Northern Trust Corporation
NTRSFinancial Snapshot
ticker: NTRS step: 04 generated: 2026-05-12 source: quick-research
Northern Trust Corporation (NTRS) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Net Revenue | ~$6.8B | $6.75B | $8.29B | +22.8% |
| Net Income | $1.28B | $1.05B | $2.03B | +93% |
| EPS (diluted) | $6.16 | $5.14 | ~$9.50 | +85% |
FY2023 earnings declined as deposit repricing costs offset fee revenue growth and elevated operating expenses. FY2024 staged a strong recovery driven by higher trust/servicing fees (equity market appreciation), improved net interest income, and expense discipline. Q1 2026 continued the momentum: revenue up 14% YoY.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| AUC/A (Asset Servicing) | $15.6T |
| AUC (Wealth Management) | $1.1T |
| AUM (total) | $1.6T |
| Total Assets (bank) | ~$140B |
| CET1 Ratio | ~11.5% (well-capitalized) |
| Dividend Yield | ~3.0% |
Northern Trust is a custodian bank — FCF in the traditional sense does not apply. Capital return is via dividends (consistent multi-decade growth record) and share repurchases. The balance sheet is conservatively run with well-capitalized ratios.
Key Ratios (approximate)
- P/E (FY2024): ~11x | P/TBV: ~1.6x | Dividend Yield: ~3.0%
- ROTCE (FY2024): ~17% (significantly improved from FY2023)
- Fee revenue as % of total: ~65–70%
- AUM/AUC correlated to market levels — key revenue driver
Growth Profile
Northern Trust's revenues are correlated with AUM/AUC valuations, which track equity and bond markets. FY2022–FY2023 saw margin compression from rising deposit costs and market headwinds. FY2024 recovered strongly as equity markets hit all-time highs (S&P +23%), lifting fee revenue while NII stabilized. FY2025/2026 momentum continues with +14% revenue growth in early 2026.
Forward Estimates
- FY2025 EPS: ~$10–11 (consensus; market-dependent)
- FY2026 EPS: ~$11–12 (consensus; assuming stable markets)
- AUM/AUC growth: Driven by market appreciation + net new money from institutional mandates
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $NTRS.