Sales down 2.5%, free cash flow up to $5.5B
The latest figures
All key numbers (34) From EDGAR
| EPS (ttm) | 8.74 | Sales (ttm) | 8.4B | Net income (ttm) | 2.4B | Sales growth | -2.5% | EPS growth | -10.5% | Sales Q/Q | +8.5% |
| Free cash flow | 1.7B | Gross margin | - | Oper. margin | - | Net margin | 28.8% | FCF margin | 20.6% | ROE | 18.2% |
| ROA | 1.5% | R&D / sales | - | Dividend | 3.10 | Debt/Eq | - | Curr. ratio | - | Cash | 6.4B |
| Op. cash flow (ttm) | 1.8B | Payout ratio | 35.5% | Tax rate | 25.8% | Stock pay / sales | 1.6% | Shares out. | 181.1M | Shares Y/Y | -4.8% |
| Book / share | 73.78 | Cash / share | 35.58 | Sales / share | 46.60 | Asset turnover | 0.05 | Sales 3Y CAGR | +6.1% | Sales 5Y CAGR | +5.8% |
| EPS 3Y CAGR | +12.5% | EPS 5Y CAGR | +9.9% | Employees | 23,800 | Sales / employee | 355K |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Free cash flow turned positive−$587.5M → $5.5B · Cash from operations − capital expenditure · 10-K ↗
-
Revenue growth slowed to -2.5%+22.4% → -2.5% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
NTRS against Financials peers
Ten years, side by side → · All 76 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| NTRS Northern Trust | $8.4B | -2.5% | - | 28.8% | 18.2% | 20.6% | - |
| NDAQ Nasdaq, Inc. | $9.2B | +11.6% | 63.2% | 22.8% | 17.4% | 24.7% | 0.73 |
| CFG Citizens Financial Group | $8.9B | +5.6% | - | 25.4% | 9.0% | - | 0.71 |
| MCO Moody's Corporation | $8.2B | +8.9% | 74.6% | 35.3% | 88.2% | 36.4% | 2.11 |
| KEY KeyCorp | $8.0B | +62.7% | - | 26.6% | 11.9% | 19.0% | 0.64 |
| TROW T. Rowe Price | $7.7B | +3.1% | - | 28.4% | 19.2% | 20.7% | - |
Profitability
3 of 3- ✓Net margin above the peer median28.8% vs 20.4%
- ✓Return on equity above 15%18.2%
- ✓A profit in every one of 10 years
Cash and shareholders
2 of 2- ✓Share count down over 5 years−8.0%
- ✓Dividend per share up over 5 years$2.80 → $3.10
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
Revenue and net income, FY2016 to FY2025
Revenue 8.1B Net income 1.7BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $8.1B of revenue came from
by region, year to Dec 31, 2025- U.S. $5.7B · 70%
- Non-U.S. $2.4B · 30%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
Income statement, balance sheet and cash flow
NTRS's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by business segment
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Asset Servicing | 2.8B | 34.6% | +6.4% |
| Wealth Management | 2.2B | 27.4% | +5.9% |
10-K 0000073124-26-000016, segment and revenue notes (XBRL).
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Investment Management and Advisory | 2.7B | 32.9% | +6.8% |
| Custody and Fund Administration | 2.0B | 25.1% | +5.8% |
| Other | 248.4M | 3.1% | +0.6% |
| Securities Commission and Trading | 162.9M | 2.0% | +13.4% |
| Securities Lending | 83.0M | 1.0% | +11.7% |
| Products and Services, Other Operating Income | 41.8M | 0.5% | +6.4% |
10-K 0000073124-26-000016, segment and revenue notes (XBRL).
Revenue by region
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| U.S. | 5.7B | 69.9% | -8.4% |
| Non-U.S. | 2.4B | 30.1% | +14.7% |
10-K 0000073124-26-000016, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5.0B | 5.4B | 6.0B | 6.1B | 6.1B | 6.5B | 6.8B | 6.8B | 8.3B | 8.1B |
| Interest expense | 182.0M | 340.2M | 698.7M | 822.0M | 200.3M | 23.8M | 990.5M | 5.3B | 7.6B | 6.2B |
| Pretax income | 1.5B | 1.6B | 2.0B | 1.9B | 1.6B | 2.0B | 1.8B | 1.5B | 2.7B | 2.3B |
| Income tax | 484.6M | 434.9M | 401.4M | 451.9M | 418.3M | 464.8M | 430.3M | 357.5M | 628.4M | 602.6M |
| 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 | 229.2M | 229.7M | 224.5M | 215.6M | 209.0M | 208.9M | 208.9M | 207.6M | 201.9M | 192.2M |
| Depreciation & amortization | - | - | 460.9M | 458.9M | 500.3M | 515.6M | 553.6M | 634.6M | 716.8M | 779.1M |
| Net margin | 20.8% | 22.3% | 26.1% | 24.6% | 19.8% | 23.9% | 19.8% | 16.3% | 24.5% | 21.5% |
| Revenue growth | - | +8.3% | +10.9% | +1.9% | +0.5% | +6.0% | +4.6% | +0.2% | +22.4% | -2.5% |
| EPS growth | - | +13.9% | +35.0% | -0.2% | -17.6% | +30.8% | -14.0% | -17.3% | +92.3% | -10.5% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 5.3B | 4.5B | 4.6B | 4.5B | 4.4B | 3.1B | 4.7B | 4.8B | 4.7B | 5.9B |
| Property & equipment | 466.6M | 464.6M | 428.2M | 483.3M | 514.9M | 488.7M | 500.5M | 502.2M | 490.3M | 464.6M |
| Goodwill | 519.4M | 605.6M | 669.3M | 696.8M | 707.2M | 706.2M | 691.3M | 702.3M | 694.9M | 712.9M |
| 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 |
| Retained earnings | 8.9B | 9.7B | 10.8B | 11.7B | 12.2B | 13.1B | 13.8B | 14.2B | 15.6B | 16.7B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.5B | 1.7B | 1.8B | 2.6B | 1.9B | 1.4B | 2.4B | 2.6B | -486.0M | 5.5B |
| Capital spending | 111.3M | 91.6M | 97.6M | 158.0M | 135.8M | 95.5M | 128.6M | 116.5M | 101.5M | 74.0M |
| Free cash flow | 1.4B | 1.6B | 1.7B | 2.4B | 1.8B | 1.3B | 2.3B | 2.5B | -587.5M | 5.5B |
| Stock-based pay (added back) | 86.8M | 128.0M | 130.9M | 107.9M | 91.4M | 95.5M | 125.2M | 118.2M | 119.4M | 126.5M |
| Dividends paid | 333.0M | 356.8M | 405.4M | 529.7M | 584.6M | 583.3M | 750.2M | 621.5M | 602.3M | 591.6M |
| Buybacks | 411.1M | 523.1M | 924.3M | 1.1B | 299.8M | 267.6M | 35.4M | 347.5M | 937.8M | 1.3B |
| Debt raised | - | 350.0M | 497.9M | 498.0M | 993.2M | 0 | 2.0B | 0 | 0 | 499.8M |
| Debt repaid | 6.7M | 208.7M | 314.3M | 0 | 508.6M | 500.0M | 500.0M | 0 | 0 | - |
| Investing cash flow | -10.2B | -14.0B | 4.3B | -3.4B | -29.9B | -18.6B | 25.9B | 4.8B | -2.6B | -20.2B |
| Financing cash flow | 7.5B | 11.3B | -5.8B | 615.9M | 27.9B | 16.1B | -26.4B | -7.2B | 3.4B | 15.2B |
| Dividend per share | - | 1.60 | 1.94 | 2.60 | 2.80 | 2.80 | 2.90 | 3.00 | 3.00 | 3.10 |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 86.8M | 128.0M | 130.9M | 107.9M | 91.4M | 95.5M | 125.2M | 118.2M | 119.4M | 126.5M |
| Stock-based pay / revenue | 1.7% | 2.4% | 2.2% | 1.8% | 1.5% | 1.5% | 1.9% | 1.7% | 1.4% | 1.6% |
| Operating lease cost | - | - | - | 102.2M | 119.4M | 96.2M | 104.5M | 109.2M | 93.5M | 87.8M |
| Operating lease cash paid | - | - | - | 101.2M | 107.9M | 69.5M | 70.3M | 91.4M | 94.5M | 105.4M |
| Right-of-use assets | - | - | - | 491.6M | 560.5M | 531.2M | 484.8M | 522.8M | 478.0M | 464.6M |
| Operating lease liabilities | - | - | - | 603.1M | 700.6M | 663.1M | 626.2M | 692.8M | 648.8M | 624.4M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.