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Northern Trust (Nasdaq: NTRS) Q2 2026 profit climbs to $792M on strong fees

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Northern Trust Corporation reported strong results for the quarter ended June 30, 2026, with net income of $792.2 million and diluted EPS of $4.23, up 51% and 56% from the prior quarter and 88% and 98% from the prior-year quarter. On a fully taxable equivalent basis, total revenue was $2.71 billion, up 22% sequentially and 35% year over year, driven by 10% growth in trust, investment and other servicing fees and 11% growth in net interest income.

Results included notable items: a $525.4 million pre-tax gain from participation in a Visa Inc. exchange offer and a $73.9 million pre-tax loss on available-for-sale debt securities sold in a portfolio repositioning, plus $145.6 million of pre-tax expense items such as software dispositions, severance and a one-time equity grant. Client assets were robust, with assets under custody/administration of $20.0 trillion and assets under management of $2.0 trillion, both up double digits year over year. Credit quality remained solid with a negative provision for credit losses of $5.3 million and nonaccrual assets at 0.16% of loans. The standardized Common Equity Tier 1 capital ratio was 12.2%. The company returned $499.4 million to common shareholders in the quarter through $148.8 million of dividends and $350.6 million of share repurchases.

Positive

  • Net income $792.2 million and diluted EPS up 98% year over year.
  • Total revenue (FTE) $2.71 billion, rising 35% versus Q2 2025.
  • Net interest income (FTE) $683.1 million, up 11% year over year.
  • AUC/A $20.0 trillion and AUM $2.0 trillion, both double-digit growth.
  • Return on average common equity 25.9%, sharply higher than 14.2% a year ago.

Negative

  • None.

Filing Explained

The earnings disclosure is furnished rather than filed; completed repurchases left fewer common shares outstanding, while capital and client-asset figures remain preliminary.

Northern Trust Corporation uses this Form 8-K to report its second-quarter 2026 results, but the earnings release, presentation materials, and financial trends are furnished and are not treated as filed for Section 18 purposes.

The company reports a completed repurchase of 2,129,047 common shares during the quarter, including 4,861 shares withheld for employee tax obligations.

Common shares outstanding were 182,956 thousand at June 30, 2026, down from 185,047 thousand at March 31, leaving fewer shares outstanding at quarter-end.

The disclosed client-asset figures and regulatory capital ratios remain preliminary until the company files its Form 10-Q, which is the stated checkpoint for those figures.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net Income Q2 2026 792.2 million For the quarter ended June 30, 2026; up 88% year over year
Diluted EPS Q2 2026 4.23 Diluted earnings per common share for Q2 2026; up 98% year over year
Total Revenue (FTE) Q2 2026 2,705.6 million Fully taxable equivalent basis; 22% higher than Q1 2026 and 35% above Q2 2025
Trust, Investment and Other Servicing Fees 1,349.5 million Q2 2026 noninterest income component; up 10% compared to Q2 2025
Net Interest Income (FTE) 683.1 million Q2 2026 net interest income on a fully taxable equivalent basis; up 11% year over year
Assets Under Custody/Administration 20,000.2 billion Client AUC/A as of June 30, 2026; up 8% sequentially and 11% year over year
Assets Under Management 1,969.9 billion Total AUM as of June 30, 2026; 10% above Q1 2026 and 16% above Q2 2025
Common Equity Tier 1 Capital Ratio 12.2 % Standardized approach CET1 ratio for Northern Trust Corporation at June 30, 2026
Return on Average Common Equity 25.9 % Q2 2026 ROE versus 17.4% in Q1 2026 and 14.2% in Q2 2025
Assets under custody/administration (AUC/A) financial
"Assets under custody/administration (AUC/A) and assets under management are a driver"
Net interest margin (FTE) financial
"The Net Interest Margin on an FTE basis increased sequentially"
Net interest margin (FTE) measures the difference between interest earned on a lender’s assets (like loans and investments) and interest paid on liabilities (like deposits), expressed as a percentage of earning assets, with income from tax-exempt sources converted to a taxable-equivalent basis. Think of it as a loan business’s profit margin on money it lends, adjusted so tax-free income is reported on the same footing as taxable income; investors use it to compare how effectively a firm is generating interest income.
Provision for credit losses financial
"Provision for Credit Losses | (5.3) | | (3.0) | | 16.5"
Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.
Common Equity Tier 1 Capital regulatory
"Common Equity Tier 1 Capital | $ | 11,605.6 | $ | 11,173.5"
Core capital a bank holds consisting mainly of common shares and retained profits that can absorb losses without forcing the bank to sell assets or seek emergency help; items that can’t reliably cover losses are excluded. Think of it as the bank’s shock-absorbing cushion: a higher common equity tier 1 (CET1) level and ratio means regulators and investors view the bank as better able to survive bad loans or market shocks, so it signals lower risk to shareholders and creditors.
Operating leverage financial
"the Corporation generated more than 700 basis points of operating leverage"
Operating leverage measures how much a company's profits are affected by changes in sales volume. When a business has high operating leverage, small increases in sales can lead to much larger increases in profit, much like a lever amplifies force. It matters to investors because it indicates how sensitive a company's earnings are to fluctuations in sales, affecting risk and potential returns.
Fully taxable equivalent (FTE) financial
"Net interest income and total revenue presented on a fully taxable equivalent (FTE) basis"
Total revenue (FTE) Q2 2026 $2,705.6 million up 22% vs Q1 2026 and 35% vs Q2 2025
Net income Q2 2026 $792.2 million up 51% vs Q1 2026 and 88% vs Q2 2025
Diluted EPS Q2 2026 $4.23 up 56% vs Q1 2026 and 98% vs Q2 2025
Net interest income (FTE) Q2 2026 $683.1 million up 3% vs Q1 2026 and 11% vs Q2 2025
Return on average common equity Q2 2026 25.9% up from 17.4% in Q1 2026 and 14.2% in Q2 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did NTRS perform financially in the second quarter of 2026?
Northern Trust (NTRS) reported Q2 2026 net income of $792.2 million and diluted EPS of $4.23, up 51% and 56% from Q1 2026 and 88% and 98% from Q2 2025, respectively.

What drove revenue growth for NTRS in Q2 2026?
Q2 2026 total revenue on an FTE basis was $2.71 billion, up 35% year over year, supported by $1.35 billion of trust, investment and other servicing fees, higher other noninterest income, and $683.1 million of net interest income on an FTE basis.

What notable one-time items affected NTRS results in Q2 2026?
Results included a $525.4 million pre-tax gain from participation in a Visa Inc. exchange offer, a $73.9 million pre-tax loss on sales of available-for-sale debt securities, and $145.6 million of notable expense items including software dispositions, severance and a one-time equity grant.

How large were NTRS client assets at June 30, 2026?
As of June 30, 2026, Northern Trust (NTRS) reported assets under custody/administration of $20.0 trillion and assets under management of $2.0 trillion, both up double digits from the prior-year quarter, reflecting favorable markets and net client inflows.

What was NTRS’s net interest margin and net interest income in Q2 2026?
In Q2 2026, Northern Trust’s net interest income on an FTE basis was $683.1 million, up 11% year over year, and the net interest margin on an FTE basis was 1.81%, improving from 1.69% in Q2 2025, mainly due to lower funding costs.

How much capital did NTRS return to shareholders in Q2 2026?
Northern Trust (NTRS) returned $499.4 million to common shareholders in Q2 2026, including $148.8 million of common dividends at $0.80 per share and $350.6 million of share repurchases totaling 2,129,047 shares at an average price of $164.65.

What were NTRS’s key regulatory capital ratios at June 30, 2026?
At June 30, 2026, Northern Trust’s standardized Common Equity Tier 1 capital ratio was 12.2%, Tier 1 capital ratio 13.1%, total capital ratio 15.5%, and Tier 1 leverage ratio 7.6%, all above U.S. regulatory minimums for well-capitalized institutions.
0000073124false00000731242026-07-222026-07-220000073124us-gaap:CommonStockMember2026-07-222026-07-220000073124ntrs:DepositarySharesMember2026-07-222026-07-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
FORM
8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 22, 2026

NORTHERN TRUST CORPORATION

(Exact name of registrant as specified in its charter)
Delaware001-36609 36-2723087
(State or other jurisdiction of incorporation)(Commission File Number) (IRS Employer Identification No.)
50 South LaSalle Street 60603
Chicago,Illinois(Zip Code)
(Address of principal executive offices) 
Registrant’s telephone number, including area code (312) 630-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1.66 2/3 Par ValueNTRSThe NASDAQ Stock Market LLC
Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred Stock
NTRSOThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.    Results of Operations and Financial Condition

The information contained in the registrant’s July 22, 2026 press release, reporting on the registrant’s earnings for the three and six months ended June 30, 2026, a copy of which is attached as Exhibit 99.1 hereto, is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure

On July 22, 2026, Northern Trust Corporation (the “Corporation”) will hold a live conference call and webcast to discuss financial results for the three and six months ended June 30, 2026 and other matters relating to the Corporation. In connection therewith, the Corporation has also made available on its website presentation materials containing certain information relating to the Corporation (the “Presentation Materials”) and materials that contain additional information about the Corporation’s financial results for the three and six months ended June 30, 2026 (the “Financial Trends”), copies of which are attached as Exhibits 99.2 and 99.3 hereto, and are incorporated herein by reference.

Item 9.01.    Financial Statements and Exhibits

The information provided in this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.    

(d) Exhibits:
Exhibit NumberDescription
99.1
Press Release
99.2
Presentation Materials
99.3
Financial Trends
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
NORTHERN TRUST CORPORATION
(Registrant)
Dated:July 22, 2026By:/s/ David W. Fox, Jr.
David W. Fox, Jr.
Executive Vice President and Chief Financial Officer

Exhibit 99.1
NEWS RELEASE
ntrs_logoxwhitea.jpg
www.northerntrust.com
INVESTOR CONTACT: Stephen Carroll | 312-557-3474 | Stephen.Carroll@ntrs.com MEDIA CONTACT: John O'Connell | 312-444-2388  | John.O'Connell@ntrs.com
NORTHERN TRUST CORPORATION REPORTS SECOND QUARTER
NET INCOME OF $792.2 MILLION, EARNINGS PER DILUTED COMMON SHARE OF $4.23
CHICAGO, JULY 22, 2026 — Northern Trust Corporation today reported second quarter net income per diluted common share of $4.23, compared to $2.71 in the first quarter of 2026 and $2.13 in the second quarter of 2025. Net income was $792.2 million, compared to $525.5 million in the prior quarter and $421.3 million in the prior-year quarter.
Second Quarter 2026 results included the following notable items:
•$451.5 million (pre-tax) impact to Other Noninterest Income from notable items (after-tax $342.0 million):
◦$525.4 million (pre-tax) gain related to Northern Trust’s participation in the second Visa, Inc. Exchange Offer, recognized in Other Operating Income (after-tax $396.4 million).
◦$73.9 million (pre-tax) loss on available for sale debt securities sold in conjunction with a repositioning of the portfolio, recognized in Investment Security Gains (Losses), net (after-tax $54.4 million).
•$145.6 million (pre-tax) impact to Noninterest Expense from notable items (after-tax $109.9 million):
◦$61.5 million (pre-tax) charge related to software dispositions, recognized in Equipment and Software expense (after-tax $46.4 million).
◦$51.0 million (pre-tax) of severance-related charges, recognized in Compensation and Benefits expense (after-tax $38.5 million).
◦$33.1 million (pre-tax) expense related to a broad based one-time equity grant to eligible employees, recognized in Compensation and Benefits expense (after-tax $25.0 million).
MICHAEL O’GRADY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER:
“Northern Trust delivered another quarter of strong performance reflecting disciplined execution of our One Northern Trust strategy amid a constructive operating environment. Excluding notable items in the period, earnings per share increased 40%. Revenue increased 13% versus last year, supported by robust fee growth, healthy capital markets activity, and double-digit net interest income growth. Our progress against our strategic priorities helped drive an eighth consecutive quarter of positive organic trust-fee growth. Expenses were well controlled, and the Corporation generated more than 700 basis points of operating leverage for the second consecutive quarter. The Corporation returned over $1 billion of capital to shareholders in the first half of the year and its Board of Directors approved a $0.08 or 10% increase to the quarterly dividend at its meeting on July 21st, 2026.

We remain focused on supporting our clients, advancing our strategic priorities, and delivering long-term value to our shareholders through sustainable financial performance across market environments as we enter the second half of the year.”
FINANCIAL SUMMARY & KEY METRICS
% Change Q2 2026 vs.
($ In Millions except per share data)Q2 2026Q1 2026Q2 2025Q1 2026Q2 2025
Trust, Investment and Other Servicing Fees$1,349.5 $1,341.4 $1,231.1 1 %10 %
Other Noninterest Income673.0 210.2 156.3 N/MN/M
Net Interest Income (FTE*)683.1 661.6 615.2 3 11 
Total Revenue (FTE*)$2,705.6 $2,213.2 $2,002.6 22 %35 %
Noninterest Expense$1,638.6 $1,508.0 $1,416.6 9 %16 %
Provision for Credit Losses(5.3)(3.0)16.5 N/MN/M
Provision for Income Taxes272.5 175.1 143.5 5690
FTE Adjustment*7.6 7.6 4.7 —59
Net Income$792.2 $525.5 $421.3 51 %88 %
Earnings Allocated to Common Shares$782.2 $504.7 $412.8 55 %90 %
Diluted Earnings per Common Share$4.23 $2.71 $2.13 56 98 
Return on Average Common Equity25.9 %17.4 %14.2 %
Average Assets$163,575.8 $165,297.3 $157,719.2 (1)%4 %
(*)     Net interest income and total revenue presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principles (non-GAAP) financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
N/M - Not meaningful

NORTHERN TRUST CORPORATION SECOND QUARTER 2026 RESULTS
CLIENT ASSETS
Assets under custody/administration (AUC/A) and assets under management are a driver of the Corporation’s trust, investment and other servicing fees, the largest component of noninterest income.
As of
% Change June 30, 2026 vs.
($ In Billions)June 30, 2026*March 31, 2026June 30, 2025March 31, 2026June 30, 2025
Assets Under Custody/Administration
Asset Servicing$18,635.2 $17,288.6 $16,864.9 8 %10 %
   Wealth Management1,365.0 1,265.3 1,203.4 8 13 
     Total Assets Under Custody/Administration$20,000.2 $18,553.9 $18,068.3 8 %11 %
Assets Under Custody(1)
Asset Servicing$14,587.7 $13,521.1 $13,056.5 8 %12 %
   Wealth Management1,351.1 1,254.2 1,187.2 8 14 
     Total Assets Under Custody$15,938.8 $14,775.3 $14,243.7 8 %12 %
Assets Under Management
Asset Servicing$1,436.0 $1,287.3 $1,229.2 12 %17 %
  Wealth Management533.9 497.6 468.5 7 14 
     Total Assets Under Management$1,969.9 $1,784.9 $1,697.7 10 %16 %
(1) Assets Under Custody are a component of Assets Under Custody/Administration.
(*) Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
Total assets under custody/administration and assets under custody increased sequentially primarily driven by favorable markets and net client inflows. Total assets under custody/administration and assets under custody increased from the prior-year quarter, primarily driven by favorable markets, partially offset by unfavorable currency translation.
Total assets under management increased sequentially and compared to the prior-year quarter primarily reflecting favorable markets and net client inflows.
TRUST, INVESTMENT AND OTHER SERVICING FEES
% Change Q2 2026 vs.
($ In Millions)Q2 2026Q1 2026Q2 2025Q1 2026Q2 2025
Asset Servicing
Custody and Fund Administration$512.3$497.6$469.23 %9 %
Investment Management172.2169.2157.32 10 
Securities Lending29.423.320.226 46 
Other43.550.445.1(14)(3)
Total Asset Servicing Trust, Investment and Other Servicing Fees$757.4$740.5$691.82 %9 %
Wealth Management
Private Wealth(1)
$483.0$486.0$434.8(1)%11 %
Global Family Office (GFO)109.1114.9104.5(5)4 
Total Wealth Management Trust, Investment and Other Servicing Fees$592.1$600.9$539.3(1)%10 %
Total Consolidated Trust, Investment and Other Servicing Fees$1,349.5$1,341.4$1,231.11 %10 %
(1) Beginning in Q2 2026, Wealth Management Trust, Investment and Other Servicing Fees by region are combined into the Private Wealth line item. Prior periods have been revised.
Asset Servicing and Wealth Management Trust, Investment and Other Servicing Fees are impacted by both one-month and one-quarter lagged asset values.
Total Asset Servicing Trust, Investment and Other Servicing Fees increased both sequentially and from the prior-year quarter.
▪Custody and Fund Administration fees increased from the prior-year quarter primarily due to favorable markets and net new business.
▪Investment Management fees increased from the prior-year quarter primarily due to favorable markets and net client inflows.
▪Securities Lending fees increased sequentially primarily due to higher spreads. Securities Lending fees increased from the prior-year quarter primarily due to higher trading volumes and spreads.
▪Other trust, investment and other servicing fees decreased sequentially primarily due to higher fees associated with seasonal benefit payment services during the first quarter each year.
Total Wealth Management Trust, Investment and Other Servicing Fees decreased sequentially and increased from the prior-year quarter.
▪Private Wealth fees increased from the prior-year quarter primarily due to favorable markets.
▪GFO fees decreased sequentially primarily due to the impact of lower asset values on a lagged quarter basis.
2
NORTHERN TRUST CORPORATION SECOND QUARTER 2026 RESULTS
REPORTING SEGMENT RESULTS
% Change Q2 2026 vs.
($ In Millions)Q2 2026Q1 2026Q2 2025Q1 2026Q2 2025
Income (Loss) before Income Taxes (FTE*)
Asset Servicing(1)
$323.3 $373.3 $271.4 (13)%19 %
Wealth Management(1)
333.5 330.2 309.6 1 8 
Other(2)
415.5 4.7 (11.5)N/MN/M
Total Income before Income Taxes (FTE*)$1,072.3 $708.2 $569.5 51 %88 %
Pre-Tax Margin (FTE*)
Asset Servicing(1)
23.7 %28.3 %23.2 %(4.6)pts0.5 pts
Wealth Management(1)
37.4 37.1 37.2 0.3 0.2 
Total Pre-Tax Margin (FTE*)39.6 %32.0 %28.4 %7.6 pts11.2 pts
Average Loans
Asset Servicing$5,800.6 $5,632.5 $5,812.8 3 %— %
Wealth Management35,767.0 35,261.8 35,345.2 1 1 
Total Average Loans$41,567.6 $40,894.3 $41,158.0 2 %1 %
Average Deposits
Asset Servicing$100,980.6 $102,421.0 $95,506.7 (1)%6 %
Wealth Management26,715.1 26,469.8 25,291.0 1 6 
Other150.0 141.0 1,580.1 6 (91)
Total Average Deposits$127,845.7 $129,031.8 $122,377.8 (1)%4 %
(1)    The current quarter charges related to software dispositions ($61.5 million) and severance ($51.0 million) are allocated to the Reporting Segments with $100.6 million allocated to Asset Servicing and $11.9 million allocated to Wealth Management.
(2) The current quarter $525.4 million gain related to Northern Trust's participation in the second Visa Exchange Offer, the $73.9 million loss on available for sale debt securities sold in conjunction with a repositioning of the portfolio, and the $33.1 million one-time equity grant to eligible employees are retained within Other.
(*) Income (Loss) before Income Taxes and Pre-Tax Margin presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principles (non-GAAP) financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
Note: Reporting segment results are subject to reclassification when organizational changes are made. The results are also subject to refinements in revenue and expense allocation methodologies, which are typically reflected on a retrospective basis unless it is impractical to do so.
N/M - Not meaningful

OTHER NONINTEREST INCOME
% Change Q2 2026 vs.
($ In Millions)Q2 2026Q1 2026Q2 2025Q1 2026Q2 2025
Other Noninterest Income
     Foreign Exchange Trading Income$97.1 $87.7 $50.6 11 %92 %
     Security Commissions and Trading Income55.6 52.1 39.6 7 40 
     Other Operating Income(1)
594.2 70.4 66.1 N/MN/M
     Investment Security Gains (Losses), net(73.9)— — N/MN/M
Total Other Noninterest Income$673.0 $210.2 $156.3 N/MN/M
(1) Beginning in Q1 2026, Treasury Management Fees are included within Other Operating Income. Prior periods have been revised.
Foreign Exchange Trading Income increased compared to the prior-year quarter primarily due to higher trading volumes driven by client activity and market volatility, particularly in Asia-Pacific markets.
Security Commissions and Trading Income increased compared to the prior-year quarter primarily due to higher volumes as a result of market volatility and growth in outsourced trading activity.
Other Operating Income increased sequentially and compared to the prior-year quarter primarily due to a $525.4 million gain related to Northern Trust’s participation in the second Visa, Inc. Exchange Offer.
Investment Security Gains (Losses), net reflects a $73.9 million loss on the sale of available for sale debt securities in the current quarter related to a repositioning of the securities portfolio.

3
NORTHERN TRUST CORPORATION SECOND QUARTER 2026 RESULTS
NET INTEREST INCOME
% Change Q2 2026 vs.
($ In Millions)Q2 2026Q1 2026Q2 2025Q1 2026Q2 2025
Net Interest Income
     Interest Income (FTE*)$2,196.9 $2,241.6 $2,217.5 (2)%(1)%
     Interest Expense1,513.8 1,580.0 1,602.3 (4)(6)
Net Interest Income (FTE*)$683.1 $661.6 $615.2 3 %11 %
Average Earning Assets (1)
$151,291.2 $153,677.4 $145,822.0 (2)%4 %
Net Interest Margin (FTE*)1.81 %1.75 %1.69 %6  bps12 bps
(1)    For further detail on average earning assets, refer to the Average Balance Sheet on pg. 12.
(*) Interest income, net interest income and net interest margin presented on an FTE basis are non-GAAP financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
bps - basis points
Net Interest Income on an FTE basis increased sequentially primarily driven by lower funding costs and a favorable deposit mix, partially offset by lower deposits. Net Interest Income on an FTE basis increased compared to the prior-year quarter primarily driven by higher deposits and lower funding costs.
The Net Interest Margin on an FTE basis increased sequentially and compared to the prior-year quarter primarily driven by lower funding costs.
PROVISION FOR CREDIT LOSSES
As of and for the three-months ended,
% Change June 30, 2026 vs.
($ In Millions)June 30, 2026March 31, 2026June 30, 2025March 31, 2026June 30, 2025
Allowance for Credit Losses
Beginning Allowance for Credit Losses$195.2 $198.3 $207.3 (2)%(6)%
Provision for Credit Losses(5.3)(3.0)16.5 N/MN/M
Net Recoveries (Charge-offs)0.4 (0.1)0.3 N/MN/M
Ending Allowance for Credit Losses$190.3 $195.2 $224.1 (3)%(15)%
Allowance assigned to:
Loans$160.9 $161.1 $180.5 — %(11)%
Undrawn Loan Commitments and Standby Letters of Credit21.9 25.5 34.7 (14)(37)
Debt Securities and Other Financial Assets7.5 8.6 8.9 (12)(15)
Ending Allowance for Credit Losses$190.3 $195.2 $224.1 (3)%(15)%
N/M - Not meaningful
Q2 2026
The negative provision in the current quarter resulted from a decrease in the collective reserve, partially offset by an increase in individual reserves. The decrease in the collective reserve was primarily driven by a strengthening macroeconomic outlook and improved credit quality for the Commercial Real Estate (CRE) and Commercial and Institutional (C&I) portfolios. The increase in the individual reserve was driven by a small number of non-performing loans.
Q1 2026
The negative provision in the prior quarter resulted from a decrease in the collective reserve, partially offset by an increase in individual reserves. The decrease in the collective reserve was primarily driven by improved credit quality of the C&I portfolio, partially offset by increased macroeconomic uncertainty. The increase in the individual reserve was driven by a small number of non-performing loans.
Q2 2025
The provision in the prior-year quarter resulted from an increase in specific reserves related to a small number of non-performing loans and an increase in the collective reserve resulting primarily from a worsening macroeconomic outlook, partially offset by sector and portfolio-specific improvements within the CRE portfolio.
4
NORTHERN TRUST CORPORATION SECOND QUARTER 2026 RESULTS
NONINTEREST EXPENSE
% Change Q2 2026 vs.
($ In Millions)Q2 2026Q1 2026Q2 2025Q1 2026Q2 2025
Noninterest Expense
Compensation and Benefits$868.0 $822.2 $732.5 6 %18 %
Outside Services246.3 236.7 247.0 4 — 
Equipment and Software378.5 308.1 293.7 23 29 
Occupancy53.5 51.3 52.5 4 2 
Other Operating Expense92.3 89.7 90.9 3 2 
Total Noninterest Expense$1,638.6 $1,508.0 $1,416.6 9 %16 %
End of Period Full-Time Equivalent Employees23,600 23,600 23,400 — %1 %
Compensation and Benefits expense increased sequentially primarily due to the current quarter severance charge of $51.0 million, a $33.1 million one-time equity grant to eligible employees and annual base pay adjustments, partially offset by seasonal equity incentive awards granted to retirement-eligible employees in the prior quarter. Compensation and Benefits expense increased compared to the prior-year quarter primarily due to the current quarter severance charge of $51.0 million, higher incentives, a $33.1 million one-time equity grant to eligible employees, annual base pay adjustments and an increase in pension expense.
Equipment and Software expense increased sequentially primarily due to software dispositions of $61.5 million in the current quarter and higher software support expenses. Equipment and Software expense increased compared to the prior-year quarter primarily due to software dispositions of $61.5 million in the current quarter, higher software support and higher amortization.

PROVISION FOR INCOME TAXES
% Change Q2 2026 vs.
($ In Millions)Q2 2026Q1 2026Q2 2025Q1 2026Q2 2025
Net Income
Income before Income Taxes$1,064.7 $700.6 $564.8 52%89%
Provision for Income Taxes272.5 175.1 143.5 5690
Net Income$792.2 $525.5 $421.3 51%88%
Effective Tax Rate25.6 %25.0 %25.4 %(60)bps(20)bps
bps - basis points
The effective tax rate increased sequentially primarily due to lower tax benefits associated with share-based compensation, partially offset by discrete tax benefits from the resolution of state income tax audits.
CAPITAL ACTIONS
The Corporation returned $499.4 million to common shareholders in the current quarter through dividends and the repurchase of shares. During the current quarter, the Corporation declared cash dividends totaling $148.8 million to common stockholders and maintained its quarterly cash dividend of $0.80 per share on common stock from the previous quarter. The Corporation repurchased 2,129,047 shares of common stock, including 4,861 withheld to satisfy tax withholding obligations related to share-based compensation, at a total cost of $350.6 million ($164.65 average price per share). The Corporation also declared cash dividends totaling $4.7 million to preferred stockholders during the current quarter.
5
NORTHERN TRUST CORPORATION SECOND QUARTER 2026 RESULTS
REGULATORY CAPITAL
The capital ratios of Northern Trust Corporation and its principal subsidiary, The Northern Trust Company, remained strong at June 30, 2026, exceeding the minimum requirements for classification as “well-capitalized” under applicable U.S. regulatory requirements.
($ In Millions)Standardized ApproachAdvanced Approach
Northern Trust CorporationJune 30, 2026*March 31, 2026June 30, 2025June 30, 2026*March 31, 2026June 30, 2025Well-Capitalized RatiosMinimum Capital Ratios
Regulatory Capital
Common Equity Tier 1 Capital$11,605.6$11,173.5$11,108.2$11,605.6$11,173.5$11,108.2
Tier 1 Capital12,418.711,995.511,938.512,418.711,995.511,938.5
Total Capital14,706.514,288.113,508.914,516.214,092.913,285.6
Assets
Risk-Weighted Assets$95,157.3$93,150.8$91,385.4$81,119.6$78,198.0$74,176.8
Average Adjusted Total Assets162,601.3164,381.7156,854.5162,601.3164,381.7156,854.5
Supplementary Leverage ExposureN/AN/AN/A144,498.8141,713.4131,379.4
Capital Ratios
Common Equity Tier 1 Capital12.2 %12.0 %12.2 %14.3 %14.3 %15.0 %N/A4.5 %
Tier 1 Capital13.1 12.9 13.1 15.3 15.3 16.1 6.06.0 
Total Capital15.5 15.3 14.8 17.9 18.0 17.9 10.08.0 
Tier 1 Leverage7.6 7.3 7.6 7.6 7.3 7.6 N/A4.0 
Supplementary LeverageN/A N/AN/A8.6 8.5 9.1 N/A3.0 

($ In Millions)Standardized ApproachAdvanced Approach

The Northern Trust Company		June 30, 2026*March 31, 2026June 30, 2025June 30, 2026*March 31, 2026June 30, 2025Well-Capitalized RatiosMinimum Capital Ratios
Regulatory Capital
Common Equity Tier 1 Capital$11,084.4$10,669.2$10,278.6$11,084.4$10,669.2$10,278.6
Tier 1 Capital11,084.410,669.210,278.611,084.410,669.210,278.6
Total Capital13,024.612,614.411,501.812,834.412,419.211,278.6
Assets
Risk-Weighted Assets$93,697.4$91,741.9$90,205.6$78,677.0$75,858.7$72,017.5
Average Adjusted Total Assets162,049.4163,772.4156,405.8162,049.4163,772.4156,405.8
Supplementary Leverage ExposureN/AN/AN/A143,562.4140,752.7130,930.4
Capital Ratios
Common Equity Tier 1 Capital11.8 %11.6 %11.4 %14.1 %14.1 %14.3 %6.5 %4.5 %
Tier 1 Capital11.8 11.6 11.4 14.1 14.1 14.3 8.0 6.0 
Total Capital13.9 13.7 12.8 16.3 16.4 15.7 10.0 8.0 
Tier 1 Leverage6.8 6.5 6.6 6.8 6.5 6.6 5.0 4.0 
Supplementary LeverageN/A N/AN/A7.7 7.6 7.9 3.0 3.0 
(*) Regulatory Capital, Risk-Weighted Assets and resulting ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
6
NORTHERN TRUST CORPORATION SECOND QUARTER 2026 RESULTS
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
The following table presents a reconciliation of interest income, net interest income, net interest margin, total revenue, income before taxes, and pre-tax margin prepared in accordance with GAAP to such measures on an FTE non-GAAP basis. Management believes this presentation facilitates the analysis of asset yields and provides a clearer indication of these financial measures for comparative purposes. When adjusted to an FTE basis, yields on taxable, nontaxable and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income.
QUARTERS
20262025
($ in Millions)SECONDFIRSTFOURTHTHIRDSECOND
Net Interest Income
Interest Income - GAAP$2,189.3 $2,234.0 $2,126.6 $2,144.3 $2,212.8 
Add: FTE Adjustment7.6 7.6 12.7 5.5 4.7 
Interest Income (FTE) - Non-GAAP$2,196.9 $2,241.6 $2,139.3 $2,149.8 $2,217.5 
Net Interest Income - GAAP$675.5 $654.0 $641.6 $590.8 $610.5 
Add: FTE Adjustment7.6 7.6 12.7 5.5 4.7 
Net Interest Income (FTE) - Non-GAAP$683.1 $661.6 $654.3 $596.3 $615.2 
Net Interest Margin - GAAP(1)
1.79 %1.73 %1.78 %1.68 %1.68 %
Net Interest Margin (FTE) - Non-GAAP(1)
1.81 %1.75 %1.81 %1.70 %1.69 %
Total Revenue
Total Revenue - GAAP$2,698.0 $2,205.6 $2,123.1 $2,025.4 $1,997.9 
Add: FTE Adjustment7.6 7.6 12.7 5.5 4.7 
Total Revenue (FTE) - Non-GAAP$2,705.6 $2,213.2 $2,135.8 $2,030.9 $2,002.6 
Income before Income Taxes
Income before Income Taxes - GAAP$1,064.7 $700.6 $633.8 $619.5 $564.8 
Add: FTE Adjustment7.6 7.6 12.7 5.5 4.7 
Income before Income Taxes (FTE) - Non-GAAP$1,072.3 $708.2 $646.5 $625.0 $569.5 
Pre-Tax Margin - GAAP(2)
39.5 %31.8 %29.9 %30.6 %28.3 %
Pre-Tax Margin (FTE) - Non-GAAP(2)
39.6 %32.0 %30.3 %30.8 %28.4 %
(1) Net Interest Margin is calculated by dividing annualized net interest income by average interest-earning assets.
(2) Pre-Tax Margin is calculated by dividing income before income taxes by total revenue.










7
NORTHERN TRUST CORPORATION SECOND QUARTER 2026 RESULTS
FORWARD LOOKING STATEMENTS
This release may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified typically by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “likely,” “plan,” “goal,” “target,” “strategy,” and similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements include statements, other than those related to historical facts, that relate to Northern Trust’s financial results and outlook, capital adequacy, dividend policy and share repurchase program, accounting estimates and assumptions, credit quality including allowance levels, future pension plan contributions, effective tax rate, anticipated expense levels, contingent liabilities, acquisitions, strategies, market and industry trends, and expectations regarding the impact of accounting pronouncements and legislation. These statements are based on Northern Trust’s current beliefs and expectations of future events or future results, and involve risks and uncertainties that are difficult to predict and subject to change. These statements are also based on assumptions about many important factors, including the factors discussed in Northern Trust’s most recent annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, all of which are available on Northern Trust’s website. We caution you not to place undue reliance on any forward-looking statement as actual results may differ materially from those expressed or implied by forward-looking statements. Northern Trust assumes no obligation to update its forward-looking statements.
WEBCAST OF SECOND QUARTER EARNINGS CONFERENCE CALL
Northern Trust’s second quarter earnings conference call will be webcast on July 22, 2026.
The live call will be conducted at 8:00 a.m. CT and is accessible on Northern Trust’s website at:
https://www.northerntrust.com/about-us/investor-relations
A recording of the live call will be available on Northern Trust’s website following the live event, for approximately four weeks. Participants will need Windows Media or Adobe Flash software. This earnings release can also be accessed at Northern Trust’s website.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2026, Northern Trust had assets under custody/administration of US$20.0 trillion, and assets under management of US$2.0 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

8
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
STATEMENT OF INCOME DATA 
% Change(1)
($ In Millions Except Per Share Data)
 Q2 2026 vs.
Q2 2026Q1 2026Q2 2025Q1 2026Q2 2025
Noninterest Income
     Trust, Investment and Other Servicing Fees$1,349.5 $1,341.4 $1,231.1 1 %10 %
     Foreign Exchange Trading Income97.1 87.7 50.6 11 92 
     Security Commissions and Trading Income55.6 52.1 39.6 7 40 
     Other Operating Income(2)
594.2 70.4 66.1 N/MN/M
     Investment Security Gains (Losses), net(73.9)— — N/MN/M
Total Noninterest Income2,022.5 1,551.6 1,387.4 30 46 
Net Interest Income
      Interest Income2,189.3 2,234.0 2,212.8 (2)(1)
      Interest Expense1,513.8 1,580.0 1,602.3 (4)(6)
Net Interest Income675.5 654.0 610.5 3 11 
Total Revenue2,698.0 2,205.6 1,997.9 22 35 
Provision for Credit Losses(5.3)(3.0)16.5 N/MN/M
Noninterest Expense
     Compensation and Benefits868.0 822.2 732.5 6 18 
     Outside Services246.3 236.7 247.0 4 — 
     Equipment and Software378.5 308.1 293.7 23 29 
     Occupancy53.5 51.3 52.5 4 2 
     Other Operating Expense92.3 89.7 90.9 3 2 
Total Noninterest Expense1,638.6 1,508.0 1,416.6 9 16 
Income before Income Taxes1,064.7 700.6 564.8 52 89 
Provision for Income Taxes272.5 175.1 143.5 56 90 
NET INCOME$792.2 $525.5 $421.3 51 %88 %
Preferred Stock Dividends4.7 16.2 4.7 (71)— 
NET INCOME APPLICABLE TO COMMON STOCK$787.5 $509.3 $416.6 55 %89 %
Earnings Allocated to Participating Securities5.3 4.5 3.8 16 38 
Earnings Allocated to Common Shares$782.2 $504.7 $412.8 55 %90 %
Per Common Share
Net Income
     Basic$4.25 $2.72 $2.14 56 %98 %
     Diluted4.23 2.71 2.13 56 98 
Average Common Equity$12,209.7 $11,876.3 $11,727.2 3 %4 %
Return on Average Common Equity25.9 %17.4 %14.2 %
Cash Dividends Declared per Common Share$0.80 $0.80 $0.75 — %7 %
Average Common Shares Outstanding (000s)
     Basic183,994 185,499192,752(1)%(5)%
     Diluted184,890 186,539193,375(1)(4)
Common Shares Outstanding (EOP) (000s)182,956 185,047191,233(1)(4)
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2)    Beginning in Q1 2026, Treasury Management Fees are included within Other Operating Income. Prior periods have been restated.

N/M - Not meaningful
EOP - End of period
9
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
STATEMENT OF INCOME DATA
($ In Millions Except Per Share Data)SIX MONTHS
20262025
% Change(1)
Noninterest Income
     Trust, Investment and Other Servicing Fees$2,690.9 $2,444.9 10 %
     Foreign Exchange Trading Income184.8 109.3 69 
     Security Commissions and Trading Income107.7 78.7 37 
     Other Operating Income664.7 126.4 N/M
     Investment Security Gains (Losses), net(73.9)— N/M
Total Noninterest Income3,574.2 2,759.3 30 
Net Interest Income
       Interest Income4,423.4 4,353.7 2 
       Interest Expense3,093.9 3,175.1 (3)
Net Interest Income1,329.5 1,178.6 13 
Total Revenue4,903.7 3,937.9 25 
Provision for Credit Losses(8.3)17.5 N/M
Noninterest Expense
     Compensation and Benefits1,690.2 1,486.6 14 
     Outside Services483.0 492.2 (2)
     Equipment and Software686.6 574.6 19 
     Occupancy104.8 105.9 (1)
     Other Operating Expense182.0 174.9 4 
Total Noninterest Expense3,146.6 2,834.2 11 
Income before Income Taxes1,765.4 1,086.2 63 
Provision for Income Taxes447.6 272.9 64 
NET INCOME$1,317.8 $813.3 62 %
Preferred Stock Dividends
20.9 20.9 — 
NET INCOME APPLICABLE TO COMMON STOCK$1,296.9 $792.4 64 %
Earnings Allocated to Participating Securities9.8 7.4 33 
Earnings Allocated to Common Shares$1,287.1 $785.0 64 %
Per Common Share
Net Income
     Basic$6.97 $4.05 72 %
     Diluted6.93 4.03 72 
Average Common Equity$12,043.9 $11,723.2 3 %
Return on Average Common Equity21.7 %13.6 %
Cash Dividends Declared per Common Share$1.60 $1.50 7 %
Average Common Shares Outstanding (000s)
     Basic184,742 193,966 (5)%
     Diluted185,710 194,742 (5)
Common Shares Outstanding (EOP) (000s)182,956 191,233 (4)
(1)Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
N/M - Not meaningful
EOP - End of period
10
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
BALANCE SHEET
($ In Millions) 
% Change(1)
June 30, 2026 vs.
June 30, 2026March 31, 2026June 30, 2025March 31, 2026June 30, 2025
Assets
Federal Reserve and Other Central Bank Deposits$50,556.4 $41,757.3 $52,265.5 21 %(3)%
Interest-Bearing Due from and Deposits with Banks(2)
6,160.0 6,343.0 6,800.9 (3)(9)
Federal Funds Sold and Securities Purchased under Agreements to Resell426.5 1,678.9 921.9 (75)(54)
Debt Securities
Available for Sale38,123.1 36,913.2 32,250.4 3 18 
Held to Maturity23,492.1 24,286.2 21,400.8 (3)10 
Total Debt Securities61,615.2 61,199.4 53,651.2 1 15 
Loans43,822.0 42,505.5 43,323.4 3 1 
Other Interest-Earning Assets(3)
3,499.3 8,415.9 2,522.6 (58)39 
Total Earning Assets166,079.4 161,900.0 159,485.5 3 4 
Allowance for Credit Losses(168.4)(169.7)(188.5)(1)(11)
Cash and Due from Banks and Other Central Bank Deposits(4)
1,201.7 1,407.7 2,035.1 (15)(41)
Buildings and Equipment447.6 447.5 467.7 — (4)
Goodwill709.6 709.5 714.6 — (1)
Other Assets11,027.3 10,279.3 9,369.2 7 18 
Total Assets$179,297.2 $174,574.3 $171,883.6 3 %4 %
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
       Savings, Money Market and Other$34,419.1 $29,309.7 $27,965.1 17 %23 %
       Savings Certificates and Other Time4,686.9 5,238.4 6,742.5 (11)(30)
       Non-U.S. Offices - Interest-Bearing78,274.0 75,850.7 77,206.9 3 1 
Total Interest-Bearing Deposits117,380.0 110,398.8 111,914.5 6 5 
Federal Funds Purchased1,568.9 1,974.3 2,388.5 (21)(34)
Securities Sold under Agreements to Repurchase175.6 330.5 841.4 (47)(79)
Other Borrowings(5)
8,627.2 7,839.5 6,532.9 10 32 
Senior Notes3,331.2 3,345.5 2,835.2 — 17 
Long-Term Debt2,073.3 2,881.6 4,089.8 (28)(49)
Total Interest-Bearing Liabilities133,156.2 126,770.2 128,602.3 5 4 
Demand and Other Noninterest-Bearing Deposits28,200.0 29,299.4 25,139.2 (4)12 
Other Liabilities4,539.4 5,517.4 5,275.6 (18)(14)
Total Liabilities165,895.6 161,587.0 159,017.1 3 4 
Common Equity
Common Equity, excluding Accumulated Other Comprehensive Income13,068.4 12,739.0 12,680.8 3 3 
Accumulated Other Comprehensive Income (Loss)(551.7)(636.6)(699.2)(13)(21)
Total Common Equity12,516.7 12,102.4 11,981.6 3 4 
Preferred Equity884.9 884.9 884.9 — — 
Total Equity13,401.6 12,987.3 12,866.5 3 4 
Total Liabilities and Stockholders’ Equity$179,297.2 $174,574.3 $171,883.6 3 %4 %
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2)    Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)    Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)    Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)    Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
11
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
AVERAGE BALANCE SHEET
($ In Millions)
% Change(1)
 Q2 2026 vs.
Q2 2026Q1 2026Q2 2025Q1 2026Q2 2025
Assets
Federal Reserve and Other Central Bank Deposits$38,322.9 $42,554.7 $43,655.3 (10)%(12)%
Interest-Bearing Due from and Deposits with Banks(2)
6,304.2 6,014.6 5,321.5 5 18 
Federal Funds Sold and Securities Purchased under Agreements to Resell521.9 1,186.8 713.2 (56)(27)
Debt Securities
       Available for Sale37,775.8 35,780.4 31,415.0 6 20 
Held to Maturity23,604.2 23,883.3 20,895.9 (1)13 
Total Debt Securities61,380.0 59,663.7 52,310.9 3 17 
Loans41,567.6 40,894.3 41,158.0 2 1 
Other Interest-Earning Assets(3)
3,194.6 3,363.3 2,663.1 (5)20 
Total Earning Assets151,291.2 153,677.4 145,822.0 (2)4 
Allowance for Credit Losses(169.9)(175.1)(174.9)(3)(3)
Cash and Due from Banks and Other Central Bank Deposits(4)
1,313.9 1,137.0 1,069.8 16 23 
Buildings and Equipment453.1 459.8 479.3 (1)(5)
Goodwill712.5 713.5 709.1 — — 
Other Assets9,975.0 9,484.7 9,813.9 5 2 
Total Assets$163,575.8 $165,297.3 $157,719.2 (1)%4 %
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
       Savings, Money Market and Other$32,356.8 $29,244.9 $28,797.4 11 %12 %
       Savings Certificates and Other Time5,059.1 5,785.2 6,652.0 (13)(24)
       Non-U.S. Offices - Interest-Bearing70,929.3 75,261.9 70,158.0 (6)1 
Total Interest-Bearing Deposits108,345.2 110,292.0 105,607.4 (2)3 
Federal Funds Purchased2,338.3 2,576.7 2,469.0 (9)(5)
Securities Sold under Agreements to Repurchase677.2 483.8 584.6 40 16 
Other Borrowings(5)
8,255.7 7,638.3 7,008.2 8 18 
Senior Notes3,335.9 3,352.8 2,818.2 (1)18 
Long-Term Debt2,856.9 3,472.7 4,087.8 (18)(30)
Total Interest-Bearing Liabilities125,809.2 127,816.3 122,575.2 (2)3 
Demand and Other Noninterest-Bearing Deposits19,500.5 18,739.8 16,770.4 4 16 
Other Liabilities5,171.5 5,980.0 5,761.5 (14)(10)
Total Liabilities150,481.2 152,536.1 145,107.1 (1)4 
Common Equity
Common Equity, excluding Accumulated Other Comprehensive Income12,778.5 12,443.4 12,500.4 3 2 
Accumulated Other Comprehensive Income (Loss)(568.8)(567.1)(773.2)— (26)
Total Common Equity12,209.7 11,876.3 11,727.2 3 4 
Preferred Equity884.9 884.9 884.9 — — 
Total Equity13,094.6 12,761.2 12,612.1 3 4 
Total Liabilities and Stockholders’ Equity$163,575.8 $165,297.3 $157,719.2 (1)%4 %
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2)    Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)    Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)    Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)    Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
12
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
QUARTERLY TREND DATA QUARTERS
($ In Millions Except Per Share Data)20262025
SECONDFIRSTFOURTHTHIRDSECOND
Net Income Summary
   Trust, Investment and Other Servicing Fees $1,349.5 $1,341.4 $1,307.4 $1,265.5 $1,231.1 
   Other Noninterest Income673.0 210.2 174.1 169.1 156.3 
   Net Interest Income 675.5 654.0 641.6 590.8 610.5 
     Total Revenue 2,698.0 2,205.6 2,123.1 2,025.4 1,997.9 
   Provision for Credit Losses (5.3)(3.0)(8.0)(17.0)16.5 
   Noninterest Expense1,638.6 1,508.0 1,497.3 1,422.9 1,416.6 
     Income before Income Taxes1,064.7 700.6 633.8 619.5 564.8 
   Provision for Income Taxes272.5 175.1 167.8 161.9 143.5 
     Net Income $792.2 $525.5 $466.0 $457.6 $421.3 
Per Common Share
   Net Income - Basic$4.25 $2.72 $2.44 $2.30 $2.14 
                      - Diluted4.23 2.71 2.42 2.29 2.13 
   Cash Dividends Declared per Common Share0.80 0.80 0.80 0.80 0.75 
   Book Value (EOP)68.41 65.40 64.79 63.83 62.65 
   Market Value (EOP)173.84 139.57 136.59 134.60 126.79 
Financial Ratios
   Return on Average Common Equity25.9 %17.4 %15.4 %14.8 %14.2 %
   Net Interest Margin (GAAP)1.79 1.73 1.78 1.68 1.68 
   Net Interest Margin (FTE*)1.81 1.75 1.81 1.70 1.69 
Assets Under Custody / Administration ($ in Billions) - End Of Period
Asset Servicing$18,635.2 $17,288.6 $17,418.4 $16,990.4 $16,864.9 
   Wealth Management1,365.0 1,265.3 1,297.7 1,257.2 1,203.4 
     Total Assets Under Custody / Administration$20,000.2 $18,553.9 $18,716.1 $18,247.6 $18,068.3 
Assets Under Custody ($ In Billions) - End Of Period
Asset Servicing$14,587.7 $13,521.1 $13,604.8 $13,195.0 $13,056.5 
   Wealth Management1,351.1 1,254.2 1,284.3 1,244.1 1,187.2 
     Total Assets Under Custody$15,938.8 $14,775.3 $14,889.1 $14,439.1 $14,243.7 
Assets Under Management ($ In Billions) - End Of Period
Asset Servicing$1,436.0 $1,287.3 $1,296.0 $1,280.1 $1,229.2 
   Wealth Management533.9 497.6 507.2 492.6 468.5 
     Total Assets Under Management$1,969.9 $1,784.9 $1,803.2 $1,772.7 $1,697.7 
Asset Quality ($ In Millions) - End Of Period
   Nonaccrual Loans/Assets(1)
$71.3 $55.0 $76.7 $78.8 $92.8 
   Nonaccrual Assets / Loans(1)
0.16 %0.13 %0.18 %0.18 %0.21 %
   Gross Charge-offs$(0.2)$(0.4)$(1.4)$(2.1)$(0.1)
Gross Recoveries 0.6 0.3 1.0 1.7 0.4 
     Net Recoveries (Charge-offs)$0.4 $(0.1)$(0.4)$(0.4)$0.3 
   Annualized Net Recoveries (Charge-offs) to Avg Loans— %— %— %— %— %
   Allowance for Credit Losses Assigned to:
     Loans$160.9 $161.1 $164.3 $164.4 $180.5 
Undrawn Loan Commitments and Standby Letters of Credit21.9 25.5 23.3 32.1 34.7 
Debt Securities and Other Financial Assets7.5 8.6 10.7 10.2 8.9 
   Loans Allowance / Nonaccrual Loans2.3 x2.9 x2.1 x2.1 x1.9 x
(*)    Net interest margin presented on an FTE basis is a non-GAAP financial measure. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
(1)    There was no Other Real Estate Owned (OREO) for any of the periods presented.
13
1northerntrust.com | © 2026 Northern Trust Corporation July 22, 2026 STRATEGY UPDATE & SECOND QUARTER 2026 EARNINGS REVIEW

 

2northerntrust.com | © 2026 Northern Trust Corporation 1 STRATEGIC UPDATE 3 2 FINANCIAL HIGHLIGHTS 6 3 APPENDIX 14AGENDA

 

3northerntrust.com | © 2026 Northern Trust Corporation STRATEGIC UPDATE

 

4northerntrust.com | © 2026 Northern Trust Corporation 1H26 STRATEGIC HIGHLIGHTS All comparisons to same period of the prior year 2Q26 Revenue Growth* +13% Expense Growth* +5% EPS Growth* +40% Operating Leverage* >700 bps Pre-Tax Margin 40% ROE 26% Enterprise • Execution of One Northern Trust strategy • Strong first half financial performance • Returned over $1 billion to shareholders through the first half of the year Optimize Growth • Eighth consecutive quarter of positive organic fee growth • Double digit net interest income growth • Capital Markets strength Drive Financial Performance • Disciplined expense management while continuing to invest for growth • Significant positive operating leverage Strengthen Resiliency & Manage Risk • Robust capital and liquidity position • Embedding AI to enhance oversight and strengthen capabilities FINANCIAL HIGHLIGHTS Financial and Strategic Highlights *Comparison excluding notable items. Refer to page 15 for additional detail on notable items.

 

5northerntrust.com | © 2026 Northern Trust Corporation 2026 Mid-Year Business Unit Highlights FINANCIAL HIGHLIGHTS (versus same period prior year) WEALTH MANAGEMENT Ultra-High-Net-Worth $100+MM client revenue outpacing broader Wealth, driving share gains in the segment Revenue Generating Talent Accelerating hires in critical producer roles to fuel growth Client Acquisition Marketing qualified leads up 50% in 1H, broadening acquisition across segments, geographies, and digital channels Alternatives Investments Alternatives adoption across Wealth accelerating, deepening the investment solutions suite ASSET SERVICING Capital Markets Capital Markets and Banking momentum sustained via outsourced solutions (Integrated Trading Solutions, Complete FX) Alternatives Services Alternatives AUA surpasses $1 trillion, reinforcing category leadership Digital Assets Live on the Canton Network; advancing tokenized funds and digital custody ASSET MANAGEMENT Alternatives Solutions Fundraising across secondaries and custom alternatives broadening the Alternatives platform ETFs 5th consecutive quarter of positive ETF flows SMAs Extending SMA leadership through tax alpha and long-short strategies Liquidity 14 consecutive quarters of positive liquidity flow with double-digit organic fee growth 0% 9% 7% 13% FY 2023 FY 2024 FY 2025 1H 2026 Revenue Growth* 5% 6% 5% 6% FY 2023 FY 2024 FY 2025 1H 2026 Expense Growth* (13%) 24% 17% 41% FY 2023 FY 2024 FY 2025 1H 2026 EPS Growth* (500) 230 230 730 FY 2023 FY 2024 FY 2025 1H 2026 Operating Leverage* (2%) 8% 6% 10% Trust Fee Growth 6% 8% 10% 13% FY 2023 FY 2024 FY 2025 1H 2026 NII Growth (basis points) FY 2023 FY 2024 FY 2025 1H 2026 *Refer to page 15 for additional detail on notable items.

 

6northerntrust.com | © 2026 Northern Trust Corporation FINANCIAL HIGHLIGHTS

 

7northerntrust.com | © 2026 Northern Trust Corporation % CHANGE VS. 1Q 2026 2Q 2025 Revenue (FTE¹) $2,705.6M 22 % 35 % Noninterest Expense $1,638.6M 9 % 16 % Net Income $792.2M 51 % 88 % Earnings Per Share $4.23 56 % 98 % Assets under Custody / Administration2 (AUC/A) $20.0T 8 % 11 % Assets under Custody2 (AUC) $15.9T 8 % 12 % Assets under Management2 (AUM) $2.0T 10 % 16 % CET1 Ratio 12.2 % Common Stock Dividends Declared $148.8M Common Stock Repurchased $350.6M Total Payout Ratio 63 % INCOME STATEMENT PRE-TAX NOTABLE ITEMS* CLIENT ASSETS CAPITAL Financial Highlights & Key Metrics – 2Q 2026 $451.5 million in net favorable items in 2Q 2026 $145.6 million in net unfavorable items in 2Q 2026 ¹ Revenue and pre-tax margin stated on a fully taxable equivalent (FTE) basis are non-GAAP financial measures. A reconciliation to reported revenue and reported pre-tax margin prepared in accordance with U.S. generally accepted accounting principles (GAAP) is included in the Appendix on page 14. 2 Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. *Refer to page 15 for additional detail on notable items.

 

8northerntrust.com | © 2026 Northern Trust Corporation % CHANGE QoQ YoY (5)% 4 % (1)% 11 % $435 $457 $471 $486 $483 $105 $101 $107 $115 $109 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Private Wealth Global Family Office Wealth Management Trust, Investment and Other Servicing Fees ($ in millions) +10% (1)% % CHANGE VS. Key Indicators (in billions): 2Q 2026 1Q 2026 2Q 2025 Assets under Custody / Administration (AUC/A)1 $ 1,365 8 % 13 % Assets under Custody (AUC)1 $ 1,351 8 % 14 % Assets under Management (AUM)1 $ 534 7 % 14 % Average Deposits $ 27 1 % 6 % Average Loans $ 36 1 % 1 % 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Pre-Tax Profit2 $ 310 $ 342 $ 342 $ 330 $ 334 Pre-Tax Margin2 37 % 41 % 39 % 37 % 37 % Wealth Management Highlights $539 $559 $578 $601 $592 Categories may not sum due to rounding. 1 Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. 2 4Q25 pre-tax margin included $15.2 million in notable items. 2Q26 pre-tax margin included $11.9 million in notable items.

 

9northerntrust.com | © 2026 Northern Trust Corporation % CHANGE VS. Key Indicators (in billions): 2Q 2026 1Q 2026 2Q 2025 Assets under Custody / Administration (AUC/A)1 $ 18,635 8% 10% Assets under Custody (AUC)1 $ 14,588 8% 12% Assets under Management (AUM)1 $ 1,436 12% 17% Average Deposits $ 101 (1)% 6% Average Loans $ 6 3% —% Asset Servicing Trust, Investment and Other Servicing Fees ($ in millions) +9% +2% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Pre-Tax Profit2 $ 271 $ 294 $ 326 $ 373 $ 323 Pre-Tax Margin2 23 % 25 % 26 % 28 % 24 % % CHANGE QoQ YoY (14)% (3)% 26 % 46 % 2 % 10 % 3 % 9 % $469 $483 $496 $498 $512 $157 $160 $166 $169 $172 $20 $21 $23 $23 $29 $45 $43 $44 $50 $44 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Custody and Fund Administration Investment Management Securities Lending Other $692 $707 $730 $741 $757 Categories may not sum due to rounding. 1 Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. 2 4Q25 pre-tax margin included $43.6 million in notable items. 2Q26 pre-tax margin included $100.6 million in notable items. Asset Servicing Highlights

 

10northerntrust.com | © 2026 Northern Trust Corporation $615 $596 $654 $662 $683 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net Interest Income (FTE¹) 1.69% 1.70% 1.81% 1.75% 1.81% Net Interest Margin (FTE¹) % CHANGE QoQ YoY (5)% 15 % 2 % 1 % 3 % 17 % (10)% (12)%$44 $34 $35 $43 $38 $52 $55 $57 $60 $61 $41 $42 $41 $41 $42 $9 $9 $11 $11 $10 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Federal Reserve and Other Central Bank Deposits Debt Securities Loans Other Earning Assets² Average Earning Assets ($ in billions) Net Interest Income (FTE¹) ($ in millions) 4% (2)% +11% +3% Net Interest Income and Balance Sheet Trends $146 $139 $143 $154 $151 Categories may not sum due to rounding. 1 Net interest income and net interest margin stated on an FTE basis are non-GAAP financial measures. A reconciliation of these measures to reported results prepared in accordance with U.S. GAAP is included in the Appendix on page 14. ² Other Earning Assets includes Interest-Bearing Due from and Deposits with Banks, Federal Funds Sold and Securities Purchased under Agreements to Resell, and Other Interest-Earning Assets.

 

11northerntrust.com | © 2026 Northern Trust Corporation $733 $741 $806 $822 $868 $247 $248 $248 $237 $246 $294 $294 $301 $308 $379$53 $55 $56 $51 $54 $91 $85 $85 $90 $92 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Compensation and Benefits Outside Services Equipment and Software Occupancy Other Operating Expense EXPENSE HIGHLIGHTS • Excluding notables1, noninterest expenses were up 5% vs. 2Q 2025 NOTABLES1 2Q26 : • $61.5 million software dispositions recognized in Equipment and Software • $51.0 million severance-related charges recognized in Compensation and Benefits​ • $33.1 million one-time equity grant to eligible employees, recognized in Compensation and Benefits expense 4Q25 : • $58.8 million severance-related charges: ◦ $58.2 million recognized in Compensation and Benefits ◦ $0.6 million recognized in Outside Services • $9.5 million FDIC reserve release recognized in Other Operating Expense Total Noninterest Expense ($ in millions) +9% % CHANGE QoQ YoY 3 % 2 % 4 % 2 % 23 % 29 % 4 % — % 6 % 18 % Noninterest Expense $1,417 $1,423 $1,497 $1,508 $1,639 +16% Categories may not sum due to rounding. 1Refer to page 15 for additional detail on notable items.

 

12northerntrust.com | © 2026 Northern Trust Corporation 7.6% 8.0% 7.8% 7.3% 7.6% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 12.2% 12.4% 12.6% 12.0% 12.2% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Standardized Tier 1 Leverage Northern Trust Corporation Capital Ratios 2Q 2026 Capital Ratios STANDARDIZED APPROACH ADVANCED APPROACH Common Equity Tier 1 Capital 12.2% 14.3% Tier 1 Capital 13.1% 15.3% Total Capital 15.5% 17.9% Tier 1 Leverage 7.6% 7.6% Supplementary Leverage N/A 8.6% Standardized Common Equity Tier 1 7.0% Regulatory Minimum 4.0% Regulatory Minimum Capital Update CAPITAL HIGHLIGHTS • Robust capital and liquidity ◦ $12.4 billion in Tier 1 capital ◦ 65% of average deposits covered by highly liquid assets including 30% by cash and central bank deposits ◦ Net unrealized after-tax losses on available-for-sale securities of $373.2 million as of June 30, 2026 • Declared $148.8 million in common stock dividends and $4.7 million in preferred stock dividends in 2Q 2026 • Repurchased $350.6 million of common stock in 2Q 2026 Capital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.

 

13northerntrust.com | © 2026 Northern Trust Corporation APPENDIX

 

14northerntrust.com | © 2026 Northern Trust Corporation Reconciliation of Non-GAAP Financial Measures The following table presents a reconciliation of interest income, net interest income, net interest margin, total revenue, pre-tax income, and profit margin (pre-tax) prepared in accordance with GAAP to such measures on a fully taxable equivalent (FTE) basis, which are non-GAAP financial measures. Management believes this presentation provides a clearer indication of these financial measures for comparative purposes. The adjustment to an FTE basis has no impact on net income. QUARTERS YEARS 2026 2025 2026 YTD 2025 2024 2023 ($ in Millions) SECOND FIRST FOURTH THIRD SECOND Net Interest Income Interest Income - GAAP $ 2,189.3 $ 2,234.0 $ 2,126.6 $ 2,144.3 $ 2,212.8 $ 4,423.4 $ 8,624.6 $ 9,762.3 $ 7,325.0 Add: FTE Adjustment $ 7.6 $ 7.6 $ 12.7 $ 5.5 $ 4.7 $ 15.2 $ 28.5 $ 31.8 $ 57.5 Interest Income (FTE) - Non-GAAP $ 2,196.9 $ 2,241.6 $ 2,139.3 $ 2,149.8 $ 2,217.5 $ 4,438.6 $ 8,653.1 $ 9,794.1 $ 7,382.5 Net Interest Income - GAAP $ 675.5 $ 654.0 $ 641.6 $ 590.8 $ 610.5 $ 1,329.5 $ 2,411.0 $ 2,177.1 $ 1,982.0 Add: FTE Adjustment $ 7.6 $ 7.6 $ 12.7 $ 5.5 $ 4.7 $ 15.2 $ 28.5 $ 31.8 $ 57.5 Net Interest Income (FTE) - Non-GAAP $ 683.1 $ 661.6 $ 654.3 $ 596.3 $ 615.2 $ 1,344.7 $ 2,439.5 $ 2,208.9 $ 2,039.5 Net Interest Margin - GAAP 1.79 % 1.73 % 1.78 % 1.68 % 1.68 % 1.76 % 1.70 % 1.62 % 1.52 % Net Interest Margin (FTE) - Non-GAAP 1.81 % 1.75 % 1.81 % 1.70 % 1.69 % 1.78 % 1.72 % 1.64 % 1.56 % Total Revenue Total Revenue - GAAP $ 2,698.0 $ 2,205.6 $ 2,123.1 $ 2,025.4 $ 1,997.9 $ 4,903.7 $ 8,086.4 $ 8,290.4 $ 6,773.5 Add: FTE Adjustment $ 7.6 $ 7.6 $ 12.7 $ 5.5 $ 4.7 $ 15.2 $ 28.5 $ 31.8 $ 57.5 Total Revenue (FTE) - Non-GAAP $ 2,705.6 $ 2,213.2 $ 2,135.8 $ 2,030.9 $ 2,002.6 $ 4,918.9 $ 8,114.9 $ 8,322.2 $ 6,831.0 Pre-Tax Income Pre-Tax Income - GAAP $ 1,064.7 $ 700.6 $ 633.8 $ 619.5 $ 564.8 $ 1,765.4 $ 2,339.5 $ 2,659.5 $ 1,464.8 Add: FTE Adjustment $ 7.6 $ 7.6 $ 12.7 $ 5.5 $ 4.7 $ 15.2 $ 28.5 $ 31.8 $ 57.5 Pre-Tax Income (FTE) - Non-GAAP $ 1,072.3 $ 708.2 $ 646.5 $ 625.0 $ 569.5 $ 1,780.6 $ 2,368.0 $ 2,691.3 $ 1,522.3 Profit Margin (Pre-Tax) Profit Margin (Pre-Tax) - GAAP 39.5 % 31.8 % 29.9 % 30.6 % 28.3 % 36.0 % 28.9 % 32.1 % 21.6 % Profit Margin (Pre-Tax) (FTE) - Non-GAAP 39.6 % 32.0 % 30.3 % 30.8 % 28.4 % 36.2 % 29.2 % 32.3 % 22.3 %

 

15northerntrust.com | © 2026 Northern Trust Corporation Notable Item Summary QUARTERS YEARS 2026 2025 2026 YTD 2025 2024 2023 ($ in Millions) SECOND FOURTH Revenue Impacts, pre-tax Loss on investment securities sale $ (73.9) $ — $ (73.9) $ — $ (189.4) $ (169.5) Net gain related to Visa transaction $ 525.4 $ — $ 525.4 $ — $ 878.4 $ — Securities loss related to repositioning of supplemental pension plan $ — $ — $ — $ — $ (6.5) $ — Investment impairment $ — $ — $ — $ — $ (7.6) $ — Pre-tax gain related to the sale of an equity investment $ — $ — $ — $ — $ 68.1 $ — Expense related to Visa Class B swaps $ — $ (19.2) $ — $ (19.2) $ (12.8) $ — Total Revenue Impacts, pre-tax $ 451.5 $ (19.2) $ 451.5 $ (19.2) $ 730.2 $ (169.5) Expense Impacts, pre-tax FDIC special assessment $ — $ (9.5) $ — $ (9.5) $ 12.5 $ 84.6 Severance-related charges $ 51.0 $ 58.8 $ 51.0 $ 58.8 $ 85.2 $ 38.7 Equipment & software accelerations and dispositions charge $ 61.5 $ — $ 61.5 $ — $ 16.4 $ — One-time equity grant to eligible employees $ 33.1 $ — $ 33.1 $ — $ — $ — Contribution to Northern Trust Foundation $ — $ — $ — $ — $ 70.0 $ — Legal settlement charge $ — $ — $ — $ — $ 10.6 $ — Client capability charge $ — $ — $ — $ — $ — $ 25.6 Occupancy charge $ — $ — $ — $ — $ — $ 12.8 Total Expense Impacts, pre-tax $ 145.6 $ 49.3 $ 145.6 $ 49.3 $ 194.7 $ 161.7

 

16northerntrust.com | © 2026 Northern Trust Corporation Forward-Looking Statements This presentation may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified typically by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “likely,” “plan,” “goal,” “target,” “strategy,” and similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements include statements, other than those related to historical facts, that relate to Northern Trust’s financial results and outlook, capital adequacy, dividend policy and share repurchase program, accounting estimates and assumptions, credit quality including allowance levels, future pension plan contributions, effective tax rate, anticipated expense levels, contingent liabilities, acquisitions, strategies, market and industry trends, and expectations regarding the impact of accounting pronouncements and legislation. These statements are based on Northern Trust’s current beliefs and expectations of future events or future results, and involve risks and uncertainties that are difficult to predict and subject to change. These statements are also based on assumptions about many important factors, including the factors discussed in Northern Trust’s most recent annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, all of which are available on Northern Trust’s website. We caution you not to place undue reliance on any forward-looking statement as actual results may differ materially from those expressed or implied by forward-looking statements. Northern Trust assumes no obligation to update its forward-looking statements. This presentation should be reviewed together with Northern Trust Corporation’s Second Quarter 2026 earnings press release.

 

17northerntrust.com | © 2026 Northern Trust Corporation

 

Financial Trends Second Quarter 2026 July 22, 2026 The historical financial results and trends reflected in this report are not indicative of future financial results and trends for Northern Trust Corporation. This report should be read in conjunction with the Corporation's Second Quarter 2026 earnings press release, 2025 Annual Report to Shareholders and periodic reports to the Securities and Exchange Commission, all of which contain additional information about factors that could affect the Corporation's future financial results and trends. The Corporation assumes no obligation to update this report.

 

TABLE OF CONTENTS 1 7 Financial Summary Interest Rate Trends 2 8 Net Income Trends Asset Quality 3 9 Reporting Segment Results Client Assets 4 10 Balance Sheet (EOP) Reconciliation to FTE 5 11 Regulatory Capital Reconciliation to FTE (Ratios) 6 Balance Sheet Trends

 

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 2026 2025 % Change $ 792.2 $ 525.5 $ 466.0 $ 457.6 $ 421.3 51 % 88 % $ 1,317.8 $ 813.3 62 % 782.2 504.7 457.0 437.2 412.8 55 % 90 % 1,287.1 785.0 64 % 183,994 185,499 187,532 190,054 192,752 (1)% (5)% 184,742 193,966 (5)% 184,890 186,539 188,582 191,001 193,375 (1)% (4)% 185,710 194,742 (5)% $ 4.25 $ 2.72 $ 2.44 $ 2.30 $ 2.14 56 % 98 % $ 6.97 $ 4.05 72 % 4.23 2.71 2.42 2.29 2.13 56 % 98 % 6.93 4.03 72 % $ 0.80 $ 0.80 $ 0.80 $ 0.80 $ 0.75 — % 7 % $ 1.60 $ 1.50 7 % 18.9 % 29.5 % 33.1 % 34.9 % 35.2 % (10.6) pts (16.3) pts 23.1 % 37.2 % (14.1) pts $ 173.84 $ 139.57 $ 136.59 $ 134.60 $ 126.79 25 % 37 % $ 173.84 $ 126.79 37 % 68.41 65.40 64.79 63.83 62.65 5 % 9 % 68.41 62.65 9 % 25.9 % 17.4 % 15.4 % 14.8 % 14.2 % 8.5 pts 11.7 pts 21.7 % 13.6 % 8.1 pts 39.6 % 32.0 % 30.3 % 30.8 % 28.4 % 7.6 pts 11.2 pts 36.2 % 27.8 % 8.4 pts 74.8 % 70.1 % 69.4 % 70.6 % 69.3 % 4.7 pts 5.5 pts 72.7 % 69.9 % 2.8 pts 49.9 % 60.6 % 61.2 % 62.3 % 61.5 % (10.7) pts (11.6) pts 54.7 % 61.9 % (7.2) pts Common Equity Tier 1 Capital 12.2 % 12.0 % 12.6 % 12.4 % 12.2 % 0.2 pts — pts 12.2 % 12.2 % — pts Tier 1 Capital 13.1 % 12.9 % 13.5 % 13.4 % 13.1 % 0.2 pts — pts 13.1 % 13.1 % — pts Total Capital 15.5 % 15.3 % 16.1 % 15.1 % 14.8 % 0.2 pts 0.7 pts 15.5 % 14.8 % 0.7 pts Tier 1 Leverage 7.6 % 7.3 % 7.8 % 8.0 % 7.6 % 0.3 pts — pts 7.6 % 7.6 % — pts Common Equity Tier 1 Capital 14.3 % 14.3 % 15.0 % 15.1 % 15.0 % — pts (0.7) pts 14.3 % 15.0 % (0.7) pts Tier 1 Capital 15.3 % 15.3 % 16.0 % 16.2 % 16.1 % — pts (0.8) pts 15.3 % 16.1 % (0.8) pts Total Capital 17.9 % 18.0 % 18.8 % 18.0 % 17.9 % (0.1) pts — pts 17.9 % 17.9 % — pts Tier 1 Leverage 7.6 % 7.3 % 7.8 % 8.0 % 7.6 % 0.3 pts — pts 7.6 % 7.6 % — pts Supplementary Leverage 8.6 % 8.5 % 8.7 % 8.9 % 9.1 % 0.1 pts (0.5) pts 8.6 % 9.1 % (0.5) pts $ 20,000.2 $ 18,553.9 $ 18,716.1 $ 18,247.6 $ 18,068.3 8 % 11 % $ 20,000.2 $ 18,068.3 11 % 15,938.8 14,775.3 14,889.1 14,439.1 14,243.7 8 % 12 % 15,938.8 14,243.7 12 % 1,969.9 1,784.9 1,803.2 1,772.7 1,697.7 10 % 16 % 1,969.9 1,697.7 16 % 23,600 23,600 23,800 23,600 23,400 — % 1 % 23,600 23,400 1 % (1) (2) (3) Profitability ($ in Millions): Northern Trust Corporation FINANCIAL SUMMARY Earnings Allocated to Common Shares Net Income Year-to Date% Change Q2 2026 vs. Earnings Per Share: Average common shares outstanding (000s): Basic Return on Average Common Equity Diluted Diluted Basic Earnings Per Share Dividend Payout Ratio Per Share Information / Ratios: Cash Dividends Declared Per Common Share Trust Fees to Total Revenue (FTE)(1) Market Value Per Share (End of Period) Capital Ratios:(2) Standardized Approach Financial Ratios: Book Value Per Common Share (End of Period) Noninterest Income to Total Revenue (FTE)(1) Pre-Tax Margin (FTE)(1) Regulatory Capital, Risk-Weighted Assets and resulting ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent - Ratios on page 11 for further detail. Client Assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. Advanced Approach Client Assets - End of Period ($ in Billions): (3) Assets Under Custody/Administration Full Time Equivalent Employees Assets Under Management Assets Under Custody 1

 

% Change(2) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 2026 2025 % Change(2) $ 757.4 $ 740.5 $ 729.6 $ 706.9 $ 691.8 2 % 9 % $ 1,497.9 $ 1,363.7 10 % 592.1 600.9 577.8 558.6 539.3 (1)% 10 % 1,193.0 1,081.2 10 % Total Fees 1,349.5 1,341.4 1,307.4 1,265.5 1,231.1 1 % 10 % 2,690.9 2,444.9 10 % 97.1 87.7 74.3 57.2 50.6 11 % 92 % 184.8 109.3 69 % 55.6 52.1 49.9 41.8 39.6 7 % 40 % 107.7 78.7 37 % 594.2 70.4 49.9 70.1 66.1 N/M N/M 664.7 126.4 N/M (73.9) — — — — N/M N/M (73.9) — N/M Total Noninterest Income 2,022.5 1,551.6 1,481.5 1,434.6 1,387.4 30 % 46 % 3,574.2 2,759.3 30 % 683.1 661.6 654.3 596.3 615.2 3 % 11 % 1,344.7 1,188.9 13 % Total Revenue (FTE) (1) 2,705.6 2,213.2 2,135.8 2,030.9 2,002.6 22 % 35 % 4,918.9 3,948.2 25 % (5.3) (3.0) (8.0) (17.0) 16.5 N/M N/M (8.3) 17.5 N/M 868.0 822.2 806.3 740.5 732.5 6 % 18 % 1,690.2 1,486.6 14 % 246.3 236.7 248.1 248.2 247.0 4 % — % 483.0 492.2 (2)% 378.5 308.1 301.1 294.2 293.7 23 % 29 % 686.6 574.6 19 % 53.5 51.3 56.4 55.0 52.5 4 % 2 % 104.8 105.9 (1)% 92.3 89.7 85.4 85.0 90.9 3 % 2 % 182.0 174.9 4 % Total Noninterest Expense 1,638.6 1,508.0 1,497.3 1,422.9 1,416.6 9 % 16 % 3,146.6 2,834.2 11 % Income before Income Taxes (FTE) (1) 1,072.3 708.2 646.5 625.0 569.5 52 % 89 % 1,780.6 1,096.5 63 % 272.5 175.1 167.8 161.9 143.5 56 % 90 % 447.6 272.9 64 % 7.6 7.6 12.7 5.5 4.7 — % 59 % 15.2 10.3 48 % Total Taxes (FTE) (1) 280.1 182.7 180.5 167.4 148.2 53 % 89 % 462.8 283.2 63 % Net Income $ 792.2 $ 525.5 $ 466.0 $ 457.6 $ 421.3 51 % 88 % $ 1,317.8 $ 813.3 62 % $ 4.25 $ 2.72 $ 2.44 $ 2.30 $ 2.14 56 % 98 % $ 6.97 $ 4.05 72 % $ 4.23 $ 2.71 $ 2.42 $ 2.29 $ 2.13 56 % 98 % $ 6.93 $ 4.03 72 % 184,890 186,539 188,582 191,001 193,375 (1)% (4)% 185,710 194,742 (5)% $ 4.7 $ 16.2 $ 4.7 $ 16.2 $ 4.7 (71)% — % $ 20.9 $ 20.9 — % 26.1 % 25.8 % 27.9 % 26.8 % 26.0 % 0.3 pts 0.1 pts 26.0 % 25.8 % 0.2 pts Asset Servicing Trust, Investment and Other Servicing Fees ($ in Millions except per share information) NET INCOME TRENDS Northern Trust Corporation Q2 2026 vs. Year-to Date WM Trust, Investment and Other Servicing Fees Foreign Exchange Trading Income Security Commissions and Trading Income Investment Security Gains (Losses), net Other Operating Income Net Interest Income (FTE)(1) Provision for Credit Losses Outside Services Compensation and Benefits Equipment and Software Occupancy Other Operating Expense Provision for Income Taxes Taxable Equivalent Adjustment Earnings Per Share - Basic (1) Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent on page 11 for further detail. (2) Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above. Average Diluted Shares (000s) Earnings Per Share - Diluted Preferred Dividends Effective Tax Rate (FTE)(1) 2

 

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 2026 2025 % Change $ 512.3 $ 497.6 $ 496.4 $ 482.7 $ 469.2 3 % 9 % $ 1,009.9 $ 922.5 9 % 172.2 169.2 165.8 159.6 157.3 2 % 10 % 341.4 309.8 10 % 29.4 23.3 23.1 21.2 20.2 26 % 46 % 52.8 38.1 39 % 43.5 50.4 44.3 43.4 45.1 (14)% (3)% 93.8 93.3 1 % Total Asset Servicing Trust, Investment and Other Servicing Fees $ 757.4 $ 740.5 $ 729.6 $ 706.9 $ 691.8 2 % 9 % $ 1,497.9 $ 1,363.7 10 % $ 323.3 $ 373.3 $ 325.8 $ 294.4 $ 271.4 (13)% 19 % $ 696.6 $ 506.9 37 % 23.7 % 28.3 % 25.5 % 24.7 % 23.2 % (4.6) pts 0.5 pts 26.0 % 22.1 % 3.9 pts $ 5,800.6 $ 5,632.5 $ 5,746.0 $ 5,399.9 $ 5,812.8 3 % — % $ 5,717.0 $ 5,781.2 (1)% 100,980.6 102,421.0 92,611.0 90,195.3 95,506.7 (1)% 6 % 101,696.8 92,418.8 10 % $ 483.0 $ 486.0 $ 470.5 $ 457.1 $ 434.8 (1)% 11 % $ 969.0 $ 872.9 11 % 109.1 114.9 107.3 101.5 104.5 (5)% 4 % 224.0 208.3 8 % Total Wealth Management Trust, Investment and Other Servicing Fees $ 592.1 $ 600.9 $ 577.8 $ 558.6 $ 539.3 (1)% 10 % $ 1,193.0 $ 1,081.2 10 % $ 333.5 $ 330.2 $ 341.8 $ 342.4 $ 309.6 1 % 8 % $ 663.8 $ 613.7 8 % 37.4 % 37.1 % 38.9 % 40.5 % 37.2 % 0.3 pts 0.2 pts 37.2 % 37.1 % 0.1 pts $ 35,767.0 $ 35,261.8 $ 34,812.3 $ 36,100.7 $ 35,345.2 1 % 1 % $ 35,515.8 $ 35,336.2 1 % 26,715.1 26,469.8 26,572.2 25,370.4 25,291.0 1 % 6 % 26,593.1 25,290.3 5 % $ 415.5 $ 4.7 $ (21.1) $ (11.8) $ (11.5) N/M N/M $ 420.2 $ (24.1) N/M 150.0 141.0 646.0 1,134.9 1,580.1 6 % (91)% 145.5 1,457.2 (90)% (1) (2) Asset Servicing Custody & Fund Administration Northern Trust Corporation Reporting Segment Results(1) ($ in Millions) Year-to Date% Change Q2 2026 vs. Other Investment Management Securities Lending Income before Income Taxes (FTE)(2) Pre-Tax Margin (FTE)(2) Wealth Management Average Deposits Average Loans Global Family Office Private Wealth Income before Income Taxes (FTE)(2) Pre-Tax Margin (FTE)(2) Average Deposits Average Loans Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent section on pages 10 and 11 for further detail. Reporting segment results are subject to reclassification when organizational changes are made. The results are also subject to refinements in revenue and expense allocation methodologies, which are typically reflected on a retrospective basis unless it is impractical to do so. Average Deposits Other Income before Income Taxes (FTE)(2) 3

 

6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2026 6/30/2025 $ 50,556.4 $ 41,757.3 $ 53,456.0 $ 49,328.9 $ 52,265.5 21 % (3)% 6,160.0 6,343.0 6,540.8 6,404.5 6,800.9 (3)% (9)% 426.5 1,678.9 2,654.1 1,856.3 921.9 (75)% (54)% Available For Sale 38,123.1 36,913.2 34,036.5 32,889.2 32,250.4 3 % 18 % Held To Maturity 23,492.1 24,286.2 23,429.6 22,974.9 21,400.8 (3)% 10 % Total Debt Securities 61,615.2 61,199.4 57,466.1 55,864.1 53,651.2 1 % 15 % 43,822.0 42,505.5 41,948.3 42,949.4 43,323.4 3 % 1 % 3,499.3 8,415.9 4,128.9 2,676.2 2,522.6 (58)% 39 % Total Earning Assets 166,079.4 161,900.0 166,194.2 159,079.4 159,485.5 3 % 4 % (168.4) (169.7) (175.0) (174.6) (188.5) (1)% (11)% 1,201.7 1,407.7 1,130.7 976.8 2,035.1 (15)% (41)% 447.6 447.5 464.6 457.1 467.7 — % (4)% 709.6 709.5 712.9 712.9 714.6 — % (1)% 11,027.3 10,279.3 8,805.3 9,211.7 9,369.2 7 % 18 % Total Assets $ 179,297.2 $ 174,574.3 $ 177,132.7 $ 170,263.3 $ 171,883.6 3 % 4 % $ 34,419.1 $ 29,309.7 $ 28,984.1 $ 29,040.1 $ 27,965.1 17 % 23 % 4,686.9 5,238.4 6,418.9 7,358.7 6,742.5 (11)% (30)% 78,274.0 75,850.7 80,046.1 73,509.9 77,206.9 3 % 1 % Total Interest-Bearing Deposits 117,380.0 110,398.8 115,449.1 109,908.7 111,914.5 6 % 5 % 1,568.9 1,974.3 2,141.1 1,751.9 2,388.5 (21)% (34)% 175.6 330.5 292.2 371.5 841.4 (47)% (79)% 8,627.2 7,839.5 7,158.3 6,580.0 6,532.9 10 % 32 % 3,331.2 3,345.5 3,351.5 2,847.2 2,835.2 — % 17 % 2,073.3 2,881.6 3,484.4 4,094.3 4,089.8 (28)% (49)% Total Interest-Bearing Liabilities 133,156.2 126,770.2 131,876.6 125,553.6 128,602.3 5 % 4 % 28,200.0 29,299.4 27,348.6 25,892.4 25,139.2 (4)% 12 % 4,539.4 5,517.4 4,949.6 5,861.3 5,275.6 (18)% (14)% Total Liabilities 165,895.6 161,587.0 164,174.8 157,307.3 159,017.1 3 % 4 % 13,068.4 12,739.0 12,663.5 12,706.2 12,680.8 3 % 3 % (551.7) (636.6) (590.5) (635.1) (699.2) (13)% (21)% 884.9 884.9 884.9 884.9 884.9 — % — % Total Stockholders' Equity 13,401.6 12,987.3 12,957.9 12,956.0 12,866.5 3 % 4 % Total Liabilities and Stockholders' Equity $ 179,297.2 $ 174,574.3 $ 177,132.7 $ 170,263.3 $ 171,883.6 3 % 4 % (1) (2) (3) (4) (5) Assets BALANCE SHEET END OF PERIOD Northern Trust Corporation ($ in Millions) 6/30/2026(5) vs. Federal Reserve and Other Central Bank Deposits Interest-Bearing Due from and Deposits with Banks(1) Federal Funds Sold and Securities Purchased under Agreements to Resell Debt Securities: Loans Other Interest-Earning Assets(2) Allowance for Credit Losses Cash and Due From Banks and Other Central Bank Deposits(3) Buildings and Equipment Goodwill Other Assets Liabilities and Stockholders' Equity Non-U.S. Offices - Interest-Bearing Federal Funds Purchased Securities Sold under Agreements to Repurchase Savings Certificates and Other Time Savings, Money Market and Other Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above. Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago . Demand and Other Noninterest-Bearing Deposits Other Borrowings(4) Senior Notes Long-Term Debt Accumulated Other Comprehensive Income (Loss) Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC. Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC. Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC. Common Equity, excluding Accumulated Other Comprehensive Income Other Liabilities Preferred Equity 4

 

6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2026 6/30/2025 Common Equity Tier 1 Capital $ 11,605.6 $ 11,173.5 $ 11,192.5 $ 11,199.3 $ 11,108.2 4 % 4 % Tier 1 Capital 12,418.7 11,995.5 12,008.5 12,028.1 11,938.5 4 % 4 % Total Capital 14,706.5 14,288.1 14,304.2 13,581.9 13,508.9 3 % 9 % Risk-Weighted Assets 95,157.3 93,150.8 89,015.4 90,033.7 91,385.4 2 % 4 % Common Equity Tier 1 Capital Ratio 12.2 % 12.0 % 12.6 % 12.4 % 12.2 % 0.2 pts — pts Tier 1 Capital Ratio 13.1 % 12.9 % 13.5 % 13.4 % 13.1 % 0.2 pts — pts Total Capital Ratio 15.5 % 15.3 % 16.1 % 15.1 % 14.8 % 0.2 pts 0.7 pts Common Equity Tier 1 Capital $ 11,605.6 $ 11,173.5 $ 11,192.5 $ 11,199.3 $ 11,108.2 4 % 4 % Tier 1 Capital 12,418.7 11,995.5 12,008.5 12,028.1 11,938.5 4 % 4 % Total Capital 14,516.2 14,092.9 14,105.8 13,375.2 13,285.6 3 % 9 % Risk-Weighted Assets 81,119.6 78,198.0 74,843.6 74,329.4 74,176.8 4 % 9 % Common Equity Tier 1 Capital Ratio 14.3 % 14.3 % 15.0 % 15.1 % 15.0 % — pts (0.7) pts Tier 1 Capital Ratio 15.3 % 15.3 % 16.0 % 16.2 % 16.1 % — pts (0.8) pts Total Capital Ratio 17.9 % 18.0 % 18.8 % 18.0 % 17.9 % (0.1) pts — pts Average Adjusted Total Assets $ 162,601.3 $ 164,381.7 $ 154,083.9 $ 150,208.9 $ 156,854.5 (1)% 4 % Tier 1 Leverage Ratio 7.6 % 7.3 % 7.8 % 8.0 % 7.6 % 0.3 pts — pts Supplementary Leverage Exposure $ 144,498.8 $ 141,713.4 $ 138,123.4 $ 135,904.7 $ 131,379.4 2 % 10 % Supplementary Leverage Ratio 8.6 % 8.5 % 8.7 % 8.9 % 9.1 % 0.1 pts (0.5) pts (1) REGULATORY CAPITAL(1) END OF PERIOD Northern Trust Corporation ($ in Millions) Advanced Approach Supplementary Leverage Leverage 6/30/2026 vs. Regulatory Capital, Risk-Weighted Assets and resulting ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. Standardized Approach 5

 

% Change(5) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 2026 2025 % Change(5) $ 38,322.9 $ 42,554.7 $ 35,035.8 $ 33,754.2 $ 43,655.3 (10)% (12)% $ 40,427.1 $ 40,426.1 — % 6,304.2 6,014.6 6,049.6 5,237.7 5,321.5 5 % 18 % 6,160.2 5,100.7 21 % 521.9 1,186.8 1,593.7 1,300.4 713.2 (56)% (27)% 852.5 554.7 54 % Available For Sale 37,775.8 35,780.4 33,714.2 33,022.7 31,415.0 6 % 20 % 36,783.6 30,795.1 19 % Held To Maturity 23,604.2 23,883.3 23,151.0 22,129.7 20,895.9 (1)% 13 % 23,743.0 21,356.3 11 % Total Debt Securities 61,380.0 59,663.7 56,865.2 55,152.4 52,310.9 3 % 17 % 60,526.6 52,151.4 16 % 41,567.6 40,894.3 40,558.3 41,500.6 41,158.0 2 % 1 % 41,232.8 41,117.4 — % 3,194.6 3,363.3 2,935.5 2,393.6 2,663.1 (5)% 20 % 3,278.5 2,586.2 27 % Total Earning Assets 151,291.2 153,677.4 143,038.1 139,338.9 145,822.0 (2)% 4 % 152,477.7 141,936.5 7 % (169.9) (175.1) (174.8) (188.0) (174.9) (3)% (3)% (172.5) (175.2) (2)% 1,313.9 1,137.0 1,185.1 1,159.3 1,069.8 16 % 23 % 1,225.9 1,055.6 16 % 453.1 459.8 462.3 468.4 479.3 (1)% (5)% 456.4 482.0 (5)% 712.5 713.5 711.0 712.6 709.1 — % — % 713.0 702.8 1 % 9,975.0 9,484.7 9,704.0 9,550.3 9,813.9 5 % 2 % 9,731.3 10,009.6 (3)% Total Assets $ 163,575.8 $ 165,297.3 $ 154,925.7 $ 151,041.5 $ 157,719.2 (1)% 4 % $ 164,431.8 $ 154,011.3 7 % $ 32,356.8 $ 29,244.9 $ 27,725.8 $ 28,348.7 $ 28,797.4 11 % 12 % $ 30,809.5 $ 28,261.9 9 % 5,059.1 5,785.2 6,754.3 6,700.1 6,652.0 (13)% (24)% 5,420.1 6,762.4 (20)% 70,929.3 75,261.9 67,454.2 65,354.5 70,158.0 (6)% 1 % 73,083.6 67,321.9 9 % Total Interest-Bearing Deposits 108,345.2 110,292.0 101,934.3 100,403.3 105,607.4 (2)% 3 % 109,313.2 102,346.2 7 % 2,338.3 2,576.7 2,357.7 2,467.7 2,469.0 (9)% (5)% 2,456.9 2,431.5 1 % 677.2 483.8 499.2 500.4 584.6 40 % 16 % 581.0 513.9 13 % 8,255.7 7,638.3 7,059.4 6,938.4 7,008.2 8 % 18 % 7,948.7 7,016.2 13 % 3,335.9 3,352.8 3,087.3 2,839.6 2,818.2 (1)% 18 % 3,344.3 2,800.0 19 % 2,856.9 3,472.7 3,909.8 4,092.0 4,087.8 (18)% (30)% 3,163.1 4,085.7 (23)% Total Interest-Bearing Liabilities 125,809.2 127,816.3 118,847.7 117,241.4 122,575.2 (2)% 3 % 126,807.2 119,193.5 6 % 19,500.5 18,739.8 17,894.9 16,297.3 16,770.4 4 % 16 % 19,122.2 16,820.1 14 % 5,171.5 5,980.0 5,404.7 4,795.8 5,761.5 (14)% (10)% 5,573.6 5,389.6 3 % Total Liabilities 150,481.2 152,536.1 142,147.3 138,334.5 145,107.1 (1)% 4 % 151,503.0 141,403.2 7 % 12,778.5 12,443.4 12,508.2 12,496.7 12,500.4 3 % 2 % 12,611.8 12,513.7 1 % (568.8) (567.1) (614.7) (674.6) (773.2) — % (26)% (567.9) (790.5) (28)% 884.9 884.9 884.9 884.9 884.9 — % — % 884.9 884.9 — % Total Stockholders' Equity 13,094.6 12,761.2 12,778.4 12,707.0 12,612.1 3 % 4 % 12,928.8 12,608.1 3 % Total Liabilities and Stockholders' Equity $ 163,575.8 $ 165,297.3 $ 154,925.7 $ 151,041.5 $ 157,719.2 (1)% 4 % $ 164,431.8 $ 154,011.3 7 % (1) (2) (3) (4) (5) Assets Northern Trust Corporation BALANCE SHEET TRENDS PERIOD AVERAGES ($ in Millions) Q2 2026 vs. Year-to Date Federal Reserve and Other Central Bank Deposits Interest-Bearing Due from and Deposits with Banks(1) Federal Funds Sold and Securities Purchased under Agreements to Resell Debt Securities: Loans Other Interest-Earning Assets(2) Allowance for Credit Losses Cash and Due From Banks and Other Central Bank Deposits(3) Buildings and Equipment Goodwill Other Assets Liabilities and Stockholders' Equity Savings Certificates and Other Time Non-U.S. Offices - Interest-Bearing Federal Funds Purchased Savings, Money Market and Other Other Liabilities Demand and Other Noninterest-Bearing Deposits Securities Sold under Agreements to Repurchase Other Borrowings(4) Senior Notes Long-Term Debt Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago. Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC. Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above. Common Equity, excluding Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Loss) Preferred Equity Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC. Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC. 6

 

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 2026 2025 % Change 3.44 % 3.46 % 3.63 % 3.84 % 4.01 % (2) bps (57) bps 3.45 % 4.07 % (62) bps 1.16 % 1.31 % 1.35 % 1.57 % 1.64 % (15) bps (48) bps 1.23 % 1.79 % (56) bps 602.18 % 282.59 % 183.61 % 217.12 % 389.92 % 31,959 bps 21,226 bps 380.96 % 501.67 % (12,071) bps 4.22 % 4.18 % 4.41 % 4.60 % 4.69 % 4 bps (47) bps 4.20 % 4.71 % (51) bps 2.06 % 2.05 % 1.85 % 1.79 % 1.85 % 1 bps 21 bps 2.06 % 1.90 % 16 bps 3.39 % 3.33 % 3.37 % 3.47 % 3.56 % 6 bps (17) bps 3.36 % 3.56 % (20) bps 4.99 % 5.08 % 5.33 % 5.59 % 5.62 % (9) bps (63) bps 5.04 % 5.65 % (61) bps 3.73 % 3.62 % 4.44 % 3.81 % 3.81 % 11 bps (8) bps 3.68 % 3.85 % (17) bps 5.82 % 5.92 % 5.93 % 6.12 % 6.10 % (10) bps (28) bps 5.87 % 6.20 % (33) bps 2.58 % 2.57 % 2.72 % 3.16 % 3.10 % 1 bps (52) bps 2.58 % 3.11 % (53) bps 3.68 % 3.87 % 4.14 % 4.25 % 4.31 % (19) bps (63) bps 3.78 % 4.40 % (62) bps 1.75 % 1.89 % 1.89 % 2.19 % 2.45 % (14) bps (70) bps 1.82 % 2.52 % (70) bps 2.09 % 2.18 % 2.26 % 2.60 % 2.74 % (9) bps (65) bps 2.13 % 2.81 % (68) bps 3.36 % 3.35 % 3.59 % 3.99 % 3.97 % 1 bps (61) bps 3.36 % 3.98 % (62) bps 455.90 % 674.42 % 567.72 % 551.02 % 467.05 % (21,852) bps (1,115) bps 546.37 % 531.30 % 1,507 bps 3.88 % 4.01 % 4.17 % 4.55 % 4.60 % (13) bps (72) bps 3.94 % 4.60 % (66) bps 4.95 % 4.97 % 5.19 % 5.50 % 5.55 % (2) bps (60) bps 4.96 % 5.60 % (64) bps 5.38 % 5.35 % 5.38 % 5.46 % 5.48 % 3 bps (10) bps 5.37 % 5.50 % (13) bps 4.83 % 5.01 % 4.96 % 5.26 % 5.24 % (18) bps (41) bps 4.92 % 5.37 % (45) bps 0.99 % 0.91 % 0.97 % 0.86 % 0.86 % 8 bps 13 bps 0.95 % 0.83 % 12 bps 1.81 % 1.75 % 1.81 % 1.70 % 1.69 % 6 bps 12 bps 1.78 % 1.69 % 9 bps (1) (2) (3) (4) (5) (6) (7) Earnings Assets Northern Trust Corporation INTEREST RATE TRENDS (FTE(1) Basis) PERIOD AVERAGES Net Interest Income (FTE Adjusted), a non-GAAP financial measure, includes adjustments to a fully taxable equivalent basis for loans and securities. A reconciliation of net interest income, net interest margin, and net interest spread on a GAAP basis to net interest income, net interest margin, and net interest spread on an FTE basis, respectively, (each of which is a non-GAAP financial measure) is provided on pages 10 and 11. Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds). Year-to Date Q2 2026 vs. Debt Securities: Federal Funds Sold and Securities Purchased under Agreements to Resell (3)(4) Interest-Bearing Due from and Deposits with Banks (2) Federal Reserve and Other Central Bank Deposits Available for Sale Held to Maturity Total Debt Securities Total Earning Assets Other Interest-Earning Assets(5) Loans and Leases Non-U.S. Offices - Interest-Bearing Savings Certificates and Other Time Savings, Money Market and Other Interest-Bearing Funds Total Interest-Bearing Deposits Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 3.65% for the three months ended June 30, 2026 including balances and rates for FICC repurchase agreements ($84 billion / 3.65%) and Non-FICC repurchase agreements ($0.7 billion / 3.41%). Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago. Excluding the impact of netting, the average interest rate on Federal Funds Sold and Securities Purchased under Agreements to Resell would be approximately 3.72% for the three months ended June 30, 2026 including balances and rates for FICC reverse repurchase agreements ($84.1 billion / 3.72%), Non-FICC reverse repurchase agreements ($0.4 billion / 4.04%) and federal funds sold ($0.8 million / 3.85%). Includes the impact of balance sheet netting under master netting arrangements of approximately $84 billion for the three months ended June 30, 2026, primarily related to our involvement in FICC. Northern Trust nets securities sold under repurchase agreements against those purchased under resale agreements when the GAAP requirements to net are met. Federal Funds Purchased Securities Sold under Agreements to Repurchase (3)(6) Other Borrowings(7) Total Interest-Bearing Liabilities Long-Term Debt Senior Notes Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC. Fully taxable equivalent. FTE adjustments are based on a federal income tax rate of 21%, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. Net Interest Margin Net Interest Spread Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC. 7

 

6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2026 6/30/2025 $ 195.2 $ 198.3 $ 206.7 $ 224.1 $ 207.3 (2)% (6)% (5.3) (3.0) (8.0) (17.0) 16.5 N/M N/M (0.2) (0.4) (1.4) (2.1) (0.1) (50)% 100 % 0.6 0.3 1.0 1.7 0.4 100 % 50 % 0.4 (0.1) (0.4) (0.4) 0.3 N/M 33 % Ending Allowance for Credit Losses $ 190.3 $ 195.2 $ 198.3 $ 206.7 $ 224.1 (3)% (15)% Loans $ 160.9 $ 161.1 $ 164.3 $ 164.4 $ 180.5 — % (11)% Undrawn Loan Commitments and Standby Letters of Credit 21.9 25.5 23.3 32.1 34.7 (14)% (37)% Debt Securities and Other Financial Assets 7.5 8.6 10.7 10.2 8.9 (13)% (16)% $ 190.3 $ 195.2 $ 198.3 $ 206.7 $ 224.1 (3)% (15)% $ 41,568 $ 40,894 $ 40,558 $ 41,501 $ 41,158 2 % 1 % Average Loans — % — % — % — % — % — bps — bps $ 43,822 $ 42,506 $ 41,948 $ 42,949 $ 43,323 3 % 1 % to Total Loans 0.37 % 0.38 % 0.39 % 0.38 % 0.42 % (1) bps (5) bps $ 71.3 $ 55.0 $ 76.7 $ 78.8 $ 92.8 30 % (23)% — — — — — — % — % $ 71.3 $ 55.0 $ 76.7 $ 78.8 $ 92.8 30 % (23)% 0.16 % 0.13 % 0.18 % 0.18 % 0.21 % 3 bps (5) bps 2.3x 2.9x 2.1x 2.1x 1.9x -0.6x 0.4x Northern Trust Corporation END OF PERIOD ASSET QUALITY ($ in Millions) Provision for Credit Losses Beginning Allowance for Credit Losses June 30, 2026 vs. (Charge-offs) Recoveries Charge-offs Recoveries Net (Charge-offs) Recoveries Allowance for Credit Losses Assigned to: Total Allowance for Credit Losses Average Loans Outstanding Annualized Loan-Related Net (Charge-offs) Recoveries to Allowance for Credit Losses Assigned to Loans End of Period Loans Outstanding Loans Allowance to Nonaccrual Nonaccrual Loans Nonaccrual Assets Other Real Estate Owned (OREO) Total Nonaccrual Assets Nonaccrual Assets to Loans and OREO 8

 

6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2026 6/30/2025 $ 1,436.0 $ 1,287.3 $ 1,296.0 $ 1,280.1 $ 1,229.2 12 % 17 % Equities 787.0 688.3 712.6 702.5 666.7 14 % 18 % Fixed Income Securities 140.1 138.8 140.3 136.4 131.9 1 % 6 % Cash and Other Assets 269.8 244.2 235.3 235.1 225.2 10 % 20 % Securities Lending Collateral 239.1 216.0 207.8 206.1 205.4 11 % 16 % $ 533.9 $ 497.6 $ 507.2 $ 492.6 $ 468.5 7 % 14 % Equities 330.3 295.8 303.0 299.0 276.9 12 % 19 % Fixed Income Securities 96.8 94.8 94.9 93.6 91.6 2 % 6 % Cash and Other Assets 106.0 106.4 108.8 99.5 99.4 — % 7 % Securities Lending Collateral 0.8 0.6 0.5 0.5 0.6 33 % 33 % $ 1,969.9 $ 1,784.9 $ 1,803.2 $ 1,772.7 $ 1,697.7 10 % 16 % Equities $ 1,117.3 $ 984.1 $ 1,015.6 $ 1,001.5 $ 943.6 14 % 18 % Fixed Income Securities 236.9 233.6 235.2 230.0 223.5 1 % 6 % Cash and Other Assets 375.8 350.6 344.1 334.6 324.6 7 % 16 % Securities Lending Collateral 239.9 216.6 208.3 206.6 206.0 11 % 16 % $ 18,635.2 $ 17,288.6 $ 17,418.4 $ 16,990.4 $ 16,864.9 8 % 10 % 1,365.0 1,265.3 1,297.7 1,257.2 1,203.4 8 % 13 % $ 20,000.2 $ 18,553.9 $ 18,716.1 $ 18,247.6 $ 18,068.3 8 % 11 % $ 14,587.7 $ 13,521.1 $ 13,604.8 $ 13,195.0 $ 13,056.5 8 % 12 % Equities 7,252.6 6,425.2 6,582.0 6,402.7 6,420.1 13 % 13 % Fixed Income Securities 4,407.1 4,305.6 4,271.9 4,140.8 4,053.4 2 % 9 % Cash and Other Assets 2,688.9 2,574.3 2,543.1 2,445.4 2,377.6 4 % 13 % Securities Lending Collateral 239.1 216.0 207.8 206.1 205.4 11 % 16 % $ 1,351.1 $ 1,254.2 $ 1,284.3 $ 1,244.1 $ 1,187.2 8 % 14 % Equities 840.1 751.4 777.0 763.8 736.7 12 % 14 % Fixed Income Securities 171.1 161.8 163.9 157.1 149.6 6 % 14 % Cash and Other Assets 339.1 340.4 342.9 322.7 300.3 — % 13 % Securities Lending Collateral 0.8 0.6 0.5 0.5 0.6 33 % 33 % $ 15,938.8 $ 14,775.3 $ 14,889.1 $ 14,439.1 $ 14,243.7 8 % 12 % Equities $ 8,092.7 $ 7,176.6 $ 7,359.0 $ 7,166.5 $ 7,156.8 13 % 13 % Fixed Income Securities 4,578.2 4,467.4 4,435.8 4,297.9 4,203.0 2 % 9 % Cash and Other Assets 3,028.0 2,914.7 2,886.0 2,768.1 2,677.9 4 % 13 % Securities Lending Collateral 239.9 216.6 208.3 206.6 206.0 11 % 16 % $ 201.8 $ 187.5 $ 194.4 $ 186.1 $ 176.1 8 % 15 % 955.3 883.5 908.2 875.8 836.7 8 % 14 % (1) Northern Trust Corporation END OF PERIOD CLIENT ASSETS(1) ($ in Billions) Wealth Management Total Assets Under Custody / Administration Asset Servicing Assets Under Custody / Administration June 30, 2026 vs. Asset Servicing Asset allocation: Wealth Management Asset allocation: Asset allocation: Total Assets Under Management Assets Under Management Asset allocation: Assets Under Custody Asset Servicing Asset allocation: Wealth Management Client Assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. Asset allocation: Total Assets Under Custody WM Global Family Office AUM WM Global Family Office AUC Memo 9

 

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 2026 2025 % Change $ 2,189.3 $ 2,234.0 $ 2,126.6 $ 2,144.3 $ 2,212.8 (2)% (1)% $ 4,423.4 $ 4,353.7 2 % 7.6 7.6 12.7 5.5 4.7 — % 62 % 15.2 10.3 48 % Interest Income (FTE) - Non-GAAP 2,196.9 2,241.6 2,139.3 2,149.8 2,217.5 (2)% (1)% 4,438.6 4,364.0 2 % 675.5 654.0 641.6 590.8 610.5 3 % 11 % 1,329.5 1,178.6 13 % 7.6 7.6 12.7 5.5 4.7 — % 62 % 15.2 10.3 48 % Net Interest Income (FTE) - Non-GAAP 683.1 661.6 654.3 596.3 615.2 3 % 11 % 1,344.7 1,188.9 13 % 2,698.0 2,205.6 2,123.1 2,025.4 1,997.9 22 % 35 % 4,903.7 3,937.9 25 % 7.6 7.6 12.7 5.5 4.7 — % 62 % 15.2 10.3 48 % Total Revenue (FTE) - Non-GAAP 2,705.6 2,213.2 2,135.8 2,030.9 2,002.6 22 % 35 % 4,918.9 3,948.2 25 % 1,064.7 700.6 633.8 619.5 564.8 52 % 89 % 1,765.4 1,086.2 63 % 7.6 7.6 12.7 5.5 4.7 — % 62 % 15.2 10.3 48 % Income before Income Taxes (FTE) - Non-GAAP 1,072.3 708.2 646.5 625.0 569.5 51 % 88 % 1,780.6 1,096.5 62 % 272.5 175.1 167.8 161.9 143.5 56 % 90 % 447.6 272.9 64 % 7.6 7.6 12.7 5.5 4.7 — % 62 % 15.2 10.3 48 % Provision for Income Taxes (FTE) - Non-GAAP 280.1 182.7 180.5 167.4 148.2 53 % 89 % 462.8 283.2 63 % ($ in Millions) RECONCILIATION TO FULLY TAXABLE EQUIVALENT Northern Trust Corporation % Change Q2 2026 vs. Northern Trust presents certain financial measures on a fully taxable equivalent (FTE) basis, which is a non-generally accepted accounting principle (GAAP). Management believes an FTE presentation provides a clearer indication of these financial measures for comparative purposes. Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income. Below is a reconciliation of the financial measures presented on an FTE basis. Income before Income Taxes - GAAP Add: FTE Adjustment Add: FTE Adjustment Provision for Income Taxes - GAAP Year-to Date Interest Income - GAAP Add: FTE Adjustment Add: FTE Adjustment Net Interest Income - GAAP Add: FTE Adjustment Total Revenue - GAAP 10

 

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q4 2025 Q1 2025 2026 2025 Change Pre-Tax Margin - GAAP (1) 39.5 % 31.8 % 29.9 % 30.6 % 28.3 % 7.7 pts 11.2 pts 36.0 % 27.6 % 8.4 pts Pre-Tax Margin (FTE) - Non-GAAP (1) 39.6 % 32.0 % 30.3 % 30.8 % 28.4 % 7.6 pts 11.2 pts 36.2 % 27.8 % 8.4 pts Effective Tax Rate - GAAP (2) 25.6 % 25.0 % 26.5 % 26.1 % 25.4 % 0.6 pts 0.2 pts 25.4 % 25.1 % 0.3 pts Effective Tax Rate (FTE) - Non-GAAP (2) 26.1 % 25.8 % 27.9 % 26.8 % 26.0 % 0.3 pts 0.1 pts 26.0 % 25.8 % 0.2 pts Noninterest Income to Total Revenue - GAAP (3) 75.0 % 70.4 % 69.8 % 70.8 % 69.4 % 4.6 pts 5.6 pts 72.9 % 70.1 % 2.8 pts Noninterest Income to Total Revenue (FTE) - Non-GAAP (3) 74.8 % 70.1 % 69.4 % 70.6 % 69.3 % 4.7 pts 5.5 pts 72.7 % 69.9 % 2.8 pts Trust Fees to Total Revenue - GAAP (4) 50.0 % 60.8 % 61.6 % 62.5 % 61.6 % (10.8) pts (11.6) pts 54.9 % 62.1 % (7.2) pts Trust Fees to Total Revenue (FTE) - Non-GAAP (4) 49.9 % 60.6 % 61.2 % 62.3 % 61.5 % (10.7) pts (11.6) pts 54.7 % 61.9 % (7.2) pts Net Interest Spread - GAAP (5) 0.97 % 0.89 % 0.94 % 0.85 % 0.85 % 0.08 pts 0.12 pts 0.93 % 0.83 % 0.10 pts Net Interest Spread (FTE) - Non-GAAP (5) 0.99 % 0.91 % 0.97 % 0.86 % 0.86 % 0.08 pts 0.13 pts 0.95 % 0.83 % 0.12 pts Net Interest Margin - GAAP (6) 1.79 % 1.73 % 1.78 % 1.68 % 1.68 % 0.06 pts 0.11 pts 1.76 % 1.67 % 0.09 pts Net Interest Margin (FTE) - Non-GAAP (6) 1.81 % 1.75 % 1.81 % 1.70 % 1.69 % 0.06 pts 0.12 pts 1.78 % 1.69 % 0.09 pts (1) (2) (3) (4) (5) (6) Pre-Tax Margin is calculated by dividing income before income taxes by total revenue. Pre-Tax Margin on an FTE basis is calculated by dividing income before income taxes on an FTE basis by total revenue on an FTE basis. RATIOS RECONCILIATION TO FULLY TAXABLE EQUIVALENT Northern Trust Corporation Northern Trust presents certain financial measures on a fully taxable equivalent (FTE) basis, which is a non-generally accepted accounting principle (GAAP). Management believes an FTE presentation provides a clearer indication of these financial measures for comparative purposes. Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income. Below is a reconciliation of the financial ratios presented on an FTE basis. Q2 2026 vs. Year-to Date Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest margin on an FTE basis is calculated by dividing annualized net interest income on an FTE basis by average interest-earning assets. Effective tax rate is calculated by dividing the provision for income taxes by income before income taxes. Effective tax rate on an FTE basis is calculated by dividing the provision for income taxes on an FTE basis by income before income taxes on an FTE basis. Noninterest income to total revenue is calculated by dividing noninterest income by total revenue. Noninterest income to total revenue on an FTE basis is calculated by dividing noninterest income by total revenue on an FTE basis. Trust fees to total revenue is calculated by dividing total trust, investment and other servicing fees by total revenue. Trust fees to total revenue on an FTE basis is calculated by dividing total trust, investment and other servicing fees by total revenue on an FTE basis. Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds). Net interest spread on an FTE basis is calculated as the difference between the interest rate earned (annualized interest income on an FTE basis divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds). 11

 

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