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Northern Trust (NTRS) Q1 2026 earnings surge with EPS up 43% and full payout

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

Rhea-AI Filing Summary

Northern Trust Corporation reported strong first quarter 2026 results, with net income of $525.5 million and diluted EPS of $2.71, up from $1.90 a year earlier. Total revenue on a fully taxable equivalent basis rose 14% year-over-year to $2.21 billion, while net income increased 34%.

Trust, investment and other servicing fees grew 11% to $1.34 billion, supported by higher markets, client inflows and new business. Net interest income (FTE) rose 15% to $661.6 million as average earning assets expanded 11%. Operating leverage exceeded 700 basis points, driving a 32.0% pre-tax margin and a 17.4% return on average common equity.

Client assets remained sizable, with assets under custody/administration of $18.6 trillion and assets under management of $1.8 trillion. Capital ratios stayed well above regulatory minimums, including a Common Equity Tier 1 ratio of 12.0% under the standardized approach. The company returned 100% of earnings to common shareholders through $150.8 million of dividends and $358.9 million of share repurchases.

Positive

  • Earnings and revenue growth: Q1 2026 net income rose 34% year-over-year to $525.5 million, revenue (FTE) increased 14% to $2.21 billion, and diluted EPS grew 43% to $2.71, indicating materially stronger profitability.
  • Strong profitability and capital return: Pre-tax margin reached 32.0%, return on average common equity was 17.4%, and the company returned 100% of earnings to common shareholders through dividends and $358.9 million of share repurchases.

Negative

  • None.

Insights

Northern Trust posted broad-based Q1 2026 growth, stronger margins, and full capital return.

Northern Trust delivered 14% revenue growth to $2.21 billion and 34% net income growth to $525.5 million, with EPS up 43% year-over-year to $2.71. Both fee-based and net interest income contributed, while expenses rose only 6%, producing roughly 740 basis points of positive operating leverage and a 32.0% pre-tax margin.

Balance sheet metrics show average earning assets up 11% and net interest income (FTE) up 15% despite modest margin pressure versus the prior quarter. Credit quality remains solid, with a small negative provision for credit losses and very low net charge-offs, while capital ratios, including a 12.0% CET1, remain comfortably above “well-capitalized” thresholds.

The company returned 100% of earnings to common shareholders via $150.8 million of dividends and $358.9 million of buybacks, signaling confidence in its capital position. Future filings and earnings updates will clarify whether current revenue momentum, particularly in asset servicing and wealth management, can be sustained against market and macroeconomic uncertainty.

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 $525.5 million Q1 2026, up 34% year-over-year
Diluted EPS $2.71 per share Q1 2026, up 43% from $1.90 in Q1 2025
Total Revenue (FTE) $2.21 billion Q1 2026, 14% year-over-year growth
Trust and Servicing Fees $1.34 billion Q1 2026, 11% year-over-year increase
Net Interest Income (FTE) $661.6 million Q1 2026, 15% higher than Q1 2025
Pre-Tax Margin (FTE) 32.0% Q1 2026 profitability metric
Assets Under Custody/Administration $18.6 trillion As of March 31, 2026
CET1 Capital Ratio 12.0% Standardized approach, March 31, 2026
fully taxable equivalent (FTE) financial
"Net interest income and total revenue presented on a fully taxable equivalent (FTE*) basis are non-generally accepted accounting principles (non-GAAP) financial measures."
operating leverage financial
"Disciplined expense management and a sustained focus on operational efficiency generated more than 700 basis points of operating leverage, a 32% pre-tax margin, and a 43% rise in earnings per share."
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.
Common Equity Tier 1 Capital regulatory
"Common Equity Tier 1 Capital | $ | 11,173.5 | $ | 11,192.5 | $ | 11,140.9"
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.
assets under custody/administration (AUC/A) financial
"Assets under custody/administration (AUC/A) and assets under management are a driver of the Corporation’s trust, investment and other servicing fees."
noninterest expense financial
"Total Noninterest Expense | $ | 1,508.0 | | $ | 1,497.3 | | $ | 1,417.6"
Costs a company incurs that are not tied to borrowing or lending, such as employee pay, rent, technology, marketing, and office supplies. Think of a household: noninterest expense is everything you pay for living and running the home except mortgage or loan interest; for investors, it shows how efficiently a company runs its core operations and directly affects profit margins and the cash available for growth or dividends.
Revenue (FTE) $2.21 billion +14% YoY
Net Income $525.5 million +34% YoY
Diluted EPS $2.71 +43% YoY
Pre-Tax Margin (FTE) 32.0% +4.9 pts YoY
Understanding 8-K Material Events →
0000073124false00000731242026-04-212026-04-210000073124us-gaap:CommonStockMember2026-04-212026-04-210000073124ntrs:DepositarySharesMember2026-04-212026-04-21

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) April 21, 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 April 21, 2026 press release, reporting on the registrant’s earnings for the three months ended March 31, 2026, a copy of which is attached as Exhibit 99.1 hereto, is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure

On April 21, 2026, Northern Trust Corporation (the “Corporation”) will hold a live conference call and webcast to discuss financial results for the three months ended March 31, 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 months ended March 31, 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:April 21, 2026By:/s/ David W. Fox, Jr.
David W. Fox, Jr.
Executive Vice President and Chief Financial Officer

Exhibit 99.1
NEWS RELEASE
ntrs_logoxwhite.jpg
www.northerntrust.com
INVESTOR CONTACTS: Jennifer Childe | 312-444-3290 | Jennifer.Childe@ntrs.com & Stephen Carroll | 312-868-2407 | Stephen.Carroll@ntrs.com
MEDIA CONTACT: John O'Connell | 312-444-2388  | John.O'Connell@ntrs.com

NORTHERN TRUST CORPORATION REPORTS FIRST QUARTER
NET INCOME OF $525.5 MILLION, EARNINGS PER DILUTED COMMON SHARE OF $2.71
CHICAGO, APRIL 21, 2026 — Northern Trust Corporation today reported first quarter net income per diluted common share of $2.71, compared to $2.42 in the fourth quarter of 2025 and $1.90 in the first quarter of 2025. Net income was $525.5 million, compared to $466.0 million in the prior quarter and $392.0 million in the prior-year quarter.

MICHAEL O’GRADY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER:
“Northern Trust began 2026 with strong financial momentum, underscoring the effectiveness of our diversified business model and continued execution of our strategic priorities. Revenue increased 14% year-over-year, supported by improved organic growth, elevated client activity across our businesses, and favorable interest rate and market conditions. Disciplined expense management and a sustained focus on operational efficiency generated more than 700 basis points of operating leverage, a 32% pre-tax margin, and a 43% rise in earnings per share. Return on equity reached 17.4% and we returned 100% of our earnings to shareholders.

While global and economic uncertainty persists, we remain focused on supporting our clients, strengthening our global franchise, and delivering lasting value for stakeholders.”
FINANCIAL SUMMARY & KEY METRICS
% Change Q1 2026 vs.
($ In Millions except per share data)Q1 2026Q4 2025Q1 2025Q4 2025Q1 2025
Trust, Investment and Other Servicing Fees$1,341.4 $1,307.4 $1,213.8 3 %11 %
Other Noninterest Income(1)
210.2 174.1 158.1 21 33 
Net Interest Income (FTE*)661.6 654.3 573.7 1 15 
Total Revenue (FTE*)$2,213.2 $2,135.8 $1,945.6 4 %14 %
Noninterest Expense(2)
$1,508.0 $1,497.3 $1,417.6 1 %6 %
Provision for Credit Losses(3.0)(8.0)1.0 N/MN/M
Provision for Income Taxes175.1 167.8 129.4 435
FTE Adjustment*7.6 12.7 5.6 (40)37
Net Income$525.5 $466.0 $392.0 13 %34 %
Earnings Allocated to Common and Potential Common Shares$504.7 $457.0 $372.2 10 %36 %
Diluted Earnings per Common Share$2.71 $2.42 $1.90 12 43 
Return on Average Common Equity17.4 %15.4 %13.0 %
Average Assets$165,297.3 $154,925.7 $150,262.1 7 %10 %
(1)    Other Noninterest Income for Q4 2025 included a $19.2 million expense related to Visa Class B swaps.
(2)    Noninterest Expense for Q4 2025 included $58.8 million in severance-related charges and a $9.5 million release of the Federal Deposit Insurance Corporation (FDIC) special assessment reserve.
(*)     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 FIRST 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 March 31, 2026 vs.
($ In Billions)March 31, 2026*December 31, 2025March 31, 2025December 31, 2025March 31, 2025
Assets Under Custody/Administration
Asset Servicing$17,288.6 $17,418.4 $15,804.7 (1)%9 %
   Wealth Management1,265.3 1,297.7 1,119.3 (2)13 
     Total Assets Under Custody/Administration$18,553.9 $18,716.1 $16,924.0 (1)%10 %
Assets Under Custody(1)
Asset Servicing$13,521.1 $13,604.8 $12,163.6 (1)%11 %
   Wealth Management1,254.2 1,284.3 1,105.9 (2)13 
     Total Assets Under Custody$14,775.3 $14,889.1 $13,269.5 (1)%11 %
Assets Under Management
Asset Servicing$1,287.3 $1,296.0 $1,160.9 (1)%11 %
  Wealth Management497.6 507.2 446.9 (2)11 
     Total Assets Under Management$1,784.9 $1,803.2 $1,607.8 (1)%11 %
(1) Assets Under Custody are a component of Assets Under Custody/Administration.
(*) Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
Total assets under custody/administration and assets under custody increased from the prior-year quarter primarily driven by favorable markets.
Total assets under management increased compared to the prior-year quarter primarily reflecting favorable markets and net client inflows.
TRUST, INVESTMENT AND OTHER SERVICING FEES
% Change Q1 2026 vs.
($ In Millions)Q1 2026Q4 2025Q1 2025Q4 2025Q1 2025
Asset Servicing
Custody and Fund Administration$497.6$496.4$453.3— %10 %
Investment Management169.2165.8152.52 11 
Securities Lending23.323.117.91 31 
Other50.444.348.214 5 
Total Asset Servicing Trust, Investment and Other Servicing Fees$740.5$729.6$671.91 %10 %
Wealth Management
Central$214.5$207.1$189.14 %13 %
East155.0149.2141.04 10 
West116.5114.2108.02 8 
Global Family Office (GFO)114.9107.3103.87 11 
Total Wealth Management Trust, Investment and Other Servicing Fees$600.9$577.8$541.94 %11 %
Total Consolidated Trust, Investment and Other Servicing Fees$1,341.4$1,307.4$1,213.83 %11 %
Asset Servicing and Wealth Management Trust, Investment and Other Servicing Fees are impacted by both one-month and one-quarter lagged asset values.
Total Asset Servicing Trust, Investment and Other Servicing Fees increased both sequentially and from the prior-year quarter.
▪Custody and Fund Administration fees increased from the prior-year quarter primarily due to favorable markets, favorable currency movements and net new business.
▪Investment Management fees increased from the prior-year quarter primarily due to favorable markets and net new business.
▪Securities Lending fees increased from the prior-year quarter primarily due to higher volumes.
▪Other trust, investment and other servicing fees increased sequentially primarily due to higher fees associated with seasonal benefit payment services.
Total Wealth Management Trust, Investment and Other Servicing Fees increased both sequentially and from the prior-year quarter.
▪Fees in the regions increased from the prior-year quarter primarily due to favorable markets and new business.
▪Fees in GFO increased both sequentially and from the prior-year quarter primarily due to favorable markets and client inflows.
2
NORTHERN TRUST CORPORATION FIRST QUARTER 2026 RESULTS
REPORTING SEGMENT RESULTS
% Change Q1 2026 vs.
($ In Millions)Q1 2026Q4 2025Q1 2025Q4 2025Q1 2025
Income (Loss) before Income Taxes (FTE*)(1)
Asset Servicing$373.3 $325.8 $235.5 15 %59 %
Wealth Management330.2 341.8 304.1 (3)9 
Other4.7 (21.1)(12.6)N/MN/M
Total Income before Income Taxes (FTE*)$708.2 $646.5 $527.0 10 %34 %
Pre-Tax Margin (FTE*)(1)
Asset Servicing28.3 %25.5 %20.9 %2.8 pts7.4 pts
Wealth Management37.1 38.9 37.1 (1.8)— 
Total Pre-Tax Margin (FTE*)32.0 %30.3 27.1 %1.7 pts4.9 pts
Average Loans
Asset Servicing$5,632.5 $5,746.0 $5,749.3 (2)%(2)%
Wealth Management35,261.8 34,812.3 35,327.2 1 — 
Total Average Loans$40,894.3 $40,558.3 $41,076.5 1 %— %
Average Deposits
Asset Servicing$102,421.0 $92,611.0 $89,296.5 11 %15 %
Wealth Management26,469.8 26,572.2 25,289.6 — 5 
Other141.0 646.0 1,333.0 (78)(89)
Total Average Deposits$129,031.8 $119,829.2 $115,919.1 8 %11 %
(1)    The prior quarter severance-related charges are allocated to the Reporting Segments with $43.6 million allocated to Asset Servicing and $15.2 million allocated to Wealth Management. The prior quarter expense related to the Visa Class B Swaps and the release of the FDIC special assessment reserve 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 Q1 2026 vs.
($ In Millions)Q1 2026Q4 2025Q1 2025Q4 2025Q1 2025
Other Noninterest Income
     Foreign Exchange Trading Income$87.7 $74.3 $58.7 18 %49 %
     Security Commissions and Trading Income52.1 49.9 39.1 5 33 
     Other Operating Income(1)
70.4 49.9 60.3 41 17 
Total Other Noninterest Income$210.2 $174.1 $158.1 21 %33 %
(1) Beginning in Q1 2026, Treasury Management Fees are included within Other Operating Income. Prior periods have been restated.
Foreign Exchange Trading Income increased both sequentially and compared to the prior-year quarter primarily due to higher volumes driven by market volatility.
Security Commissions and Trading Income increased compared to the prior-year quarter primarily due to higher volumes due to market volatility and growth in outsourced trading activity.
Other Operating Income increased sequentially primarily due to the prior quarter $19.2 million expense related to the Visa Class B swaps. Other Operating Income increased compared to the prior-year quarter primarily due to a market value increase in supplemental compensation plans and lower expense associated with the Visa Class B swaps.

3
NORTHERN TRUST CORPORATION FIRST QUARTER 2026 RESULTS
NET INTEREST INCOME
% Change Q1 2026 vs.
($ In Millions)Q1 2026Q4 2025Q1 2025Q4 2025Q1 2025
Net Interest Income
     Interest Income (FTE*)$2,241.6 $2,139.3 $2,146.5 5 %4 %
     Interest Expense1,580.0 1,485.0 1,572.8 6 — 
Net Interest Income (FTE*)$661.6 $654.3 $573.7 1 %15 %
Average Earning Assets$153,677.4 $143,038.1 $138,007.9 7 %11 %
Net Interest Margin (FTE*)1.75 %1.81 %1.69 %(6) bps6 bps
(*) Interest income, net interest income and net interest margin presented on an FTE basis are non-GAAP financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
bps - basis points
Net Interest Income on an FTE basis increased compared to the prior-year quarter primarily driven by higher deposits, partially offset by lower interest rates.
The Net Interest Margin on an FTE basis decreased sequentially primarily driven by higher funding costs. The Net Interest Margin on an FTE basis increased compared to the prior-year quarter primarily driven by lower funding costs.
Average Earning Assets increased sequentially and compared to the prior-year quarter, driven by higher deposits, primarily reflected by an increase in money market assets and the investment securities portfolio.
PROVISION FOR CREDIT LOSSES
As of and for the three-months ended,
% Change March 31, 2026 vs.
($ In Millions)March 31, 2026December 31, 2025March 31, 2025December 31, 2025March 31, 2025
Allowance for Credit Losses
Beginning Allowance for Credit Losses$198.3 $206.7 $206.1 (4)%(4)%
Provision for Credit Losses(3.0)(8.0)1.0 N/MN/M
Net Recoveries (Charge-offs)(0.1)(0.4)0.2 N/MN/M
Ending Allowance for Credit Losses$195.2 $198.3 $207.3 (2)%(6)%
Allowance assigned to:
Loans$161.1 $164.3 $167.1 (2)%(4)%
Undrawn Loan Commitments and Standby Letters of Credit25.5 23.3 32.8 9 (22)
Debt Securities and Other Financial Assets8.6 10.7 7.4 (20)16 
Ending Allowance for Credit Losses$195.2 $198.3 $207.3 (2)%(6)%
N/M - Not meaningful
Q1 2026
The negative provision in the current quarter resulted from a decrease in the collective reserve, partially offset by an increase in individual reserves. The decrease in the collective reserve was primarily driven by improved credit quality of the Commercial and Institutional (C&I) portfolio, partially offset by increased macroeconomic uncertainty. The increase in the individual reserve was driven by a small number of non-performing loans.
Q4 2025
The negative provision in the prior quarter resulted from a decrease in the collective reserve primarily driven by refinements to factors used to estimate losses for the C&I portfolio.
Q1 2025
The provision in the prior-year quarter resulted from an increase in the collective reserve, primarily driven by increased projected macroeconomic uncertainty, partially offset by sector and portfolio-specific improvements within the Commercial Real Estate portfolio.
4
NORTHERN TRUST CORPORATION FIRST QUARTER 2026 RESULTS
NONINTEREST EXPENSE
% Change Q1 2026 vs.
($ In Millions)Q1 2026Q4 2025Q1 2025Q4 2025Q1 2025
Noninterest Expense
Compensation and Benefits$822.2 $806.3 $754.1 2 %9 %
Outside Services236.7 248.1 245.2 (5)(3)
Equipment and Software308.1 301.1 280.9 2 10 
Occupancy51.3 56.4 53.4 (9)(4)
Other Operating Expense89.7 85.4 84.0 5 7 
Total Noninterest Expense$1,508.0 $1,497.3 $1,417.6 1 %6 %
End of Period Full-Time Equivalent Employees23,600 23,800 23,400 (1)%1 %
Compensation and Benefits expense increased compared to the prior-year quarter primarily due to higher annual base pay adjustments, higher incentives, an increase in pension expense, and unfavorable currency movement.
Outside Services expense decreased sequentially primarily due to a decrease in consulting services.
Equipment and Software expense increased compared to the prior-year quarter primarily due to higher software support expense and higher software amortization.

PROVISION FOR INCOME TAXES
% Change Q1 2026 vs.
($ In Millions)Q1 2026Q4 2025Q1 2025Q4 2025Q1 2025
Net Income
Income before Income Taxes$700.6 $633.8 $521.4 11%34%
Provision for Income Taxes175.1 167.8 129.4 435
Net Income$525.5 $466.0 $392.0 13%34%
Effective Tax Rate25.0 %26.5 %24.8 %150 bps(20)bps
bps - basis points
The effective tax rate decreased sequentially primarily due to higher tax benefits associated with share-based compensation.
CAPITAL ACTIONS
The Corporation returned $509.7 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 $150.8 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 2,488,148 shares of common stock, including 451,614 withheld to satisfy tax withholding obligations related to share-based compensation, at a total cost of $358.9 million ($144.25 average price per share). The Corporation also declared cash dividends totaling $16.2 million to preferred stockholders during the current quarter.
5
NORTHERN TRUST CORPORATION FIRST QUARTER 2026 RESULTS
REGULATORY CAPITAL
The capital ratios of Northern Trust Corporation and its principal subsidiary, The Northern Trust Company, remained strong at March 31, 2026, exceeding the minimum requirements for classification as “well-capitalized” under applicable U.S. regulatory requirements.
($ In Millions)Standardized ApproachAdvanced Approach
Northern Trust CorporationMarch 31, 2026*December 31, 2025March 31, 2025March 31, 2026*December 31, 2025March 31, 2025Well-Capitalized RatiosMinimum Capital Ratios
Regulatory Capital
Common Equity Tier 1 Capital$11,173.5$11,192.5$11,140.9$11,173.5$11,192.5$11,140.9
Tier 1 Capital11,995.512,008.511,973.011,995.512,008.511,973.0
Total Capital14,288.114,304.213,527.314,092.914,105.813,320.1
Assets
Risk-Weighted Assets$93,150.8$89,015.4$86,141.8$78,198.0$74,843.6$72,722.8
Average Adjusted Total Assets164,381.7154,083.9149,331.9164,381.7154,083.9149,331.9
Supplementary Leverage ExposureN/AN/AN/A141,713.4138,123.4130,890.7
Capital Ratios
Common Equity Tier 1 Capital12.0 %12.6 %12.9 %14.3 %15.0 %15.3 %N/A4.5 %
Tier 1 Capital12.9 13.5 13.9 15.3 16.0 16.5 6.06.0 
Total Capital15.3 16.1 15.7 18.0 18.8 18.3 10.08.0 
Tier 1 Leverage7.3 7.8 8.0 7.3 7.8 8.0 N/A4.0 
Supplementary LeverageN/A N/AN/A8.5 8.7 9.1 N/A3.0 

($ In Millions)Standardized ApproachAdvanced Approach

The Northern Trust Company		March 31, 2026*December 31, 2025March 31, 2025March 31, 2026*December 31, 2025March 31, 2025Well-Capitalized RatiosMinimum Capital Ratios
Regulatory Capital
Common Equity Tier 1 Capital$10,669.2$10,582.2$10,185.4$10,669.2$10,582.2$10,185.4
Tier 1 Capital10,669.210,582.210,185.410,669.210,582.210,185.4
Total Capital12,614.412,530.511,392.712,419.212,332.211,185.4
Assets
Risk-Weighted Assets$91,741.8$87,698.3$84,975.0$75,858.7$72,611.8$70,567.2
Average Adjusted Total Assets163,772.4153,520.3148,888.6163,772.4153,520.3148,888.6
Supplementary Leverage ExposureN/AN/AN/A140,752.7137,559.4130,447.1
Capital Ratios
Common Equity Tier 1 Capital11.6 %12.1 %12.0 %14.1 %14.6 %14.4 %6.5 %4.5 %
Tier 1 Capital11.6 12.1 12.0 14.1 14.6 14.4 8.0 6.0 
Total Capital13.7 14.3 13.4 16.4 17.0 15.9 10.0 8.0 
Tier 1 Leverage6.5 6.9 6.8 6.5 6.9 6.8 5.0 4.0 
Supplementary LeverageN/A N/AN/A7.6 7.7 7.8 3.0 3.0 
(*) Regulatory Capital, Risk-Weighted Assets and resulting ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
6
NORTHERN TRUST CORPORATION FIRST QUARTER 2026 RESULTS
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
The following table presents a reconciliation of interest income, net interest income, net interest margin, total revenue, income before taxes, and pre-tax margin prepared in accordance with GAAP to such measures on an FTE non-GAAP basis. Management believes this presentation facilitates the analysis of asset yields and provides a clearer indication of these financial measures for comparative purposes. When adjusted to an FTE basis, yields on taxable, nontaxable and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income.
QUARTERS
20262025
($ in Millions)FIRSTFOURTHTHIRDSECONDFIRST
Net Interest Income
Interest Income - GAAP$2,234.0 $2,126.6 $2,144.3 $2,212.8 $2,140.9 
Add: FTE Adjustment7.6 12.7 5.5 4.7 5.6 
Interest Income (FTE) - Non-GAAP$2,241.6 $2,139.3 $2,149.8 $2,217.5 $2,146.5 
Net Interest Income - GAAP$654.0 $641.6 $590.8 $610.5 $568.1 
Add: FTE Adjustment7.6 12.7 5.5 4.7 5.6 
Net Interest Income (FTE) - Non-GAAP$661.6 $654.3 $596.3 $615.2 $573.7 
Net Interest Margin - GAAP(1)
1.73 %1.78 %1.68 %1.68 %1.67 %
Net Interest Margin (FTE) - Non-GAAP(1)
1.75 %1.81 %1.70 %1.69 %1.69 %
Total Revenue
Total Revenue - GAAP$2,205.6 $2,123.1 $2,025.4 $1,997.9 $1,940.0 
Add: FTE Adjustment7.6 12.7 5.5 4.7 5.6 
Total Revenue (FTE) - Non-GAAP$2,213.2 $2,135.8 $2,030.9 $2,002.6 $1,945.6 
Income before Income Taxes
Income before Income Taxes - GAAP$700.6 $633.8 $619.5 $564.8 $521.4 
Add: FTE Adjustment$7.6 $12.7 $5.5 $4.7 $5.6 
Income before Income Taxes (FTE) - Non-GAAP$708.2 $646.5 $625.0 $569.5 $527.0 
Pre-Tax Margin - GAAP(2)
31.8 %29.9 %30.6 %28.3 %26.9 %
Pre-Tax Margin (FTE) - Non-GAAP(2)
32.0 %30.3 %30.8 %28.4 %27.1 %
(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 FIRST 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 FIRST QUARTER EARNINGS CONFERENCE CALL
Northern Trust’s first quarter earnings conference call will be webcast on April 21, 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 March 31, 2026, Northern Trust had assets under custody/administration of US$18.6 trillion, and assets under management of US$1.8 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)
 Q1 2026 vs.
Q1 2026Q4 2025Q1 2025Q4 2025Q1 2025
Noninterest Income
     Trust, Investment and Other Servicing Fees$1,341.4 $1,307.4 $1,213.8 3 %11 %
     Foreign Exchange Trading Income87.7 74.3 58.7 18 49 
     Security Commissions and Trading Income52.1 49.9 39.1 5 33 
     Other Operating Income(2)
70.4 49.9 60.3 41 17 
     Investment Security Gains (Losses), net— — — N/MN/M
Total Noninterest Income1,551.6 1,481.5 1,371.9 5 13 
Net Interest Income
      Interest Income2,234.0 2,126.6 2,140.9 5 4 
      Interest Expense1,580.0 1,485.0 1,572.8 6 — 
Net Interest Income654.0 641.6 568.1 2 15 
Total Revenue2,205.6 2,123.1 1,940.0 4 14 
Provision for Credit Losses(3.0)(8.0)1.0 N/MN/M
Noninterest Expense
     Compensation and Benefits822.2 806.3 754.1 2 9 
     Outside Services236.7 248.1 245.2 (5)(3)
     Equipment and Software308.1 301.1 280.9 2 10 
     Occupancy51.3 56.4 53.4 (9)(4)
     Other Operating Expense89.7 85.4 84.0 5 7 
Total Noninterest Expense1,508.0 1,497.3 1,417.6 1 6 
Income before Income Taxes700.6 633.8 521.4 11 34 
Provision for Income Taxes175.1 167.8 129.4 4 35 
NET INCOME$525.5 $466.0 $392.0 13 %34 %
Preferred Stock Dividends16.2 4.7 16.2 N/M— 
NET INCOME APPLICABLE TO COMMON STOCK$509.3 $461.3 $375.8 10 %36 %
Earnings Allocated to Participating Securities4.6 4.3 3.6 6 28 
Earnings Allocated to Common and Potential Common Shares$504.7 $457.0 $372.2 10 %36 %
Per Common Share
Net Income
     Basic$2.72 $2.44 $1.91 12 %43 %
     Diluted2.71 2.42 1.90 12 43 
Average Common Equity$11,876.3 $11,893.5 $11,719.1 — %1 %
Return on Average Common Equity17.4 %15.4 %13.0 %
Cash Dividends Declared per Common Share$0.80 $0.80 $0.75 — %7 %
Average Common Shares Outstanding (000s)
     Basic185,499 187,532195,193(1)%(5)%
     Diluted186,539 188,582196,125(1)(5)
Common Shares Outstanding (EOP) (000s)185,047 186,338194,539(1)(5)
(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)
BALANCE SHEET
($ In Millions) 
% Change(1)
March 31, 2026 vs.
March 31, 2026December 31, 2025March 31, 2025December 31, 2025March 31, 2025
Assets
Federal Reserve and Other Central Bank Deposits$41,757.3 $53,456.0 $52,794.5 (22)%(21)%
Interest-Bearing Due from and Deposits with Banks(2)
6,343.0 6,540.8 5,277.1 (3)20 
Federal Funds Sold and Securities Purchased under Agreements to Resell1,678.9 2,654.1 124.4 (37)N/M
Debt Securities
Available for Sale36,913.2 34,036.5 30,464.3 8 21 
Held to Maturity24,286.2 23,429.6 20,874.3 4 16 
Total Debt Securities61,199.4 57,466.1 51,338.6 6 19 
Loans42,505.5 41,948.3 40,833.3 1 4 
Other Interest-Earning Assets(3)
8,415.9 4,128.9 2,834.1 104 197 
Total Earning Assets161,900.0 166,194.2 153,202.0 (3)6 
Allowance for Credit Losses(169.7)(175.0)(174.5)(3)(3)
Cash and Due from Banks and Other Central Bank Deposits(4)
1,407.7 1,130.7 737.4 25 91 
Buildings and Equipment447.5 464.6 477.4 (4)(6)
Goodwill709.5 712.9 700.5 — 1 
Other Assets10,279.3 8,805.3 10,128.4 17 1 
Total Assets$174,574.3 $177,132.7 $165,071.2 (1)%6 %
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
       Savings, Money Market and Other$29,309.7 $28,984.1 $28,489.1 1 %3 %
       Savings Certificates and Other Time5,238.4 6,418.9 6,680.2 (18)(22)
       Non-U.S. Offices - Interest-Bearing75,850.7 80,046.1 73,951.0 (5)3 
Total Interest-Bearing Deposits110,398.8 115,449.1 109,120.3 (4)1 
Federal Funds Purchased1,974.3 2,141.1 2,377.6 (8)(17)
Securities Sold under Agreements to Repurchase330.5 292.2 335.7 13 (2)
Other Borrowings(5)
7,839.5 7,158.3 6,534.5 10 20 
Senior Notes3,345.5 3,351.5 2,809.3 — 19 
Long-Term Debt2,881.6 3,484.4 4,085.6 (17)(29)
Total Interest-Bearing Liabilities126,770.2 131,876.6 125,263.0 (4)1 
Demand and Other Noninterest-Bearing Deposits29,299.4 27,348.6 21,905.3 7 34 
Other Liabilities5,517.4 4,949.6 5,024.4 11 10 
Total Liabilities161,587.0 164,174.8 152,192.7 (2)6 
Common Equity
Common Equity, excluding Accumulated Other Comprehensive Income (Loss)12,739.0 12,663.5 12,733.1 1 — 
Accumulated Other Comprehensive Income (Loss)(636.6)(590.5)(739.5)8 (14)
Total Common Equity12,102.4 12,073.0 11,993.6 — 1 
Preferred Equity884.9 884.9 884.9 — — 
Total Equity12,987.3 12,957.9 12,878.5 — 1 
Total Liabilities and Stockholders’ Equity$174,574.3 $177,132.7 $165,071.2 (1)%6 %
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2)    Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)    Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)    Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)    Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
10
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
AVERAGE BALANCE SHEET
($ In Millions)
% Change(1)
 Q1 2026 vs.
Q1 2026Q4 2025Q1 2025Q4 2025Q1 2025
Assets
Federal Reserve and Other Central Bank Deposits$42,554.7 $35,035.8 $37,161.0 21 %15 %
Interest-Bearing Due from and Deposits with Banks(2)
6,014.6 6,049.6 4,877.6 (1)23 
Federal Funds Sold and Securities Purchased under Agreements to Resell1,186.8 1,593.7 394.5 (26)N/M
Debt Securities
       Available for Sale35,780.4 33,714.2 30,168.3 6 19 
Held to Maturity23,883.3 23,151.0 21,821.9 3 9 
Total Debt Securities59,663.7 56,865.2 51,990.2 5 15 
Loans40,894.3 40,558.3 41,076.5 1 — 
Other Interest-Earning Assets(3)
3,363.3 2,935.5 2,508.1 15 34 
Total Earning Assets153,677.4 143,038.1 138,007.9 7 11 
Allowance for Credit Losses(175.1)(174.8)(175.6)— — 
Cash and Due from Banks and Other Central Bank Deposits(4)
1,137.0 1,185.1 1,041.2 (4)9 
Buildings and Equipment459.8 462.3 484.8 (1)(5)
Goodwill713.5 711.0 696.4 — 2 
Other Assets9,484.7 9,704.0 10,207.4 (2)(7)
Total Assets$165,297.3 $154,925.7 $150,262.1 7 %10 %
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
       Savings, Money Market and Other$29,244.9 $27,725.8 $27,720.5 5 %5 %
       Savings Certificates and Other Time5,785.2 6,754.3 6,874.0 (14)(16)
       Non-U.S. Offices - Interest-Bearing75,261.9 67,454.2 64,454.3 12 17 
Total Interest-Bearing Deposits110,292.0 101,934.3 99,048.8 8 11 
Federal Funds Purchased2,576.7 2,357.7 2,393.6 9 8 
Securities Sold under Agreements to Repurchase483.8 499.2 442.4 (3)9 
Other Borrowings(5)
7,638.3 7,059.4 7,024.4 8 9 
Senior Notes3,352.8 3,087.3 2,781.6 9 21 
Long-Term Debt3,472.7 3,909.8 4,083.5 (11)(15)
Total Interest-Bearing Liabilities127,816.3 118,847.7 115,774.3 8 10 
Demand and Other Noninterest-Bearing Deposits18,739.8 17,894.9 16,870.3 5 11 
Other Liabilities5,980.0 5,404.7 5,013.5 11 19 
Total Liabilities152,536.1 142,147.3 137,658.1 7 11 
Common Equity
Common Equity, excluding Accumulated Other Comprehensive Income (Loss)12,443.4 12,508.2 12,527.2 (1)(1)
Accumulated Other Comprehensive Income (Loss)(567.1)(614.7)(808.1)(8)(30)
Total Common Equity11,876.3 11,893.5 11,719.1 — 1 
Preferred Equity884.9 884.9 884.9 — — 
Total Equity12,761.2 12,778.4 12,604.0 — 1 
Total Liabilities and Stockholders’ Equity$165,297.3 $154,925.7 $150,262.1 7 %10 %
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2)    Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)    Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)    Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)    Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
11
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
QUARTERLY TREND DATA QUARTERS
($ In Millions Except Per Share Data)20262025
FIRSTFOURTHTHIRDSECONDFIRST
Net Income Summary
   Trust, Investment and Other Servicing Fees $1,341.4 $1,307.4 $1,265.5 $1,231.1 $1,213.8 
   Other Noninterest Income210.2 174.1 169.1 156.3 158.1 
   Net Interest Income 654.0 641.6 590.8 610.5 568.1 
     Total Revenue 2,205.6 2,123.1 2,025.4 1,997.9 1,940.0 
   Provision for Credit Losses (3.0)(8.0)(17.0)16.5 1.0 
   Noninterest Expense1,508.0 1,497.3 1,422.9 1,416.6 1,417.6 
     Income before Income Taxes700.6 633.8 619.5 564.8 521.4 
   Provision for Income Taxes175.1 167.8 161.9 143.5 129.4 
     Net Income $525.5 $466.0 $457.6 $421.3 $392.0 
Per Common Share
   Net Income - Basic$2.72 $2.44 $2.30 $2.14 $1.91 
                      - Diluted2.71 2.42 2.29 2.13 1.90 
   Cash Dividends Declared per Common Share0.80 0.80 0.80 0.75 0.75 
   Book Value (EOP)65.40 64.79 63.83 62.65 61.65 
   Market Value (EOP)139.57 136.59 134.60 126.79 98.65 
Financial Ratios
   Return on Average Common Equity17.4 %15.4 %14.8 %14.2 %13.0 %
   Net Interest Margin (GAAP)1.73 1.78 1.68 1.68 1.67 
   Net Interest Margin (FTE*)1.75 1.81 1.70 1.69 1.69 
Assets Under Custody / Administration ($ in Billions) - End Of Period
Asset Servicing$17,288.6 $17,418.4 $16,990.4 $16,864.9 $15,804.7 
   Wealth Management1,265.3 1,297.7 1,257.2 1,203.4 1,119.3 
     Total Assets Under Custody / Administration$18,553.9 $18,716.1 $18,247.6 $18,068.3 $16,924.0 
Assets Under Custody ($ In Billions) - End Of Period
Asset Servicing$13,521.1 $13,604.8 $13,195.0 $13,056.5 $12,163.6 
   Wealth Management1,254.2 1,284.3 1,244.1 1,187.2 1,105.9 
     Total Assets Under Custody$14,775.3 $14,889.1 $14,439.1 $14,243.7 $13,269.5 
Assets Under Management ($ In Billions) - End Of Period
Asset Servicing$1,287.3 $1,296.0 $1,280.1 $1,229.2 $1,160.9 
   Wealth Management497.6 507.2 492.6 468.5 446.9 
     Total Assets Under Management$1,784.9 $1,803.2 $1,772.7 $1,697.7 $1,607.8 
Asset Quality ($ In Millions) - End Of Period
   Nonaccrual Loans/Assets(1)
$55.0 $76.7 $78.8 $92.8 $73.1 
   Nonaccrual Assets / Loans(1)
0.13 %0.18 %0.18 %0.21 %0.18 %
   Gross Charge-offs$(0.4)$(1.4)$(2.1)$(0.1)$(0.3)
Gross Recoveries 0.3 1.0 1.7 0.4 0.5 
     Net Recoveries (Charge-offs)$(0.1)$(0.4)$(0.4)$0.3 $0.2 
   Annualized Net Recoveries (Charge-offs) to Avg Loans— %— %— %— %— %
   Allowance for Credit Losses Assigned to:
     Loans$161.1 $164.3 $164.4 $180.5 $167.1 
Undrawn Loan Commitments and Standby Letters of Credit25.5 23.3 32.1 34.7 32.8 
Debt Securities and Other Financial Assets8.6 10.7 10.2 8.9 7.4 
   Loans Allowance / Nonaccrual Loans2.9 x2.1 x2.1 x1.9 x2.3 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.
12
northerntrust.com | © 2026 Northern Trust Corporation FIRST QUARTER 2026 EARNINGS REVIEW April 21, 2026

 

NTAC:3NS-20 2northerntrust.com | © 2026 Northern Trust Corporation STRATEGIC HIGHLIGHTS 1Q26 Revenue Growth, YoY +14% Expense Growth, YoY +6% EPS Growth, YoY +43% Operating Leverage ~740 bps Pre-Tax Margin 32.0% ROE 17.4% Payout Ratio 100% Enterprise • Continued improvement in financial performance • Client-centric capability model delivering efficiency gains • Moving into next phase of firmwide A.I. strategy Wealth Management • Strength in both advisory and product fees • Scaling Family Office Solutions • Alternatives build-out on track Asset Servicing • Expanded leadership position in Alts and Asset Owners • Robust Capital Markets growth • Digital assets strategy gaining traction Asset Management • Ongoing momentum in liquidity, alts and equities • Early success with 3rd party distribution • Recognized by Barron’s as a top five fund family Financial and Strategic Highlights FINANCIAL HIGHLIGHTS

 

3northerntrust.com | © 2026 Northern Trust Corporation Financial Highlights

 

4northerntrust.com | © 2026 Northern Trust Corporation Financial Highlights & Key Metrics – 1Q 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 11. 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 12 for additional detail on notable items. % CHANGE VS. 4Q 2025 1Q 2025 Revenue (FTE¹) $2,213.2M 4% 14% Noninterest Expense $1,508.0M 1% 6% Net Income $525.5M 13% 34% Earnings Per Share $2.71 12% 43% Assets under Custody / Administration2 (AUC/A) $18.6T (1%) 10% Assets under Custody2 (AUC) $14.8T (1%) 11% Assets under Management2 (AUM) $1.8T (1%) 11% 32.0% Pre-Tax Margin(FTE)¹ ~740 bps Positive operating leverage 17.4% Return on EquityCET1 Ratio 12.0% Common Stock Dividends Declared $150.8M Common Stock Repurchased $358.9M Total Payout Ratio 100% • $68.5 million in net unfavorable pre-tax items in 4Q 2025 NOTABLE ITEMS* INCOME STATEMENT CLIENT ASSETS CAPITAL

 

5northerntrust.com | © 2026 Northern Trust Corporation Wealth Management Trust, Investment and Other Servicing Fees ($ in millions) +11% +4% Wealth Management Highlights 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 unfavorable notable items. % CHANGE VS. Key Indicators (in billions): 1Q 2026 4Q 2025 1Q 2025 Assets under Custody / Administration (AUC/A)1 $ 1,265 (2%) 13% Assets under Custody (AUC)1 $ 1,254 (2%) 13% Assets under Management (AUM)1 $ 498 (2%) 11% Average Deposits $ 26 — % 5 % Average Loans $ 35 1 % — % 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Pre-Tax Profit2 $ 304 $ 310 $ 342 $ 342 $ 330 Pre-Tax Margin2 37 % 37 % 41 % 39 % 37 % % CHANGE QoQ YoY 7 % 11 % 2 % 8 % 4 % 10 % 4 % 13 %

 

6northerntrust.com | © 2026 Northern Trust Corporation % CHANGE VS. Key Indicators (in billions): 1Q 2026 4Q 2025 1Q 2025 Assets under Custody / Administration (AUC/A)1 $ 17,289 (1%) 9% Assets under Custody (AUC)1 $ 13,521 (1%) 11% Assets under Management (AUM)1 $ 1,287 (1%) 11% Average Deposits $ 102 11 % 15 % Average Loans $ 6 (2)% (2)% Asset Servicing Trust, Investment and Other Servicing Fees ($ in millions) Asset Servicing Highlights +10% +1% 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 unfavorable notable items. 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Pre-Tax Profit2 $ 236 $ 271 $ 294 $ 326 $ 373 Pre-Tax Margin2 21 % 23 % 25 % 26 % 28 % % CHANGE QoQ YoY 14 % 5 % 1 % 31 % 2 % 11 % — % 10 %

 

7northerntrust.com | © 2026 Northern Trust Corporation Average Earning Assets ($ in billions) Net Interest Income (FTE¹) ($ in millions) Net Interest Income and Balance Sheet Trends 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 11. 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. 11% +7% Net Interest Margin (FTE¹) +15% +1%% CHANGE QoQ YoY — % 36 % 1 % — % 5 % 15 % 21 % 15 %

 

8northerntrust.com | © 2026 Northern Trust Corporation Total Noninterest Expense ($ in millions) Noninterest Expense Categories may not sum due to rounding. 1Refer to page 12 for additional detail on notable items. Notables1 1Q26: none 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 +6% +1% % CHANGE QoQ YoY 5 % 7 % (9)% (4)% 2 % 10 % (5)% (3)% 2 % 9 %

 

9northerntrust.com | © 2026 Northern Trust Corporation Standardized Tier 1 Leverage Capital Highlights • Robust capital and liquidity ◦ $12.0 billion in Tier 1 capital ◦ 66% of average deposits covered by highly liquid assets including 33% by cash and central bank deposits ◦ Net unrealized after-tax losses on available- for-sale securities of $445.9 million as of March 31, 2026 • Declared $150.8 million in common stock dividends and $16.2 million in preferred stock dividends in 1Q 2026 • Repurchased $358.9 million of common stock in 1Q 2026 • 100% total payout ratio Northern Trust Corporation Capital Ratios 1Q 2026 Capital Ratios STANDARDIZED APPROACH ADVANCED APPROACH Common Equity Tier 1 Capital 12.0% 14.3% Tier 1 Capital 12.9% 15.3% Total Capital 15.3% 18.0% Tier 1 Leverage 7.3% 7.3% Supplementary Leverage N/A 8.5% Standardized Common Equity Tier 1 Capital Update Capital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. 7.0% Regulatory Minimum 4.0% Regulatory Minimum

 

10northerntrust.com | © 2026 Northern Trust Corporation Appendix

 

11northerntrust.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 2026 2025 ($ in Millions) FIRST FOURTH THIRD SECOND FIRST Net Interest Income Interest Income - GAAP $ 2,234.0 $ 2,126.6 $ 2,144.3 $ 2,212.8 $ 2,140.9 Add: FTE Adjustment $ 7.6 $ 12.7 $ 5.5 $ 4.7 $ 5.6 Interest Income (FTE) - Non-GAAP $ 2,241.6 $ 2,139.3 $ 2,149.8 $ 2,217.5 $ 2,146.5 Net Interest Income - GAAP $ 654.0 $ 641.6 $ 590.8 $ 610.5 $ 568.1 Add: FTE Adjustment $ 7.6 $ 12.7 $ 5.5 $ 4.7 $ 5.6 Net Interest Income (FTE) - Non-GAAP $ 661.6 $ 654.3 $ 596.3 $ 615.2 $ 573.7 Net Interest Margin - GAAP 1.73 % 1.78 % 1.68 % 1.68 % 1.67 % Net Interest Margin (FTE) - Non-GAAP 1.75 % 1.81 % 1.70 % 1.69 % 1.69 % Total Revenue Total Revenue - GAAP $ 2,205.6 $ 2,123.1 $ 2,025.4 $ 1,997.9 $ 1,940.0 Add: FTE Adjustment $ 7.6 $ 12.7 $ 5.5 $ 4.7 $ 5.6 Total Revenue (FTE) - Non-GAAP $ 2,213.2 $ 2,135.8 $ 2,030.9 $ 2,002.6 $ 1,945.6 Pre-Tax Income Pre-Tax Income - GAAP $ 700.6 $ 633.8 $ 619.5 $ 564.8 $ 521.4 Add: FTE Adjustment $ 7.6 $ 12.7 $ 5.5 $ 4.7 $ 5.6 Pre-Tax Income (FTE) - Non-GAAP $ 708.2 $ 646.5 $ 625.0 $ 569.5 $ 527.0 Profit Margin (Pre-Tax) Profit Margin (Pre-Tax) - GAAP 31.8 % 29.9 % 30.6 % 28.3 % 26.9 % Profit Margin (Pre-Tax) (FTE) - Non-GAAP 32.0 % 30.3 % 30.8 % 28.4 % 27.1 %

 

12northerntrust.com | © 2026 Northern Trust Corporation Notable Item Summary QUARTER 2025 ($ in Millions) FOURTH Revenue Impacts, pre-tax Mark-to-market activity on Visa swap agreements $ (19.2) Total favorable / (unfavorable) impact $ (19.2) Expense Impacts, pre-tax FDIC special assessment $ (9.5) Severance-related charges $ 58.8 Total (favorable) / unfavorable impact $ 49.3

 

13northerntrust.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 First Quarter 2026 earnings press release.

 

14northerntrust.com | © 2026 Northern Trust Corporation

 

Exhibit 99.3
reportsa29a.jpg



Financial Trends
First Quarter 2026
April 21, 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 First 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
17
Financial SummaryBalance Sheet Mix Trends
28
Income StatementInterest Rate Trends
39
Net Income TrendsAsset Quality
410
Reporting Segment ResultsTrust Assets
511
Balance Sheet (EOP)Reconciliation to FTE
612
Balance Sheet TrendsReconciliation to FTE (Ratios)


Northern Trust Corporation
FINANCIAL SUMMARY
($ in Millions except per share information)
20252026
202120222023202420251st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
Profitability:
$1,545.3 $1,336.0 $1,107.3 $2,031.1 $1,736.9 Net Income$392.0 $421.3 $457.6 $466.0 $525.5 
Earnings Allocated to Common and Potential
1,490.6 1,282.4 1,053.9 1,972.4 1,679.2   Common Shares372.2 412.8 437.2 457.0 504.7 
$7.16 $6.16 $5.09 $9.80 $8.78 Basic Earnings Per Share$1.91 $2.14 $2.30 $2.44 $2.72 
7.14 6.14 5.08 9.77 8.74 Diluted Earnings Per Share1.90 2.13 2.29 2.42 2.71 
31%(14%)(17%)92%(11%)Diluted EPS Growth over Previous Year99%(51%)3%7%43%
13.9 %12.7 %10.0 %17.4 %14.4 %Return on Average Common Equity13.0 %14.2 %14.8 %15.4 %17.4 %
31.5 %26.6 %22.3 %32.3 %29.2 %
Pre-Tax Margin (FTE)(1)
27.1 %28.4 %30.8 %30.3 %32.0 %
78.2 %71.6 %70.1 %73.5 %69.9 %
Noninterest Income to Total Revenue (FTE)(1)
70.5 %69.3 %70.6 %69.4 %70.1 %
67.1 %65.1 %63.9 %56.8 %61.8 %
Trust Fees to Total Revenue (FTE)(1)
62.4 %61.5 %62.3 %61.2 %60.6 %
23.1 %24.4 %24.4 %23.6 %25.8 %Effective Tax Rate (US GAAP)24.8 %25.4 %26.1 %26.5 %25.0 %
24.5 %26.3 %27.3 %24.5 %26.6 %
Effective Tax Rate (FTE)(1)
25.6 %26.0 %26.8 %27.9 %25.8 %
Capital Ratios:(2)
Standardized Approach
11.9 %10.8 %11.4 %12.4 %12.6 %Common Equity Tier 1 Capital12.9 %12.2 %12.4 %12.6 %12.0 %
12.9 %11.8 %12.3 %13.3 %13.5 %Tier 1 Capital13.9 %13.1 %13.4 %13.5 %12.9 %
14.1 %13.9 %14.2 %15.1 %16.1 %Total Capital15.7 %14.8 %15.1 %16.1 %15.3 %
6.9 %7.1 %8.1 %8.1 %7.8 %Tier 1 Leverage8.0 %7.6 %8.0 %7.8 %7.3 %
Advanced Approach
13.2 %11.5 %13.4 %14.5 %15.0 %Common Equity Tier 1 Capital15.3 %15.0 %15.1 %15.0 %14.3 %
14.3 %12.5 %14.5 %15.6 %16.0 %Tier 1 Capital16.5 %16.1 %16.2 %16.0 %15.3 %
15.3 %14.5 %16.5 %17.4 %18.8 %Total Capital18.3 %17.9 %18.0 %18.8 %18.0 %
6.9 %7.1 %8.1 %8.1 %7.8 %Tier 1 Leverage8.0 %7.6 %8.0 %7.8 %7.3 %
8.2 %7.9 %8.6 %8.9 %8.7 %
Supplementary Leverage (3)
9.1 %9.1 %8.9 %8.7 %8.5 %
Per Share Information / Ratios:
$2.80 $2.90 $3.00 $3.00 $3.10 Cash Dividends Declared Per Common Share$0.75 $0.75 $0.80 $0.80 $0.80 
39 %47 %59 %31 %35 %Dividend Payout Ratio39 %35 %35 %33 %30 %
$119.61 $88.49 $84.38 $102.50 $136.59 Market Value Per Share (End of Period)$98.65 $126.79 $134.60 $136.59 $139.57 
16.8 14.4 16.6 10.5 15.6 Stock Price Multiple of Earnings9.2 14.9 15.7 15.6 14.6 
(based on trailing 4 quarters of diluted EPS)
$53.58 $49.78 $53.69 $60.74 $64.79 Book Value Per Common Share (End of Period)$61.65 $62.65 $63.83 $64.79 $65.40 
(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 - Ratios on page 12 for further detail.
(2)
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.
(3)
From April 1, 2020, through April 1, 2021, the Federal Reserve issued temporary Supplementary Leverage Ratio (SLR) relief that required Northern Trust to exclude U.S. Treasury balances from the SLR. Please see the Northern Trust Corporation Pillar 3 disclosures for further SLR discussion.
1

Northern Trust Corporation
INCOME STATEMENT
($ in Millions except per share information)
FIRST QUARTER
CHANGE (2)
20262025$%
Asset Servicing Trust, Investment and Other Servicing Fees$740.5 $671.9 $68.6 10 %
WM Trust, Investment and Other Servicing Fees 600.9 541.9 59.0 11 %
     Total Fees1,341.4 1,213.8 127.6 11 %
Foreign Exchange Trading Income87.7 58.7 29.0 49 %
Security Commissions and Trading Income52.1 39.1 13.0 33 %
Other Operating Income70.4 60.3 10.1 17 %
Investment Security Gains (Losses), net— — — N/M
     Total Noninterest Income1,551.6 1,371.9 179.7 13 %
Interest Income (FTE)(1)
2,241.6 2,146.5 95.1 4 %
Interest Expense1,580.0 1,572.8 7.2 — %
     Net Interest Income (FTE)(1)
661.6 573.7 87.9 15 %
     Total Revenue (FTE)(1)
2,213.2 1,945.6 267.6 14 %
Provision for Credit Losses(3.0)1.0 (4.0)N/M
Compensation and Benefits822.2 754.1 68.1 9 %
Outside Services 236.7 245.2 (8.5)(3)%
Equipment and Software308.1 280.9 27.2 10 %
Occupancy51.3 53.4 (2.1)(4)%
Other Operating Expense89.7 84.0 5.7 7 %
     Total Noninterest Expense1,508.0 1,417.6 90.4 6 %
     Income before Income Taxes (FTE)(1)
708.2 527.0 181.2 34 %
Provision for Income Taxes175.1 129.4 45.7 35 %
Taxable Equivalent Adjustment7.6 5.6 2.0 37 %
     Total Taxes (FTE)(1)
182.7 135.0 47.7 35 %
     Net Income$525.5 $392.0 $133.5 34 %
Dividends on Preferred Stock$16.2 $16.2 $— — %
Earnings Allocated to Participating Securities4.6 3.6 1.0 28 %
Earnings Allocated to Common and Potential Common Shares504.7 372.2 132.5 36 %
Earnings Per Share - Basic$2.72 $1.91 $0.81 43 %
Earnings Per Share - Diluted$2.71 $1.90 $0.81 43 %
Average Basic Shares (000s)185,499 195,193 (9,694)(5)%
Average Diluted Shares (000s)186,539 196,125 (9,586)(5)%
End of Period Shares Outstanding (000s)185,047 194,539 (9,492)(5)%
N/M - Not meaningful
(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.
2

Northern Trust Corporation
NET INCOME TRENDS
($ in Millions except per share information)
20252026
202120222023202420251st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$2,487.3 $2,496.3 $2,461.9 $2,632.8 $2,800.2 Asset Servicing Trust, Investment and Other Servicing Fees$671.9 $691.8 $706.9 $729.6 $740.5 
1,873.8 1,936.3 1,899.9 2,095.0 2,217.6 WM Trust, Investment and Other Servicing Fees541.9 539.3 558.6 577.8 600.9 
4,361.1 4,432.6 4,361.8 4,727.8 5,017.8      Total Fees1,213.8 1,231.1 1,265.5 1,307.4 1,341.4 
292.6 288.6 203.9 231.2 240.8 Foreign Exchange Trading Income58.7 50.6 57.2 74.3 87.7 
140.2 136.2 135.0 150.5 170.4 Security Commissions and Trading Income39.1 39.6 41.8 49.9 52.1 
288.2 230.6 260.3 1,193.1 246.4 Other Operating Income60.3 66.1 70.1 49.9 70.4 
(0.3)(214.0)(169.5)(189.3)— Investment Security Gains (Losses), net— — — — — 
5,081.8 4,874.0 4,791.5 6,113.3 5,675.4      Total Noninterest Income1,371.9 1,387.4 1,434.6 1,481.5 1,551.6 
1,418.3 1,932.8 2,039.5 2,208.9 2,439.5 
Net Interest Income (FTE)(1)
573.7 615.2 596.3 654.3 661.6 
6,500.1 6,806.8 6,831.0 8,322.2 8,114.9 
     Total Revenue (FTE)(1)
1,945.6 2,002.6 2,030.9 2,135.8 2,213.2 
(81.5)12.0 24.5 (3.0)(7.5)Provision for Credit Losses1.0 16.5 (17.0)(8.0)(3.0)
2,442.4 2,685.4 2,727.0 2,888.9 3,033.4 Compensation and Benefits754.1 732.5 740.5 806.3 822.2 
849.4 880.3 906.5 998.0 988.5 Outside Services245.2 247.0 248.2 248.1 236.7 
736.3 838.8 945.5 1,075.0 1,169.9 Equipment and Software280.9 293.7 294.2 301.1 308.1 
208.7 219.1 232.3 216.8 217.3 Occupancy53.4 52.5 55.0 56.4 51.3 
299.1 359.3 472.9 455.2 345.3 Other Operating Expense84.0 90.9 85.0 85.4 89.7 
4,535.9 4,982.9 5,284.2 5,633.9 5,754.4      Total Noninterest Expense1,417.6 1,416.6 1,422.9 1,497.3 1,508.0 
2,045.7 1,811.9 1,522.3 2,691.3 2,368.0 
     Income before Income Taxes (FTE)(1)
527.0 569.5 625.0 646.5 708.2 
464.8 430.3 357.5 628.4 602.6 Provision for Income Taxes129.4 143.5 161.9 167.8 175.1 
35.6 45.6 57.5 31.8 28.5 Taxable Equivalent Adjustment5.6 4.7 5.5 12.7 7.6 
500.4 475.9 415.0 660.2 631.1 
     Total Taxes (FTE)(1)
135.0 148.2 167.4 180.5 182.7 
$1,545.3 $1,336.0 $1,107.3 $2,031.1 $1,736.9      Net Income$392.0 $421.3 $457.6 $466.0 $525.5 
$7.16 $6.16 $5.09 $9.80 $8.78 Earnings Per Share - Basic$1.91 $2.14 $2.30 $2.44 $2.72 
7.14 6.14 5.08 9.77 8.74 Earnings Per Share - Diluted1.90 2.13 2.29 2.42 2.71 
208,899 208,867 207,564 201,870 192,247 Average Diluted Shares (000s)196,125 193,375 191,001 188,582 186,539 
$41.8 $41.8 $41.8 $41.8 $41.8 Preferred Dividends$16.2 $4.7 $16.2 $4.7 $16.2 
(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.
3

Northern Trust Corporation
Reporting Segment Results(1)
($ in Millions)
20252026
20212022202320242025Asset Servicing1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,818.8 $1,700.1 $1,689.5 $1,792.6 $1,901.6 Custody & Fund Administration$453.3 $469.2 $482.7 $496.4 $497.6 
443.5 555.1 528.1 595.2 635.2 Investment Management152.5 157.3 159.6 165.8 169.2 
76.7 81.4 83.0 72.3 82.4 Securities Lending17.9 20.2 21.2 23.1 23.3 
148.3 159.7 161.3 172.7 181.0 Other48.2 45.1 43.4 44.3 50.4 
$2,487.3 $2,496.3 $2,461.9 $2,632.8 $2,800.2 Total Asset Servicing Trust, Investment and Other Servicing Fees$671.9 $691.8 $706.9 $729.6 $740.5 
$837.1 $1,007.8 $864.4 $877.4 $1,127.1 
Income before Income Taxes (FTE)(2)
$235.5 $271.4 $294.4 $325.8 $373.3 
22.8 %24.6 %20.9 %20.1 %23.7 %
Pre-Tax Margin (FTE)(2)
20.9 %23.2 %24.7 %25.5 %28.3 %
$5,663.4 $7,208.0 $7,372.6 $6,315.5 $5,676.2 Average Loans$5,749.3 $5,812.8 $5,399.9 $5,746.0 $5,632.5 
101,588.5 96,085.5 81,742.1 86,691.3 91,906.8 Average Deposits89,296.5 95,506.7 90,195.3 92,611.0 102,421.0 
Wealth Management
$698.7 $692.6 $673.8 $740.9 $786.0 Central$189.1 $189.2 $200.6 $207.1 $214.5 
509.3 504.0 491.5 539.7 575.5 East141.0 139.3 146.0 149.2 155.0 
380.2 382.1 378.0 418.9 439.0 West108.0 106.3 110.5 114.2 116.5 
285.6 357.6 356.6 395.5 417.1 Global Family Office103.8 104.5 101.5 107.3 114.9 
$1,873.8 $1,936.3 $1,899.9 $2,095.0 $2,217.6 Total Wealth Management Trust, Investment and Other Servicing Fees$541.9 $539.3 $558.6 $577.8 $600.9 
$1,251.7 $1,114.4 $975.0 $1,213.1 $1,297.9 
Income before Income Taxes (FTE)(2)
$304.1 $309.6 $342.4 $341.8 $330.2 
43.8 %37.9 %33.8 %37.8 %38.4 %
Pre-Tax Margin (FTE)(2)
37.1 %37.2 %40.5 %38.9 %37.1 %
$31,544.1 $33,822.6 $34,804.4 $34,601.2 $35,396.9 Average Loans$35,327.2 $35,345.2 $36,100.7 $34,812.3 $35,261.8 
28,387.9 29,426.3 23,432.9 25,558.2 25,633.6 Average Deposits25,289.6 25,291.0 25,370.4 26,572.2 26,469.8 
Other
$(43.1)$(310.3)$(317.1)$600.8 $(57.0)
Income before Income Taxes (FTE)(2)
$(12.6)$(11.5)$(11.8)$(21.1)$4.7 
106.7 80.6 70.5 450.8 1,171.5 Average Deposits1,333.0 1,580.1 1,134.9 646.0 141.0 
(1)
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.
(2)
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 11 and 12 for further detail.

4

Northern Trust Corporation
BALANCE SHEET
END OF PERIOD
($ in Millions)
CHANGE (5)
Assets3/31/20263/31/2025$%
Federal Reserve and Other Central Bank Deposits$41,757.3 $52,794.5 $(11,037.2)(21)%
Interest-Bearing Due from and Deposits with Banks(1)
6,343.0 5,277.1 1,065.9 20 %
Federal Funds Sold and Securities Purchased under Agreements to Resell1,678.9 124.4 1,554.5 N/M
Debt Securities:
Available For Sale36,913.2 30,464.3 6,448.9 21 %
Held To Maturity24,286.2 20,874.3 3,411.9 16 %
Total Debt Securities61,199.4 51,338.6 9,860.8 19 %
Loans42,505.5 40,833.3 1,672.2 4 %
Other Interest-Earning Assets(2)
8,415.9 2,834.1 5,581.8 197 %
Total Earning Assets161,900.0 153,202.0 8,698.0 6 %
Allowance for Credit Losses(169.7)(174.5)4.8 (3)%
Cash and Due From Banks and Other Central Bank Deposits(3)
1,407.7 737.4 670.3 91 %
Buildings and Equipment447.5 477.4 (29.9)(6)%
Goodwill709.5 700.5 9.0 1 %
Other Assets10,279.3 10,128.4 150.9 1 %
Total Assets$174,574.3 $165,071.2 $9,503.1 6 %
Liabilities and Stockholders' Equity
Savings, Money Market and Other$29,309.7 $28,489.1 $820.6 3 %
Savings Certificates and Other Time5,238.4 6,680.2 (1,441.8)(22)%
Non-U.S. Offices - Interest-Bearing75,850.7 73,951.0 1,899.7 3 %
Total Interest-Bearing Deposits110,398.8 109,120.3 1,278.5 1 %
Federal Funds Purchased1,974.3 2,377.6 (403.3)(17)%
Securities Sold under Agreements to Repurchase330.5 335.7 (5.2)(2)%
Other Borrowings(4)
7,839.5 6,534.5 1,305.0 20 %
Senior Notes3,345.5 2,809.3 536.2 19 %
Long-Term Debt2,881.6 4,085.6 (1,204.0)(29)%
Total Interest-Bearing Liabilities126,770.2 125,263.0 1,507.2 1 %
Demand and Other Noninterest-Bearing Deposits29,299.4 21,905.3 7,394.1 34 %
Other Liabilities5,517.4 5,024.4 493.0 10 %
Total Liabilities161,587.0 152,192.7 9,394.3 6 %
Common Equity, excluding Accumulated Other Comprehensive Income12,739.0 12,733.1 5.9 — %
Accumulated Other Comprehensive Income (Loss)(636.6)(739.5)102.9 (14)%
Preferred Equity884.9 884.9 — — %
Total Stockholders' Equity12,987.3 12,878.5 108.8 1 %
Total Liabilities and Stockholders' Equity$174,574.3 $165,071.2 $9,503.1 6 %
(1)
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.
(2)
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.
(3)
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.
(4)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
(5)Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
5

Northern Trust Corporation
BALANCE SHEET TRENDS
  PERIOD AVERAGES(1)
($ in Millions)
20252026
20212022202320242025Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$39,028.2 $36,248.8 $31,205.4 $35,179.9 $37,385.8 Federal Reserve and Other Central Bank Deposits$37,161.0 $43,655.3 $33,754.2 $35,035.8 $42,554.7 
5,779.7 4,192.5 4,333.9 4,800.8 5,374.4 
Interest-Bearing Due from and Deposits with Banks(2)
4,877.6 5,321.5 5,237.7 6,049.6 6,014.6 
1,067.5 1,076.7 957.0 727.9 1,004.5 Federal Funds Sold and Securities Purchased under Agreements to Resell394.5 713.2 1,300.4 1,593.7 1,186.8 
Debt Securities:
38,986.9 32,060.2 24,356.6 26,871.9 32,092.4 Available For Sale30,168.3 31,415.0 33,022.7 33,714.2 35,780.4 
20,617.0 22,970.0 25,511.9 23,230.7 22,003.6 Held To Maturity21,821.9 20,895.9 22,129.7 23,151.0 23,883.3 
0.6 12.1 0.5 — — Trading Account— — — — — 
59,604.5 55,042.3 49,869.0 50,102.6 54,096.0    Total Debt Securities51,990.2 52,310.9 55,152.4 56,865.2 59,663.7 
37,207.5 41,030.6 42,177.0 40,916.7 41,073.1 Loans and Leases41,076.5 41,158.0 41,500.6 40,558.3 40,894.3 
1,185.6 1,248.1 2,259.0 2,688.4 2,625.6 
Other Interest-Earning Assets(3)
2,508.1 2,663.1 2,393.6 2,935.5 3,363.3 
143,873.0 138,839.0 130,801.3 134,416.3 141,559.4 Total Earning Assets138,007.9 145,822.0 139,338.9 143,038.1 153,677.4 
(173.0)(154.1)(172.8)(185.2)(178.3)Allowance for Credit Losses(175.6)(174.9)(188.0)(174.8)(175.1)
2,285.9 2,069.5 1,771.6 1,698.8 1,114.4 
Cash and Due From Banks and Other Central Bank Deposits(4)
1,041.2 1,069.8 1,159.3 1,185.1 1,137.0 
502.7 488.7 484.8 488.0 473.6 Buildings and Equipment484.8 479.3 468.4 462.3 459.8 
707.3 692.2 696.2 699.8 707.3 Goodwill696.4 709.1 712.6 711.0 713.5 
9,167.3 10,616.6 9,068.1 9,515.8 9,816.8 Other Assets10,207.4 9,813.9 9,550.3 9,704.0 9,484.7 
$156,363.2 $152,551.9 $142,649.2 $146,633.5 $153,493.2 Total Assets$150,262.1 $157,719.2 $151,041.5 $154,925.7 $165,297.3 
Liabilities and Stockholders' Equity
$28,339.0 $30,205.0 $24,172.4 $26,236.3 $28,148.7 Savings, Money Market and Other$27,720.5 $28,797.4 $28,348.7 $27,725.8 $29,244.9 
887.2 1,059.7 3,341.2 5,856.9 6,744.6 Savings Certificates and Other Time6,874.0 6,652.0 6,700.1 6,754.3 5,785.2 
69,713.4 65,031.3 60,008.6 63,854.7 66,859.4 Non-U.S. Offices - Interest-Bearing64,454.3 70,158.0 65,354.5 67,454.2 75,261.9 
98,939.6 96,296.0 87,522.2 95,947.9 101,752.7 Total Interest-Bearing Deposits99,048.8 105,607.4 100,403.3 101,934.3 110,292.0 
190.6 1,407.8 5,144.3 2,616.4 2,422.0 Federal Funds Purchased2,393.6 2,469.0 2,467.7 2,357.7 2,576.7 
232.0 433.6 401.5 518.5 506.8 Securities Sold under Agreements to Repurchase442.4 584.6 500.4 499.2 483.8 
5,049.8 5,463.5 10,339.5 6,980.3 7,007.5 
Other Borrowings(5)
7,024.4 7,008.2 6,938.4 7,059.4 7,638.3 
2,856.4 2,756.0 2,734.0 2,764.0 2,882.4 Senior Notes2,781.6 2,818.2 2,839.6 3,087.3 3,352.8 
1,166.1 1,258.9 2,586.0 4,073.2 4,043.0 Long-Term Debt4,083.5 4,087.8 4,092.0 3,909.8 3,472.7 
218.4 — — — — Floating Rate Capital Debt— — — — — 
108,652.9 107,615.8 108,727.5 112,900.3 118,614.4 Total Interest-Bearing Liabilities115,774.3 122,575.2 117,241.4 118,847.7 127,816.3 
31,143.5 29,296.4 17,723.3 16,752.4 16,959.2 Demand and Other Noninterest-Bearing Deposits16,870.3 16,770.4 16,297.3 17,894.9 18,739.8 
4,869.8 4,558.3 4,701.6 4,681.0 5,243.7 Other Liabilities5,013.5 5,761.5 4,795.8 5,404.7 5,980.0 
144,666.2 141,471.0 131,152.4 134,333.7 140,817.3 Total Liabilities137,658.1 145,107.1 138,334.5 142,147.3 152,536.1 
10,629.6 11,512.3 11,964.6 12,287.4 12,508.0 Common Equity, excluding Accumulated Other Comprehensive Income12,527.2 12,500.4 12,496.7 12,508.2 12,443.4 
182.5 (1,315.8)(1,352.7)(872.5)(717.0)Accumulated Other Comprehensive Income (Loss)(808.1)(773.2)(674.6)(614.7)(567.1)
884.9 884.9 884.9 884.9 884.9 Preferred Equity884.9 884.9 884.9 884.9 884.9 
11,697.0 11,081.4 11,496.8 12,299.8 12,675.9 Total Stockholders' Equity12,604.0 12,612.1 12,707.0 12,778.4 12,761.2 
$156,363.2 $152,551.9 $142,649.2 $146,633.5 $153,493.2 Total Liabilities and Stockholders' Equity$150,262.1 $157,719.2 $151,041.5 $154,925.7 $165,297.3 
(1)
Summations may not equal due to rounding.
(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.
6

Northern Trust Corporation
BALANCE SHEET MIX TRENDS
PERIOD AVERAGES(1)
20252026
20212022202320242025Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
25.0 %23.8 %21.9 %24.0 %24.4 %Federal Reserve and Other Central Bank Deposits24.7 %27.7 %22.3 %22.6 %25.7 %
3.7 2.7 3.0 3.3 3.5 
Interest-Bearing Due from and Deposits with Banks(2)
3.2 3.4 3.5 3.9 3.6 
0.7 0.7 0.7 0.5 0.7 Federal Funds Sold and Securities Purchased under Agreements to Resell0.3 0.5 0.9 1.0 0.7 
Debt Securities:
24.9 21.0 17.1 18.3 20.9 Available For Sale20.1 19.9 21.9 21.8 21.6 
13.2 15.1 17.9 15.8 14.3 Held To Maturity14.5 13.2 14.7 14.9 14.4 
38.1 36.1 35.0 34.2 35.2    Total Debt Securities34.6 33.2 36.5 36.7 36.1 
23.8 26.9 29.6 27.9 26.8 Loans and Leases27.3 26.1 27.5 26.2 24.7 
0.8 0.8 1.6 1.8 1.7 
Other Interest-Earning Assets(3)
1.7 1.7 1.6 1.9 2.0 
92.0 91.0 91.7 91.7 92.2 Total Earning Assets91.8 92.5 92.3 92.3 93.0 
(0.1)(0.1)(0.1)(0.1)(0.1)Allowance for Credit Losses(0.1)(0.1)(0.1)(0.1)(0.1)
1.5 1.4 1.2 1.2 0.7 
Cash and Due From Banks and Other Central Bank Deposits(4)
0.7 0.7 0.8 0.8 0.7 
0.3 0.3 0.3 0.3 0.3 Buildings and Equipment0.3 0.3 0.3 0.3 0.3 
0.5 0.5 0.5 0.5 0.5 Goodwill0.5 0.4 0.5 0.5 0.4 
5.9 7.0 6.4 6.5 6.4 Other Assets6.8 6.2 6.3 6.3 5.7 
100.0 %100.0 %100.0 %100.0 %100.0 %Total Assets100.0 %100.0 %100.0 %100.0 %100.0 %
Liabilities and Stockholders' Equity
18.1 %19.8 %16.9 %17.9 %18.3 %Savings, Money Market and Other18.4 %18.3 %18.8 %17.9 %17.7 %
0.6 0.7 2.3 4.0 4.4 Savings Certificates and Other Time4.6 4.2 4.4 4.4 3.5 
44.6 42.6 42.1 43.5 43.6 Non-U.S. Offices - Interest-Bearing42.9 44.5 43.3 43.5 45.5 
63.3 63.1 61.4 65.4 66.3 Total Interest-Bearing Deposits65.9 67.0 66.5 65.8 66.7 
0.1 0.9 3.6 1.8 1.6 Federal Funds Purchased1.6 1.6 1.6 1.5 1.6 
0.1 0.3 0.3 0.4 0.3 Securities Sold under Agreements to Repurchase0.3 0.4 0.3 0.3 0.3 
3.2 3.6 7.2 4.8 4.6 
Other Borrowings(5)
4.7 4.4 4.6 4.6 4.6 
1.8 1.8 1.9 1.9 1.9 Senior Notes1.9 1.8 1.9 2.0 2.0 
0.7 0.8 1.8 2.8 2.6 Long-Term Debt2.7 2.6 2.7 2.5 2.1 
0.1 — — — — Floating Rate Capital Debt— — — — — 
69.5 70.5 76.2 77.0 77.3 Total Interest-Bearing Liabilities77.0 77.7 77.6 76.7 77.3 
19.9 19.2 12.4 11.4 11.0 Demand and Other Noninterest-Bearing Deposits11.2 10.6 10.8 11.6 11.3 
3.1 3.0 3.3 3.2 3.4 Other Liabilities3.3 3.7 3.2 3.5 3.6 
92.5 92.7 91.9 91.6 91.7 Total Liabilities91.6 92.0 91.6 91.8 92.3 
6.8 7.5 8.4 8.4 8.1 Common Equity, excluding Accumulated Other Comprehensive Income8.3 7.9 8.3 8.1 7.5 
0.1 (0.8)(0.9)(0.6)(0.5)Accumulated Other Comprehensive Income (Loss)(0.5)(0.5)(0.4)(0.4)(0.3)
0.6 0.6 0.6 0.6 0.6 Preferred Equity0.6 0.6 0.6 0.6 0.5 
7.5 7.3 8.1 8.4 8.3 Total Stockholders' Equity8.4 8.0 8.4 8.2 7.7 
100.0 %100.0 %100.0 %100.0 %100.0 %Total Liabilities and Stockholders' Equity100.0 %100.0 %100.0 %100.0 %100.0 %
(1)
Summations may not equal due to rounding.
(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.

7

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 11 and 12. 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).
20252026
20212022202320242025Earnings Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
0.03 %1.30 %4.69 %4.93 %3.92 %Federal Reserve and Other Central Bank Deposits4.15 %4.01 %3.84 %3.63 %3.46 %
0.16 1.11 3.00 2.55 1.61 
Interest-Bearing Due from and Deposits with Banks(2)
1.95 1.64 1.57 1.35 1.31 
0.33 9.65 165.68 458.90 281.64 
Federal Funds Sold and Securities Purchased under Agreements to Resell(3)(4)
705.95 389.92 217.12 183.61 282.59 
Debt Securities:
1.28 1.91 4.35 5.37 4.60 Available for Sale4.73 4.69 4.60 4.41 4.18 
0.80 1.26 1.87 1.94 1.86 Held to Maturity1.94 1.85 1.79 1.85 2.05 
1.59 3.84 13.50 — — Trading Account— — — — — 
1.11 1.64 3.08 3.78 3.49    Total Debt Securities3.56 3.56 3.47 3.37 3.33 
1.92 3.28 6.06 6.28 5.56 Loans and Leases5.68 5.62 5.59 5.33 5.08 
3.43 4.03 4.87 4.85 4.00 
Other Interest-Earning Assets(5)
3.88 3.81 3.81 4.44 3.62 
1.00 %2.11 %5.64 %7.29 %6.11 %Total Earning Assets6.31 %6.10 %6.12 %5.93 %5.92 %
Interest-Bearing Funds
0.05 %0.74 %2.85 %3.66 %3.03 %Savings, Money Market and Other3.11 %3.10 %3.16 %2.72 %2.57 %
0.55 1.68 4.54 5.11 4.30 Savings Certificates and Other Time4.48 4.31 4.25 4.14 3.87 
(0.11)0.56 3.07 3.38 2.28 Non-U.S. Offices - Interest-Bearing2.60 2.45 2.19 1.89 1.89 
(0.06)0.63 3.07 3.56 2.62 Total Interest-Bearing Deposits2.87 2.74 2.60 2.26 2.18 
(0.19)2.43 4.99 4.94 3.89 Federal Funds Purchased4.00 3.97 3.99 3.59 3.35 
0.07 20.94 383.84 632.65 545.26 
Securities Sold under Agreements to Repurchase(3)(6)
617.15 467.05 551.02 567.72 674.42 
0.28 2.31 5.25 5.20 4.48 
Other Borrowings(7)
4.60 4.60 4.55 4.17 4.01 
1.69 3.36 6.22 6.28 5.47 Senior Notes5.65 5.55 5.50 5.19 4.97 
1.81 3.49 5.69 5.49 5.46 Long-Term Debt5.52 5.48 5.46 5.38 5.35 
0.78 — — — — Floating Rate Capital Debt— — — — — 
0.02 %0.92 %4.91 %6.72 %5.24 %Total Interest-Bearing Liabilities5.51 %5.24 %5.26 %4.96 %5.01 %
0.98 %1.19 %0.73 %0.57 %0.87 %Net Interest Spread0.80 %0.86 %0.86 %0.97 %0.91 %
0.99 %1.39 %1.56 %1.64 %1.72 %Net Interest Margin1.69 %1.69 %1.70 %1.81 %1.75 %
(1)
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.
(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)
Includes the impact of balance sheet netting under master netting arrangements of approximately $88.1 billion for the three months ended March 31, 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.
(4)
Excluding the impact of netting, the average interest rate on Federal Funds Sold and Securities Purchased under Agreements to Resell would be approximately 3.76% for the three months ended March 31, 2026 including balances and rates for FICC reverse repurchase agreements ($88.1 billion / 3.77%), Non-FICC reverse repurchase agreements ($1.1 billion / 3.02%) and federal funds sold ($0.4 million / 3.85%).
(5)
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.
(6)
Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 3.68% for the three months ended March 31, 2026 including balances and rates for FICC repurchase agreements ($88.1 billion / 3.69%) and Non-FICC repurchase agreements ($0.5 billion / 3.35%).
(7)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
8

Northern Trust Corporation
ASSET QUALITY
END OF PERIOD
($ in Millions)
20252026
202120222023202420251st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$259.9 $184.7 $200.9 $220.4 $206.1 Beginning Allowance for Credit Losses$206.1 $207.3 $224.1 $206.7 $198.3 
(81.5)12.0 24.5 (3.0)(7.5)Provision for Credit Losses1.0 16.5 (17.0)(8.0)(3.0)
(Charge-offs) Recoveries
(0.7)(6.0)(8.7)(15.5)(3.9)Charge-offs(0.3)(0.1)(2.1)(1.4)(0.4)
7.0 10.2 3.7 4.2 3.6 Recoveries0.5 0.4 1.7 1.0 0.3 
6.3 4.2 (5.0)(11.3)(0.3)Net (Charge-offs) Recoveries0.2 0.3 (0.4)(0.4)(0.1)
$184.7 $200.9 $220.4 $206.1 $198.3 Ending Allowance for Credit Losses$207.3 $224.1 $206.7 $198.3 $195.2 
Allowance for Credit Losses Assigned to:
$138.4 $144.3 $178.7 $168.0 $164.3 Loans and Leases$167.1 $180.5 $164.4 $164.3 $161.1 
34.1 38.5 26.9 30.4 23.3 Undrawn Loan Commitments and Standby Letters of Credit32.8 34.7 32.1 23.3 25.5 
12.2 18.1 14.8 7.7 10.7 Debt Securities and Other Financial Assets7.4 8.9 10.2 10.7 8.6 
$184.7 $200.9 $220.4 $206.1 $198.3 Total Allowance for Credit Losses$207.3 $224.1 $206.7 $198.3 $195.2 
$37,208 $41,031 $42,177 $40,917 $41,073 Average Loans and Leases Outstanding$41,077 $41,158 $41,501 $40,558 $40,894 
Annualized Loan-Related Net (Charge-offs) Recoveries to
0.02 %0.01 %(0.01)%(0.03)%— %Average Loans and Leases— %— %— %— %— %
$40,481 $42,893 $47,617 $43,391 $41,948 End of Period Loans and Leases Outstanding$40,833 $43,323 $42,949 $41,948 $42,506 
Allowance for Credit Losses Assigned to Loans
0.34 %0.34 %0.38 %0.39 %0.39 %and Leases to Total Loans and Leases0.41 %0.42 %0.38 %0.39 %0.38 %
Nonaccrual Assets
$122.3 $45.9 $63.6 $56.0 $76.7 Nonaccrual Loans and Leases$73.1 $92.8 $78.8 $76.7 $55.0 
3.0 — 1.5 — — Other Real Estate Owned (OREO)— — — — — 
$125.3 $45.9 $65.1 $56.0 $76.7 Total Nonaccrual Assets$73.1 $92.8 $78.8 $76.7 $55.0 
0.31 %0.11 %0.14 %0.13 %0.18 %Nonaccrual Assets to Loans and Leases and OREO0.18 %0.21 %0.18 %0.18 %0.13 %
Loans and Leases Allowance to Nonaccrual
1.1x3.1x2.8x3.0x2.1xLoans and Leases2.3x1.9x2.1x2.1x2.9x
9

Northern Trust Corporation
ASSETS UNDER MANAGEMENT AND CUSTODY
END OF PERIOD
($ in Billions)
20252026
20212022202320242025Assets Under Management1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,191.0 $898.1 $1,032.0 $1,159.7 $1,296.0 Asset Servicing$1,160.9 $1,229.2 $1,280.1 $1,296.0 $1,287.3 
Asset allocation:
626.6 485.0 563.9 644.6 712.6 Equities625.8 666.7 702.5 712.6 688.3 
132.6 107.1 116.2 127.2 140.3 Fixed Income Securities130.2 131.9 136.4 140.3 138.8 
236.2 157.7 184.5 211.7 235.3 Cash and Other Assets214.2 225.2 235.1 235.3 244.2 
195.6 148.3 167.4 176.2 207.8 Securities Lending Collateral190.7 205.4 206.1 207.8 216.0 
$416.1 $351.4 $402.5 $450.7 $507.2 Wealth Management$446.9 $468.5 $492.6 $507.2 $497.6 
Asset allocation:
229.9 186.3 221.6 258.5 303.0 Equities254.2 276.9 299.0 303.0 295.8 
83.5 79.4 87.2 90.3 94.9 Fixed Income Securities91.2 91.6 93.6 94.9 94.8 
102.7 85.7 93.7 101.6 108.8 Cash and Other Assets101.1 99.4 99.5 108.8 106.4 
— — — 0.3 0.5 Securities Lending Collateral0.4 0.6 0.5 0.5 0.6 
$1,607.1 $1,249.5 $1,434.5 $1,610.4 $1,803.2 Total Assets Under Management$1,607.8 $1,697.7 $1,772.7 $1,803.2 $1,784.9 
Asset allocation:
$856.5 $671.3 $785.5 $903.1 $1,015.6 Equities$880.0 $943.6 $1,001.5 $1,015.6 $984.1 
216.1 186.5 203.4 217.5 235.2 Fixed Income Securities221.4 223.5 230.0 235.2 233.6 
338.9 243.4 278.2 313.3 344.1 Cash and Other Assets315.3 324.6 334.6 344.1 350.6 
195.6 148.3 167.4 176.5 208.3 Securities Lending Collateral191.1 206.0 206.6 208.3 216.6 
Assets Under Custody / Administration
$15,183.2 $12,705.5 $14,362.6 $15,640.1 $17,418.4 Asset Servicing$15,804.7 $16,864.9 $16,990.4 $17,418.4 $17,288.6 
1,065.6 898.5 1,042.3 1,147.9 1,297.7 Wealth Management1,119.3 1,203.4 1,257.2 1,297.7 1,265.3 
$16,248.8 $13,604.0 $15,404.9 $16,788.0 $18,716.1 Total Assets Under Custody / Administration$16,924.0 $18,068.3 $18,247.6 $18,716.1 $18,553.9 
Assets Under Custody
$11,554.8 $9,712.3 $10,882.0 $12,214.0 $13,604.8 Asset Servicing$12,163.6 $13,056.5 $13,195.0 $13,604.8 $13,521.1 
Asset allocation:
5,404.3 4,312.8 5,028.9 5,938.6 6,582.0 Equities5,832.8 6,420.1 6,402.7 6,582.0 6,425.2 
3,997.5 3,252.1 3,600.4 3,742.1 4,271.9 Fixed Income Securities3,868.6 4,053.4 4,140.8 4,271.9 4,305.6 
1,957.4 1,999.1 2,085.3 2,357.1 2,543.1 Cash and Other Assets2,271.5 2,377.6 2,445.4 2,543.1 2,574.3 
195.6 148.3 167.4 176.2 207.8 Securities Lending Collateral190.7 205.4 206.1 207.8 216.0 
$1,057.5 $892.3 $1,034.5 $1,135.2 $1,284.3 Wealth Management$1,105.9 $1,187.2 $1,244.1 $1,284.3 $1,254.2 
Asset allocation:
644.8 497.9 623.6 700.4 777.0 Equities669.0 736.7 763.8 777.0 751.4 
142.1 134.0 136.7 142.8 163.9 Fixed Income Securities147.1 149.6 157.1 163.9 161.8 
270.6 260.4 274.2 291.7 342.9 Cash and Other Assets289.4 300.3 322.7 342.9 340.4 
— — — 0.3 0.5 Securities Lending Collateral0.4 0.6 0.5 0.5 0.6 
$12,612.3 $10,604.6 $11,916.5 $13,349.2 $14,889.1 Total Assets Under Custody$13,269.5 $14,243.7 $14,439.1 $14,889.1 $14,775.3 
Asset allocation:
$6,049.1 $4,810.7 $5,652.5 $6,639.0 $7,359.0 Equities$6,501.8 $7,156.8 $7,166.5 $7,359.0 $7,176.6 
4,139.6 3,386.1 3,737.1 3,884.9 4,435.8 Fixed Income Securities4,015.7 4,203.0 4,297.9 4,435.8 4,467.4 
2,228.0 2,259.5 2,359.5 2,648.8 2,886.0 Cash and Other Assets2,560.9 2,677.9 2,768.1 2,886.0 2,914.7 
195.6 148.3 167.4 176.5 208.3 Securities Lending Collateral191.1 206.0 206.6 208.3 216.6 
Memo
$144.9 $119.9 $144.3 $170.2 $194.4 WM Global Family Office AUM$169.7 $176.1 $186.1 $194.4 $187.5 
742.6 614.9 728.0 802.4 908.2 WM Global Family Office AUC779.2 836.7 875.8 908.2 883.5 
10

Northern Trust Corporation
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
($ in Millions)
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.
20252026
202120222023202420251st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,406.5 $2,877.7 $7,325.0 $9,762.3 $8,624.6 Interest Income - GAAP$2,140.9 $2,212.8 $2,144.3 $2,126.6 $2,234.0 
35.6 45.6 57.5 31.8 28.5 Add: FTE Adjustment5.6 4.7 5.5 12.7 7.6
1,442.1 2,923.3 7,382.5 9,794.1 8,653.1 Interest Income (FTE) - Non-GAAP2,146.5 2,217.5 2,149.8 2,139.3 2,241.6 
1,382.7 1,887.2 1,982.0 2,177.1 2,411.0 Net Interest Income - GAAP568.1 610.5 590.8 641.6 654.0
35.6 45.6 57.5 31.8 28.5 Add: FTE Adjustment5.6 4.7 5.5 12.7 7.6
1,418.3 1,932.8 2,039.5 2,208.9 2,439.5 Net Interest Income (FTE) - Non-GAAP573.7 615.2 596.3 654.3 661.6
6,464.5 6,761.2 6,773.5 8,290.4 8,086.4 Total Revenue - GAAP1,940.0 1,997.9 2,025.4 2,123.1 2,205.6 
35.6 45.6 57.5 31.8 28.5 Add: FTE Adjustment5.6 4.7 5.5 12.7 7.6
6,500.1 6,806.8 6,831.0 8,322.2 8,114.9 Total Revenue (FTE) - Non-GAAP1,945.6 2,002.6 2,030.9 2,135.8 2,213.2 
2,010.1 1,766.3 1,464.8 2,659.5 2,339.5 Income before Income Taxes - GAAP521.4 564.8 619.5 633.8 700.6
35.6 45.6 57.5 31.8 28.5 Add: FTE Adjustment5.6 4.7 5.5 12.7 7.6
2,045.7 1,811.9 1,522.3 2,691.3 2,368.0 Income before Income Taxes (FTE) - Non-GAAP527.0 569.5 625.0 646.5 708.2
464.8 430.3 357.5 628.4 602.6 Provision for Income Taxes - GAAP129.4 143.5 161.9 167.8 175.1
35.6 45.6 57.5 31.8 28.5 Add: FTE Adjustment5.6 4.7 5.5 12.7 7.6
500.4 475.9 415.0 660.2 631.1 Provision for Income Taxes (FTE) - Non-GAAP135.0 148.2 167.4 180.5 182.7
11

Northern Trust Corporation
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
RATIOS
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.
20252026
202120222023202420251st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
31.1 %26.1 %21.6 %32.1 %28.9 %
Pre-Tax Margin - GAAP (1)
26.9 %28.3 %30.6 %29.9 %31.8 %
31.5 %26.6 %22.3 %32.3 %29.2 %
Pre-Tax Margin (FTE) - Non-GAAP (1)
27.1 %28.4 %30.8 %30.3 %32.0 %
23.1 %24.4 %24.4 %23.6 %25.8 %
Effective Tax Rate - GAAP (2)
24.8 %25.4 %26.1 %26.5 %25.0 %
24.5 %26.3 %27.3 %24.5 %26.6 %
Effective Tax Rate (FTE) - Non-GAAP (2)
25.6 %26.0 %26.8 %27.9 %25.8 %
78.6 %72.1 %70.7 %73.7 %70.2 %
Noninterest Income to Total Revenue - GAAP (3)
70.7 %69.4 %70.8 %69.8 %70.4 %
78.2 %71.6 %70.1 %73.5 %69.9 %
Noninterest Income to Total Revenue (FTE) - Non-GAAP (3)
70.5 %69.3 %70.6 %69.4 %70.1 %
67.5 %65.6 %64.4 %57.0 %62.1 %
Trust Fees to Total Revenue - GAAP (4)
62.6 %61.6 %62.5 %61.6 %60.8 %
67.1 %65.1 %63.9 %56.8 %61.8 %
Trust Fees to Total Revenue (FTE) - Non-GAAP (4)
62.4 %61.5 %62.3 %61.2 %60.6 %
0.96 %1.15 %0.69 %0.54 %0.85 %
Net Interest Spread - GAAP (5)
0.78 %0.85 %0.85 %0.94 %0.89 %
0.98 %1.19 %0.73 %0.57 %0.87 %
Net Interest Spread (FTE) - Non-GAAP (5)
0.80 %0.86 %0.86 %0.97 %0.91 %
0.96 %1.36 %1.52 %1.62 %1.70 %
Net Interest Margin - GAAP (6)
1.67 %1.68 %1.68 %1.78 %1.73 %
0.99 %1.39 %1.56 %1.64 %1.72 %
Net Interest Margin (FTE) - Non-GAAP (6)
1.69 %1.69 %1.70 %1.81 %1.75 %
(1)
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.
(2)
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.
(3)
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.
(4)
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.
(5)
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).
(6)
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.
12

Source: View Original Filing on SEC EDGAR

FAQ

How did Northern Trust (NTRS) perform financially in Q1 2026?

Northern Trust reported strong Q1 2026 results, with net income of $525.5 million and diluted EPS of $2.71. Revenue on a fully taxable equivalent basis was $2.21 billion, up 14% year-over-year, while net income grew 34% compared to Q1 2025.

How did Northern Trust’s Q1 2026 results compare to the prior year?

Compared to Q1 2025, Northern Trust increased diluted EPS by 43% from $1.90 to $2.71. Net income rose from $392.0 million to $525.5 million, and total revenue (FTE) grew from $1.95 billion to $2.21 billion, reflecting broad-based growth.

What were Northern Trust’s key profitability metrics in Q1 2026?

In Q1 2026, Northern Trust generated a pre-tax margin (FTE) of 32.0% and a return on average common equity of 17.4%. Positive operating leverage of roughly 740 basis points came from 14% revenue growth versus only 6% expense growth year-over-year.

How large were Northern Trust’s client assets at March 31, 2026?

As of March 31, 2026, Northern Trust reported assets under custody/administration of about $18.6 trillion and assets under management of about $1.8 trillion. These large client asset balances drive its trust, investment and other servicing fees, the largest component of noninterest income.

What capital levels and ratios did Northern Trust report for Q1 2026?

Northern Trust reported strong regulatory capital, including a standardized Common Equity Tier 1 ratio of 12.0% and total capital ratio of 15.3%. Management noted these levels exceed U.S. “well-capitalized” requirements, supporting dividends, share repurchases and ongoing business growth.

How much capital did Northern Trust return to shareholders in Q1 2026?

In Q1 2026, Northern Trust returned 100% of earnings to common shareholders. It declared $150.8 million of common stock dividends and repurchased $358.9 million of common stock, including 2,488,148 shares at an average price of $144.25 per share.

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