Ctrl K
Cash conversion is weak, with operating cash flow turning negative at -$64.9M in Q2 2026 despite $792.2M in net income, while the company returned $502.2M to shareholders through dividends ($151.6M) and buybacks ($350.6M), and securities purchases outpaced sales by $8.8B, indicating aggressive portfolio reinvestment.
Northern Trust Corporation (NTRS) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 529.3M | 5.53B | -486M | 2.63B | 2.39B | 1.36B | 1.9B | 2.59B | 1.77B | 1.72B | 1.51B | 1.83B | 936M | 839.3M | 814.4M | 1.25B | 790.2M | 1.01B | 855.3M | 880.7M | 388.5M | 583.1M | 654.8M | 511.4M | 698.7M | 725.5M | 371.1M | 510.5M | 430.9M | 201.1M | 348M |
| Operating CF Growth % | -114.33% | 1238.58% | -118.51% | 9.75% | 76.43% | -28.51% | -26.82% | 46.65% | 2.74% | 13.93% | -17.68% | 95.98% | 11.52% | 3.06% | -35.07% | 58.73% | -22.12% | 18.64% | -2.88% | 126.69% | -33.37% | -10.95% | 28.04% | -26.81% | -3.69% | 95.5% | -27.31% | 18.47% | 114.27% | -42.21% | 145.42% |
| Net Income | 2.24B | 1.74B | 2.03B | 1.11B | 1.34B | 1.55B | 1.21B | 1.49B | 1.56B | 1.2B | 1.03B | 973.8M | 811.8M | 731.3M | 687.3M | 603.6M | 669.5M | 864.2M | 794.8M | 726.9M | 665.4M | 584.4M | 505.6M | 404.8M | 447.1M | 487.5M | 485.1M | 405M | 353.9M | 309.4M | 258.8M |
| Depreciation & Amortization | 788.2M | 779.1M | 716.8M | 634.6M | 553.6M | 515.6M | 500.3M | 458.9M | 460.9M | 421.7M | 373.3M | 351.6M | 335.7M | 318.5M | 289.4M | 265.1M | 249.5M | 243.7M | 220.4M | 211.4M | 199.6M | 191.7M | 176.4M | 186.3M | 57.7M | 23.8M | -88.8M | 34.3M | -108.4M | -89.7M | -31.1M |
| Deferred Taxes | 194.5M | 194.5M | 20.7M | -48.2M | -142.7M | 2M | 16.4M | 34.3M | 10.5M | -76.1M | -175.8M | -146.2M | -36.4M | 66.6M | 79.7M | 97.2M | 12.1M | 183.8M | -190.9M | -70.3M | 83.9M | 71.1M | 96.5M | 87.9M | 95.6M | 129.5M | 88.4M | 95.3M | 57M | 38M | 29.5M |
| Other Non-Cash Items | -4.66B | 109.1M | -102.4M | 951.1M | -285.7M | 191.1M | 182.3M | -402.8M | 737.8M | -238M | 718.7M | -328.6M | 112.5M | 222.4M | -80.7M | 406.5M | 166.3M | -516.3M | 219.2M | 227.8M | -324.7M | -146.6M | -141M | -81.9M | 95.2M | 37.3M | -72.8M | -32.4M | 162.1M | -72.5M | 63.7M |
| Working Capital Changes | 1.96B | 2.71B | -3.15B | -19.2M | 931.2M | -898M | -11.5M | 1.01B | -998.1M | 413.8M | -438.7M | 983.8M | -287.6M | -499.5M | -161.3M | -118.1M | -307.2M | 239.3M | -188.2M | -215.1M | -235.7M | -117.5M | 17.3M | -85.7M | 3.1M | 47.4M | -40.8M | 8.3M | -33.7M | 15.9M | 27.1M |
| Cash from Investing | -7.62B | -20.17B | -2.56B | 4.78B | 25.93B | -18.6B | -29.92B | -3.4B | 4.33B | -14.02B | -10.19B | -6.9B | -8.23B | -5.68B | 1.63B | -15.39B | -1.77B | -1.68B | -14.35B | -7.47B | -5.38B | -4.07B | -3.48B | -2.58B | 663M | -3.68B | -6.52B | -1.13B | -1.79B | -3B | -1.61B |
| Purchase of Investments | -41.15B | -44.74B | -39.53B | -40.09B | -37.4B | -68.63B | -51.07B | -26.97B | -34.06B | -21.74B | -23.32B | -19.57B | -19.81B | -13.88B | -23.34B | -33.45B | -15.15B | -14.27B | -15.52B | -55.17B | -87.15B | -56.92B | -16.6B | -20.5B | -29.21B | -68.4B | -41.16B | -46.17B | -111.04B | -77.66B | -34.6B |
| Sale/Maturity of Investments | 24.51B | 37.8B | 37.86B | 43.74B | 44.18B | 64.98B | 44.41B | 27.35B | 29B | 20.03B | 15.34B | 15.2B | 16.38B | 14.31B | 23.4B | 23.36B | 11.86B | 12.15B | 8.46B | 58.81B | 86.1B | 54.93B | 16.9B | 18.08B | 31.62B | 66.54B | 40.96B | 46.02B | 111.5B | 76.41B | 34.72B |
| Net Investment Activity | -16.63B | -6.94B | -1.68B | 3.64B | 6.78B | -3.65B | -6.67B | 382.8M | -5.06B | -1.71B | -7.97B | -4.36B | -3.42B | 426.8M | 59.3M | -10.09B | -3.28B | -2.13B | -7.06B | 3.65B | -1.05B | -1.99B | 296.3M | -2.43B | 2.41B | -1.86B | -199.8M | -148M | 462.9M | -1.25B | 128.5M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.5M | -104.2M | -188.5M | -16.9M | 0 | 0 | 0 | 0 | -172.6M | 0 | 0 | -8.6M | 0 | 0 | -464.9M | -4.2M | -133.3M | 0 | -1.5M | -32.5M | 0 | 0 | 0 | 0 |
| Other Investing | 9.04B | -12.45B | -784.9M | 1.26B | 19.28B | -14.86B | -23.12B | -3.62B | 9.59B | -12.03B | -2.09B | -2.44B | -4.73B | -6.02B | 1.64B | -5.03B | 1.61B | 582.8M | -7.17B | -11.03B | -4.24B | -1.53B | -3.73B | 61.8M | -1.63B | -1.69B | -6.15B | -885.4M | -2.17B | -1.69B | -1.68B |
| Cash from Financing | 6.48B | 15.18B | 3.44B | -7.18B | -26.44B | 16.07B | 27.87B | 615.9M | -5.82B | 11.25B | 7.54B | 8.53B | 7.07B | 4.39B | -3.07B | 15.8B | 1.15B | 421.2M | 12.38B | 5.46B | 6.81B | 4.52B | 3.25B | 992M | -1.28B | 3.26B | 6.46B | 234.7M | 1.99B | 3.25B | 1.24B |
| Dividends Paid | -638.7M | -633.4M | -644.1M | -663.3M | -796.7M | -625.1M | -630.5M | -576.1M | -451.8M | -406.6M | -356.4M | -348.4M | -302.9M | -220.6M | -354.3M | -273.7M | -273.2M | -306.9M | -247.7M | -219.5M | -200.5M | -183.5M | -167M | -150.7M | -152.8M | -142.3M | -125.8M | -111.4M | -98.5M | -85.3M | -74.7M |
| Share Repurchases | -1.36B | -1.27B | -937.8M | -347.5M | -35.4M | -267.6M | -299.8M | -1.1B | -924.3M | -523.1M | -411.1M | -496.9M | -480.7M | -309.7M | -162.4M | -79M | -5.9M | -10.7M | -68.3M | -213M | -127.4M | -165.3M | -147.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 4.6M | 6.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 834.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -1.35B | -1.27B | -937.8M | -347.5M | -35.4M | -267.6M | -299.8M | -1.1B | -924.3M | -523.1M | -411.1M | -496.9M | -480.7M | -309.7M | -162.4M | -79M | -5.9M | 823.4M | -68.3M | -213M | -127.4M | -165.3M | -147.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K |
| Other Financing | 8.51B | 16.8B | 5.13B | -7.11B | -31.06B | 18.17B | 31.42B | 2.59B | -6.49B | 11.07B | 6.74B | 7.3B | 8.27B | 3.71B | -1.7B | 15.91B | 1.77B | 776.8M | 11.93B | 6.21B | 7.21B | 3.36B | 4.21B | 192.9M | 1.07B | 2.22B | 1.47B | 3.18B | 1.85B | 2.84B | 1.31B |
| Net Change in Cash | -686.5M | 1.2B | -114.3M | 137.3M | 1.6B | -1.33B | -69.7M | -122.4M | 63.5M | -813.9M | -1.09B | 3.4B | -138M | -590.3M | -562.6M | 1.5B | 326.2M | -156.4M | -1.27B | -1.04B | 1.96B | 943.7M | 456.6M | -1.08B | 79.9M | 304.5M | 309.9M | -388.1M | 627.1M | -1.29B | -1.31B |
| Exchange Rate Effect | -75.4M | 656.4M | -504.3M | -89.8M | -287.4M | -159.6M | 84.6M | 74.7M | -212.9M | 234.6M | 58.7M | -70.9M | 86.9M | -134.6M | 68.3M | -172.2M | 158.9M | 86.3M | -157.6M | 88.7M | 153M | -93M | 34.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 5.82B | 4.68B | 4.79B | 4.65B | 3.06B | 4.39B | 4.46B | 4.58B | 4.52B | 5.33B | 6.42B | 3.02B | 3.16B | 3.75B | 4.32B | 2.82B | 2.49B | 2.65B | 3.92B | 4.96B | 3B | 2.05B | 1.6B | 2.67B | 2.59B | 2.29B | 1.98B | 2.37B | 1.74B | 1.29B | 1.31B |
| Cash at End | 5.74B | 5.87B | 4.68B | 4.79B | 4.65B | 3.06B | 4.39B | 4.46B | 4.58B | 4.52B | 5.33B | 6.42B | 3.02B | 3.16B | 3.75B | 4.32B | 2.82B | 2.49B | 2.65B | 3.92B | 4.96B | 3B | 2.05B | 1.6B | 2.67B | 2.59B | 2.29B | 1.98B | 2.37B | 0 | 0 |
| Interest Paid | 4.63B | 6.22B | 7.61B | 5.29B | 822.4M | 30.8M | 226.8M | 845.5M | 670.2M | 328.8M | 181.6M | 161.6M | 186.5M | 231.9M | 307.4M | 394.5M | 370.3M | 420M | 1.4B | 1.88B | 1.46B | 917.3M | 555.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 279M | 426.8M | 268.6M | 362.5M | 459.9M | 371M | 327.7M | 437M | 493.5M | 441.2M | 754.2M | 390M | 279.2M | 262.6M | 188.5M | 153.3M | 173.1M | 409.6M | 485.1M | 368M | 304.1M | 179.6M | 165M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 131.1M | 5.46B | -1.23B | 1.95B | 1.67B | 840.9M | 1.34B | 1.99B | 1.26B | 1.25B | 1.04B | 1.4B | 526.5M | 454.4M | 501.9M | 883.2M | 479.1M | 700.5M | 547.3M | 627.2M | 150M | 388.2M | 521.7M | 429.5M | 588.3M | 597.2M | 234M | 410.6M | 346.4M | 143.6M | 291.2M |
| FCF Growth % | -92.55% | 543.32% | -163.16% | 16.83% | 98.47% | -37.08% | -32.92% | 57.92% | 1.11% | 20.36% | -26% | 166.08% | 15.87% | -9.46% | -43.17% | 84.35% | -31.61% | 27.99% | -12.74% | 318.13% | -61.36% | -25.59% | 21.47% | -26.99% | -1.49% | 155.21% | -43.01% | 18.53% | 141.23% | -50.69% | 191.2% |
Quick answers to the most common questions about buying NTRS stock.
Northern Trust Corporation (NTRS) generated $5.53B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Northern Trust Corporation (NTRS) generated $5.46B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Northern Trust Corporation (NTRS) spent $774.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Northern Trust Corporation (NTRS) returned $633.4M to shareholders via cash dividends and spent $1.27B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
NII erosion and revenue contraction
Metrics are mathematically derived from official filings.
Earnings Retention Supports Capital
Despite volatile operating cash flows, NTRS generated $792M net income in Q2 2026, per company filings, with no dividend cuts, suggesting strong internal capital generation for organic growth.
Net income has trended upward from $214.7M in Q1 2024 to $792.2M in Q2 2026, indicating improved earnings power. However, operating cash flow turned negative in Q2 2026 (-$64.9M) and Q1 2026 (-$320.0M), reflecting balance sheet repositioning rather than core profitability weakness. The consistent dividend payments and moderate buybacks suggest management prioritizes capital retention, aligning with a conservative capital allocation strategy.
Securities Portfolio Churn Intensifies
Investment purchases outpaced sales by $8.8B in Q2 2026, as reported in financial statements, indicating aggressive portfolio reinvestment amid rate volatility and a shift toward higher-yielding assets.
The gap between purchases and sales widened from $1.4B in Q1 2024 to $8.8B in Q2 2026, suggesting NTRS is actively repositioning its securities book, likely to extend duration or capture yield. This activity may reflect management's response to anticipated rate cuts, but it also introduces reinvestment risk if yields decline further. The scale of churn—averaging over $10B per quarter—highlights the importance of the securities portfolio as a primary cash flow lever.
Loan Book Stable Amid Deposit Pressures
Loan loss provisions remained minimal, with a $5.3M release in Q2 2026, per SEC filings, indicating stable credit quality and no significant loan growth or stress in the portfolio.
The absence of material loan loss provisions across the period suggests NTRS's loan book is not a source of cash flow strain, consistent with its custody and wealth management focus. However, the negative provisions in recent quarters may indicate reserve releases that could reverse if credit conditions deteriorate. Loan growth appears muted, as the bank relies more on fee income than interest-earning assets, reducing sensitivity to credit cycles.
Dividends and Buybacks Remain Steady
NTRS paid $151.6M in dividends and repurchased $350.6M of stock in Q2 2026, based on reported figures, maintaining a consistent capital return program despite volatile operating cash flow.
Quarterly dividends have been stable around $150-170M, while buybacks have increased from $132M in Q1 2024 to $350M in Q2 2026, indicating a modestly more aggressive return policy. The combined payout of ~$500M per quarter is well covered by net income, suggesting sustainability. However, the negative operating cash flow in Q2 2026 implies that capital returns are funded by balance sheet reductions or securities sales, which may not be sustainable if earnings weaken.
Cash Flow Statement Masks Earnings Quality
Operating cash flow turned negative in Q2 2026 (-$64.9M) despite $792M net income, per company reports, suggesting the EPS beat may be inflated by non-cash items or balance sheet timing.
The divergence between net income and operating cash flow—particularly the -0.08 OCF/NI ratio in Q2 2026—warrants scrutiny, as it may indicate that earnings are not fully cash-backed. The CEO's reference to 'notable items' in the EPS beat raises questions about recurring earnings quality. Additionally, the large securities purchases and sales could be used to manage realized gains or losses, potentially masking underlying revenue weakness. Investors should monitor whether operating cash flow normalizes in coming quarters.