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Material event since the last analyzed call: CFO to retire around March 31, 2027; company begins search for successor (Sep 29, 2026). See corporate events below.
Pre-Earnings Brief
Reporting soon: earnings call Wednesday, Oct 21
A pre-earnings brief is ready for NTRS: the setup, what peers and partners said this season, and which analysts to watch.Reading it is a Tellvest Pro feature.
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
Analyst
Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Northern Trust extended its positive operating leverage streak to seven consecutive quarters, posting record NII of $662 million, up 15% year-over-year, and EPS of $2.71, up 43%. Trust fees grew 11% with strong organic growth, and asset servicing margin expanded to 28.3%. Capital markets revenue surged 34% on elevated volatility, and ROE reached 17.4%. Management raised FY2026 NII guidance to mid-to-high single digits from low-to-mid. Digital asset client onboarding accelerated, and the wealth management revenue-producer hiring push continued.
Key Themes10
positive📊 company
Seventh Consecutive Quarter Of Positive Operating Leverage
Generated over 700 basis points of positive operating leverage with pretax margin expanding nearly 500 basis points to 32% and EPS growing 43% year-over-year.
Margin
positive📊 company
Record NII Of $662M, Up 15% YOY
Net interest income on FTE basis reached a new quarterly record of $662 million, up 15% year-over-year, driven by higher deposit levels, favorable repricing and deposit pricing actions.
Revenue Growth
positive📊 company
Trust Fees Up 11% With Strong Organic Growth
Trust fees increased 11% year-over-year driven by favorable markets, currency and new business generation, with all three businesses delivering positive organic growth.
Revenue GrowthDemand
positive📊 company
Asset Servicing Margin Expansion To 28.3%
Asset Servicing pretax margin expanded 740 basis points year-over-year to 28.3%, approaching the high-20s target, benefiting from deposits, capital markets and disciplined new business approach.
Margin
positive📊 company
Capital Markets Revenue Up 34% On Elevated Volatility
Capital markets activities grew 34% year-over-year including robust FX and core brokerage fees, driven by elevated macro volatility and continued integrated trading solutions adoption.
Revenue GrowthDemand
positive📊 company
NII Guidance Raised To Mid-To-High Single Digits
Full year NII guidance raised to mid-to-high single digits from low-to-mid single digits, supported by deposit growth, back book repricing and deposit pricing actions not yet lapped.
Guidance ReliabilityRevenue Growth
positive📊 company
AI Strategy Anchored In Three Outcomes
AI strategy focused on hyper-personalization (One Wealth Assistant), AI-generated alpha (research and portfolio construction), and infinite scalability (digitizing work through agents).
Cloud & AIInnovation & R&D
positive📊 company
Digital Asset Client Onboarding Accelerating
Onboarded 5 new digital asset clients for custody and servicing of tokenized real-world assets, US stablecoins, European money market funds and carbon credits. Launched tokenized money market fund share class.
Innovation & R&DProduct Launch
positive📊 company
Wealth Management Revenue-Producer Hiring Push
Plans to increase revenue-generating roles by high-single-digit percentages by year-end, with significant increases in critical producer roles. Digital channel opportunities grew nearly 50% YOY.
DemandGeographic Expansion
mixed📊 company
AUC/A And AUM Down Sequentially On Market Pullback
Assets under custody/administration and AUM both down 1% sequentially reflecting market volatility, though up 10% and 11% year-over-year respectively.
With the Visa shares become available to you guys this year. Can you maybe just talk through the amount of proceeds you expect the use of these proceeds and timing when it comes to potentially bigg...
Can we talk through maybe the areas where you see the most opportunity to accelerate growth? And ultimately, what you think Northern's organic fee growth, so, ex markets, should look like over the ...
So Dave, you flagged strength as far as the deposit growth goes. And it looks like a lot of -- from the presentation, a lot of the deposit growth was driven by the servicing business. You also flag...
Is the organic growth in that business less tied to deposits the way we normally think about that, and therefore, that's the divergence? And also maybe could you give a little color around your new...
do you expect over time, all the major businesses to be doing 3% organic? Or medium term, would you expect to get there for the company as a whole, but some to be above and some to be below?
Can you help us get a sense of where organic growth is today and where you were a year ago? We know GFO is above average, but is Asset Servicing and the regional part of Wealth fairly positive toda...
As we think about the sustainability of the ROE or the pretax margin, just maybe frame for us where you think there might be a little bit of cyclical tailwinds that's leading to over-earning on the...
Maybe talk to us around the win rate and the competitive landscape there and just the evolution of that client once they are on board, how do you think about just the growth runway and the opportun...
Can you share with us what are you guys seeing in the credit quality trends? They're very strong, we understand that. Have things changed meaningfully from the financial crisis and pandemic that cu...
just given the higher for longer environment, how do you think just about duration of the securities portfolio and any other changes to that? Or is it really more of a wait and see because you're n...
can you just remind us of the rule of thumb to think about if the Fed balance sheet continues to shrink over time, how insulated is your balance sheet from that in terms of deposits?
Can you help us just think through how we should think about, I guess, expense growth this year? Are there any investments that were maybe got pushed out? Any timing differences or anything else we...
you're still guiding for 100 basis points of operating leverage this year, but you had over 700 basis points of operating leverage in the first quarter. Is the reason for no change in that guide ju...
why now do you look to increase the wealth producers? And what's your pitch? Because I think every -- literally every large bank, large brokerage firm is looking to expand wealth at this time. What...
The margin in Asset Servicing has expanded nicely, but in Wealth, the margin was flat year-on-year despite like some strong revenue growth. So just wanted to understand like what are the components...
What NTRS and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
Companies NTRS discussed
2 mentions
Envestnetnot trackedFY2026 Q1Partner
“Our institutional quality direct indexing capabilities became available on Envestnet's platform, the largest independent TAMP, which supports approximately 1/3 of all financial advisers in the U.S.”
Northern Trust's direct-indexing capabilities became available on Envestnet's platform, the largest independent TAMP, reaching ~1/3 of U.S. financial advisers.
Igneonot trackedFY2026 Q1Customer
“These included Igneo's planned second quarter launch of a new private equity fund focusing on energy infrastructure in Europe, further expanding our global relationship across Europe, Australia and the U.S.”
Northern Trust won a mandate for Igneo's planned Q2 launch of a European energy-infrastructure private equity fund, expanding the relationship across Europe, Australia and the U.S.
Corporate events
Filed after the FY2026 Q1 call day (Apr 21, 2026) through the next call day (Jul 22, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Key financials
FY2026 Q1 selectedReported GAAP figures from SEC filings
The table scrolls sideways. Swipe it, or select it and use the arrow keys.
Quarter
Revenue
Rev YoY
EPS
EPS YoY
Net margin
FY2024 Q4
$3.68B
+12.7%
$2.26
+334.6%
12.4%
FY2025 Q1
$3.51B
-1.4%
$1.90
+97.9%
11.2%
FY2025 Q2
$3.60B
-23.4%
$2.13
-50.9%
11.7%
FY2025 Q3
$3.58B
-9.1%
$2.29
+3.2%
12.8%
FY2025 Q4
$3.61B
-1.8%
$2.42
+7.1%
12.9%
FY2026 Q1Selected
$3.79B
+7.8%
$2.71
+42.6%
13.9%
FY2026 Q2
$4.21B
+17.0%
$4.23
+98.6%
18.8%
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“$2.71 EPS, up 43% YoY”
Revenue
“Total revenue rose 14% YoY; trust fees up 11%”
Guidance
“FY2026 NII raised to mid-to-high single digits (from low-to-mid); operating leverage >100bp reiterated”
Key metric
“Record NII $662M; ROE 17.4%; AS pretax margin 28.3%”
Northern Trust extended its positive operating leverage streak to seven consecutive quarters, posting record NII of $662 million, up 15% year-over-year, and EPS of $2.71, up 43%.
PositiveSeventh Consecutive Quarter Of Positive Operating Leverage
PositiveRecord NII Of $662M, Up 15% YOY
PositiveTrust Fees Up 11% With Strong Organic Growth
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
10%
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
Sources.Tellvest earnings-call sentiment score for Northern Trust (NTRS), FY2026 Q1: 9/10. Scores: Northern Trust’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: NTRS daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Quarter
company-level, not the selected quarter
GAAP revenue YoY +7.77% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base6Base 6GAAP revenue YoY +7.77% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript+1Transcript +1Bank Tier 2: revenue YoY 7.77% (base 6, 3-7% band). No notables in either Q1 2026 or Q1 2025. Management states total revenue rose 14% (base 7, 8-14% band). Gap between GAAP revenue and management-reported total revenue reflects bank revenue classification differences. Band gap = 7 - 6 = 1 → tx = +1.+EPS+1EPS +1Vendor OI cross-check (oi_yoy +34.37%, operating income spread +26.60 percentage points) inadmissible: NTRS files no us-gaap OperatingIncomeLoss concept (no-oi-subtotal.ts line 73), so operating_income is a vendor reconstruction, not a reported figure. Dropped as corroboration. +1 (operating leverage) rests on the admissible filed GAAP EPS-vs-revenue spread: reported GAAP EPS +42.63% vs GAAP rev +7.77% = +34.86 percentage points, and +28.63 percentage points against management total revenue +14%, outside +5 percentage points on either basis so +1 is robust to the revenue basis. Corroborated by (1) filed net income growth ~+35% (EPS +42.63% net of the 5% YoY share-count reduction, $359M repurchased in the quarter) vs rev +14% = well above the band, so the EPS jump is operating and not merely a buyback artifact, and (2) management-stated firm operating measures on the call: CEO Michael O'Grady 'we generated more than 700 basis points of positive operating leverage, driving our pretax margin up nearly 500 basis points to 32% and fueling EPS growth of 43%' and CFO David Fox '740 basis points of total operating leverage' with pretax margin 'up nearly 500 basis points year-over-year' to 32% (expenses +6% vs revenue +14%), plus 'seventh consecutive quarter of positive... operating leverage'. Pretax margin expansion is an above-the-tax, above-the-share-count operating measure, so the spread is operational, not a below-the-line/EPS-denominator artifact. Override stays false (the mechanical GAAP EPS-vs-revenue answer is already +1; the management operating-leverage figures corroborate, they do not drive).+Guidance+1Guidance +1Decision gate: Is this the first time FY2026 guidance was introduced? NO, FY2026 NII guidance was introduced in Q4 2025 (low-to-mid single digits). This is a revision. Old: low-to-mid single digits (midpoint ~3.5%). New: mid-to-high single digits (midpoint ~6.5%). Dollar-implied change = (1.065 - 1.035) / 1.035 = 2.90% → <3%. Both midpoint fields null (growth-rate guidance). Operating leverage and shareholder return guidance reiterated (no change → 0).=Final9
How this score was built
Base6Base 6GAAP revenue YoY +7.77% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript+1Transcript +1Bank Tier 2: revenue YoY 7.77% (base 6, 3-7% band). No notables in either Q1 2026 or Q1 2025. Management states total revenue rose 14% (base 7, 8-14% band). Gap between GAAP revenue and management-reported total revenue reflects bank revenue classification differences. Band gap = 7 - 6 = 1 → tx = +1.+
191.47
122.72
6
8
9
Oct 25Oct 26
EPS+1EPS +1Vendor OI cross-check (oi_yoy +34.37%, operating income spread +26.60 percentage points) inadmissible: NTRS files no us-gaap OperatingIncomeLoss concept (no-oi-subtotal.ts line 73), so operating_income is a vendor reconstruction, not a reported figure. Dropped as corroboration. +1 (operating leverage) rests on the admissible filed GAAP EPS-vs-revenue spread: reported GAAP EPS +42.63% vs GAAP rev +7.77% = +34.86 percentage points, and +28.63 percentage points against management total revenue +14%, outside +5 percentage points on either basis so +1 is robust to the revenue basis. Corroborated by (1) filed net income growth ~+35% (EPS +42.63% net of the 5% YoY share-count reduction, $359M repurchased in the quarter) vs rev +14% = well above the band, so the EPS jump is operating and not merely a buyback artifact, and (2) management-stated firm operating measures on the call: CEO Michael O'Grady 'we generated more than 700 basis points of positive operating leverage, driving our pretax margin up nearly 500 basis points to 32% and fueling EPS growth of 43%' and CFO David Fox '740 basis points of total operating leverage' with pretax margin 'up nearly 500 basis points year-over-year' to 32% (expenses +6% vs revenue +14%), plus 'seventh consecutive quarter of positive... operating leverage'. Pretax margin expansion is an above-the-tax, above-the-share-count operating measure, so the spread is operational, not a below-the-line/EPS-denominator artifact. Override stays false (the mechanical GAAP EPS-vs-revenue answer is already +1; the management operating-leverage figures corroborate, they do not drive).
+
Guidance+1Guidance +1Decision gate: Is this the first time FY2026 guidance was introduced? NO, FY2026 NII guidance was introduced in Q4 2025 (low-to-mid single digits). This is a revision. Old: low-to-mid single digits (midpoint ~3.5%). New: mid-to-high single digits (midpoint ~6.5%). Dollar-implied change = (1.065 - 1.035) / 1.035 = 2.90% → <3%. Both midpoint fields null (growth-rate guidance). Operating leverage and shareholder return guidance reiterated (no change → 0).
Northern Trust extended its positive operating leverage streak to seven consecutive quarters, posting record NII of $662 million, up 15% year-over-year, and EPS of $2.71, up 43%
Revenue rose 27% year over year to $6.7 billion and as-adjusted earnings per share of $12.53 was 11% higher, as $130 billion of net inflows drove 8% organic base fee growth, BlackRock's seventh consecutive quarter at or above 5%
Record quarterly revenue of $3.8 billion grew 16% excluding notable items with fee revenue surging 15% and NII breaking out at 17% growth, as State Street achieved its ninth straight quarter of operating leverage