At a glance
Northern Trust Corporation is worth $30.91B, about 20 times its fiscal 2025 earnings. Revenue fell 2.5% to $8.09B in fiscal 2025, with 21.5% kept as profit; over 5 years it has grown 5.8% a year. It pays a 1.92% dividend yield, and returned $6.01B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +35.5% over the past year with dividends reinvested and +9.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.0% in the 2020 crash (S&P 500: 33.7%) and 36.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 32 months after the lows.
The business in plain English
Northern Trust holds, services and manages money for large institutions and wealthy families. Its main subsidiary, The Northern Trust Company, is a Chicago bank founded in 1889. Unlike a typical bank, it earns most of its revenue from fees, not lending. In fiscal 2025 (ended December 31, 2025), about $5.7 billion of its $8.1 billion in revenue was noninterest income, mainly fees. The other $2.4 billion was net interest income: what it earns on loans and securities minus what it pays on deposits.
Asset Servicing is the larger segment, with about $4.8 billion, or 58.9% of fiscal 2025 revenue. It provides custody (safekeeping and record-keeping for investments), fund administration, securities lending and foreign exchange to retirement funds, endowments, fund managers, insurers and sovereign wealth funds. It had $17.4 trillion of assets under custody or administration at year-end 2025.
Wealth Management brought in about $3.4 billion, or 41.8%. It serves wealthy families, business owners, executives and retirees with trust, investment, estate and private banking services. Its offices span 19 U.S. states and Washington, D.C., plus London, Guernsey, Singapore and Abu Dhabi. A separate Asset Management arm, which runs funds including ETFs, managed $1.8 trillion for both segments' clients. Its results are counted within the two segments. About 70% of revenue came from the U.S.
Price history
The interactive chart needs JavaScript.
NTRS +35.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| ASSET SERVICING | $4.76B | 58.9% |
| WEALTH MANAGEMENT | $3.38B | 41.8% |
By geography
| U.S. | $5.65B | 69.9% |
| Non-U.S. | $2.43B | 30.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.29B, up 13.3% from a year earlier, and net income was $642.9M (+40.5%).
- For fiscal 2025, revenue was $8.09B (-2.5% year over year; +5.8% a year from FY2020 to FY2025) with a 21.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.8% good |
|---|---|
| Return on equity | 13.4% good |
| Net income / revenue | 21.5% watch |
| Deposits | $132.18B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.10B | $1.21B | — |
| FY2021 | $6.46B | $1.55B | — |
| FY2022 | $6.76B | $1.34B | — |
| FY2023 | $6.77B | $1.11B | — |
| FY2024 | $8.29B | $2.03B | — |
| FY2025 | $8.09B | $1.74B | — |
Valuation snapshot
| Market value | $30.91B |
|---|---|
| P/E ratio | 19.5 |
| Dividend yield | 1.92% |
Rank among 1514 US companies
Market value at each year end
Northern Trust’s market value went from $20.16B at the end of 2016 to $30.91B on Nov 2, 2026, up 53%; since the end of 2025 it is up 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $30.91B | +19.7% |
| 2025 | $25.83B | +27.1% |
| 2024 | $20.32B | +16.3% |
| 2023 | $17.47B | -5.3% |
| 2022 | $18.44B | -25.7% |
| 2021 | $24.84B | +28.1% |
| 2020 | $19.38B | -13.9% |
| 2019 | $22.51B | +21.6% |
| 2018 | $18.51B | -18.5% |
| 2017 | $22.72B | +12.7% |
| 2016 | $20.16B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NTRS price data to Nov 2, 2026 | +26.8% | +35.5% | +38.4% | +9.8% | +12.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +26.9% |
| 2025 | +36.9% |
| 2024 | +25.6% |
| 2023 | -1.0% |
| 2022 | -23.8% |
| 2021 | +31.6% |
| 2020 | -9.1% |
| 2019 | +30.6% |
| 2018 | -14.7% |
| 2017 | +14.2% |
| 2016 | +26.1% |
| 2015 | +9.1% |
| 2014 | +11.1% |
| 2013 | +26.1% |
| 2012 | +29.8% |
| 2011 | -26.6% |
| 2010 | +8.1% |
| 2009 | +2.7% |
| 2008 | -30.8% |
| 2007 | +28.2% |
| 2006 | +19.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 31.8% over that stretch · deepest drop along the way 60.4%, back to its old high 77.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.1% over that stretch · deepest drop along the way 39%, back to its old high 10 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.2% over that stretch · deepest drop along the way 36%, back to its old high 32.4 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 2 open-market purchases ($86K) and 3 sales ($3.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 23, 2026 | Susan Cohen Levy EVP and General Counsel | sell | $2.9M |
| Oct 26, 2026 | Susan Cohen Levy EVP and General Counsel | sell | $662K |
| Aug 24, 2026 | Thomas A South Executive Vice President | sell | $333K |
| Jul 29, 2026 | Robert Edward Jr. Moritz Director | buy | $46K |
| Oct 30, 2026 | Robert Edward Jr. Moritz Director | buy | $40K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.38% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Sep 30, 2025 |
| FMR LLC | 4.7% | Jun 30, 2026 |
ETFs with the most weight in NTRS
| KBWB Invesco KBW Bank ETF | 3.27% |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 1.3% |
| SMIZ Zacks Small/Mid Cap ETF | 1.09% |
| FBCV Fidelity Blue Chip Value ETF | 1.01% |
| HEJD VictoryShares Hedged Equity Income ETF | 0.92% |
| CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF | 0.86% |
| CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF | 0.86% |
| KNGZ First Trust S&P 500 Diversified Dividend Aristocrats ETF | 0.73% |
What could go wrong
- Fee income rises and falls with markets. About $5.7 billion of fiscal 2025 revenue was noninterest income, mostly fees. Falling markets, a weaker economy, poor investment results or shifting client preferences can all shrink that income.
- Errors, outages and cyberattacks. It held or administered $17.4 trillion for institutional clients at year-end 2025, using complex systems, many run by outside vendors. Errors, outages, control failures or cyberattacks can cause losses, lawsuits and lost clients.
- Interest rate changes can cut earnings. Net interest income was $2.4 billion in fiscal 2025. Rate changes alter what it earns on loans and securities versus what it pays on deposits. Rising rates can also lower its securities portfolio's value.
- Heavy, changing bank regulation. Federal Reserve rules for large banks require annual capital plans and stress tests. A 2023 proposal, if adopted, would require a minimum level of long-term debt. Violations can bring fines and limits on growth.
- Liquidity and funding pressure. Deposits totaled $145.6 billion as of June 30, 2026. If clients withdraw deposits, rating agencies cut its ratings or markets doubt its strength, funding could cost more. The parent relies on the bank for cash.
- Fierce competition and constant technology spending. Rivals include other custody banks, asset managers and financial technology firms. Price competition can squeeze fees, yet the company must keep investing heavily in technology, data and AI to keep up.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Northern Trust pays a dividend, but increases have been small and uneven. Dividends per share were $2.80 in fiscal 2020 and 2021, $2.90 in 2022, $3.00 in 2023 and 2024, and $3.10 in 2025. That works out to growth of about 2.1% a year. The streak of increases stood at one year. The fiscal 2025 dividend used 34.1% of earnings, a moderate share. The yield was 1.91% as of October 28, 2026. Buybacks have grown, reaching $1.27 billion in fiscal 2025, and the share count fell 11.9% between September 30, 2021, and June 30, 2026.
The share price has fallen hard in past downturns. It dropped 60.4% during the 2008 financial crisis and did not regain its peak until May 2015, about 78 months later. It fell 39% in the 2020 COVID crash and recovered in about 10 months. It fell 36% in the 2022 bear market and took about 32 months to recover. A single stock like Northern Trust carries more risk than a diversified fund.
Questions investors ask
How does Northern Trust make money?
Mostly through fees for holding, administering and managing other people's money. In fiscal 2025, about $5.7 billion of its $8.1 billion in revenue was noninterest income, mainly fees. Another $2.4 billion was net interest income, earned on loans and securities after deposit costs. Asset Servicing, which serves retirement funds, fund managers and other institutions, produced 58.9% of revenue. Wealth Management, which serves wealthy families and individuals, produced 41.8%. The two shares top 100% because some items reported separately as Other reduce the total slightly.
Does Northern Trust raise its dividend every year?
No. Dividends per share held at $2.80 in fiscal 2020 and 2021 and at $3.00 in 2023 and 2024. The company raised the dividend to $3.10 in fiscal 2025, so its streak of increases stood at one year. From fiscal 2020 to 2025, the dividend grew about 2.1% a year. The fiscal 2025 dividend used 34.1% of earnings, and the yield was 1.91% as of October 28, 2026. The board can change the dividend, and banking rules can limit payouts.
How has Northern Trust stock performed over the long run?
Strongly over the one and three years to October 28, 2026, with big swings along the way. Based on share prices, the stock returned 37.9% over one year and averaged about 43.3% a year over three years. Over five years it averaged about 10.2% a year, and over 10 years about 12% a year. It lost 23.8% in calendar 2022 and gained 36.9% in 2025. Its deepest fall, during the 2008 crisis, was about 60%.
Is Northern Trust a systemically important bank?
Not in the highest category. Under the Federal Reserve's tailoring rules, it is a Category II banking organization. That means annual capital plans, regular stress tests (checks of how its capital would hold up in a severe downturn) and liquidity rules. But it is not a global systemically important bank (GSIB), so some extra requirements, such as a capital surcharge, do not apply to it. Northern Trust had $177.1 billion in total assets at December 31, 2025. Its bank's deposits are FDIC-insured up to federal limits.
What is Northern Trust's P/E ratio?
About 19.7 as of October 28, 2026, based on fiscal 2025 diluted earnings of $8.74 per share. The price-to-earnings (P/E) ratio shows how many dollars investors pay for each dollar of yearly profit. Net income fell 14.5% in fiscal 2025. Because the ratio uses fiscal 2025 earnings, it does not reflect the quarter ended June 30, 2026, when net income rose 88% from a year earlier. The company's market value was about $31.5 billion on October 28, 2026.