Northern Trust Corporation (NTRS) Income Statement
NTRS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNTRS revenue and net income
Where NTRS's revenue goes
2025Each bar shows an amount and its share of revenue. NTRS kept 12.1% of revenue as net income.
NTRS profit margins
NTRS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −9.9% | +22.6% | +17.8% | +11.6% |
| Gross profit | −2.5% | +6.2% | +6.2% | +5.7% |
| Operating income | −12.3% | +9.7% | +7.5% | +4.8% |
| Net income | −14.5% | +9.1% | +7.5% | +6.0% |
| EPS (diluted) | −10.6% | +12.5% | +9.9% | +8.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NTRS quarterly EPS vs estimates
Northern Trust beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 21, 2026 (estimate $2.86).
NTRS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.30B | $15.88B | $12.12B | $7.75B | $6.49B | $6.30B | $6.90B | $6.66B | $5.72B | $5.02B |
| Cost of revenue | $6.21B | $7.58B | $5.37B | $1.00B | −$57.7M | $325.3M | $807.5M | $684.2M | $312.2M | $156.0M |
| Gross profit | $8.09B | $8.29B | $6.75B | $6.75B | $6.55B | $5.98B | $6.09B | $5.97B | $5.40B | $4.86B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $3.47B | $2.98B | $2.91B | $2.81B | $2.56B | $2.44B | $2.37B | $2.32B | $2.23B | $1.99B |
| Total operating expenses | $5.75B | $5.63B | $5.28B | $4.98B | $4.54B | $4.35B | $4.14B | $4.02B | $3.77B | $3.35B |
| Operating income | $2.33B | $2.66B | $1.46B | $1.77B | $2.01B | $1.63B | $1.94B | $1.96B | $1.63B | $1.52B |
| Interest income | $8.62B | $9.76B | $7.33B | $2.88B | $1.41B | $1.64B | $2.50B | $2.32B | $1.77B | $1.42B |
| Interest expense | $6.21B | $7.59B | $5.34B | $990.5M | $23.8M | $200.3M | $822.0M | $698.7M | $340.2M | $182.0M |
| Income before taxes | $2.34B | $2.66B | $1.46B | $1.77B | $2.01B | $1.63B | $1.94B | $1.96B | $1.63B | $1.52B |
| Income taxes | $602.6M | $628.4M | $357.5M | $430.3M | $464.8M | $418.3M | $451.9M | $401.4M | $434.9M | $484.6M |
| Net income | $1.74B | $2.03B | $1.11B | $1.34B | $1.55B | $1.21B | $1.49B | $1.56B | $1.20B | $1.03B |
| EBITDA | $3.11B | $3.38B | $2.10B | $2.32B | $2.53B | $2.13B | $2.40B | $2.42B | $2.06B | $1.89B |
| EPS (diluted) | $8.74 | $9.78 | $5.08 | $6.14 | $7.13 | $5.45 | $6.62 | $6.64 | $4.92 | $4.29 |
| Gross margin | 56.5% | 52.2% | 55.7% | 87.1% | 100.9% | 94.8% | 88.3% | 89.7% | 94.5% | 96.9% |
| Operating margin | 16.3% | 16.8% | 12.1% | 22.8% | 31.0% | 25.8% | 28.2% | 29.4% | 28.6% | 30.2% |
| Net margin | 12.1% | 12.8% | 9.1% | 17.2% | 23.8% | 19.2% | 21.6% | 23.4% | 21.0% | 20.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.21B | $3.79B | $3.61B | $3.58B | $3.60B | $3.51B | $3.68B | $3.94B | $4.70B | $3.56B | $3.26B | $3.21B |
| Cost of revenue | $1.51B | $1.58B | $1.49B | $1.54B | $1.62B | $1.57B | $1.71B | $1.98B | $1.99B | $1.91B | $1.73B | $1.49B |
| Gross profit | $2.70B | $2.21B | $2.12B | $2.04B | $1.98B | $1.94B | $1.97B | $1.96B | $2.71B | $1.66B | $1.53B | $1.71B |
| Sales, general & admin | $1.30B | $857.6M | $1.15B | $773.7M | $771.2M | $783.1M | $664.4M | $731.4M | $804.2M | $765.3M | $785.5M | $694.4M |
| Total operating expenses | $1.64B | $1.51B | $1.50B | $1.42B | $1.42B | $1.42B | $1.38B | $1.36B | $1.53B | $1.36B | $1.39B | $1.28B |
| Operating income | $1.06B | $700.6M | $625.8M | $619.5M | $564.8M | $521.4M | $594.2M | $601.1M | $1.17B | $290.6M | $145.8M | $434.3M |
| Interest income | $2.19B | $2.23B | $2.13B | $2.14B | $2.21B | $2.14B | $2.28B | $2.53B | $2.51B | $2.45B | $2.20B | $1.94B |
| Interest expense | $1.51B | $1.58B | $1.49B | $1.55B | $1.60B | $1.57B | $1.72B | $1.97B | $1.98B | $1.92B | $1.72B | $1.48B |
| Income before taxes | $1.06B | $700.6M | $633.8M | $619.5M | $564.8M | $521.4M | $594.2M | $601.1M | $1.17B | $290.6M | $145.8M | $434.3M |
| Income taxes | $272.5M | $175.1M | $167.8M | $161.9M | $143.5M | $129.4M | $138.8M | $136.2M | $277.5M | $75.9M | $32.7M | $106.5M |
| Net income | $792.2M | $525.5M | $466.0M | $457.6M | $421.3M | $392.0M | $455.4M | $464.9M | $896.1M | $214.7M | $113.1M | $327.8M |
| EBITDA | $1.26B | $897.7M | $822.7M | $815.3M | $760.5M | $712.1M | $777.1M | $784.2M | $1.35B | $460.9M | $314.8M | $591.8M |
| EPS (diluted) | $2.97 | $2.71 | $2.42 | $2.29 | $2.13 | $1.90 | $2.26 | $2.22 | $4.34 | $0.96 | $0.52 | $1.49 |
| Gross margin | 64.2% | 58.3% | 58.8% | 57.1% | 55.0% | 55.2% | 53.6% | 49.8% | 57.6% | 46.4% | 47.0% | 53.4% |
| Operating margin | 25.3% | 18.5% | 17.3% | 17.3% | 15.7% | 14.8% | 16.2% | 15.3% | 25.0% | 8.2% | 4.5% | 13.5% |
| Net margin | 18.8% | 13.9% | 12.9% | 12.8% | 11.7% | 11.2% | 12.4% | 11.8% | 19.1% | 6.0% | 3.5% | 10.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NTRS's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NTRS financial results
In fiscal year 2025 (ended December 31, 2025), Northern Trust reported revenue of $14.3 billion, down 9.9% from the year before. It had net income of $1.7 billion (down 14.5%), a net profit margin of 12.1%. Diluted earnings per share came to $8.74. Over five years revenue grew at an average rate of 17.8% a year.
See the NTRS stock overview for the latest quote and news, or the NTRS chart for price history and technical indicators.
NTRS income statement FAQ
What is Northern Trust's annual revenue?
Northern Trust reported total revenue of $14.3 billion for fiscal year 2025, which ended on December 31, 2025. That was down 9.9% from $15.9 billion the previous year.
Is Northern Trust profitable?
Yes. Northern Trust reported net income of $1.7 billion in fiscal 2025, a net profit margin of 12.1%; its operating margin was 16.3%.
What is Northern Trust's gross margin?
Northern Trust's gross margin was 56.5% in fiscal 2025: for every $100 of revenue, Northern Trust kept $57 after the direct cost of its products and services.
How fast is Northern Trust growing?
Revenue grew 17.8% a year on average over the last five fiscal years, from $6.3 billion to $14.3 billion.
What are Northern Trust's earnings per share?
Northern Trust earned $8.74 per diluted share in fiscal 2025, compared with $9.78 a year earlier.
When will Northern Trust report its next earnings?
Northern Trust is expected to report results for the quarter ending September 30, 2026 on October 21, 2026 before the market opens.
When does Northern Trust's fiscal year end?
Northern Trust's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.