ntrs-20251022
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
FORM
8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 22, 2025

NORTHERN TRUST CORPORATION

(Exact name of registrant as specified in its charter)
Delaware001-36609 36-2723087
(State or other jurisdiction of incorporation)(Commission File Number) (IRS Employer Identification No.)
50 South LaSalle Street 60603
Chicago,Illinois(Zip Code)
(Address of principal executive offices) 
Registrant’s telephone number, including area code (312) 630-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1.66 2/3 Par ValueNTRSThe NASDAQ Stock Market LLC
Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred Stock
NTRSOThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.    Results of Operations and Financial Condition

The information contained in the registrant’s October 22, 2025 press release, reporting on the registrant’s earnings for the three and nine months ended September 30, 2025, a copy of which is attached as Exhibit 99.1 hereto, is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure

On October 22, 2025, Northern Trust Corporation (the “Corporation”) will hold a live conference call and webcast to discuss financial results for the three and nine months ended September 30, 2025 and other matters relating to the Corporation. In connection therewith, the Corporation has also made available on its website presentation materials containing certain information relating to the Corporation (the “Presentation Materials”) and materials that contain additional information about the Corporation’s financial results for the three and nine months ended September 30, 2025 (the “Financial Trends”), copies of which are attached as Exhibits 99.2 and 99.3 hereto, and are incorporated herein by reference.

Item 9.01.    Financial Statements and Exhibits

The information provided in this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.    

(d) Exhibits:
Exhibit NumberDescription
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
NORTHERN TRUST CORPORATION
(Registrant)
Dated:October 22, 2025By:/s/ David W. Fox, Jr.
David W. Fox, Jr.
Executive Vice President and Chief Financial Officer

Exhibit 99.1
NEWS RELEASE
ntrs_logoxwhitea.jpg
www.northerntrust.com
INVESTOR CONTACT: Jennifer Childe | 312-444-3290 | [email protected] MEDIA CONTACT: John O'Connell | 312-444-2388  | John.O'[email protected]



NORTHERN TRUST CORPORATION REPORTS THIRD QUARTER
NET INCOME OF $457.6 MILLION, EARNINGS PER DILUTED COMMON SHARE OF $2.29
CHICAGO, OCTOBER 22, 2025 — Northern Trust Corporation today reported third quarter net income per diluted common share of $2.29, compared to $2.13 in the second quarter of 2025 and $2.22 in the third quarter of 2024. Net income was $457.6 million, compared to $421.3 million in the prior quarter and $464.9 million in the prior-year quarter.

MICHAEL O’GRADY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER:
“Northern Trust delivered strong third quarter results with solid revenue growth across trust fees, capital markets and net interest income. ROE was at the high end of our target range, while lending and balance sheet measures remained sound. Continued expense discipline contributed to meaningful pre-tax margin expansion, double digit EPS growth and our fifth consecutive quarter of positive operating leverage and year-over-year improvement in our expense-to-trust fee ratio, excluding notables.

As we prepare to close out the year, we remain focused on executing on our One Northern Trust strategy, serving our clients with distinction, and generating value for our shareholders.”

FINANCIAL SUMMARY & KEY METRICS
% Change Q3 2025 vs.
($ In Millions except per share data)Q3 2025Q2 2025Q3 2024Q2 2025Q3 2024
Trust, Investment and Other Servicing Fees$1,265.5 $1,231.1 $1,196.6 3 %6 %
Other Noninterest Income (1)
169.1 156.3 209.6 8 (19)
Net Interest Income (FTE*)596.3 615.2 569.4 (3)5 
Total Revenue (FTE*)$2,030.9 $2,002.6 $1,975.6 1 %3 %
Noninterest Expense$1,422.9 $1,416.6 $1,359.4 — %5 %
Provision for Credit Losses(17.0)16.5 8.0 N/MN/M
Provision for Income Taxes161.9 143.5 136.2 1319
FTE Adjustment*5.5 4.7 7.1 14(23)
Net Income$457.6 $421.3 $464.9 9 %(2)%
Earnings Allocated to Common and Potential Common Shares$437.2 $412.8 $445.0 6 %(2)%
Diluted Earnings per Common Share$2.29 $2.13 $2.22 7 3 
Return on Average Common Equity14.8 %14.2 %15.4 %
Average Assets$151,041.5 $157,719.2 $146,842.9 (4)%3 %
(1)    Other Noninterest Income in Q3 2024 includes a $68.1 million pre-tax gain related to the sale of an equity investment.
(*)     Net interest income and total revenue presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principles (non-GAAP) financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
N/M - Not meaningful



NORTHERN TRUST CORPORATION THIRD QUARTER 2025 RESULTS
CLIENT ASSETS
Assets under custody/administration (AUC/A) and assets under management are a driver of the Corporation’s trust, investment and other servicing fees, the largest component of noninterest income.
As of
% Change September 30, 2025 vs.
($ In Billions)September 30, 2025*June 30, 2025September 30, 2024June 30, 2025September 30, 2024
Assets Under Custody/Administration
Asset Servicing$16,990.4 $16,864.9 $16,278.0 1 %4 %
   Wealth Management1,257.2 1,203.4 1,145.0 4 10 
     Total Assets Under Custody/Administration$18,247.6 $18,068.3 $17,423.0 1 %5 %
Assets Under Custody(1)
Asset Servicing$13,195.0 $13,056.5 $12,662.1 1 %4 %
   Wealth Management1,244.1 1,187.2 1,132.7 5 10 
     Total Assets Under Custody$14,439.1 $14,243.7 $13,794.8 1 %5 %
Assets Under Management
Asset Servicing$1,280.1 $1,229.2 $1,177.9 4 %9 %
  Wealth Management492.6 468.5 443.9 5 11 
     Total Assets Under Management$1,772.7 $1,697.7 $1,621.8 4 %9 %
(1) Assets Under Custody are a component of Assets Under Custody/Administration.
(*) Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
Total assets under custody/administration and assets under custody increased from the prior-year quarter primarily driven by favorable markets and favorable currency translation, partially offset by asset outflows.
Total assets under management increased compared to the prior-year quarter primarily reflecting favorable markets and net new business.

TRUST, INVESTMENT AND OTHER SERVICING FEES
% Change Q3 2025 vs.
($ In Millions)Q3 2025Q2 2025Q3 2024Q2 2025Q3 2024
Asset Servicing
Custody and Fund Administration$482.7$469.2$453.13 %7 %
Investment Management159.6157.3152.62 5 
Securities Lending21.220.217.55 21 
Other43.445.143.9(3)(1)
Total Asset Servicing Trust, Investment and Other Servicing Fees$706.9$691.8$667.12 %6 %
Wealth Management
Central$200.6$189.2$186.66 %8 %
East146.0139.3136.45 7 
West110.5106.3105.74 4 
Global Family Office (GFO)101.5104.5100.8(3)1 
Total Wealth Management Trust, Investment and Other Servicing Fees$558.6$539.3$529.54 %5 %
Total Consolidated Trust, Investment and Other Servicing Fees$1,265.5$1,231.1$1,196.63 %6 %
Asset Servicing and Wealth Management Trust, Investment and Other Servicing Fees are impacted by both one-month and one-quarter lagged asset values.
Total Asset Servicing Trust, Investment and Other Servicing Fees increased both sequentially and from the prior-year quarter.
▪Custody and Fund Administration fees increased from the prior-year quarter primarily due to favorable markets, net new business, and favorable currency movements.
▪Investment Management fees increased from the prior-year quarter primarily due to favorable markets.

Total Wealth Management Trust, Investment and Other Servicing Fees increased both sequentially and from the prior-year quarter.
▪Fees in the regions increased both sequentially and from the prior-year quarter primarily due to favorable markets.
2
NORTHERN TRUST CORPORATION THIRD QUARTER 2025 RESULTS
REPORTING SEGMENT RESULTS
% Change Q3 2025 vs.
($ In Millions)Q3 2025Q2 2025Q3 2024Q2 2025Q3 2024
Income (Loss) before Income Taxes (FTE*)
Asset Servicing$294.1 $271.1 $258.4 8 %14 %
Wealth Management342.4 309.6 307.1 11 11 
Other(1)
(11.5)(11.2)42.7 3 (127)
Total Income before Income Taxes (FTE*)$625.0 $569.5 $608.2 10 %3 %
Profit Margin (pre-tax) (FTE*)
Asset Servicing24.7 %23.2 %23.2 %1.5 pts1.5 pts
Wealth Management40.5 37.2 38.0 3.3 2.5 
Total Profit Margin (pre-tax) (FTE*)30.8 28.4 30.8 2.4 — 
Average Loans
Asset Servicing$5,399.9 $5,812.8 $5,615.8 (7)%(4)%
Wealth Management36,100.7 35,345.2 34,268.2 2 5 
Total Average Loans$41,500.6 $41,158.0 $39,884.0 1 %4 %
Average Deposits
Asset Servicing$90,195.3 $95,506.7 $86,635.7 (6)%4 %
Wealth Management25,370.4 25,291.0 25,179.3 — 1 
Other1,134.9 1,580.1 745.7 (28)52 
Total Average Deposits$116,700.6 $122,377.8 $112,560.7 (5)%4 %
(*) Income (Loss) before Income Taxes and Profit Margin (pre-tax) presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principles (non-GAAP) financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
(1)    Other includes a $68.1 million pre-tax gain related to the sale of an equity investment in the prior-year quarter.
Note: Reporting segment results are subject to reclassification when organizational changes are made. The results are also subject to refinements in revenue and expense allocation methodologies, which are typically reflected on a retrospective basis unless it is impractical to do so.

OTHER NONINTEREST INCOME
% Change Q3 2025 vs.
($ In Millions)Q3 2025Q2 2025Q3 2024Q2 2025Q3 2024
Other Noninterest Income
     Foreign Exchange Trading Income$57.2 $50.6 $54.1 13 %6 %
     Treasury Management Fees9.5 9.7 8.2 (2)16 
     Security Commissions and Trading Income41.8 39.6 35.5 5 18 
     Other Operating Income60.6 56.4 111.8 8 (46)
Total Other Noninterest Income$169.1 $156.3 $209.6 8 %(19)%

Other Operating Income decreased compared to the prior-year quarter primarily driven by the $68.1 million gain on the sale of an equity investment in the prior-year quarter, partially offset by lower expenses in the current quarter associated with existing Visa Class B swap agreements.

3
NORTHERN TRUST CORPORATION THIRD QUARTER 2025 RESULTS
NET INTEREST INCOME
% Change Q3 2025 vs.
($ In Millions)Q3 2025Q2 2025Q3 2024Q2 2025Q3 2024
Net Interest Income
     Interest Income (FTE*)$2,149.8 $2,217.5 $2,537.3 (3)%(15)%
     Interest Expense1,553.5 1,602.3 1,967.9 (3)(21)
Net Interest Income (FTE*)$596.3 $615.2 $569.4 (3)%5 %
Average Earning Assets$139,338.9 $145,822.0 $134,767.8 (4)%3 %
Net Interest Margin (FTE*)1.70 %1.69 %1.68 %1 bps2 bps
(*) Interest income, net interest income and net interest margin presented on an FTE basis are non-GAAP financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
bps - basis points
Net Interest Income on an FTE basis decreased sequentially primarily due to lower deposit balances, partially offset by lower funding costs. Net Interest Income on an FTE basis increased compared to the prior-year quarter primarily driven by lower funding costs.
The Net Interest Margin on an FTE basis increased sequentially and compared to the prior-year quarter primarily driven by lower funding costs.
Average Earning Assets decreased sequentially primarily due to a decrease in placements with the Federal Reserve and other central banks driven by lower deposit balances. Average Earning Assets increased compared to the prior-year quarter primarily driven by an increase in the investment securities portfolio resulting from an increase in deposits.
PROVISION FOR CREDIT LOSSES
As of and for the three-months ended,
% Change September 30, 2025 vs.
($ In Millions)September 30, 2025June 30, 2025September 30, 2024June 30, 2025September 30, 2024
Allowance for Credit Losses
Beginning Allowance for Credit Losses$224.1 $207.3 $209.6 8 %7 %
Provision for Credit Losses(17.0)16.5 8.0 N/MN/M
Net Recoveries (Charge-offs)(0.4)0.3 2.4 N/MN/M
Ending Allowance for Credit Losses$206.7 $224.1 $220.0 (8)%(6)%
Allowance assigned to:
Loans$164.4 $180.5 $184.8 (9)%(11)%
Undrawn Loan Commitments and Standby Letters of Credit32.1 34.7 26.5 (7)21 
Debt Securities and Other Financial Assets10.2 8.9 8.7 15 18 
Ending Allowance for Credit Losses$206.7 $224.1 $220.0 (8)%(6)%
N/M - Not meaningful
Q3 2025
The negative provision in the current quarter resulted from a decrease in collective reserves driven by improved macroeconomic factors primarily impacting the Commercial and Institutional (C&I) portfolio and improved projections for Residential Real Estate.
Q2 2025
The provision in the prior quarter resulted from an increase in specific reserves related to a small number of non-performing loans and an increase in the collective reserve resulting primarily from a worsening macroeconomic outlook, partially offset by sector and portfolio-specific improvements within the Commercial Real Estate portfolio.
Q3 2024
The provision in the prior-year quarter resulted from an increase in collective reserves driven by a small number of downgrades and extensions in the C&I portfolio, as well as, an increase in individual reserves driven by the default of one C&I loan.
4
NORTHERN TRUST CORPORATION THIRD QUARTER 2025 RESULTS
NONINTEREST EXPENSE
% Change Q3 2025 vs.
($ In Millions)Q3 2025Q2 2025Q3 2024Q2 2025Q3 2024
Noninterest Expense
Compensation$625.3 $614.8 $583.6 2 %7 %
Employee Benefits115.2 117.7 109.2 (2)6 
Outside Services248.2 247.0 256.3 — (3)
Equipment and Software294.2 293.7 270.4 — 9 
Occupancy55.0 52.5 53.8 5 2 
Other Operating Expense85.0 90.9 86.1 (6)(1)
Total Noninterest Expense$1,422.9 $1,416.6 $1,359.4 — %5 %
End of Period Full-Time Equivalent Employees23,600 23,400 23,300 1 %1 %
Compensation expense increased compared to the prior-year quarter primarily due to base pay adjustments, increased headcount, and higher incentives.
Equipment and Software expense increased compared to the prior-year quarter primarily due to higher software amortization and higher software support and rental expense.

PROVISION FOR INCOME TAXES
% Change Q3 2025 vs.
($ In Millions)Q3 2025Q2 2025Q3 2024Q2 2025Q3 2024
Net Income
Income before Income Taxes$619.5 $564.8 $601.1 10%3%
Provision for Income Taxes161.9 143.5 136.2 1319
Net Income$457.6 $421.3 $464.9 9%(2)%
Effective Tax Rate26.1 %25.4 %22.7 %70 bps340 bps
bps - basis points
The effective tax rate increased sequentially primarily due to a higher net tax impact from international operations. The effective tax rate increased compared to the prior-year quarter primarily due to favorable discrete tax benefits recognized in the prior year and a higher net tax impact from international operations.
CAPITAL ACTIONS
The Corporation returned $431.3 million to common shareholders in the current quarter through dividends and the repurchase of shares. During the current quarter, the Corporation declared cash dividends totaling $154.3 million to common stockholders and increased its quarterly cash dividend to $0.80 per share on common stock from the previous $0.75 per share. The Corporation repurchased 2,164,198 shares of common stock, including 16,233 withheld to satisfy tax withholding obligations related to share-based compensation, at a total cost of $277.0 million ($128.00 average price per share). The Corporation also declared cash dividends totaling $16.2 million to preferred stockholders during the current quarter.
5
NORTHERN TRUST CORPORATION THIRD QUARTER 2025 RESULTS
REGULATORY CAPITAL
The capital ratios of Northern Trust Corporation and its principal subsidiary, The Northern Trust Company, remained strong at September 30, 2025, exceeding the minimum requirements for classification as “well-capitalized” under applicable U.S. regulatory requirements.
($ In Millions)Standardized ApproachAdvanced Approach
Northern Trust CorporationSeptember 30, 2025*June 30, 2025September 30, 2024September 30, 2025*June 30, 2025September 30, 2024Well-Capitalized RatiosMinimum Capital Ratios
Regulatory Capital
Common Equity Tier 1 Capital$11,199.3$11,108.2$10,992.7$11,199.3$11,108.2$10,992.7
Tier 1 Capital12,028.111,938.511,826.812,028.111,938.511,826.8
Total Capital13,581.913,508.913,542.913,375.213,285.613,323.0
Assets
Risk-Weighted Assets$90,033.8$91,385.4$86,953.6$74,329.4$74,176.8$78,242.5
Average Adjusted Total Assets150,208.9156,854.5146,018.0150,208.9156,854.5146,018.0
Supplementary Leverage ExposureN/AN/AN/A135,908.6131,379.4128,906.2
Capital Ratios
Common Equity Tier 1 Capital12.4 %12.2 %12.6 %15.1 %15.0 %14.0 %N/A4.5 %
Tier 1 Capital13.4 13.1 13.6 16.2 16.1 15.1 6.06.0 
Total Capital15.1 14.8 15.6 18.0 17.9 17.0 10.08.0 
Tier 1 Leverage8.0 7.6 8.1 8.0 7.6 8.1 N/A4.0 
Supplementary LeverageN/A N/AN/A8.9 9.1 9.2 N/A3.0 

($ In Millions)Standardized ApproachAdvanced Approach

The Northern Trust Company		September 30, 2025*June 30, 2025September 30, 2024September 30, 2025*June 30, 2025September 30, 2024Well-Capitalized RatiosMinimum Capital Ratios
Regulatory Capital
Common Equity Tier 1 Capital$10,437.7$10,278.6$10,570.4$10,437.7$10,278.6$10,570.4
Tier 1 Capital10,437.710,278.610,570.410,437.710,278.610,570.4
Total Capital11,644.411,501.811,992.211,437.711,278.611,772.4
Assets
Risk-Weighted Assets$88,698.9$90,205.6$85,808.8$72,031.5$72,017.5$75,898.7
Average Adjusted Total Assets149,705.5156,405.8145,591.6149,705.5156,405.8145,591.6
Supplementary Leverage ExposureN/AN/AN/A135,403.3130,930.4128,248.8
Capital Ratios
Common Equity Tier 1 Capital11.8 %11.4 %12.3 %14.5 %14.3 %13.9 %6.5 %4.5 %
Tier 1 Capital11.8 11.4 12.3 14.5 14.3 13.9 8.0 6.0 
Total Capital13.1 12.8 14.0 15.9 15.7 15.5 10.0 8.0 
Tier 1 Leverage7.0 6.6 7.3 7.0 6.6 7.3 5.0 4.0 
Supplementary LeverageN/A N/AN/A7.7 7.9 8.2 3.0 3.0 
(*) Regulatory Capital, Risk-Weighted Assets and resulting ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
6
NORTHERN TRUST CORPORATION THIRD QUARTER 2025 RESULTS
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
The following table presents a reconciliation of interest income, net interest income, net interest margin, total revenue, income before taxes, and profit margin (pre-tax) prepared in accordance with GAAP to such measures on an FTE non-GAAP basis. Management believes this presentation facilitates the analysis of asset yields and provides a clearer indication of these financial measures for comparative purposes. When adjusted to an FTE basis, yields on taxable, nontaxable and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income.
QUARTERS
20252024
($ in Millions)THIRDSECONDFIRSTFOURTHTHIRD
Net Interest Income
Interest Income - GAAP$2,144.3 $2,212.8 $2,140.9 $2,280.0 $2,530.2 
Add: FTE Adjustment5.5 4.7 5.6 10.5 7.1 
Interest Income (FTE) - Non-GAAP$2,149.8 $2,217.5 $2,146.5 $2,290.5 $2,537.3 
Net Interest Income - GAAP$590.8 $610.5 $568.1 $563.8 $562.3 
Add: FTE Adjustment5.5 4.7 5.6 10.5 7.1 
Net Interest Income (FTE) - Non-GAAP$596.3 $615.2 $573.7 $574.3 $569.4 
Net Interest Margin - GAAP(1)
1.68 %1.68 %1.67 %1.68 %1.66 %
Net Interest Margin (FTE) - Non-GAAP(1)
1.70 %1.69 %1.69 %1.71 %1.68 %
Total Revenue
Total Revenue - GAAP$2,025.4 $1,997.9 $1,940.0 $1,959.6 $1,968.5 
Add: FTE Adjustment5.5 4.7 5.6 10.5 7.1 
Total Revenue (FTE) - Non-GAAP$2,030.9 $2,002.6 $1,945.6 $1,970.1 $1,975.6 
Income before Income Taxes
Income before Income Taxes - GAAP$619.5 $564.8 $521.4 $594.2 $601.1 
Add: FTE Adjustment$5.5 $4.7 $5.6 $10.5 $7.1 
Income before Income Taxes (FTE) - Non-GAAP$625.0 $569.5 $527.0 $604.7 $608.2 
Profit Margin (pre-tax) - GAAP(2)
30.6 %28.3 %26.9 %30.3 %30.5 %
Profit Margin (pre-tax) (FTE) - Non-GAAP(2)
30.8 %28.4 %27.1 %30.7 %30.8 %
(1) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.
(2) Profit margin (pre-tax) is calculated by dividing income before income taxes by total revenue.










7
NORTHERN TRUST CORPORATION THIRD QUARTER 2025 RESULTS
FORWARD LOOKING STATEMENTS
This release may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified typically by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “likely,” “plan,” “goal,” “target,” “strategy,” and similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements include statements, other than those related to historical facts, that relate to Northern Trust’s financial results and outlook, capital adequacy, dividend policy and share repurchase program, accounting estimates and assumptions, credit quality including allowance levels, future pension plan contributions, effective tax rate, anticipated expense levels, contingent liabilities, acquisitions, strategies, market and industry trends, and expectations regarding the impact of accounting pronouncements and legislation. These statements are based on Northern Trust’s current beliefs and expectations of future events or future results, and involve risks and uncertainties that are difficult to predict and subject to change. These statements are also based on assumptions about many important factors, including the factors discussed in Northern Trust’s most recent annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, all of which are available on Northern Trust’s website. We caution you not to place undue reliance on any forward-looking statement as actual results may differ materially from those expressed or implied by forward-looking statements. Northern Trust assumes no obligation to update its forward-looking statements.
WEBCAST OF THIRD QUARTER EARNINGS CONFERENCE CALL
Northern Trust’s third quarter earnings conference call will be webcast on October 22, 2025.
The live call will be conducted at 8:00 a.m. CT and is accessible on Northern Trust’s website at:
https://www.northerntrust.com/about-us/investor-relations
A recording of the live call will be available on Northern Trust’s website following the live event, for approximately four weeks. Participants will need Windows Media or Adobe Flash software. This earnings release can also be accessed at Northern Trust’s website.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2025, Northern Trust had assets under custody/administration of US$18.2 trillion, and assets under management of US$1.8 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

8
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
STATEMENT OF INCOME DATA 
% Change(1)
($ In Millions Except Per Share Data)
 Q3 2025 vs.
Q3 2025Q2 2025Q3 2024Q2 2025Q3 2024
Noninterest Income
     Trust, Investment and Other Servicing Fees$1,265.5 $1,231.1 $1,196.6 3 %6 %
     Foreign Exchange Trading Income57.2 50.6 54.1 13 6 
     Treasury Management Fees9.5 9.7 8.2 (2)16 
     Security Commissions and Trading Income41.8 39.6 35.5 5 18 
     Other Operating Income60.6 56.4 111.8 8 (46)
Total Noninterest Income1,434.6 1,387.4 1,406.2 3 2 
Net Interest Income
      Interest Income2,144.3 2,212.8 2,530.2 (3)(15)
      Interest Expense1,553.5 1,602.3 1,967.9 (3)(21)
Net Interest Income590.8 610.5 562.3 (3)5 
Total Revenue2,025.4 1,997.9 1,968.5 1 3 
Provision for Credit Losses(17.0)16.5 8.0 N/MN/M
Noninterest Expense
     Compensation625.3 614.8 583.6 2 7 
     Employee Benefits115.2 117.7 109.2 (2)6 
     Outside Services248.2 247.0 256.3 — (3)
     Equipment and Software294.2 293.7 270.4 — 9 
     Occupancy55.0 52.5 53.8 5 2 
     Other Operating Expense85.0 90.9 86.1 (6)(1)
Total Noninterest Expense1,422.9 1,416.6 1,359.4 — 5 
Income before Income Taxes619.5 564.8 601.1 10 3 
Provision for Income Taxes161.9 143.5 136.2 13 19 
NET INCOME$457.6 $421.3 $464.9 9 %(2)%
Preferred Stock Dividends16.2 4.7 16.2 N/M— 
NET INCOME APPLICABLE TO COMMON STOCK$441.4 $416.6 $448.7 6 %(2)%
Earnings Allocated to Participating Securities4.2 3.8 3.7 11 14 
Earnings Allocated to Common and Potential Common Shares$437.2 $412.8 $445.0 6 %(2)%
Per Common Share
Net Income
     Basic$2.30 $2.14 $2.23 7 %3 %
     Diluted2.29 2.13 2.22 7 3 
Average Common Equity$11,822.1 $11,727.2 $11,589.2 1 %2 %
Return on Average Common Equity14.8 %14.2 %15.4 %
Cash Dividends Declared per Common Share$0.80 $0.75 $0.75 7 %7 %
Average Common Shares Outstanding (000s)
     Basic190,054 192,752199,938(1)%(5)%
     Diluted191,001 193,375200,549(1)(5)
Common Shares Outstanding (EOP) (000s)189,117 191,233198,218(1)(5)
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
N/M - Not meaningful
EOP - End of period
9
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
STATEMENT OF INCOME DATA
($ In Millions Except Per Share Data)NINE MONTHS
20252024
% Change(1)
Noninterest Income
     Trust, Investment and Other Servicing Fees$3,710.4 $3,505.6 6 %
     Foreign Exchange Trading Income166.5 169.5 (2)
     Treasury Management Fees28.8 26.5 9 
     Security Commissions and Trading Income120.5 107.7 12 
     Other Operating Income167.7 1,097.5 (85)
     Investment Security Gains (Losses), net— (189.3)N/M
Total Noninterest Income4,193.9 4,717.5 (11)
Net Interest Income
       Interest Income6,498.0 7,482.3 (13)
       Interest Expense4,728.6 5,869.0 (19)
Net Interest Income1,769.4 1,613.3 10 
Total Revenue5,963.3 6,330.8 (6)
Provision for Credit Losses0.5 7.5 N/M
Noninterest Expense
     Compensation1,884.5 1,875.9 — 
     Employee Benefits342.6 310.5 10 
     Outside Services740.4 746.5 (1)
     Equipment and Software868.8 800.6 9 
     Occupancy160.9 162.7 (1)
     Other Operating Expense259.9 361.8 (28)
Total Noninterest Expense4,257.1 4,258.0 — 
Income before Income Taxes1,705.7 2,065.3 (17)
Provision for Income Taxes434.8 489.6 (11)
NET INCOME$1,270.9 $1,575.7 (19)%
Preferred Stock Dividends
37.1 37.1 — 
NET INCOME APPLICABLE TO COMMON STOCK$1,233.8 $1,538.6 (20)%
Earnings Allocated to Participating Securities11.6 13.2 (13)
Earnings Allocated to Common and Potential Common Shares$1,222.2 $1,525.4 (20)%
Per Common Share
Net Income
     Basic$6.34 $7.53 (16)%
     Diluted6.32 7.51 (16)
Average Common Equity$11,756.5 $11,321.7 4 %
Return on Average Common Equity14.0 %18.2 %
Cash Dividends Declared per Common Share$2.30 $2.25 2 %
Average Common Shares Outstanding (000s)
     Basic192,647 202,614 (5)%
     Diluted193,481 203,131 (5)
Common Shares Outstanding (EOP) (000s)189,117 198,218 (5)
(1)Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
N/M - Not meaningful
EOP - End of period
10
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
BALANCE SHEET
($ In Millions) 
% Change(1)
September 30, 2025 vs.
September 30, 2025June 30, 2025September 30, 2024June 30, 2025September 30, 2024
Assets
Federal Reserve and Other Central Bank Deposits$49,328.9 $52,265.5 $40,848.3 (6)%21 %
Interest-Bearing Due from and Deposits with Banks(2)
6,404.5 6,800.9 5,464.7 (6)17 
Federal Funds Sold and Securities Purchased under Agreements to Resell1,856.3 921.9 981.6 101 89 
Debt Securities
Available for Sale32,889.2 32,250.4 28,311.9 2 16 
Held to Maturity22,974.9 21,400.8 22,708.6 7 1 
Total Debt Securities55,864.1 53,651.2 51,020.5 4 9 
Loans42,949.4 43,323.4 41,950.3 (1)2 
Other Interest-Earning Assets(3)
2,676.2 2,522.6 2,465.7 6 9 
Total Earning Assets159,079.4 159,485.5 142,731.1 — 11 
Allowance for Credit Losses(174.6)(188.5)(193.3)(7)(10)
Cash and Due from Banks and Other Central Bank Deposits(4)
976.8 2,035.1 3,014.3 (52)(68)
Buildings and Equipment457.1 467.7 480.3 (2)(5)
Goodwill712.9 714.6 707.8 — 1 
Other Assets9,211.7 9,369.2 9,013.6 (2)2 
Total Assets$170,263.3 $171,883.6 $155,753.8 (1)%9 %
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
       Savings, Money Market and Other$29,040.1 $27,965.1 $23,069.0 4 %26 %
       Savings Certificates and Other Time7,358.7 6,742.5 6,255.2 9 18 
       Non-U.S. Offices - Interest-Bearing73,509.9 77,206.9 69,684.3 (5)5 
Total Interest-Bearing Deposits109,908.7 111,914.5 99,008.5 (2)11 
Federal Funds Purchased1,751.9 2,388.5 2,761.9 (27)(37)
Securities Sold under Agreements to Repurchase371.5 841.4 170.8 (56)117 
Other Borrowings(5)
6,580.0 6,532.9 6,903.2 1 (5)
Senior Notes2,847.2 2,835.2 2,820.9 — 1 
Long-Term Debt4,094.3 4,089.8 4,077.2 — — 
Total Interest-Bearing Liabilities125,553.6 128,602.3 115,742.5 (2)8 
Demand and Other Noninterest-Bearing Deposits25,892.4 25,139.2 22,174.8 3 17 
Other Liabilities5,861.3 5,275.6 5,087.5 11 15 
Total Liabilities157,307.3 159,017.1 143,004.8 (1)10 
Common Equity
Common Equity, excluding Accumulated Other Comprehensive Income12,706.2 12,680.8 12,643.6 — — 
Accumulated Other Comprehensive Income (Loss)(635.1)(699.2)(779.5)(9)(19)
Total Common Equity12,071.1 11,981.6 11,864.1 1 2 
Preferred Equity884.9 884.9 884.9 — — 
Total Equity12,956.0 12,866.5 12,749.0 1 2 
Total Liabilities and Stockholders’ Equity$170,263.3 $171,883.6 $155,753.8 (1)%9 %
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2)    Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)    Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)    Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)    Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
11
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
AVERAGE BALANCE SHEET
($ In Millions)
% Change(1)
 Q3 2025 vs.
Q3 2025Q2 2025Q3 2024Q2 2025Q3 2024
Assets
Federal Reserve and Other Central Bank Deposits$33,754.2 $43,655.3 $36,067.3 (23)%(6)%
Interest-Bearing Due from and Deposits with Banks(2)
5,237.7 5,321.5 4,828.1 (2)8 
Federal Funds Sold and Securities Purchased under Agreements to Resell1,300.4 713.2 977.4 82 33 
Debt Securities
       Available for Sale33,022.7 31,415.0 27,462.6 5 20 
Held to Maturity22,129.7 20,895.9 22,834.0 6 (3)
Total Debt Securities55,152.4 52,310.9 50,296.6 5 10 
Loans41,500.6 41,158.0 39,884.0 1 4 
Other Interest-Earning Assets(3)
2,393.6 2,663.1 2,714.4 (10)(12)
Total Earning Assets139,338.9 145,822.0 134,767.8 (4)3 
Allowance for Credit Losses(188.0)(174.9)(180.5)8 4 
Cash and Due from Banks and Other Central Bank Deposits(4)
1,159.3 1,069.8 1,742.3 8 (33)
Buildings and Equipment468.4 479.3 482.2 (2)(3)
Goodwill712.6 709.1 702.9 — 1 
Other Assets9,550.3 9,813.9 9,328.2 (3)2 
Total Assets$151,041.5 $157,719.2 $146,842.9 (4)%3 %
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
       Savings, Money Market and Other$28,348.7 $28,797.4 $25,233.0 (2)%12 %
       Savings Certificates and Other Time6,700.1 6,652.0 6,639.6 1 1 
       Non-U.S. Offices - Interest-Bearing65,354.5 70,158.0 64,347.2 (7)2 
Total Interest-Bearing Deposits100,403.3 105,607.4 96,219.8 (5)4 
Federal Funds Purchased2,467.7 2,469.0 2,320.9 — 6 
Securities Sold under Agreements to Repurchase500.4 584.6 504.3 (14)(1)
Other Borrowings(5)
6,938.4 7,008.2 7,085.9 (1)(2)
Senior Notes2,839.6 2,818.2 2,795.6 1 2 
Long-Term Debt4,092.0 4,087.8 4,075.1 — — 
Total Interest-Bearing Liabilities117,241.4 122,575.2 113,001.6 (4)4 
Demand and Other Noninterest-Bearing Deposits16,297.3 16,770.4 16,340.9 (3)— 
Other Liabilities4,795.8 5,761.5 5,026.3 (17)(5)
Total Liabilities138,334.5 145,107.1 134,368.8 (5)3 
Common Equity
Common Equity, excluding Accumulated Other Comprehensive Income12,496.7 12,500.4 12,421.8 — 1 
Accumulated Other Comprehensive Income (Loss)(674.6)(773.2)(832.6)(13)(19)
Total Common Equity11,822.1 11,727.2 11,589.2 1 2 
Preferred Equity884.9 884.9 884.9 — — 
Total Equity12,707.0 12,612.1 12,474.1 1 2 
Total Liabilities and Stockholders’ Equity$151,041.5 $157,719.2 $146,842.9 (4)%3 %
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2)    Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)    Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)    Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)    Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
12
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
QUARTERLY TREND DATA QUARTERS
($ In Millions Except Per Share Data)20252024
THIRDSECONDFIRSTFOURTHTHIRD
Net Income Summary
   Trust, Investment and Other Servicing Fees $1,265.5 $1,231.1 $1,213.8 $1,222.2 $1,196.6 
   Other Noninterest Income169.1 156.3 158.1 173.6 209.6 
   Net Interest Income 590.8 610.5 568.1 563.8 562.3 
     Total Revenue 2,025.4 1,997.9 1,940.0 1,959.6 1,968.5 
   Provision for Credit Losses (17.0)16.5 1.0 (10.5)8.0 
   Noninterest Expense1,422.9 1,416.6 1,417.6 1,375.9 1,359.4 
     Income before Income Taxes619.5 564.8 521.4 594.2 601.1 
   Provision for Income Taxes161.9 143.5 129.4 138.8 136.2 
     Net Income $457.6 $421.3 $392.0 $455.4 $464.9 
Per Common Share
   Net Income - Basic$2.30 $2.14 $1.91 $2.27 $2.23 
                      - Diluted2.29 2.13 1.90 2.26 2.22 
   Cash Dividends Declared per Common Share0.80 0.75 0.75 0.75 0.75 
   Book Value (EOP)63.83 62.65 61.65 60.74 59.85 
   Market Value (EOP)134.60 126.79 98.65 102.50 90.03 
Financial Ratios
   Return on Average Common Equity14.8 %14.2 %13.0 %15.3 %15.4 %
   Net Interest Margin (GAAP)1.68 1.68 1.67 1.68 1.66 
   Net Interest Margin (FTE*)1.70 1.69 1.69 1.71 1.68 
Assets Under Custody / Administration ($ in Billions) - End Of Period
Asset Servicing$16,990.4 $16,864.9 $15,804.7 $15,640.1 $16,278.0 
   Wealth Management1,257.2 1,203.4 1,119.3 1,147.9 1,145.0 
     Total Assets Under Custody / Administration$18,247.6 $18,068.3 $16,924.0 $16,788.0 $17,423.0 
Assets Under Custody ($ In Billions) - End Of Period
Asset Servicing$13,195.0 $13,056.5 $12,163.6 $12,214.0 $12,662.1 
   Wealth Management1,244.1 1,187.2 1,105.9 1,135.2 1,132.7 
     Total Assets Under Custody$14,439.1 $14,243.7 $13,269.5 $13,349.2 $13,794.8 
Assets Under Management ($ In Billions) - End Of Period
Asset Servicing$1,280.1 $1,229.2 $1,160.9 $1,159.7 $1,177.9 
   Wealth Management492.6 468.5 446.9 450.7 443.9 
     Total Assets Under Management$1,772.7 $1,697.7 $1,607.8 $1,610.4 $1,621.8 
Asset Quality ($ In Millions) - End Of Period
   Nonaccrual Loans/Assets(1)
$78.8 $92.8 $73.1 $56.0 $39.3 
   Nonaccrual Assets / Loans(1)
0.18 %0.21 %0.18 %0.13 %0.09 %
   Gross Charge-offs$(2.1)$(0.1)$(0.3)$(4.1)$— 
Gross Recoveries 1.7 0.4 0.5 0.7 2.4 
     Net Recoveries (Charge-offs)$(0.4)$0.3 $0.2 $(3.4)$2.4 
   Annualized Net Recoveries (Charge-offs) to Avg Loans— %— %— %(0.03)%0.02 %
   Allowance for Credit Losses Assigned to:
     Loans$164.4 $180.5 $167.1 $168.0 $184.8 
Undrawn Loan Commitments and Standby Letters of Credit32.1 34.7 32.8 30.4 26.5 
Debt Securities and Other Financial Assets10.2 8.9 7.4 7.7 8.7 
   Loans Allowance / Nonaccrual Loans2.1 x1.9 x2.3 x3.0 x4.7 x
(*)    Net interest margin presented on an FTE basis is a non-GAAP financial measure. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
(1)    There was no Other Real Estate Owned (OREO) for any of the periods presented.
13
northerntrust.com / © 2025 Northern Trust NORTHERN TRUST CORPORATION Third Quarter 2025 Quarterly Earnings Review

 
northerntrust.com / © 2025 Northern Trust 2 Over 135 years of strength, stability & stewardship Disciplined, client-centric strategy Highest standards of client service Product leadership & innovative services Solutions-focused technology & integrated operating platform

 
northerntrust.com / © 2025 Northern Trust 3Q25 3Q Highlights & Key Metrics 3 Revenue Growth1 • Multiple upmarket Asset Owner wins • Brisk Capital Markets growth • Continued momentum with Privates • Industry awards recognize exceptional client service Asset Servicing • New president appointed • Innovative & unique suite of fixed income distributing ladder ETFs launched • Standout liquidity performance • Positive ETF, custom SMAs and fixed income flows Asset Management • Expansion of Family Office Solutions underway • New 3rd party alternatives funds added to platform • Feeder fund structure introduced with 50 South Capital • Robust new business activity Wealth Management • Successfully executing One Northern Trust Strategy • Strong & improving financial performance • Continued momentum behind enterprise alternatives initiative • Client-centric capability model & A.I. driving meaningful productivity gains Enterprise Financial Highlights Strategic Highlights +6%+6% YTD Expense Growth1 +5% EPS Growth1 +15% +5% +14% 28.8%Pre-Tax Margin ROE 14.0% Payout Ratio 110% 30.8% 98% 14.8% 1 3Q25 growth rates reflect year-over-year comparisons and exclude $55.3MM in notable items that favorably impacted 3Q24 revenue. YTD growth rates exclude $730.2 MM in notable items that favorably impacted YTD revenue and $194.7MM in notable items that unfavorably impacted YTD expense in 2024. See slide 13 for further detail.

 
northerntrust.com / © 2023 Northern Trust 45 4 FINANCIAL HIGHLIGHTS

 
Financial Highlights & Key Metrics 5northerntrust.com / © 2025 Northern Trust RESULTS INCLUDE IMPACT OF NOTABLE ITEMS* $ in millions (except EPS and as noted) % CHANGE VS. 3Q 2025 2Q 2025 3Q 2024 Revenue (FTE¹) $ 2,030.9 1 % 3 % Noninterest Expense $ 1,422.9 — % 5 % Provision for Credit Losses (17.0) N/M N/M Net Income $ 457.6 9 % (2)% Diluted Earnings per Share $ 2.29 7 % 3 % Return on Average Common Equity² 14.8 % 14.2 % 15.4 % Profit Margin (Pre-tax)¹,² 30.8 % 28.4 % 30.8 % Expense to Trust Fee Ratio² 112 % 115 % 114 % Assets under Custody / Administration³ (AUC/A) (in billions) $ 18,247.6 1 % 5 % Assets under Custody³ (AUC) (in billions) $ 14,439.1 1 % 5 % Assets under Management³ (AUM) (in billions) $ 1,772.7 4 % 9 % Notable Items: 3Q24 Pre-tax Revenue Impacts: $55.3 million in Other Operating Income comprised of: • $68.1 million pre-tax gain related to the sale of an equity investment • ($12.8) million of mark-to- market activity on Visa Class B swaps related to litigation escrow funding¹ Revenue and profit margin (pre-tax) stated on a fully taxable equivalent (FTE) basis are non-GAAP financial measures. A reconciliation to reported revenue and reported profit margin (pre-tax) prepared in accordance with U.S. generally accepted accounting principles (GAAP) is included in the Appendix on page 12. ² Actual numbers for all periods, not % change. ³ Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. N/M - Not meaningful

 
northerntrust.com / © 2025 Northern Trust Wealth Management Highlights 6 % CHANGE VS. Key Indicators (in billions): 3Q 2025 2Q 2025 3Q 2024 Assets under Custody / Administration (AUC/A)1 $ 1,257.2 4 % 10 % Assets under Custody (AUC)1 $ 1,244.1 5 % 10 % Assets under Management (AUM)1 $ 492.6 5 % 11 % Average Deposits $ 25.4 — % 1 % Average Loans $ 36.1 2 % 5 % Wealth Management Trust, Investment and Other Servicing Fees ($ in millions) +5% +4% $539.3$546.7 $529.5 $541.9 $558.6 Categories may not sum due to rounding. 1 Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.

 
northerntrust.com / © 2025 Northern Trust +2% Asset Servicing Highlights 7Categories may not sum due to rounding. 1 Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. % CHANGE VS. Key Indicators (in billions): 3Q 2025 2Q 2025 3Q 2024 Assets under Custody / Administration (AUC/A)1 $ 16,990.4 1 % 4 % Assets under Custody (AUC)1 $ 13,195.0 1 % 4 % Assets under Management (AUM)1 $ 1,280.1 4 % 9 % Securities Lending Collateral $ 206.1 — % 17 % Average Deposits $ 90.2 (6)% 4 % Average Loans $ 5.4 (7)% (4)% Asset Servicing Trust, Investment and Other Servicing Fees ($ in millions) +6% $691.8 $671.9$675.5$667.1 $706.9

 
northerntrust.com / © 2025 Northern Trust $139.3 Net Interest Income and Balance Sheet Trends 8 Categories may not sum due to rounding. 1 Net interest income and net interest margin stated on an FTE basis are non-GAAP financial measures. A reconciliation of these measures to reported results prepared in accordance with U.S. GAAP is included in the Appendix on page 12. ² Other Earning Assets includes Interest-Bearing Due from and Deposits with Banks, Federal Funds Sold and Securities Purchased under Agreements to Resell, and Other Interest-Earning Assets. Average Earning Assets ($ in billions) Net Interest Income (FTE¹) ($ in millions) +3% (4)% +5% (3)% $133.7 $138.0$134.8 $145.8

 
Noninterest Expense 9northerntrust.com / © 2025 Northern TrustCategories may not sum due to rounding. Total Noninterest Expense ($ in millions) +5% —% Expense Highlights • Noninterest expense +4.7% year-over-year, flat relative to the prior period • Excluding the impact of currency, noninterest expense +4.4% year-over-year; flat relative to the prior period

 
Capital Update 10 Standardized T ier 1 Leverage northerntrust.com / © 2025 Northern Trust Capital Highlights • Robust capital and liquidity • $12.0 billion in Tier 1 capital • 63% of average deposits covered by highly liquid assets including 29% by cash and central bank deposits • Declared $154.3 million in common stock dividends and $16.2 million in preferred stock dividends in Q3 2025 • Repurchased $277.0 million of common stock in Q3 2025 • Net unrealized after-tax losses on available-for-sale securities of $436.9 million as of September 30, 2025 Northern Trust Corporation Capital Ratios 3Q 2025 CAPITAL RATIOS STANDARDIZED APPROACH ADVANCED APPROACH Common Equity T ier 1 Capital 12.4% 15.1% Tier 1 Capital 13.4% 16.2% Total Capital 15.1% 18.0% Tier 1 Leverage 8.0% 8.0% Supplementary Leverage N/A 8.9% Standardized Common Equity T ier 1 Capital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.

 
Appendix northerntrust.com / © 2025 Northern Trust

 
northerntrust.com / © 2025 Northern Trust Reconciliation of Non-GAAP Financial Measures 12 The following table presents a reconciliation of interest income, net interest income, net interest margin, total revenue, pre-tax income, and profit margin (pre-tax) prepared in accordance with GAAP to such measures on a fully taxable equivalent (FTE) basis, which are non-GAAP financial measures. Management believes this presentation provides a clearer indication of these financial measures for comparative purposes. The adjustment to an FTE basis has no impact on net income. QUARTERS 2025 2024 ($ in Millions) THIRD SECOND FIRST FOURTH THIRD Net Interest Income Interest Income - GAAP $ 2,144.3 $ 2,212.8 $ 2,140.9 $ 2,280.0 $ 2,530.2 Add: FTE Adjustment 5.5 4.7 5.6 10.5 7.1 Interest Income (FTE) - Non-GAAP $ 2,149.8 $ 2,217.5 $ 2,146.5 $ 2,290.5 $ 2,537.3 Net Interest Income - GAAP $ 590.8 $ 610.5 $ 568.1 $ 563.8 $ 562.3 Add: FTE Adjustment 5.5 4.7 5.6 10.5 7.1 Net Interest Income (FTE) - Non-GAAP $ 596.3 $ 615.2 $ 573.7 $ 574.3 $ 569.4 Net Interest Margin - GAAP 1.68 % 1.68 % 1.67 % 1.68 % 1.66 % Net Interest Margin (FTE) - Non-GAAP 1.70 % 1.69 % 1.69 % 1.71 % 1.68 % Total Revenue Total Revenue - GAAP $ 2,025.4 $ 1,997.9 $ 1,940.0 $ 1,959.6 $ 1,968.5 Add: FTE Adjustment 5.5 4.7 5.6 10.5 7.1 Total Revenue (FTE) - Non-GAAP $ 2,030.9 $ 2,002.6 $ 1,945.6 $ 1,970.1 $ 1,975.6 Pre-Tax Income Pre-Tax Income - GAAP $ 619.5 $ 564.8 $ 521.4 $ 594.2 $ 601.1 Add: FTE Adjustment 5.5 4.7 5.6 10.5 7.1 Pre-Tax Income (FTE) - Non-GAAP $ 625.0 $ 569.5 $ 527.0 $ 604.7 $ 608.2 Profit Margin (Pre-Tax) Profit Margin (Pre-Tax) - GAAP 30.6 % 28.3 % 26.9 % 30.3 % 30.5 % Profit Margin (Pre-Tax) (FTE) - Non-GAAP 30.8 % 28.4 % 27.1 % 30.7 % 30.8 %

 
northerntrust.com / © 2025 Northern Trust Notable Item Summary 13 QUARTERS 2024 2024 ($ in Millions) THIRD SECOND FIRST YTD Revenue Impacts, pre-tax Investment security loss $ (189.4) $ (189.4) Net gain related to Visa transaction 878.4 $ 878.4 Securities loss related to repositioning of supplemental pension plan (6.5) $ (6.5) Investment impairment (7.6) $ (7.6) Pre-tax gain related to the sale of an equity investment 68.1 $ 68.1 Mark-to-market activity on Visa Class B swaps related to litigation escrow funding (12.8) $ (12.8) Total Revenue Impacts, pre-tax $ 55.3 $ 864.3 $ (189.4) $ 730.2 Expense Impacts, pre-tax FDIC special assessment 12.5 $ 12.5 Severance-related charges 85.2 $ 85.2 Equipment & software accelerations and dispositions charge 16.4 $ 16.4 Contribution to Northern Trust Foundation 70.0 $ 70.0 Legal settlement charge 10.6 $ 10.6 Total Expense Impacts, pre-tax $ — $ 182.2 $ 12.5 $ 194.7

 
northerntrust.com / © 2025 Northern Trust Forward-looking Statements 14 This presentation may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified typically by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “likely,” “plan,” “goal,” “target,” “strategy,” and similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements include statements, other than those related to historical facts, that relate to Northern Trust’s financial results and outlook, capital adequacy, dividend policy and share repurchase program, accounting estimates and assumptions, credit quality including allowance levels, future pension plan contributions, effective tax rate, anticipated expense levels, contingent liabilities, acquisitions, strategies, market and industry trends, and expectations regarding the impact of accounting pronouncements and legislation. These statements are based on Northern Trust’s current beliefs and expectations of future events or future results, and involve risks and uncertainties that are difficult to predict and subject to change. These statements are also based on assumptions about many important factors, including the factors discussed in Northern Trust’s most recent annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, all of which are available on Northern Trust’s website. We caution you not to place undue reliance on any forward-looking statement as actual results may differ materially from those expressed or implied by forward-looking statements. Northern Trust assumes no obligation to update its forward-looking statements. This presentation should be reviewed together with Northern Trust Corporation’s Third Quarter 2025 earnings press release.

 

 
Exhibit 99.3
reportsa29.jpg



Financial Trends
Third Quarter 2025
October 22, 2025



Please direct inquiries to:
Jennifer Childe
Senior Vice President, Director of Investor Relations
(312) 444-3290 or [email protected]
Trace Stegeman
Senior Financial Analyst, Investor Relations
(312) 630-1428 or [email protected]



The historical financial results and trends reflected in this report are not indicative of future financial results and trends for Northern Trust Corporation. This report should be read in conjunction with the Corporation's Third Quarter 2025 earnings press release, 2024 Annual Report to Shareholders and periodic reports to the Securities and Exchange Commission, all of which contain additional information about factors that could affect the Corporation's future financial results and trends. The Corporation assumes no obligation to update this report.



TABLE OF CONTENTS
17
Financial SummaryBalance Sheet Mix Trends
28
Income StatementInterest Rate Trends
39
Net Income TrendsAsset Quality
410
Reporting Segment ResultsTrust Assets
511
Balance Sheet (EOP)Reconciliation to FTE
612
Balance Sheet TrendsReconciliation to FTE (Ratios)


Northern Trust Corporation
FINANCIAL SUMMARY
($ in Millions except per share information)
20242025
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
Profitability:
$1,209.3 $1,545.3 $1,336.0 $1,107.3 $2,031.1 Net Income$214.7 $896.1 $464.9 $455.4 $392.0 $421.3 $457.6 
Earnings Allocated to Common and Potential
1,141.0 1,490.6 1,282.4 1,053.9 1,972.4   Common Shares196.1 884.3 445.0 447.0 372.2 412.8 437.2 
$5.48 $7.16 $6.16 $5.09 $9.80 Basic Earnings Per Share$0.96 $4.35 $2.23 $2.27 $1.91 $2.14 $2.30 
5.46 7.14 6.14 5.08 9.77 Diluted Earnings Per Share0.96 4.34 2.22 2.26 1.90 2.13 2.29 
(18%)31%(14%)(17%)92%Diluted EPS Growth over Previous Year(37%)179%49%N/M99%(51%)3%
11.2 %13.9 %12.7 %10.0 %17.4 %Return on Average Common Equity7.3 %31.2 %15.4 %15.3 %13.0 %14.2 %14.8 %
27.1 %31.5 %26.6 %22.3 %32.3 %
Profit Margin (pre-tax) (FTE)(1)
18.0 %43.4 %30.8 %30.7 %27.1 %28.4 %30.8 %
19.7 %23.8 %19.6 %16.2 %24.4 %
Profit Margin (after-tax) (FTE)(1)
13.0 %32.9 %23.5 %23.1 %20.1 %21.0 %22.5 %
75.9 %78.2 %71.6 %70.1 %73.5 %
Noninterest Income to Total Revenue (FTE)(1)
67.6 %80.5 %71.2 %70.8 %70.5 %69.3 %70.6 %
65.1 %67.1 %65.1 %63.9 %56.8 %
Trust Fees to Total Revenue (FTE)(1)
69.1 %42.8 %60.6 %62.0 %62.4 %61.5 %62.3 %
25.7 %23.1 %24.4 %24.4 %23.6 %Effective Tax Rate (US GAAP)26.1 %23.6 %22.7 %23.4 %24.8 %25.4 %26.1 %
27.2 %24.5 %26.3 %27.3 %24.5 %
Effective Tax Rate (FTE)(1)
27.9 %24.1 %23.5 %24.7 %25.6 %26.0 %26.8 %
Capital Ratios:(2)
Standardized Approach
12.8 %11.9 %10.8 %11.4 %12.4 %Common Equity Tier 1 Capital11.4 %12.6 %12.6 %12.4 %12.9 %12.2 %12.4 %
13.9 %12.9 %11.8 %12.3 %13.3 %Tier 1 Capital12.4 %13.6 %13.6 %13.3 %13.9 %13.1 %13.4 %
15.6 %14.1 %13.9 %14.2 %15.1 %Total Capital14.2 %15.5 %15.6 %15.1 %15.7 %14.8 %15.1 %
7.6 %6.9 %7.1 %8.1 %8.1 %Tier 1 Leverage7.8 %8.0 %8.1 %8.1 %8.0 %7.6 %8.0 %
Advanced Approach
13.4 %13.2 %11.5 %13.4 %14.5 %Common Equity Tier 1 Capital13.5 %13.9 %14.0 %14.5 %15.3 %15.0 %15.1 %
14.5 %14.3 %12.5 %14.5 %15.6 %Tier 1 Capital14.6 %15.0 %15.1 %15.6 %16.5 %16.1 %16.2 %
15.9 %15.3 %14.5 %16.5 %17.4 %Total Capital16.5 %16.9 %17.0 %17.4 %18.3 %17.9 %18.0 %
7.6 %6.9 %7.1 %8.1 %8.1 %Tier 1 Leverage7.8 %8.0 %8.1 %8.1 %8.0 %7.6 %8.0 %
8.6 %8.2 %7.9 %8.6 %8.9 %
Supplementary Leverage (3)
8.8 %9.1 %9.2 %8.9 %9.1 %9.1 %8.9 %
Per Share Information / Ratios:
$2.80 $2.80 $2.90 $3.00 $3.00 Cash Dividends Declared Per Common Share$0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.80 
51 %39 %47 %59 %31 %Dividend Payout Ratio78 %17 %34 %33 %39 %35 %35 %
$93.14 $119.61 $88.49 $84.38 $102.50 Market Value Per Share (End of Period)$88.92 $83.98 $90.03 $102.50 $98.65 $126.79 $134.60 
17.1 16.8 14.4 16.6 10.5 Stock Price Multiple of Earnings19.6 11.5 11.2 10.5 9.2 14.9 15.7 
(based on trailing 4 quarters of diluted EPS)
$51.87 $53.58 $49.78 $53.69 $60.74 Book Value Per Common Share (End of Period)$54.83 $58.38 $59.85 $60.74 $61.65 $62.65 $63.83 
(1)
Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent - Ratios on page 12 for further detail.
(2)
Regulatory Capital, Risk-Weighted Assets and resulting ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
(3)
From April 1, 2020, through April 1, 2021, the Federal Reserve issued temporary Supplementary Leverage Ratio (SLR) relief that required Northern Trust to exclude U.S. Treasury balances from the SLR. Please see the Northern Trust Corporation Pillar 3 disclosures for further SLR discussion.
1

Northern Trust Corporation
INCOME STATEMENT
($ in Millions except per share information)
NINE MONTHS
CHANGE (2)
THIRD QUARTER
CHANGE (2)
20252024$%20252024$%
$2,070.6 $1,957.3 $113.3 6 %Asset Servicing Trust, Investment and Other Servicing Fees$706.9 $667.1 $39.8 6 %
1,639.8 1,548.3 91.5 6 %WM Trust, Investment and Other Servicing Fees 558.6 529.5 29.1 5 %
3,710.4 3,505.6 204.8 6 %     Total Fees1,265.5 1,196.6 68.9 6 %
166.5 169.5 (3.0)(2)%Foreign Exchange Trading Income57.2 54.1 3.1 6 %
28.8 26.5 2.3 9 %Treasury Management Fees9.5 8.2 1.3 16 %
120.5 107.7 12.8 12 %Security Commissions and Trading Income41.8 35.5 6.3 18 %
167.7 1,097.5 (929.8)(85)%Other Operating Income60.6 111.8 (51.2)(46)%
— (189.3)189.3 N/MInvestment Security Gains (Losses), net— — — N/M
4,193.9 4,717.5 (523.6)(11)%     Total Noninterest Income1,434.6 1,406.2 28.4 2 %
6,513.8 7,503.6 (989.8)(13)%
Interest Income (FTE)(1)
2,149.8 2,537.3 (387.5)(15)%
4,728.6 5,869.0 (1,140.4)(19)%Interest Expense1,553.5 1,967.9 (414.4)(21)%
1,785.2 1,634.6 150.6 9 %
     Net Interest Income (FTE)(1)
596.3 569.4 26.9 5 %
5,979.1 6,352.1 (373.0)(6)%
     Total Revenue (FTE)(1)
2,030.9 1,975.6 55.3 3 %
0.5 7.5 (7.0)N/MProvision for Credit Losses(17.0)8.0 (25.0)N/M
1,884.5 1,875.9 8.6 — %Compensation625.3 583.6 41.7 7 %
342.6 310.5 32.1 10 %Employee Benefits115.2 109.2 6.0 6 %
740.4 746.5 (6.1)(1)%Outside Services 248.2 256.3 (8.1)(3)%
868.8 800.6 68.2 9 %Equipment and Software294.2 270.4 23.8 9 %
160.9 162.7 (1.8)(1)%Occupancy55.0 53.8 1.2 2 %
259.9 361.8 (101.9)(28)%Other Operating Expense85.0 86.1 (1.1)(1)%
4,257.1 4,258.0 (0.9)— %     Total Noninterest Expense1,422.9 1,359.4 63.5 5 %
1,721.5 2,086.6 (365.1)(17)%
     Income before Income Taxes (FTE)(1)
625.0 608.2 16.8 3 %
434.8 489.6 (54.8)(11)%Provision for Income Taxes161.9 136.2 25.7 19 %
15.8 21.3 (5.5)(26)%Taxable Equivalent Adjustment5.5 7.1 (1.6)(23)%
450.6 510.9 (60.3)(12)%
     Total Taxes (FTE)(1)
167.4 143.3 24.1 17 %
$1,270.9 $1,575.7 $(304.8)(19)%     Net Income$457.6 $464.9 $(7.3)(2)%
$37.1 $37.1 $— — %Dividends on Preferred Stock$16.2 $16.2 $— — %
11.6 13.2 (1.6)(13)%Earnings Allocated to Participating Securities4.2 3.7 0.5 14 %
1,222.2 1,525.4 (303.2)(20)%Earnings Allocated to Common and Potential Common Shares437.2 445.0 (7.8)(2)%
$6.34 $7.53 $(1.19)(16)%Earnings Per Share - Basic$2.30 $2.23 $0.07 3 %
$6.32 $7.51 $(1.19)(16)%Earnings Per Share - Diluted$2.29 $2.22 $0.07 3 %
192,647 202,614 (9,967)(5)%Average Basic Shares (000s)190,054 199,938 (9,884)(5)%
193,481 203,131 (9,650)(5)%Average Diluted Shares (000s)191,001 200,549 (9,548)(5)%
189,117 198,218 (9,101)(5)%End of Period Shares Outstanding (000s)189,117 198,218 (9,101)(5)%
N/M - Not meaningful
(1) Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent on page 11 for further detail.
(2) Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
2

Northern Trust Corporation
NET INCOME TRENDS
($ in Millions except per share information)
20242025
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$2,321.6 $2,487.3 $2,496.3 $2,461.9 $2,632.8 Asset Servicing Trust, Investment and Other Servicing Fees$639.6 $650.6 $667.1 $675.5 $671.9 $691.8 $706.9 
1,673.4 1,873.8 1,936.3 1,899.9 2,095.0 WM Trust, Investment and Other Servicing Fees503.3 515.5 529.5 546.7 541.9 539.3 558.6 
3,995.0 4,361.1 4,432.6 4,361.8 4,727.8      Total Fees1,142.9 1,166.1 1,196.6 1,222.2 1,213.8 1,231.1 1,265.5 
290.4 292.6 288.6 203.9 231.2 Foreign Exchange Trading Income57.0 58.4 54.1 61.7 58.7 50.6 57.2 
45.4 44.3 39.3 31.6 35.7 Treasury Management Fees9.3 9.0 8.2 9.2 9.6 9.7 9.5 
133.2 140.2 136.2 135.0 150.5 Security Commissions and Trading Income37.9 34.3 35.5 42.8 39.1 39.6 41.8 
194.0 243.9 191.3 228.7 1,157.4 Other Operating Income61.0 924.7 111.8 59.9 50.7 56.4 60.6 
(0.4)(0.3)(214.0)(169.5)(189.3)Investment Security Gains (Losses), net(189.4)0.1 — — — — — 
4,657.6 5,081.8 4,874.0 4,791.5 6,113.3      Total Noninterest Income1,118.7 2,192.6 1,406.2 1,395.8 1,371.9 1,387.4 1,434.6 
1,477.6 1,418.3 1,932.8 2,039.5 2,208.9 
Net Interest Income (FTE)(1)
535.4 529.8 569.4 574.3 573.7 615.2 596.3 
6,135.2 6,500.1 6,806.8 6,831.0 8,322.2 
     Total Revenue (FTE)(1)
1,654.1 2,722.4 1,975.6 1,970.1 1,945.6 2,002.6 2,030.9 
125.0 (81.5)12.0 24.5 (3.0)Provision for (Release of) Credit Losses(8.5)8.0 8.0 (10.5)1.0 16.5 (17.0)
1,947.1 2,011.0 2,248.0 2,321.8 2,471.1 Compensation627.1 665.2 583.6 595.2 644.4 614.8 625.3 
387.7 431.4 437.4 405.2 417.8 Employee Benefits101.1 100.2 109.2 107.3 109.7 117.7 115.2 
763.1 849.4 880.3 906.5 998.0 Outside Services229.3 260.9 256.3 251.5 245.2 247.0 248.2 
673.5 736.3 838.8 945.5 1,075.0 Equipment and Software252.7 277.5 270.4 274.4 280.9 293.7 294.2 
230.1 208.7 219.1 232.3 216.8 Occupancy54.1 54.8 53.8 54.1 53.4 52.5 55.0 
346.7 299.1 359.3 472.9 455.2 Other Operating Expense100.4 175.3 86.1 93.4 84.0 90.9 85.0 
4,348.2 4,535.9 4,982.9 5,284.2 5,633.9      Total Noninterest Expense1,364.7 1,533.9 1,359.4 1,375.9 1,417.6 1,416.6 1,422.9 
1,662.0 2,045.7 1,811.9 1,522.3 2,691.3 
     Income before Income Taxes (FTE)(1)
297.9 1,180.5 608.2 604.7 527.0 569.5 625.0 
418.3 464.8 430.3 357.5 628.4 Provision for Income Taxes75.9 277.5 136.2 138.8 129.4 143.5 161.9 
34.4 35.6 45.6 57.5 31.8 Taxable Equivalent Adjustment7.3 6.9 7.1 10.5 5.6 4.7 5.5 
452.7 500.4 475.9 415.0 660.2 
     Total Taxes (FTE)(1)
83.2 284.4 143.3 149.3 135.0 148.2 167.4 
$1,209.3 $1,545.3 $1,336.0 $1,107.3 $2,031.1      Net Income$214.7 $896.1 $464.9 $455.4 $392.0 $421.3 $457.6 
$5.48 $7.16 $6.16 $5.09 $9.80 Earnings Per Share - Basic$0.96 $4.35 $2.23 $2.27 $1.91 $2.14 $2.30 
5.46 7.14 6.14 5.08 9.77 Earnings Per Share - Diluted0.96 4.34 2.22 2.26 1.90 2.13 2.29 
209,008 208,899 208,867 207,564 201,870 Average Diluted Shares (000s)205,135 203,739 200,549 198,114 196,125 193,375 191,001 
$56.2 $41.8 $41.8 $41.8 $41.8 
Preferred Dividends(2)
$16.2 $4.7 $16.2 $4.7 $16.2 $4.7 $16.2 
(1) Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent on page 11 for further detail.
(2) Dividends on Preferred Stock in 2020 includes $11.5 million related to the difference between the redemption amount of the Corporation's Series C Non-Cumulative Perpetual Preferred Stock, which was redeemed in the first quarter of 2020, and its carrying value.
3

Northern Trust Corporation
Reporting Segment Results(1)
($ in Millions)
20242025
20202021202220232024Asset Servicing1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,586.1 $1,818.8 $1,700.1 $1,689.5 $1,792.6 Custody & Fund Administration$436.7 $445.9 $453.1 $456.9 $453.3 $469.2 $482.7 
511.1 443.5 555.1 528.1 595.2 Investment Management140.0 145.7 152.6 156.9 152.5 157.3 159.6 
88.0 76.7 81.4 83.0 72.3 Securities Lending17.9 16.5 17.5 20.4 17.9 20.2 21.2 
136.4 148.3 159.7 161.3 172.7 Other45.0 42.5 43.9 41.3 48.2 45.1 43.4 
$2,321.6 $2,487.3 $2,496.3 $2,461.9 $2,632.8 Total Asset Servicing Trust, Investment and Other Servicing Fees$639.6 $650.6 $667.1 $675.5 $671.9 $691.8 $706.9 
$740.2 $905.1 $1,083.2 $871.0 $877.4 
Income before Income Taxes (FTE)(2)
$219.3 $135.6 $258.4 $264.1 $235.4 $271.1 $294.1 
21.5 %25.0 %26.7 %21.1 %20.1 %
Profit Margin (pre-tax) (FTE)(2)
20.6 %12.9 %23.2 %23.4 %20.9 %23.2 %24.7 %
$6,018.2 $5,663.4 $7,208.0 $7,372.6 $6,315.5 Average Loans$6,909.5 $6,472.3 $5,615.8 $6,272.6 $5,749.3 $5,812.8 $5,399.9 
84,691.0 101,588.5 96,085.5 81,742.1 86,691.3 Average Deposits86,688.6 86,223.0 86,635.7 87,212.9 89,296.5 95,506.7 90,195.3 
Wealth Management
$607.3 $698.7 $692.6 $673.8 $740.9 Central$178.3 $180.7 $186.6 $195.3 $189.1 $189.2 $200.6 
442.1 509.3 504.0 491.5 539.7 East129.9 132.7 136.4 140.7 141.0 139.3 146.0 
337.7 380.2 382.1 378.0 418.9 West99.9 103.3 105.7 110.0 108.0 106.3 110.5 
286.3 285.6 357.6 356.6 395.5 Global Family Office95.2 98.8 100.8 100.7 103.8 104.5 101.5 
$1,673.4 $1,873.8 $1,936.3 $1,899.9 $2,095.0 Total Wealth Management Trust, Investment and Other Servicing Fees$503.3 $515.5 $529.5 $546.7 $541.9 $539.3 $558.6 
$1,022.9 $1,271.3 $1,153.8 $983.5 $1,213.1 
Income before Income Taxes (FTE)(2)
$292.3 $262.7 $307.1 $351.0 $304.3 $309.6 $342.4 
39.2 %45.5 %39.7 %34.1 %37.8 %
Profit Margin (pre-tax) (FTE)(2)
37.5 %33.4 %38.0 %41.9 %37.1 %37.2 %40.5 %
$27,480.6 $31,544.1 $33,822.6 $34,804.4 $34,601.2 Average Loans$34,677.4 $34,562.3 $34,268.2 $34,897.3 $35,327.2 $35,345.2 $36,100.7 
23,410.3 28,387.9 29,426.3 23,432.9 25,558.2 Average Deposits25,568.0 26,236.4 25,179.3 25,256.6 25,289.6 25,291.0 25,370.4 
Other
$(101.1)$(130.7)$(425.1)$(332.2)$600.8 
Income before Income Taxes (FTE)(2)
$(213.7)$782.2 $42.7 $(10.4)$(12.7)$(11.2)$(11.5)
409.8 106.7 80.6 70.5 450.8 Average Deposits106.0 882.2 745.7 70.3 1,333.0 1,580.1 1,134.9 
(1)
Reporting segment results are subject to reclassification when organizational changes are made. The results are also subject to refinements in revenue and expense allocation methodologies, which are typically reflected on a retrospective basis unless it is impractical to do so.
(2)
Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent section on pages 11 and 12 for further detail.

4

Northern Trust Corporation
BALANCE SHEET
END OF PERIOD
($ in Millions)
CHANGE (5)
Assets9/30/20259/30/2024$%
Federal Reserve and Other Central Bank Deposits$49,328.9 $40,848.3 $8,480.6 21 %
Interest-Bearing Due from and Deposits with Banks(1)
6,404.5 5,464.7 939.8 17 %
Federal Funds Sold and Securities Purchased under Agreements to Resell1,856.3 981.6 874.7 89 %
Debt Securities:
Available For Sale32,889.2 28,311.9 4,577.3 16 %
Held To Maturity22,974.9 22,708.6 266.3 1 %
Total Debt Securities55,864.1 51,020.5 4,843.6 9 %
Loans42,949.4 41,950.3 999.1 2 %
Other Interest-Earning Assets(2)
2,676.2 2,465.7 210.5 9 %
Total Earning Assets159,079.4 142,731.1 16,348.3 11 %
Allowance for Credit Losses(174.6)(193.3)18.7 (10)%
Cash and Due From Banks and Other Central Bank Deposits(3)
976.8 3,014.3 (2,037.5)(68)%
Buildings and Equipment457.1 480.3 (23.2)(5)%
Goodwill712.9 707.8 5.1 1 %
Other Assets9,211.7 9,013.6 198.1 2 %
Total Assets$170,263.3 $155,753.8 $14,509.5 9 %
Liabilities and Stockholders' Equity
Savings, Money Market and Other$29,040.1 $23,069.0 $5,971.1 26 %
Savings Certificates and Other Time7,358.7 6,255.2 1,103.5 18 %
Non-U.S. Offices - Interest-Bearing73,509.9 69,684.3 3,825.6 5 %
Total Interest-Bearing Deposits109,908.7 99,008.5 10,900.2 11 %
Federal Funds Purchased1,751.9 2,761.9 (1,010.0)(37)%
Securities Sold under Agreements to Repurchase371.5 170.8 200.7 117 %
Other Borrowings(4)
6,580.0 6,903.2 (323.2)(5)%
Senior Notes2,847.2 2,820.9 26.3 1 %
Long-Term Debt4,094.3 4,077.2 17.1 — %
Total Interest-Bearing Liabilities125,553.6 115,742.5 9,811.1 8 %
Demand and Other Noninterest-Bearing Deposits25,892.4 22,174.8 3,717.6 17 %
Other Liabilities5,861.3 5,087.5 773.8 15 %
Total Liabilities157,307.3 143,004.8 14,302.5 10 %
Common Equity, excluding Accumulated Other Comprehensive Income12,706.2 12,643.6 62.6 — %
Accumulated Other Comprehensive Income (Loss)(635.1)(779.5)144.4 (19)%
Preferred Equity884.9 884.9 — — %
Total Stockholders' Equity12,956.0 12,749.0 207.0 2 %
Total Liabilities and Stockholders' Equity$170,263.3 $155,753.8 $14,509.5 9 %
(1)
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(2)
Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(3)
Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(4)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
(5)Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
5

Northern Trust Corporation
BALANCE SHEET TRENDS
  PERIOD AVERAGES(1)
($ in Millions)
20242025
20202021202220232024Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$27,904.2 $39,028.2 $36,248.8 $31,205.4 $35,179.9 Federal Reserve and Other Central Bank Deposits$35,897.3 $35,924.1 $36,067.3 $32,847.0 $37,161.0 $43,655.3 $33,754.2 
5,400.8 5,779.7 4,192.5 4,333.9 4,800.8 
Interest-Bearing Due from and Deposits with Banks(2)
4,418.0 4,999.7 4,828.1 4,955.3 4,877.6 5,321.5 5,237.7 
1,255.4 1,067.5 1,076.7 957.0 727.9 Federal Funds Sold and Securities Purchased under Agreements to Resell518.4 732.2 977.4 681.3 394.5 713.2 1,300.4 
Debt Securities:
40,642.7 38,986.9 32,060.2 24,356.6 26,871.9 Available For Sale24,049.6 26,591.4 27,462.6 29,350.4 30,168.3 31,415.0 33,022.7 
14,353.3 20,617.0 22,970.0 25,511.9 23,230.7 Held To Maturity24,498.9 23,373.8 22,834.0 22,231.6 21,821.9 20,895.9 22,129.7 
1.1 0.6 12.1 0.5 — Trading Account— — — — — — — 
54,997.1 59,604.5 55,042.3 49,869.0 50,102.6    Total Debt Securities48,548.5 49,965.2 50,296.6 51,582.0 51,990.2 52,310.9 55,152.4 
33,498.8 37,207.5 41,030.6 42,177.0 40,916.7 Loans and Leases41,586.9 41,034.6 39,884.0 41,169.9 41,076.5 41,158.0 41,500.6 
1,076.6 1,185.6 1,248.1 2,259.0 2,688.4 
Other Interest-Earning Assets(3)
2,847.7 2,745.3 2,714.4 2,448.5 2,508.1 2,663.1 2,393.6 
124,132.9 143,873.0 138,839.0 130,801.3 134,416.3 Total Earning Assets133,816.8 135,401.1 134,767.8 133,684.0 138,007.9 145,822.0 139,338.9 
(178.0)(173.0)(154.1)(172.8)(185.2)Allowance for Credit Losses(191.8)(175.8)(180.5)(192.9)(175.6)(174.9)(188.0)
2,603.0 2,285.9 2,069.5 1,771.6 1,698.8 
Cash and Due From Banks and Other Central Bank Deposits(4)
1,799.5 1,802.0 1,742.3 1,453.4 1,041.2 1,069.8 1,159.3 
509.3 502.7 488.7 484.8 488.0 Buildings and Equipment498.2 485.8 482.2 485.8 484.8 479.3 468.4 
695.4 707.3 692.2 696.2 699.8 Goodwill699.4 697.1 702.9 699.7 696.4 709.1 712.6 
9,048.5 9,167.3 10,616.6 9,068.1 9,515.8 Other Assets8,496.2 9,791.0 9,328.2 10,440.2 10,207.4 9,813.9 9,550.3 
$136,811.1 $156,363.2 $152,551.9 $142,649.2 $146,633.5 Total Assets$145,118.3 $148,001.2 $146,842.9 $146,570.2 $150,262.1 $157,719.2 $151,041.5 
Liabilities and Stockholders' Equity
$23,396.4 $28,339.0 $30,205.0 $24,172.4 $26,236.3 Savings, Money Market and Other$27,349.0 $27,554.9 $25,233.0 $24,834.8 $27,720.5 $28,797.4 $28,348.7 
1,266.4 887.2 1,059.7 3,341.2 5,856.9 Savings Certificates and Other Time4,554.3 6,027.4 6,639.6 6,193.9 6,874.0 6,652.0 6,700.1 
60,486.3 69,713.4 65,031.3 60,008.6 63,854.7 Non-U.S. Offices - Interest-Bearing63,752.8 63,216.3 64,347.2 64,094.5 64,454.3 70,158.0 65,354.5 
85,149.1 98,939.6 96,296.0 87,522.2 95,947.9 Total Interest-Bearing Deposits95,656.1 96,798.6 96,219.8 95,123.2 99,048.8 105,607.4 100,403.3 
980.9 190.6 1,407.8 5,144.3 2,616.4 Federal Funds Purchased2,650.1 3,010.7 2,320.9 2,488.8 2,393.6 2,469.0 2,467.7 
218.3 232.0 433.6 401.5 518.5 Securities Sold under Agreements to Repurchase490.1 574.6 504.3 505.4 442.4 584.6 500.4 
6,401.1 5,049.8 5,463.5 10,339.5 6,980.3 
Other Borrowings(5)
6,852.1 7,053.5 7,085.9 6,928.9 7,024.4 7,008.2 6,938.4 
3,233.8 2,856.4 2,756.0 2,734.0 2,764.0 Senior Notes2,748.7 2,728.7 2,795.6 2,782.4 2,781.6 2,818.2 2,839.6 
1,189.2 1,166.1 1,258.9 2,586.0 4,073.2 Long-Term Debt4,067.0 4,071.1 4,075.1 4,079.4 4,083.5 4,087.8 4,092.0 
277.7 218.4 — — — Floating Rate Capital Debt— — — — — — — 
97,450.1 108,652.9 107,615.8 108,727.5 112,900.3 Total Interest-Bearing Liabilities112,464.1 114,237.2 113,001.6 111,908.1 115,774.3 122,575.2 117,241.4 
23,362.0 31,143.5 29,296.4 17,723.3 16,752.4 Demand and Other Noninterest-Bearing Deposits16,706.5 16,543.0 16,340.9 17,416.6 16,870.3 16,770.4 16,297.3 
4,806.4 4,869.8 4,558.3 4,701.6 4,681.0 Other Liabilities4,164.0 4,862.2 5,026.3 4,668.0 5,013.5 5,761.5 4,795.8 
125,618.0 144,666.2 141,471.0 131,152.4 134,333.7 Total Liabilities133,334.6 135,642.4 134,368.8 133,992.7 137,658.1 145,107.1 138,334.5 
10,058.2 10,629.6 11,512.3 11,964.6 12,287.4 Common Equity, excluding Accumulated Other Comprehensive Income11,873.4 12,375.7 12,421.8 12,475.2 12,527.2 12,500.4 12,496.7 
248.5 182.5 (1,315.8)(1,352.7)(872.5)Accumulated Other Comprehensive Income (Loss)(974.6)(901.8)(832.6)(782.6)(808.1)(773.2)(674.6)
885.9 884.9 884.9 884.9 884.9 Preferred Equity884.9 884.9 884.9 884.9 884.9 884.9 884.9 
11,193.0 11,697.0 11,081.4 11,496.8 12,299.8 Total Stockholders' Equity11,783.7 12,358.8 12,474.1 12,577.5 12,604.0 12,612.1 12,707.0 
$136,811.0 $156,363.2 $152,551.9 $142,649.2 $146,633.5 Total Liabilities and Stockholders' Equity$145,118.3 $148,001.2 $146,842.9 $146,570.2 $150,262.1 $157,719.2 $151,041.5 
(1)
Summations may not equal due to rounding.
(2)
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)
Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)
Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
6

Northern Trust Corporation
BALANCE SHEET MIX TRENDS
PERIOD AVERAGES(1)
20242025
20202021202220232024Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
20.4 %25.0 %23.8 %21.9 %24.0 %Federal Reserve and Other Central Bank Deposits24.7 %24.3 %24.6 %22.4 %24.7 %27.7 %22.3 %
3.9 3.7 2.7 3.0 3.3 
Interest-Bearing Due from and Deposits with Banks(2)
3.0 3.4 3.3 3.4 3.2 3.4 3.5 
0.9 0.7 0.7 0.7 0.5 Federal Funds Sold and Securities Purchased under Agreements to Resell0.4 0.5 0.7 0.5 0.3 0.5 0.9 
Debt Securities:
29.7 24.9 21.0 17.1 18.3 Available For Sale16.6 18.0 18.7 20.0 20.1 19.9 21.9 
10.5 13.2 15.1 17.9 15.8 Held To Maturity16.9 15.8 15.5 15.2 14.5 13.2 14.7 
40.2 38.1 36.1 35.0 34.2    Total Debt Securities33.5 33.8 34.3 35.2 34.6 33.2 36.5 
24.5 23.8 26.9 29.6 27.9 Loans and Leases28.7 27.7 27.2 28.1 27.3 26.1 27.5 
0.8 0.8 0.8 1.6 1.8 
Other Interest-Earning Assets(3)
2.0 1.9 1.8 1.7 1.7 1.7 1.6 
90.7 92.0 91.0 91.7 91.7 Total Earning Assets92.2 91.5 91.8 91.2 91.8 92.5 92.3 
(0.1)(0.1)(0.1)(0.1)(0.1)Allowance for Credit Losses(0.1)(0.1)(0.1)(0.1)(0.1)(0.1)(0.1)
1.9 1.5 1.4 1.2 1.2 
Cash and Due From Banks and Other Central Bank Deposits(4)
1.2 1.2 1.2 1.0 0.7 0.7 0.8 
0.4 0.3 0.3 0.3 0.3 Buildings and Equipment0.3 0.3 0.3 0.3 0.3 0.3 0.3 
0.5 0.5 0.5 0.5 0.5 Goodwill0.5 0.5 0.5 0.5 0.5 0.4 0.5 
6.6 5.9 7.0 6.4 6.5 Other Assets5.9 6.6 6.4 7.1 6.8 6.2 6.3 
100.0 %100.0 %100.0 %100.0 %100.0 %Total Assets100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Liabilities and Stockholders' Equity
17.1 %18.1 %19.8 %16.9 %17.9 %Savings, Money Market and Other18.8 %18.6 %17.2 %16.9 %18.4 %18.3 %18.8 %
0.9 0.6 0.7 2.3 4.0 Savings Certificates and Other Time3.1 4.1 4.5 4.2 4.6 4.2 4.4 
44.2 44.6 42.6 42.1 43.5 Non-U.S. Offices - Interest-Bearing43.9 42.7 43.8 43.7 42.9 44.5 43.3 
62.2 63.3 63.1 61.4 65.4 Total Interest-Bearing Deposits65.9 65.4 65.5 64.9 65.9 67.0 66.5 
0.7 0.1 0.9 3.6 1.8 Federal Funds Purchased1.8 2.0 1.6 1.7 1.6 1.6 1.6 
0.2 0.1 0.3 0.3 0.4 Securities Sold under Agreements to Repurchase0.3 0.4 0.3 0.3 0.3 0.4 0.3 
4.7 3.2 3.6 7.2 4.8 
Other Borrowings(5)
4.7 4.8 4.8 4.7 4.7 4.4 4.6 
2.4 1.8 1.8 1.9 1.9 Senior Notes1.9 1.8 1.9 1.9 1.9 1.8 1.9 
0.9 0.7 0.8 1.8 2.8 Long-Term Debt2.8 2.8 2.8 2.8 2.7 2.6 2.7 
0.2 0.1 — — — Floating Rate Capital Debt— — — — — — — 
71.2 69.5 70.5 76.2 77.0 Total Interest-Bearing Liabilities77.5 77.2 77.0 76.4 77.0 77.7 77.6 
17.1 19.9 19.2 12.4 11.4 Demand and Other Noninterest-Bearing Deposits11.5 11.2 11.1 11.9 11.2 10.6 10.8 
3.5 3.1 3.0 3.3 3.2 Other Liabilities2.9 3.3 3.4 3.2 3.3 3.7 3.2 
91.8 92.5 92.7 91.9 91.6 Total Liabilities91.9 91.6 91.5 91.4 91.6 92.0 91.6 
7.4 6.8 7.5 8.4 8.4 Common Equity, excluding Accumulated Other Comprehensive Income8.2 8.4 8.5 8.5 8.3 7.9 8.3 
0.1 0.1 (0.8)(0.9)(0.6)Accumulated Other Comprehensive Income (Loss)(0.7)(0.6)(0.6)(0.5)(0.5)(0.5)(0.4)
0.6 0.6 0.6 0.6 0.6 Preferred Equity0.6 0.6 0.6 0.6 0.6 0.6 0.6 
8.2 7.5 7.3 8.1 8.4 Total Stockholders' Equity8.1 8.4 8.5 8.6 8.4 8.0 8.4 
100.0 %100.0 %100.0 %100.0 %100.0 %Total Liabilities and Stockholders' Equity100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
(1)
Summations may not equal due to rounding.
(2)
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)
Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)
Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.

7

Northern Trust Corporation
INTEREST RATE TRENDS (FTE(1) Basis)
PERIOD AVERAGES
Net Interest Income (FTE Adjusted), a non-GAAP financial measure, includes adjustments to a fully taxable equivalent basis for loans and securities. A reconciliation of net interest income, net interest margin, and net interest spread on a GAAP basis to net interest income, net interest margin, and net interest spread on an FTE basis, respectively, (each of which is a non-GAAP financial measure) is provided on pages 11 and 12. Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds).
20242025
20202021202220232024Earnings Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
0.10 %0.03 %1.30 %4.69 %4.93 %Federal Reserve and Other Central Bank Deposits5.15 %5.12 %4.98 %4.44 %4.15 %4.01 %3.84 %
0.41 0.16 1.11 3.00 2.55 
Interest-Bearing Due from and Deposits with Banks(2)
3.15 2.53 2.35 2.26 1.95 1.64 1.57 
0.32 0.33 9.65 165.68 458.90 
Federal Funds Sold and Securities Purchased under Agreements to Resell(3)
639.29 474.27 362.57 444.99 705.95 389.92 217.12 
Debt Securities:
1.77 1.28 1.91 4.35 5.37 Available for Sale5.41 5.52 5.50 5.09 4.73 4.69 4.60 
0.59 0.80 1.26 1.87 1.94 Held to Maturity2.02 1.95 1.88 1.89 1.94 1.85 1.79 
3.27 1.59 3.84 13.50 — Trading Account— — — — — — — 
1.46 1.11 1.64 3.08 3.78    Total Debt Securities3.70 3.85 3.86 3.71 3.56 3.56 3.47 
2.32 1.92 3.28 6.06 6.28 Loans and Leases6.34 6.38 6.45 5.97 5.68 5.62 5.59 
3.63 3.43 4.03 4.87 4.85 
Other Interest-Earning Assets(4)
4.51 4.68 4.71 5.57 3.88 3.81 3.81 
1.35 %1.00 %2.11 %5.64 %7.29 %Total Earning Assets7.37 %7.47 %7.49 %6.82 %6.31 %6.10 %6.12 %
Interest-Bearing Funds
0.20 %0.05 %0.74 %2.85 %3.66 %Savings, Money Market and Other3.72 %3.75 %3.76 %3.39 %3.11 %3.10 %3.16 %
1.30 0.55 1.68 4.54 5.11 Savings Certificates and Other Time5.19 5.23 5.19 4.84 4.48 4.31 4.25 
(0.03)(0.11)0.56 3.07 3.38 Non-U.S. Offices - Interest-Bearing3.59 3.58 3.39 2.95 2.60 2.45 2.19 
0.06 (0.06)0.63 3.07 3.56 Total Interest-Bearing Deposits3.71 3.73 3.61 3.19 2.87 2.74 2.60 
0.22 (0.19)2.43 4.99 4.94 Federal Funds Purchased5.11 5.16 5.07 4.38 4.00 3.97 3.99 
0.47 0.07 20.94 383.84 632.65 
Securities Sold under Agreements to Repurchase(3)
667.86 596.00 686.17 586.70 617.15 467.05 551.02 
0.71 0.28 2.31 5.25 5.20 
Other Borrowings(5)
5.20 5.43 5.32 4.82 4.60 4.60 4.55 
2.24 1.69 3.36 6.22 6.28 Senior Notes6.45 6.50 6.30 5.88 5.65 5.55 5.50 
2.24 1.81 3.49 5.69 5.49 Long-Term Debt5.50 5.50 5.47 5.47 5.52 5.48 5.46 
1.52 0.78 — — — Floating Rate Capital Debt— — — — — — — 
0.21 %0.02 %0.92 %4.91 %6.72 %Total Interest-Bearing Liabilities6.86 %6.98 %6.93 %6.10 %5.51 %5.24 %5.26 %
1.14 %0.98 %1.19 %0.73 %0.57 %Net Interest Spread0.51 %0.49 %0.56 %0.72 %0.80 %0.86 %0.86 %
1.19 %0.99 %1.39 %1.56 %1.64 %Net Interest Margin1.61 %1.57 %1.68 %1.71 %1.69 %1.69 %1.70 %
(1)
Fully taxable equivalent. FTE adjustments are based on a federal income tax rate of 21%, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit.
(2)
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)
Includes the impact of balance sheet netting under master netting arrangements of approximately $62.7 billion for the three months ended September 30, 2025. Excluding the impact of netting, the average interest rate on Federal Funds Sold and Securities Purchased under Agreements to Resell would be approximately 4.41% for the three months ended September 30, 2025. Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 4.37% for the three months ended September 30, 2025. See previous filings for impact of netting on prior periods.
(4)
Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(5)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
8

Northern Trust Corporation
ASSET QUALITY
END OF PERIOD
($ in Millions)
20242025
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$124.4 $259.9 $184.7 $200.9 $220.4 Beginning Allowance for Credit Losses$220.4 $201.5 $209.6 $220.0 $206.1 $207.3 $224.1 
13.7 — — — — 
Cumulative Effect Adjustment(1)
— — — — — — — 
125.0 (81.5)12.0 24.5 (3.0)Provision for (Release of) Credit Losses(8.5)8.0 8.0 (10.5)1.0 16.5 (17.0)
(Charge-offs) Recoveries
(9.7)(0.7)(6.0)(8.7)(15.5)Charge-offs(11.1)(0.3)— (4.1)(0.3)(0.1)(2.1)
6.5 7.0 10.2 3.7 4.2 Recoveries0.7 0.4 2.4 0.7 0.5 0.4 1.7 
(3.2)6.3 4.2 (5.0)(11.3)Net (Charge-offs) Recoveries(10.4)0.1 2.4 (3.4)0.2 0.3 (0.4)
$259.9 $184.7 $200.9 $220.4 $206.1 Ending Allowance for Credit Losses$201.5 $209.6 $220.0 $206.1 $207.3 $224.1 $206.7 
Allowance for Credit Losses Assigned to:
$190.7 $138.4 $144.3 $178.7 $168.0 Loans and Leases$162.4 $167.7 $184.8 $168.0 $167.1 $180.5 $164.4 
61.1 34.1 38.5 26.9 30.4 Undrawn Loan Commitments and Standby Letters of Credit25.2 29.5 26.5 30.4 32.8 34.7 32.1 
8.1 12.2 18.1 14.8 7.7 Debt Securities and Other Financial Assets13.9 12.4 8.7 7.7 7.4 8.9 10.2 
$259.9 $184.7 $200.9 $220.4 $206.1 Total Allowance for Credit Losses$201.5 $209.6 $220.0 $206.1 $207.3 $224.1 $206.7 
$33,499 $37,208 $41,031 $42,177 $40,917 Average Loans and Leases Outstanding$41,587 $41,035 $39,884 $41,170 $41,077 $41,158 $41,501 
Annualized Loan-Related Net (Charge-offs) Recoveries to
(0.01)%0.02 %0.01 %(0.01)%(0.03)%Average Loans and Leases(0.10)%— %0.02 %(0.03)%— %— %— %
$33,760 $40,481 $42,893 $47,617 $43,391 End of Period Loans and Leases Outstanding$47,343 $42,135 $41,950 $43,391 $40,833 $43,323 $42,949 
Allowance for Credit Losses Assigned to Loans
0.56 %0.34 %0.34 %0.38 %0.39 %and Leases to Total Loans and Leases0.34 %0.40 %0.44 %0.39 %0.41 %0.42 %0.38 %
Nonaccrual Assets
$131.7 $122.3 $45.9 $63.6 $56.0 Nonaccrual Loans and Leases$37.0 $38.5 $39.3 $56.0 $73.1 $92.8 $78.8 
0.7 3.0 — 1.5 — Other Real Estate Owned (OREO)— — — — — — — 
$132.4 $125.3 $45.9 $65.1 $56.0 Total Nonaccrual Assets$37.0 $38.5 $39.3 $56.0 $73.1 $92.8 $78.8 
0.39 %0.31 %0.11 %0.14 %0.13 %Nonaccrual Assets to Loans and Leases and OREO0.08 %0.09 %0.09 %0.13 %0.18 %0.21 %0.18 %
Loans and Leases Allowance to Nonaccrual
1.4x1.1x3.1x2.8x3.0xLoans and Leases4.4x4.4x4.7x3.0x2.3x1.9x2.1x
(1)
Upon the January 1, 2020 adoption of ASU 2016-13, Northern Trust increased the allowance for credit losses by $13.7 million, with a corresponding cumulative effect adjustment to decrease retained earnings $10.1 million, net of tax.
9

Northern Trust Corporation
ASSETS UNDER MANAGEMENT AND CUSTODY
END OF PERIOD
($ in Billions)
20242025
20202021202220232024Assets Under Management1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,057.5 $1,191.0 $898.1 $1,032.0 $1,159.7 Asset Servicing$1,080.1 $1,107.3 $1,177.9 $1,159.7 $1,160.9 $1,229.2 $1,280.1 
Asset allocation:
551.7 626.6 485.0 563.9 644.6 Equities602.5 613.7 650.0 644.6 625.8 666.7 702.5 
120.1 132.6 107.1 116.2 127.2 Fixed Income Securities116.3 125.8 131.0 127.2 130.2 131.9 136.4 
198.8 236.2 157.7 184.5 211.7 Cash and Other Assets198.2 207.2 220.9 211.7 214.2 225.2 235.1 
186.9 195.6 148.3 167.4 176.2 Securities Lending Collateral163.1 160.6 176.0 176.2 190.7 205.4 206.1 
$347.8 $416.1 $351.4 $402.5 $450.7 Wealth Management$420.6 $419.4 $443.9 $450.7 $446.9 $468.5 $492.6 
Asset allocation:
182.0 229.9 186.3 221.6 258.5 Equities238.6 243.2 258.8 258.5 254.2 276.9 299.0 
84.7 83.5 79.4 87.2 90.3 Fixed Income Securities87.2 85.8 88.7 90.3 91.2 91.6 93.6 
81.1 102.7 85.7 93.7 101.6 Cash and Other Assets94.7 90.3 96.3 101.6 101.1 99.4 99.5 
— — — — 0.3 Securities Lending Collateral0.1 0.1 0.1 0.3 0.4 0.6 0.5 
$1,405.3 $1,607.1 $1,249.5 $1,434.5 $1,610.4 Total Assets Under Management$1,500.7 $1,526.7 $1,621.8 $1,610.4 $1,607.8 $1,697.7 $1,772.7 
Asset allocation:
$733.7 $856.5 $671.3 $785.5 $903.1 Equities$841.1 $856.9 $908.8 $903.1 $880.0 $943.6 1,001.5 
204.8 216.1 186.5 203.4 217.5 Fixed Income Securities203.5 211.6 219.7 217.5 221.4 223.5 230.0 
279.9 338.9 243.4 278.2 313.3 Cash and Other Assets292.9 297.5 317.2 313.3 315.3 324.6 334.6 
186.9 195.6 148.3 167.4 176.5 Securities Lending Collateral163.2 160.7 176.1 176.5 191.1 206.0 206.6 
Assets Under Custody / Administration
$13,653.1 $15,183.2 $12,705.5 $14,362.6 $15,640.1 Asset Servicing$15,385.4 $15,470.8 $16,278.0 $15,640.1 $15,804.7 $16,864.9 $16,990.4 
879.4 1,065.6 898.5 1,042.3 1,147.9 Wealth Management1,087.1 1,096.6 1,145.0 1,147.9 1,119.3 1,203.4 1,257.2 
$14,532.5 $16,248.8 $13,604.0 $15,404.9 $16,788.0 Total Assets Under Custody / Administration$16,472.5 $16,567.4 $17,423.0 $16,788.0 $16,924.0 $18,068.3 $18,247.6 
Assets Under Custody
$10,387.7 $11,554.8 $9,712.3 $10,882.0 $12,214.0 Asset Servicing$11,723.1 $11,955.5 $12,662.1 $12,214.0 $12,163.6 $13,056.5 $13,195.0 
Asset allocation:
4,751.0 5,404.3 4,312.8 5,028.9 5,938.6 Equities5,511.4 5,711.7 6,098.1 5,938.6 5,832.8 6,420.1 6,402.7 
3,742.6 3,997.5 3,252.1 3,600.4 3,742.1 Fixed Income Securities3,665.8 3,662.0 3,887.3 3,742.1 3,868.6 4,053.4 4,140.8 
1,707.2 1,957.4 1,999.1 2,085.3 2,357.1 Cash and Other Assets2,382.8 2,421.2 2,500.7 2,357.1 2,271.5 2,377.6 2,445.4 
186.9 195.6 148.3 167.4 176.2 Securities Lending Collateral163.1 160.6 176.0 176.2 190.7 205.4 206.1 
$875.1 $1,057.5 $892.3 $1,034.5 $1,135.2 Wealth Management$1,081.0 $1,085.9 $1,132.7 $1,135.2 $1,105.9 $1,187.2 $1,244.1 
Asset allocation:
542.9 644.8 497.9 623.6 700.4 Equities661.1 669.3 701.4 700.4 669.0 736.7 763.8 
128.3 142.1 134.0 136.7 142.8 Fixed Income Securities138.4 139.2 144.4 142.8 147.1 149.6 157.1 
203.9 270.6 260.4 274.2 291.7 Cash and Other Assets281.4 277.3 286.8 291.7 289.4 300.3 322.7 
— — — — 0.3 Securities Lending Collateral0.1 0.1 0.1 0.3 0.4 0.6 0.5 
$11,262.8 $12,612.3 $10,604.6 $11,916.5 $13,349.2 Total Assets Under Custody$12,804.1 $13,041.4 $13,794.8 $13,349.2 $13,269.5 $14,243.7 $14,439.1 
Asset allocation:
$5,293.9 $6,049.1 $4,810.7 $5,652.5 $6,639.0 Equities$6,172.5 $6,381.0 $6,799.5 $6,639.0 $6,501.8 $7,156.8 $7,166.5 
3,870.9 4,139.6 3,386.1 3,737.1 3,884.9 Fixed Income Securities3,804.2 3,801.2 4,031.7 3,884.9 4,015.7 4,203.0 4,297.9 
1,911.1 2,228.0 2,259.5 2,359.5 2,648.8 Cash and Other Assets2,664.2 2,698.5 2,787.5 2,648.8 2,560.9 2,677.9 2,768.1 
186.9 195.6 148.3 167.4 176.5 Securities Lending Collateral163.2 160.7 176.1 176.5 191.1 206.0 206.6 
Memo
$114.0 $144.9 $119.9 $144.3 $170.2 WM Global Family Office AUM$152.4 $152.7 $161.8 $170.2 $169.7 $176.1 $186.1 
600.7 742.6 614.9 728.0 802.4 WM Global Family Office AUC762.1 768.1 798.0 802.4 779.2 836.7 875.8 
10

Northern Trust Corporation
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
($ in Millions)
Northern Trust presents certain financial measures on a fully taxable equivalent (FTE) basis, which is a non-generally accepted accounting principle (GAAP). Management believes an FTE presentation provides a clearer indication of these financial measures for comparative purposes.

Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income. Below is a reconciliation of the financial measures presented on an FTE basis.
20242025
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,643.5 $1,406.5 $2,877.7 $7,325.0 $9,762.3 Interest Income - GAAP$2,445.6 $2,506.5 $2,530.2 $2,280.0 $2,140.9 $2,212.8 $2,144.3 
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment7.3 6.9 7.1 10.5 5.64.75.5
1,677.9 1,442.1 2,923.3 7,382.5 9,794.1 Interest Income (FTE) - Non-GAAP2,452.9 2,513.4 2,537.3 2,290.5 2,146.5 2,217.5 2,149.8 
1,443.2 1,382.7 1,887.2 1,982.0 2,177.1 Net Interest Income - GAAP528.1 522.9 562.3 563.8 568.1610.5590.8
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment7.3 6.9 7.1 10.5 5.64.75.5
1,477.6 1,418.3 1,932.8 2,039.5 2,208.9 Net Interest Income (FTE) - Non-GAAP535.4 529.8 569.4 574.3 573.7615.2596.3
6,100.8 6,464.5 6,761.2 6,773.5 8,290.4 Total Revenue - GAAP1,646.8 2,715.5 1,968.5 1,959.6 1,940.0 1,997.9 2,025.4 
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment7.3 6.9 7.1 10.5 5.64.75.5
6,135.2 6,500.1 6,806.8 6,831.0 8,322.2 Total Revenue (FTE) - Non-GAAP1,654.1 2,722.4 1,975.6 1,970.1 1,945.6 2,002.6 2,030.9 
1,627.6 2,010.1 1,766.3 1,464.8 2,659.5 Income before Income Taxes - GAAP290.6 1,173.6 601.1 594.2 521.4564.8619.5
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment7.3 6.9 7.1 10.5 5.64.75.5
1,662.0 2,045.7 1,811.9 1,522.3 2,691.3 Income before Income Taxes (FTE) - Non-GAAP297.9 1,180.5 608.2 604.7 527.0569.5625.0
418.3 464.8 430.3 357.5 628.4 Provision for Income Taxes - GAAP75.9 277.5 136.2 138.8 129.4143.5161.9
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment7.3 6.9 7.1 10.5 5.64.75.5
452.7 500.4 475.9 415.0 660.2 Provision for Income Taxes (FTE) - Non-GAAP83.2 284.4 143.3 149.3 135.0148.2167.4
11

Northern Trust Corporation
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
RATIOS
Northern Trust presents certain financial measures on a fully taxable equivalent (FTE) basis, which is a non-generally accepted accounting principle (GAAP). Management believes an FTE presentation provides a clearer indication of these financial measures for comparative purposes.

Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income. Below is a reconciliation of the financial ratios presented on an FTE basis.
20242025
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
26.7 %31.1 %26.1 %21.6 %32.1 %
Profit Margin (pre-tax) - GAAP (1)
17.6 %43.2 %30.5 %30.3 %26.9 %28.3 %30.6 %
27.1 %31.5 %26.6 %22.3 %32.3 %
Profit Margin (pre-tax) (FTE) - Non-GAAP (1)
18.0 %43.4 %30.8 %30.7 %27.1 %28.4 %30.8 %
19.8 %23.9 %19.8 %16.3 %24.5 %
Profit Margin (after-tax) - GAAP (2)
13.0 %33.0 %23.6 %23.2 %20.2 %21.1 %22.6 %
19.7 %23.8 %19.6 %16.2 %24.4 %
Profit Margin (after-tax) (FTE) - Non-GAAP (2)
13.0 %32.9 %23.5 %23.1 %20.1 %21.0 %22.5 %
25.7 %23.1 %24.4 %24.4 %23.6 %
Effective Tax Rate - GAAP (3)
26.1 %23.6 %22.7 %23.4 %24.8 %25.4 %26.1 %
27.2 %24.5 %26.3 %27.3 %24.5 %
Effective Tax Rate (FTE) - Non-GAAP (3)
27.9 %24.1 %23.5 %24.7 %25.6 %26.0 %26.8 %
76.3 %78.6 %72.1 %70.7 %73.7 %
Noninterest Income to Total Revenue - GAAP (4)
67.9 %80.7 %71.4 %71.2 %70.7 %69.4 %70.8 %
75.9 %78.2 %71.6 %70.1 %73.5 %
Noninterest Income to Total Revenue (FTE) - Non-GAAP (4)
67.6 %80.5 %71.2 %70.8 %70.5 %69.3 %70.6 %
65.5 %67.5 %65.6 %64.4 %57.0 %
Trust Fees to Total Revenue - GAAP (5)
69.4 %42.9 %60.8 %62.4 %62.6 %61.6 %62.5 %
65.1 %67.1 %65.1 %63.9 %56.8 %
Trust Fees to Total Revenue (FTE) - Non-GAAP (5)
69.1 %42.8 %60.6 %62.0 %62.4 %61.5 %62.3 %
1.11 %0.96 %1.15 %0.69 %0.54 %
Net Interest Spread - GAAP (6)
0.49 %0.47 %0.54 %0.69 %0.78 %0.85 %0.85 %
1.14 %0.98 %1.19 %0.73 %0.57 %
Net Interest Spread (FTE) - Non-GAAP (6)
0.51 %0.49 %0.56 %0.72 %0.80 %0.86 %0.86 %
1.16 %0.96 %1.36 %1.52 %1.62 %
Net Interest Margin - GAAP (7)
1.59 %1.55 %1.66 %1.68 %1.67 %1.68 %1.68 %
1.19 %0.99 %1.39 %1.56 %1.64 %
Net Interest Margin (FTE) - Non-GAAP (7)
1.61 %1.57 %1.68 %1.71 %1.69 %1.69 %1.70 %
(1)
Profit margin (pre-tax) is calculated by dividing income before income taxes by total revenue. Profit margin (pre-tax) on an FTE basis is calculated by dividing income before income taxes on an FTE basis by total revenue on an FTE basis.
(2)
Profit margin (after-tax) is calculated by dividing net income by total revenue. Profit margin (after-tax) on an FTE basis is calculated by dividing net income by total revenue on an FTE basis.
(3)
Effective tax rate is calculated by dividing the provision for income taxes by income before income taxes. Effective tax rate on an FTE basis is calculated by dividing the provision for income taxes on an FTE basis by income before income taxes on an FTE basis.
(4)
Noninterest income to total revenue is calculated by dividing noninterest income by total revenue. Noninterest income to total revenue on an FTE basis is calculated by dividing noninterest income by total revenue on an FTE basis.
(5)
Trust fees to total revenue is calculated by dividing total trust, investment and other servicing fees by total revenue. Trust fees to total revenue on an FTE basis is calculated by dividing total trust, investment and other servicing fees by total revenue on an FTE basis.
(6)
Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds). Net interest spread on an FTE basis is calculated as the difference between the interest rate earned (annualized interest income on an FTE basis divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds).
(7)
Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest margin on an FTE basis is calculated by dividing annualized net interest income on an FTE basis by average interest-earning assets.
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