Income StatementBalance SheetCash FlowSegments
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Northern Trust Cash Flow Statement

Operating, investing, and financing cash movements

Northern Trust generated $2.5B in operating cash flow over the trailing twelve months. After $71.0M in capital expenditures, free cash flow was $2.4B. Free cash flow decreased 0.3% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.5BNet Cash From Investing (TTM)-$6.4BNet Cash From Financing (TTM)$5.2BCapital Expenditures (TTM)$71.0MDepreciation And Amortization Cf (TTM)$785.5MNet Change In Cash (TTM)$1.4B
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$30.6B
P/E Ratio16.35
ROE14.46%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$40.7M$12.4M$12.4M$16.4M$32.8M$9.4M
Payments For (Proceeds From) Federal Reserve And Foreign Central Bank Deposits—$13.6B-$1.8B-$2.6B$4.1B-$11.3B
Net change in interest-bearing deposits in banks-$415.8M$305.3M-$701.2M$383.0M$290.1M-$149.6M
Net change in fed funds sold and resale agreements—$327.9M-$787.1M-$929.6M—$999.7M
Net cash from investing activities-$2.2B-$10.3B-$3.6B$807.7M-$7.1B$3.5B
Net change in loans and leases—-$2.6B$2.4B-$350.2M-$1.0B$580.5M
Other investing activities—-$63.9M-$271.0M-$672.6M$2.0B$3.9B
Proceeds from maturities/sales of investments$7.1B$7.9B$8.4B$8.5B$8.0B$8.5B
Purchases of fixed maturity securities$7.3B$6.1B$8.4B$10.2B$8.5B$9.6B
Purchases of investments$2.9B$2.5B$2.7B$1.7B$2.5B$4.6B

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in income taxes payable/receivable$45.9M-$26.1M-$26.1M-$26.1M-$26.1M—
Other working capital changes$398.5M-$144.9M-$331.3M-$1.0B—-$296.0M
Change in receivables—$206.0M-$195.6M$22.8M$9.4M$164.8M
Deferred income taxes$5.2M$48.6M$48.6M$48.6M$48.6M—
Depreciation and amortization$182.9M$190.7M$195.7M$195.8M$196.9M$197.1M
Net gains (losses) on investments$0.0$0.0$0.0$0.0$0.0$0.0
Net cash from operating activities-$2.6B$2.7B$1.9B$525.8M$388.4M-$320.0M
Net income$455.4M$392.0M$421.3M$457.6M$466.0M$525.5M
Provision for Credit Losses-$10.5M$1.0M$16.5M-$17.0M-$8.0M-$3.0M
Pension and postretirement benefit expense$4.0M$137.9M$0.0$0.0$4.2M$7.2M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Repayments of debt$0.0$0.0———$600.0M
Dividends paid$147.6M$146.1M$144.0M$151.9M$149.6M$148.5M
Dividends paid on preferred stock$4.7M$16.2M$4.7M$16.2M$4.7M$16.2M
Change In Federal Funds Purchased$602.4M-$218.1M-$10.9M$636.6M—$166.7M
Repayments of Subordinated Debt$0.0$337.5M$337.5M$337.5M$337.5M—
Net cash from financing activities$3.2B$6.8B$3.5B-$2.3B$7.1B-$3.1B
Net change in deposits$4.2B$7.2B$3.6B-$798.0M$6.9B-$2.5B
Other financing activities-$700.0K-$2.5M-$2.7M-$2.8M-$3.1M-$1.7M
Proceeds from issuance of common stock$5.1M$4.5M$0.0$0.0$1.9M$2.7M
Repurchases of common stock$253.6M$287.2M$339.4M$277.0M$369.9M$358.9M
Net change in short-term borrowings-$353.9M$8.2M-$64.9M$50.5M$573.0M$662.6M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow-$2.7B$2.7B$1.9B$509.4M$355.6M-$329.4M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$503.9M$402.8M$290.1M-$108.8M$72.3M-$100.3M
Net increase (decrease) in cash-$2.2B-$308.5M$2.1B-$1.1B$526.9M-$57.1M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$83.3M$52.3M$193.4M$66.6M$114.5M$97.9M
Interest paid$1.8B$1.5B$1.6B$1.5B$1.6B$1.6B