Northern Trust (NTRS) FY2025 10-K Annual Report
Northern Trust (NTRS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Northern Trust FY2025 10-K Analysis
Business Overview
- • Section 'business' was empty or not found.
Management Discussion & Analysis
- • Total revenue $8,086.4M in 2025, down from $8,290.4M in 2024 (-2.5%); Trust/Investment fees best growth at $5,017.8M vs $4,727.8M (+6.1%)
- • Net income $1,736.9M vs $2,031.1M in 2024; operating margin ~28.9% vs ~32.1% (income before taxes / total revenue)
- • Net Interest Income $2,411.0M vs $2,177.1M (+10.8%); NIM 1.70% vs 1.62%; 2024 inflated by $1,157.4M one-time Other Operating Income
- • Capital returns: buybacks $1,273.5M (vs $937.8M in 2024), common dividends $600.5M ($3.10/share), capex (software + equipment) ~$774.2M
- • Key risk: non-interest income decline driven by absence of 2024 one-time items; rising compensation/tech costs ($1,169.9M equipment/software, up 8.8%)
Risk Factors
- • Non-US revenue 30% of total; sanctions/geopolitical restrictions (e.g., Russia) causing accumulating trapped cash with subcustodians, growing over time
- • Evolving AI/digital asset regulation — GENIUS Act 2025 and potential CLARITY Act create uncertain compliance obligations for product/service offerings
- • Heavy IT dependency on third-party vendors for core data processing; vendor failure or breach has caused and could again disrupt client service delivery
- • Generative AI adoption by competitors and nontraditional FinTech providers with fewer regulatory constraints threatens pricing power and client retention
- • Fee revenue majority tied to AUM market values; equity/debt market downturns historically compress earnings with no offsetting loan-income buffer
Northern Trust FY2025 Key Financial MetricsXBRL
Revenue
$5.0B
▲ +6.1% YoY
Net Income
$1.7B
▼ -14.5% YoY
Net Margin
34.6%
▼ -835bp YoY
ROE
13.4%
▼ -248bp YoY
Total Assets
$177.1B
▲ +13.9% YoY
EPS (Diluted)
$8.74
▼ -10.5% YoY
Operating Cash Flow
$5.5B
▲ +1238.6% YoY
Source: XBRL data from Northern Trust FY2025 10-K filing on SEC EDGAR. All figures in USD.
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