Income StatementBalance SheetCash FlowSegments
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Northern Trust Business Segments

Business, geographic, and product segment breakdowns

Northern Trust generates $8.2B in annual revenue across 2 key segments: Asset Servicing Segment ($2.9B), and Wealth Management Segment ($2.3B). Based on the Q1 2026 filing.

Asset Servicing Segment (TTM)$2.9BWealth Management Segment (TTM)$2.3B
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$30.6B
P/E Ratio16.35
ROE14.46%

Products & Services

Other Operating Income(1)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Bank Owned Life Insurance$18.7M$19.3M$19.6M$19.4M$22.0M$19.5M
Other Income$15.4M$3.3M$10.2M$12.2M—$15.3M
Banking Service Fees$14.2M$14.3M$14.1M$14.1M$13.6M$13.3M
Loan Service Fees$11.6M$13.7M$12.5M$14.9M$12.6M$12.0M
Treasury Management Fees—$9.6M———$10.3M

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Investment Management and Advisory$653.2M$647.4M$649.6M$668.3M$694.4M$717.5M
Custody and Fund Administration$488.1M$485.1M$498.4M$515.5M$527.7M$531.7M
Other$59.8M$63.4M$62.8M$60.2M$62.0M$68.6M
Securities Commissions and Trading Income$48.0M$38.1M$37.7M$39.5M$47.6M$50.4M
Securities Lending$21.1M$17.9M$20.3M$21.5M$23.3M$23.6M
Other Operating Income$10.3M$10.4M$10.4M$10.4M$10.6M$20.7M

Total Client Receivables

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Trust Fees Receivable, net$932.3M$975.0M$966.9M$969.0M$956.7M$1.0B
Other$64.5M$63.3M$70.1M$80.9M$105.6M$101.3M

Fee receivable allowance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Trust Fees Receivable, net$12.0M$10.5M$10.5M$5.4M$5.0M$5.1M

Geographic

Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
All other$1.4B———$1.5B—

Concentration risk, percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-U.S.7.0%7.8%7.8%7.8%7.8%—

INCOME BEFORE INCOME TAXES

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-U.S.$142.3M$139.2M$139.2M$139.2M$139.2M—

Net Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-U.S.$107.5M$109.9M$109.9M$109.9M$109.9M—

TOTAL ASSETS

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-U.S.$43.2B———$54.8B—

TOTAL REVENUE

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-U.S.$561.1M$608.7M$608.7M$608.7M$608.7M—

Business Segments

Allocated Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment—$697.2M$740.7M$763.6M$846.0M$788.0M
Wealth Management Segment$302.0M$306.5M$305.0M$315.3M$335.2M$350.9M

Average Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment—$109.8B$117.0B$110.1B—$125.5B
Wealth Management Segment—$39.2B$39.1B$39.9B—$39.6B

Average Deposits

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment—$89.3B$95.5B$90.2B—$102.4B
Wealth Management Segment—$25.3B$25.3B$25.4B—$26.5B

Average Loans

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Wealth Management Segment—$35.3B$35.3B$36.1B—$35.3B
Asset Servicing Segment—$5.7B$5.8B$5.4B—$5.6B

Compensation and Benefits

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Wealth Management Segment—$171.7M———$177.3M
Asset Servicing Segment—$111.2M———$107.5M

Foreign Exchange Rates

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment-$12.8M$5.6M$14.0M-$1.7M$0.0-$3.4M
Wealth Management Segment-$100.0K$0.0$100.0K$0.0$0.0$0.0

Foreign Exchange Trading Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment$65.6M$63.9M$61.0M$65.5M$77.6M$90.9M
Wealth Management Segment-$3.9M-$5.2M-$10.4M-$8.3M-$3.3M-$3.2M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment$614.6M$620.2M$634.2M$632.5M$632.5M$629.1M
Wealth Management Segment$80.3M$80.3M$80.4M$80.4M$80.4M$80.4M

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment$268.6M$235.0M$271.1M$294.1M$326.9M$373.3M
Wealth Management Segment$350.8M$304.2M$309.6M$342.4M$341.7M$330.2M

Net Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment$227.7M$184.2M$213.0M$229.8M$255.6M$290.1M
Wealth Management Segment$276.0M$229.8M$234.0M$258.7M$258.2M$247.9M

Net Interest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment$320.0M$323.2M$347.2M$339.9M$388.0M$401.7M
Wealth Management Segment$258.9M$250.2M$268.3M$257.2M$266.8M$259.5M

Noninterest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment$856.7M$890.5M$895.6M$901.3M$953.4M$947.0M
Wealth Management Segment$486.1M$517.1M$511.0M$516.3M$541.9M$559.2M

Noninterest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment$813.8M$804.4M$823.4M$849.4M$889.2M$916.3M
Wealth Management Segment$577.8M$570.2M$563.5M$589.2M$611.3M$631.5M

Other Noninterest Income (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment$75.1M$68.6M$70.6M$77.0M$82.0M$84.9M
Wealth Management Segment$36.3M$33.5M$34.6M$38.9M$36.8M$33.8M

Other Segment Items

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment$108.9M$22.7M$19.4M$18.1M$15.6M$21.7M
Wealth Management Segment$19.2M$22.6M$23.9M$21.2M$26.9M$20.0M

Outside Services

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment$279.9M$58.7M$43.9M$24.0M$0.0$29.8M
Wealth Management Segment$10.9M$14.4M$17.0M$14.0M$16.0M$11.0M

Percentage of Consolidated Net Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment—47.0%51.0%50.0%—55.0%
Wealth Management Segment—59.0%56.0%57.0%—47.0%

Provision for Credit Losses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment-$2.7M$2.1M$3.9M-$6.1M-$3.1M-$2.3M
Wealth Management Segment—-$900.0K$11.2M-$12.3M-$5.5M$1.6M

Provision for Income Taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment$59.4M$50.8M$58.1M$64.3M$71.3M$83.2M
Wealth Management Segment$88.2M$74.4M$75.6M$83.7M$83.5M$82.3M

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment$675.5M$671.9M$691.8M$706.9M$729.6M$740.5M
Wealth Management Segment$546.7M$541.9M$539.3M$558.6M$577.8M$600.9M

Revenues, Net of Interest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Servicing Segment$1.1B$1.1B$1.2B$1.2B$1.3B$1.3B
Wealth Management Segment$838.0M$820.4M$831.8M$846.4M$878.1M$891.0M

Services provided by business units, number of states

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
WEALTH MANAGEMENT1900.0%———1900.0%—