Short answer
Northern Trust (NTRS) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $5.0B (+6.1% year over year) and net income of $1.7B.
- Top risk flagged: Non-US revenue 30% of total; sanctions/geopolitical restrictions (e.g., Russia) causing accumulating trapped cash with subcustodians, growing over time
FY2025 key financial metrics · XBRL
- Revenue
- $5.0B
- +6.1% YoY
- Net income
- $1.7B
- −14.5% YoY
- EPS (diluted)
- $8.74
- −10.5% YoY
- ROE
- 13.4%
- −2.5 pp YoY
- Operating cash flow
- $5.5B
- +1238.6% YoY
Source: XBRL data from the Northern Trust (NTRS) FY2025 10-K on SEC EDGAR. USD.
Northern Trust FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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