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Sentiment · FY2026 Q2
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.
Demand | Margin | Revenue Growth | Competitive Dynamics | Cost Pressure | Capital Allocation | Credit | Macroeconomic | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 7 | 4 | 4 | 3 | 2 | 2 | |
| 2025Q1 | 7 | 3 | 6 | 3 | 4 | 3 | 2 | |
| 2025Q2 | 5 | 4 | 2 | 5 | 4 | 2 | ||
| 2025Q3 | 4 | 4 | 2 | 6 | 2 | 4 | 1 | |
| 2025Q4 | 3 | 6 | 5 | 2 | 2 | 1 | 2 | 1 |
| 2026Q1 | 7 | 4 | 4 | 2 | 2 | 2 | 4 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 4 | 7 | 5 | 4 | 3 | 7 |
| Margin | 7 | 3 | 4 | 4 | 6 | 4 |
| Revenue Growth | 4 | 6 | 2 | 2 | 5 | 4 |
| Competitive Dynamics | 4 | 3 | 5 | 6 | 2 | 2 |
| Cost Pressure | 3 | 4 | 2 | 2 | 2 | |
| Capital Allocation | 2 | 3 | 4 | 1 | 2 | |
| Credit | 2 | 4 | 2 | 4 | ||
| Macroeconomic | 2 | 2 | 1 | 1 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $3.68B | +12.7% | $2.26 | +334.6% | 16.2% | 12.4% |
| FY2025 Q1 | $3.51B | -1.4% | $1.90 | +97.9% | 14.8% | 11.2% |
| FY2025 Q2 | $3.60B | -23.4% | $2.13 | -50.9% | 15.7% | 11.7% |
| FY2025 Q3 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ebrahim Poonawala | Bank of America | 12 (0%) |
| David Smith | Truist Securities | 12 (0%) |
| Glenn Schorr | Evercore ISI |
| $3.58B |
| -9.1% |
| $2.29 |
| +3.2% |
| 17.3% |
| 12.8% |
| FY2025 Q4 | $3.61B | -1.8% | $2.42 | +7.1% | 17.3% | 12.9% |
| FY2026 Q1 | $3.79B | +7.8% | $2.71 | +42.6% | 18.5% | 13.9% |
| FY2026 Q2 | $4.21B | +17.0% | $4.23 | +98.6% | 25.3% | 18.8% |
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).
| 11 (0%) |
| Gerard Cassidy | RBC Capital Markets | 11 (0%) |
| Brennan Hawken | BMO Capital Markets | 11 (27%) |
| Ken Usdin | Autonomous Research | 9 (0%) |
| Mike Mayo | Wells Fargo | 9 (67%) |
| Betsy Graseck | Morgan Stanley | 9 (0%) |
| Alex Blostein | Goldman Sachs | 8 (0%) |
| Steve Chubak | Wolfe Research | 6 (33%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| RBC Capital Markets | 2 | 13 (0%) |
| Bank of America | 1 | 12 (0%) |
| Morgan Stanley | 2 | 12 (0%) |
| Truist Securities | 1 | 12 (0%) |
| Autonomous Research | 2 | 11 (0%) |
| BMO Capital Markets | 1 | 11 (27%) |
| Evercore ISI | 1 | 11 (0%) |
| Wells Fargo | 1 | 9 (67%) |
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.
“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.
“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.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NTRS Northern Trust | 9 | +7.8% | |
| AMP Ameriprise Financial | 8 | +9.0% | |
| ARES Ares Management Corporation | 9 | +40.8% | |
| BEN Franklin Resources | 8 | +8.7% | |
| BLK BlackRock | 9 | +26.9% | |
| BNY BNY Mellon | 9 | +2.2% | |
| BX Blackstone Inc. | 8 | +39.3% | |
| IVZ Invesco | 8 | +14.1% | |
| KKR KKR | 7 | +31.0% | |
| STT State Street Corporation | 9 | +2.2% | |
| TROW T. Rowe Price | 6 | +5.3% |