behaviour

52-week range
$120.18 – $190.57
From 52-week high
−10.4%
vs 50-day average
−2.5%
vs 200-day average
+3.7%
Volatility (1 year)
24%
Beta vs S&P 500
0.87

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±3.5%
After a week
8 up, 4 down
typical move ±4.0%
After a month
6 up, 5 down
typical move ±5.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 +0.2% −0.7% +3.9% —
July 22, 2026 −3.8% −1.3% −4.0% −1.4%
April 21, 2026 +5.6% +0.4% +5.0% +4.4%
January 22, 2026 +2.9% +0.6% +4.3% −2.8%
October 22, 2025 −2.9% +0.1% −1.0% −2.2%
July 23, 2025 +1.8% +0.9% +4.0% +0.6%
April 22, 2025 +4.4% +4.2% +8.4% +21.4%
January 23, 2025 +3.3% +0.3% +5.0% +5.1%
October 23, 2024 +7.3% −0.7% +5.9% +13.7%
July 17, 2024 −5.0% −2.2% −4.7% −5.0%
April 16, 2024 −3.0% −0.8% +0.6% +3.3%
January 18, 2024 −2.2% +2.1% −1.4% −3.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Northern Trust
$6B $7B $8B $9B $10B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $6.8B Revenue (TTM), FY24 Q1: $6.9B Revenue (TTM), FY24 Q2: $8.5B Revenue (TTM), FY24 Q3: $8.6B Revenue (TTM), FY24 Q4: $9.8B Revenue (TTM), FY25 Q1: $9.9B Revenue (TTM), FY25 Q2: $8.4B Revenue (TTM), FY25 Q3: $8.5B Revenue (TTM), FY25 Q4: $8.1B Revenue (TTM), FY26 Q1: $8.2B Revenue (TTM), FY26 Q2: $8.3B Revenue (TTM), FY26 Q3: $8.4B $8.4B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $6.8B
FY24 Q1 $6.9B
FY24 Q2 $8.5B
FY24 Q3 $8.6B
FY24 Q4 $9.8B
FY25 Q1 $9.9B
FY25 Q2 $8.4B
FY25 Q3 $8.5B
FY25 Q4 $8.1B
FY26 Q1 $8.2B
FY26 Q2 $8.3B
FY26 Q3 $8.4B
Revenue growth, TTM YoY Northern Trust
-20% 0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 0.2% Revenue growth, TTM YoY, FY24 Q1: 3.0% Revenue growth, TTM YoY, FY24 Q2: 28.2% Revenue growth, TTM YoY, FY24 Q3: 28.8% Revenue growth, TTM YoY, FY24 Q4: 45.3% Revenue growth, TTM YoY, FY25 Q1: 44.6% Revenue growth, TTM YoY, FY25 Q2: -0.5% Revenue growth, TTM YoY, FY25 Q3: -0.7% Revenue growth, TTM YoY, FY25 Q4: -17.8% Revenue growth, TTM YoY, FY26 Q1: -17.1% Revenue growth, TTM YoY, FY26 Q2: -1.1% Revenue growth, TTM YoY, FY26 Q3: -0.7% -0.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 0.2%
FY24 Q1 3.0%
FY24 Q2 28.2%
FY24 Q3 28.8%
FY24 Q4 45.3%
FY25 Q1 44.6%
FY25 Q2 -0.5%
FY25 Q3 -0.7%
FY25 Q4 -17.8%
FY26 Q1 -17.1%
FY26 Q2 -1.1%
FY26 Q3 -0.7%
FCF margin (TTM) Northern Trust
-20% 0% 20% 40% 60% 80% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 37.0% FCF margin (TTM), FY24 Q1: 17.8% FCF margin (TTM), FY24 Q2: 50.8% FCF margin (TTM), FY24 Q3: 56.4% FCF margin (TTM), FY24 Q4: -6.0% FCF margin (TTM), FY25 Q1: 36.5% FCF margin (TTM), FY25 Q2: 29.7% FCF margin (TTM), FY25 Q3: 28.6% FCF margin (TTM), FY25 Q4: 67.5% FCF margin (TTM), FY26 Q1: 29.1% FCF margin (TTM), FY26 Q2: 5.3% FCF margin (TTM), FY26 Q3: 20.6% 20.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 37.0%
FY24 Q1 17.8%
FY24 Q2 50.8%
FY24 Q3 56.4%
FY24 Q4 -6.0%
FY25 Q1 36.5%
FY25 Q2 29.7%
FY25 Q3 28.6%
FY25 Q4 67.5%
FY26 Q1 29.1%
FY26 Q2 5.3%
FY26 Q3 20.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

What Northern Trust earned on its loans and securities in FY2025, what it paid depositors and lenders, and how its revenue split between running costs, credit losses, tax and profit.

  1. Interest income $8.6B
  2. Fee and other income $5.7B · 70.2%
  3. Interest paid $6.2B
  4. Net interest income $2.4B · 29.8%
  5. Revenue $8.1B
  6. Non-interest expense $5.8B · 71.2%
  7. Pre-tax profit $2.3B · 28.8%
  8. Income tax $603M · 7.5%
  9. Net income $1.7B · 21.5%

Shares of revenue. Source: Northern Trust's 10-K for FY2025, as filed with the SEC.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 3,787 3,648 3,770 3,896 4,089 4,331 4,703 4,962 5,375 5,960 6,073 6,101 6,465 6,761 6,774 8,290 8,086 8,440
Net income 864 670 604 687 731 812 974 1,033 1,199 1,556 1,492 1,209 1,545 1,336 1,107 2,031 1,737 2,427
Diluted EPS $3.16 $2.74 $2.47 $2.81 $2.99 $3.32 $3.99 $4.32 $4.92 $6.64 $6.63 $5.46 $7.14 $6.14 $5.08 $9.77 $8.74 $13.06
Growth (year on year)
Revenue −11.5% −3.7% +3.4% +3.3% +5.0% +5.9% +8.6% +5.5% +8.3% +10.9% +1.9% +0.5% +6.0% +4.6% +0.2% +22.4% −2.5% −0.7%
Net income +8.7% −22.5% −9.8% +13.9% +6.4% +11.0% +20.0% +6.0% +16.1% +29.8% −4.1% −19.0% +27.8% −13.5% −17.1% +83.4% −14.5% +40.6%
Diluted EPS −8.9% −13.3% −9.9% +13.8% +6.4% +11.0% +20.2% +8.3% +13.9% +35.0% −0.2% −17.6% +30.8% −14.0% −17.3% +92.3% −10.5% +47.3%
Margins
Net margin 22.8% 18.4% 16.0% 17.6% 17.9% 18.7% 20.7% 20.8% 22.3% 26.1% 24.6% 19.8% 23.9% 19.8% 16.3% 24.5% 21.5% 28.8%
Free-cash-flow margin 23.3% 19.2% 30.7% 19.0% 18.3% 19.7% 36.9% 28.2% 30.3% 28.0% 40.1% 28.9% 19.5% 33.5% 37.0% −7.1% 67.5% 20.6%
Cash flow
Cash from operations 1,015 790 1,254 814 839 936 1,834 1,510 1,720 1,768 2,592 1,897 1,356 2,392 2,626 −486 5,534 1,828
Capital spending 133 91 97 73 92 82 99 111 92 98 158 136 96 129 117 102 74 90
Free cash flow 882 700 1,157 741 747 854 1,736 1,399 1,629 1,670 2,434 1,761 1,261 2,264 2,509 −588 5,460 1,739
Stock-based pay 25 53 70 74 74 78 76 87 128 131 108 91 96 125 118 119 127 160
Free cash flow after stock pay 857 647 1,087 667 674 776 1,660 1,312 1,501 1,539 2,326 1,670 1,165 2,139 2,391 −707 5,333 1,578
Balance sheet
Cash — — — — — — — 5,332 4,518 4,582 4,459 4,390 3,057 4,654 4,792 4,677 5,873 6,444
Total debt 2,838 2,729 2,133 1,422 — 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) — — — — — — — −5,332 −4,518 −4,582 −4,459 −4,390 −3,057 −4,654 −4,792 −4,677 −5,873 −6,444
Diluted shares 236m 243m 242m 241m 241m 238m 234m 229m 230m 224m 216m 209m 209m 209m 208m 202m 192m 186m
Returned to shareholders
Dividends 260 273 274 354 221 303 321 333 357 405 530 585 583 750 622 602 592 605
Buybacks 11 6 79 162 310 481 497 411 523 924 1,100 300 268 35 348 938 1,274 1,432
Total returned 271 279 353 517 530 784 818 744 880 1,330 1,630 884 851 786 969 1,540 1,865 2,036

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.4B
Dividends (TTM)
$605M
Returned to shareholders
117%
of free cash flow
Buybacks, last 3 fiscal years
$2.6B
Diluted share count
−4.6%
year over year
Total shareholder yield
6.6%
dividends 2.0% + buybacks 4.6% of market value
Dividend payout ratio
25%
of net income paid out

Competitors: side by side with peers

Closest by revenue in asset management & custody banks
Last 12 months unless stated NTRS TROW BEN IVZ BAM ARES Median
Revenue, last 12 months $8.4bn $7.7bn $9.3bn $6.9bn $5.7bn $5.3bn $1.1bn
Revenue growth, last 12 months −0.7% 6.9% 7.9% 12.2% 31.9% 28.5% 15.3%
Revenue growth, 3-year average 8.3% 6.7% 6.1% 6.3% — 18.9% 10.2%
Revenue growth, latest quarter 13.3% 5.9% 14.3% 20.5% 60.8% 24.3% 14.4%
Operating margin — 32.0% 9.7% −7.1% — — 25.8%
Operating margin, 3-year average — 31.6% 8.3% 0.1% — — 18.8%
Net margin 28.8% 28.4% 8.7% −4.5% 53.4% 12.0% 17.9%
Cash from operations / revenue 21.7% 24.2% 3.0% 29.1% 40.7% 17.2% 26.3%
Free-cash-flow margin 20.6% 20.7% 1.7% 27.8% 40.3% 17.2% 21.3%
Free-cash-flow margin, 3-year average 35.2% 19.2% 10.4% 23.4% 51.0% 47.3% 18.6%
Stock pay / revenue 1.9% 2.8% 1.6% 1.5% 2.4% 13.3% 3.7%
Change in share count −4.6% −2.4% −0.2% −0.6% — — −0.2%

Median of all 44 companies we cover in asset management & custody banks. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Investment Management and Advisory $2.7B ▲ 6.8%
Custody and Fund Administration $2B ▲ 5.8%
Other Trust Investment and Other Servicing Fees $248M ▲ 0.6%
Securities Commission and Trading $163M ▲ 13.4%
Securities Lending $83M ▲ 11.7%
Products and Services Other Operating Income $41.8M ▲ 6.4%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $5.7B 69.9% ▼ 8.4%
Outside the US $2.4B 30.1% ▲ 14.7%

From Northern Trust's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$26.9B
Institutions reporting
1,016
Shares held vs prior quarter
▼ 0.3%
Positions opened / closed
124 / 70

Top buyers and sellers, Q2 2026: 490 institutions bought and 401 sold ; the biggest buyer was Man Group PLC (+654K shares) and the biggest seller FMR LLC (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.5B 14.5M 9.4% ▲ 1.0%
Vanguard Capital Management LLC $2B 11.8M 7.6% 0.0%
State Street Corp $1.6B 9.1M 5.9% ▲ 0.1%
FMR LLC $1.5B 8.7M 5.6% ▼ 19.7%
Vanguard Portfolio Management LLC $1.5B 8.4M 5.4% ▼ 0.1%
Primecap Management Co $1.1B 6.1M 3.9% ▼ 6.8%
Massachusetts Financial Services Co $1B 5.7M 3.7% ▼ 1.8%
Northern Trust Corp $966M 5.6M 3.6% ▼ 5.5%
Geode Capital Management, LLC $893M 5.2M 3.3% ▼ 0.2%
State Farm Mutual Automobile Insurance Co $721M 4.1M 2.7% 0.0%
Invesco Ltd. $569M 3.3M 2.1% ▼ 6.8%
AQR Capital Management LLC $511M 2.9M 1.9% ▲ 18.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Northern Trust's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $809,512 6 trades by 2 insiders, last 12 months Insider sales History → $18.3M 19 trades by 9 insiders · 0% under pre-set plans
Net ▼ $17.5M net selling
Insider Date Trade Shares Price Value
Moritz Robert Edward Jr. Director October 30, 2026 Buy 236 $169.07 $39,901
Levy Susan Cohen EVP and General Counsel October 26, 2026 Sell 3,922 $168.69 $661,602
Levy Susan Cohen EVP and General Counsel October 23, 2026 Sell 16,984 $168.15 $2.9M
South Thomas A Executive Vice President August 24, 2026 Sell 1,800 $184.90 $332,820
Moritz Robert Edward Jr. Director July 29, 2026 Buy 255 $179.57 $45,790
Hallinan Aengus Executive Vice President June 3, 2026 Sell 1,113 $167.96 $186,939
Hallinan Aengus Executive Vice President June 3, 2026 Sell 2,555 $167.10 $426,940
Moritz Robert Edward Jr. Director May 1, 2026 Buy 225 $166.41 $37,442
Fox David W Jr EVP & Chief Financial Officer April 29, 2026 Sell 13 $165.74 $2,155
Fox David W Jr EVP & Chief Financial Officer April 28, 2026 Sell 19,987 $166.16 $3.3M
Bellows Clive Co-President Asset Servicing April 24, 2026 Sell 2,800 $165.02 $462,056
Gibson Guy Co-President Asset Servicing March 5, 2026 Sell 3,009 $142.39 $428,452

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 24 trades and filings

No trades in Northern Trust disclosed in the last 12 months; 24 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 21, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 21, 2026
  • January 22, 2026
  • October 22, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Northern Trust was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Northern Trust in brief

What does Northern Trust do?
Northern Trust is a US-listed company in the asset management & custody banks industry. Its financial year ends in December.
What is Northern Trust's stock ticker?
Northern Trust trades under the ticker NTRS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Northern Trust's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Northern Trust reported revenue of $8.4B, 0.7% lower than a year earlier, according to its SEC filings.
What is Northern Trust's free cash flow?
Northern Trust's free-cash-flow margin is 20.6% of revenue over the trailing twelve months.
Who are Northern Trust's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Northern Trust buying back stock, and does it pay a dividend?
Northern Trust spent $1.4B on share repurchases over the trailing twelve months, and its diluted share count fell 4.6% over the year.
What is Northern Trust's market cap?
On November 2, 2026, Northern Trust's market capitalisation was about $31.7B, with a price-to-earnings ratio of 13.1 and net debt of -$6.4B. Market figures come from third-party market data and may be delayed.
Does Northern Trust pay a dividend?
Yes: Northern Trust paid $605M in dividends over the trailing twelve months, a dividend yield of 1.96% and a payout ratio of 24.9%.
Who are Northern Trust's competitors?
In our Asset Management & Custody Banks peer group, the companies closest to Northern Trust are T. Rowe Price, Franklin Resources, Invesco, Brookfield Asset Management Ltd. and Ares Management. The side-by-side comparison below sets their revenue, margins and growth against Northern Trust's.
Are insiders buying or selling Northern Trust stock?
Over the last 12 months, Northern Trust's directors and officers reported 6 open-market purchases and 19 sales on Form 4. The insider trading page charts every trade.
When is Northern Trust's next earnings date?
Around January 21, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Northern Trust announces its own schedule.