NORTHERN TRUST CORP (Form: 8-K, Received: 01/22/2026 07:04:14)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM			8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 22, 2026

NORTHERN TRUST CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

001-36609

36-2723087

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

50 South LaSalle Street

60603

Chicago,

Illinois

(Zip Code)

(Address of principal executive offices)

Registrant’s telephone number, including area code (312) 630-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $1.66 2/3 Par Value	NTRS	The NASDAQ Stock Market LLC
Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred Stock	NTRSO	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition

The information contained in the registrant’s January 22, 2026 press release, reporting on the registrant’s earnings for the three and twelve months ended December 31, 2025, a copy of which is attached as Exhibit 99.1 hereto, is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure

On January 22, 2026, Northern Trust Corporation (the “Corporation”) will hold a live conference call and webcast to discuss financial results for the three and twelve months ended December 31, 2025 and other matters relating to the Corporation. In connection therewith, the Corporation has also made available on its website presentation materials containing certain information relating to the Corporation (the “Presentation Materials”) and materials that contain additional information about the Corporation’s financial results for the three and twelve months ended December 31, 2025 (the “Financial Trends”), copies of which are attached as Exhibits 99.2 and 99.3 hereto, and are incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

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

(d) Exhibits:


			Exhibit Number			Description
			99.1			Press Release
			99.2			Presentation Materials
			99.3			Financial Trends
			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:

January 22, 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: Jennifer Childe | 312-444-3290 | Jennifer.Childe@ntrs.com MEDIA CONTACT: John O'Connell | 312-444-2388  | John.O'Connell@ntrs.com

NORTHERN TRUST CORPORATION REPORTS FOURTH QUARTER
NET INCOME OF $466.0 MILLION, EARNINGS PER DILUTED COMMON SHARE OF $2.42

CHICAGO, JANUARY 22, 2026 — Northern Trust Corporation today reported fourth quarter net income per diluted common share of $2.42, compared to $2.29 in the third quarter of 2025 and $2.26 in the fourth quarter of 2024. Net income was $466.0 million, compared to $457.6 million in the prior quarter and $455.4 million in the prior-year quarter.

Fourth Quarter 2025 results included the following notable items:

•$19.2 million (pre-tax) of expense related to the Visa Class B swaps, recognized in Other Operating Income (after-tax $14.5 million).

•$49.3 million (pre-tax) impact to Noninterest Expense from notable items (after-tax $37.3 million):

◦$58.8 million (pre-tax) of severance-related charges (after-tax $44.5 million), $58.2 million recognized in Compensation expense and $0.6 million recorded to Outside Services expense.

◦$9.5 million (pre-tax) release of the Federal Deposit Insurance Corporation (FDIC) special assessment reserve, recognized as a credit to Other Operating Expense (after-tax $7.2 million).


MICHAEL O’GRADY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER:
“Northern Trust delivered strong fourth quarter results, marking another year of successful execution of our One Northern Trust strategic priorities and positioning the company for continued performance in 2026. Mid-single-digit trust fee growth, double digit net interest income and disciplined expense management drove positive operating leverage of four points in the fourth quarter and more than two points for the full year, both excluding notables. Our return on equity in both periods was at the high end of our target range, enabling us to return record capital to our shareholders. We move into the new year with strong momentum across all our businesses and a clear focus on accelerating growth, sustaining positive operating leverage and creating enduring value for all stakeholders.”


FINANCIAL SUMMARY & KEY METRICS
										% Change Q4 2025 vs.
($ In Millions except per share data)	Q4 2025			Q3 2025			Q4 2024			Q3 2025		Q4 2024
Trust, Investment and Other Servicing Fees	$	1,307.4		$	1,265.5		$	1,222.2		3	%	7	%
Other Noninterest Income	174.1			169.1			173.6			3		—
Net Interest Income (FTE*)	654.3			596.3			574.3			10		14
Total Revenue (FTE*)	$	2,135.8		$	2,030.9		$	1,970.1		5	%	8	%

Noninterest Expense	$	1,497.3		$	1,422.9		$	1,375.9		5	%	9	%
Provision for Credit Losses	(8.0)			(17.0)			(10.5)			N/M		N/M
Provision for Income Taxes	167.8			161.9			138.8			4		21
FTE Adjustment*	12.7			5.5			10.5			134		20
Net Income	$	466.0		$	457.6		$	455.4		2	%	2	%

Earnings Allocated to Common and Potential Common Shares	$	457.0		$	437.2		$	447.0		5	%	2	%
Diluted Earnings per Common Share	$	2.42		$	2.29		$	2.26		6		7
Return on Average Common Equity	15.4		%	14.8		%	15.3		%
Average Assets	$	154,925.7		$	151,041.5		$	146,570.2		3	%	6	%

(*) 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 FOURTH QUARTER 2025 RESULTS


CLIENT ASSETS
Assets under custody/administration (AUC/A) and assets under management are a driver of the Corporation’s trust, investment and other servicing fees, the largest component of noninterest income.
	As of						% Change December 31, 2025 vs.
($ In Billions)	December 31, 2025*		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Assets Under Custody/Administration
Asset Servicing	$	17,418.4	$	16,990.4	$	15,640.1	3	%	11	%
Wealth Management	1,297.7		1,257.2		1,147.9		3		13
Total Assets Under Custody/Administration	$	18,716.1	$	18,247.6	$	16,788.0	3	%	11	%
Assets Under Custody(1)
Asset Servicing	$	13,604.8	$	13,195.0	$	12,214.0	3	%	11	%
Wealth Management	1,284.3		1,244.1		1,135.2		3		13
Total Assets Under Custody	$	14,889.1	$	14,439.1	$	13,349.2	3	%	12	%
Assets Under Management
Asset Servicing	$	1,296.0	$	1,280.1	$	1,159.7	1	%	12	%
Wealth Management	507.2		492.6		450.7		3		13
Total Assets Under Management	$	1,803.2	$	1,772.7	$	1,610.4	2	%	12	%

(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-K 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.

Total assets under management increased compared to the prior-year quarter primarily reflecting favorable markets and net new business.


TRUST, INVESTMENT AND OTHER SERVICING FEES
							% Change Q4 2025 vs.
($ In Millions)	Q4 2025		Q3 2025		Q4 2024		Q3 2025		Q4 2024

Asset Servicing
Custody and Fund Administration	$	496.4	$	482.7	$	456.9	3	%	9	%
Investment Management	165.8		159.6		156.9		4		6
Securities Lending	23.1		21.2		20.4		8		13
Other	44.3		43.4		41.3		2		7
Total Asset Servicing Trust, Investment and Other Servicing Fees	$	729.6	$	706.9	$	675.5	3	%	8	%

Wealth Management
Central	$	207.1	$	200.6	$	195.3	3	%	6	%
East	149.2		146.0		140.7		2		6
West	114.2		110.5		110.0		3		4
Global Family Office (GFO)	107.3		101.5		100.7		6		7
Total Wealth Management Trust, Investment and Other Servicing Fees	$	577.8	$	558.6	$	546.7	3	%	6	%

Total Consolidated Trust, Investment and Other Servicing Fees	$	1,307.4	$	1,265.5	$	1,222.2	3	%	7	%

Asset Servicing and Wealth Management Trust, Investment and Other Servicing Fees are impacted by both one-month and one-quarter lagged asset values.

Total Asset Servicing Trust, Investment and Other Servicing Fees increased both sequentially and from the prior-year quarter.

▪Custody and Fund Administration fees increased from the prior-year quarter primarily due to favorable markets, net new business, and favorable currency movements.

▪Investment Management fees increased from the prior-year quarter primarily due to favorable markets.

Total Wealth Management Trust, Investment and Other Servicing Fees increased both sequentially and from the prior-year quarter.

▪Fees in the regions increased from the prior-year quarter primarily due to favorable markets.

▪Fees in GFO increased both sequentially and from the prior-year quarter primarily due to asset inflows and favorable markets.


NORTHERN TRUST CORPORATION FOURTH QUARTER 2025 RESULTS


REPORTING SEGMENT RESULTS
										% Change Q4 2025 vs.
($ In Millions)	Q4 2025			Q3 2025			Q4 2024			Q3 2025		Q4 2024
Income (Loss) before Income Taxes (FTE*)(1)
Asset Servicing	$	325.8		$	294.4		$	264.1		11	%	23	%
Wealth Management	341.8			342.4			351.0			—		(3)
Other	(21.1)			(11.8)			(10.4)			79		103
Total Income before Income Taxes (FTE*)	$	646.5		$	625.0		$	604.7		3	%	7	%

Profit Margin (pre-tax) (FTE*)(1)
Asset Servicing	25.5		%	24.7		%	23.4		%	0.8	pts	2.1	pts
Wealth Management	38.9			40.5			41.9			(1.6)		(3.0)
Total Profit Margin (pre-tax) (FTE*)	30.3			30.8			30.7			(0.5)		(0.4)

Average Loans
Asset Servicing	$	5,746.0		$	5,399.9		$	6,272.6		6	%	(8)	%
Wealth Management	34,812.3			36,100.7			34,897.3			(4)		—
Total Average Loans	$	40,558.3		$	41,500.6		$	41,169.9		(2)	%	(1)	%

Average Deposits
Asset Servicing	$	92,611.0		$	90,195.3		$	87,212.9		3	%	6	%
Wealth Management	26,572.2			25,370.4			25,256.6			5		5
Other	646.0			1,134.9			70.3			(43)		N/M
Total Average Deposits	$	119,829.2		$	116,700.6		$	112,539.8		3	%	6	%

(1) The current quarter severance-related charges are allocated to the Reporting Segments with $43.6 million allocated to Asset Servicing and $15.2 million allocated to Wealth Management. The expense related to the Visa Class B Swaps and the release of the FDIC special assessment reserve are retained within Other.

(*) Income (Loss) before Income Taxes and Profit Margin (pre-tax) presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principles (non-GAAP) financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.

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 Q4 2025 vs.
($ In Millions)	Q4 2025		Q3 2025		Q4 2024		Q3 2025		Q4 2024
Other Noninterest Income
Foreign Exchange Trading Income	$	74.3	$	57.2	$	61.7	30	%	21	%
Treasury Management Fees	9.9		9.5		9.2		5		8
Security Commissions and Trading Income	49.9		41.8		42.8		19		17
Other Operating Income	40.0		60.6		59.9		(34)		(33)

Total Other Noninterest Income	$	174.1	$	169.1	$	173.6	3	%	—	%

Foreign Exchange Trading Income increased sequentially due to lower foreign exchange swap activity executed by our Treasury department and higher volumes driven by growth in outsourced client activity. Foreign Exchange Trading Income increased compared to the prior-year quarter primarily due to higher volumes driven by growth in outsourced client activity.

Other Operating Income decreased sequentially and compared to the prior-year quarter due to $19.2 million of expense associated with the Visa Class B swaps in the current quarter.


NORTHERN TRUST CORPORATION FOURTH QUARTER 2025 RESULTS


NET INTEREST INCOME
										% Change Q4 2025 vs.
($ In Millions)	Q4 2025			Q3 2025			Q4 2024			Q3 2025		Q4 2024
Net Interest Income
Interest Income (FTE*)	$	2,139.3		$	2,149.8		$	2,290.5		—	%	(7)	%
Interest Expense	1,485.0			1,553.5			1,716.2			(4)		(13)
Net Interest Income (FTE*)	$	654.3		$	596.3		$	574.3		10	%	14	%
Average Earning Assets	$	143,038.1		$	139,338.9		$	133,684.0		3	%	7	%
Net Interest Margin (FTE*)	1.81		%	1.70		%	1.71		%	11	bps	10	bps

(*) Interest income, net interest income and net interest margin presented on an FTE basis are non-GAAP financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.

bps - basis points

Net Interest Income on an FTE basis increased sequentially primarily due to higher deposits, a favorable deposit mix and lower funding costs, partially offset by lower foreign exchange swap activity executed by our Treasury department. Net Interest Income on an FTE basis increased compared to the prior-year quarter primarily driven by higher deposits and lower funding costs.

The Net Interest Margin on an FTE basis increased sequentially primarily driven by lower funding costs and a favorable deposit mix. The Net Interest Margin on an FTE basis increased compared to the prior-year quarter primarily driven by lower funding costs.

Average Earning Assets increased sequentially and compared to the prior-year quarter primarily due to increases in placements with the Federal Reserve and other central banks and in the investment securities portfolio driven by higher deposit levels.


PROVISION FOR CREDIT LOSSES
	As of and for the three-months ended,						% Change December 31, 2025 vs.
($ In Millions)	December 31, 2025		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Allowance for Credit Losses
Beginning Allowance for Credit Losses	$	206.7	$	224.1	$	220.0	(8)	%	(6)	%
Provision for Credit Losses	(8.0)		(17.0)		(10.5)		N/M		N/M
Net Recoveries (Charge-offs)	(0.4)		(0.4)		(3.4)		N/M		N/M
Ending Allowance for Credit Losses	$	198.3	$	206.7	$	206.1	(4)	%	(4)	%
Allowance assigned to:
Loans	$	164.3	$	164.4	$	168.0	—	%	(2)	%
Undrawn Loan Commitments and Standby Letters of Credit	23.3		32.1		30.4		(27)		(23)
Debt Securities and Other Financial Assets	10.7		10.2		7.7		5		40
Ending Allowance for Credit Losses	$	198.3	$	206.7	$	206.1	(4)	%	(4)	%

N/M - Not meaningful

Q4 2025

The negative provision in the current quarter resulted from a decrease in collective reserves primarily driven by refinements to factors used to estimate losses for the Commercial and Institutional (C&I) portfolio.

Q3 2025

The negative provision in the prior 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.

Q4 2024

The negative provision in the prior-year quarter resulted from a decrease in both the collective and individual reserves. The decrease in collective reserve was primarily driven by an improvement in credit quality in the C&I portfolio. The decrease in individual reserves was driven by the partial charge-off of a C&I loan.


NORTHERN TRUST CORPORATION FOURTH QUARTER 2025 RESULTS


NONINTEREST EXPENSE
							% Change Q4 2025 vs.
($ In Millions)	Q4 2025		Q3 2025		Q4 2024		Q3 2025		Q4 2024
Noninterest Expense
Compensation	$	686.8	$	625.3	$	595.2	10	%	15	%
Employee Benefits	119.5		115.2		107.3		4		11
Outside Services	248.1		248.2		251.5		—		(1)
Equipment and Software	301.1		294.2		274.4		2		10
Occupancy	56.4		55.0		54.1		2		4
Other Operating Expense	85.4		85.0		93.4		—		(9)
Total Noninterest Expense	$	1,497.3	$	1,422.9	$	1,375.9	5	%	9	%
End of Period Full-Time Equivalent Employees	23,800		23,600		23,300		1	%	2	%

Compensation expense increased sequentially primarily due to a $58.2 million severance charge in the current quarter. Compensation expense increased compared to the prior-year quarter primarily due to the current quarter severance charge, increased headcount, unfavorable currency movement, and annual base pay adjustments.

Employee Benefits increased compared to the prior-year quarter primarily driven by higher medical costs and higher payroll taxes.

Equipment and Software expense increased compared to the prior-year quarter primarily due to higher software amortization and software support expense.


PROVISION FOR INCOME TAXES
										% Change Q4 2025 vs.
($ In Millions)	Q4 2025			Q3 2025			Q4 2024			Q3 2025		Q4 2024
Net Income
Income before Income Taxes	$	633.8		$	619.5		$	594.2		2%		7%
Provision for Income Taxes	167.8			161.9			138.8			4		21
Net Income	$	466.0		$	457.6		$	455.4		2%		2%
Effective Tax Rate	26.5		%	26.1		%	23.4		%	40	bps	310	bps

bps - basis points

The effective tax rate increased sequentially and compared to the prior-year quarter primarily driven by a higher net tax impact from international operations, partially offset by higher current-quarter discrete tax benefits.


CAPITAL ACTIONS

The Corporation returned $521.6 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 $151.8 million to common stockholders and maintained its quarterly cash dividend of $0.80 per share on common stock from the previous quarter. The Corporation repurchased 2,850,093 shares of common stock, including 12,499 withheld to satisfy tax withholding obligations related to share-based compensation, at a total cost of $369.8 million ($129.77 average price per share). The Corporation also declared cash dividends totaling $4.7 million to preferred stockholders during the current quarter.


NORTHERN TRUST CORPORATION FOURTH QUARTER 2025 RESULTS


REGULATORY CAPITAL

The capital ratios of Northern Trust Corporation and its principal subsidiary, The Northern Trust Company, remained strong at December 31, 2025, exceeding the minimum requirements for classification as “well-capitalized” under applicable U.S. regulatory requirements.


($ In Millions)	Standardized Approach									Advanced Approach
Northern Trust Corporation	December 31, 2025*			September 30, 2025			December 31, 2024			December 31, 2025*			September 30, 2025			December 31, 2024			Well-Capitalized Ratios	Minimum Capital Ratios
Regulatory Capital
Common Equity Tier 1 Capital	$	11,192.5		$	11,199.3		$	11,038.2		$	11,192.5		$	11,199.3		$	11,038.2
Tier 1 Capital	12,008.5			12,028.1			11,870.2			12,008.5			12,028.1			11,870.2
Total Capital	14,304.2			13,581.9			13,423.2			14,105.8			13,375.2			13,217.3

Assets
Risk-Weighted Assets	$	89,015.4		$	90,033.7		$	88,939.7		$	74,843.6		$	74,329.4		$	75,920.9
Average Adjusted Total Assets	154,083.9			150,208.9			145,666.8			154,083.9			150,208.9			145,666.8
Supplementary Leverage Exposure	N/A			N/A			N/A			138,123.4			135,904.7			133,238.1

Capital Ratios
Common Equity Tier 1 Capital	12.6		%	12.4		%	12.4		%	15.0		%	15.1		%	14.5		%	N/A	4.5	%
Tier 1 Capital	13.5			13.4			13.3			16.0			16.2			15.6			6.0	6.0
Total Capital	16.1			15.1			15.1			18.8			18.0			17.4			10.0	8.0
Tier 1 Leverage	7.8			8.0			8.1			7.8			8.0			8.1			N/A	4.0
Supplementary Leverage	N/A			N/A			N/A			8.7			8.9			8.9			N/A	3.0


($ In Millions)	Standardized Approach									Advanced Approach
The Northern Trust Company	December 31, 2025*			September 30, 2025			December 31, 2024			December 31, 2025*			September 30, 2025			December 31, 2024			Well-Capitalized Ratios		Minimum Capital Ratios
Regulatory Capital
Common Equity Tier 1 Capital	$	10,582.2		$	10,437.7		$	9,983.8		$	10,582.2		$	10,437.7		$	9,983.8
Tier 1 Capital	10,582.2			10,437.7			9,983.8			10,582.2			10,437.7			9,983.8
Total Capital	12,530.5			11,644.4			11,241.7			12,332.2			11,437.7			11,035.8

Assets
Risk-Weighted Assets	$	87,698.3		$	88,698.8		$	87,742.1		$	72,595.0		$	72,031.5		$	73,677.7
Average Adjusted Total Assets	153,520.3			149,705.5			145,246.8			153,520.3			149,705.5			145,246.8
Supplementary Leverage Exposure	N/A			N/A			N/A			137,559.4			135,400.9			132,476.9

Capital Ratios
Common Equity Tier 1 Capital	12.1		%	11.8		%	11.4		%	14.6		%	14.5		%	13.6		%	6.5	%	4.5	%
Tier 1 Capital	12.1			11.8			11.4			14.6			14.5			13.6			8.0		6.0
Total Capital	14.3			13.1			12.8			17.0			15.9			15.0			10.0		8.0
Tier 1 Leverage	6.9			7.0			6.9			6.9			7.0			6.9			5.0		4.0
Supplementary Leverage	N/A			N/A			N/A			7.7			7.7			7.5			3.0		3.0

(*) Regulatory Capital, Risk-Weighted Assets and resulting ratios for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission.


NORTHERN TRUST CORPORATION FOURTH QUARTER 2025 RESULTS


RECONCILIATION TO FULLY TAXABLE EQUIVALENT

The following table presents a reconciliation of interest income, net interest income, net interest margin, total revenue, income before taxes, and profit margin (pre-tax) prepared in accordance with GAAP to such measures on an FTE non-GAAP basis. Management believes this presentation facilitates the analysis of asset yields and provides a clearer indication of these financial measures for comparative purposes. When adjusted to an FTE basis, yields on taxable, nontaxable and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income.


	QUARTERS
	2025												2024
($ in Millions)	FOURTH			THIRD			SECOND			FIRST			FOURTH
Net Interest Income
Interest Income - GAAP	$	2,126.6		$	2,144.3		$	2,212.8		$	2,140.9		$	2,280.0
Add: FTE Adjustment	12.7			5.5			4.7			5.6			10.5
Interest Income (FTE) - Non-GAAP	$	2,139.3		$	2,149.8		$	2,217.5		$	2,146.5		$	2,290.5

Net Interest Income - GAAP	$	641.6		$	590.8		$	610.5		$	568.1		$	563.8
Add: FTE Adjustment	12.7			5.5			4.7			5.6			10.5
Net Interest Income (FTE) - Non-GAAP	$	654.3		$	596.3		$	615.2		$	573.7		$	574.3

Net Interest Margin - GAAP(1)	1.78		%	1.68		%	1.68		%	1.67		%	1.68		%
Net Interest Margin (FTE) - Non-GAAP(1)	1.81		%	1.70		%	1.69		%	1.69		%	1.71		%

Total Revenue
Total Revenue - GAAP	$	2,123.1		$	2,025.4		$	1,997.9		$	1,940.0		$	1,959.6
Add: FTE Adjustment	12.7			5.5			4.7			5.6			10.5
Total Revenue (FTE) - Non-GAAP	$	2,135.8		$	2,030.9		$	2,002.6		$	1,945.6		$	1,970.1

Income before Income Taxes
Income before Income Taxes - GAAP	$	633.8		$	619.5		$	564.8		$	521.4		$	594.2
Add: FTE Adjustment	$	12.7		$	5.5		$	4.7		$	5.6		$	10.5
Income before Income Taxes (FTE) - Non-GAAP	$	646.5		$	625.0		$	569.5		$	527.0		$	604.7

Profit Margin (pre-tax) - GAAP(2)	29.9		%	30.6		%	28.3		%	26.9		%	30.3		%
Profit Margin (pre-tax) (FTE) - Non-GAAP(2)	30.3		%	30.8		%	28.4		%	27.1		%	30.7		%

(1) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.

(2) Profit margin (pre-tax) is calculated by dividing income before income taxes by total revenue.


NORTHERN TRUST CORPORATION FOURTH QUARTER 2025 RESULTS


FORWARD LOOKING STATEMENTS

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


WEBCAST OF FOURTH QUARTER EARNINGS CONFERENCE CALL

Northern Trust’s fourth quarter earnings conference call will be webcast on January 22, 2026.

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 December 31, 2025, Northern Trust had assets under custody/administration of US$18.7 trillion, and assets under management of US$1.8 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.


NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)


STATEMENT OF INCOME DATA										% Change(1)
($ In Millions Except Per Share Data)										Q4 2025 vs.
	Q4 2025			Q3 2025			Q4 2024			Q3 2025		Q4 2024
Noninterest Income
Trust, Investment and Other Servicing Fees	$	1,307.4		$	1,265.5		$	1,222.2		3	%	7	%
Foreign Exchange Trading Income	74.3			57.2			61.7			30		21
Treasury Management Fees	9.9			9.5			9.2			5		8
Security Commissions and Trading Income	49.9			41.8			42.8			19		17
Other Operating Income	40.0			60.6			59.9			(34)		(33)
Investment Security Gains (Losses), net	—			—			—			N/M		N/M
Total Noninterest Income	1,481.5			1,434.6			1,395.8			3		6

Net Interest Income
Interest Income	2,126.6			2,144.3			2,280.0			(1)		(7)
Interest Expense	1,485.0			1,553.5			1,716.2			(4)		(13)
Net Interest Income	641.6			590.8			563.8			9		14

Total Revenue	2,123.1			2,025.4			1,959.6			5		8

Provision for Credit Losses	(8.0)			(17.0)			(10.5)			N/M		N/M

Noninterest Expense
Compensation	686.8			625.3			595.2			10		15
Employee Benefits	119.5			115.2			107.3			4		11
Outside Services	248.1			248.2			251.5			—		(1)
Equipment and Software	301.1			294.2			274.4			2		10
Occupancy	56.4			55.0			54.1			2		4
Other Operating Expense	85.4			85.0			93.4			—		(9)
Total Noninterest Expense	1,497.3			1,422.9			1,375.9			5		9

Income before Income Taxes	633.8			619.5			594.2			2		7
Provision for Income Taxes	167.8			161.9			138.8			4		21
NET INCOME	$	466.0		$	457.6		$	455.4		2	%	2	%
Preferred Stock Dividends	4.7			16.2			4.7			(71)		—
NET INCOME APPLICABLE TO COMMON STOCK	$	461.3		$	441.4		$	450.7		5	%	2	%
Earnings Allocated to Participating Securities	4.3			4.2			3.7			2		17
Earnings Allocated to Common and Potential Common Shares	$	457.0		$	437.2		$	447.0		5	%	2	%

Per Common Share
Net Income
Basic	$	2.44		$	2.30		$	2.27		6	%	8	%
Diluted	2.42			2.29			2.26			6		7



Average Common Equity	$	11,893.5		$	11,822.1		$	11,692.6		1	%	2	%
Return on Average Common Equity	15.4		%	14.8		%	15.3		%


Cash Dividends Declared per Common Share	$	0.80		$	0.80		$	0.75		—	%	7	%

Average Common Shares Outstanding (000s)
Basic	187,532			190,054			197,241			(1)	%	(5)	%
Diluted	188,582			191,001			198,114			(1)		(5)
Common Shares Outstanding (EOP) (000s)	186,338			189,117			195,970			(1)		(5)

(1) Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.

N/M - Not meaningful

EOP - End of period


NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)


STATEMENT OF INCOME DATA
($ In Millions Except Per Share Data)	TWELVE MONTHS
	2025			2024			% Change(1)
Noninterest Income
Trust, Investment and Other Servicing Fees	$	5,017.8		$	4,727.8		6	%
Foreign Exchange Trading Income	240.8			231.2			4
Treasury Management Fees	38.7			35.7			8
Security Commissions and Trading Income	170.4			150.5			13
Other Operating Income	207.7			1,157.4			(82)
Investment Security Gains (Losses), net	—			(189.3)			N/M
Total Noninterest Income	5,675.4			6,113.3			(7)

Net Interest Income
Interest Income	8,624.6			9,762.3			(12)
Interest Expense	6,213.6			7,585.2			(18)
Net Interest Income	2,411.0			2,177.1			11

Total Revenue	8,086.4			8,290.4			(2)

Provision for Credit Losses	(7.5)			(3.0)			N/M

Noninterest Expense
Compensation	2,571.3			2,471.1			4
Employee Benefits	462.1			417.8			11
Outside Services	988.5			998.0			(1)
Equipment and Software	1,169.9			1,075.0			9
Occupancy	217.3			216.8			—
Other Operating Expense	345.3			455.2			(24)
Total Noninterest Expense	5,754.4			5,633.9			2

Income before Income Taxes	2,339.5			2,659.5			(12)
Provision for Income Taxes	602.6			628.4			(4)
NET INCOME	$	1,736.9		$	2,031.1		(14)	%
Preferred Stock Dividends	41.8			41.8			—
NET INCOME APPLICABLE TO COMMON STOCK	$	1,695.1		$	1,989.3		(15)	%
Earnings Allocated to Participating Securities	15.9			16.9			(6)
Earnings Allocated to Common and Potential Common Shares	$	1,679.2		$	1,972.4		(15)	%

Per Common Share
Net Income
Basic	$	8.78		$	9.80		(10)	%
Diluted	8.74			9.77			(11)



Average Common Equity	$	11,791.1		$	11,414.9		3	%
Return on Average Common Equity	14.4		%	17.4		%


Cash Dividends Declared per Common Share	$	3.10		$	3.00		3	%

Average Common Shares Outstanding (000s)
Basic	191,358			201,264			(5)	%
Diluted	192,247			201,870			(5)
Common Shares Outstanding (EOP) (000s)	186,338			195,970			(5)

(1)Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.

N/M - Not meaningful

EOP - End of period


NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)


BALANCE SHEET
($ In Millions)							% Change(1)
							December 31, 2025 vs.
	December 31, 2025		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Assets
Federal Reserve and Other Central Bank Deposits	$	53,456.0	$	49,328.9	$	38,774.9	8	%	38	%
Interest-Bearing Due from and Deposits with Banks(2)	6,540.8		6,404.5		5,563.7		2		18
Federal Funds Sold and Securities Purchased under Agreements to Resell	2,654.1		1,856.3		451.0		43		N/M
Debt Securities
Available for Sale	34,036.5		32,889.2		29,001.5		3		17
Held to Maturity	23,429.6		22,974.9		22,296.7		2		5

Total Debt Securities	57,466.1		55,864.1		51,298.2		3		12
Loans	41,948.3		42,949.4		43,390.6		(2)		(3)
Other Interest-Earning Assets(3)	4,128.9		2,676.2		2,749.6		54		50
Total Earning Assets	166,194.2		159,079.4		142,228.0		4		17
Allowance for Credit Losses	(175.0)		(174.6)		(175.5)		—		—
Cash and Due from Banks and Other Central Bank Deposits(4)	1,130.7		976.8		1,058.7		16		7
Buildings and Equipment	464.6		457.1		490.3		2		(5)
Goodwill	712.9		712.9		694.9		—		3
Other Assets	8,805.3		9,211.7		11,212.0		(4)		(21)
Total Assets	$	177,132.7	$	170,263.3	$	155,508.4	4	%	14	%
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
Savings, Money Market and Other	$	28,984.1	$	29,040.1	$	26,122.6	—	%	11	%
Savings Certificates and Other Time	6,418.9		7,358.7		5,731.7		(13)		12
Non-U.S. Offices - Interest-Bearing	80,046.1		73,509.9		66,274.9		9		21
Total Interest-Bearing Deposits	115,449.1		109,908.7		98,129.2		5		18
Federal Funds Purchased	2,141.1		1,751.9		2,159.5		22		(1)
Securities Sold under Agreements to Repurchase	292.2		371.5		462.0		(21)		(37)
Other Borrowings(5)	7,158.3		6,580.0		6,521.0		9		10
Senior Notes	3,351.5		2,847.2		2,769.7		18		21
Long-Term Debt	3,484.4		4,094.3		4,081.3		(15)		(15)
Total Interest-Bearing Liabilities	131,876.6		125,553.6		114,122.7		5		16
Demand and Other Noninterest-Bearing Deposits	27,348.6		25,892.4		24,353.5		6		12
Other Liabilities	4,949.6		5,861.3		4,243.8		(16)		17
Total Liabilities	164,174.8		157,307.3		142,720.0		4		15
Common Equity
Common Equity, excluding Accumulated Other Comprehensive Income	12,663.5		12,706.2		12,717.5		—		—
Accumulated Other Comprehensive Income (Loss)	(590.5)		(635.1)		(814.0)		(7)		(27)
Total Common Equity	12,073.0		12,071.1		11,903.5		—		1
Preferred Equity	884.9		884.9		884.9		—		—
Total Equity	12,957.9		12,956.0		12,788.4		—		1
Total Liabilities and Stockholders’ Equity	$	177,132.7	$	170,263.3	$	155,508.4	4	%	14	%

(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.


NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)


AVERAGE BALANCE SHEET
($ In Millions)							% Change(1)
							Q4 2025 vs.
	Q4 2025		Q3 2025		Q4 2024		Q3 2025		Q4 2024
Assets
Federal Reserve and Other Central Bank Deposits	$	35,035.8	$	33,754.2	$	32,847.0	4	%	7	%
Interest-Bearing Due from and Deposits with Banks(2)	6,049.6		5,237.7		4,955.3		16		22
Federal Funds Sold and Securities Purchased under Agreements to Resell	1,593.7		1,300.4		681.3		23		134
Debt Securities
Available for Sale	33,714.2		33,022.7		29,350.4		2		15
Held to Maturity	23,151.0		22,129.7		22,231.6		5		4

Total Debt Securities	56,865.2		55,152.4		51,582.0		3		10
Loans	40,558.3		41,500.6		41,169.9		(2)		(1)
Other Interest-Earning Assets(3)	2,935.5		2,393.6		2,448.5		23		20
Total Earning Assets	143,038.1		139,338.9		133,684.0		3		7
Allowance for Credit Losses	(174.8)		(188.0)		(192.9)		(7)		(9)
Cash and Due from Banks and Other Central Bank Deposits(4)	1,185.1		1,159.3		1,453.4		2		(18)
Buildings and Equipment	462.3		468.4		485.8		(1)		(5)
Goodwill	711.0		712.6		699.7		—		2
Other Assets	9,704.0		9,550.3		10,440.2		2		(7)
Total Assets	$	154,925.7	$	151,041.5	$	146,570.2	3	%	6	%
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
Savings, Money Market and Other	$	27,725.8	$	28,348.7	$	24,834.8	(2)	%	12	%
Savings Certificates and Other Time	6,754.3		6,700.1		6,193.9		1		9
Non-U.S. Offices - Interest-Bearing	67,454.2		65,354.5		64,094.5		3		5
Total Interest-Bearing Deposits	101,934.3		100,403.3		95,123.2		2		7
Federal Funds Purchased	2,357.7		2,467.7		2,488.8		(4)		(5)
Securities Sold under Agreements to Repurchase	499.2		500.4		505.4		—		(1)
Other Borrowings(5)	7,059.4		6,938.4		6,928.9		2		2
Senior Notes	3,087.3		2,839.6		2,782.4		9		11
Long-Term Debt	3,909.8		4,092.0		4,079.4		(4)		(4)
Total Interest-Bearing Liabilities	118,847.7		117,241.4		111,908.1		1		6
Demand and Other Noninterest-Bearing Deposits	17,894.9		16,297.3		17,416.6		10		3
Other Liabilities	5,404.7		4,795.8		4,668.0		13		16
Total Liabilities	142,147.3		138,334.5		133,992.7		3		6
Common Equity
Common Equity, excluding Accumulated Other Comprehensive Income	12,508.2		12,496.7		12,475.2		—		—
Accumulated Other Comprehensive Income (Loss)	(614.7)		(674.6)		(782.6)		(9)		(21)
Total Common Equity	11,893.5		11,822.1		11,692.6		1		2
Preferred Equity	884.9		884.9		884.9		—		—
Total Equity	12,778.4		12,707.0		12,577.5		1		2
Total Liabilities and Stockholders’ Equity	$	154,925.7	$	151,041.5	$	146,570.2	3	%	6	%

(1) Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.

(5) Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.


NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)


QUARTERLY TREND DATA	QUARTERS
($ In Millions Except Per Share Data)	2025												2024
	FOURTH			THIRD			SECOND			FIRST			FOURTH
Net Income Summary
Trust, Investment and Other Servicing Fees	$	1,307.4		$	1,265.5		$	1,231.1		$	1,213.8		$	1,222.2
Other Noninterest Income	174.1			169.1			156.3			158.1			173.6
Net Interest Income	641.6			590.8			610.5			568.1			563.8
Total Revenue	2,123.1			2,025.4			1,997.9			1,940.0			1,959.6
Provision for Credit Losses	(8.0)			(17.0)			16.5			1.0			(10.5)
Noninterest Expense	1,497.3			1,422.9			1,416.6			1,417.6			1,375.9
Income before Income Taxes	633.8			619.5			564.8			521.4			594.2
Provision for Income Taxes	167.8			161.9			143.5			129.4			138.8
Net Income	$	466.0		$	457.6		$	421.3		$	392.0		$	455.4

Per Common Share
Net Income - Basic	$	2.44		$	2.30		$	2.14		$	1.91		$	2.27
- Diluted	2.42			2.29			2.13			1.90			2.26
Cash Dividends Declared per Common Share	0.80			0.80			0.75			0.75			0.75
Book Value (EOP)	64.79			63.83			62.65			61.65			60.74
Market Value (EOP)	136.59			134.60			126.79			98.65			102.50

Financial Ratios
Return on Average Common Equity	15.4		%	14.8		%	14.2		%	13.0		%	15.3		%

Net Interest Margin (GAAP)	1.78			1.68			1.68			1.67			1.68
Net Interest Margin (FTE*)	1.81			1.70			1.69			1.69			1.71

Assets Under Custody / Administration ($ in Billions) - End Of Period
Asset Servicing	$	17,418.4		$	16,990.4		$	16,864.9		$	15,804.7		$	15,640.1
Wealth Management	1,297.7			1,257.2			1,203.4			1,119.3			1,147.9
Total Assets Under Custody / Administration	$	18,716.1		$	18,247.6		$	18,068.3		$	16,924.0		$	16,788.0

Assets Under Custody ($ In Billions) - End Of Period
Asset Servicing	$	13,604.8		$	13,195.0		$	13,056.5		$	12,163.6		$	12,214.0
Wealth Management	1,284.3			1,244.1			1,187.2			1,105.9			1,135.2
Total Assets Under Custody	$	14,889.1		$	14,439.1		$	14,243.7		$	13,269.5		$	13,349.2

Assets Under Management ($ In Billions) - End Of Period
Asset Servicing	$	1,296.0		$	1,280.1		$	1,229.2		$	1,160.9		$	1,159.7
Wealth Management	507.2			492.6			468.5			446.9			450.7
Total Assets Under Management	$	1,803.2		$	1,772.7		$	1,697.7		$	1,607.8		$	1,610.4

Asset Quality ($ In Millions) - End Of Period
Nonaccrual Loans/Assets(1)	$	76.7		$	78.8		$	92.8		$	73.1		$	56.0


Nonaccrual Assets / Loans(1)	0.18		%	0.18		%	0.21		%	0.18		%	0.13		%

Gross Charge-offs	$	(1.4)		$	(2.1)		$	(0.1)		$	(0.3)		$	(4.1)
Gross Recoveries	1.0			1.7			0.4			0.5			0.7
Net Recoveries (Charge-offs)	$	(0.4)		$	(0.4)		$	0.3		$	0.2		$	(3.4)
Annualized Net Recoveries (Charge-offs) to Avg Loans	—		%	—		%	—		%	—		%	(0.03)		%
Allowance for Credit Losses Assigned to:
Loans	$	164.3		$	164.4		$	180.5		$	167.1		$	168.0
Undrawn Loan Commitments and Standby Letters of Credit	23.3			32.1			34.7			32.8			30.4
Debt Securities and Other Financial Assets	10.7			10.2			8.9			7.4			7.7
Loans Allowance / Nonaccrual Loans	2.1		x	2.1		x	1.9		x	2.3		x	3.0		x

(*) Net interest margin presented on an FTE basis is a non-GAAP financial measure. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.

(1) There was no Other Real Estate Owned (OREO) for any of the periods presented.

1northerntrust.com | © 2026 Northern Trust Corporationnortherntrust.com | © 2026 Northern Trust Corporation Executive Sponsor: Presenting: STRATEGY UPDATE & FOURTH QUARTER 2025 EARNINGS REVIEW January 22, 2026

4northerntrust.com | © 2026 Northern Trust Corporation Q425 FY25 Revenue Growth, ex. notables1 9% 7% Expense Growth, ex. notables1 5% 5% Operating Leverage, ex. notables1 4+ pts 2+ pts Pre-Tax Margin 30% 29% Return on Equity 15% 14% EPS Growth, ex. notables1 19% 17% Financial Highlights & Key Takeaways 1 Excluding notable items. Refer to page 22 for additional detail on notable items. One Northern Trust strategy is delivering stronger financial performance Productivity engine and AI creating investment capacity Business strategies generating scalable growth Well-positioned for 2026, supporting higher medium-term targets

5northerntrust.com | © 2026 Northern Trust Corporation STRENGTHEN RESILIENCY & MANAGE RISK Executing Successfully Across Our Strategic Pillars RESULTSPILLARS Deepened client engagement, modernized our operating model, and strengthened risk and technology foundations Enhanced and modernized the operating model to support scalable, sustainable growth DRIVE PRODUCTIVITY OPTIMIZE GROWTH Delivered higher productivity and scaled AI governance and capabilities to drive positive operating leverage Accelerated enterprise and business unit growth initiatives by mobilizing firmwide capabilities to create value for all stakeholders

6northerntrust.com | © 2026 Northern Trust Corporation $500+B Assets under Management1 Holistic and differentiated offering Serve 30% of the Forbes 400 Deep repository of knowledge & experience built over 135+ yrs Highly trusted brand Disciplined, client-centric strategy Unconflicted advice-driven culture 8% AUM 5-Year CAGR Premier private bank for high-net worth individuals & families Wealth Management Growth Update GROWTH AREAS OF FOCUS • Leverage leading capabilities for upper tier wealth segment • Invest in high-performing talent • Expand investment solutions suite • Accelerate client acquisition across segments, geographies and channels, including digital UHNW momentum and continued investments in talent Best Private Bank in N.A. for Alternatives2 Best Private Bank in the U.S.2 (14 out of 17 years) Best Private Bank for Family Office Services Globally3 6northerntrust.com / © 2026 Northern T ust Best Private Bank in N.A. for Entrepreneurs2 ¹ As of December 31, 2025. Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. 2 Source: Financial Times Group, 2025. 3 Source: Global Finance, 2026.

7northerntrust.com | © 2026 Northern Trust Corporation 70% of Top 50 U.S. Healthcare Plans1 53% of Top 100 U.S. Corporate PensionPlans1 Market leading technology solutions Scaled and integrated operating platform 80% of Top 10 Sovereign Wealth Funds in APAC1 36% of Top 200 Asset Managers Worldwide1 Deep segment expertise Leading specialized asset servicer for institutional investors Asset Servicing Growth Update GROWTH AREAS OF FOCUS • Scale global Capital Markets and Banking • Maintain momentum with Private Markets • Expand share with up-market Asset Owners • Enhance select capabilities and products Scalable growth and improving margins Best Outsourcing Provider2 Best Global Custodian3 For Asset Owners 7northerntrust.com / © 2026 Northern T ust Institutional Digital Asset Infrastructure Provider of the Year4 International Innovation Awards 20255 (Green Bond Report Tokenization Pilot) ¹ Pensions & Investments, S&P's Money Market Directory. 2 WatersTechnology Asia Awards 2025. 3 AsianInvestor Asset Management Awards 2024. 4 Funds Europe Awards. 5 Enterprise Asia

8northerntrust.com | © 2026 Northern Trust Corporation GROWTH AREAS OF FOCUS • Broaden Alternatives product and distribution capabilities • Accelerate product innovation across high-growth segments • Strengthen custom SMA leadership • Expand liquidity franchise leveraging digital capabilities $1.8T Assets under Management1 Well-positioned to capitalize on key secular trends $15B Alternatives Solutions Platform $300B Liquidity AUM (11th largest, U.S.) Top 3 Largest Direct Index Manager/ Custom Equity SMA provider2 Top 5 Largest U.S. Bond & Equities Index Manager2 8northerntrust.com / © 2026 Northern T ust Highly respected, integrated asset manager Asset Management Growth Update ¹ As of December 31, 2025. Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. 2 Pensions & Investments. 3 "Best of the Best Awards" by Asia Asset Management. 4 "Gramercy Institute” December 11, 2025. 5 ETF.com Strong liquidity and product innovation momentum Best Smart Beta/ Factor Strategy3 Asia Asset Management Awards (4th consecutive win) Illinois Venture Capital Association Bob Morgan received the Stanley C. Golder award 2025 Grammercy Institute Asset Management Marketing Award4 “If You Know You Know” ETF Campaign for multi-audience targeted-over $100B Best New Fixed Income ETF5 TIPD Nominated

9northerntrust.com | © 2026 Northern Trust Corporation 121% 117% 119% 115%115% 114% Financial and Operating Momentum Improved efficiency and consistent operating leverage delivers higher returns and earnings growth Earnings Per ShareReturn on Equity Pre-Tax MarginExpenses to Trust Fees 2023 2024 2025 2023 2024 2025 22% 26% 32% 28%29% 30% 10.0% 12.3% 17.4% 13.8%14.4% 14.8% $5.08 $6.25 $9.77 $7.72 $8.74 $9.00 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 EX. NOTABLES*AS REPORTED EX. NOTABLES* *Refer to page 22 for additional detail on notable items.

10northerntrust.com | © 2026 Northern Trust Corporation Pre-Tax Margin Expenses to Trust Fees Return on Equity Delivering on Our Commitments and Defining the Path Ahead MEDIUM-TERM TARGETS Strong execution allows us to raise medium-term pre-tax margin and return on equity targets 33% 105-110% Mid-teens

12northerntrust.com | © 2026 Northern Trust Corporation Financial Highlights & Key Metrics – 4Q 2025 ¹ Revenue and profit margin (pre-tax) stated on a fully taxable equivalent (FTE) basis are non-GAAP financial measures. A reconciliation to reported revenue and reported profit margin (pre-tax) prepared in accordance with U.S. generally accepted accounting principles (GAAP) is included in the Appendix on page 21. 2 Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. *Excluding notable items **Refer to page 22 for additional detail on notable items. % CHANGE VS. 3Q 2025 4Q 2024 Revenue (FTE¹) $2,135.8M 5 % 8 % Noninterest Expense $1,497.3M 5 % 9 % Net Income $466.0M 2 % 2 % Earnings Per Share $2.42 6 % 7 % Assets under Custody / Administration2 (AUC/A) $18.7T 3 % 11% Assets under Custody2 (AUC) $14.9T 3 % 12% Assets under Management2 (AUM) $1.8T 2 % 12% 30.3% Pre-Tax Margin(FTE)¹ ~200 bps YoY Improvement in Expense to Trust Fee Ratio* 15.4% Return on Equity 12northerntrust.com / © 2026 Northern T ust • $68.5 million in net unfavorable 2025 pre-tax items CET1 Ratio 12.6% Common Stock Dividends Declared $151.8M Common Stock Repurchased $369.8M Total Payout Ratio 113% NOTABLE ITEMS** INCOME STATEMENT CLIENT ASSETS CAPITAL

13northerntrust.com | © 2026 Northern Trust Corporation $195 $189 $189 $201 $207 $141 $141 $139 $146 $149 $110 $108 $106 $111 $114 $101 $104 $105 $102 $107 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Central East West Global Family Office (GFO) Wealth Management Trust, Investment and Other Servicing Fees ($ in millions) +6% +3% $539$547 $542 $559 $578 Wealth Management Highlights Categories may not sum due to rounding. 1 Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. 2 4Q25 pre-tax margin included $15.2 million in notable items. % CHANGE VS. Key Indicators (in billions): 4Q 2025 3Q 2025 4Q 2024 Assets under Custody / Administration (AUC/A)1 $ 1,298 3 % 13 % Assets under Custody (AUC)1 $ 1,284 3 % 13 % Assets under Management (AUM)1 $ 507 3 % 13 % Average Deposits $ 27 5 % 5 % Average Loans $ 35 (4) % ─ % 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Pre-Tax Profit2 $ 351 $ 304 $ 310 $ 342 $ 342 Pre-Tax Margin2 42 % 37 % 37 % 41 % 39 % % CHANGE QoQ YoY 6 % 7 % 3 % 4 % 2 % 6 % 3 % 6 %

14northerntrust.com | © 2026 Northern Trust Corporation $457 $453 $469 $483 $496 $157 $153 $157 $160 $166 $20 $18 $20 $21 $23$41 $48 $45 $43 $44 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Custody and Fund Administration Investment Management Securities Lending Other % CHANGE VS. Key Indicators (in billions): 4Q 2025 3Q 2025 4Q 2024 Assets under Custody / Administration (AUC/A)1 $ 17,418 3 % 11 % Assets under Custody (AUC)1 $ 13,605 3 % 11 % Assets under Management (AUM)1 $ 1,296 1 % 12 % Securities Lending Collateral $ 208 1 % 18% Average Deposits $ 93 3 % 6 % Average Loans $ 6 6 % (8) % Asset Servicing Trust, Investment and Other Servicing Fees ($ in millions) $692$672$676 $707 $730 Asset Servicing Highlights +8% +3% Categories may not sum due to rounding. 1 Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. 2 4Q25 pre-tax margin included $43.6 million in notable items. 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Pre-Tax Profit2 $ 264 $ 236 $ 271 $ 294 $ 326 Pre-Tax Margin2 23 % 21 % 23 % 25 % 26 % % CHANGE QoQ YoY 2 % 7 % 8 % 13 % 4 % 6 % 3 % 9 %

15northerntrust.com | © 2026 Northern Trust Corporation 574 574 615 596 654 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Net Interest Income (FTE¹) $33 $37 $44 $34 $35 $52 $52 $52 $55 $57 $41 $41 $41 $42 $41 $8 $8 $9 $9 $11 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Other Earning Assets² Loans Debt Securities Federal Reserve and Other Central Bank Deposits $139 Average Earning Assets ($ in billions) Net Interest Income (FTE¹) ($ in millions) $134 $138 $146 $143 Net Interest Income and Balance Sheet Trends 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 21. 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. +7% +3% Net Interest Margin (FTE¹) +14% +10%% CHANGE QoQ YoY 18 % 31 % (2)% (1) % 3 % 10 % 4 % 7 %

16northerntrust.com | © 2026 Northern Trust Corporation Total Noninterest Expense ($ in millions) Noninterest Expense Categories may not sum due to rounding. 1Refer to page 22 for additional detail on notable items. Expense Highlights • Excluding notables1 and currency, noninterest expenses were up 3.8% in 4Q and 4.3% for the full-year. • Noninterest expense included the following notable1 items: 4Q25 Pre-tax ◦ $58.8 million severance-related charges: ◦ $58.2 million recognized in Compensation ◦ $0.6 million recognized in Outside Services ◦ $9.5 million FDIC reserve release recognized in Other Operating Expense 703 754 733 741 806 252 245 247 248 248 274 281 294 294 301 54 53 53 55 56 93 84 91 85 85 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Compensation and Employee Benefits Outside Services Equipment and Software Occupancy Other Operating Expense +9% +5% $1,417$1,418$1,376 $1,423 $1,497 % CHANGE QoQ YoY ─ % (9) % 2 % 4 % 2 % 10 % ─ % (1) % 9 % 15 %

17northerntrust.com | © 2026 Northern Trust Corporation Financial Highlights & Key Metrics – Full-Year 2025 29.2% Pre-Tax Margin(FTE)¹ 100+ bps YoY Improvement in Expense to Trust Fee Ratio* 14.4% Return on Equity 17northerntrust.com / © 2026 Northern T ust ¹ Revenue and profit margin (pre-tax) stated on a fully taxable equivalent (FTE) basis are non-GAAP financial measures. A reconciliation to reported revenue and reported profit margin (pre-tax) prepared in accordance with U.S. generally accepted accounting principles (GAAP) is included in the Appendix on page 21. 2 Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. *Excluding notable items **Refer to page 22 for additional detail on notable items. INCOME STATEMENT CLIENT ASSETS CAPITAL % CHANGE VS. 2024 Revenue (FTE¹) $8,114.9M (2)% Noninterest Expense $5,754.4M 2 % Net Income $1,736.9M (14)% Earnings Per Share $8.74 (11)% Assets under Custody / Administration2 (AUC/A) $18.7T 11% Assets under Custody2 (AUC) $14.9T 12% Assets under Management2 (AUM) $1.8T 12% CET1 Ratio 12.6% Common Stock Dividends Declared $600.5M Common Stock Repurchased $1,273.5M Total Payout Ratio 111% • $68.5 million in net unfavorable 2025 pre-tax items • $536 million in net favorable 2024 pre-tax items NOTABLE ITEMS**

18northerntrust.com | © 2026 Northern Trust Corporation Standardized Tier 1 Leverage Capital Highlights • Robust capital and liquidity ◦ $12.0 billion in Tier 1 capital ◦ 64% of average deposits covered by highly liquid assets including 29% by cash and central bank deposits ◦ Net unrealized after-tax losses on available- for-sale securities of $401.3 million as of December 31, 2025 • Declared $151.8 million in common stock dividends and $4.7 million in preferred stock dividends in Q4 2025 and $600.5 million in common stock dividends and $41.8 million in preferred stock dividends for the full-year 2025 • Repurchased $369.8 million of common stock in Q4 2025 and $1,273.5 million of common stock for the full-year 2025 Northern Trust Corporation Capital Ratios 4Q 2025 Capital Ratios STANDARDIZED APPROACH ADVANCED APPROACH Common Equity Tier 1 Capital 12.6% 15.0% Tier 1 Capital 13.5% 16.0% Total Capital 16.1% 18.8% Tier 1 Leverage 7.8% 7.8% Supplementary Leverage N/A 8.7% Standardized Common Equity Tier 1 Capital Update Capital ratios for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. 12.4% 12.9% 12.2% 12.4% 12.6% 4Q24 1Q25 2Q25 3Q25 4Q25 7.0% Regulatory Minimum 8.1% 8.0% 7.6% 8.0% 7.8% 4Q24 1Q25 2Q25 3Q25 4Q25 4.0% Regulatory Minimum

19northerntrust.com | © 2026 Northern Trust Corporation Delivering on Our Commitments and Defining the Path Ahead ¹ Excluding notable items. Refer to page 22 for additional detail on notable items. Positive Operating Leverage >1 point 2026 TARGETS2025 TARGETS Total Expense Growth1 <5% Positive Operating Leverage1 Total Payout Ratio >100% Net Interest Income Growth +Low to mid-single digits Total Payout Ratio >100% Achieved in 2025

21northerntrust.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 2025 2024 2025 2024 2023 ($ in Millions) FOURTH THIRD SECOND FIRST FOURTH Net Interest Income Interest Income - GAAP $ 2,126.6 $ 2,144.3 $ 2,212.8 $ 2,140.9 $ 2,280.0 $ 8,624.6 $ 9,762.3 $ 7,325.0 Add: FTE Adjustment 12.7 5.5 4.7 5.6 10.5 28.5 31.8 57.5 Interest Income (FTE) - Non-GAAP $ 2,139.3 $ 2,149.8 $ 2,217.5 $ 2,146.5 $ 2,290.5 $ 8,653.1 $ 9,794.1 $ 7,382.5 Net Interest Income - GAAP $ 641.6 $ 590.8 $ 610.5 $ 568.1 $ 563.8 $ 2,411.0 $ 2,177.1 $ 1,982.0 Add: FTE Adjustment 12.7 5.5 4.7 5.6 10.5 28.5 31.8 57.5 Net Interest Income (FTE) - Non-GAAP $ 654.3 $ 596.3 $ 615.2 $ 573.7 $ 574.3 $ 2,439.5 $ 2,208.9 $ 2,039.5 Net Interest Margin - GAAP 1.78 % 1.68 % 1.68 % 1.67 % 1.68 % 1.70 % 1.62 % 1.52 % Net Interest Margin (FTE) - Non-GAAP 1.81 % 1.70 % 1.69 % 1.69 % 1.71 % 1.72 % 1.64 % 1.56 % Total Revenue Total Revenue - GAAP $ 2,123.1 $ 2,025.4 $ 1,997.9 $ 1,940.0 $ 1,959.6 $ 8,086.4 $ 8,290.4 $ 6,773.5 Add: FTE Adjustment 12.7 5.5 4.7 5.6 10.5 28.5 31.8 57.5 Total Revenue (FTE) - Non-GAAP $ 2,135.8 $ 2,030.9 $ 2,002.6 $ 1,945.6 $ 1,970.1 $ 8,114.9 $ 8,322.2 $ 6,831.0 Pre-Tax Income Pre-Tax Income - GAAP $ 633.8 $ 619.5 $ 564.8 $ 521.4 $ 594.2 $ 2,339.5 $ 2,659.5 $ 1,464.8 Add: FTE Adjustment 12.7 5.5 4.7 5.6 10.5 28.5 31.8 57.5 Pre-Tax Income (FTE) - Non-GAAP $ 646.5 $ 625.0 $ 569.5 $ 527.0 $ 604.7 $ 2,368.0 $ 2,691.3 $ 1,522.3 Profit Margin (Pre-Tax) Profit Margin (Pre-Tax) - GAAP 29.9 % 30.6 % 28.3 % 26.9 % 30.3 % 28.9 % 32.1 % 21.6 % Profit Margin (Pre-Tax) (FTE) - Non-GAAP 30.3 % 30.8 % 28.4 % 27.1 % 30.7 % 29.2 % 32.3 % 22.3 %

22northerntrust.com | © 2026 Northern Trust Corporation Notable Item Summary QUARTERS YEARS 2025 2024 2025 2024 2023 ($ in Millions) FOURTH THIRD SECOND FIRST Revenue Impacts, pre-tax Investment security loss $ — $ — $ — $ (189.4) $ — $ (189.4) $ (169.5) Net gain related to Visa transaction $ — $ — $ 878.4 $ — $ — $ 878.4 $ — Securities loss related to repositioning of supplemental pension plan $ — $ — $ (6.5) $ — $ — $ (6.5) $ — Investment impairment $ — $ — $ (7.6) $ — $ — $ (7.6) $ — Pre-tax gain related to the sale of an equity investment $ — $ 68.1 $ — $ — $ — $ 68.1 $ — Expense related to Visa Class B swaps $ (19.2) $ (12.8) $ — $ — $ (19.2) $ (12.8) $ — Total Revenue Impacts, pre-tax $ (19.2) $ 68.1 $ 864.3 $ (189.4) $ (19.2) $ 743.0 $ (169.5) Expense Impacts, pre-tax FDIC special assessment $ (9.5) $ — $ — $ 12.5 $ (9.5) $ 12.5 $ 84.6 Severance-related charges $ 58.8 $ — $ 85.2 $ — $ 58.8 $ 85.2 $ 38.7 Equipment & software accelerations and dispositions charge $ — $ — $ 16.4 $ — $ — $ 16.4 $ — Contribution to Northern Trust Foundation $ — $ — $ 70.0 $ — $ — $ 70.0 $ — Legal settlement charge $ — $ — $ 10.6 $ — $ — $ 10.6 $ — Client capability charge $ — $ — $ — $ — $ — $ — $ 25.6 Occupancy charge $ — $ — $ — $ — $ — $ — $ 12.8 Total Expense Impacts, pre-tax $ 49.3 $ — $ 182.2 $ 12.5 $ 49.3 $ 194.7 $ 161.7

23northerntrust.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 Fourth Quarter 2025 earnings press release.

Exhibit 99.3

Financial Trends

Fourth Quarter 2025

January 22, 2026

Please direct inquiries to:


Jennifer Childe
Senior Vice President, Director of Investor Relations
(312) 444-3290 or jennifer.childe@ntrs.com

Trace Stegeman
Senior Financial Analyst, Investor Relations
(312) 630-1428 or trace.stegeman@ntrs.com

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 Fourth Quarter 2025 earnings press release and periodic reports to the Securities and Exchange Commission, all of which contain additional information about factors that could affect the Corporation's future financial results and trends. The Corporation assumes no obligation to update this report.


TABLE OF CONTENTS

	1	7
	Financial Summary	Balance Sheet Mix Trends

	2	8
	Income Statement	Interest Rate Trends

	3	9
	Net Income Trends	Asset Quality

	4	10
	Reporting Segment Results	Trust Assets

	5	11
	Balance Sheet (EOP)	Reconciliation to FTE

	6	12
	Balance Sheet Trends	Reconciliation to FTE (Ratios)


Northern Trust Corporation
FINANCIAL SUMMARY
($ in Millions except per share information)
																				2024												2025
		2021			2022			2023			2024			2025						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
																	Profitability:
		$	1,545.3		$	1,336.0		$	1,107.3		$	2,031.1		$	1,736.9		Net Income			$	214.7		$	896.1		$	464.9		$	455.4		$	392.0		$	421.3		$	457.6		$	466.0
																	Earnings Allocated to Common and Potential
		1,490.6			1,282.4			1,053.9			1,972.4			1,679.2				Common Shares		196.1			884.3			445.0			447.0			372.2			412.8			437.2			457.0

		$	7.16		$	6.16		$	5.09		$	9.80		$	8.78		Basic Earnings Per Share			$	0.96		$	4.35		$	2.23		$	2.27		$	1.91		$	2.14		$	2.30		$	2.44
		7.14			6.14			5.08			9.77			8.74			Diluted Earnings Per Share			0.96			4.34			2.22			2.26			1.90			2.13			2.29			2.42
		31		%	(14		%)	(17		%)	92		%	(11		%)	Diluted EPS Growth over Previous Year			(37		%)	179		%	49		%	N/M			99		%	(51		%)	3		%	7		%

		13.9		%	12.7		%	10.0		%	17.4		%	14.4		%	Return on Average Common Equity			7.3		%	31.2		%	15.4		%	15.3		%	13.0		%	14.2		%	14.8		%	15.4		%

		31.5		%	26.6		%	22.3		%	32.3		%	29.2		%	Profit Margin (pre-tax) (FTE)(1)			18.0		%	43.4		%	30.8		%	30.7		%	27.1		%	28.4		%	30.8		%	30.3		%
		23.8		%	19.6		%	16.2		%	24.4		%	21.4		%	Profit Margin (after-tax) (FTE)(1)			13.0		%	32.9		%	23.5		%	23.1		%	20.1		%	21.0		%	22.5		%	21.8		%

		78.2		%	71.6		%	70.1		%	73.5		%	69.9		%	Noninterest Income to Total Revenue (FTE)(1)			67.6		%	80.5		%	71.2		%	70.8		%	70.5		%	69.3		%	70.6		%	69.4		%

		67.1		%	65.1		%	63.9		%	56.8		%	61.8		%	Trust Fees to Total Revenue (FTE)(1)			69.1		%	42.8		%	60.6		%	62.0		%	62.4		%	61.5		%	62.3		%	61.2		%

		23.1		%	24.4		%	24.4		%	23.6		%	25.8		%	Effective Tax Rate (US GAAP)			26.1		%	23.6		%	22.7		%	23.4		%	24.8		%	25.4		%	26.1		%	26.5		%
		24.5		%	26.3		%	27.3		%	24.5		%	26.6		%	Effective Tax Rate (FTE)(1)			27.9		%	24.1		%	23.5		%	24.7		%	25.6		%	26.0		%	26.8		%	27.9		%

																	Capital Ratios:(2)
																		Standardized Approach
		11.9		%	10.8		%	11.4		%	12.4		%	12.6		%			Common Equity Tier 1 Capital	11.4		%	12.6		%	12.6		%	12.4		%	12.9		%	12.2		%	12.4		%	12.6		%
		12.9		%	11.8		%	12.3		%	13.3		%	13.5		%			Tier 1 Capital	12.4		%	13.6		%	13.6		%	13.3		%	13.9		%	13.1		%	13.4		%	13.5		%
		14.1		%	13.9		%	14.2		%	15.1		%	16.1		%			Total Capital	14.2		%	15.5		%	15.6		%	15.1		%	15.7		%	14.8		%	15.1		%	16.1		%
		6.9		%	7.1		%	8.1		%	8.1		%	7.8		%			Tier 1 Leverage	7.8		%	8.0		%	8.1		%	8.1		%	8.0		%	7.6		%	8.0		%	7.8		%

																		Advanced Approach
		13.2		%	11.5		%	13.4		%	14.5		%	15.0		%			Common Equity Tier 1 Capital	13.5		%	13.9		%	14.0		%	14.5		%	15.3		%	15.0		%	15.1		%	15.0		%
		14.3		%	12.5		%	14.5		%	15.6		%	16.0		%			Tier 1 Capital	14.6		%	15.0		%	15.1		%	15.6		%	16.5		%	16.1		%	16.2		%	16.0		%
		15.3		%	14.5		%	16.5		%	17.4		%	18.8		%			Total Capital	16.5		%	16.9		%	17.0		%	17.4		%	18.3		%	17.9		%	18.0		%	18.8		%
		6.9		%	7.1		%	8.1		%	8.1		%	7.8		%			Tier 1 Leverage	7.8		%	8.0		%	8.1		%	8.1		%	8.0		%	7.6		%	8.0		%	7.8		%
		8.2		%	7.9		%	8.6		%	8.9		%	8.7		%			Supplementary Leverage (3)	8.8		%	9.1		%	9.2		%	8.9		%	9.1		%	9.1		%	8.9		%	8.7		%

																	Per Share Information / Ratios:
		$	2.80		$	2.90		$	3.00		$	3.00		$	3.10		Cash Dividends Declared Per Common Share			$	0.75		$	0.75		$	0.75		$	0.75		$	0.75		$	0.75		$	0.80		$	0.80
		39		%	47		%	59		%	31		%	35		%	Dividend Payout Ratio			78		%	17		%	34		%	33		%	39		%	35		%	35		%	33		%

		$	119.61		$	88.49		$	84.38		$	102.50		$	136.59		Market Value Per Share (End of Period)			$	88.92		$	83.98		$	90.03		$	102.50		$	98.65		$	126.79		$	134.60		$	136.59
		16.8			14.4			16.6			10.5			15.6			Stock Price Multiple of Earnings			19.6			11.5			11.2			10.5			9.2			14.9			15.7			15.6
																	(based on trailing 4 quarters of diluted EPS)

		$	53.58		$	49.78		$	53.69		$	60.74		$	64.79		Book Value Per Common Share (End of Period)			$	54.83		$	58.38		$	59.85		$	60.74		$	61.65		$	62.65		$	63.83		$	64.79

	(1)	Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent - Ratios on page 12 for further detail.
	(2)	Regulatory Capital, Risk-Weighted Assets and resulting ratios for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission.
	(3)	From April 1, 2020, through April 1, 2021, the Federal Reserve issued temporary Supplementary Leverage Ratio (SLR) relief that required Northern Trust to exclude U.S. Treasury balances from the SLR. Please see the Northern Trust Corporation Pillar 3 disclosures for further SLR discussion.


Northern Trust Corporation
INCOME STATEMENT
($ in Millions except per share information)

	TWELVE MONTHS				CHANGE (2)					FOURTH QUARTER				CHANGE (2)
	2025		2024		$		%			2025		2024		$		%
	$	2,800.2	$	2,632.8	$	167.4	6	%	Asset Servicing Trust, Investment and Other Servicing Fees	$	729.6	$	675.5	$	54.1	8	%
	2,217.6		2,095.0		122.6		6	%	WM Trust, Investment and Other Servicing Fees	577.8		546.7		31.1		6	%
	5,017.8		4,727.8		290.0		6	%	Total Fees	1,307.4		1,222.2		85.2		7	%
	240.8		231.2		9.6		4	%	Foreign Exchange Trading Income	74.3		61.7		12.6		21	%
	38.7		35.7		3.0		8	%	Treasury Management Fees	9.9		9.2		0.7		8	%
	170.4		150.5		19.9		13	%	Security Commissions and Trading Income	49.9		42.8		7.1		17	%
	207.7		1,157.4		(949.7)		(82)	%	Other Operating Income	40.0		59.9		(19.9)		(33)	%
	—		(189.3)		189.3		N/M		Investment Security Gains (Losses), net	—		—		—		N/M
	5,675.4		6,113.3		(437.9)		(7)	%	Total Noninterest Income	1,481.5		1,395.8		85.7		6	%

	8,653.1		9,794.1		(1,141.0)		(12)	%	Interest Income (FTE)(1)	2,139.3		2,290.5		(151.2)		(7)	%
	6,213.6		7,585.2		(1,371.6)		(18)	%	Interest Expense	1,485.0		1,716.2		(231.2)		(13)	%
	2,439.5		2,208.9		230.6		10	%	Net Interest Income (FTE)(1)	654.3		574.3		80.0		14	%

	8,114.9		8,322.2		(207.3)		(2)	%	Total Revenue (FTE)(1)	2,135.8		1,970.1		165.7		8	%

	(7.5)		(3.0)		(4.5)		N/M		Provision for Credit Losses	(8.0)		(10.5)		2.5		N/M

	2,571.3		2,471.1		100.2		4	%	Compensation	686.8		595.2		91.6		15	%
	462.1		417.8		44.3		11	%	Employee Benefits	119.5		107.3		12.2		11	%
	988.5		998.0		(9.5)		(1)	%	Outside Services	248.1		251.5		(3.4)		(1)	%
	1,169.9		1,075.0		94.9		9	%	Equipment and Software	301.1		274.4		26.7		10	%
	217.3		216.8		0.5		—	%	Occupancy	56.4		54.1		2.3		4	%
	345.3		455.2		(109.9)		(24)	%	Other Operating Expense	85.4		93.4		(8.0)		(9)	%
	5,754.4		5,633.9		120.5		2	%	Total Noninterest Expense	1,497.3		1,375.9		121.4		9	%
	2,368.0		2,691.3		(323.3)		(12)	%	Income before Income Taxes (FTE)(1)	646.5		604.7		41.8		7	%
	602.6		628.4		(25.8)		(4)	%	Provision for Income Taxes	167.8		138.8		29.0		21	%
	28.5		31.8		(3.3)		(10)	%	Taxable Equivalent Adjustment	12.7		10.5		2.2		20	%
	631.1		660.2		(29.1)		(4)	%	Total Taxes (FTE)(1)	180.5		149.3		31.2		21	%
	$	1,736.9	$	2,031.1	$	(294.2)	(14)	%	Net Income	$	466.0	$	455.4	$	10.6	2	%

	$	41.8	$	41.8	$	—	—	%	Dividends on Preferred Stock	$	4.7	$	4.7	$	—	—	%
	15.9		16.9		(1.0)		(6)	%	Earnings Allocated to Participating Securities	4.3		3.7		0.6		17	%
	1,679.2		1,972.4		(293.2)		(15)	%	Earnings Allocated to Common and Potential Common Shares	457.0		447.0		10.0		2	%

	$	8.78	$	9.80	$	(1.02)	(10)	%	Earnings Per Share - Basic	$	2.44	$	2.27	$	0.17	8	%
	$	8.74	$	9.77	$	(1.03)	(11)	%	Earnings Per Share - Diluted	$	2.42	$	2.26	$	0.16	7	%

	191,358		201,264		(9,906)		(5)	%	Average Basic Shares (000s)	187,532		197,241		(9,709)		(5)	%
	192,247		201,870		(9,623)		(5)	%	Average Diluted Shares (000s)	188,582		198,114		(9,532)		(5)	%
	186,338		195,970		(9,632)		(5)	%	End of Period Shares Outstanding (000s)	186,338		195,970		(9,632)		(5)	%

	N/M - Not meaningful
	(1) Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent on page 11 for further detail.
	(2) Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.


Northern Trust Corporation
NET INCOME TRENDS
($ in Millions except per share information)

													2024								2025
	2021		2022		2023		2024		2025				1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr
	$	2,487.3	$	2,496.3	$	2,461.9	$	2,632.8	$	2,800.2	Asset Servicing Trust, Investment and Other Servicing Fees		$	639.6	$	650.6	$	667.1	$	675.5	$	671.9	$	691.8	$	706.9	$	729.6
	1,873.8		1,936.3		1,899.9		2,095.0		2,217.6		WM Trust, Investment and Other Servicing Fees		503.3		515.5		529.5		546.7		541.9		539.3		558.6		577.8
	4,361.1		4,432.6		4,361.8		4,727.8		5,017.8			Total Fees	1,142.9		1,166.1		1,196.6		1,222.2		1,213.8		1,231.1		1,265.5		1,307.4
	292.6		288.6		203.9		231.2		240.8		Foreign Exchange Trading Income		57.0		58.4		54.1		61.7		58.7		50.6		57.2		74.3
	44.3		39.3		31.6		35.7		38.7		Treasury Management Fees		9.3		9.0		8.2		9.2		9.6		9.7		9.5		9.9
	140.2		136.2		135.0		150.5		170.4		Security Commissions and Trading Income		37.9		34.3		35.5		42.8		39.1		39.6		41.8		49.9
	243.9		191.3		228.7		1,157.4		207.7		Other Operating Income		61.0		924.7		111.8		59.9		50.7		56.4		60.6		40.0
	(0.3)		(214.0)		(169.5)		(189.3)		—		Investment Security Gains (Losses), net		(189.4)		0.1		—		—		—		—		—		—
	5,081.8		4,874.0		4,791.5		6,113.3		5,675.4			Total Noninterest Income	1,118.7		2,192.6		1,406.2		1,395.8		1,371.9		1,387.4		1,434.6		1,481.5
	1,418.3		1,932.8		2,039.5		2,208.9		2,439.5		Net Interest Income (FTE)(1)		535.4		529.8		569.4		574.3		573.7		615.2		596.3		654.3
	6,500.1		6,806.8		6,831.0		8,322.2		8,114.9			Total Revenue (FTE)(1)	1,654.1		2,722.4		1,975.6		1,970.1		1,945.6		2,002.6		2,030.9		2,135.8

	(81.5)		12.0		24.5		(3.0)		(7.5)		Provision for Credit Losses		(8.5)		8.0		8.0		(10.5)		1.0		16.5		(17.0)		(8.0)

	2,011.0		2,248.0		2,321.8		2,471.1		2,571.3		Compensation		627.1		665.2		583.6		595.2		644.4		614.8		625.3		686.8
	431.4		437.4		405.2		417.8		462.1		Employee Benefits		101.1		100.2		109.2		107.3		109.7		117.7		115.2		119.5
	849.4		880.3		906.5		998.0		988.5		Outside Services		229.3		260.9		256.3		251.5		245.2		247.0		248.2		248.1
	736.3		838.8		945.5		1,075.0		1,169.9		Equipment and Software		252.7		277.5		270.4		274.4		280.9		293.7		294.2		301.1
	208.7		219.1		232.3		216.8		217.3		Occupancy		54.1		54.8		53.8		54.1		53.4		52.5		55.0		56.4
	299.1		359.3		472.9		455.2		345.3		Other Operating Expense		100.4		175.3		86.1		93.4		84.0		90.9		85.0		85.4
	4,535.9		4,982.9		5,284.2		5,633.9		5,754.4			Total Noninterest Expense	1,364.7		1,533.9		1,359.4		1,375.9		1,417.6		1,416.6		1,422.9		1,497.3
	2,045.7		1,811.9		1,522.3		2,691.3		2,368.0			Income before Income Taxes (FTE)(1)	297.9		1,180.5		608.2		604.7		527.0		569.5		625.0		646.5
	464.8		430.3		357.5		628.4		602.6		Provision for Income Taxes		75.9		277.5		136.2		138.8		129.4		143.5		161.9		167.8
	35.6		45.6		57.5		31.8		28.5		Taxable Equivalent Adjustment		7.3		6.9		7.1		10.5		5.6		4.7		5.5		12.7
	500.4		475.9		415.0		660.2		631.1			Total Taxes (FTE)(1)	83.2		284.4		143.3		149.3		135.0		148.2		167.4		180.5
	$	1,545.3	$	1,336.0	$	1,107.3	$	2,031.1	$	1,736.9		Net Income	$	214.7	$	896.1	$	464.9	$	455.4	$	392.0	$	421.3	$	457.6	$	466.0
	$	7.16	$	6.16	$	5.09	$	9.80	$	8.78	Earnings Per Share - Basic		$	0.96	$	4.35	$	2.23	$	2.27	$	1.91	$	2.14	$	2.30	$	2.44
	7.14		6.14		5.08		9.77		8.74		Earnings Per Share - Diluted		0.96		4.34		2.22		2.26		1.90		2.13		2.29		2.42
	208,899		208,867		207,564		201,870		192,247		Average Diluted Shares (000s)		205,135		203,739		200,549		198,114		196,125		193,375		191,001		188,582
	$	41.8	$	41.8	$	41.8	$	41.8	$	41.8	Preferred Dividends		$	16.2	$	4.7	$	16.2	$	4.7	$	16.2	$	4.7	$	16.2	$	4.7

	(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.


Northern Trust Corporation
Reporting Segment Results(1)
($ in Millions)

																			2024												2025
		2021			2022			2023			2024			2025			Asset Servicing		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
		$	1,818.8		$	1,700.1		$	1,689.5		$	1,792.6		$	1,901.6		Custody & Fund Administration		$	436.7		$	445.9		$	453.1		$	456.9		$	453.3		$	469.2		$	482.7		$	496.4
		443.5			555.1			528.1			595.2			635.2			Investment Management		140.0			145.7			152.6			156.9			152.5			157.3			159.6			165.8
		76.7			81.4			83.0			72.3			82.4			Securities Lending		17.9			16.5			17.5			20.4			17.9			20.2			21.2			23.1
		148.3			159.7			161.3			172.7			181.0			Other		45.0			42.5			43.9			41.3			48.2			45.1			43.4			44.3
		$	2,487.3		$	2,496.3		$	2,461.9		$	2,632.8		$	2,800.2			Total Asset Servicing Trust, Investment and Other Servicing Fees	$	639.6		$	650.6		$	667.1		$	675.5		$	671.9		$	691.8		$	706.9		$	729.6

		$	837.1		$	1,007.8		$	864.4		$	877.4		$	1,127.1		Income before Income Taxes (FTE)(2)		$	219.3		$	135.6		$	258.4		$	264.1		$	235.5		$	271.4		$	294.4		$	325.8
		22.8		%	24.6		%	20.9		%	20.1		%	23.7		%	Profit Margin (pre-tax) (FTE)(2)		20.6		%	12.9		%	23.2		%	23.4		%	20.9		%	23.2		%	24.7		%	25.5		%

		$	5,663.4		$	7,208.0		$	7,372.6		$	6,315.5		$	5,676.2		Average Loans		$	6,909.5		$	6,472.3		$	5,615.8		$	6,272.6		$	5,749.3		$	5,812.8		$	5,399.9		$	5,746.0
		101,588.5			96,085.5			81,742.1			86,691.3			91,906.8			Average Deposits		86,688.6			86,223.0			86,635.7			87,212.9			89,296.5			95,506.7			90,195.3			92,611.0

																	Wealth Management
		$	698.7		$	692.6		$	673.8		$	740.9		$	786.0		Central		$	178.3		$	180.7		$	186.6		$	195.3		$	189.1		$	189.2		$	200.6		$	207.1
		509.3			504.0			491.5			539.7			575.5			East		129.9			132.7			136.4			140.7			141.0			139.3			146.0			149.2
		380.2			382.1			378.0			418.9			439.0			West		99.9			103.3			105.7			110.0			108.0			106.3			110.5			114.2
		285.6			357.6			356.6			395.5			417.1			Global Family Office		95.2			98.8			100.8			100.7			103.8			104.5			101.5			107.3
		$	1,873.8		$	1,936.3		$	1,899.9		$	2,095.0		$	2,217.6			Total Wealth Management Trust, Investment and Other Servicing Fees	$	503.3		$	515.5		$	529.5		$	546.7		$	541.9		$	539.3		$	558.6		$	577.8

		$	1,251.7		$	1,114.4		$	975.0		$	1,213.1		$	1,297.9		Income before Income Taxes (FTE)(2)		$	292.3		$	262.7		$	307.1		$	351.0		$	304.1		$	309.6		$	342.4		$	341.8
		43.8		%	37.9		%	33.8		%	37.8		%	38.4		%	Profit Margin (pre-tax) (FTE)(2)		37.5		%	33.4		%	38.0		%	41.9		%	37.1		%	37.2		%	40.5		%	38.9		%

		$	31,544.1		$	33,822.6		$	34,804.4		$	34,601.2		$	35,396.9		Average Loans		$	34,677.4		$	34,562.3		$	34,268.2		$	34,897.3		$	35,327.2		$	35,345.2		$	36,100.7		$	34,812.3
		28,387.9			29,426.3			23,432.9			25,558.2			25,633.6			Average Deposits		25,568.0			26,236.4			25,179.3			25,256.6			25,289.6			25,291.0			25,370.4			26,572.2

																	Other
		$	(43.1)		$	(310.3)		$	(317.1)		$	600.8		$	(57.0)		Income before Income Taxes (FTE)(2)		$	(213.7)		$	782.2		$	42.7		$	(10.4)		$	(12.6)		$	(11.5)		$	(11.8)		$	(21.1)
		106.7			80.6			70.5			450.8			1,171.5			Average Deposits		106.0			882.2			745.7			70.3			1,333.0			1,580.1			1,134.9			646.0

	(1)	Reporting segment results are subject to reclassification when organizational changes are made. The results are also subject to refinements in revenue and expense allocation methodologies, which are typically reflected on a retrospective basis unless it is impractical to do so.
	(2)	Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent section on pages 11 and 12 for further detail.


Northern Trust Corporation
BALANCE SHEET
END OF PERIOD
($ in Millions)
								CHANGE (5)
	Assets			12/31/2025		12/31/2024		$		%
		Federal Reserve and Other Central Bank Deposits		$	53,456.0	$	38,774.9	$	14,681.1	38	%
		Interest-Bearing Due from and Deposits with Banks(1)		6,540.8		5,563.7		977.1		18	%
		Federal Funds Sold and Securities Purchased under Agreements to Resell		2,654.1		451.0		2,203.1		N/M
		Debt Securities:
			Available For Sale	34,036.5		29,001.5		5,035.0		17	%
			Held To Maturity	23,429.6		22,296.7		1,132.9		5	%

			Total Debt Securities	57,466.1		51,298.2		6,167.9		12	%
		Loans		41,948.3		43,390.6		(1,442.3)		(3)	%
		Other Interest-Earning Assets(2)		4,128.9		2,749.6		1,379.3		50	%
			Total Earning Assets	166,194.2		142,228.0		23,966.2		17	%
		Allowance for Credit Losses		(175.0)		(175.5)		0.5		—	%
		Cash and Due From Banks and Other Central Bank Deposits(3)		1,130.7		1,058.7		72.0		7	%
		Buildings and Equipment		464.6		490.3		(25.7)		(5)	%
		Goodwill		712.9		694.9		18.0		3	%
		Other Assets		8,805.3		11,212.0		(2,406.7)		(21)	%
			Total Assets	$	177,132.7	$	155,508.4	$	21,624.3	14	%
	Liabilities and Stockholders' Equity
		Savings, Money Market and Other		$	28,984.1	$	26,122.6	$	2,861.5	11	%
		Savings Certificates and Other Time		6,418.9		5,731.7		687.2		12	%
		Non-U.S. Offices - Interest-Bearing		80,046.1		66,274.9		13,771.2		21	%
			Total Interest-Bearing Deposits	115,449.1		98,129.2		17,319.9		18	%
		Federal Funds Purchased		2,141.1		2,159.5		(18.4)		(1)	%
		Securities Sold under Agreements to Repurchase		292.2		462.0		(169.8)		(37)	%
		Other Borrowings(4)		7,158.3		6,521.0		637.3		10	%
		Senior Notes		3,351.5		2,769.7		581.8		21	%
		Long-Term Debt		3,484.4		4,081.3		(596.9)		(15)	%

			Total Interest-Bearing Liabilities	131,876.6		114,122.7		17,753.9		16	%
		Demand and Other Noninterest-Bearing Deposits		27,348.6		24,353.5		2,995.1		12	%
		Other Liabilities		4,949.6		4,243.8		705.8		17	%
			Total Liabilities	164,174.8		142,720.0		21,454.8		15	%
		Common Equity, excluding Accumulated Other Comprehensive Income		12,663.5		12,717.5		(54.0)		—	%
		Accumulated Other Comprehensive Income (Loss)		(590.5)		(814.0)		223.5		(27)	%
		Preferred Equity		884.9		884.9		—		—	%
			Total Stockholders' Equity	12,957.9		12,788.4		169.5		1	%
			Total Liabilities and Stockholders' Equity	$	177,132.7	$	155,508.4	$	21,624.3	14	%

	(1)	Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
	(2)	Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
	(3)	Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
	(4)	Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
	(5)	Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.


Northern Trust Corporation
BALANCE SHEET TRENDS
PERIOD AVERAGES(1)
($ in Millions)

														2024								2025
	2021		2022		2023		2024		2025		Assets			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr
	$	39,028.2	$	36,248.8	$	31,205.4	$	35,179.9	$	37,385.8		Federal Reserve and Other Central Bank Deposits		$	35,897.3	$	35,924.1	$	36,067.3	$	32,847.0	$	37,161.0	$	43,655.3	$	33,754.2	$	35,035.8
	5,779.7		4,192.5		4,333.9		4,800.8		5,374.4			Interest-Bearing Due from and Deposits with Banks(2)		4,418.0		4,999.7		4,828.1		4,955.3		4,877.6		5,321.5		5,237.7		6,049.6
	1,067.5		1,076.7		957.0		727.9		1,004.5			Federal Funds Sold and Securities Purchased under Agreements to Resell		518.4		732.2		977.4		681.3		394.5		713.2		1,300.4		1,593.7
												Debt Securities:
	38,986.9		32,060.2		24,356.6		26,871.9		32,092.4				Available For Sale	24,049.6		26,591.4		27,462.6		29,350.4		30,168.3		31,415.0		33,022.7		33,714.2
	20,617.0		22,970.0		25,511.9		23,230.7		22,003.6				Held To Maturity	24,498.9		23,373.8		22,834.0		22,231.6		21,821.9		20,895.9		22,129.7		23,151.0
	0.6		12.1		0.5		—		—				Trading Account	—		—		—		—		—		—		—		—
	59,604.5		55,042.3		49,869.0		50,102.6		54,096.0				Total Debt Securities	48,548.5		49,965.2		50,296.6		51,582.0		51,990.2		52,310.9		55,152.4		56,865.2
	37,207.5		41,030.6		42,177.0		40,916.7		41,073.1			Loans and Leases		41,586.9		41,034.6		39,884.0		41,169.9		41,076.5		41,158.0		41,500.6		40,558.3
	1,185.6		1,248.1		2,259.0		2,688.4		2,625.6			Other Interest-Earning Assets(3)		2,847.7		2,745.3		2,714.4		2,448.5		2,508.1		2,663.1		2,393.6		2,935.5
	143,873.0		138,839.0		130,801.3		134,416.3		141,559.4				Total Earning Assets	133,816.8		135,401.1		134,767.8		133,684.0		138,007.9		145,822.0		139,338.9		143,038.1
	(173.0)		(154.1)		(172.8)		(185.2)		(178.3)			Allowance for Credit Losses		(191.8)		(175.8)		(180.5)		(192.9)		(175.6)		(174.9)		(188.0)		(174.8)
	2,285.9		2,069.5		1,771.6		1,698.8		1,114.4			Cash and Due From Banks and Other Central Bank Deposits(4)		1,799.5		1,802.0		1,742.3		1,453.4		1,041.2		1,069.8		1,159.3		1,185.1
	502.7		488.7		484.8		488.0		473.6			Buildings and Equipment		498.2		485.8		482.2		485.8		484.8		479.3		468.4		462.3
	707.3		692.2		696.2		699.8		707.3			Goodwill		699.4		697.1		702.9		699.7		696.4		709.1		712.6		711.0
	9,167.3		10,616.6		9,068.1		9,515.8		9,816.8			Other Assets		8,496.2		9,791.0		9,328.2		10,440.2		10,207.4		9,813.9		9,550.3		9,704.0
	$	156,363.2	$	152,551.9	$	142,649.2	$	146,633.5	$	153,493.2			Total Assets	$	145,118.3	$	148,001.2	$	146,842.9	$	146,570.2	$	150,262.1	$	157,719.2	$	151,041.5	$	154,925.7

											Liabilities and Stockholders' Equity
	$	28,339.0	$	30,205.0	$	24,172.4	$	26,236.3	$	28,148.7		Savings, Money Market and Other		$	27,349.0	$	27,554.9	$	25,233.0	$	24,834.8	$	27,720.5	$	28,797.4	$	28,348.7	$	27,725.8
	887.2		1,059.7		3,341.2		5,856.9		6,744.6			Savings Certificates and Other Time		4,554.3		6,027.4		6,639.6		6,193.9		6,874.0		6,652.0		6,700.1		6,754.3
	69,713.4		65,031.3		60,008.6		63,854.7		66,859.4			Non-U.S. Offices - Interest-Bearing		63,752.8		63,216.3		64,347.2		64,094.5		64,454.3		70,158.0		65,354.5		67,454.2
	98,939.6		96,296.0		87,522.2		95,947.9		101,752.7				Total Interest-Bearing Deposits	95,656.1		96,798.6		96,219.8		95,123.2		99,048.8		105,607.4		100,403.3		101,934.3
	190.6		1,407.8		5,144.3		2,616.4		2,422.0			Federal Funds Purchased		2,650.1		3,010.7		2,320.9		2,488.8		2,393.6		2,469.0		2,467.7		2,357.7
	232.0		433.6		401.5		518.5		506.8			Securities Sold under Agreements to Repurchase		490.1		574.6		504.3		505.4		442.4		584.6		500.4		499.2
	5,049.8		5,463.5		10,339.5		6,980.3		7,007.5			Other Borrowings(5)		6,852.1		7,053.5		7,085.9		6,928.9		7,024.4		7,008.2		6,938.4		7,059.4
	2,856.4		2,756.0		2,734.0		2,764.0		2,882.4			Senior Notes		2,748.7		2,728.7		2,795.6		2,782.4		2,781.6		2,818.2		2,839.6		3,087.3
	1,166.1		1,258.9		2,586.0		4,073.2		4,043.0			Long-Term Debt		4,067.0		4,071.1		4,075.1		4,079.4		4,083.5		4,087.8		4,092.0		3,909.8
	218.4		—		—		—		—			Floating Rate Capital Debt		—		—		—		—		—		—		—		—
	108,652.9		107,615.8		108,727.5		112,900.3		118,614.4				Total Interest-Bearing Liabilities	112,464.1		114,237.2		113,001.6		111,908.1		115,774.3		122,575.2		117,241.4		118,847.7
	31,143.5		29,296.4		17,723.3		16,752.4		16,959.2			Demand and Other Noninterest-Bearing Deposits		16,706.5		16,543.0		16,340.9		17,416.6		16,870.3		16,770.4		16,297.3		17,894.9
	4,869.8		4,558.3		4,701.6		4,681.0		5,243.7			Other Liabilities		4,164.0		4,862.2		5,026.3		4,668.0		5,013.5		5,761.5		4,795.8		5,404.7
	144,666.2		141,471.0		131,152.4		134,333.7		140,817.3				Total Liabilities	133,334.6		135,642.4		134,368.8		133,992.7		137,658.1		145,107.1		138,334.5		142,147.3
	10,629.6		11,512.3		11,964.6		12,287.4		12,508.0			Common Equity, excluding Accumulated Other Comprehensive Income		11,873.4		12,375.7		12,421.8		12,475.2		12,527.2		12,500.4		12,496.7		12,508.2
	182.5		(1,315.8)		(1,352.7)		(872.5)		(717.0)			Accumulated Other Comprehensive Income (Loss)		(974.6)		(901.8)		(832.6)		(782.6)		(808.1)		(773.2)		(674.6)		(614.7)
	884.9		884.9		884.9		884.9		884.9			Preferred Equity		884.9		884.9		884.9		884.9		884.9		884.9		884.9		884.9
	11,697.0		11,081.4		11,496.8		12,299.8		12,675.9				Total Stockholders' Equity	11,783.7		12,358.8		12,474.1		12,577.5		12,604.0		12,612.1		12,707.0		12,778.4
	$	156,363.2	$	152,551.9	$	142,649.2	$	146,633.5	$	153,493.2			Total Liabilities and Stockholders' Equity	$	145,118.3	$	148,001.2	$	146,842.9	$	146,570.2	$	150,262.1	$	157,719.2	$	151,041.5	$	154,925.7

(1)	Summations may not equal due to rounding.
(2)	Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)	Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)	Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)	Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.


Northern Trust Corporation
BALANCE SHEET MIX TRENDS
PERIOD AVERAGES(1)

														2024								2025
	2021		2022		2023		2024		2025		Assets			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr
	25.0	%	23.8	%	21.9	%	24.0	%	24.4	%		Federal Reserve and Other Central Bank Deposits		24.7	%	24.3	%	24.6	%	22.4	%	24.7	%	27.7	%	22.3	%	22.6	%
	3.7		2.7		3.0		3.3		3.5			Interest-Bearing Due from and Deposits with Banks(2)		3.0		3.4		3.3		3.4		3.2		3.4		3.5		3.9
	0.7		0.7		0.7		0.5		0.7			Federal Funds Sold and Securities Purchased under Agreements to Resell		0.4		0.5		0.7		0.5		0.3		0.5		0.9		1.0
												Debt Securities:
	24.9		21.0		17.1		18.3		20.9				Available For Sale	16.6		18.0		18.7		20.0		20.1		19.9		21.9		21.8
	13.2		15.1		17.9		15.8		14.3				Held To Maturity	16.9		15.8		15.5		15.2		14.5		13.2		14.7		14.9

	38.1		36.1		35.0		34.2		35.2				Total Debt Securities	33.5		33.8		34.3		35.2		34.6		33.2		36.5		36.7
	23.8		26.9		29.6		27.9		26.8			Loans and Leases		28.7		27.7		27.2		28.1		27.3		26.1		27.5		26.2
	0.8		0.8		1.6		1.8		1.7			Other Interest-Earning Assets(3)		2.0		1.9		1.8		1.7		1.7		1.7		1.6		1.9
	92.0		91.0		91.7		91.7		92.2				Total Earning Assets	92.2		91.5		91.8		91.2		91.8		92.5		92.3		92.3
	(0.1)		(0.1)		(0.1)		(0.1)		(0.1)			Allowance for Credit Losses		(0.1)		(0.1)		(0.1)		(0.1)		(0.1)		(0.1)		(0.1)		(0.1)
	1.5		1.4		1.2		1.2		0.7			Cash and Due From Banks and Other Central Bank Deposits(4)		1.2		1.2		1.2		1.0		0.7		0.7		0.8		0.8
	0.3		0.3		0.3		0.3		0.3			Buildings and Equipment		0.3		0.3		0.3		0.3		0.3		0.3		0.3		0.3
	0.5		0.5		0.5		0.5		0.5			Goodwill		0.5		0.5		0.5		0.5		0.5		0.4		0.5		0.5
	5.9		7.0		6.4		6.5		6.4			Other Assets		5.9		6.6		6.4		7.1		6.8		6.2		6.3		6.3
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%			Total Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

											Liabilities and Stockholders' Equity
	18.1	%	19.8	%	16.9	%	17.9	%	18.3	%		Savings, Money Market and Other		18.8	%	18.6	%	17.2	%	16.9	%	18.4	%	18.3	%	18.8	%	17.9	%
	0.6		0.7		2.3		4.0		4.4			Savings Certificates and Other Time		3.1		4.1		4.5		4.2		4.6		4.2		4.4		4.4
	44.6		42.6		42.1		43.5		43.6			Non-U.S. Offices - Interest-Bearing		43.9		42.7		43.8		43.7		42.9		44.5		43.3		43.5
	63.3		63.1		61.4		65.4		66.3				Total Interest-Bearing Deposits	65.9		65.4		65.5		64.9		65.9		67.0		66.5		65.8
	0.1		0.9		3.6		1.8		1.6			Federal Funds Purchased		1.8		2.0		1.6		1.7		1.6		1.6		1.6		1.5
	0.1		0.3		0.3		0.4		0.3			Securities Sold under Agreements to Repurchase		0.3		0.4		0.3		0.3		0.3		0.4		0.3		0.3
	3.2		3.6		7.2		4.8		4.6			Other Borrowings(5)		4.7		4.8		4.8		4.7		4.7		4.4		4.6		4.6
	1.8		1.8		1.9		1.9		1.9			Senior Notes		1.9		1.8		1.9		1.9		1.9		1.8		1.9		2.0
	0.7		0.8		1.8		2.8		2.6			Long-Term Debt		2.8		2.8		2.8		2.8		2.7		2.6		2.7		2.5
	0.1		—		—		—		—			Floating Rate Capital Debt		—		—		—		—		—		—		—		—
	69.5		70.5		76.2		77.0		77.3				Total Interest-Bearing Liabilities	77.5		77.2		77.0		76.4		77.0		77.7		77.6		76.7
	19.9		19.2		12.4		11.4		11.0			Demand and Other Noninterest-Bearing Deposits		11.5		11.2		11.1		11.9		11.2		10.6		10.8		11.6
	3.1		3.0		3.3		3.2		3.4			Other Liabilities		2.9		3.3		3.4		3.2		3.3		3.7		3.2		3.5
	92.5		92.7		91.9		91.6		91.7				Total Liabilities	91.9		91.6		91.5		91.4		91.6		92.0		91.6		91.8
	6.8		7.5		8.4		8.4		8.1			Common Equity, excluding Accumulated Other Comprehensive Income		8.2		8.4		8.5		8.5		8.3		7.9		8.3		8.1
	0.1		(0.8)		(0.9)		(0.6)		(0.5)			Accumulated Other Comprehensive Income (Loss)		(0.7)		(0.6)		(0.6)		(0.5)		(0.5)		(0.5)		(0.4)		(0.4)
	0.6		0.6		0.6		0.6		0.6			Preferred Equity		0.6		0.6		0.6		0.6		0.6		0.6		0.6		0.6
	7.5		7.3		8.1		8.4		8.3				Total Stockholders' Equity	8.1		8.4		8.5		8.6		8.4		8.0		8.4		8.2
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%			Total Liabilities and Stockholders' Equity	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

(1)	Summations may not equal due to rounding.
(2)	Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)	Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)	Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)	Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.


Northern Trust Corporation
INTEREST RATE TRENDS (FTE(1) Basis)
PERIOD AVERAGES

		Net Interest Income (FTE Adjusted), a non-GAAP financial measure, includes adjustments to a fully taxable equivalent basis for loans and securities. A reconciliation of net interest income, net interest margin, and net interest spread on a GAAP basis to net interest income, net interest margin, and net interest spread on an FTE basis, respectively, (each of which is a non-GAAP financial measure) is provided on pages 11 and 12. Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds).
															2024								2025
		2021		2022		2023		2024		2025		Earnings Assets			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr
		0.03	%	1.30	%	4.69	%	4.93	%	3.92	%		Federal Reserve and Other Central Bank Deposits		5.15	%	5.12	%	4.98	%	4.44	%	4.15	%	4.01	%	3.84	%	3.63	%
		0.16		1.11		3.00		2.55		1.61			Interest-Bearing Due from and Deposits with Banks(2)		3.15		2.53		2.35		2.26		1.95		1.64		1.57		1.35
		0.33		9.65		165.68		458.90		281.64			Federal Funds Sold and Securities Purchased under Agreements to Resell(3)(4)		639.29		474.27		362.57		444.99		705.95		389.92		217.12		183.61
													Debt Securities:
		1.28		1.91		4.35		5.37		4.60				Available for Sale	5.41		5.52		5.50		5.09		4.73		4.69		4.60		4.41
		0.80		1.26		1.87		1.94		1.86				Held to Maturity	2.02		1.95		1.88		1.89		1.94		1.85		1.79		1.85
		1.59		3.84		13.50		—		—				Trading Account	—		—		—		—		—		—		—		—
		1.11		1.64		3.08		3.78		3.49				Total Debt Securities	3.70		3.85		3.86		3.71		3.56		3.56		3.47		3.37
		1.92		3.28		6.06		6.28		5.56			Loans and Leases		6.34		6.38		6.45		5.97		5.68		5.62		5.59		5.33
		3.43		4.03		4.87		4.85		4.00			Other Interest-Earning Assets(5)		4.51		4.68		4.71		5.57		3.88		3.81		3.81		4.44
		1.00	%	2.11	%	5.64	%	7.29	%	6.11	%			Total Earning Assets	7.37	%	7.47	%	7.49	%	6.82	%	6.31	%	6.10	%	6.12	%	5.93	%

												Interest-Bearing Funds
		0.05	%	0.74	%	2.85	%	3.66	%	3.03	%		Savings, Money Market and Other		3.72	%	3.75	%	3.76	%	3.39	%	3.11	%	3.10	%	3.16	%	2.72	%
		0.55		1.68		4.54		5.11		4.30			Savings Certificates and Other Time		5.19		5.23		5.19		4.84		4.48		4.31		4.25		4.14
		(0.11)		0.56		3.07		3.38		2.28			Non-U.S. Offices - Interest-Bearing		3.59		3.58		3.39		2.95		2.60		2.45		2.19		1.89
		(0.06)		0.63		3.07		3.56		2.62				Total Interest-Bearing Deposits	3.71		3.73		3.61		3.19		2.87		2.74		2.60		2.26
		(0.19)		2.43		4.99		4.94		3.89			Federal Funds Purchased		5.11		5.16		5.07		4.38		4.00		3.97		3.99		3.59
		0.07		20.94		383.84		632.65		545.26			Securities Sold under Agreements to Repurchase(3)(6)		667.86		596.00		686.17		586.70		617.15		467.05		551.02		567.72
		0.28		2.31		5.25		5.20		4.48			Other Borrowings(7)		5.20		5.43		5.32		4.82		4.60		4.60		4.55		4.17
		1.69		3.36		6.22		6.28		5.47			Senior Notes		6.45		6.50		6.30		5.88		5.65		5.55		5.50		5.19
		1.81		3.49		5.69		5.49		5.46			Long-Term Debt		5.50		5.50		5.47		5.47		5.52		5.48		5.46		5.38
		0.78		—		—		—		—			Floating Rate Capital Debt		—		—		—		—		—		—		—		—
		0.02	%	0.92	%	4.91	%	6.72	%	5.24	%			Total Interest-Bearing Liabilities	6.86	%	6.98	%	6.93	%	6.10	%	5.51	%	5.24	%	5.26	%	4.96	%

		0.98	%	1.19	%	0.73	%	0.57	%	0.87	%		Net Interest Spread		0.51	%	0.49	%	0.56	%	0.72	%	0.80	%	0.86	%	0.86	%	0.97	%

		0.99	%	1.39	%	1.56	%	1.64	%	1.72	%		Net Interest Margin		1.61	%	1.57	%	1.68	%	1.71	%	1.69	%	1.69	%	1.70	%	1.81	%

	(1)	Fully taxable equivalent. FTE adjustments are based on a federal income tax rate of 21%, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit.
	(2)	Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
	(3)	Includes the impact of balance sheet netting under master netting arrangements of approximately $70.5 billion for the three months ended December 31, 2025, 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.
	(4)	Excluding the impact of netting, the average interest rate on Federal Funds Sold and Securities Purchased under Agreements to Resell would be approximately 4.06% for the three months ended December 31, 2025 including balances and rates for FICC reverse repurchase agreements ($70.6 billion / 4.09%), Non-FICC reverse repurchase agreements ($1.5 billion / 2.5%) and federal funds sold ($0.4 million / 4.15%).
	(5)	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.
	(6)	Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 3.99% for the three months ended December 31, 2025 including balances and rates for FICC repurchase agreements ($70.5 billion / 3.99%) and Non-FICC repurchase agreements ($0.5 billion / 3.56%).
	(7)	Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.


Northern Trust Corporation
ASSET QUALITY
END OF PERIOD
($ in Millions)

																				2024												2025
	2021			2022			2023			2024			2025							1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
	$	259.9		$	184.7		$	200.9		$	220.4		$	206.1		Beginning Allowance for Credit Losses				$	220.4		$	201.5		$	209.6		$	220.0		$	206.1		$	207.3		$	224.1		$	206.7

	(81.5)			12.0			24.5			(3.0)			(7.5)			Provision for Credit Losses				(8.5)			8.0			8.0			(10.5)			1.0			16.5			(17.0)			(8.0)

																(Charge-offs) Recoveries
	(0.7)			(6.0)			(8.7)			(15.5)			(3.9)				Charge-offs			(11.1)			(0.3)			—			(4.1)			(0.3)			(0.1)			(2.1)			(1.4)
	7.0			10.2			3.7			4.2			3.6				Recoveries			0.7			0.4			2.4			0.7			0.5			0.4			1.7			1.0
	6.3			4.2			(5.0)			(11.3)			(0.3)					Net (Charge-offs) Recoveries		(10.4)			0.1			2.4			(3.4)			0.2			0.3			(0.4)			(0.4)


	$	184.7		$	200.9		$	220.4		$	206.1		$	198.3					Ending Allowance for Credit Losses	$	201.5		$	209.6		$	220.0		$	206.1		$	207.3		$	224.1		$	206.7		$	198.3

																Allowance for Credit Losses Assigned to:
	$	138.4		$	144.3		$	178.7		$	168.0		$	164.3			Loans and Leases			$	162.4		$	167.7		$	184.8		$	168.0		$	167.1		$	180.5		$	164.4		$	164.3
	34.1			38.5			26.9			30.4			23.3				Undrawn Loan Commitments and Standby Letters of Credit			25.2			29.5			26.5			30.4			32.8			34.7			32.1			23.3
	12.2			18.1			14.8			7.7			10.7				Debt Securities and Other Financial Assets			13.9			12.4			8.7			7.7			7.4			8.9			10.2			10.7
	$	184.7		$	200.9		$	220.4		$	206.1		$	198.3				Total Allowance for Credit Losses		$	201.5		$	209.6		$	220.0		$	206.1		$	207.3		$	224.1		$	206.7		$	198.3

	$	37,208		$	41,031		$	42,177		$	40,917		$	41,073		Average Loans and Leases Outstanding				$	41,587		$	41,035		$	39,884		$	41,170		$	41,077		$	41,158		$	41,501		$	40,558

																Annualized Loan-Related Net (Charge-offs) Recoveries to
	0.02		%	0.01		%	(0.01)		%	(0.03)		%	—		%		Average Loans and Leases			(0.10)		%	—		%	0.02		%	(0.03)		%	—		%	—		%	—		%	—		%

	$	40,481		$	42,893		$	47,617		$	43,391		$	41,948		End of Period Loans and Leases Outstanding				$	47,343		$	42,135		$	41,950		$	43,391		$	40,833		$	43,323		$	42,949		$	41,948

																Allowance for Credit Losses Assigned to Loans
	0.34		%	0.34		%	0.38		%	0.39		%	0.39		%		and Leases to Total Loans and Leases			0.34		%	0.40		%	0.44		%	0.39		%	0.41		%	0.42		%	0.38		%	0.39		%

																Nonaccrual Assets
	$	122.3		$	45.9		$	63.6		$	56.0		$	76.7			Nonaccrual Loans and Leases			$	37.0		$	38.5		$	39.3		$	56.0		$	73.1		$	92.8		$	78.8		$	76.7
	3.0			—			1.5			—			—				Other Real Estate Owned (OREO)			—			—			—			—			—			—			—			—
	$	125.3		$	45.9		$	65.1		$	56.0		$	76.7				Total Nonaccrual Assets		$	37.0		$	38.5		$	39.3		$	56.0		$	73.1		$	92.8		$	78.8		$	76.7

	0.31		%	0.11		%	0.14		%	0.13		%	0.18		%	Nonaccrual Assets to Loans and Leases and OREO				0.08		%	0.09		%	0.09		%	0.13		%	0.18		%	0.21		%	0.18		%	0.18		%
																Loans and Leases Allowance to Nonaccrual
	1.1x			3.1x			2.8x			3.0x			2.1x				Loans and Leases			4.4x			4.4x			4.7x			3.0x			2.3x			1.9x			2.1x			2.1x


Northern Trust Corporation
ASSETS UNDER MANAGEMENT AND CUSTODY
END OF PERIOD
($ in Billions)

														2024								2025
	2021		2022		2023		2024		2025		Assets Under Management			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr
	$	1,191.0	$	898.1	$	1,032.0	$	1,159.7	$	1,296.0	Asset Servicing			$	1,080.1	$	1,107.3	$	1,177.9	$	1,159.7	$	1,160.9	$	1,229.2	$	1,280.1	$	1,296.0
												Asset allocation:
	626.6		485.0		563.9		644.6		712.6				Equities	602.5		613.7		650.0		644.6		625.8		666.7		702.5		712.6
	132.6		107.1		116.2		127.2		140.3				Fixed Income Securities	116.3		125.8		131.0		127.2		130.2		131.9		136.4		140.3
	236.2		157.7		184.5		211.7		235.3				Cash and Other Assets	198.2		207.2		220.9		211.7		214.2		225.2		235.1		235.3
	195.6		148.3		167.4		176.2		207.8				Securities Lending Collateral	163.1		160.6		176.0		176.2		190.7		205.4		206.1		207.8

	$	416.1	$	351.4	$	402.5	$	450.7	$	507.2	Wealth Management			$	420.6	$	419.4	$	443.9	$	450.7	$	446.9	$	468.5	$	492.6	$	507.2
												Asset allocation:
	229.9		186.3		221.6		258.5		303.0				Equities	238.6		243.2		258.8		258.5		254.2		276.9		299.0		303.0
	83.5		79.4		87.2		90.3		94.9				Fixed Income Securities	87.2		85.8		88.7		90.3		91.2		91.6		93.6		94.9
	102.7		85.7		93.7		101.6		108.8				Cash and Other Assets	94.7		90.3		96.3		101.6		101.1		99.4		99.5		108.8
	—		—		—		0.3		0.5				Securities Lending Collateral	0.1		0.1		0.1		0.3		0.4		0.6		0.5		0.5
	$	1,607.1	$	1,249.5	$	1,434.5	$	1,610.4	$	1,803.2	Total Assets Under Management			$	1,500.7	$	1,526.7	$	1,621.8	$	1,610.4	$	1,607.8	$	1,697.7	$	1,772.7	$	1,803.2
												Asset allocation:
	$	856.5	$	671.3	$	785.5	$	903.1	$	1,015.6			Equities	$	841.1	$	856.9	$	908.8	$	903.1	$	880.0	$	943.6	$	1,001.5	1,015.6
	216.1		186.5		203.4		217.5		235.2				Fixed Income Securities	203.5		211.6		219.7		217.5		221.4		223.5		230.0		235.2
	338.9		243.4		278.2		313.3		344.1				Cash and Other Assets	292.9		297.5		317.2		313.3		315.3		324.6		334.6		344.1
	195.6		148.3		167.4		176.5		208.3				Securities Lending Collateral	163.2		160.7		176.1		176.5		191.1		206.0		206.6		208.3

											Assets Under Custody / Administration
	$	15,183.2	$	12,705.5	$	14,362.6	$	15,640.1	$	17,418.4		Asset Servicing		$	15,385.4	$	15,470.8	$	16,278.0	$	15,640.1	$	15,804.7	$	16,864.9	$	16,990.4	$	17,418.4
	1,065.6		898.5		1,042.3		1,147.9		1,297.7			Wealth Management		1,087.1		1,096.6		1,145.0		1,147.9		1,119.3		1,203.4		1,257.2		1,297.7
	$	16,248.8	$	13,604.0	$	15,404.9	$	16,788.0	$	18,716.1	Total Assets Under Custody / Administration			$	16,472.5	$	16,567.4	$	17,423.0	$	16,788.0	$	16,924.0	$	18,068.3	$	18,247.6	$	18,716.1
											Assets Under Custody
	$	11,554.8	$	9,712.3	$	10,882.0	$	12,214.0	$	13,604.8	Asset Servicing			$	11,723.1	$	11,955.5	$	12,662.1	$	12,214.0	$	12,163.6	$	13,056.5	$	13,195.0	$	13,604.8
												Asset allocation:
	5,404.3		4,312.8		5,028.9		5,938.6		6,582.0				Equities	5,511.4		5,711.7		6,098.1		5,938.6		5,832.8		6,420.1		6,402.7		6,582.0
	3,997.5		3,252.1		3,600.4		3,742.1		4,271.9				Fixed Income Securities	3,665.8		3,662.0		3,887.3		3,742.1		3,868.6		4,053.4		4,140.8		4,271.9
	1,957.4		1,999.1		2,085.3		2,357.1		2,543.1				Cash and Other Assets	2,382.8		2,421.2		2,500.7		2,357.1		2,271.5		2,377.6		2,445.4		2,543.1
	195.6		148.3		167.4		176.2		207.8				Securities Lending Collateral	163.1		160.6		176.0		176.2		190.7		205.4		206.1		207.8

	$	1,057.5	$	892.3	$	1,034.5	$	1,135.2	$	1,284.3	Wealth Management			$	1,081.0	$	1,085.9	$	1,132.7	$	1,135.2	$	1,105.9	$	1,187.2	$	1,244.1	$	1,284.3
												Asset allocation:
	644.8		497.9		623.6		700.4		777.0				Equities	661.1		669.3		701.4		700.4		669.0		736.7		763.8		777.0
	142.1		134.0		136.7		142.8		163.9				Fixed Income Securities	138.4		139.2		144.4		142.8		147.1		149.6		157.1		163.9
	270.6		260.4		274.2		291.7		342.9				Cash and Other Assets	281.4		277.3		286.8		291.7		289.4		300.3		322.7		342.9
	—		—		—		0.3		0.5				Securities Lending Collateral	0.1		0.1		0.1		0.3		0.4		0.6		0.5		0.5
	$	12,612.3	$	10,604.6	$	11,916.5	$	13,349.2	$	14,889.1	Total Assets Under Custody			$	12,804.1	$	13,041.4	$	13,794.8	$	13,349.2	$	13,269.5	$	14,243.7	$	14,439.1	$	14,889.1
												Asset allocation:
	$	6,049.1	$	4,810.7	$	5,652.5	$	6,639.0	$	7,359.0			Equities	$	6,172.5	$	6,381.0	$	6,799.5	$	6,639.0	$	6,501.8	$	7,156.8	$	7,166.5	$	7,359.0
	4,139.6		3,386.1		3,737.1		3,884.9		4,435.8				Fixed Income Securities	3,804.2		3,801.2		4,031.7		3,884.9		4,015.7		4,203.0		4,297.9		4,435.8
	2,228.0		2,259.5		2,359.5		2,648.8		2,886.0				Cash and Other Assets	2,664.2		2,698.5		2,787.5		2,648.8		2,560.9		2,677.9		2,768.1		2,886.0
	195.6		148.3		167.4		176.5		208.3				Securities Lending Collateral	163.2		160.7		176.1		176.5		191.1		206.0		206.6		208.3

											Memo
	$	144.9	$	119.9	$	144.3	$	170.2	$	194.4		WM Global Family Office AUM		$	152.4	$	152.7	$	161.8	$	170.2	$	169.7	$	176.1	$	186.1	$	194.4
	742.6		614.9		728.0		802.4		908.2			WM Global Family Office AUC		762.1		768.1		798.0		802.4		779.2		836.7		875.8		908.2


Northern Trust Corporation
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
($ in Millions)

	Northern Trust presents certain financial measures on a fully taxable equivalent (FTE) basis, which is a non-generally accepted accounting principle (GAAP). Management believes an FTE presentation provides a clearer indication of these financial measures for comparative purposes. Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income. Below is a reconciliation of the financial measures presented on an FTE basis.

													2024								2025
	2021		2022		2023		2024		2025				1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr

	$	1,406.5	$	2,877.7	$	7,325.0	$	9,762.3	$	8,624.6	Interest Income - GAAP		$	2,445.6	$	2,506.5	$	2,530.2	$	2,280.0	$	2,140.9	$	2,212.8	$	2,144.3	$	2,126.6
	35.6		45.6		57.5		31.8		28.5		Add: FTE Adjustment		7.3		6.9		7.1		10.5		5.6		4.7		5.5		12.7
	1,442.1		2,923.3		7,382.5		9,794.1		8,653.1			Interest Income (FTE) - Non-GAAP	2,452.9		2,513.4		2,537.3		2,290.5		2,146.5		2,217.5		2,149.8		2,139.3

	1,382.7		1,887.2		1,982.0		2,177.1		2,411.0		Net Interest Income - GAAP		528.1		522.9		562.3		563.8		568.1		610.5		590.8		641.6
	35.6		45.6		57.5		31.8		28.5		Add: FTE Adjustment		7.3		6.9		7.1		10.5		5.6		4.7		5.5		12.7
	1,418.3		1,932.8		2,039.5		2,208.9		2,439.5			Net Interest Income (FTE) - Non-GAAP	535.4		529.8		569.4		574.3		573.7		615.2		596.3		654.3

	6,464.5		6,761.2		6,773.5		8,290.4		8,086.4		Total Revenue - GAAP		1,646.8		2,715.5		1,968.5		1,959.6		1,940.0		1,997.9		2,025.4		2,123.1
	35.6		45.6		57.5		31.8		28.5		Add: FTE Adjustment		7.3		6.9		7.1		10.5		5.6		4.7		5.5		12.7
	6,500.1		6,806.8		6,831.0		8,322.2		8,114.9			Total Revenue (FTE) - Non-GAAP	1,654.1		2,722.4		1,975.6		1,970.1		1,945.6		2,002.6		2,030.9		2,135.8

	2,010.1		1,766.3		1,464.8		2,659.5		2,339.5		Income before Income Taxes - GAAP		290.6		1,173.6		601.1		594.2		521.4		564.8		619.5		633.8
	35.6		45.6		57.5		31.8		28.5		Add: FTE Adjustment		7.3		6.9		7.1		10.5		5.6		4.7		5.5		12.7
	2,045.7		1,811.9		1,522.3		2,691.3		2,368.0			Income before Income Taxes (FTE) - Non-GAAP	297.9		1,180.5		608.2		604.7		527.0		569.5		625.0		646.5

	464.8		430.3		357.5		628.4		602.6		Provision for Income Taxes - GAAP		75.9		277.5		136.2		138.8		129.4		143.5		161.9		167.8
	35.6		45.6		57.5		31.8		28.5		Add: FTE Adjustment		7.3		6.9		7.1		10.5		5.6		4.7		5.5		12.7
	500.4		475.9		415.0		660.2		631.1			Provision for Income Taxes (FTE) - Non-GAAP	83.2		284.4		143.3		149.3		135.0		148.2		167.4		180.5


Northern Trust Corporation
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
RATIOS

		Northern Trust presents certain financial measures on a fully taxable equivalent (FTE) basis, which is a non-generally accepted accounting principle (GAAP). Management believes an FTE presentation provides a clearer indication of these financial measures for comparative purposes. Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income. Below is a reconciliation of the financial ratios presented on an FTE basis.

													2024								2025
		2021		2022		2023		2024		2025			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr

		31.1	%	26.1	%	21.6	%	32.1	%	28.9	%	Profit Margin (pre-tax) - GAAP (1)	17.6	%	43.2	%	30.5	%	30.3	%	26.9	%	28.3	%	30.6	%	29.9	%
		31.5	%	26.6	%	22.3	%	32.3	%	29.2	%	Profit Margin (pre-tax) (FTE) - Non-GAAP (1)	18.0	%	43.4	%	30.8	%	30.7	%	27.1	%	28.4	%	30.8	%	30.3	%

		23.9	%	19.8	%	16.3	%	24.5	%	21.5	%	Profit Margin (after-tax) - GAAP (2)	13.0	%	33.0	%	23.6	%	23.2	%	20.2	%	21.1	%	22.6	%	22.0	%
		23.8	%	19.6	%	16.2	%	24.4	%	21.4	%	Profit Margin (after-tax) (FTE) - Non-GAAP (2)	13.0	%	32.9	%	23.5	%	23.1	%	20.1	%	21.0	%	22.5	%	21.8	%

		23.1	%	24.4	%	24.4	%	23.6	%	25.8	%	Effective Tax Rate - GAAP (3)	26.1	%	23.6	%	22.7	%	23.4	%	24.8	%	25.4	%	26.1	%	26.5	%
		24.5	%	26.3	%	27.3	%	24.5	%	26.6	%	Effective Tax Rate (FTE) - Non-GAAP (3)	27.9	%	24.1	%	23.5	%	24.7	%	25.6	%	26.0	%	26.8	%	27.9	%

		78.6	%	72.1	%	70.7	%	73.7	%	70.2	%	Noninterest Income to Total Revenue - GAAP (4)	67.9	%	80.7	%	71.4	%	71.2	%	70.7	%	69.4	%	70.8	%	69.8	%
		78.2	%	71.6	%	70.1	%	73.5	%	69.9	%	Noninterest Income to Total Revenue (FTE) - Non-GAAP (4)	67.6	%	80.5	%	71.2	%	70.8	%	70.5	%	69.3	%	70.6	%	69.4	%

		67.5	%	65.6	%	64.4	%	57.0	%	62.1	%	Trust Fees to Total Revenue - GAAP (5)	69.4	%	42.9	%	60.8	%	62.4	%	62.6	%	61.6	%	62.5	%	61.6	%
		67.1	%	65.1	%	63.9	%	56.8	%	61.8	%	Trust Fees to Total Revenue (FTE) - Non-GAAP (5)	69.1	%	42.8	%	60.6	%	62.0	%	62.4	%	61.5	%	62.3	%	61.2	%

		0.96	%	1.15	%	0.69	%	0.54	%	0.85	%	Net Interest Spread - GAAP (6)	0.49	%	0.47	%	0.54	%	0.69	%	0.78	%	0.85	%	0.85	%	0.94	%
		0.98	%	1.19	%	0.73	%	0.57	%	0.87	%	Net Interest Spread (FTE) - Non-GAAP (6)	0.51	%	0.49	%	0.56	%	0.72	%	0.80	%	0.86	%	0.86	%	0.97	%

		0.96	%	1.36	%	1.52	%	1.62	%	1.70	%	Net Interest Margin - GAAP (7)	1.59	%	1.55	%	1.66	%	1.68	%	1.67	%	1.68	%	1.68	%	1.78	%
		0.99	%	1.39	%	1.56	%	1.64	%	1.72	%	Net Interest Margin (FTE) - Non-GAAP (7)	1.61	%	1.57	%	1.68	%	1.71	%	1.69	%	1.69	%	1.70	%	1.81	%

	(1)	Profit margin (pre-tax) is calculated by dividing income before income taxes by total revenue. Profit margin (pre-tax) on an FTE basis is calculated by dividing income before income taxes on an FTE basis by total revenue on an FTE basis.
	(2)	Profit margin (after-tax) is calculated by dividing net income by total revenue. Profit margin (after-tax) on an FTE basis is calculated by dividing net income by total revenue on an FTE basis.
	(3)	Effective tax rate is calculated by dividing the provision for income taxes by income before income taxes. Effective tax rate on an FTE basis is calculated by dividing the provision for income taxes on an FTE basis by income before income taxes on an FTE basis.
	(4)	Noninterest income to total revenue is calculated by dividing noninterest income by total revenue. Noninterest income to total revenue on an FTE basis is calculated by dividing noninterest income by total revenue on an FTE basis.
	(5)	Trust fees to total revenue is calculated by dividing total trust, investment and other servicing fees by total revenue. Trust fees to total revenue on an FTE basis is calculated by dividing total trust, investment and other servicing fees by total revenue on an FTE basis.
	(6)	Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds). Net interest spread on an FTE basis is calculated as the difference between the interest rate earned (annualized interest income on an FTE basis divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds).
	(7)	Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest margin on an FTE basis is calculated by dividing annualized net interest income on an FTE basis by average interest-earning assets.