Northern Trust Corp

NTRS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Northern Trust Earnings: Strong Quarter but Strength Was Largely Anticipated

Rajiv Bhatia

Jul 22, 2026

On an absolute basis, Northern Trust reported a strong quarter with underlying revenue growth of 13% (including net interest income growth of 11%) and adjusted expense growth of 5%. Returns on equity, excluding notable items, were 17% by our calculations, and up from 16% last year.

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Northern Trust Corp

Northern Trust Earnings: Strong Quarter but Strength Was Largely Anticipated

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