Northern Trust Corp 8-K, filed Oct 21, 2026
Northern Trust Corp (NTRS)
8-K
2026-10-21
For: 2026-10-21
View Original
Added on
October 21, 2026
About this 8-K
Northern Trust Corp filed this 8-K on October 21, 2026.
Northern Trust Corporation reported third quarter net income of $642.9 million and diluted earnings per common share of $3.40. The quarter included a $34.0 million guardianship services sale gain and a $14.7 million incremental Visa Exchange Offer gain. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM | |||||
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 21, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||||||||
| (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 class | Trading Symbol | Name of each exchange on which registered | ||||||
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 21, 2026 press release, reporting on the registrant’s earnings for the three and nine months ended September 30, 2026, a copy of which is attached as Exhibit 99.1 hereto, is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure
On October 21, 2026, 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, 2026 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, 2026 (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 Number | Description | |||||||
| 104 | The 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 21, 2026 | By: | /s/ David W. Fox, Jr. | ||||||||||||||
| David W. Fox, Jr. | |||||||||||||||||
| Executive Vice President and Chief Financial Officer | |||||||||||||||||
Exhibit 99.1
| NEWS RELEASE |  | |||||||
| www.northerntrust.com | ||||||||
INVESTOR CONTACT: Stephen Carroll | 312-557-3474 | Stephen.Carroll@ntrs.com MEDIA CONTACT: John O'Connell | 312-444-2388 | John.O'Connell@ntrs.com
NORTHERN TRUST CORPORATION REPORTS THIRD QUARTER
NET INCOME OF $642.9 MILLION, EARNINGS PER DILUTED COMMON SHARE OF $3.40
NET INCOME OF $642.9 MILLION, EARNINGS PER DILUTED COMMON SHARE OF $3.40
CHICAGO, OCTOBER 21, 2026 — Northern Trust Corporation today reported third quarter net income per diluted common share of $3.40, compared to $4.23 in the second quarter of 2026 and $2.29 in the third quarter of 2025. Net income was $642.9 million, compared to $792.2 million in the prior quarter and $457.6 million in the prior-year quarter.
Third Quarter 2026 results included the following notable items:
•$48.7 million (pre-tax) impact to Other Noninterest Income from notable items (after-tax $36.8 million):
•$34.0 million (pre-tax) gain on the sale of the guardianship services business, recognized in Other Operating Income (after-tax $25.7 million).
•$14.7 million (pre-tax) incremental gain related to Northern Trust’s participation in the second Visa Exchange Offer, recognized in Other Operating Income (after-tax $11.1 million).
| MICHAEL O’GRADY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER: | ||
| “Northern Trust delivered strong third-quarter results, demonstrating continued progress against our One Northern Trust strategy. Compared to the prior year and excluding notable items, revenues grew 11%, while disciplined expense management generated more than 600 basis points of positive operating leverage. As a result, pretax income increased 21% and earnings per share increased 40%. All three businesses delivered organic trust-fee growth, reflecting strong execution across the company. Market conditions continued to evolve but remained constructive overall. Our diversified business model positions us to perform across a range of environments. Our strong capital position enabled us to return more than $1.5 billion to common shareholders year to date. As we enter the final quarter of the year, we remain focused on supporting our clients, investing in growth and delivering sustainable long-term value to shareholders.” | ||
| FINANCIAL SUMMARY & KEY METRICS | ||||||||||||||||||||
% Change Q3 2026 vs. | ||||||||||||||||||||
| ($ In Millions except per share data) | Q3 2026 | Q2 2026(1)(2) | Q3 2025 | Q2 2026 | Q3 2025 | |||||||||||||||
| Trust, Investment and Other Servicing Fees | $ | 1,373.0 | $ | 1,349.5 | $ | 1,265.5 | 2 | % | 8 | % | ||||||||||
| Other Noninterest Income | 250.0 | 673.0 | 169.1 | (63) | 48 | |||||||||||||||
| Net Interest Income (FTE*) | 679.1 | 683.1 | 596.3 | (1) | 14 | |||||||||||||||
| Total Revenue (FTE*) | $ | 2,302.1 | $ | 2,705.6 | $ | 2,030.9 | (15) | % | 13 | % | ||||||||||
| Noninterest Expense | $ | 1,492.5 | $ | 1,638.6 | $ | 1,422.9 | (9) | % | 5 | % | ||||||||||
| Provision for Credit Losses | 5.4 | (5.3) | (17.0) | N/M | N/M | |||||||||||||||
| Provision for Income Taxes | 153.6 | 272.5 | 161.9 | (44) | (5) | |||||||||||||||
| FTE Adjustment* | 7.7 | 7.6 | 5.5 | 1 | 41 | |||||||||||||||
| Net Income | $ | 642.9 | $ | 792.2 | $ | 457.6 | (19) | % | 40 | % | ||||||||||
| Earnings Allocated to Common Shares | $ | 621.9 | $ | 782.2 | $ | 437.2 | (20) | % | 42 | % | ||||||||||
| Diluted Earnings per Common Share | $ | 3.40 | $ | 4.23 | $ | 2.29 | (20) | 48 | ||||||||||||
| Return on Average Common Equity | 20.1 | % | 25.9 | % | 14.8 | % | ||||||||||||||
| Average Assets | $ | 159,235.9 | $ | 163,575.8 | $ | 151,041.5 | (3) | % | 5 | % | ||||||||||
(1) For Q2 2026, Other Noninterest Income included a $525.4 million gain related to Northern Trust's participation in the second Visa Exchange Offer and a $73.9 million loss on available for sale debt securities sold in conjunction with a repositioning of the portfolio.
(2) For Q2 2026, Noninterest Expense included a $61.5 million charge related to software dispositions, a $51.0 million severance-related charge, and a $33.1 million expense related to the the Invested as One equity grant to eligible employees.
(*) Net interest income and total revenue presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principles (non-GAAP) financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
N/M - Not meaningful
NORTHERN TRUST CORPORATION THIRD QUARTER 2026 RESULTS | ||
| CLIENT ASSETS | ||||||||||||||||||||
Assets under custody/administration (AUC/A) and assets under management are a driver of the Corporation’s trust, investment and other servicing fees, the largest component of noninterest income. | ||||||||||||||||||||
| As of | % Change September 30, 2026 vs. | |||||||||||||||||||
| ($ In Billions) | September 30, 2026* | June 30, 2026 | September 30, 2025 | June 30, 2026 | September 30, 2025 | |||||||||||||||
| Assets Under Custody/Administration | ||||||||||||||||||||
| Asset Servicing | $ | 18,533.7 | $ | 18,635.2 | $ | 16,990.4 | (1) | % | 9 | % | ||||||||||
| Wealth Management | 1,362.9 | 1,365.0 | 1,257.2 | — | 8 | |||||||||||||||
| Total Assets Under Custody/Administration | $ | 19,896.6 | $ | 20,000.2 | $ | 18,247.6 | (1) | % | 9 | % | ||||||||||
Assets Under Custody(1) | ||||||||||||||||||||
| Asset Servicing | $ | 14,452.9 | $ | 14,587.7 | $ | 13,195.0 | (1) | % | 10 | % | ||||||||||
| Wealth Management | 1,348.3 | 1,351.1 | 1,244.1 | — | 8 | |||||||||||||||
| Total Assets Under Custody | $ | 15,801.2 | $ | 15,938.8 | $ | 14,439.1 | (1) | % | 9 | % | ||||||||||
| Assets Under Management | ||||||||||||||||||||
| Asset Servicing | $ | 1,427.1 | $ | 1,436.0 | $ | 1,280.1 | (1) | % | 11 | % | ||||||||||
| Wealth Management | 535.9 | 533.9 | 492.6 | — | 9 | |||||||||||||||
| Total Assets Under Management | $ | 1,963.0 | $ | 1,969.9 | $ | 1,772.7 | — | % | 11 | % | ||||||||||
(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 net client inflows.
Total assets under management increased compared to the prior-year quarter primarily reflecting favorable markets and net client inflows.
| TRUST, INVESTMENT AND OTHER SERVICING FEES | ||||||||||||||||||||
% Change Q3 2026 vs. | ||||||||||||||||||||
| ($ In Millions) | Q3 2026 | Q2 2026 | Q3 2025 | Q2 2026 | Q3 2025 | |||||||||||||||
| Asset Servicing | ||||||||||||||||||||
| Custody and Fund Administration | $ | 511.7 | $ | 512.3 | $ | 482.7 | — | % | 6 | % | ||||||||||
| Investment Management | 175.6 | 172.2 | 159.6 | 2 | 10 | |||||||||||||||
| Securities Lending | 29.4 | 29.4 | 21.2 | — | 38 | |||||||||||||||
| Other | 44.8 | 43.5 | 43.4 | 3 | 3 | |||||||||||||||
| Total Asset Servicing Trust, Investment and Other Servicing Fees | $ | 761.5 | $ | 757.4 | $ | 706.9 | 1 | % | 8 | % | ||||||||||
| Wealth Management | ||||||||||||||||||||
Private Wealth(1) | $ | 494.3 | $ | 483.0 | $ | 457.1 | 2 | % | 8 | % | ||||||||||
| Global Family Office (GFO) | 117.2 | 109.1 | 101.5 | 7 | 16 | |||||||||||||||
| Total Wealth Management Trust, Investment and Other Servicing Fees | $ | 611.5 | $ | 592.1 | $ | 558.6 | 3 | % | 9 | % | ||||||||||
| Total Consolidated Trust, Investment and Other Servicing Fees | $ | 1,373.0 | $ | 1,349.5 | $ | 1,265.5 | 2 | % | 8 | % | ||||||||||
(1) Beginning in Q2 2026, Wealth Management Trust, Investment and Other Servicing Fees by region are combined into the Private Wealth line item. Prior periods have been revised.
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.
▪Investment Management fees increased from the prior-year quarter primarily due to favorable markets.
▪Securities Lending fees increased from the prior-year quarter primarily due to higher trading volumes and spreads.
Total Wealth Management Trust, Investment and Other Servicing Fees increased both sequentially and from the prior-year quarter.
▪Private Wealth fees increased from the prior-year quarter primarily due to favorable markets.
▪GFO fees increased both sequentially and from the prior-year quarter primarily due to favorable markets and asset inflows.
2
NORTHERN TRUST CORPORATION THIRD QUARTER 2026 RESULTS | ||
| REPORTING SEGMENT RESULTS | ||||||||||||||||||||
% Change Q3 2026 vs. | ||||||||||||||||||||
| ($ In Millions) | Q3 2026 | Q2 2026 | Q3 2025 | Q2 2026 | Q3 2025 | |||||||||||||||
| Income (Loss) before Income Taxes (FTE*) | ||||||||||||||||||||
Asset Servicing(1) | $ | 405.2 | $ | 323.3 | $ | 294.4 | 25 | % | 38 | % | ||||||||||
Wealth Management(1) | 391.6 | 333.5 | 342.4 | 17 | 14 | |||||||||||||||
Other(2) | 7.4 | 415.5 | (11.8) | (98) | N/M | |||||||||||||||
| Total Income before Income Taxes (FTE*) | $ | 804.2 | $ | 1,072.3 | $ | 625.0 | (25) | % | 29 | % | ||||||||||
| Pre-Tax Margin (FTE*) | ||||||||||||||||||||
Asset Servicing(1) | 30.3 | % | 23.7 | % | 24.7 | % | 6.6 | pts | 5.6 | pts | ||||||||||
Wealth Management(1) | 41.1 | 37.4 | 40.5 | 3.7 | 0.6 | |||||||||||||||
| Total Pre-Tax Margin (FTE*) | 34.9 | % | 39.6 | % | 30.8 | % | (4.7) | pts | 4.1 | pts | ||||||||||
| Average Loans | ||||||||||||||||||||
| Asset Servicing | $ | 5,321.3 | $ | 5,800.6 | $ | 5,399.9 | (8) | % | (1) | % | ||||||||||
| Wealth Management | 36,409.6 | 35,767.0 | 36,100.7 | 2 | 1 | |||||||||||||||
| Total Average Loans | $ | 41,730.9 | $ | 41,567.6 | $ | 41,500.6 | — | % | 1 | % | ||||||||||
| Average Deposits | ||||||||||||||||||||
| Asset Servicing | $ | 95,765.9 | $ | 100,980.6 | $ | 90,195.3 | (5) | % | 6 | % | ||||||||||
| Wealth Management | 27,524.0 | 26,715.1 | 25,370.4 | 3 | 8 | |||||||||||||||
| Other | 130.1 | 150.0 | 1,134.9 | (13) | (89) | |||||||||||||||
| Total Average Deposits | $ | 123,420.0 | $ | 127,845.7 | $ | 116,700.6 | (3) | % | 6 | % | ||||||||||
(1) The current quarter gain on the sale of the guardianship services business ($34.0 million) is included entirely within Wealth Management. The prior quarter charges related to software dispositions ($61.5 million) and severance ($51.0 million) are allocated to the Reporting Segments with $100.6 million allocated to Asset Servicing and $11.9 million allocated to Wealth Management.
(2) The current quarter incremental gain related to Northern Trust's participation in the second Visa Exchange Offer ($14.7 million) is retained within Other. The prior quarter gain related to Northern Trust's participation in the second Visa Exchange Offer ($525.4 million), loss on available for sale debt securities sold in conjunction with a repositioning of the portfolio ($73.9 million), and Invested as One equity grant to eligible employees ($33.1 million) are retained within Other.
(*) Income (Loss) before Income Taxes and Pre-Tax Margin presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principles (non-GAAP) financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
Note: Reporting segment results are subject to reclassification when organizational changes are made. The results are also subject to refinements in revenue and expense allocation methodologies, which are typically reflected on a retrospective basis unless it is impractical to do so.
| OTHER NONINTEREST INCOME | ||||||||||||||||||||
% Change Q3 2026 vs. | ||||||||||||||||||||
| ($ In Millions) | Q3 2026 | Q2 2026 | Q3 2025 | Q2 2026 | Q3 2025 | |||||||||||||||
| Other Noninterest Income | ||||||||||||||||||||
| Foreign Exchange Trading Income | $ | 84.1 | $ | 97.1 | $ | 57.2 | (13) | % | 47 | % | ||||||||||
| Security Commissions and Trading Income | 52.0 | 55.6 | 41.8 | (6) | 25 | |||||||||||||||
Other Operating Income(1) | 113.9 | 594.2 | 70.1 | (81) | 62 | |||||||||||||||
| Investment Security Gains (Losses), net | — | (73.9) | — | N/M | N/M | |||||||||||||||
| Total Other Noninterest Income | $ | 250.0 | $ | 673.0 | $ | 169.1 | (63)% | 48% | ||||||||||||
(1) Beginning in Q1 2026, Treasury Management Fees are included within Other Operating Income. Prior periods have been revised.
Foreign Exchange Trading Income decreased sequentially primarily due to lower trading volumes driven by client activity and market volatility, particularly in Asia-Pacific markets. Foreign Exchange Trading Income increased compared to the prior-year quarter primarily due to higher trading volumes driven by client activity and market volatility, particularly in Asia-Pacific markets.
Security Commissions and Trading Income increased compared to the prior-year quarter primarily driven by higher volumes due to growth in outsourced trading activity.
Other Operating Income decreased sequentially primarily due to the higher prior quarter gain related to Northern Trust’s participation in the second Visa Exchange Offer, partially offset by the $34.0 million gain on the guardianship business sale in the current quarter. Other Operating Income increased compared to the prior-year quarter primarily due to the $34.0 million gain on the guardianship business sale and the $14.7 million gain related to Northern Trust’s participation in the second Visa Exchange Offer, both in the current quarter.
Investment Security Gains (Losses), net reflects a $73.9 million loss on the sale of available for sale debt securities in the prior quarter related to a repositioning of the securities portfolio.
3
NORTHERN TRUST CORPORATION THIRD QUARTER 2026 RESULTS | ||
| NET INTEREST INCOME | ||||||||||||||||||||
% Change Q3 2026 vs. | ||||||||||||||||||||
| ($ In Millions) | Q3 2026 | Q2 2026 | Q3 2025 | Q2 2026 | Q3 2025 | |||||||||||||||
| Net Interest Income | ||||||||||||||||||||
| Interest Income (FTE*) | $ | 2,080.8 | $ | 2,196.9 | $ | 2,149.8 | (5) | % | (3) | % | ||||||||||
| Interest Expense | 1,401.7 | 1,513.8 | 1,553.5 | (7) | (10) | |||||||||||||||
| Net Interest Income (FTE*) | $ | 679.1 | $ | 683.1 | $ | 596.3 | (1) | % | 14 | % | ||||||||||
Average Earning Assets (1) | $ | 147,584.5 | $ | 151,291.2 | $ | 139,338.9 | (2) | % | 6 | % | ||||||||||
| Net Interest Margin (FTE*) | 1.83 | % | 1.81 | % | 1.70 | % | 2 | bps | 13 | bps | ||||||||||
(1) For further detail on average earning assets, refer to the Average Balance Sheet on pg. 12.
(*) 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 increased compared to the prior-year quarter primarily driven by higher deposits, a favorable deposit mix, and lower funding costs.
The Net Interest Margin on an FTE basis increased compared to the prior-year quarter primarily driven by higher deposits, a favorable deposit mix, and lower funding costs.
| PROVISION FOR CREDIT LOSSES | ||||||||||||||||||||
| As of and for the three-months ended, | % Change September 30, 2026 vs. | |||||||||||||||||||
| ($ In Millions) | September 30, 2026 | June 30, 2026 | September 30, 2025 | June 30, 2026 | September 30, 2025 | |||||||||||||||
| Allowance for Credit Losses | ||||||||||||||||||||
| Beginning Allowance for Credit Losses | $ | 190.3 | $ | 195.2 | $ | 224.1 | (3) | % | (15) | % | ||||||||||
| Provision for Credit Losses | 5.4 | (5.3) | (17.0) | N/M | N/M | |||||||||||||||
| Net Recoveries (Charge-offs) | (11.0) | 0.4 | (0.4) | N/M | N/M | |||||||||||||||
| Ending Allowance for Credit Losses | $ | 184.7 | $ | 190.3 | $ | 206.7 | (3) | % | (11) | % | ||||||||||
| Allowance assigned to: | ||||||||||||||||||||
| Loans | $ | 153.5 | $ | 160.9 | $ | 164.4 | (5) | % | (7) | % | ||||||||||
| Undrawn Loan Commitments and Standby Letters of Credit | 24.9 | 21.9 | 32.1 | 13 | (23) | |||||||||||||||
| Debt Securities and Other Financial Assets | 6.3 | 7.5 | 10.2 | (15) | (38) | |||||||||||||||
| Ending Allowance for Credit Losses | $ | 184.7 | $ | 190.3 | $ | 206.7 | (3) | % | (11) | % | ||||||||||
N/M - Not meaningful
Q3 2026
The provision in the current quarter primarily resulted from the charge-off of one Commercial and Institutional (C&I) loan.
Q2 2026
The negative provision in the prior quarter resulted from a decrease in the collective reserve, partially offset by an increase in individual reserves. The decrease in the collective reserve was primarily driven by a strengthening macroeconomic outlook and improved credit quality for the Commercial Real Estate and C&I portfolios. The increase in the individual reserve was driven by a small number of non-performing loans.
Q3 2025
The negative provision in the prior-year quarter resulted from a decrease in collective reserves driven by improved macroeconomic factors primarily impacting the C&I portfolio and improved projections for Residential Real Estate.
4
NORTHERN TRUST CORPORATION THIRD QUARTER 2026 RESULTS | ||
| NONINTEREST EXPENSE | ||||||||||||||||||||
% Change Q3 2026 vs. | ||||||||||||||||||||
| ($ In Millions) | Q3 2026 | Q2 2026 | Q3 2025 | Q2 2026 | Q3 2025 | |||||||||||||||
| Noninterest Expense | ||||||||||||||||||||
| Compensation and Benefits | $ | 761.1 | $ | 868.0 | $ | 740.5 | (12) | % | 3 | % | ||||||||||
| Outside Services | 252.1 | 246.3 | 248.2 | 2 | 2 | |||||||||||||||
| Equipment and Software | 319.9 | 378.5 | 294.2 | (15) | 9 | |||||||||||||||
| Occupancy | 53.1 | 53.5 | 55.0 | (1) | (3) | |||||||||||||||
| Other Operating Expense | 106.3 | 92.3 | 85.0 | 15 | 25 | |||||||||||||||
| Total Noninterest Expense | $ | 1,492.5 | $ | 1,638.6 | $ | 1,422.9 | (9) | % | 5 | % | ||||||||||
| End of Period Full-Time Equivalent Employees | 23,800 | 23,600 | 23,600 | 1 | % | 1 | % | |||||||||||||
Compensation and Benefits expense decreased sequentially primarily due to the prior quarter severance charge of $51.0 million, the prior quarter $33.1 million Invested as One grant to eligible employees, and a reduction in performance-based incentives in the current quarter.
Equipment and Software expense decreased sequentially primarily due to software dispositions of $61.5 million in the prior quarter. Equipment and Software expense increased compared to the prior-year quarter primarily due to higher technology expense and higher depreciation and amortization.
Other Operating Expense increased sequentially and compared to the prior-year primarily due to an increase in account servicing costs.
| PROVISION FOR INCOME TAXES | ||||||||||||||||||||
% Change Q3 2026 vs. | ||||||||||||||||||||
| ($ In Millions) | Q3 2026 | Q2 2026 | Q3 2025 | Q2 2026 | Q3 2025 | |||||||||||||||
| Net Income | ||||||||||||||||||||
| Income before Income Taxes | $ | 796.5 | $ | 1,064.7 | $ | 619.5 | (25)% | 29% | ||||||||||||
| Provision for Income Taxes | 153.6 | 272.5 | 161.9 | (44) | (5) | |||||||||||||||
| Net Income | $ | 642.9 | $ | 792.2 | $ | 457.6 | (19)% | 40% | ||||||||||||
| Effective Tax Rate | 19.3 | % | 25.6 | % | 26.1 | % | (630) | bps | (680) | bps | ||||||||||
bps - basis points
The effective tax rate decreased sequentially and from the prior-year quarter primarily due to lower net tax impact from international operations, including a reduction in the current year valuation allowance attributable to U.S. foreign tax credits.
| CAPITAL ACTIONS | ||
The Corporation returned $514.2 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 $161.9 million to common stockholders and increased its quarterly cash dividend to $0.88 per share on common stock from the previous $0.80 per share. The Corporation repurchased 1,901,679 shares of common stock, including 12,872 withheld to satisfy tax withholding obligations related to share-based compensation, at a total cost of $352.3 million ($185.27 average price per share). The Corporation also declared cash dividends totaling $16.2 million to preferred stockholders during the current quarter.
5
NORTHERN TRUST CORPORATION THIRD QUARTER 2026 RESULTS | ||
| REGULATORY CAPITAL | ||
The capital ratios of Northern Trust Corporation and its principal subsidiary, The Northern Trust Company, remained strong at September 30, 2026, exceeding the minimum requirements for classification as “well-capitalized” under applicable U.S. regulatory requirements.
| ($ In Millions) | Standardized Approach | Advanced Approach | ||||||||||||||||||||||||||||||
| Northern Trust Corporation | September 30, 2026* | June 30, 2026 | September 30, 2025 | September 30, 2026* | June 30, 2026 | September 30, 2025 | Well-Capitalized Ratios | Minimum Capital Ratios | ||||||||||||||||||||||||
| Regulatory Capital | ||||||||||||||||||||||||||||||||
| Common Equity Tier 1 Capital | $ | 11,555.6 | $ | 11,605.6 | $ | 11,199.3 | $ | 11,555.6 | $ | 11,605.6 | $ | 11,199.3 | ||||||||||||||||||||
| Tier 1 Capital | 12,368.5 | 12,418.7 | 12,028.1 | 12,368.5 | 12,418.7 | 12,028.1 | ||||||||||||||||||||||||||
| Total Capital | 14,650.7 | 14,706.5 | 13,581.9 | 14,466.1 | 14,516.2 | 13,375.2 | ||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||
| Risk-Weighted Assets | $ | 92,872.1 | $ | 95,157.3 | $ | 90,033.7 | $ | 80,490.5 | $ | 81,119.6 | $ | 74,329.4 | ||||||||||||||||||||
| Average Adjusted Total Assets | 158,196.9 | 162,601.3 | 150,208.9 | 158,196.9 | 162,601.3 | 150,208.9 | ||||||||||||||||||||||||||
| Supplementary Leverage Exposure | N/A | N/A | N/A | 144,826.4 | 144,498.8 | 135,904.7 | ||||||||||||||||||||||||||
| Capital Ratios | ||||||||||||||||||||||||||||||||
| Common Equity Tier 1 Capital | 12.4 | % | 12.2 | % | 12.4 | % | 14.4 | % | 14.3 | % | 15.1 | % | N/A | 4.5 | % | |||||||||||||||||
| Tier 1 Capital | 13.3 | 13.1 | 13.4 | 15.4 | 15.3 | 16.2 | 6.0 | 6.0 | ||||||||||||||||||||||||
| Total Capital | 15.8 | 15.5 | 15.1 | 18.0 | 17.9 | 18.0 | 10.0 | 8.0 | ||||||||||||||||||||||||
| Tier 1 Leverage | 7.8 | 7.6 | 8.0 | 7.8 | 7.6 | 8.0 | N/A | 4.0 | ||||||||||||||||||||||||
| Supplementary Leverage | N/A | N/A | N/A | 8.5 | 8.6 | 8.9 | N/A | 3.0 | ||||||||||||||||||||||||
| ($ In Millions) | Standardized Approach | Advanced Approach | ||||||||||||||||||||||||||||||
The Northern Trust Company | September 30, 2026* | June 30, 2026 | September 30, 2025 | September 30, 2026* | June 30, 2026 | September 30, 2025 | Well-Capitalized Ratios | Minimum Capital Ratios | ||||||||||||||||||||||||
| Regulatory Capital | ||||||||||||||||||||||||||||||||
| Common Equity Tier 1 Capital | $ | 10,688.7 | $ | 11,084.4 | $ | 10,437.7 | $ | 10,688.7 | $ | 11,084.4 | $ | 10,437.7 | ||||||||||||||||||||
| Tier 1 Capital | 10,688.7 | 11,084.4 | 10,437.7 | 10,688.7 | 11,084.4 | 10,437.7 | ||||||||||||||||||||||||||
| Total Capital | 12,623.3 | 13,024.6 | 11,644.4 | 12,438.7 | 12,834.4 | 11,437.7 | ||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||
| Risk-Weighted Assets | $ | 91,203.5 | $ | 93,697.1 | $ | 88,698.8 | $ | 77,834.5 | $ | 78,677.0 | $ | 72,031.5 | ||||||||||||||||||||
| Average Adjusted Total Assets | 157,586.5 | 162,049.4 | 149,705.5 | 157,586.5 | 162,049.4 | 149,705.5 | ||||||||||||||||||||||||||
| Supplementary Leverage Exposure | N/A | N/A | N/A | 143,848.2 | 143,562.4 | 135,400.9 | ||||||||||||||||||||||||||
| Capital Ratios | ||||||||||||||||||||||||||||||||
| Common Equity Tier 1 Capital | 11.7 | % | 11.8 | % | 11.8 | % | 13.7 | % | 14.1 | % | 14.5 | % | 6.5 | % | 4.5 | % | ||||||||||||||||
| Tier 1 Capital | 11.7 | 11.8 | 11.8 | 13.7 | 14.1 | 14.5 | 8.0 | 6.0 | ||||||||||||||||||||||||
| Total Capital | 13.8 | 13.9 | 13.1 | 16.0 | 16.3 | 15.9 | 10.0 | 8.0 | ||||||||||||||||||||||||
| Tier 1 Leverage | 6.8 | 6.8 | 7.0 | 6.8 | 6.8 | 7.0 | 5.0 | 4.0 | ||||||||||||||||||||||||
| Supplementary Leverage | N/A | N/A | N/A | 7.4 | 7.7 | 7.7 | 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 2026 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 pre-tax margin 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 | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| ($ in Millions) | THIRD | SECOND | FIRST | FOURTH | THIRD | ||||||||||||||||||||||||
| Net Interest Income | |||||||||||||||||||||||||||||
| Interest Income - GAAP | $ | 2,073.1 | $ | 2,189.3 | $ | 2,234.0 | $ | 2,126.6 | $ | 2,144.3 | |||||||||||||||||||
| Add: FTE Adjustment | 7.7 | 7.6 | 7.6 | 12.7 | 5.5 | ||||||||||||||||||||||||
| Interest Income (FTE) - Non-GAAP | $ | 2,080.8 | $ | 2,196.9 | $ | 2,241.6 | $ | 2,139.3 | $ | 2,149.8 | |||||||||||||||||||
| Net Interest Income - GAAP | $ | 671.4 | $ | 675.5 | $ | 654.0 | $ | 641.6 | $ | 590.8 | |||||||||||||||||||
| Add: FTE Adjustment | 7.7 | 7.6 | 7.6 | 12.7 | 5.5 | ||||||||||||||||||||||||
| Net Interest Income (FTE) - Non-GAAP | $ | 679.1 | $ | 683.1 | $ | 661.6 | $ | 654.3 | $ | 596.3 | |||||||||||||||||||
Net Interest Margin - GAAP(1) | 1.80 | % | 1.79 | % | 1.73 | % | 1.78 | % | 1.68 | % | |||||||||||||||||||
Net Interest Margin (FTE) - Non-GAAP(1) | 1.83 | % | 1.81 | % | 1.75 | % | 1.81 | % | 1.70 | % | |||||||||||||||||||
| Total Revenue | |||||||||||||||||||||||||||||
| Total Revenue - GAAP | $ | 2,294.4 | $ | 2,698.0 | $ | 2,205.6 | $ | 2,123.1 | $ | 2,025.4 | |||||||||||||||||||
| Add: FTE Adjustment | 7.7 | 7.6 | 7.6 | 12.7 | 5.5 | ||||||||||||||||||||||||
| Total Revenue (FTE) - Non-GAAP | $ | 2,302.1 | $ | 2,705.6 | $ | 2,213.2 | $ | 2,135.8 | $ | 2,030.9 | |||||||||||||||||||
| Income before Income Taxes | |||||||||||||||||||||||||||||
| Income before Income Taxes - GAAP | $ | 796.5 | $ | 1,064.7 | $ | 700.6 | $ | 633.8 | $ | 619.5 | |||||||||||||||||||
| Add: FTE Adjustment | 7.7 | 7.6 | 7.6 | 12.7 | 5.5 | ||||||||||||||||||||||||
| Income before Income Taxes (FTE) - Non-GAAP | $ | 804.2 | $ | 1,072.3 | $ | 708.2 | $ | 646.5 | $ | 625.0 | |||||||||||||||||||
Pre-Tax Margin - GAAP(2) | 34.7 | % | 39.5 | % | 31.8 | % | 29.9 | % | 30.6 | % | |||||||||||||||||||
Pre-Tax Margin (FTE) - Non-GAAP(2) | 34.9 | % | 39.6 | % | 32.0 | % | 30.3 | % | 30.8 | % | |||||||||||||||||||
(1) Net Interest Margin is calculated by dividing annualized net interest income by average interest-earning assets.
(2) Pre-Tax Margin is calculated by dividing income before income taxes by total revenue.
7
NORTHERN TRUST CORPORATION THIRD QUARTER 2026 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 | ||
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, 2026, Northern Trust had assets under custody/administration of US$19.9 trillion, and assets under management of US$2.0 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
8
| NORTHERN TRUST CORPORATION | ||
| (Supplemental Consolidated Financial Information) | ||
| STATEMENT OF INCOME DATA | % Change(1) | |||||||||||||||||||
| ($ In Millions Except Per Share Data) | Q3 2026 vs. | |||||||||||||||||||
| Q3 2026 | Q2 2026 | Q3 2025 | Q2 2026 | Q3 2025 | ||||||||||||||||
| Noninterest Income | ||||||||||||||||||||
| Trust, Investment and Other Servicing Fees | $ | 1,373.0 | $ | 1,349.5 | $ | 1,265.5 | 2 | % | 8 | % | ||||||||||
| Foreign Exchange Trading Income | 84.1 | 97.1 | 57.2 | (13) | 47 | |||||||||||||||
| Security Commissions and Trading Income | 52.0 | 55.6 | 41.8 | (6) | 25 | |||||||||||||||
Other Operating Income(2) | 113.9 | 594.2 | 70.1 | (81) | 62 | |||||||||||||||
| Investment Security Gains (Losses), net | — | (73.9) | — | N/M | N/M | |||||||||||||||
| Total Noninterest Income | 1,623.0 | 2,022.5 | 1,434.6 | (20) | 13 | |||||||||||||||
| Net Interest Income | ||||||||||||||||||||
| Interest Income | 2,073.1 | 2,189.3 | 2,144.3 | (5) | (3) | |||||||||||||||
| Interest Expense | 1,401.7 | 1,513.8 | 1,553.5 | (7) | (10) | |||||||||||||||
| Net Interest Income | 671.4 | 675.5 | 590.8 | (1) | 14 | |||||||||||||||
| Total Revenue | 2,294.4 | 2,698.0 | 2,025.4 | (15) | 13 | |||||||||||||||
| Provision for Credit Losses | 5.4 | (5.3) | (17.0) | N/M | N/M | |||||||||||||||
| Noninterest Expense | ||||||||||||||||||||
| Compensation and Benefits | 761.1 | 868.0 | 740.5 | (12) | 3 | |||||||||||||||
| Outside Services | 252.1 | 246.3 | 248.2 | 2 | 2 | |||||||||||||||
| Equipment and Software | 319.9 | 378.5 | 294.2 | (15) | 9 | |||||||||||||||
| Occupancy | 53.1 | 53.5 | 55.0 | (1) | (3) | |||||||||||||||
| Other Operating Expense | 106.3 | 92.3 | 85.0 | 15 | 25 | |||||||||||||||
| Total Noninterest Expense | 1,492.5 | 1,638.6 | 1,422.9 | (9) | 5 | |||||||||||||||
| Income before Income Taxes | 796.5 | 1,064.7 | 619.5 | (25) | 29 | |||||||||||||||
| Provision for Income Taxes | 153.6 | 272.5 | 161.9 | (44) | (5) | |||||||||||||||
| NET INCOME | $ | 642.9 | $ | 792.2 | $ | 457.6 | (19) | % | 40 | % | ||||||||||
| Preferred Stock Dividends | 16.2 | 4.7 | 16.2 | N/M | — | |||||||||||||||
| NET INCOME APPLICABLE TO COMMON STOCK | $ | 626.7 | $ | 787.5 | $ | 441.4 | (20) | % | 42 | % | ||||||||||
| Earnings Allocated to Participating Securities | 4.8 | 5.3 | 4.2 | (10) | 13 | |||||||||||||||
| Earnings Allocated to Common Shares | $ | 621.9 | $ | 782.2 | $ | 437.2 | (20) | % | 42 | % | ||||||||||
| Per Common Share | ||||||||||||||||||||
| Net Income | ||||||||||||||||||||
| Basic | $ | 3.42 | $ | 4.25 | $ | 2.30 | (20) | % | 49 | % | ||||||||||
| Diluted | 3.40 | 4.23 | 2.29 | (20) | 48 | |||||||||||||||
| Average Common Equity | $ | 12,340.4 | $ | 12,209.7 | $ | 11,822.1 | 1 | % | 4 | % | ||||||||||
| Return on Average Common Equity | 20.1 | % | 25.9 | % | 14.8 | % | ||||||||||||||
| Cash Dividends Declared per Common Share | $ | 0.88 | $ | 0.80 | $ | 0.80 | 10 | % | 10 | % | ||||||||||
| Average Common Shares Outstanding (000s) | ||||||||||||||||||||
| Basic | 182,038 | 183,994 | 190,054 | (1) | % | (4) | % | |||||||||||||
| Diluted | 183,174 | 184,890 | 191,001 | (1) | (4) | |||||||||||||||
| Common Shares Outstanding (EOP) (000s) | 181,118 | 182,956 | 189,117 | (1) | (4) | |||||||||||||||
(1) Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2) Beginning in Q1 2026, Treasury Management Fees are included within Other Operating Income. Prior periods have been restated.
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 | |||||||||||||
| 2026 | 2025 | % Change(1) | ||||||||||||
| Noninterest Income | ||||||||||||||
| Trust, Investment and Other Servicing Fees | $ | 4,063.9 | $ | 3,710.4 | 10 | % | ||||||||
| Foreign Exchange Trading Income | 268.9 | 166.5 | 61 | |||||||||||
| Security Commissions and Trading Income | 159.8 | 120.5 | 33 | |||||||||||
| Other Operating Income | 778.5 | 196.5 | N/M | |||||||||||
| Investment Security Gains (Losses), net | (73.9) | — | N/M | |||||||||||
| Total Noninterest Income | 5,197.2 | 4,193.9 | 24 | |||||||||||
| Net Interest Income | ||||||||||||||
| Interest Income | 6,496.5 | 6,498.0 | — | |||||||||||
| Interest Expense | 4,495.6 | 4,728.6 | (5) | |||||||||||
| Net Interest Income | 2,000.9 | 1,769.4 | 13 | |||||||||||
| Total Revenue | 7,198.1 | 5,963.3 | 21 | |||||||||||
| Provision for Credit Losses | (3.0) | 0.5 | N/M | |||||||||||
| Noninterest Expense | ||||||||||||||
| Compensation and Benefits | 2,451.3 | 2,227.1 | 10 | |||||||||||
| Outside Services | 735.1 | 740.4 | (1) | |||||||||||
| Equipment and Software | 1,006.5 | 868.8 | 16 | |||||||||||
| Occupancy | 158.0 | 160.9 | (2) | |||||||||||
| Other Operating Expense | 288.4 | 259.9 | 11 | |||||||||||
| Total Noninterest Expense | 4,639.3 | 4,257.1 | 9 | |||||||||||
| Income before Income Taxes | 2,561.8 | 1,705.7 | 50 | |||||||||||
| Provision for Income Taxes | 601.2 | 434.8 | 38 | |||||||||||
| NET INCOME | $ | 1,960.6 | $ | 1,270.9 | 54 | % | ||||||||
Preferred Stock Dividends | 37.1 | 37.1 | — | |||||||||||
| NET INCOME APPLICABLE TO COMMON STOCK | $ | 1,923.5 | $ | 1,233.8 | 56 | % | ||||||||
| Earnings Allocated to Participating Securities | 14.6 | 11.6 | 26 | |||||||||||
| Earnings Allocated to Common Shares | $ | 1,908.9 | $ | 1,222.2 | 56 | % | ||||||||
| Per Common Share | ||||||||||||||
| Net Income | ||||||||||||||
| Basic | $ | 10.38 | $ | 6.34 | 64 | % | ||||||||
| Diluted | 10.33 | 6.32 | 63 | |||||||||||
| Average Common Equity | $ | 12,143.8 | $ | 11,756.5 | 3 | % | ||||||||
| Return on Average Common Equity | 21.2 | % | 14.0 | % | ||||||||||
| Cash Dividends Declared per Common Share | $ | 2.48 | $ | 2.30 | 8 | % | ||||||||
| Average Common Shares Outstanding (000s) | ||||||||||||||
| Basic | 183,831 | 192,647 | (5) | % | ||||||||||
| Diluted | 184,855 | 193,481 | (4) | |||||||||||
| Common Shares Outstanding (EOP) (000s) | 181,118 | 189,117 | (4) | |||||||||||
(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, 2026 vs. | ||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | June 30, 2026 | September 30, 2025 | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Federal Reserve and Other Central Bank Deposits | $ | 37,779.1 | $ | 50,556.4 | $ | 49,328.9 | (25) | % | (23) | % | ||||||||||
Interest-Bearing Due from and Deposits with Banks(2) | 6,294.9 | 6,160.0 | 6,404.5 | 2 | (2) | |||||||||||||||
| Federal Funds Sold and Securities Purchased under Agreements to Resell | 471.2 | 426.5 | 1,856.3 | 10 | (75) | |||||||||||||||
| Debt Securities | ||||||||||||||||||||
| Available for Sale | 42,852.3 | 38,123.1 | 32,889.2 | 12 | 30 | |||||||||||||||
| Held to Maturity | 21,646.8 | 23,492.1 | 22,974.9 | (8) | (6) | |||||||||||||||
| Total Debt Securities | 64,499.1 | 61,615.2 | 55,864.1 | 5 | 15 | |||||||||||||||
| Loans | 41,716.7 | 43,822.0 | 42,949.4 | (5) | (3) | |||||||||||||||
Other Interest-Earning Assets(3) | 3,643.7 | 3,499.3 | 2,676.2 | 4 | 36 | |||||||||||||||
| Total Earning Assets | 154,404.7 | 166,079.4 | 159,079.4 | (7) | (3) | |||||||||||||||
| Allowance for Credit Losses | (159.8) | (168.4) | (174.6) | (5) | (8) | |||||||||||||||
Cash and Due from Banks and Other Central Bank Deposits(4) | 1,625.0 | 1,201.7 | 976.8 | 35 | 66 | |||||||||||||||
| Buildings and Equipment | 444.7 | 447.6 | 457.1 | (1) | (3) | |||||||||||||||
| Goodwill | 707.8 | 709.6 | 712.9 | — | (1) | |||||||||||||||
| Other Assets | 10,247.9 | 11,027.3 | 9,211.7 | (7) | 11 | |||||||||||||||
| Total Assets | $ | 167,270.3 | $ | 179,297.2 | $ | 170,263.3 | (7) | % | (2) | % | ||||||||||
| Liabilities and Stockholders’ Equity | ||||||||||||||||||||
| Interest-Bearing Deposits | ||||||||||||||||||||
| Savings, Money Market and Other | $ | 30,585.0 | $ | 34,419.1 | $ | 29,040.1 | (11) | % | 5 | % | ||||||||||
| Savings Certificates and Other Time | 4,765.4 | 4,686.9 | 7,358.7 | 2 | (35) | |||||||||||||||
| Non-U.S. Offices - Interest-Bearing | 72,700.9 | 78,274.0 | 73,509.9 | (7) | (1) | |||||||||||||||
| Total Interest-Bearing Deposits | 108,051.3 | 117,380.0 | 109,908.7 | (8) | (2) | |||||||||||||||
| Federal Funds Purchased | 1,566.2 | 1,568.9 | 1,751.9 | — | (11) | |||||||||||||||
| Securities Sold under Agreements to Repurchase | 397.4 | 175.6 | 371.5 | 126 | 7 | |||||||||||||||
Other Borrowings(5) | 8,685.6 | 8,627.2 | 6,580.0 | 1 | 32 | |||||||||||||||
| Senior Notes | 3,288.4 | 3,331.2 | 2,847.2 | (1) | 15 | |||||||||||||||
| Long-Term Debt | 2,026.4 | 2,073.3 | 4,094.3 | (2) | (51) | |||||||||||||||
| Total Interest-Bearing Liabilities | 124,015.3 | 133,156.2 | 125,553.6 | (7) | (1) | |||||||||||||||
| Demand and Other Noninterest-Bearing Deposits | 24,125.7 | 28,200.0 | 25,892.4 | (14) | (7) | |||||||||||||||
| Other Liabilities | 5,766.4 | 4,539.4 | 5,861.3 | 27 | (2) | |||||||||||||||
| Total Liabilities | 153,907.4 | 165,895.6 | 157,307.3 | (7) | (2) | |||||||||||||||
| Common Equity | ||||||||||||||||||||
| Common Equity, excluding Accumulated Other Comprehensive Income | 13,196.7 | 13,068.4 | 12,706.2 | 1 | 4 | |||||||||||||||
| Accumulated Other Comprehensive Income (Loss) | (718.7) | (551.7) | (635.1) | 30 | 13 | |||||||||||||||
| Total Common Equity | 12,478.0 | 12,516.7 | 12,071.1 | — | 3 | |||||||||||||||
| Preferred Equity | 884.9 | 884.9 | 884.9 | — | — | |||||||||||||||
| Total Equity | 13,362.9 | 13,401.6 | 12,956.0 | — | 3 | |||||||||||||||
| Total Liabilities and Stockholders’ Equity | $ | 167,270.3 | $ | 179,297.2 | $ | 170,263.3 | (7) | % | (2) | % | ||||||||||
(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 2026 vs. | ||||||||||||||||||||
| Q3 2026 | Q2 2026 | Q3 2025 | Q2 2026 | Q3 2025 | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Federal Reserve and Other Central Bank Deposits | $ | 33,601.3 | $ | 38,322.9 | $ | 33,754.2 | (12) | % | — | % | ||||||||||
Interest-Bearing Due from and Deposits with Banks(2) | 6,350.5 | 6,304.2 | 5,237.7 | 1 | 21 | |||||||||||||||
| Federal Funds Sold and Securities Purchased under Agreements to Resell | 523.4 | 521.9 | 1,300.4 | — | (60) | |||||||||||||||
| Debt Securities | ||||||||||||||||||||
| Available for Sale | 39,994.9 | 37,775.8 | 33,022.7 | 6 | 21 | |||||||||||||||
| Held to Maturity | 22,629.8 | 23,604.2 | 22,129.7 | (4) | 2 | |||||||||||||||
| Total Debt Securities | 62,624.7 | 61,380.0 | 55,152.4 | 2 | 14 | |||||||||||||||
| Loans | 41,730.9 | 41,567.6 | 41,500.6 | — | 1 | |||||||||||||||
Other Interest-Earning Assets(3) | 2,753.7 | 3,194.6 | 2,393.6 | (14) | 15 | |||||||||||||||
| Total Earning Assets | 147,584.5 | 151,291.2 | 139,338.9 | (2) | 6 | |||||||||||||||
| Allowance for Credit Losses | (168.5) | (169.9) | (188.0) | (1) | (10) | |||||||||||||||
Cash and Due from Banks and Other Central Bank Deposits(4) | 1,133.9 | 1,313.9 | 1,159.3 | (14) | (2) | |||||||||||||||
| Buildings and Equipment | 451.0 | 453.1 | 468.4 | — | (4) | |||||||||||||||
| Goodwill | 711.0 | 712.5 | 712.6 | — | — | |||||||||||||||
| Other Assets | 9,524.0 | 9,975.0 | 9,550.3 | (5) | — | |||||||||||||||
| Total Assets | $ | 159,235.9 | $ | 163,575.8 | $ | 151,041.5 | (3) | % | 5 | % | ||||||||||
| Liabilities and Stockholders’ Equity | ||||||||||||||||||||
| Interest-Bearing Deposits | ||||||||||||||||||||
| Savings, Money Market and Other | $ | 32,027.3 | $ | 32,356.8 | $ | 28,348.7 | (1) | % | 13 | % | ||||||||||
| Savings Certificates and Other Time | 4,707.8 | 5,059.1 | 6,700.1 | (7) | (30) | |||||||||||||||
| Non-U.S. Offices - Interest-Bearing | 68,239.2 | 70,929.3 | 65,354.5 | (4) | 4 | |||||||||||||||
| Total Interest-Bearing Deposits | 104,974.3 | 108,345.2 | 100,403.3 | (3) | 5 | |||||||||||||||
| Federal Funds Purchased | 2,148.4 | 2,338.3 | 2,467.7 | (8) | (13) | |||||||||||||||
| Securities Sold under Agreements to Repurchase | 616.4 | 677.2 | 500.4 | (9) | 23 | |||||||||||||||
Other Borrowings(5) | 8,789.9 | 8,255.7 | 6,938.4 | 6 | 27 | |||||||||||||||
| Senior Notes | 3,319.1 | 3,335.9 | 2,839.6 | (1) | 17 | |||||||||||||||
| Long-Term Debt | 2,056.0 | 2,856.9 | 4,092.0 | (28) | (50) | |||||||||||||||
| Total Interest-Bearing Liabilities | 121,904.1 | 125,809.2 | 117,241.4 | (3) | 4 | |||||||||||||||
| Demand and Other Noninterest-Bearing Deposits | 18,445.7 | 19,500.5 | 16,297.3 | (5) | 13 | |||||||||||||||
| Other Liabilities | 5,660.8 | 5,171.5 | 4,795.8 | 9 | 18 | |||||||||||||||
| Total Liabilities | 146,010.6 | 150,481.2 | 138,334.5 | (3) | 6 | |||||||||||||||
| Common Equity | ||||||||||||||||||||
| Common Equity, excluding Accumulated Other Comprehensive Income | 12,917.8 | 12,778.5 | 12,496.7 | 1 | 3 | |||||||||||||||
| Accumulated Other Comprehensive Income (Loss) | (577.4) | (568.8) | (674.6) | 2 | (14) | |||||||||||||||
| Total Common Equity | 12,340.4 | 12,209.7 | 11,822.1 | 1 | 4 | |||||||||||||||
| Preferred Equity | 884.9 | 884.9 | 884.9 | — | — | |||||||||||||||
| Total Equity | 13,225.3 | 13,094.6 | 12,707.0 | 1 | 4 | |||||||||||||||
| Total Liabilities and Stockholders’ Equity | $ | 159,235.9 | $ | 163,575.8 | $ | 151,041.5 | (3) | % | 5 | % | ||||||||||
(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) | 2026 | 2025 | ||||||||||||||||||
| THIRD | SECOND | FIRST | FOURTH | THIRD | ||||||||||||||||
| Net Income Summary | ||||||||||||||||||||
| Trust, Investment and Other Servicing Fees | $ | 1,373.0 | $ | 1,349.5 | $ | 1,341.4 | $ | 1,307.4 | $ | 1,265.5 | ||||||||||
| Other Noninterest Income | 250.0 | 673.0 | 210.2 | 174.1 | 169.1 | |||||||||||||||
| Net Interest Income | 671.4 | 675.5 | 654.0 | 641.6 | 590.8 | |||||||||||||||
| Total Revenue | 2,294.4 | 2,698.0 | 2,205.6 | 2,123.1 | 2,025.4 | |||||||||||||||
| Provision for Credit Losses | 5.4 | (5.3) | (3.0) | (8.0) | (17.0) | |||||||||||||||
| Noninterest Expense | 1,492.5 | 1,638.6 | 1,508.0 | 1,497.3 | 1,422.9 | |||||||||||||||
| Income before Income Taxes | 796.5 | 1,064.7 | 700.6 | 633.8 | 619.5 | |||||||||||||||
| Provision for Income Taxes | 153.6 | 272.5 | 175.1 | 167.8 | 161.9 | |||||||||||||||
| Net Income | $ | 642.9 | $ | 792.2 | $ | 525.5 | $ | 466.0 | $ | 457.6 | ||||||||||
| Per Common Share | ||||||||||||||||||||
| Net Income - Basic | $ | 3.42 | $ | 4.25 | $ | 2.72 | $ | 2.44 | $ | 2.30 | ||||||||||
| - Diluted | 3.40 | 4.23 | 2.71 | 2.42 | 2.29 | |||||||||||||||
| Cash Dividends Declared per Common Share | 0.88 | 0.80 | 0.80 | 0.80 | 0.80 | |||||||||||||||
| Book Value (EOP) | 68.89 | 68.41 | 65.40 | 64.79 | 63.83 | |||||||||||||||
| Market Value (EOP) | 169.36 | 173.84 | 139.57 | 136.59 | 134.60 | |||||||||||||||
| Financial Ratios | ||||||||||||||||||||
| Return on Average Common Equity | 20.1 | % | 25.9 | % | 17.4 | % | 15.4 | % | 14.8 | % | ||||||||||
| Net Interest Margin (GAAP) | 1.80 | 1.79 | 1.73 | 1.78 | 1.68 | |||||||||||||||
| Net Interest Margin (FTE*) | 1.83 | 1.81 | 1.75 | 1.81 | 1.70 | |||||||||||||||
| Assets Under Custody / Administration ($ in Billions) - End Of Period | ||||||||||||||||||||
| Asset Servicing | $ | 18,533.7 | $ | 18,635.2 | $ | 17,288.6 | $ | 17,418.4 | $ | 16,990.4 | ||||||||||
| Wealth Management | 1,362.9 | 1,365.0 | 1,265.3 | 1,297.7 | 1,257.2 | |||||||||||||||
| Total Assets Under Custody / Administration | $ | 19,896.6 | $ | 20,000.2 | $ | 18,553.9 | $ | 18,716.1 | $ | 18,247.6 | ||||||||||
| Assets Under Custody ($ In Billions) - End Of Period | ||||||||||||||||||||
| Asset Servicing | $ | 14,452.9 | $ | 14,587.7 | $ | 13,521.1 | $ | 13,604.8 | $ | 13,195.0 | ||||||||||
| Wealth Management | 1,348.3 | 1,351.1 | 1,254.2 | 1,284.3 | 1,244.1 | |||||||||||||||
| Total Assets Under Custody | $ | 15,801.2 | $ | 15,938.8 | $ | 14,775.3 | $ | 14,889.1 | $ | 14,439.1 | ||||||||||
| Assets Under Management ($ In Billions) - End Of Period | ||||||||||||||||||||
| Asset Servicing | $ | 1,427.1 | $ | 1,436.0 | $ | 1,287.3 | $ | 1,296.0 | $ | 1,280.1 | ||||||||||
| Wealth Management | 535.9 | 533.9 | 497.6 | 507.2 | 492.6 | |||||||||||||||
| Total Assets Under Management | $ | 1,963.0 | $ | 1,969.9 | $ | 1,784.9 | $ | 1,803.2 | $ | 1,772.7 | ||||||||||
| Asset Quality ($ In Millions) - End Of Period | ||||||||||||||||||||
| Nonaccrual Loans | $ | 55.5 | $ | 71.3 | $ | 55.0 | $ | 76.7 | $ | 78.8 | ||||||||||
| Other Real Estate Owned (OREO) | 1.6 | — | — | — | — | |||||||||||||||
| Total Nonaccrual Assets | $ | 57.1 | $ | 71.3 | $ | 55.0 | $ | 76.7 | $ | 78.8 | ||||||||||
| Nonaccrual Assets / Loans and OREO | 0.14 | % | 0.16 | % | 0.13 | % | 0.18 | % | 0.18 | % | ||||||||||
| Gross Charge-offs | $ | (11.6) | $ | (0.2) | $ | (0.4) | $ | (1.4) | $ | (2.1) | ||||||||||
| Gross Recoveries | 0.6 | 0.6 | 0.3 | 1.0 | 1.7 | |||||||||||||||
| Net Recoveries (Charge-offs) | $ | (11.0) | $ | 0.4 | $ | (0.1) | $ | (0.4) | $ | (0.4) | ||||||||||
| Annualized Net Recoveries (Charge-offs) to Avg Loans | (0.11) | % | — | % | — | % | — | % | — | % | ||||||||||
| Allowance for Credit Losses Assigned to: | ||||||||||||||||||||
| Loans | $ | 153.5 | $ | 160.9 | $ | 161.1 | $ | 164.3 | $ | 164.4 | ||||||||||
| Undrawn Loan Commitments and Standby Letters of Credit | 24.9 | 21.9 | 25.5 | 23.3 | 32.1 | |||||||||||||||
| Debt Securities and Other Financial Assets | 6.3 | 7.5 | 8.6 | 10.7 | 10.2 | |||||||||||||||
| Loans Allowance / Nonaccrual Loans | 2.8 | x | 2.3 | x | 2.9 | x | 2.1 | x | 2.1 | 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.
13
northerntrust.com | © 2026 Northern Trust Corporation October 21, 2026 THIRD QUARTER 2026 EARNINGS REVIEW
STRATEGIC HIGHLIGHTS Enterprise • Execution of One Northern Trust strategy • Strong third quarter financial performance • Returns at or slightly better than medium term targets Optimize Growth • Organic trust fee growth across all three businesses • Double digit net interest income growth • Capital Markets strength Drive Financial Performance • Disciplined expense management while continuing to invest for growth • Significant positive operating leverage • AI adoption embedded in how we work Strengthen Resiliency & Manage Risk • Strong capital position • Continued focus on operating resilience, governance, and risk management All comparisons to same period of the prior year 3Q26 YTD Revenue Growth* 11% 12% Expense Growth* 5% 6% EPS Growth* 40% 40% Operating Leverage* > 6 pts > 7 pts Pre-Tax Margin 34.9% 35.8% ROE 20.1% 21.2% Payout Ratio 82% 79% Financial and Strategic Highlights FINANCIAL HIGHLIGHTS 2northerntrust.com | © 2026 Northern Trust Corporation*Comparison excluding notable items. Refer to page 13 for additional detail on notable items.
northerntrust.com | © 2026 Northern Trust Corporation 3 FINANCIAL HIGHLIGHTS
4northerntrust.com | © 2026 Northern Trust Corporation Financial Highlights & Key Metrics – 3Q 2026 % CHANGE VS. 2Q 2026 3Q 2025 Revenue (FTE¹) $2,302.1M (15)% 13 % Noninterest Expense $1,492.5M (9)% 5 % Net Income $642.9M (19)% 40 % Earnings Per Share $3.40 (20)% 48 % ¹ Revenue stated on a fully taxable equivalent (FTE) basis are non-GAAP financial measures. A reconciliation to reported revenue and reported pre-tax margin prepared in accordance with U.S. generally accepted accounting principles (GAAP) is included in the Appendix on page 12. 2 Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. *Refer to page 13 for additional detail on notable items. Assets under Custody / Administration2 (AUC/A) $19.9T (1)% 9 % Assets under Custody2 (AUC) $15.8T (1)% 9 % Assets under Management2 (AUM) $2.0T — % 11 % CET1 Ratio 12.4 % Common Stock Dividends Declared $161.9M Common Stock Repurchased $352.3M Total Payout Ratio 82 % INCOME STATEMENT PRE-TAX NOTABLE ITEMS* CLIENT ASSETS CAPITAL $48.7 million in net favorable items in 3Q 2026: $34.0 million gain on the sale of guardianship services business $14.7 million incremental gain related to Visa Exchange Offer
5northerntrust.com | © 2026 Northern Trust Corporation Wealth Management Trust, Investment and Other Servicing Fees ($ in millions) +9% +3% Wealth Management Highlights % CHANGE VS. Key Indicators (in billions): 3Q 2026 2Q 2026 3Q 2025 Assets under Custody / Administration (AUC/A)1 $ 1,363 — % 8 % Assets under Custody (AUC)1 $ 1,348 — % 8 % Assets under Management (AUM)1 $ 536 — % 9 % Average Deposits $ 28 3 % 8 % Average Loans $ 36 2 % 1 % 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Pre-Tax Profit2 $342 $342 $330 $334 $392 Pre-Tax Margin2 41 % 39 % 37 % 37 % 41 % % CHANGE QoQ YoY 7 % 16 % 2 % 8 % 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. 2 4Q25 pre-tax margin included $15.2 million in notable items. 2Q26 pre-tax margin included $11.9 million in notable items. 3Q26 pre-tax margin included $34.0 million in notable items.
6northerntrust.com | © 2026 Northern Trust Corporation % CHANGE VS. Key Indicators (in billions): 3Q 2026 2Q 2026 3Q 2025 Assets under Custody / Administration (AUC/A)1 $ 18,534 (1)% 9 % Assets under Custody (AUC)1 $ 14,453 (1)% 10 % Assets under Management (AUM)1 $ 1,427 (1)% 11 % Average Deposits $ 96 (5)% 6 % Average Loans $ 5 (8)% (1)% Asset Servicing Trust, Investment and Other Servicing Fees ($ in millions) Asset Servicing Highlights +8% +1% 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Pre-Tax Profit2 $294 $326 $373 $323 $405 Pre-Tax Margin2 25 % 26 % 28 % 24 % 30 % % CHANGE QoQ YoY 3 % 3 % — % 38 % 2 % 10 % — % 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. 2 4Q25 pre-tax margin included $43.6 million in notable items. 2Q26 pre-tax margin included $100.6 million in notable items.
7northerntrust.com | © 2026 Northern Trust Corporation Average Earning Assets ($ in billions) Net Interest Income (FTE¹) ($ in millions) Net Interest Income and Balance Sheet Trends 6% (2)% Net Interest Margin (FTE¹) +14% (1)%% CHANGE QoQ YoY (4)% 8 % — % 1 % 2 % 14 % (12)% — % 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.
8northerntrust.com | © 2026 Northern Trust Corporation NOTABLES1 2Q26 : • $51.0 million severance-related charges recognized in Compensation and Benefits • $33.1 million Invested as One equity grant recognized in Compensation and Benefits • $61.5 million software disposition recognized in Equipment and Software 4Q25 : • $58.8 million severance-related charges: ◦ $58.2 million recognized in Compensation and Benefits ◦ $0.6 million recognized in Outside Services • $9.5 million FDIC special assessment recognized in Other Operating Expense EXPENSE HIGHLIGHTS • Excluding notables1, noninterest expenses were up 5% vs. 3Q 2025, and were flat vs. 2Q 2026. Total Noninterest Expense ($ in millions) Noninterest Expense +5% (9)% % CHANGE QoQ YoY 15 % 25 % (1)% (3)% (15)% 9 % 2 % 2 % (12)% 3 % Categories may not sum due to rounding. 1Refer to page 13 for additional detail on notable items.
9northerntrust.com | © 2026 Northern Trust CorporationCapital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. Standardized Tier 1 Leverage CAPITAL HIGHLIGHTS • Robust capital and liquidity ◦ $12.4 billion in Tier 1 capital ◦ 65% of average deposits covered by highly liquid assets including 27% by cash and central bank deposits ◦ Net unrealized after-tax losses on available-for-sale securities of $547.0 million as of September 30, 2026 • Declared $161.9 million in common stock dividends and $16.2 million in preferred stock dividends in 3Q 2026 • Repurchased $352.3 million of common stock in 3Q 2026 Northern Trust Corporation Capital Ratios 3Q 2026 Capital Ratios STANDARDIZED APPROACH ADVANCED APPROACH Common Equity Tier 1 Capital 12.4% 14.4% Tier 1 Capital 13.3% 15.4% Total Capital 15.8% 18.0% Tier 1 Leverage 7.8% 7.8% Supplementary Leverage N/A 8.5% Standardized Common Equity Tier 1 Capital Update 7.0% Regulatory Minimum 4.0% Regulatory Minimum
10northerntrust.com | © 2026 Northern Trust Corporation Delivering on Our Commitments and Defining the Path Ahead > 500 bps 4Q 2026 GUIDANCE | GROWTH vs 4Q 2025 Net Interest Income Growth 8-9% Positive Total Revenue Growth 6-7% 4Q 2026 GUIDANCE | OPERATING LEVERAGE FULL YEAR 2026 GUIDANCE | OPERATING LEVERAGE 4Q 2026 GUIDANCE | GROWTH vs 4Q 2025
northerntrust.com | © 2026 Northern Trust Corporation 11 APPENDIX
12northerntrust.com | © 2026 Northern Trust Corporation Reconciliation of Non-GAAP Financial Measures The following table presents a reconciliation of interest income, net interest income, net interest margin, total revenue, pre-tax income, and profit margin (pre-tax) prepared in accordance with GAAP to such measures on a fully taxable equivalent (FTE) basis, which are non-GAAP financial measures. Management believes this presentation provides a clearer indication of these financial measures for comparative purposes. The adjustment to an FTE basis has no impact on net income. QUARTERS YEARS 2026 2025 2026 YTD 2025 2024 ($ in Millions) THIRD SECOND FIRST FOURTH THIRD Net Interest Income Interest Income - GAAP $ 2,073.1 $ 2,189.3 $ 2,234.0 $ 2,126.6 $ 2,144.3 $ 6,496.5 $ 8,624.6 $ 9,762.3 Add: FTE Adjustment $ 7.7 $ 7.6 $ 7.6 $ 12.7 $ 5.5 $ 22.9 $ 28.5 $ 31.8 Interest Income (FTE) - Non-GAAP $ 2,080.8 $ 2,196.9 $ 2,241.6 $ 2,139.3 $ 2,149.8 $ 6,519.4 $ 8,653.1 $ 9,794.1 Net Interest Income - GAAP $ 671.4 $ 675.5 $ 654.0 $ 641.6 $ 590.8 $ 2,000.9 $ 2,411.0 $ 2,177.1 Add: FTE Adjustment $ 7.7 $ 7.6 $ 7.6 $ 12.7 $ 5.5 $ 22.9 $ 28.5 $ 31.8 Net Interest Income (FTE) - Non-GAAP $ 679.1 $ 683.1 $ 661.6 $ 654.3 $ 596.3 $ 2,023.8 $ 2,439.5 $ 2,208.9 Net Interest Margin - GAAP 1.80 % 1.79 % 1.73 % 1.78 % 1.68 % 1.77 % 1.70 % 1.62 % Net Interest Margin (FTE) - Non-GAAP 1.83 % 1.81 % 1.75 % 1.81 % 1.70 % 1.79 % 1.72 % 1.64 % Total Revenue Total Revenue - GAAP $ 2,294.4 $ 2,698.0 $ 2,205.6 $ 2,123.1 $ 2,025.4 $ 7,198.1 $ 8,086.4 $ 8,290.4 Add: FTE Adjustment $ 7.7 $ 7.6 $ 7.6 $ 12.7 $ 5.5 $ 22.9 $ 28.5 $ 31.8 Total Revenue (FTE) - Non-GAAP $ 2,302.1 $ 2,705.6 $ 2,213.2 $ 2,135.8 $ 2,030.9 $ 7,221.0 $ 8,114.9 $ 8,322.2 Pre-Tax Income Pre-Tax Income - GAAP $ 796.5 $ 1,064.7 $ 700.6 $ 633.8 $ 619.5 $ 2,561.8 $ 2,339.5 $ 2,659.5 Add: FTE Adjustment $ 7.7 $ 7.6 $ 7.6 $ 12.7 $ 5.5 $ 22.9 $ 28.5 $ 31.8 Pre-Tax Income (FTE) - Non-GAAP $ 804.2 $ 1,072.3 $ 708.2 $ 646.5 $ 625.0 $ 2,584.7 $ 2,368.0 $ 2,691.3 Profit Margin (Pre-Tax) Profit Margin (Pre-Tax) - GAAP 34.7 % 39.5 % 31.8 % 29.9 % 30.6 % 35.6 % 28.9 % 32.1 % Profit Margin (Pre-Tax) (FTE) - Non-GAAP 34.9 % 39.6 % 32.0 % 30.3 % 30.8 % 35.8 % 29.2 % 32.3 %
13northerntrust.com | © 2026 Northern Trust Corporation Notable Item Summary QUARTERS YEARS 2026 2025 2026 YTD 2025 2024 ($ in Millions) THIRD SECOND FOURTH Revenue Impacts, pre-tax Pre-tax gain related to the sale of guardianship services business $ 34.0 $ — $ — $ 34.0 $ — $ — Investment security loss $ — $ (73.9) $ — $ (73.9) $ — $ (189.4) Net gain related to Visa transaction $ 14.7 $ 525.4 $ — $ 540.1 $ — $ 878.4 Securities loss related to repositioning of supplemental pension plan $ — $ — $ — $ — $ — $ (6.5) Investment impairment $ — $ — $ — $ — $ — $ (7.6) Pre-tax gain related to the sale of an equity investment $ — $ — $ — $ — $ — $ 68.1 Expense related to Visa Class B swaps $ — $ — $ (19.2) $ — $ (19.2) $ (12.8) Total Revenue Impacts, pre-tax $ 48.7 $ 451.5 $ (19.2) $ 500.2 $ (19.2) $ 730.2 Expense Impacts, pre-tax FDIC special assessment $ — $ — $ (9.5) $ — $ (9.5) $ 12.5 Severance-related charges $ — $ 51.0 $ 58.8 $ 51.0 $ 58.8 $ 85.2 Equipment & software accelerations and dispositions charge $ — $ 61.5 $ — $ 61.5 $ — $ 16.4 Invested as One equity grant $ — $ 33.1 $ — $ 33.1 $ — $ — Contribution to Northern Trust Foundation $ — $ — $ — $ — $ — $ 70.0 Legal settlement charge $ — $ — $ — $ — $ — $ 10.6 Client capability charge $ — $ — $ — $ — $ — $ — Occupancy charge $ — $ — $ — $ — $ — $ — Total Expense Impacts, pre-tax $ — $ 145.6 $ 49.3 $ 145.6 $ 49.3 $ 194.7
14northerntrust.com | © 2026 Northern Trust Corporation Forward-Looking Statements 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 2026 earnings press release.
15northerntrust.com | © 2026 Northern Trust Corporation
Financial Trends Third Quarter 2026 October 21, 2026 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 2026 earnings press release, 2025 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.
1 7 Financial Summary Interest Rate Trends 2 8 Net Income Trends Asset Quality 3 9 Reporting Segment Results Client Assets 4 10 Balance Sheet (EOP) Reconciliation to FTE 5 11 Regulatory Capital Reconciliation to FTE (Ratios) 6 Balance Sheet Trends TABLE OF CONTENTS
Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 2026 2025 % Change $ 642.9 $ 792.2 $ 525.5 $ 466.0 $ 457.6 (19)% 40 % $ 1,960.6 $ 1,270.9 54 % 621.9 782.2 504.7 457.0 437.2 (20)% 42 % 1,908.9 1,222.2 56 % 182,038 183,994 185,499 187,532 190,054 (1)% (4)% 183,831 192,647 (5)% 183,174 184,890 186,539 188,582 191,001 (1)% (4)% 184,855 193,481 (4)% $ 3.42 $ 4.25 $ 2.72 $ 2.44 $ 2.30 (20)% 49 % $ 10.38 $ 6.34 64 % 3.40 4.23 2.71 2.42 2.29 (20)% 48 % 10.33 6.32 63 % $ 169.36 $ 173.84 $ 139.57 $ 136.59 $ 134.60 (3)% 26 % $ 169.36 $ 134.60 26 % 68.89 68.41 65.40 64.79 63.83 1 % 8 % 68.89 63.83 8 % 0.88 0.80 0.80 0.80 0.80 10 % 10 % 2.48 2.30 8 % 25.9 % 18.9 % 29.5 % 33.1 % 34.9 % 7.0 pts (9.0) pts 24.0 % 36.4 % (12.4) pts 20.1 % 25.9 % 17.4 % 15.4 % 14.8 % (5.8) pts 5.3 pts 21.2 % 14.0 % 7.2 pts 34.9 % 39.6 % 32.0 % 30.3 % 30.8 % (4.7) pts 4.1 pts 35.8 % 28.8 % 7.0 pts 70.5 % 74.8 % 70.1 % 69.4 % 70.6 % (4.3) pts (0.1) pts 72.0 % 70.1 % 1.9 pts 59.6 % 49.9 % 60.6 % 61.2 % 62.3 % 9.7 pts (2.7) pts 56.3 % 62.1 % (5.8) pts Common Equity Tier 1 Capital 12.4 % 12.2 % 12.0 % 12.6 % 12.4 % 0.2 pts — pts 12.4 % 12.4 % — pts Tier 1 Capital 13.3 % 13.1 % 12.9 % 13.5 % 13.4 % 0.2 pts (0.1) pts 13.3 % 13.4 % (0.1) pts Total Capital 15.8 % 15.5 % 15.3 % 16.1 % 15.1 % 0.3 pts 0.7 pts 15.8 % 15.1 % 0.7 pts Tier 1 Leverage 7.8 % 7.6 % 7.3 % 7.8 % 8.0 % 0.2 pts (0.2) pts 7.8 % 8.0 % (0.2) pts Common Equity Tier 1 Capital 14.4 % 14.3 % 14.3 % 15.0 % 15.1 % 0.1 pts (0.7) pts 14.4 % 15.1 % (0.7) pts Tier 1 Capital 15.4 % 15.3 % 15.3 % 16.0 % 16.2 % 0.1 pts (0.8) pts 15.4 % 16.2 % (0.8) pts Total Capital 18.0 % 17.9 % 18.0 % 18.8 % 18.0 % 0.1 pts — pts 18.0 % 18.0 % — pts Tier 1 Leverage 7.8 % 7.6 % 7.3 % 7.8 % 8.0 % 0.2 pts (0.2) pts 7.8 % 8.0 % (0.2) pts Supplementary Leverage 8.5 % 8.6 % 8.5 % 8.7 % 8.9 % (0.1) pts (0.4) pts 8.5 % 8.9 % (0.4) pts $ 19,896.6 $ 20,000.2 $ 18,553.9 $ 18,716.1 $ 18,247.6 (1)% 9 % $ 19,896.6 $ 18,247.6 9 % 15,801.2 15,938.8 14,775.3 14,889.1 14,439.1 (1)% 9 % 15,801.2 14,439.1 9 % 1,963.0 1,969.9 1,784.9 1,803.2 1,772.7 — % 11 % 1,963.0 1,772.7 11 % 23,800 23,600 23,600 23,800 23,600 1 % 1 % 23,800 23,600 1 % (1) (2) (3) Full Time Equivalent Employees 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 11 for further detail. Client Assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. 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. Advanced Approach Assets Under Management Assets Under Custody Client Assets - End of Period ($ in Billions): (3) Assets Under Custody/Administration Return on Average Common Equity Pre-Tax Margin (FTE)(1) Noninterest Income to Total Revenue (FTE)(1) Capital Ratios:(2) Standardized Approach Trust Fees to Total Revenue (FTE)(1) Cash Dividends Declared Per Common Share Book Value Per Common Share (End of Period) Market Value Per Share (End of Period) Financial Ratios: Dividend Payout Ratio Basic Diluted Earnings Per Share Basic Per Share Information / Ratios: Diluted Profitability ($ in Millions): Net Income Northern Trust Corporation FINANCIAL SUMMARY Average common shares outstanding (000s): Earnings Per Share: Earnings Allocated to Common Shares Year-to Date% Change Q3 2026 vs. Page 1
% Change(2) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 2026 2025 % Change(2) $ 761.5 $ 757.4 $ 740.5 $ 729.6 $ 706.9 1 % 8 % $ 2,259.4 $ 2,070.6 9 % 611.5 592.1 600.9 577.8 558.6 3 % 9 % 1,804.5 1,639.8 10 % Total Fees 1,373.0 1,349.5 1,341.4 1,307.4 1,265.5 2 % 8 % 4,063.9 3,710.4 10 % 84.1 97.1 87.7 74.3 57.2 (13)% 47 % 268.9 166.5 61 % 52.0 55.6 52.1 49.9 41.8 (6)% 25 % 159.8 120.5 33 % 113.9 594.2 70.4 49.9 70.1 (81)% 62 % 778.5 196.5 N/M — (73.9) — — — N/M N/M (73.9) — N/M Total Noninterest Income 1,623.0 2,022.5 1,551.6 1,481.5 1,434.6 (20)% 13 % 5,197.2 4,193.9 24 % 679.1 683.1 661.6 654.3 596.3 (1)% 14 % 2,023.8 1,785.2 13 % Total Revenue (FTE) (1) 2,302.1 2,705.6 2,213.2 2,135.8 2,030.9 (15)% 13 % 7,221.0 5,979.1 21 % 5.4 (5.3) (3.0) (8.0) (17.0) N/M N/M (3.0) 0.5 N/M 761.1 868.0 822.2 806.3 740.5 (12)% 3 % 2,451.3 2,227.1 10 % 252.1 246.3 236.7 248.1 248.2 2 % 2 % 735.1 740.4 (1)% 319.9 378.5 308.1 301.1 294.2 (15)% 9 % 1,006.5 868.8 16 % 53.1 53.5 51.3 56.4 55.0 (1)% (3)% 158.0 160.9 (2)% 106.3 92.3 89.7 85.4 85.0 15 % 25 % 288.4 259.9 11 % Total Noninterest Expense 1,492.5 1,638.6 1,508.0 1,497.3 1,422.9 (9)% 5 % 4,639.3 4,257.1 9 % Income before Income Taxes (FTE) (1) 804.2 1,072.3 708.2 646.5 625.0 (25)% 29 % 2,584.7 1,721.5 50 % 153.6 272.5 175.1 167.8 161.9 (44)% (5)% 601.2 434.8 38 % 7.7 7.6 7.6 12.7 5.5 1 % 41 % 22.9 15.8 45 % Net Income $ 642.9 $ 792.2 $ 525.5 $ 466.0 $ 457.6 (19)% 40 % $ 1,960.6 $ 1,270.9 54 % $ 3.42 $ 4.25 $ 2.72 $ 2.44 $ 2.30 (20)% 49 % $ 10.38 $ 6.34 64 % $ 3.40 $ 4.23 $ 2.71 $ 2.42 $ 2.29 (20)% 48 % $ 10.33 $ 6.32 63 % 183,174 184,890 186,539 188,582 191,001 (1)% (4)% 184,855 193,481 (4)% $ 16.2 $ 4.7 $ 16.2 $ 4.7 $ 16.2 N/M — % $ 37.1 $ 37.1 — % 19.3 % 25.6 % 25.0 % 26.5 % 26.1 % (6.3) pts (6.8) pts 23.5 % 25.5 % (2.0) pts (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. Average Diluted Shares (000s) Earnings Per Share - Diluted Preferred Dividends Effective Tax Rate Occupancy Other Operating Expense Provision for Income Taxes Taxable Equivalent Adjustment Earnings Per Share - Basic Net Interest Income (FTE)(1) Provision for Credit Losses Outside Services Compensation and Benefits Equipment and Software WM Trust, Investment and Other Servicing Fees Foreign Exchange Trading Income Security Commissions and Trading Income Investment Security Gains (Losses), net Other Operating Income Asset Servicing Trust, Investment and Other Servicing Fees ($ in Millions except per share information) NET INCOME TRENDS Northern Trust Corporation Q3 2026 vs. Year-to Date Page 2
Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 2026 2025 % Change $ 511.7 $ 512.3 $ 497.6 $ 496.4 $ 482.7 — % 6 % $ 1,521.7 $ 1,405.2 8 % 175.6 172.2 169.2 165.8 159.6 2 % 10 % 517.0 469.4 10 % 29.4 29.4 23.3 23.1 21.2 — % 38 % 82.2 59.3 39 % 44.8 43.5 50.4 44.3 43.4 3 % 3 % 138.5 136.7 1 % Total Asset Servicing Trust, Investment and Other Servicing Fees $ 761.5 $ 757.4 $ 740.5 $ 729.6 $ 706.9 1 % 8 % $ 2,259.4 $ 2,070.6 9 % $ 405.2 $ 323.3 $ 373.3 $ 325.8 $ 294.4 25 % 38 % $ 1,101.7 $ 801.3 37 % 30.3 % 23.7 % 28.3 % 25.5 % 24.7 % 6.6 pts 5.6 pts 27.4 % 23.0 % 4.4 pts $ 5,321.3 $ 5,800.6 $ 5,632.5 $ 5,746.0 $ 5,399.9 (8)% (1)% $ 5,583.6 $ 5,652.7 (1)% 95,765.9 100,980.6 102,421.0 92,611.0 90,195.3 (5)% 6 % 99,698.2 91,669.5 9 % $ 494.3 $ 483.0 $ 486.0 $ 470.5 $ 457.1 2 % 8 % $ 1,463.3 $ 1,330.0 10 % 117.2 109.1 114.9 107.3 101.5 7 % 16 % 341.2 309.8 10 % Total Wealth Management Trust, Investment and Other Servicing Fees $ 611.5 $ 592.1 $ 600.9 $ 577.8 $ 558.6 3 % 9 % $ 1,804.5 $ 1,639.8 10 % $ 391.6 $ 333.5 $ 330.2 $ 341.8 $ 342.4 17 % 14 % $ 1,060.5 $ 956.1 11 % 41.1 % 37.4 % 37.1 % 38.9 % 40.5 % 3.7 pts 0.6 pts 38.7 % 38.3 % 0.4 pts $ 36,409.6 $ 35,767.0 $ 35,261.8 $ 34,812.3 $ 36,100.7 2 % 1 % $ 35,817.0 $ 35,593.9 1 % 27,524.0 26,715.1 26,469.8 26,572.2 25,370.4 3 % 8 % 26,906.8 25,317.3 6 % $ 7.4 $ 415.5 $ 4.7 $ (21.1) $ (11.8) (98)% (163)% $ 422.5 $ (35.9) N/M 130.1 150.0 141.0 646.0 1,134.9 (13)% (89)% 140.3 1,348.6 (90)% (1) (2) Income before Income Taxes (FTE)(2) Other Year-to Date 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. 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 10 and 11 for further detail. Average Deposits Pre-Tax Margin (FTE)(2) Income before Income Taxes (FTE)(2) Average Loans Average Deposits Average Loans Average Deposits Wealth Management Global Family Office Private Wealth Securities Lending Investment Management Other Income before Income Taxes (FTE)(2) Pre-Tax Margin (FTE)(2) Custody & Fund Administration Asset Servicing ($ in Millions) Reporting Segment Results(1) Northern Trust Corporation % Change Q3 2026 vs. Page 3
9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2026 9/30/2025 $ 37,779.1 $ 50,556.4 $ 41,757.3 $ 53,456.0 $ 49,328.9 (25)% (23)% 6,294.9 6,160.0 6,343.0 6,540.8 6,404.5 2 % (2)% 471.2 426.5 1,678.9 2,654.1 1,856.3 10 % (75)% Available For Sale 42,852.3 38,123.1 36,913.2 34,036.5 32,889.2 12 % 30 % Held To Maturity 21,646.8 23,492.1 24,286.2 23,429.6 22,974.9 (8)% (6)% Total Debt Securities 64,499.1 61,615.2 61,199.4 57,466.1 55,864.1 5 % 15 % 41,716.7 43,822.0 42,505.5 41,948.3 42,949.4 (5)% (3)% 3,643.7 3,499.3 8,415.9 4,128.9 2,676.2 4 % 36 % Total Earning Assets 154,404.7 166,079.4 161,900.0 166,194.2 159,079.4 (7)% (3)% (159.8) (168.4) (169.7) (175.0) (174.6) (5)% (8)% 1,625.0 1,201.7 1,407.7 1,130.7 976.8 35 % 66 % 444.7 447.6 447.5 464.6 457.1 (1)% (3)% 707.8 709.6 709.5 712.9 712.9 — % (1)% 10,247.9 11,027.3 10,279.3 8,805.3 9,211.7 (7)% 11 % Total Assets $ 167,270.3 $ 179,297.2 $ 174,574.3 $ 177,132.7 $ 170,263.3 (7)% (2)% $ 30,585.0 $ 34,419.1 $ 29,309.7 $ 28,984.1 $ 29,040.1 (11)% 5 % 4,765.4 4,686.9 5,238.4 6,418.9 7,358.7 2 % (35)% 72,700.9 78,274.0 75,850.7 80,046.1 73,509.9 (7)% (1)% Total Interest-Bearing Deposits 108,051.3 117,380.0 110,398.8 115,449.1 109,908.7 (8)% (2)% 1,566.2 1,568.9 1,974.3 2,141.1 1,751.9 — % (11)% 397.4 175.6 330.5 292.2 371.5 126 % 7 % 8,685.6 8,627.2 7,839.5 7,158.3 6,580.0 1 % 32 % 3,288.4 3,331.2 3,345.5 3,351.5 2,847.2 (1)% 15 % 2,026.4 2,073.3 2,881.6 3,484.4 4,094.3 (2)% (51)% Total Interest-Bearing Liabilities 124,015.3 133,156.2 126,770.2 131,876.6 125,553.6 (7)% (1)% 24,125.7 28,200.0 29,299.4 27,348.6 25,892.4 (14)% (7)% 5,766.4 4,539.4 5,517.4 4,949.6 5,861.3 27 % (2)% Total Liabilities 153,907.4 165,895.6 161,587.0 164,174.8 157,307.3 (7)% (2)% 13,196.7 13,068.4 12,739.0 12,663.5 12,706.2 1 % 4 % (718.7) (551.7) (636.6) (590.5) (635.1) 30 % 13 % 884.9 884.9 884.9 884.9 884.9 — % — % Total Stockholders' Equity 13,362.9 13,401.6 12,987.3 12,957.9 12,956.0 — % 3 % Total Liabilities and Stockholders' Equity $ 167,270.3 $ 179,297.2 $ 174,574.3 $ 177,132.7 $ 170,263.3 (7)% (2)% (1) (2) (3) (4) (5) Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above. Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago. 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. 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. 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. Long-Term Debt Other Borrowings(4) Senior Notes Demand and Other Noninterest-Bearing Deposits Other Liabilities Common Equity, excluding Accumulated Other Comprehensive Income Preferred Equity Accumulated Other Comprehensive Income (Loss) Savings, Money Market and Other Savings Certificates and Other Time Federal Funds Purchased Securities Sold under Agreements to Repurchase Non-U.S. Offices - Interest-Bearing Other Assets Goodwill Cash and Due From Banks and Other Central Bank Deposits(3) Buildings and Equipment Liabilities and Stockholders' Equity Debt Securities: Federal Funds Sold and Securities Purchased under Agreements to Resell Federal Reserve and Other Central Bank Deposits Interest-Bearing Due from and Deposits with Banks(1) Allowance for Credit Losses Other Interest-Earning Assets(2) Loans Assets Northern Trust Corporation END OF PERIOD BALANCE SHEET ($ in Millions) 9/30/2026(5) vs. Page 4
9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2026 9/30/2025 Common Equity Tier 1 Capital $ 11,555.6 $ 11,605.6 $ 11,173.5 $ 11,192.5 $ 11,199.3 — % 3 % Tier 1 Capital 12,368.5 12,418.7 11,995.5 12,008.5 12,028.1 — % 3 % Total Capital 14,650.7 14,706.5 14,288.1 14,304.2 13,581.9 — % 8 % Risk-Weighted Assets 92,872.1 95,157.3 93,150.8 89,015.4 90,033.7 (2)% 3 % Common Equity Tier 1 Capital Ratio 12.4 % 12.2 % 12.0 % 12.6 % 12.4 % 0.2 pts — pts Tier 1 Capital Ratio 13.3 % 13.1 % 12.9 % 13.5 % 13.4 % 0.2 pts (0.1) pts Total Capital Ratio 15.8 % 15.5 % 15.3 % 16.1 % 15.1 % 0.3 pts 0.7 pts Common Equity Tier 1 Capital $ 11,555.6 $ 11,605.6 $ 11,173.5 $ 11,192.5 $ 11,199.3 — % 3 % Tier 1 Capital 12,368.5 12,418.7 11,995.5 12,008.5 12,028.1 — % 3 % Total Capital 14,466.1 14,516.2 14,092.9 14,105.8 13,375.2 — % 8 % Risk-Weighted Assets 80,490.5 81,119.6 78,198.0 74,843.6 74,329.4 (1)% 8 % Common Equity Tier 1 Capital Ratio 14.4 % 14.3 % 14.3 % 15.0 % 15.1 % 0.1 pts (0.7) pts Tier 1 Capital Ratio 15.4 % 15.3 % 15.3 % 16.0 % 16.2 % 0.1 pts (0.8) pts Total Capital Ratio 18.0 % 17.9 % 18.0 % 18.8 % 18.0 % 0.1 pts — pts Average Adjusted Total Assets $ 158,196.9 $ 162,601.3 $ 164,381.7 $ 154,083.9 $ 150,208.9 (3)% 5 % Tier 1 Leverage Ratio 7.8 % 7.6 % 7.3 % 7.8 % 8.0 % 0.2 pts (0.2) pts Supplementary Leverage Exposure $ 144,826.4 $ 144,498.8 $ 141,713.4 $ 138,123.4 $ 135,904.7 — % 7 % Supplementary Leverage Ratio 8.5 % 8.6 % 8.5 % 8.7 % 8.9 % (0.1) pts (0.4) pts (1) Advanced Approach Leverage Supplementary Leverage 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. Standardized Approach Northern Trust Corporation REGULATORY CAPITAL(1) END OF PERIOD 9/30/2026 vs. ($ in Millions) Page 5
% Change(5) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 2026 2025 % Change(5) $ 33,601.3 $ 38,322.9 $ 42,554.7 $ 35,035.8 $ 33,754.2 (12)% — % $ 38,126.8 $ 38,177.7 — % 6,350.5 6,304.2 6,014.6 6,049.6 5,237.7 1 % 21 % 6,224.4 5,146.9 21 % 523.4 521.9 1,186.8 1,593.7 1,300.4 — % (60)% 741.6 806.0 (8)% Available For Sale 39,994.9 37,775.8 35,780.4 33,714.2 33,022.7 6 % 21 % 37,865.8 31,545.8 20 % Held To Maturity 22,629.8 23,604.2 23,883.3 23,151.0 22,129.7 (4)% 2 % 23,367.9 21,617.0 8 % Total Debt Securities 62,624.7 61,380.0 59,663.7 56,865.2 55,152.4 2 % 14 % 61,233.7 53,162.8 15 % 41,730.9 41,567.6 40,894.3 40,558.3 41,500.6 — % 1 % 41,400.6 41,246.6 — % 2,753.7 3,194.6 3,363.3 2,935.5 2,393.6 (14)% 15 % 3,101.6 2,521.1 23 % Total Earning Assets 147,584.5 151,291.2 153,677.4 143,038.1 139,338.9 (2)% 6 % 150,828.7 141,061.1 7 % (168.5) (169.9) (175.1) (174.8) (188.0) (1)% (10)% (171.1) (179.6) (5)% 1,133.9 1,313.9 1,137.0 1,185.1 1,159.3 (14)% (2)% 1,194.9 1,090.5 10 % 451.0 453.1 459.8 462.3 468.4 — % (4)% 454.6 477.4 (5)% 711.0 712.5 713.5 711.0 712.6 — % — % 712.3 706.1 1 % 9,524.0 9,975.0 9,484.7 9,704.0 9,550.3 (5)% — % 9,661.4 9,854.9 (2)% Total Assets $ 159,235.9 $ 163,575.8 $ 165,297.3 $ 154,925.7 $ 151,041.5 (3)% 5 % $ 162,680.8 $ 153,010.4 6 % $ 32,027.3 $ 32,356.8 $ 29,244.9 $ 27,725.8 $ 28,348.7 (1)% 13 % $ 31,219.9 $ 28,291.2 10 % 4,707.8 5,059.1 5,785.2 6,754.3 6,700.1 (7)% (30)% 5,180.1 6,741.4 (23)% 68,239.2 70,929.3 75,261.9 67,454.2 65,354.5 (4)% 4 % 71,451.0 66,658.9 7 % Total Interest-Bearing Deposits 104,974.3 108,345.2 110,292.0 101,934.3 100,403.3 (3)% 5 % 107,851.0 101,691.5 6 % 2,148.4 2,338.3 2,576.7 2,357.7 2,467.7 (8)% (13)% 2,352.9 2,443.7 (4)% 616.4 677.2 483.8 499.2 500.4 (9)% 23 % 593.0 509.3 16 % 8,789.9 8,255.7 7,638.3 7,059.4 6,938.4 6 % 27 % 8,232.2 6,990.0 18 % 3,319.1 3,335.9 3,352.8 3,087.3 2,839.6 (1)% 17 % 3,335.8 2,813.4 19 % 2,056.0 2,856.9 3,472.7 3,909.8 4,092.0 (28)% (50)% 2,790.0 4,087.8 (32)% Total Interest-Bearing Liabilities 121,904.1 125,809.2 127,816.3 118,847.7 117,241.4 (3)% 4 % 125,154.9 118,535.7 6 % 18,445.7 19,500.5 18,739.8 17,894.9 16,297.3 (5)% 13 % 18,894.3 16,643.9 14 % 5,660.8 5,171.5 5,980.0 5,404.7 4,795.8 9 % 18 % 5,602.9 5,189.4 8 % Total Liabilities 146,010.6 150,481.2 152,536.1 142,147.3 138,334.5 (3)% 6 % 149,652.1 140,369.0 7 % 12,917.8 12,778.5 12,443.4 12,508.2 12,496.7 1 % 3 % 12,714.9 12,508.0 2 % (577.4) (568.8) (567.1) (614.7) (674.6) 2 % (14)% (571.1) (751.5) (24)% 884.9 884.9 884.9 884.9 884.9 — % — % 884.9 884.9 — % Total Stockholders' Equity 13,225.3 13,094.6 12,761.2 12,778.4 12,707.0 1 % 4 % 13,028.7 12,641.4 3 % Total Liabilities and Stockholders' Equity $ 159,235.9 $ 163,575.8 $ 165,297.3 $ 154,925.7 $ 151,041.5 (3)% 5 % $ 162,680.8 $ 153,010.4 6 % (1) (2) (3) (4) (5) Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago. 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. Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above. 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. 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. Long-Term Debt Senior Notes Securities Sold under Agreements to Repurchase Other Borrowings(4) Demand and Other Noninterest-Bearing Deposits Other Liabilities Preferred Equity Accumulated Other Comprehensive Income (Loss) Common Equity, excluding Accumulated Other Comprehensive Income Savings, Money Market and Other Federal Funds Purchased Non-U.S. Offices - Interest-Bearing Savings Certificates and Other Time Year-to DateQ3 2026 vs. Other Assets Goodwill Cash and Due From Banks and Other Central Bank Deposits(3) Buildings and Equipment Liabilities and Stockholders' Equity Debt Securities: Federal Funds Sold and Securities Purchased under Agreements to Resell Federal Reserve and Other Central Bank Deposits Interest-Bearing Due from and Deposits with Banks(1) Allowance for Credit Losses Other Interest-Earning Assets(2) Loans Assets Northern Trust Corporation BALANCE SHEET TRENDS PERIOD AVERAGES ($ in Millions) Page 6
Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 2026 2025 % Change 3.54 % 3.44 % 3.46 % 3.63 % 3.84 % 10 bps (30) bps 3.48 % 4.00 % (52) bps 1.38 % 1.16 % 1.31 % 1.35 % 1.57 % 22 bps (19) bps 1.28 % 1.71 % (43) bps 499.98 % 602.18 % 282.59 % 183.61 % 217.12 % (10,220) bps 28,286 bps 409.26 % 346.96 % 6,230 bps 4.24 % 4.22 % 4.18 % 4.41 % 4.60 % 2 bps (36) bps 4.21 % 4.67 % (46) bps 2.07 % 2.06 % 2.05 % 1.85 % 1.79 % 1 bps 28 bps 2.06 % 1.86 % 20 bps 3.45 % 3.39 % 3.33 % 3.37 % 3.47 % 6 bps (2) bps 3.39 % 3.53 % (14) bps 5.02 % 4.99 % 5.08 % 5.33 % 5.59 % 3 bps (57) bps 5.03 % 5.63 % (60) bps 3.77 % 3.73 % 3.62 % 4.44 % 3.81 % 4 bps (4) bps 3.70 % 3.83 % (13) bps 5.59 % 5.82 % 5.92 % 5.93 % 6.12 % (23) bps (53) bps 5.78 % 6.17 % (39) bps 2.70 % 2.58 % 2.57 % 2.72 % 3.16 % 12 bps (46) bps 2.62 % 3.13 % (51) bps 3.61 % 3.68 % 3.87 % 4.14 % 4.25 % (7) bps (64) bps 3.73 % 4.35 % (62) bps 1.82 % 1.75 % 1.89 % 1.89 % 2.19 % 7 bps (37) bps 1.82 % 2.41 % (59) bps 2.17 % 2.09 % 2.18 % 2.26 % 2.60 % 8 bps (43) bps 2.15 % 2.74 % (59) bps 3.62 % 3.36 % 3.35 % 3.59 % 3.99 % 26 bps (37) bps 3.44 % 3.98 % (54) bps 417.33 % 455.90 % 674.42 % 567.72 % 551.02 % (3,857) bps (13,369) bps 501.16 % 537.83 % (3,667) bps 4.02 % 3.88 % 4.01 % 4.17 % 4.55 % 14 bps (53) bps 3.97 % 4.58 % (61) bps 5.01 % 4.95 % 4.97 % 5.19 % 5.50 % 6 bps (49) bps 4.98 % 5.57 % (59) bps 5.50 % 5.38 % 5.35 % 5.38 % 5.46 % 12 bps 4 bps 5.40 % 5.49 % (9) bps 4.56 % 4.83 % 5.01 % 4.96 % 5.26 % (27) bps (70) bps 4.80 % 5.33 % (53) bps 1.03 % 0.99 % 0.91 % 0.97 % 0.86 % 4 bps 17 bps 0.98 % 0.84 % 14 bps 1.83 % 1.81 % 1.75 % 1.81 % 1.70 % 2 bps 13 bps 1.79 % 1.69 % 10 bps (1) (2) (3) (4) (5) (6) (7) 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. Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago. Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 3.69% and 3.67% for the three and nine months ended September 30, 2026, respectively. Includes the impact of balance sheet netting under master netting arrangements of approximately $69.0 billion and $80.3 billion for the three and nine months ended September 30, 2026, respectively, primarily related to our involvement in FICC. Northern Trust nets securities sold under repurchase agreements against those purchased under resale agreements when the GAAP requirements to net are met. Federal Funds Purchased Securities Sold under Agreements to Repurchase(3)(6) Total Interest-Bearing Liabilities Long-Term Debt Senior Notes Other Borrowings(7) 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. 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. Net Interest Margin Net Interest Spread Excluding the impact of netting, the average interest rate on Federal Funds Sold and Securities Purchased under Agreements to Resell would be approximately 3.76% and 3.75% for the three and nine months ended September 30, 2026, respectively. Savings Certificates and Other Time Savings, Money Market and Other Interest-Bearing Funds Non-U.S. Offices - Interest-Bearing Total Interest-Bearing Deposits Debt Securities: Available for Sale Held to Maturity Total Earning Assets Other Interest-Earning Assets(5) Loans and Leases Total Debt Securities 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 10 and 11. 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). Federal Funds Sold and Securities Purchased under Agreements to Resell(3)(4) Interest-Bearing Due from and Deposits with Banks(2) Federal Reserve and Other Central Bank Deposits Earnings Assets Year-to Date Q3 2026 vs. Page 7
9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2026 9/30/2025 $ 190.3 $ 195.2 $ 198.3 $ 206.7 $ 224.1 (3)% (15)% 5.4 (5.3) (3.0) (8.0) (17.0) N/M N/M (11.6) (0.2) (0.4) (1.4) (2.1) N/M N/M 0.6 0.6 0.3 1.0 1.7 — % (65)% (11.0) 0.4 (0.1) (0.4) (0.4) N/M N/M Ending Allowance for Credit Losses $ 184.7 $ 190.3 $ 195.2 $ 198.3 $ 206.7 (3)% (11)% Loans $ 153.5 $ 160.9 $ 161.1 $ 164.3 $ 164.4 (5)% (7)% Undrawn Loan Commitments and Standby Letters of Credit 24.9 21.9 25.5 23.3 32.1 14 % (22)% Debt Securities and Other Financial Assets 6.3 7.5 8.6 10.7 10.2 (16)% (38)% $ 184.7 $ 190.3 $ 195.2 $ 198.3 $ 206.7 (3)% (11)% $ 41,730.9 $ 41,567.6 $ 40,894.3 $ 40,558.3 $ 41,500.6 — % 1 % Average Loans (0.11)% — % — % — % — % (11) bps (11) bps $ 41,716.7 $ 43,822.0 $ 42,505.5 $ 41,948.3 $ 42,949.4 (5)% (3)% to Total Loans 0.37 % 0.37 % 0.38 % 0.39 % 0.38 % — bps (1) bps $ 55.5 $ 71.3 $ 55.0 $ 76.7 $ 78.8 (22)% (30)% 1.6 — — — — — % — % $ 57.1 $ 71.3 $ 55.0 $ 76.7 $ 78.8 (20)% (28)% 0.14 % 0.16 % 0.13 % 0.18 % 0.18 % (2) bps (4) bps 2.8x 2.3x 2.9x 2.1x 2.1x 0.5x 0.7xLoans Allowance to Nonaccrual Nonaccrual Loans Nonaccrual Assets Other Real Estate Owned (OREO) Total Nonaccrual Assets Nonaccrual Assets to Loans and OREO Total Allowance for Credit Losses Average Loans Outstanding Annualized Loan-Related Net (Charge-offs) Recoveries to Allowance for Credit Losses Assigned to Loans End of Period Loans Outstanding (Charge-offs) Recoveries Charge-offs Recoveries Net (Charge-offs) Recoveries Allowance for Credit Losses Assigned to: Northern Trust Corporation END OF PERIOD ASSET QUALITY ($ in Millions) Provision for Credit Losses Beginning Allowance for Credit Losses 9/30/2026 vs. Page 8
9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2026 9/30/2025 $ 1,427.1 $ 1,436.0 $ 1,287.3 $ 1,296.0 $ 1,280.1 (1)% 11 % Equities 790.8 787.0 688.3 712.6 702.5 — % 13 % Fixed Income Securities 137.6 140.1 138.8 140.3 136.4 (2)% 1 % Cash and Other Assets 247.3 269.8 244.2 235.3 235.1 (8)% 5 % Securities Lending Collateral 251.4 239.1 216.0 207.8 206.1 5 % 22 % $ 535.9 $ 533.9 $ 497.6 $ 507.2 $ 492.6 — % 9 % Equities 333.0 330.3 295.8 303.0 299.0 1 % 11 % Fixed Income Securities 93.8 96.8 94.8 94.9 93.6 (3)% — % Cash and Other Assets 108.4 106.0 106.4 108.8 99.5 2 % 9 % Securities Lending Collateral 0.7 0.8 0.6 0.5 0.5 (13)% 40 % $ 1,963.0 $ 1,969.9 $ 1,784.9 $ 1,803.2 $ 1,772.7 — % 11 % Equities $ 1,123.8 $ 1,117.3 $ 984.1 $ 1,015.6 $ 1,001.5 1 % 12 % Fixed Income Securities 231.4 236.9 233.6 235.2 230.0 (2)% 1 % Cash and Other Assets 355.7 375.8 350.6 344.1 334.6 (5)% 6 % Securities Lending Collateral 252.1 239.9 216.6 208.3 206.6 5 % 22 % $ 18,533.7 $ 18,635.2 $ 17,288.6 $ 17,418.4 $ 16,990.4 (1)% 9 % 1,362.9 1,365.0 1,265.3 1,297.7 1,257.2 — % 8 % $ 19,896.6 $ 20,000.2 $ 18,553.9 $ 18,716.1 $ 18,247.6 (1)% 9 % $ 14,452.9 $ 14,587.7 $ 13,521.1 $ 13,604.8 $ 13,195.0 (1)% 10 % Equities 7,197.2 7,252.6 6,425.2 6,582.0 6,402.7 (1)% 12 % Fixed Income Securities 4,328.3 4,407.1 4,305.6 4,271.9 4,140.8 (2)% 5 % Cash and Other Assets 2,676.0 2,688.9 2,574.3 2,543.1 2,445.4 — % 9 % Securities Lending Collateral 251.4 239.1 216.0 207.8 206.1 5 % 22 % $ 1,348.3 $ 1,351.1 $ 1,254.2 $ 1,284.3 $ 1,244.1 — % 8 % Equities 828.1 840.1 751.4 777.0 763.8 (1)% 8 % Fixed Income Securities 168.5 171.1 161.8 163.9 157.1 (2)% 7 % Cash and Other Assets 351.0 339.1 340.4 342.9 322.7 4 % 9 % Securities Lending Collateral 0.7 0.8 0.6 0.5 0.5 (13)% 40 % $ 15,801.2 $ 15,938.8 $ 14,775.3 $ 14,889.1 $ 14,439.1 (1)% 9 % Equities $ 8,025.3 $ 8,092.7 $ 7,176.6 $ 7,359.0 $ 7,166.5 (1)% 12 % Fixed Income Securities 4,496.8 4,578.2 4,467.4 4,435.8 4,297.9 (2)% 5 % Cash and Other Assets 3,027.0 3,028.0 2,914.7 2,886.0 2,768.1 — % 9 % Securities Lending Collateral 252.1 239.9 216.6 208.3 206.6 5 % 22 % $ 205.6 $ 201.8 $ 187.5 $ 194.4 $ 186.1 2 % 10 % 953.6 955.3 883.5 908.2 875.8 — % 9 % (1) Client Assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. WM Global Family Office AUC Memo WM Global Family Office AUM Asset allocation: Wealth Management Asset allocation: Total Assets Under Custody Asset allocation: Asset Servicing Wealth Management Assets Under Custody / Administration 9/30/2026 vs. Asset Servicing Assets Under Custody Total Assets Under Custody / Administration Asset Servicing Asset allocation: Wealth Management Asset allocation: Asset allocation: Total Assets Under Management Assets Under Management Northern Trust Corporation END OF PERIOD CLIENT ASSETS(1) ($ in Billions) Page 9
Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 2026 2025 % Change $ 2,073.1 $ 2,189.3 $ 2,234.0 $ 2,126.6 $ 2,144.3 (5)% (3)% $ 6,496.5 $ 6,498.0 — % 7.7 7.6 7.6 12.7 5.5 1 % 40 % 22.9 15.8 45 % Interest Income (FTE) - Non-GAAP 2,080.8 2,196.9 2,241.6 2,139.3 2,149.8 (5)% (3)% 6,519.4 6,513.8 — % 671.4 675.5 654.0 641.6 590.8 (1)% 14 % 2,000.9 1,769.4 13 % 7.7 7.6 7.6 12.7 5.5 1 % 40 % 22.9 15.8 45 % Net Interest Income (FTE) - Non-GAAP 679.1 683.1 661.6 654.3 596.3 (1)% 14 % 2,023.8 1,785.2 13 % 2,294.4 2,698.0 2,205.6 2,123.1 2,025.4 (15)% 13 % 7,198.1 5,963.3 21 % 7.7 7.6 7.6 12.7 5.5 1 % 40 % 22.9 15.8 45 % Total Revenue (FTE) - Non-GAAP 2,302.1 2,705.6 2,213.2 2,135.8 2,030.9 (15)% 13 % 7,221.0 5,979.1 21 % 796.5 1,064.7 700.6 633.8 619.5 (25)% 29 % 2,561.8 1,705.7 50 % 7.7 7.6 7.6 12.7 5.5 1 % 40 % 22.9 15.8 45 % Income before Income Taxes (FTE) - Non-GAAP 804.2 1,072.3 708.2 646.5 625.0 (25)% 29 % 2,584.7 1,721.5 50 % Income before Income Taxes - GAAP Add: FTE Adjustment Year-to Date Interest Income - GAAP Add: FTE Adjustment Add: FTE Adjustment Net Interest Income - GAAP Add: FTE Adjustment Total Revenue - GAAP ($ in Millions) RECONCILIATION TO FULLY TAXABLE EQUIVALENT Northern Trust Corporation % Change Q3 2026 vs. 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. Page 10
Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 2026 2025 Change Pre-Tax Margin - GAAP (1) 34.7 % 39.5 % 31.8 % 29.9 % 30.6 % -4.8 pts 4.1 pts 35.6 % 28.6 % 7.0 pts Pre-Tax Margin (FTE) - Non-GAAP (1) 34.9 % 39.6 % 32.0 % 30.3 % 30.8 % -4.7 pts 4.1 pts 35.8 % 28.8 % 7.0 pts Noninterest Income to Total Revenue - GAAP (2) 70.7 % 75.0 % 70.4 % 69.8 % 70.8 % -4.3 pts -0.1 pts 72.2 % 70.3 % 1.9 pts Noninterest Income to Total Revenue (FTE) - Non-GAAP (2) 70.5 % 74.8 % 70.1 % 69.4 % 70.6 % -4.3 pts -0.1 pts 72.0 % 70.1 % 1.9 pts Trust Fees to Total Revenue - GAAP (3) 59.8 % 50.0 % 60.8 % 61.6 % 62.5 % 9.8 pts (2.7) pts 56.5 % 62.2 % (5.7) pts Trust Fees to Total Revenue (FTE) - Non-GAAP (3) 59.6 % 49.9 % 60.6 % 61.2 % 62.3 % 9.7 pts (2.7) pts 56.3 % 62.1 % (5.8) pts Net Interest Spread - GAAP (4) 1.01 % 0.97 % 0.89 % 0.94 % 0.85 % 0.04 pts 0.16 pts 0.96 % 0.83 % 0.13 pts Net Interest Spread (FTE) - Non-GAAP (4) 1.03 % 0.99 % 0.91 % 0.97 % 0.86 % 0.04 pts 0.17 pts 0.98 % 0.84 % 0.14 pts Net Interest Margin - GAAP (5) 1.80 % 1.79 % 1.73 % 1.78 % 1.68 % 0.01 pts 0.12 pts 1.77 % 1.68 % 0.09 pts Net Interest Margin (FTE) - Non-GAAP (5) 1.83 % 1.81 % 1.75 % 1.81 % 1.70 % 0.02 pts 0.13 pts 1.79 % 1.69 % 0.10 pts (1) (2) (3) (4) (5) 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). 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. Pre-Tax Margin is calculated by dividing income before income taxes by total revenue. Pre-Tax Margin on an FTE basis is calculated by dividing income before income taxes on an FTE basis by total revenue on an FTE basis. 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. 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. Year-to Date RATIOS RECONCILIATION TO FULLY TAXABLE EQUIVALENT Northern Trust Corporation 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. Q3 2026 vs. Page 11