Northern Trust Corporation
northerntrust.comWhat Do They Do?
Provides asset servicing and investment management to institutional investors, and wealth management to families, individuals and businesses.
10-K for FY2025, filed Feb 24, 2026Asset Servicing (AS) is a leading global provider of asset servicing and related services to corporate and public retirement funds…View ↗
Wealth Management (WM) focuses on high-net-worth individuals and families, business owners, executives, professionals, retirees, and…View ↗
Asset Management, through the Corporation’s various subsidiaries, supports the Asset Servicing and Wealth Management reporting segments by…View ↗
How Do They Make Money?
Clients generally pay monthly or quarterly for asset servicing, investment management and related services, with fees mainly tied to assets, transaction volume, account counts and securities-lending activity. Northern Trust also earns interest on earning assets, less interest it pays on deposits and borrowed funds.
10-K for FY2025, filed Feb 24, 2026Performance Obligations. Clients are typically charged monthly or quarterly in arrears based on the fee arrangement agreed to with each…View ↗
Substantially all revenues generated from contracts with clients for asset servicing, asset management, securities lending, treasury…View ↗
Trust, Investment and Other Servicing Fees are based primarily on the market value of assets held in custody, managed or serviced; the…View ↗
Northern Trust generates the majority of its revenue from Noninterest Income that primarily consists of Trust, Investment and Other…View ↗
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10-K for FY2025, filed Feb 24, 2026
FY2025 revenue by product or service (Trust, Investment and Other Servicing Fees) ↗
$8.1B
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10-K for FY2025, filed Feb 24, 2026
$8.1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Custody and Fund Administration
Recurring
10-K for FY2025, filed Feb 24, 2026 |
40%
FY2022: 41%
|
Custody and Fund Administration, FY2025
$2B Sources
|
Recurring |
|
Investment Management and Advisory
Recurring
10-K for FY2025, filed Feb 24, 2026 |
53%
FY2022: 52%
|
Investment Management and Advisory, FY2025
$2.7B Sources
|
Recurring |
|
Securities Lending
Recurring
|
1.7%
FY2022: 1.8%
|
Securities Lending, FY2025
$83M Sources
|
Recurring |
|
Other
Recurring
|
5.0%
FY2022: 5.3%
|
Other, FY2025
$248.4M Sources
|
Recurring |
Who Are Their Customers?
Serves institutional investors such as retirement funds and fund managers, and private and business clients including families, business owners and established privately held companies. Client relationships are managed through the Bank and other subsidiaries.
10-K for FY2025, filed Feb 24, 2026
Do Revenues Turn Into Profits?
Yes. It kept 21 cents of every revenue dollar as net income in FY2025 and turned 68 cents into free cash flow.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
$792.2MView ↗
- ▲ +88%
- vs $421.3M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
Growing. Revenue grew 25% in 4 years, from $6.5B in FY2021 to $8.1B in FY2025, about 6% a year.
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