What is Northern Trust Corp.'s earnings per share (EPS)?

Northern Trust Corp. (NTRSO) reported diluted earnings per share of $8.74 for fiscal year 2025. This represents a -10.5% 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.

Northern Trust Corp. Financials

NTRSO

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Northern Trust Corp. (NTRSO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 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).

Rhea AI NTRSO FY2025 2026-04-22

Heavy balance-sheet leverage turns roughly 1.0% asset returns into double-digit equity returns, while cash swings come more from funding than capex.

From FY2024 to FY2025, net income eased from $2.03B to $1.74B even as operating cash flow reversed sharply. Operating cash flow moved from -$486M to $5.53B, and because capex stayed very low, the FY2025 free-cash-flow surge largely reflects balance-sheet movements rather than a matching jump in underlying earning power.

FY2025 assets of $177.1B were backed by only $13.0B of equity, leaving the company structurally leveraged. That is why a return on assets of just 1.0% still produced return on equity of 13.4%.

Physical reinvestment is minimal here: FY2025 capex was just $74M against a $177.1B asset base, so free cash flow mostly follows funding and portfolio shifts rather than factory-style spending. The share count fell by about 9.0% between FY2023 and FY2025 while dividends stayed near $600M, pointing to buybacks as the more flexible capital-return tool.

Financial Health Signals

Financial health score pending refresh

We are recalculating Northern Trust Corp.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

4/6

Northern Trust Corp. passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

3.19x

For every $1 of reported earnings, Northern Trust Corp. generates $3.19 in operating cash flow ($5.5B OCF vs $1.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$8.1B

YoY-2.5%

5Y CAGR+5.8%

10Y CAGR+5.6%

Northern Trust Corp. generated $8.1B in revenue in fiscal year 2025. This represents a decrease of 2.5% from the prior year.

EBITDA

N/A

Net Income

$1.7B

YoY-14.5%

5Y CAGR+7.5%

10Y CAGR+6.0%

Northern Trust Corp. reported $1.7B in net income in fiscal year 2025. This represents a decrease of 14.5% from the prior year.

EPS (Diluted)

$8.74

YoY-10.5%

5Y CAGR+9.9%

10Y CAGR+8.2%

Northern Trust Corp. earned $8.74 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 10.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$5.5B

YoY+1029.3%

5Y CAGR+25.4%

10Y CAGR+12.1%

Northern Trust Corp. generated $5.5B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 1029.3% from the prior year.

Cash & Debt

$5.9B

YoY+25.6%

5Y CAGR+6.0%

Northern Trust Corp. held $5.9B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$3.10

YoY+3.3%

5Y CAGR+2.1%

Northern Trust Corp. paid $3.10 per share in dividends in fiscal year 2025. This represents an increase of 3.3% from the prior year.

Shares Outstanding

186M

YoY-5.0%

5Y CAGR-2.3%

10Y CAGR-2.1%

Northern Trust Corp. had 186M shares outstanding in fiscal year 2025. This represents a decrease of 5.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

21.5%

YoY-3.0pp

5Y CAGR+1.7pp

10Y CAGR+0.8pp

Northern Trust Corp.'s net profit margin was 21.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.0 percentage points from the prior year.

Return on Equity

13.4%

YoY-2.5pp

5Y CAGR+3.1pp

10Y CAGR+2.2pp

Northern Trust Corp.'s ROE was 13.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$1.3B

YoY+35.8%

5Y CAGR+33.5%

10Y CAGR+9.9%

Northern Trust Corp. spent $1.3B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 35.8% from the prior year.

Capital Expenditures

$74.0M

YoY-27.1%

5Y CAGR-11.4%

10Y CAGR-2.8%

Northern Trust Corp. invested $74.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 27.1% from the prior year.

NTRSO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$8.1B-2.5%	$8.3B+22.4%	$6.8B+0.2%	$6.8B+4.6%	$6.5B+6.0%	$6.1B
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$5.8B+2.1%	$5.6B+6.6%	$5.3B+6.0%	$5.0B+9.9%	$4.5B+4.3%	$4.3B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$6.2B-18.1%	$7.6B+42.0%	$5.3B+439.4%	$990.5M+4061.8%	$23.8M-88.1%	$200.3M
Income Tax	$602.6M-4.1%	$628.4M+75.8%	$357.5M-16.9%	$430.3M-7.4%	$464.8M+11.1%	$418.3M
Net Income	$1.7B-14.5%	$2.0B+83.4%	$1.1B-17.1%	$1.3B-13.5%	$1.5B+27.8%	$1.2B
EPS (Diluted)	$8.74-10.5%	$9.77+92.3%	$5.08-17.3%	$6.14-14.0%	$7.14+30.8%	$5.46

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$2.2B+3.9%	$2.1B+4.8%	$2.0B+1.4%	$2.0B+3.0%	$1.9B-1.0%	$2.0B-0.5%	$2.0B-27.5%	$2.7B
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	$822.2M-61.9%	$2.2B+51.9%	$1.4B+0.4%	$1.4B+87.9%	$754.1M-45.2%	$1.4B+1.2%	$1.4B-11.4%	$1.5B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$1.6B+6.4%	$1.5B-4.4%	$1.6B-3.0%	$1.6B+1.9%	$1.6B-8.4%	$1.7B-12.8%	$2.0B-0.8%	$2.0B
Income Tax	$175.1M+4.4%	$167.8M+3.6%	$161.9M+12.8%	$143.5M+10.9%	$129.4M-6.8%	$138.8M+1.9%	$136.2M-50.9%	$277.5M
Net Income	$525.5M+12.8%	$466.0M+1.8%	$457.6M+8.6%	$421.3M+7.5%	$392.0M-13.9%	$455.4M-2.0%	$464.9M-48.1%	$896.1M
EPS (Diluted)	$2.71	N/A	$2.29+7.5%	$2.13+12.1%	$1.90	N/A	$2.22-48.8%	$4.34

NTRSO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$177.1B+13.9%	$155.5B+3.1%	$150.8B-2.7%	$155.0B-15.7%	$183.9B+8.2%	$170.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$5.9B+25.6%	$4.7B-2.4%	$4.8B+3.0%	$4.7B+52.3%	$3.1B-30.4%	$4.4B
Inventory	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
Goodwill	$712.9M+2.6%	$694.9M-1.1%	$702.3M+1.6%	$691.3M-2.1%	$706.2M-0.1%	$707.2M
Total Liabilities	$164.2B+15.0%	$142.7B+2.8%	$138.9B-3.4%	$143.8B-16.3%	$171.9B+8.6%	$158.3B
Current Liabilities	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
Total Equity	$13.0B+1.3%	$12.8B+7.5%	$11.9B+5.7%	$11.3B-6.3%	$12.0B+2.8%	$11.7B
Retained Earnings	$16.7B+7.0%	$15.6B+9.7%	$14.2B+3.2%	$13.8B+5.2%	$13.1B+7.5%	$12.2B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$174.6B-1.4%	$177.1B+4.0%	$170.3B-0.9%	$171.9B+4.1%	$165.1B+6.1%	$155.5B-0.2%	$155.8B-0.7%	$156.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$5.8B-1.0%	$5.9B+9.9%	$5.3B-16.8%	$6.4B+47.0%	$4.4B-6.6%	$4.7B-31.9%	$6.9B+4.6%	$6.6B
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	$709.5M-0.5%	$712.9M0.0%	$712.9M-0.2%	$714.6M+2.0%	$700.5M+0.8%	$694.9M-1.8%	$707.8M+1.5%	$697.4M
Total Liabilities	$161.6B-1.6%	$164.2B+4.4%	$157.3B-1.1%	$159.0B+4.5%	$152.2B+6.6%	$142.7B-0.2%	$143.0B-0.8%	$144.1B
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+0.2%	$13.0B0.0%	$13.0B+0.7%	$12.9B-0.1%	$12.9B+0.7%	$12.8B+0.3%	$12.7B+0.7%	$12.7B
Retained Earnings	$17.1B+2.1%	$16.7B+1.9%	$16.4B+1.8%	$16.1B+1.7%	$15.8B+1.5%	$15.6B+2.0%	$15.3B+2.0%	$15.0B

NTRSO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$5.5B+1238.6%	-$486.0M-118.5%	$2.6B+9.7%	$2.4B+76.4%	$1.4B-28.5%	$1.9B
Capital Expenditures	$74.0M-27.1%	$101.5M-12.9%	$116.5M-9.4%	$128.6M+34.7%	$95.5M-29.7%	$135.8M
Free Cash Flow	$5.5B+1029.3%	-$587.5M-123.4%	$2.5B+10.8%	$2.3B+79.6%	$1.3B-28.4%	$1.8B
Investing Cash Flow	-$20.2B-686.8%	-$2.6B-153.6%	$4.8B-81.5%	$25.9B+239.4%	-$18.6B+37.8%	-$29.9B
Financing Cash Flow	$15.2B+341.2%	$3.4B+147.9%	-$7.2B+72.8%	-$26.4B-264.5%	$16.1B-42.3%	$27.9B
Dividends Paid	$591.6M-1.8%	$602.3M-3.1%	$621.5M-17.2%	$750.2M+28.6%	$583.3M-0.2%	$584.6M
Share Buybacks	$1.3B+35.8%	$937.8M+169.9%	$347.5M+881.6%	$35.4M-86.8%	$267.6M-10.7%	$299.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$320.0M-182.4%	$388.4M-26.1%	$525.8M-71.9%	$1.9B-32.0%	$2.7B+204.4%	-$2.6B-531.2%	$611.1M-79.6%	$3.0B
Capital Expenditures	$9.4M-71.3%	$32.8M+100.0%	$16.4M+32.3%	$12.4M0.0%	$12.4M-69.5%	$40.7M+58.4%	$25.7M+23.6%	$20.8M
Free Cash Flow	-$329.4M-192.6%	$355.6M-30.2%	$509.4M-72.6%	$1.9B-32.2%	$2.7B+202.3%	-$2.7B-557.0%	$585.4M-80.3%	$3.0B
Investing Cash Flow	$3.5B+149.3%	-$7.1B-975.4%	$807.7M+122.3%	-$3.6B+64.8%	-$10.3B-365.9%	-$2.2B-163.3%	$3.5B+266.9%	$950.5M
Financing Cash Flow	-$3.1B-143.8%	$7.1B+410.1%	-$2.3B-165.5%	$3.5B-48.5%	$6.8B+116.5%	$3.2B+178.6%	-$4.0B-52.0%	-$2.6B
Dividends Paid	$148.5M-0.7%	$149.6M-1.5%	$151.9M+5.5%	$144.0M-1.4%	$146.1M-1.0%	$147.6M-1.1%	$149.2M-1.8%	$151.9M
Share Buybacks	$358.9M-3.0%	$369.9M+33.5%	$277.0M-18.4%	$339.4M+18.2%	$287.2M+13.2%	$253.6M-15.9%	$301.4M+20.2%	$250.8M

NTRSO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	21.5%-3.0pp	24.5%+8.1pp	16.4%-3.4pp	19.8%-4.1pp	23.9%+4.1pp	19.8%
Return on Equity	13.4%-2.5pp	15.9%+6.6pp	9.3%-2.6pp	11.9%-1.0pp	12.9%+2.5pp	10.3%
Return on Assets	1.0%-0.3pp	1.3%+0.6pp	0.7%-0.1pp	0.9%+0.0pp	0.8%+0.1pp	0.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	12.67+1.5	11.16-0.5	11.67-1.1	12.77-1.5	14.30+0.8	13.54
FCF Margin	67.5%+74.6pp	-7.1%-44.1pp	37.0%+3.6pp	33.5%+14.0pp	19.5%-9.4pp	28.9%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	23.8%+1.9pp	21.9%-0.6pp	22.6%+1.5pp	21.1%+0.9pp	20.2%-3.0pp	23.2%-0.4pp	23.6%-9.4pp	33.0%
Return on Equity	4.0%+0.5pp	3.6%+0.1pp	3.5%+0.3pp	3.3%+0.2pp	3.0%-0.5pp	3.6%-0.1pp	3.6%-3.4pp	7.1%
Return on Assets	0.3%+0.0pp	0.3%-0.0pp	0.3%+0.0pp	0.3%+0.0pp	0.2%-0.1pp	0.3%-0.0pp	0.3%-0.3pp	0.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	12.44-0.2	12.67+0.5	12.14-0.2	12.36+0.5	11.82+0.7	11.16-0.1	11.22-0.2	11.39
FCF Margin	-14.9%-31.7pp	16.8%-8.4pp	25.1%-67.8pp	93.0%-48.2pp	141.1%+277.6pp	-136.5%-166.3pp	29.7%-79.6pp	109.3%

Frequently Asked Questions

What is Northern Trust Corp.'s annual revenue?

Northern Trust Corp. (NTRSO) reported $8.1B in total revenue for fiscal year 2025. This represents a -2.5% 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 Corp.'s revenue growing?

Northern Trust Corp. (NTRSO) revenue declined by 2.5% year-over-year, from $8.3B to $8.1B in fiscal year 2025.

Is Northern Trust Corp. profitable?

Yes, Northern Trust Corp. (NTRSO) reported a net income of $1.7B in fiscal year 2025, with a net profit margin of 21.5%.

What is Northern Trust Corp.'s net profit margin?

Northern Trust Corp. (NTRSO) had a net profit margin of 21.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Northern Trust Corp. pay dividends?

Yes, Northern Trust Corp. (NTRSO) paid $3.10 per share in dividends during fiscal year 2025.

What is Northern Trust Corp.'s return on equity (ROE)?

Northern Trust Corp. (NTRSO) has a return on equity of 13.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Northern Trust Corp.'s free cash flow?

Northern Trust Corp. (NTRSO) generated $5.5B in free cash flow during fiscal year 2025. This represents a 1029.3% 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 Corp.'s operating cash flow?

Northern Trust Corp. (NTRSO) generated $5.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Northern Trust Corp.'s total assets?

Northern Trust Corp. (NTRSO) had $177.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Northern Trust Corp.'s capital expenditures?

Northern Trust Corp. (NTRSO) invested $74.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Northern Trust Corp. buy back shares?

Yes, Northern Trust Corp. (NTRSO) spent $1.3B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Northern Trust Corp. have outstanding?

Northern Trust Corp. (NTRSO) had 186M shares outstanding as of fiscal year 2025.

What is Northern Trust Corp.'s debt-to-equity ratio?

Northern Trust Corp. (NTRSO) had a debt-to-equity ratio of 12.67 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Northern Trust Corp.'s return on assets (ROA)?

Northern Trust Corp. (NTRSO) had a return on assets of 1.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Northern Trust Corp.'s Piotroski F-Score?

Northern Trust Corp. (NTRSO) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Northern Trust Corp.'s earnings high quality?

Northern Trust Corp. (NTRSO) has an earnings quality ratio of 3.19x, considered cash-backed (high quality). 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.