Jun 2026 (Q2 FY26) — Jul 22, 2026
Northern Trust Q2 FY26 — Strong Organic Fee Growth and Operating Leverage
Read the full callNorthern Trust (NTRS) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Northern Trust earnings: last reported Wed, 22 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,350 | +9.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 792 | +88.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
13 of 14 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total capital payout ratio | more than 100% of earnings | Dec 2025 | the 100% number isn't sort of a hell or high water | Diluted |
| Asset Servicing pretax margin | high 20s | Jun 2025 | the pretax margin is much higher, closer to 30% | On Track |
| Net interest income, sequential direction | lower than the fourth quarter | Dec 2025 | Net interest income on an FTE basis was up 1% sequentially and to $662 million, a new quarterly record and up 15% from a year ago. | Achieved |
1 of NORTHERN TRUST CORP's 36 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 33 more targets are in the full ledger.
Claimed
- Delivered an eighth consecutive quarter of positive organic fee growth.
- Generated significant positive operating leverage of over 700 basis points, excluding notable items.
- Total revenue increased 13% year-over-year, driven by 10% trust fees, 11% NII, and 69% capital markets revenue.
- Returned over $1 billion to shareholders year-to-date, with a Q2 payout ratio of 90% excluding notables.
- Board approved a $0.08 or 10% increase to the quarterly common dividend.
Qualified
- Reported results included approximately $220 million in restructuring charges and other notable items.
- Expects some normalization of foreign exchange, capital markets, and securities lending flows from particularly elevated levels.
- Anticipates some large institutional deposits from Q1 and Q2 to not last into Q3, impacting average deposits.
- Wealth Management fees were moderately down sequentially due to GFO billing and alternative valuation inconsistencies, despite AUM growth.
- Competition for talent in Wealth Management remains high, requiring sustained recruitment efforts.
Price
$164.46 −0.65% · −$1.08
Performance +31.8% 1Y
1Y: $124.82 on 17 Oct 2025 → $164.46. High $191.47 (17 Aug 2026), low $122.72 (17 Nov 2025).
- Previous close
- $165.54
- 52-week range
- $122.72 – $191.47
- One year
- +27.64%
Overview
- Symbol
- NTRS
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 14 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total capital payout ratio | more than 100% of earnings | Dec 2025 | the 100% number isn't sort of a hell or high water | Diluted |
| Asset Servicing pretax margin | high 20s | Jun 2025 | the pretax margin is much higher, closer to 30% | On Track |
| Net interest income, sequential direction | lower than the fourth quarter | Dec 2025 | Net interest income on an FTE basis was up 1% sequentially and to $662 million, a new quarterly record and up 15% from a year ago. | Achieved |
Claimed
- Delivered an eighth consecutive quarter of positive organic fee growth.
- Generated significant positive operating leverage of over 700 basis points, excluding notable items.
- Total revenue increased 13% year-over-year, driven by 10% trust fees, 11% NII, and 69% capital markets revenue.
- Returned over $1 billion to shareholders year-to-date, with a Q2 payout ratio of 90% excluding notables.
- Board approved a $0.08 or 10% increase to the quarterly common dividend.
Qualified
- Reported results included approximately $220 million in restructuring charges and other notable items.
- Expects some normalization of foreign exchange, capital markets, and securities lending flows from particularly elevated levels.
- Anticipates some large institutional deposits from Q1 and Q2 to not last into Q3, impacting average deposits.
- Wealth Management fees were moderately down sequentially due to GFO billing and alternative valuation inconsistencies, despite AUM growth.
- Competition for talent in Wealth Management remains high, requiring sustained recruitment efforts.
The full ledger
Open NORTHERN TRUST CORP’s full ledger
A free account opens 5 company ledgers a month. All 36 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 21, 2026
Northern Trust Corporation Q1 FY26 — Strong Revenue Growth and Operating Leverage
Read the full callDec 2025 (Q4 FY25) — Jan 22, 2026
Northern Trust Q4 FY25 — Strong Performance and Raised Medium-Term Targets
Read the full callEvery analysed call
Northern Trust earnings calls (NTRS)
Financials
What the filings say
Net profit, year on year: +88% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,197 | 4,785 | 1,214 | 1,231 | 1,266 | 4,376 | 1,341 | 1,350 |
| Profit before tax | 601 | 594 | 521 | 565 | 620 | 634 | 701 | 1,065 |
| Tax rate | 22.7% | 23.4% | 24.8% | 25.4% | 26.1% | 26.5% | 25.0% | 25.6% |
| Net profit | 465 | 455 | 392 | 421 | 458 | 466 | 526 | 792 |
| EPS ($ per share) | 2.23 | — | 1.91 | 2.14 | 2.30 | — | 2.72 | — |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 409 | 409 | 409 | 409 | 409 | 409 | 409 | 409 |
| Reserves | 10,777 | 11,657 | 12,208 | 13,117 | 13,799 | 14,234 | 15,615 | 16,709 |
| Total liabilities | 121,704 | 125,737 | 158,316 | 171,873 | 143,777 | 138,885 | 142,720 | 164,175 |
| Fixed assets | 428 | 483 | 515 | 489 | 501 | 502 | 490 | 465 |
| Total assets | 132,213 | 136,828 | 170,004 | 183,890 | 155,037 | 150,783 | 155,508 | 177,133 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,768 | 2,592 | 1,897 | 1,356 | 2,392 | 2,626 | -486 | 5,534 |
| Cash from investing | 4,327 | -3,405 | -29,923 | -18,603 | 25,930 | 4,784 | -2,563 | -20,170 |
| Cash from financing | -5,818 | 616 | 27,872 | 16,074 | -26,437 | -7,183 | 3,440 | 15,176 |
| Net cash flow | 64 | -122 | -70 | -1,333 | 1,597 | 137 | -114 | 1,196 |
| Capital expenditure | -98 | -158 | -136 | -95 | -129 | -116 | -101 | -74 |
| Free cash flow | 1,670 | 2,434 | 1,761 | 1,261 | 2,264 | 2,509 | -587 | 5,460 |
NTRS revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Asset Servicing | 56% | 55% | 55% | 56% | 56% | 56% | 55% | 56% | +9.5% |
| Wealth Management | 44% | 45% | 45% | 44% | 44% | 44% | 45% | 44% | +9.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
NTRS operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|
| Assets under management (AUM) Wealth Management | $447BAssets under management for our Wealth Management clients were $447 billion at quarter end, up 6% year-over-year.Source: earnings call transcript | $507BAssets under management for our Wealth Management clients were $507 billion at quarter end, up 13% year-over-year.Source: earnings call transcript | $498BAssets under management for our wealth management clients were $498 billion at quarter end, down 2% sequentially but up 11% year-over-year.Source: earnings call transcript | $534BAssets under management for our Wealth Management clients were $534 billion at quarter end, up 7% sequentially and 14% year-over-year.Source: earnings call transcript | +7.2% |
| Common equity tier 1 ratio (CET1) | 12.9%Our common equity Tier 1 ratio under the standardized approach increased by 50 basis points on a linked-quarter basis to 12.9%, driven by capital accretion and a decline in RWA.Source: earnings call transcript | 12.6%Our common equity Tier 1 ratio under the standardized approach increased by 20 basis points on a linked-quarter basis to 12.6% driven by capital accretion and a decrease in RWA.Source: earnings call transcript | 12%Our common equity Tier 1 ratio on the standardized approach decreased by 60 basis points on a linked-quarter basis to 12% driven by an increase in RWA related to elevated capital markets activities.Source: earnings call transcript | 12.2%Our common equity Tier 1 ratio under the standardized approach was 12.2%, up 20 basis points from the prior quarter.Source: earnings call transcript | +0.2 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
155 filings between Oct 27, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
$803.8K
6 purchases by 2 insiders
Sales
$15.42M
18 sales by 9 insiders
Compensation
not trading decisions- 87
- Award — granted as compensation
- 3
- Option exercise — converted options into shares
- 33
- Tax withheld — shares kept back by the company to cover tax
Also filed: 8 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Fox David W Jr | — | $4.00M | Apr 29, 2026 |
| Cherecwich Peter | — | $3.74M | Jan 26, 2026 |
| Levy Susan Cohen | — | $3.54M | Nov 4, 2025 |
| FRADKIN STEVEN L | — | $1.20M | Nov 6, 2025 |
| South Thomas A | — | $1.03M | Aug 24, 2026 |
| Moritz Robert Edward Jr. | $654.9K | — | Jul 29, 2026 |
| Bellows Clive | — | $628.8K | Apr 24, 2026 |
| Hallinan Aengus | — | $613.9K | Jun 3, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | SLARK MARTIN P Director | Award | 71 | $12.0K |
| Oct 1, 2026 | Harrison Dean M Director | Award | 152 | $25.6K |
| Oct 1, 2026 | Thompson Donald Director | Award | 145 | $24.6K |
| Oct 1, 2026 | Dhandapani Chandra Director | Award | 31 | $5.2K |
| Oct 1, 2026 | Tribbett Charles A Director | Award | 80 | $13.6K |
| Oct 1, 2026 | CROWN SUSAN Director | Award | 87 | $14.7K |
| Oct 1, 2026 | Petrino Richard Director | Award | 6 | $1.0K |
| Oct 1, 2026 | Mehta Siddharth N Director | Award | 31 | $5.2K |
| Oct 1, 2026 | Klevorn Marcy S Director | Award | 65 | $11.1K |
| Sep 30, 2026 | Harrison Dean M Director | Award | 266 | $45.0K |
| Sep 30, 2026 | Thompson Donald Director | Award | 221 | $37.5K |
| Sep 30, 2026 | Dhandapani Chandra Director | Award | 207 | $35.0K |
| Sep 1, 2026 | Hunstad Michael President/Asset Management | Tax withheld | 622 | $114.4K |
| Aug 24, 2026 | South Thomas A Executive Vice President | Sale | 1,800 | $332.8K |
| Jul 31, 2026 | SMITH DAVID BYRON JR Director | Gift | 1,120 | $0 |
| Jul 29, 2026 | Moritz Robert Edward Jr. Director | Purchase | 255 | $45.8K |
| Jul 1, 2026 | Petrino Richard Director | Award | 5 | $946 |
| Jul 1, 2026 | CROWN SUSAN Director | Award | 76 | $13.3K |
| Jul 1, 2026 | Klevorn Marcy S Director | Award | 57 | $10.0K |
| Jul 1, 2026 | Harrison Dean M Director | Award | 131 | $23.0K |
| Jul 1, 2026 | SLARK MARTIN P Director | Award | 62 | $10.8K |
| Jul 1, 2026 | Thompson Donald Director | Award | 126 | $22.1K |
| Jul 1, 2026 | Dhandapani Chandra Director | Award | 26 | $4.6K |
| Jul 1, 2026 | Tribbett Charles A Director | Award | 70 | $12.3K |
| Jul 1, 2026 | Mehta Siddharth N Director | Award | 27 | $4.7K |
| Jun 30, 2026 | Harrison Dean M Director | Award | 259 | $45.0K |
| Jun 30, 2026 | Dhandapani Chandra Director | Award | 201 | $35.0K |
| Jun 30, 2026 | Thompson Donald Director | Award | 216 | $37.5K |
| Jun 3, 2026 | Hallinan Aengus Executive Vice President | Sale | 1,113 | $186.9K |
| Jun 3, 2026 | Hallinan Aengus Executive Vice President | Sale | 2,555 | $426.9K |
| Jun 1, 2026 | Hallinan Aengus Executive Vice President | Tax withheld | 2,707 | $451.6K |
| May 22, 2026 | South Thomas A Executive Vice President | Gift | 320 | $0 |
| May 4, 2026 | South Thomas A Executive Vice President | Gift | 1,300 | $0 |
| May 1, 2026 | Moritz Robert Edward Jr. Director | Purchase | 225 | $37.4K |
| Apr 30, 2026 | SMITH DAVID BYRON JR Director | Gift | 1,200 | $0 |
| Apr 29, 2026 | Fox David W Jr EVP & Chief Financial Officer | Sale | 13 | $2.2K |
| Apr 28, 2026 | Fox David W Jr EVP & Chief Financial Officer | Sale | 19,987 | $3.32M |
| Apr 24, 2026 | Bellows Clive Co-President Asset Servicing | Sale | 2,800 | $462.1K |
| Apr 21, 2026 | Mehta Siddharth N Director | Award | 989 | $0 |
| Apr 21, 2026 | Mehta Siddharth N Director | Award | 35 | $6.0K |
| Apr 21, 2026 | CROWN SUSAN Director | Award | 989 | $0 |
| Apr 21, 2026 | CROWN SUSAN Director | Award | 35 | $6.0K |
| Apr 21, 2026 | SLARK MARTIN P Director | Award | 989 | $0 |
| Apr 21, 2026 | Dhandapani Chandra Director | Award | 989 | $0 |
| Apr 21, 2026 | Klevorn Marcy S Director | Award | 989 | $0 |
| Apr 21, 2026 | Moritz Robert Edward Jr. Director | Award | 989 | $0 |
| Apr 21, 2026 | Tribbett Charles A Director | Award | 989 | $0 |
| Apr 21, 2026 | Dhandapani Chandra Director | Award | 35 | $6.0K |
| Apr 21, 2026 | Petrino Richard Director | Award | 989 | $0 |
| Apr 21, 2026 | Petrino Richard Director | Award | 17 | $3.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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