Reporting Segments (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Results of Reporting Segments

The following table presents the earnings contributions and certain average balances of Northern Trust’s reporting segments for the three- and nine-month periods ended September 30, 2025 and 2024.

TABLE 57: RESULTS OF REPORTING SEGMENTS


($ In Millions)	ASSET SERVICING						WEALTH MANAGEMENT						OTHER(3)						TOTAL CONSOLIDATED
THREE MONTHS ENDED SEPTEMBER 30,	2025			2024			2025			2024			2025			2024			2025			2024
Noninterest Income
Trust, Investment and Other Servicing Fees	$	706.9		$	667.1		$	558.6		$	529.5		$	—		$	—		$	1,265.5		$	1,196.6
Foreign Exchange Trading Income (Loss)	65.5			59.5			(8.3)			(5.4)			—			—			57.2			54.1
Other Noninterest Income (Expense)	77.0			66.7			38.9			35.5			(4.0)			53.3			111.9			155.5
Total Noninterest Income (Expense)	849.4			793.3			589.2			559.6			(4.0)			53.3			1,434.6			1,406.2
Net Interest Income (Expense)(1)	339.9			320.9			257.2			248.8			(6.3)			(7.4)			590.8			562.3
Revenue(1)	1,189.3			1,114.2			846.4			808.4			(10.3)			45.9			2,025.4			1,968.5
Provision for Credit Losses	(6.1)			(0.6)			(12.3)			12.4			1.4			(3.8)			(17.0)			8.0
Noninterest Expense
Compensation	78.8			90.3			143.3			138.7			403.2			354.6			625.3			583.6
Employee Benefits	16.8			18.2			22.5			23.5			75.9			67.5			115.2			109.2
Outside Services	24.0			43.6			14.0			11.6			210.2			201.1			248.2			256.3
Allocated Expense	763.6			682.7			315.3			297.1			(1,078.9)			(979.8)			—			—
Other Segment Items(2)	18.1			21.6			21.2			18.0			394.9			370.7			434.2			410.3
Total Noninterest Expense	901.3			856.4			516.3			488.9			5.3			14.1			1,422.9			1,359.4
Income (Loss) before Income Taxes(1)	294.1			258.4			342.4			307.1			(17.0)			35.6			619.5			601.1
Provision for Income Taxes(1)	64.3			56.7			83.7			76.8			13.9			2.7			161.9			136.2
Net Income (Loss)	$	229.8		$	201.7		$	258.7		$	230.3		$	(30.9)		$	32.9		$	457.6		$	464.9
Percentage of Consolidated Net Income	50		%	43		%	57		%	50		%	(7)		%	7		%	100		%	100		%
Average Assets	$	110,056.4		$	107,362.3		$	39,850.2		$	38,734.9		$	1,134.9		$	745.7		$	151,041.5		$	146,842.9
Average Loans	$	5,399.9		$	5,615.8		$	36,100.7		$	34,268.2		$	—		$	—		$	41,500.6		$	39,884.0
Average Deposits	$	90,195.3		$	86,635.7		$	25,370.4		$	25,179.3		$	1,134.9		$	745.7		$	116,700.6		$	112,560.7

(1) Financial measures stated on an FTE basis. The FTE adjustment was $5.5 million and $7.1 million for three months ended September 30, 2025 and 2024, respectively, and is eliminated within “Other” in order for “Total Consolidated” to reconcile with the Consolidated Statement of Income.

(2) Other Segment Items include Occupancy, Equipment & Software and Other Operating Expense.

(3) Prior-year quarter includes the gain related to the sale of an equity investment.


(In Millions)	ASSET SERVICING(3)						WEALTH MANAGEMENT(3)						OTHER(4)						TOTAL CONSOLIDATED
NINE MONTHS ENDED SEPTEMBER 30,	2025			2024			2025			2024			2025			2024			2025			2024
Noninterest Income
Trust, Investment and Other Servicing Fees	$	2,070.6		$	1,957.3		$	1,639.8		$	1,548.3		$	—		$	—		$	3,710.4		$	3,505.6
Foreign Exchange Trading Income (Loss)	190.4			181.6			(23.9)			(12.1)			—			—			166.5			169.5
Other Noninterest Income (Loss)	216.2			196.8			107.0			104.0			(6.2)			741.6			317.0			1,042.4
Total Noninterest Income (Loss)	2,477.2			2,335.7			1,722.9			1,640.2			(6.2)			741.6			4,193.9			4,717.5
Net Interest Income (Expense)(1)	1,010.8			896.2			775.6			734.4			(17.0)			(17.3)			1,769.4			1,613.3
Revenue(1)	3,488.0			3,231.9			2,498.5			2,374.6			(23.2)			724.3			5,963.3			6,330.8
Provision for Credit Losses	(0.1)			(1.9)			(2.0)			15.7			2.6			(6.3)			0.5			7.5
Noninterest Expense
Compensation	249.1			318.4			434.4			438.6			1,201.0			1,118.9			1,884.5			1,875.9
Employee Benefits	50.8			52.3			67.1			64.7			224.7			193.5			342.6			310.5
Outside Services	114.2			145.6			45.3			34.1			580.9			566.8			740.4			746.5
Allocated Expense	2,213.5			2,037.7			929.9			901.0			(3,143.4)			(2,938.7)			—			—
Other Segment Items(2)	59.9			66.5			67.5			58.4			1,162.2			1,200.2			1,289.6			1,325.1
Total Noninterest Expense	2,687.5			2,620.5			1,544.2			1,496.8			25.4			140.7			4,257.1			4,258.0
Income (Loss) before Income Taxes(1)	800.6			613.3			956.3			862.1			(51.2)			589.9			1,705.7			2,065.3
Provision for Income Taxes(1)	173.2			134.5			233.8			216.7			27.8			138.4			434.8			489.6
Net Income (Loss)	$	627.4		$	478.8		$	722.5		$	645.4		$	(79.0)		$	451.5		$	1,270.9		$	1,575.7
Percentage of Consolidated Net Income	49		%	30		%	57		%	41		%	(6)		%	29		%	100		%	100		%
Average Assets	$	112,297.8		$	107,447.0		$	39,364.0		$	38,629.2		$	1,348.6		$	578.6		$	153,010.4		$	146,654.8
Average Loans	$	5,652.7		$	6,329.8		$	35,593.9		$	34,501.8		$	—		$	—		$	41,246.6		$	40,831.6
Average Deposits	$	91,669.5		$	86,516.2		$	25,317.3		$	25,659.4		$	1,348.6		$	578.6		$	118,335.4		$	112,754.2

(1) Financial measures stated on an FTE basis. The FTE adjustment was $15.8 million and $21.3 million for nine months ended September 30, 2025 and 2024, respectively, and is eliminated within “Other” in order for “Total Consolidated” to reconcile with the Consolidated Statement of Income.

(2) Other Segment Items include Occupancy, Equipment & Software and Other Operating Expense.

(3) Prior-year period items including severance-related charges, software amortization acceleration and dispositions, and a securities repositioning related to the supplemental pension plan, are allocated to the Reporting Segments based on the nature of the item.

(4) Includes the net gain from Northern Trust’s participation in the Visa Exchange Offer, a gain related to the sale of an equity investment, partially offset by a loss on available for sale debt securities sold in conjunction with a repositioning of the portfolio, all in the prior-year period.