Northern Trust

NTRS · Nasdaq · Financials · Financials, fiscal 2016 to 2025

NTRS · Last close · October 26, 2026

$169.55

Northern Trust's revenue fell 2.5% to $8.1 billion in fiscal 2025. Net income was $1.7 billion, down 14.5%. Its return on equity was 13.5%, down from 16.5% a year earlier. Its efficiency ratio was 71.2%, up from 68.0% a year earlier. It paid out $1.9 billion in dividends and buybacks. The diluted share count fell 4.8%.

NORTHERN TRUST CORP Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0000073124-26-000016 Updated October 9, 2026

Revenue

$8.1B

2.5%

Net income

$1.7B

14.5%

Return on equity

13.5%

3.0 pts

Return on tangible equity

13.9%

3.1 pts

Efficiency ratio

71.2%

3.2 pts

Market cap

$31.3B

Oct 26 close

P/E

19.4x

On $8.74 EPS, FY25

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. From 2020 Northern Trust's filings tag its loans only before the allowance for losses, so loans and the loan-based ratios are left blank.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 8.1% a year and net income 5.9% a year, as buybacks cut the share count by 16%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value Northern Trust yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Northern Trust's earnings per share of $8.74 (in fiscal 2025). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Northern Trust's own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2025, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: State Street, Ameriprise Financial, BNY Mellon, Huntington Bancshares.

Earnings growth in the years ahead (% a year) Starts at Northern Trust's revenue growth over the last 3 years, 6.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $169.55
Value at this multiple, against the last close: —
Northern Trust's P/E at the last close: 19.4×

Company	Last close	Earnings per share	P/E today
Northern TrustNTRS	$169.55	$8.74	19.4×
BNY MellonBNY	$147.18	$8.58	17.2×
State StreetSTT	$169.94	$11.34	15.0×
Huntington BancsharesHBAN	$15.73	$1.30	12.1×
Ameriprise FinancialAMP	$493.60	$41.44	11.9×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	—	—	—	—	—
Deposits	159,928	123,932	116,164	122,483	142,798
Loans to deposits	—	—	—	—	—
Provision for credit losses	−59	2	38	1	−3
Provision to average loans	—	—	—	—	—
Total assets	183,890	155,037	150,783	155,508	177,133
Shareholders' equity	12,017	11,260	11,898	12,788	12,958

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 2 insiders bought $803,809 of Northern Trust shares on the open market, and 9 insiders sold $15.4 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 24, 2026	Thomas A SouthExecutive Vice President	Sold	1,800	$184.90	$332,820	Form 4
Jul 29, 2026	Robert Edward Moritz Jr.Director	Bought	255	$179.57	$45,790	Form 4
Jun 3, 2026	Aengus HallinanExecutive Vice President	Sold	3,668	$167.36	$613,880	Form 4
May 1, 2026	Robert Edward Moritz Jr.Director	Bought	225	$166.41	$37,442	Form 4
Apr 29, 2026	David W Fox JrEVP & Chief Financial Officer	Sold	13	$165.74	$2,155	Form 4
Apr 28, 2026	David W Fox JrEVP & Chief Financial Officer	Sold	19,987	$166.16	$3.3 million	Form 4
Apr 24, 2026	Clive BellowsCo-President Asset Servicing	Sold	2,800	$165.02	$462,056	Form 4
Mar 5, 2026	Guy GibsonCo-President Asset Servicing	Sold	3,009	$142.39	$428,452	Form 4
Mar 4, 2026	David W Fox JrEVP & Chief Financial Officer	Sold	3,255	$143.89	$468,362	Form 4
Feb 25, 2026	David W Fox JrEVP & Chief Financial Officer	Sold	1,450	$144.05	$208,873	Form 4
Feb 12, 2026	Clive BellowsCo-President Asset Servicing	Sold	1,148	$145.26	$166,758	Form 4
Feb 12, 2026	Guy GibsonCo-President Asset Servicing	Sold	1,043	$147.43	$153,769	Form 4

The latest 12 of 21 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Northern Trust side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Northern Trust	FY25	−2.5%	21.5%	13.5%	13.9%	71.2%
State Street	FY25	7.3%	21.1%	11.1%	14.6%	72.8%	Compare
Ameriprise Financial	FY25	5.5%	18.8%	—	79.7%	—	Compare
BNY Mellon	FY25	7.8%	27.6%	13.0%	28.4%	65.0%	Compare
Huntington Bancshares	FY25	10.6%	27.1%	10.0%	15.0%	61.4%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,962	5,375	5,960	6,073	6,101	6,464	6,761	6,774	8,290	8,086
Revenue growth	5.5%	8.3%	10.9%	1.9%	0.5%	6.0%	4.6%	0.2%	22.4%	−2.5%
Net interest income	1,235	1,429	1,623	1,678	1,443	1,383	1,887	1,982	2,177	2,411
Noninterest income	3,727	3,946	4,338	4,395	4,658	5,082	4,874	4,792	6,113	5,675
Noninterest expense	3,471	3,769	4,017	4,144	4,348	4,536	4,983	5,284	5,634	5,754
Provision for credit losses	—	—	−18	−9	92	−59	2	38	1	−3
Net income	1,032	1,199	1,556	1,492	1,209	1,545	1,336	1,107	2,031	1,737
Diluted EPS (US$)	4.32	4.92	6.64	6.63	5.46	7.14	6.14	5.08	9.77	8.74
Diluted shares (millions)	229	230	224	216	209	209	209	208	202	192
Payouts
Dividends paid	333	357	405	530	585	583	750	622	602	592
Share buybacks	411	523	924	1,100	300	268	35	348	938	1,274
Balance sheet at fiscal year end
Loans, net	33,661	32,461	32,377	31,305	—	—	—	—	—	—
Deposits	101,652	112,391	104,497	109,121	143,878	159,928	123,932	116,164	122,483	142,798
Total assets	123,927	138,590	132,212	136,828	170,004	183,890	155,037	150,783	155,508	177,133
Shareholders' equity	9,770	10,216	10,508	11,081	11,688	12,017	11,260	11,898	12,788	12,958
Ratios
Return on equity	11.2%	12.0%	15.0%	13.8%	10.6%	13.0%	11.5%	9.6%	16.5%	13.5%
Return on tangible common equity	11.8%	12.2%	15.5%	14.3%	10.8%	13.5%	11.8%	9.8%	17.1%	13.9%
Return on assets	0.9%	0.9%	1.1%	1.1%	0.8%	0.9%	0.8%	0.7%	1.3%	1.0%
Efficiency ratio	70.0%	70.1%	67.4%	68.2%	71.3%	70.2%	73.7%	78.0%	68.0%	71.2%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Northern Trust's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Northern Trust.