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Northern Trust cash flow statement

In fiscal 2025, Northern Trust's operations generated $5.53bn of cash; it spent $74.0m on capital projects, leaving free cash flow of $5.46bn. It returned $592m in dividends and $1.27bn through buybacks.

Cash flow statement

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations1,0157901,2548148399361,8341,5101,7201,7682,5921,8971,3562,3922,626−4865,5341,828
Depreciation and amortisation—————————461459500516554635717779792
Stock-based pay25537074747876871281311089196125118119127160
Capital spending1339197739282991119298158136961291171027490
Free cash flow8827001,1577417478541,7361,3991,6291,6702,4341,7611,2612,2642,509−5885,4601,739
Free cash flow after stock pay8576471,0876676747761,6601,3121,5011,5392,3261,6701,1652,1392,391−7075,3331,578
Dividends paid260273274354221303321333357405530585583750622602592605
Share buybacks116791623104814974115239241,100300268353489381,2741,432
Shares issued834—————————————————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Northern Trust's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Northern Trust.