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How Northern Trust (NTRS) makes money: Q2 2026 revenue breakdown
The quarter in brief
Revenue grew 35.0% y/y to $2.70B, pre-tax margin 39.5% vs 28.3%, net income $788M (+89.0% y/y).
Key growth driver: Revenue growth of +35% y/y — the report gives no segment split, so the driver is the whole business. · by the Q2 2026 report
Net income applicable to common stock
$788M
up 89.0% y/y
Total revenue
$2,698M
up 35.0% y/y
Next report
not announced yet
How does Northern Trust make money?
Northern Trust brought in $2.70 billion of revenue in Q2 2026, up 35.0% year over year. The largest source was Total noninterest income: $2.02 billion, or 75% of the total, followed by Net interest income ($676M, 25%). Net income for the quarter was $788 million, up 89.0% year over year.
Revenue by source, Q2 2026
- Total noninterest income$2.02B · 75% · +45.8%
- Net interest income$676M · 25% · +10.6%
Shares of $2.70B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Total noninterest income | $2,023 · +45.8% |
| Net interest income | $676 · +10.6% |
| Total revenue | $2,698 · +35.0% |
| Total noninterest expense | $1,639 · +15.7% |
| Provision for credit losses | $5.3 · vs −$16.5 |
| Income before income taxes | $1,065 · +88.5% · 39.5% margin |
| Provision for income taxes | $273 · +89.9% · 25.6% effective rate |
| Preferred stock dividends | $4.7 · +0.0% |
| Net income applicable to common stock | $788 · +89.0% · $4.23/sh · 29.2% margin |
Verdict: revenue grew 35.0% y/y to $2.70B, pre-tax margin 39.5% vs 28.3%, net income $788M (+89.0% y/y).
Diluted EPS $4.23 vs $2.13 a year earlier; return on average common equity 25.9%; assets under custody/administration $20,000.2 billion and assets under management $1,969.9 billion; quarterly dividend raised by $0.08, or 10%.
Source and notation
Source: Northern Trust earnings release and its exhibits, 8-K EX-99 of 07/22/2026 (SEC EDGAR). Bank layout: total revenue = net interest income + noninterest income; noninterest expense and the provision for credit losses are deducted to reach pre-tax income; preferred dividends separate net income from net income available to common shareholders. The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Noninterest income jumped to $2,022.5M from $1,387.4M, including a $525.4 million pre-tax gain from the second Visa, Inc. Exchange Offer and a $73.9 million loss on repositioning the securities portfolio.
- Noninterest expense rose 16% to $1,638.6M with $145.6 million of notable items: software dispositions, severance and a one-time equity grant to employees.
- Net interest income rose 11% to $675.5M.
- Pre-tax income was $1.06B, a 39.5% margin vs 28.3% a year earlier.
- The effective tax rate was 25.6% vs 25.4% a year earlier.
- Diluted EPS was $4.23 vs $2.13 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Northern Trust Corporation is an American financial services company headquartered in Chicago, Illinois, that caters to corporations, institutional investors, and ultra-high-net-worth individuals. · Text: Wikipedia, CC BY-SA 4.0, abridged
Northern Trust is one of the largest banking institutions in the United States and one of the oldest banks in continuous operation. As of December 31, 2025, it had $1.8 trillion in assets under management and $14.9 trillion in assets under custody. Northern Trust Corporation is incorporated in Delaware.
Company guidance
Same quarter a year ago (ended September 30, 2025): revenue $2.025B, EPS (GAAP) $2.29
How we calculate
Year-ago figures are GAAP, from the company's SEC filings (XBRL); EPS is diluted.
NTRS earnings history: past report dates
| Jul 22, 2026 Wed | 6:52 ambefore market open | Jun 30, 2026 | $2.7B+35% y/y | — |
| Apr 21, 2026 Tue | 6:56 ambefore market open | Mar 31, 2026 | $2.2B+14% y/y | $2.71+43% y/y |
| Jan 22, 2026 Thu | 7:03 ambefore market open | Dec 31, 2025 | ≈$2.1B+8% y/y | ≈$2.42+8% y/y |
| Oct 22, 2025 Wed | 7:05 ambefore market open | Sep 30, 2025 | $2.0B+3% y/y | $2.29+3% y/y |
| Jul 23, 2025 Wed | 7:11 ambefore market open | Jun 30, 2025 | $2.0B−26% y/y | $2.13−51% y/y |
| Apr 22, 2025 Tue | 7:13 ambefore market open | Mar 31, 2025 | $1.9B+18% y/y | $1.90+98% y/y |
| Jan 23, 2025 Thu | 7:10 ambefore market open | Dec 31, 2024 | ≈$2.0B | ≈$2.25+333% y/y |
| Oct 23, 2024 Wed | 7:06 ambefore market open | Sep 30, 2024 | $2.0B | $2.22+49% y/y |
| Jul 17, 2024 Wed | 7:14 ambefore market open | Jun 30, 2024 | $2.7B+55% y/y | $4.34+178% y/y |
| Apr 16, 2024 Tue | 7:12 ambefore market open | Mar 31, 2024 | $1.6B−6% y/y | $0.96−36% y/y |
| Jan 18, 2024 Thu | 6:58 ambefore market open | Dec 31, 2023 | — | ≈$0.52−27% y/y |
| Oct 18, 2023 Wed | 7:03 ambefore market open | Sep 30, 2023 | — | $1.49−17% y/y |
| Jul 19, 2023 Wed | 7:10 ambefore market open | Jun 30, 2023 | $1.8B−1% y/y | $1.56−16% y/y |
| Apr 25, 2023 Tue | 7:11 ambefore market open | Mar 31, 2023 | $1.7B+2% y/y | $1.51−15% y/y |
| Jan 19, 2023 Thu | 7:12 ambefore market open | Dec 31, 2022 | ≈$1.5B−9% y/y | ≈$0.71−63% y/y |
| Oct 19, 2022 Wed | 7:21 ambefore market open | Sep 30, 2022 | $1.8B+7% y/y | $1.80+0% y/y |
| Jul 20, 2022 Wed | 7:30 ambefore market open | Jun 30, 2022 | $1.8B+12% y/y | $1.86+8% y/y |
| Apr 26, 2022 Tue | 7:43 ambefore market open | Mar 31, 2022 | $1.7B+9% y/y | $1.77+4% y/y |
| Jan 20, 2022 Thu | 7:47 ambefore market open | Dec 31, 2021 | ≈$1.7B+10% y/y | ≈$1.92+71% y/y |
| Oct 20, 2021 Wed | 7:50 ambefore market open | Sep 30, 2021 | $1.6B+10% y/y | $1.80+36% y/y |
| Jul 21, 2021 Wed | 8:09 ambefore market open | Jun 30, 2021 | $1.6B+5% y/y | $1.72+18% y/y |
| Apr 20, 2021 Tue | 7:57 ambefore market open | Mar 31, 2021 | $1.6B−0% y/y | $1.70+10% y/y |
| Jan 21, 2021 Thu | 7:54 ambefore market open | Dec 31, 2020 | ≈$1.5B−2% y/y | ≈$1.12−35% y/y |
| Oct 21, 2020 Wed | 8:11 ambefore market open | Sep 30, 2020 | $1.5B−3% y/y | $1.32−22% y/y |
| Jul 22, 2020 Wed | 8:01 ambefore market open | Jun 30, 2020 | $1.5B−0% y/y | $1.46−17% y/y |
| Apr 21, 2020 Tue | 8:06 ambefore market open | Mar 31, 2020 | $1.6B+7% y/y | $1.55+5% y/y |
| Jan 22, 2020 Wed | 8:20 ambefore market open | Dec 31, 2019 | ≈$1.5B+3% y/y | ≈$1.71−5% y/y |
| Oct 23, 2019 Wed | 7:52 ambefore market open | Sep 30, 2019 | $1.5B+4% y/y | $1.69+7% y/y |
| Jul 24, 2019 Wed | 8:04 ambefore market open | Jun 30, 2019 | $1.5B+0% y/y | $1.75+4% y/y |
| Apr 23, 2019 Tue | 7:46 ambefore market open | Mar 31, 2019 | $1.5B+0% y/y | $1.48−6% y/y |
| Jan 23, 2019 Wed | 7:54 ambefore market open | Dec 31, 2018 | ≈$1.5B+6% y/y | ≈$1.80+19% y/y |
| Oct 17, 2018 Wed | 7:54 ambefore market open | Sep 30, 2018 | $1.5B+10% y/y | $1.58+32% y/y |
| Jul 18, 2018 Wed | 7:43 ambefore market open | Jun 30, 2018 | $1.5B+14% y/y | $1.68+50% y/y |
| Apr 17, 2018 Tue | 7:51 ambefore market open | Mar 31, 2018 | $1.5B+15% y/y | $1.58+45% y/y |
| Jan 24, 2018 Wed | 7:37 ambefore market open | Dec 31, 2017 | ≈$1.4B+15% y/y | ≈$1.51+36% y/y |
| Oct 18, 2017 Wed | 7:58 ambefore market open | Sep 30, 2017 | $1.3B+11% y/y | $1.20+11% y/y |
| Jul 19, 2017 Wed | 7:54 ambefore market open | Jun 30, 2017 | $1.3B+0% y/y | $1.12+2% y/y |
| Apr 25, 2017 Tue | 7:52 ambefore market open | Mar 31, 2017 | $1.3B+8% y/y | $1.09+6% y/y |
| Jan 18, 2017 Wed | 7:55 ambefore market open | Dec 31, 2016 | ≈$1.2B+7% y/y | ≈$1.11+12% y/y |
| Oct 19, 2016 Wed | 7:59 ambefore market open | Sep 30, 2016 | $1.2B+5% y/y | $1.08+13% y/y |
| Jul 20, 2016 Wed | 8:07 ambefore market open | Jun 30, 2016 | $1.3B+5% y/y | $1.10+0% y/y |
| Apr 19, 2016 Tue | 7:52 ambefore market open | Mar 31, 2016 | $1.2B+5% y/y | $1.03+10% y/y |
| Jan 20, 2016 Wed | 7:59 ambefore market open | Dec 31, 2015 | ≈$1.2B+2% y/y | ≈$0.99+1% y/y |
| Oct 21, 2015 Wed | 8:06 ambefore market open | Sep 30, 2015 | $1.2B+7% y/y | $0.96+14% y/y |
| Jul 22, 2015 Wed | 7:54 ambefore market open | Jun 30, 2015 | $1.3B+16% y/y | $1.10+47% y/y |
| Apr 21, 2015 Tue | 8:56 ambefore market open | Mar 31, 2015 | $1.1B+9% y/y | $0.94+25% y/y |
| Jan 21, 2015 Wed | 10:45 amduring market hours | Dec 31, 2014 | ≈$1.1B+8% y/y | ≈$0.98+40% y/y |
| Oct 22, 2014 Wed | 10:39 amduring market hours | Sep 30, 2014 | $1.1B+3% y/y | $0.84+0% y/y |
| Jul 16, 2014 Wed | 10:48 amduring market hours | Jun 30, 2014 | $1.1B+6% y/y | $0.75−4% y/y |
| Apr 15, 2014 Tue | 8:41 ambefore market open | Mar 31, 2014 | $1.0B+7% y/y | $0.75+12% y/y |
| Jan 22, 2014 Wed | 10:25 amduring market hours | Dec 31, 2013 | ≈$1.0B+8% y/y | ≈$0.70+1% y/y |
| Oct 16, 2013 Wed | 9:51 amduring market hours | Sep 30, 2013 | $1.0B+8% y/y | $0.84+15% y/y |
| Jul 17, 2013 Wed | 8:45 ambefore market open | Jun 30, 2013 | $1.0B+3% y/y | $0.78+7% y/y |
| Apr 16, 2013 Tue | 9:02 ambefore market open | Mar 31, 2013 | $976M+1% y/y | $0.67+2% y/y |
| Jan 16, 2013 Wed | 11:40 amduring market hours | Dec 31, 2012 | ≈$970M+5% y/y | ≈$0.69+28% y/y |
| Oct 17, 2012 Wed | 10:23 amduring market hours | Sep 30, 2012 | $973M+0% y/y | $0.73+4% y/y |
| Jul 18, 2012 Wed | 11:19 amduring market hours | Jun 30, 2012 | $989M+5% y/y | $0.73+18% y/y |
| Apr 17, 2012 Tue | 9:47 amduring market hours | Mar 31, 2012 | $965M+8% y/y | $0.66+8% y/y |
| Jan 18, 2012 Wed | 11:14 amduring market hours | Dec 31, 2011 | ≈$925M | ≈$0.54 |
| Oct 19, 2011 Wed | 10:47 amduring market hours | Sep 30, 2011 | $972M | $0.70 |
| Jul 20, 2011 Wed | 10:41 amduring market hours | Jun 30, 2011 | $945M | $0.62 |
| Apr 19, 2011 Tue | 9:33 amduring market hours | Mar 31, 2011 | $898M | $0.61 |
Show all 62 reports since 2011Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Northern Trust: 15-year financials
| 2025 | 8,086 | 1,737 | 5,460 | 592 |
| 2024 | 8,290 | 2,031 | −588 | 602 |
| 2023 | 6,774 | 1,107 | 2,509 | 622 |
| 2022 | 6,761 | 1,336 | 2,264 | 750 |
| 2021 | 6,465 | 1,545 | 1,261 | 583 |
| 2020 | 6,101 | 1,209 | 1,761 | 585 |
| 2019 | 6,073 | 1,492 | 2,434 | 530 |
| 2018 | 5,960 | 1,556 | 1,670 | 405 |
| 2017 | 5,375 | 1,199 | 1,629 | 357 |
| 2016 | 4,962 | 1,033 | 1,399 | 333 |
| 2015 | 4,703 | 974 | 1,736 | 321 |
| 2014 | 4,331 | 812 | 854 | 303 |
| 2013 | 4,089 | 731 | 747 | 221 |
| 2012 | 3,896 | 687 | 741 | 354 |
| 2011 | 3,770 | 604 | 1,157 | 274 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Jun 30, 2026: $13.4B (7.5% of total assets). Compare with other S&P 500 companies →
Included in screener lists: S&P 500 companies that paid dividends 10 years without a gap
Northern Trust (NTRS) earnings: FAQ
How does Northern Trust make money?
Northern Trust brought in $2.70 billion of revenue in Q2 2026, up 35.0% year over year. The largest source was Total noninterest income: $2.02 billion, or 75% of the total, followed by Net interest income ($676M, 25%). Net income for the quarter was $788 million, up 89.0% year over year.
When is NTRS's next earnings date?
We have not yet seen an announcement of the date from Northern Trust (NTRS). Based on last year's report on Oct 22, 2025, the next report is expected around Oct 21, 2026.
What time does NTRS report earnings?
Northern Trust usually reports before market open: its latest results release was filed with the SEC at 6:52 am ET on Jul 22, 2026.
When did NTRS last report earnings?
Northern Trust reported Q2 2026 results on Jul 22, 2026.
Where can I find Northern Trust's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to NTRS's filings; this page breaks the latest report down in a Sankey chart.
What was NTRS's net income in Q2 2026?
Northern Trust reported net income of $788M for Q2 2026 (+89.0% year over year), under US GAAP.
Does Northern Trust pay dividends?
Yes. In 2025, Northern Trust paid $592M in dividends on its common stock, per its 10-K. Earlier years are in the 15-year table above.
How has Northern Trust's revenue changed since 2011?
Per its 10-K filings, revenue grew 2.1x: $3,770M in 2011 and $8,086M in 2025. The peak was $8,290M in 2024. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
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