Northern Trust Financials
This page shows Northern Trust (NTRS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Northern Trust's revenue surged 22.4% year-over-year to $8.3B, reflecting rapid business expansion. This strong growth earns a score of 93/100.
Northern Trust has elevated debt relative to equity (D/E of 11.16), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
While Northern Trust generated -$486.0M in operating cash flow, capex of $101.5M consumed most of it, leaving -$587.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Northern Trust's ROE of 15.9% shows moderate profitability relative to equity, earning a score of 64/100. This is up from 9.3% the prior year.
Northern Trust passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Northern Trust generates $-0.24 in operating cash flow (-$486.0M OCF vs $2.0B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Northern Trust generated $8.3B in revenue in fiscal year 2024. This represents an increase of 22.4% from the prior year.
Northern Trust generated -$587.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 123.4% from the prior year.
Northern Trust reported $2.0B in net income in fiscal year 2024. This represents an increase of 83.4% from the prior year.
Northern Trust earned $9.77 per diluted share (EPS) in fiscal year 2024. This represents an increase of 92.3% from the prior year.
Northern Trust held $4.7B in cash against $0 in long-term debt as of fiscal year 2024.
Northern Trust paid $3.00 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.
Northern Trust had 196M shares outstanding in fiscal year 2024. This represents a decrease of 4.5% from the prior year.
Northern Trust's net profit margin was 24.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 8.1 percentage points from the prior year.
Northern Trust's ROE was 15.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 6.6 percentage points from the prior year.
Northern Trust spent $937.8M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 169.9% from the prior year.
Northern Trust invested $101.5M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 12.9% from the prior year.
NTRS Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0B+1.4% | $2.0B+3.0% | $1.9B-1.0% | $2.0B-27.8% | $2.7B+64.9% | $1.6B-53.0% | $3.5B+214.9% | $1.1B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $1.6B-3.0% | $1.6B+1.9% | $1.6B-8.4% | $1.7B-13.5% | $2.0B+3.4% | $1.9B+11.7% | $1.7B+16.1% | $1.5B |
| Income Tax | $161.9M+12.8% | $143.5M+10.9% | $129.4M-6.8% | $138.8M-50.0% | $277.5M+265.6% | $75.9M+132.1% | $32.7M-69.3% | $106.5M |
| Net Income | $457.6M+8.6% | $421.3M+7.5% | $392.0M-13.9% | $455.4M-49.2% | $896.1M+317.4% | $214.7M+89.8% | $113.1M-65.5% | $327.8M |
| EPS (Diluted) | $2.29+7.5% | $2.13+12.1% | $1.90-15.6% | $2.25-48.2% | $4.34+352.1% | $0.96+84.6% | $0.52-65.1% | $1.49 |
NTRS Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $170.3B-0.9% | $171.9B+4.1% | $165.1B+6.1% | $155.5B-0.8% | $156.8B+0.4% | $156.1B+3.5% | $150.8B+3.0% | $146.3B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $5.3B-16.8% | $6.4B+47.0% | $4.4B-6.6% | $4.7B-28.8% | $6.6B+23.7% | $5.3B+10.8% | $4.8B-3.3% | $5.0B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $712.9M-0.2% | $714.6M+2.0% | $700.5M+0.8% | $694.9M-0.4% | $697.4M0.0% | $697.5M-0.7% | $702.3M+1.4% | $692.8M |
| Total Liabilities | $157.3B-1.1% | $159.0B+4.5% | $152.2B+6.6% | $142.7B-1.0% | $144.1B+0.1% | $144.0B+3.7% | $138.9B+3.3% | $134.5B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $13.0B+0.7% | $12.9B-0.1% | $12.9B+0.7% | $12.8B+1.0% | $12.7B+4.6% | $12.1B+1.7% | $11.9B+0.4% | $11.8B |
| Retained Earnings | $16.4B+1.8% | $16.1B+1.7% | $15.8B+1.5% | $15.6B+4.0% | $15.0B+5.2% | $14.3B+0.3% | $14.2B-0.3% | $14.3B |
NTRS Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $525.8M-71.9% | $1.9B-32.0% | $2.7B+204.4% | -$2.6B-188.1% | $3.0B+305.9% | -$1.5B-151.8% | $2.8B+3133.2% | $86.7M |
| Capital Expenditures | $16.4M+32.3% | $12.4M0.0% | $12.4M-69.5% | $40.7M+95.7% | $20.8M+45.5% | $14.3M-77.6% | $63.8M+202.4% | $21.1M |
| Free Cash Flow | $509.4M-72.6% | $1.9B-32.2% | $2.7B+202.3% | -$2.7B-190.1% | $3.0B+302.4% | -$1.5B-153.5% | $2.7B+4075.9% | $65.6M |
| Investing Cash Flow | $807.7M+122.3% | -$3.6B+64.8% | -$10.3B-365.9% | -$2.2B-332.3% | $950.5M+119.8% | -$4.8B+1.4% | -$4.9B-148.3% | $10.1B |
| Financing Cash Flow | -$2.3B-165.5% | $3.5B-48.5% | $6.8B+116.5% | $3.2B+219.5% | -$2.6B-138.0% | $6.9B+306.1% | $1.7B+117.1% | -$10.0B |
| Dividends Paid | $151.9M+5.5% | $144.0M-1.4% | $146.1M-1.0% | $147.6M-2.8% | $151.9M-1.1% | $153.6M-0.4% | $154.2M-0.8% | $155.4M |
| Share Buybacks | $277.0M-18.4% | $339.4M+18.2% | $287.2M+13.2% | $253.6M+1.1% | $250.8M+90.0% | $132.0M-9.7% | $146.2M+13190.9% | $1.1M |
NTRS Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 22.6%+1.5pp | 21.1%+0.9pp | 20.2%-3.0pp | 23.2%-9.8pp | 33.0%+20.0pp | 13.0%+9.8pp | 3.2%-26.3pp | 29.5% |
| Return on Equity | 3.5%+0.3pp | 3.3%+0.2pp | 3.0%-0.5pp | 3.6%-3.5pp | 7.1%+5.3pp | 1.8%+0.8pp | 0.9%-1.8pp | 2.8% |
| Return on Assets | 0.3%+0.0pp | 0.3%+0.0pp | 0.2%-0.1pp | 0.3%-0.3pp | 0.6%+0.4pp | 0.1%+0.1pp | 0.1%-0.1pp | 0.2% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 12.14-0.2 | 12.36+0.5 | 11.82+0.7 | 11.16-0.2 | 11.39-0.5 | 11.90+0.2 | 11.67+0.3 | 11.35 |
| FCF Margin | 25.1%-67.8pp | 93.0%-48.2pp | 141.1%+277.6pp | -136.5%-245.9pp | 109.3%+198.4pp | -89.1%-167.3pp | 78.2%+72.3pp | 5.9% |
Similar Companies
Frequently Asked Questions
What is Northern Trust's annual revenue?
Northern Trust (NTRS) reported $8.3B in total revenue for fiscal year 2024. This represents a 22.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Northern Trust's revenue growing?
Northern Trust (NTRS) revenue grew by 22.4% year-over-year, from $6.8B to $8.3B in fiscal year 2024.
Is Northern Trust profitable?
Yes, Northern Trust (NTRS) reported a net income of $2.0B in fiscal year 2024, with a net profit margin of 24.5%.
What is Northern Trust's earnings per share (EPS)?
Northern Trust (NTRS) reported diluted earnings per share of $9.77 for fiscal year 2024. This represents a 92.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Northern Trust's net profit margin?
Northern Trust (NTRS) had a net profit margin of 24.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Northern Trust pay dividends?
Yes, Northern Trust (NTRS) paid $3.00 per share in dividends during fiscal year 2024.
What is Northern Trust's return on equity (ROE)?
Northern Trust (NTRS) has a return on equity of 15.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Northern Trust's free cash flow?
Northern Trust (NTRS) generated -$587.5M in free cash flow during fiscal year 2024. This represents a -123.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Northern Trust's operating cash flow?
Northern Trust (NTRS) generated -$486.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Northern Trust's total assets?
Northern Trust (NTRS) had $155.5B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Northern Trust's capital expenditures?
Northern Trust (NTRS) invested $101.5M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Northern Trust buy back shares?
Yes, Northern Trust (NTRS) spent $937.8M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Northern Trust have outstanding?
Northern Trust (NTRS) had 196M shares outstanding as of fiscal year 2024.
What is Northern Trust's debt-to-equity ratio?
Northern Trust (NTRS) had a debt-to-equity ratio of 11.16 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Northern Trust's return on assets (ROA)?
Northern Trust (NTRS) had a return on assets of 1.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Northern Trust's cash runway?
Based on fiscal year 2024 data, Northern Trust (NTRS) had $4.7B in cash against an annual operating cash burn of $486.0M. This gives an estimated cash runway of approximately 115 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Northern Trust's Piotroski F-Score?
Northern Trust (NTRS) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Northern Trust's earnings high quality?
Northern Trust (NTRS) has an earnings quality ratio of -0.24x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Northern Trust?
Northern Trust (NTRS) scores 39 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.