# Northern Trust Corporation (NTRS)

> Source: Nexqual · https://nexqual.com/NTRS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Northern Trust Corporation (NTRS), nexqual.com/NTRS" · informational, not investment advice.

**Price:** USD 165.82 (-0.65% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 166.91 · day 163.24–167.59 · 52w 121.53–195.78 · market cap $30.3B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.05B, net income $2.24B (24.8% margin) (SEC filings).
- Valuation: P/E 13.5x (avg 13.7x at the last 3 fiscal year-ends).
- 3 of 80 tracked superinvestors hold NTRS (13F, Q2 2026): 0 new, 0 added, 1 reduced, 2 unchanged.
- Analysts: Hold (mean 3.06 on a 1–5 scale) (16 analysts), mean target USD 181.21 (range 158–194).
- Total return with dividends: 1Y +35.8% vs S&P 500 +14.9%; 5Y +53.5% vs S&P 500 +80.3%.
- Next earnings: 2027-01-21, EPS estimate USD 3.05, revenue estimate $2.29B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.46B | $6.76B | $6.77B | $8.29B | $8.09B | $9.05B |
| Net income | $1.55B | $1.34B | $1.11B | $2.03B | $1.74B | $2.24B |
| EPS (diluted) | $7.14 | $6.14 | $5.08 | $9.77 | $8.74 | — |
| Free cash flow | $1.26B | $2.26B | $2.51B | -$588M | $5.46B | $445M |
| Net margin | 23.9% | 19.8% | 16.3% | 24.5% | 21.5% | 24.8% |
| Revenue growth | +6.0% | +4.6% | +0.2% | +22.4% | -2.5% | — |
| Cash + short-term investments | $3.06B | $4.65B | $4.79B | $4.68B | $5.87B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 13.5x · P/S 3.4x · P/FCF 68.1x · P/B 2.3x · FCF yield 1.47% · Earnings yield 7.39% · Dividend yield (paid, TTM) 1.97% · Buyback yield (TTM) 4.47%
P/E at fiscal year-ends: Dec 2025 15.1x, Dec 2024 10.2x, Dec 2023 15.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold NTRS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 1.69% | $169M | Reduced -14.8% |
| Yacktman Asset Management |  | 0.02% | $1.7M | Unchanged |
| Mairs & Power | Mairs & Power Funds | <0.01% | $417K | Unchanged |

## Analysts
Consensus Hold (mean 3.06 on a 1–5 scale), 16 analysts; mean target USD 181.21 (low 158, high 194).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Morgan Stanley | Target raised | Underweight | $173 → $177 |
| 2026-10-22 | Barclays | Target raised | Equal-Weight | $189 → $194 |
| 2026-10-06 | BMO Capital | Target lowered | Outperform | $208 → $190 |
| 2026-10-05 | Citigroup | Target raised | Neutral | $182 → $186 |
| 2026-10-02 | JP Morgan | Target lowered | Neutral | $185.5 → $185 |
| 2026-10-01 | Evercore ISI Group | Target raised | In-Line | $179 → $183 |
| 2026-08-04 | JP Morgan | Target raised | Neutral | $179.5 → $185.5 |
| 2026-07-23 | Morgan Stanley | Target raised | Underweight | $170 → $173 |
| 2026-07-23 | RBC Capital | Downgrade | Outperform → Sector Perform | $178 |
| 2026-07-23 | Barclays | Target raised | Equal-Weight | $176 → $189 |
| 2026-07-23 | Wells Fargo | Target raised | Equal-Weight | $189 → $194 |
| 2026-07-09 | Keefe, Bruyette & Woods | Target raised | Underperform | $157 → $175 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +35.8% | +53.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +35.9% | +8.9% |
| Volatility (annualized) | 24.1% | 27.3% |
| Max drawdown | -14.7% (Aug 2026→Oct 2026) | -49.6% (Jan 2022→Oct 2023) |

## Peers (Asset Management)
RJF (Raymond James Financial, Inc.) USD 159.19 +2.25% · PFG (Principal Financial Group Inc) USD 110.11 +1.54% · ARES (Ares Management Corporation) USD 123.7 +5.72% · TROW (T. Rowe Price Group, Inc.) USD 103.45 +0.15% · AMP (Ameriprise Financial, Inc.) USD 496.83 +1.29% · STT (State Street Corporation) USD 167.84 -0.66%

## More
Full page: https://nexqual.com/NTRS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asset Servicing | $757.4M | 56.1% | +9.5% |
| Wealth Management | $592.1M | 43.9% | +9.8% |
| Total revenue | $1.35B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Investment Management and Advisory | $712.3M | 52.8% | +9.7% |
| Custody and Fund Administration | $544.9M | 40.4% | +9.3% |
| Other | $62.7M | 4.6% | -0.2% |
| Securities Commissions and Trading Income | $53.1M | 3.9% | +40.8% |
| Securities Lending | $29.6M | 2.2% | +45.8% |
| Other Operating Income | $19.3M | 1.4% | -4.0% |
| Total revenue | $1.35B | 100% | — |
The lines above cover 105.4% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $5.65B | 112.6% | -8.4% |
| Non Us | $2.43B | 48.5% | +14.7% |
| Total revenue | $5.02B | 100% | — |
The lines above cover 161.2% of total revenue.

## Company outlook (8-K filed 2026-10-21)

- "Q3 2025 The negative provision in the prior-year quarter resulted from a decrease in collective reserves driven by improved macroeconomic factors primarily impacting the C&I portfolio and improved projections for Residential Real Estate. 4 NORTHERN TRUST CORPORATION THIRD QUARTER 2026 RESULTS NONINTEREST EXPENSE % Change Q3 2026 vs."
- "Northern Trust assumes no obligation to update its forward-looking statements."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $3.05 | $2.92 | +4.5% | $2.29B | 11 |
| Next quarter (ends 2027-03-31) | $2.93 | $2.92 | +0.3% | $2.33B | 9 |
| Current fiscal year (ends 2026-12-31) | $13.40 | $12.75 | +5.1% | $9.29B | 10 |
| Next fiscal year (ends 2027-12-31) | $12.96 | $12.53 | +3.4% | $9.50B | 12 |