# Northern Trust Corporation (NTRS) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/NTRS/thesis · /stocks/NTRS/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/NTRS/fundamental

## Navigation

- Overview: /stocks/NTRS
- Financials (this page): /stocks/NTRS/financials
- Thesis: /stocks/NTRS/thesis
- Investment Memo: /stocks/NTRS/memo
- Coverage universe: /stocks