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Northern Trust Corporation, a financial holding company, provides wealth management, asset servicing, asset management, and banking solutions for corporations, institutions, families, and individuals. It operates in two segments, Asset Servicing and Wealth Management. The Asset Servicing segment offers asset servicing and related services, including custody, fund administration, investment operations outsourcing, investment management, investment risk and analytical, employee benefit, securities lending, foreign exchange, treasury management, brokerage, transition management, banking, and cash management services. It serves corporate and public retirement funds, foundations, endowments, fund managers, insurance companies, sovereign wealth funds, and other institutional investors. The Wealth Management segment offers trust, investment management, custody, and philanthropic; financial consulting; guardianship and estate administration; family business consulting; family financial education; brokerage; and private and business banking services. This segment also provides global custody; fiduciary; family office consulting; and technology solutions to high-net-worth individuals and families, business owners, executives, professionals, retirees, and established privately-held businesses. In addition, it offers asset management, and related services and other products comprising active and passive equity; active and passive fixed income; cash management; muti-asset and alternative asset classes which includes private equity and hedge funds of funds; and multi-manager advisory services and products through separately managed accounts, bank common and collective funds, registered investment companies, exchange traded funds, non-U.S. collective investment funds, and unregistered private investment funds. Further, the company provides overlay and other risk management services. The company was founded in 1889 and is headquartered in Chicago, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $8.1B | - | $1.7B | $4.8B | 14.4% | -2.5% | -14.5% |
| 2024 | $8.3B | - | $2.0B | $-1.2B | 17.1% | 22.4% | 83.4% |
| 2023 | $6.8B | - | $1.1B | $1.9B | 10.1% | 0.2% | -17.1% |
| 2022 | $6.8B | - | $1.3B | $1.7B | 12.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 6,761.20 | 6,773.50 | 8,290.40 | 8,086.40 |
| Operating Revenue | - | 6,761.20 | 6,773.50 | 8,290.40 | 8,086.40 |
| Selling General And Administration | - | 2,814.50 | 2,912.10 | 2,977.80 | 3,105.70 |
| Interest Income | - | 2,877.70 | 7,325 | 9,762.30 | 8,624.60 |
| Interest Expense | - | 990.50 | 5,343 | 7,585.20 | 6,213.60 |
| Net Interest Income | - | 1,887.20 | 1,982 | 2,177.10 | 2,411 |
| Pretax Income | - | 1,766.30 | 1,464.80 | 2,659.50 | 2,339.50 |
| Tax Provision | - | 430.30 | 357.50 | 628.40 | 602.60 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -8.95 | -19.30 | -15.17 |
| Net Income Continuous Operations | - | 1,336 | 1,107.30 | 2,031.10 | 1,736.90 |
| Net Income From Continuing And Discontinued Operation | - | 1,336 | 1,107.30 | 2,031.10 | 1,736.90 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,336 | 1,107.30 | 2,031.10 | 1,736.90 |
| Net Income | - | 1,336 | 1,107.30 | 2,031.10 | 1,736.90 |
| Net Income Common Stockholders | - | 1,282.40 | 1,053.90 | 1,972.40 | 1,679.20 |
| Net Income Including Noncontrolling Interests | - | 1,336 | 1,107.30 | 2,031.10 | 1,736.90 |
| Normalized Income | - | 1,336 | 1,135.05 | 2,093.60 | 1,780.53 |
| Diluted NI Availto Com Stockholders | - | 1,282.40 | 1,053.90 | 1,972.40 | 1,679.20 |
| Basic Average Shares | - | 208.31 | 207.25 | 201.26 | 191.36 |
| Diluted Average Shares | - | 208.87 | 207.56 | 201.87 | 192.25 |
| Reconciled Depreciation | - | 553.60 | 634.60 | 716.80 | 779.10 |
| Total Unusual Items | - | -30.40 | -36.70 | -81.80 | -58.80 |
| Total Unusual Items Excluding Goodwill | - | -30.40 | -36.70 | -81.80 | -58.80 |
| Preferred Stock Dividends | - | 41.80 | 41.80 | 41.80 | 41.80 |
| Special Income Charges | - | -30.40 | -36.70 | -81.80 | -58.80 |
| Restructuring And Mergern Acquisition | - | 30.40 | 36.70 | 81.80 | 58.80 |
| Gain On Sale Of Security | - | -214 | -169.50 | -189.30 | 0 |
| Depreciation Amortization Depletion Income Statement | 14.80 | 9.30 | - | - | - |
| Depreciation And Amortization In Income Statement | 14.80 | 9.30 | - | - | - |
| General And Administrative Expense | - | 2,737.80 | 2,837.30 | 2,896.50 | 3,028.50 |
| Salaries And Wages | - | 2,720 | 2,725.30 | 2,853.50 | 3,010.70 |
| Insurance And Claims | - | 17.80 | 112 | 43 | 17.80 |
| Selling And Marketing Expense | - | 76.70 | 74.80 | 81.30 | 77.20 |
| Otherunder Preferred Stock Dividend | - | 11.80 | 11.60 | 16.90 | 15.90 |
| Amortization | 14.80 | 9.30 | - | - | - |
| Amortization Of Intangibles Income Statement | 14.80 | 9.30 | - | - | - |
| Occupancy And Equipment | - | 1,057.90 | 1,177.80 | 1,291.80 | 1,387.20 |
| Other Non Interest Expense | - | 1,110.50 | 1,157.60 | 1,282.50 | 1,202.70 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Northern Trust Corporationthis co. | NTRS | $32.0B | 18.44↑ premium | 2.65 | 14.4% | - |
| Prudential Financial, Inc. | PRU | $35.9B | 10.15 | 1.11 | 10.9% | - |
| The Hartford Insurance Group, Inc. | HIG | $34.9B | 9.15 | 1.84 | 20.1% | - |
| Huntington Bancshares Incorporated | HBAN | $33.5B | 15.16 | 1.55 | 10.2% | - |
| M&T Bank Corporation | MTB |
| - |
| - |
| - |
| - |
| - |
| - |
| $32.5B |
| 11.39 |
| 1.23 |
| 10.8% |
| - |
| Arch Capital Group Ltd. | ACGL | $30.9B | 7.02 | 1.32 | 18.8% | - |
| Cboe Global Markets, Inc. | CBOE | $29.9B | 27.21 | 5.83 | 21.4% | 16.83 |
| Raymond James Financial, Inc. | RJF | $29.3B | 13.74 | 2.36 | 17.2% | - |
| Citizens Financial Group, Inc. | CFG | $27.0B | 14.76 | 1.12 | 7.6% | - |
| Peer Median | - | 12.56 | 1.44 | 14.0% | 16.83 | |