Northern Trust Corporation (NTRS) Balance Sheet
NTRS balance sheet, 2025
December 31, 2025 · U.S. dollars$177.13B assets = $164.17B liabilities + $12.96B equity
Both columns are drawn to the same scale: what NTRS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NTRS financial health
Descriptive bands, not a rating. Fiscal 2025.
NTRS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $123.93B2016 | $177.13B2025 | +4.0%/yr | |
| Total liabilities | $114.16B2016 | $164.17B2025 | +4.1%/yr | |
| Shareholders’ equity | $9.77B2016 | $12.96B2025 | +3.2%/yr | |
| Cash & short-term investments | $5.34B2016 | $63.78B2025 | +31.7%/yr | |
| Total debt | $13.72B2016 | $16.43B2025 | +2.0%/yr | |
| Net cash (debt) | −$8.39B2016 | $47.35B2025 | +$55.7B | |
| Working capital | −$61.24B2016 | −$91.96B2025 | −$30.7B | |
| Book value per share | $42.642016 | $68.712025 | +5.4%/yr | |
| Current ratio | 0.452016 | 0.412025 | −0.04 | |
| Debt / equity | 1.402016 | 1.272025 | −0.14 | |
| Shares outstanding | 229.2M2016 | 188.6M2025 | −2.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NTRS assets
NTRS liabilities and equity
NTRS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NTRS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $63.78B | $56.54B | $64.93B | $74.52B | $3.06B | $4.39B | $4.46B | $4.72B | $4.54B | $5.34B |
| Cash & equivalents | $61.13B | $45.40B | $41.06B | $46.63B | $3.06B | $4.39B | $4.46B | $4.72B | $4.54B | $5.34B |
| Short-term investments | $2.65B | $11.14B | $23.87B | $27.90B | $13.63B | $19.19B | $13.44B | $35.88B | $11.92B | $11.51B |
| Receivables | $0 | $41.1M | $212.6M | $1.70B | $1.94B | $1.16B | $845.7M | $1.65B | $1.65B | $1.04B |
| Inventory | $0 | $0 | −$1.75B | $68.64B | $6.69B | $11.12B | $6.53B | $71.10B | $79.81B | $67.05B |
| Other current assets | $0 | $0 | $1.75B | $0 | $73.49B | $67.96B | $45.68B | $0 | $0 | $0 |
| Total current assets | $63.78B | $56.58B | $65.14B | $76.22B | $85.19B | $84.63B | $57.52B | $55.82B | $51.31B | $49.83B |
| Property, plant & equipment (net) | $464.6M | $490.3M | $502.2M | $500.5M | $488.7M | $514.9M | $483.3M | $428.2M | $464.6M | $466.6M |
| Goodwill & intangible assets | $712.9M | $2.91B | $2.80B | $2.73B | $2.48B | $2.41B | $817.4M | $807.9M | $767.0M | $561.2M |
| Long-term investments | $57.47B | $51.30B | $49.31B | $53.60B | $62.74B | $61.08B | $51.16B | $51.24B | $46.79B | $44.50B |
| Other non-current assets | $54.71B | $44.23B | $33.02B | $21.98B | $33.00B | $21.37B | $26.84B | $23.91B | $39.26B | $28.56B |
| Total assets | $177.13B | $155.51B | $150.78B | $155.04B | $183.89B | $170.00B | $136.83B | $132.21B | $138.59B | $123.93B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $123.93B | $159.93B | $143.88B | $109.12B | $104.50B | $112.39B | $101.65B |
| Short-term debt | $12.94B | $2.62B | $3.83B | $2.46B | $499.8M | $4.91B | $7.79B | $10.66B | $9.17B | $5.79B |
| Total current liabilities | $155.74B | $125.10B | $119.99B | $126.40B | $499.8M | $48.02B | $7.79B | $118.30B | $125.16B | $111.07B |
| Long-term debt | $13.99B | $13.37B | $13.41B | $12.38B | $7.24B | $8.32B | $10.47B | $11.03B | $9.00B | $7.94B |
| Lease obligations | — | — | — | — | $663.1M | $700.6M | — | — | $14.4M | — |
| Other long-term liabilities | $0 | $4.24B | $5.49B | $5.00B | $0 | $277.8M | $0 | $0 | $0 | $0 |
| Total liabilities | $164.17B | $142.72B | $138.89B | $143.78B | $7.24B | $8.60B | $125.74B | $121.70B | $128.37B | $114.16B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $408.6M | $408.6M | $408.6M | $408.6M | $11.13B | $10.80B | $9.82B | $9.63B | $9.33B | $8.89B |
| Retained earnings (deficit) | $16.71B | $15.61B | $14.23B | $13.80B | $13.12B | $12.21B | $11.66B | $10.78B | $9.69B | $8.91B |
| Treasury stock | — | — | — | — | −$3.30B | −$3.20B | −$3.07B | −$2.17B | −$1.39B | −$1.09B |
| Accumulated other comprehensive income | −$590.5M | −$814.0M | −$1.14B | −$1.57B | −$35.6M | $428.0M | −$194.7M | −$453.7M | −$414.3M | −$370.0M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $12.96B | $12.79B | $11.90B | $11.26B | $176.65B | $161.40B | $11.09B | $10.51B | $10.22B | $9.77B |
| Key figures | ||||||||||
| Total debt | $16.43B | $15.99B | $17.24B | $14.85B | $7.73B | $13.23B | $18.25B | $21.69B | $18.17B | $13.72B |
| Net cash (debt) | $47.35B | $40.55B | $47.70B | $59.68B | −$4.68B | −$8.84B | −$13.79B | −$16.97B | −$13.63B | −$8.39B |
| Working capital | −$91.96B | −$68.52B | −$54.85B | −$50.17B | $84.69B | $36.61B | $49.74B | −$62.48B | −$73.85B | −$61.24B |
| Tangible book value | $12.24B | $9.88B | $9.10B | $8.53B | $174.17B | $158.99B | $10.27B | $9.70B | $9.45B | $9.21B |
| Book value per share | $68.71 | $63.35 | $57.32 | $53.91 | $845.65 | $772.23 | $51.44 | $46.81 | $44.49 | $42.64 |
| Shares outstanding | 188.6M | 201.9M | 207.6M | 208.9M | 208.9M | 209.0M | 215.6M | 224.5M | 229.7M | 229.2M |
| Current ratio | 0.41 | 0.45 | 0.54 | 0.60 | 170.44 | 1.76 | 7.39 | 0.47 | 0.41 | 0.45 |
| Quick ratio | 0.41 | 0.45 | 0.54 | 0.60 | 10.00 | 0.12 | 0.68 | 0.05 | 0.05 | 0.06 |
| Debt / equity | 1.27 | 1.25 | 1.45 | 1.32 | 0.04 | 0.08 | 1.65 | 2.06 | 1.78 | 1.40 |
| Equity / assets | 7.3% | 8.2% | 7.9% | 7.3% | 96.1% | 94.9% | 8.1% | 7.9% | 7.4% | 7.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $51.76B | $47.65B | $63.78B | $71.34B | $73.40B | $69.32B | $56.54B | $60.09B | $59.97B | $55.37B | $64.15B | $48.33B |
| Cash & equivalents | $51.76B | $47.65B | $61.13B | $56.71B | $61.10B | $58.81B | $45.40B | $49.33B | $51.16B | $46.95B | $41.06B | $39.40B |
| Short-term investments | $61.62B | $10.66B | $2.65B | $14.63B | $12.29B | $10.51B | $11.14B | $10.77B | $8.82B | $8.42B | $23.09B | $8.94B |
| Receivables | $0 | $535.7M | $0 | $0 | $0 | $0 | $41.1M | $354.2M | $193.4M | $116.4M | $212.6M | $147.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $43.79B | −$6.76B | −$2.15B | −$1.75B | $20.41B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6.76B | $2.15B | $1.75B | $0 |
| Total current assets | $51.76B | $48.19B | $63.78B | $71.34B | $73.40B | $69.32B | $56.58B | $60.45B | $60.17B | $55.49B | $64.36B | $48.48B |
| Property, plant & equipment (net) | $447.6M | $447.5M | $464.6M | $457.1M | $467.7M | $477.4M | $490.3M | $480.3M | $481.0M | $488.0M | $502.2M | $465.0M |
| Goodwill & intangible assets | $709.6M | $3.07B | $712.9M | $712.9M | $3.13B | $3.08B | $2.91B | $2.83B | $2.79B | $2.78B | $2.80B | $2.78B |
| Long-term investments | $61.62B | $61.20B | $57.47B | $55.86B | $53.65B | $51.34B | $51.30B | $51.02B | $49.66B | $49.14B | $49.31B | $52.61B |
| Other non-current assets | $64.77B | $61.67B | $54.71B | $41.89B | $41.24B | $40.86B | $44.23B | $40.97B | $43.70B | $48.23B | $33.81B | $42.00B |
| Total assets | $179.30B | $174.57B | $177.13B | $170.26B | $171.88B | $165.07B | $155.51B | $155.75B | $156.80B | $156.11B | $150.78B | $146.33B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | — | — | — | $110.17B |
| Short-term debt | $10.36B | $10.14B | $12.94B | $2.12B | $3.23B | $2.71B | $2.62B | $2.93B | $3.04B | $3.11B | $3.83B | $6.09B |
| Total current liabilities | $10.37B | $10.14B | $155.74B | $137.92B | $140.28B | $133.74B | $125.10B | $124.12B | $126.03B | $127.05B | $119.99B | $116.25B |
| Long-term debt | $14.03B | $14.07B | $13.99B | $13.52B | $13.46B | $13.43B | $13.37B | $13.80B | $13.64B | $13.34B | $13.41B | $13.62B |
| Other long-term liabilities | $141.49B | $137.38B | $0 | $5.86B | $5.28B | $5.02B | $4.24B | $5.09B | $4.47B | $3.62B | $5.49B | $4.61B |
| Total liabilities | $165.90B | $161.59B | $164.17B | $157.31B | $159.02B | $152.19B | $142.72B | $143.00B | $144.14B | $144.01B | $138.89B | $134.48B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $13.07B | $408.6M | $408.6M | $408.6M | $408.6M | $408.6M | $408.6M | $408.6M | $408.6M | $408.6M | $408.6M | $408.6M |
| Retained earnings (deficit) | $17.71B | $17.07B | $16.71B | $16.40B | $16.11B | $15.84B | $15.61B | $15.31B | $15.02B | $14.28B | $14.23B | $14.28B |
| Accumulated other comprehensive income | −$551.7M | −$636.6M | −$590.5M | −$635.1M | −$699.2M | −$739.5M | −$814.0M | −$779.5M | −$865.0M | −$917.6M | −$1.14B | −$1.36B |
| Total shareholders' equity | $13.40B | $12.99B | $12.96B | $12.96B | $12.87B | $12.88B | $12.79B | $12.75B | $12.66B | $12.10B | $11.90B | $11.85B |
| Key figures | ||||||||||||
| Total debt | $15.76B | $16.37B | $16.43B | $15.64B | $16.69B | $16.14B | $15.99B | $16.73B | $16.68B | $16.45B | $17.24B | $19.71B |
| Net cash (debt) | $35.99B | $31.28B | $47.35B | $55.69B | $56.71B | $53.18B | $40.55B | $43.36B | $43.30B | $38.92B | $46.91B | $28.63B |
| Working capital | $41.39B | $38.04B | −$91.96B | −$66.59B | −$66.89B | −$64.42B | −$68.52B | −$63.67B | −$65.86B | −$71.57B | −$55.63B | −$67.77B |
| Tangible book value | $12.69B | $9.92B | $12.24B | $12.24B | $9.74B | $9.80B | $9.88B | $9.92B | $9.87B | $9.33B | $9.10B | $9.07B |
| Book value per share | $72.48 | $69.62 | $68.71 | $67.83 | $66.54 | $65.66 | $64.55 | $63.57 | $62.12 | $58.99 | $57.62 | $57.16 |
| Shares outstanding | 184.9M | 186.5M | 188.6M | 191.0M | 193.4M | 196.1M | 198.1M | 200.5M | 203.7M | 205.1M | 206.5M | 207.3M |
| Current ratio | 4.99 | 4.75 | 0.41 | 0.52 | 0.52 | 0.52 | 0.45 | 0.49 | 0.48 | 0.44 | 0.54 | 0.42 |
| Quick ratio | 4.99 | 4.75 | 0.41 | 0.52 | 0.52 | 0.52 | 0.45 | 0.49 | 0.48 | 0.44 | 0.54 | 0.42 |
| Debt / equity | 1.18 | 1.26 | 1.27 | 1.21 | 1.30 | 1.25 | 1.25 | 1.31 | 1.32 | 1.36 | 1.45 | 1.66 |
| Equity / assets | 7.5% | 7.4% | 7.3% | 7.6% | 7.5% | 7.8% | 8.2% | 8.2% | 8.1% | 7.8% | 7.9% | 8.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
NTRS financial position
At the end of fiscal 2025 (December 31, 2025), Northern Trust had total assets of $177.1 billion (up 13.9% from a year earlier), total liabilities of $164.2 billion and shareholders' equity of $13.0 billion. It held $63.8 billion in cash and short-term investments against $16.4 billion of debt, a net cash position of $47.4 billion. Its current ratio was 0.41. In the latest quarter (ended June 30, 2026) total assets were $179.3 billion and equity $13.4 billion.
Related: NTRS income statement, NTRS cash flow statement, NTRS key metrics. See the NTRS stock overview for the latest quote and news.
NTRS balance sheet FAQ
What are Northern Trust's total assets?
Northern Trust reported total assets of $177.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $155.5 billion a year earlier.
How much debt does Northern Trust have?
Northern Trust had $16.4 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.27.
How much cash does Northern Trust have?
Northern Trust held $63.8 billion in cash and short-term investments at the end of fiscal 2025; with $16.4 billion of debt that is net cash of $47.4 billion.
What is Northern Trust's book value?
Northern Trust's shareholders' equity (book value) was $13.0 billion at the end of fiscal 2025, or $68.71 per share.
What is Northern Trust's current ratio?
Northern Trust had current assets of $63.8 billion and current liabilities of $155.7 billion, a current ratio of 0.41 (current liabilities exceed current assets).
How much goodwill does Northern Trust have?
Northern Trust carried $712.9 million of goodwill and intangible assets, 0.4% of total assets, at the end of fiscal 2025.