Northern Trust (NTRS) financial statements
Northern Trust reported revenue of $5.0B in fiscal 2025, up 0.1% a year over 9 years.
Net income was $1.7B.
Free cash flow was $4.8B, and the company returned $592M in dividends and $1.3B in net buybacks.
The diluted share count fell 16% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Northern Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.0B | $3.4B | $3.8B | $3.9B | $4.0B | $4.4B | $4.4B | $4.4B | $4.7B | $5.0B |
| Interest expense | $182M | $340M | $699M | $822M | $200M | $24M | $990M | $5.3B | — | — |
| Pre-tax income | $1.5B | $1.6B | $2.0B | $1.9B | $1.6B | $2.0B | $1.8B | $1.5B | $2.7B | $2.3B |
| Income tax | $485M | $435M | $401M | $452M | $418M | $465M | $430M | $358M | $628M | $603M |
| Net income | $1.0B | $1.2B | $1.6B | $1.5B | $1.2B | $1.5B | $1.3B | $1.1B | $2.0B | $1.7B |
| EPS (diluted) | $4.32 | $4.92 | $6.64 | $6.63 | $5.46 | $7.14 | $6.14 | $5.08 | $9.77 | $8.74 |
| Diluted shares | 229M | 230M | 224M | 216M | 209M | 209M | 209M | 208M | 202M | 192M |
| Net margin | 20.8% | 34.9% | 41.5% | 38.7% | 30.3% | 35.4% | 30.1% | 25.4% | 43.0% | 34.6% |
Balance sheet
Fiscal years, from Northern Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5.3B | $4.5B | $4.6B | $4.5B | $4.4B | $3.1B | $4.7B | $4.8B | $4.7B | $5.9B |
| Property, plant and equipment | $467M | $465M | $428M | $483M | $515M | $489M | $500M | $502M | $490M | $465M |
| Goodwill | $519M | $606M | $669M | $697M | $707M | $706M | $691M | $702M | $695M | $713M |
| Total assets | $123.9B | $138.6B | $132.2B | $136.8B | $170.0B | $183.9B | $155.0B | $150.8B | $155.5B | $177.1B |
| Total liabilities | $114.2B | $128.4B | $121.7B | $125.7B | $158.3B | $171.9B | $143.8B | $138.9B | $142.7B | $164.2B |
| Shareholders' equity | $9.8B | $10.2B | $10.5B | $11.1B | $11.7B | $12.0B | $11.3B | $11.9B | $12.8B | $13.0B |
| Net debt | -$5.3B | -$4.5B | -$4.6B | -$4.5B | -$4.4B | -$3.1B | -$4.7B | -$4.8B | -$4.7B | -$5.9B |
Cash flow
Fiscal years, from Northern Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.5B | $1.7B | $1.8B | $2.6B | $1.9B | $1.4B | $2.4B | $2.6B | -$486M | $5.5B |
| Capital spending | $473M | $473M | $506M | $600M | $560M | $515M | $724M | $676M | $746M | $774M |
| Free cash flow | $1.0B | $1.2B | $1.3B | $2.0B | $1.3B | $841M | $1.7B | $1.9B | -$1.2B | $4.8B |
| Stock-based compensation | $87M | $128M | $131M | $108M | $91M | $96M | $125M | $118M | $119M | $126M |
| Dividends paid | $333M | $357M | $405M | $530M | $585M | $583M | $750M | $622M | $602M | $592M |
| Share buybacks (net) | -$411M | -$523M | -$924M | -$1.1B | -$300M | -$268M | -$35M | -$348M | -$938M | -$1.3B |
| Net borrowing | $1.1B | $759M | $1.5B | — | — | — | — | — | — | — |
| Free cash flow margin | 20.9% | 36.3% | 33.6% | 51.7% | 33.5% | 19.3% | 37.7% | 44.7% | -26.0% | 94.8% |
| Dividends per share | $1.45 | $1.55 | $1.81 | $2.46 | $2.80 | $2.79 | $3.59 | $2.99 | $2.98 | $3.08 |
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Open NTRS in InvestinglyQuestions
What was Northern Trust's revenue in 2025?
$5.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Northern Trust generate?
$4.8B in fiscal 2025 (operating cash flow minus capital spending).
From Northern Trust's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.