Analyst Consensus ?
ConsensusHold34 ratings
Bullish1132.4%
Neutral1852.9%
Bearish514.7%
Northern Trust Corporation · NTRS · FY2026 Q1 · Calendar Q2 2026
Northern Trust Q1 beats: EPS $2.71, revenue up 14%, NII outlook raised
Northern Trust delivered a broad Q1 2026 beat on both lines, with revenue up 14% YoY, trust fees up 11%, EPS of $2.71 versus $2.32 consensus, and a pretax margin of 32% that points to durable operating leverage. Management reinforced the trajectory by raising full-year NII guidance and keeping the 100% payout commitment, while laying out continued investment in AI, wealth hiring, alternatives and digital assets. The market marked the stock up about 8.7% on the event, though it has since drifted roughly 4% lower, suggesting some enthusiasm cooled after the initial reaction.
Reported Before market openNASDAQFinancial Services
$31.93B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.71
Consensus $2.32
EPS surprise
+16.8%
Reported versus consensus
Reported revenue
$2.21B
Consensus $2.12B
Revenue surprise
+4.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+8.0%
Event window
SPY move
-0.7%
Same window
Abnormal move
+8.7%
Stock minus SPY
Volume
3.0×
Versus trailing sessions
Subsequent drift
-4.0%
Up to 20 sessions
NTRSSPY benchmark
Ask FN2 about NTRS FY2026 Q1
Transcript, numbers and history already loaded
Why did NTRS rise 8.0% after beating EPS estimates in FY2026 Q1?What changed in NTRS's guidance and outlook in FY2026 Q1?Give me the bull and bear case for NTRS after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Q1 2026 came in ahead of expectations on both the top and bottom line: EPS of $2.71 beat the $2.32 consensus by about 16.8%, and revenue of $2.21 billion beat the roughly $2.12 billion estimate by about 4.4%. Management raised full-year NII guidance to mid-to-high single-digit growth and reaffirmed the 100% payout ratio. The stock gained about 8.7% on the report before drifting about 4% lower over the following sessions.
Guidance delta
Raised: management lifted full-year NII guidance to mid-to-high single-digit growth and reaffirmed a 100% earnings payout ratio.
Key takeaways
- Q1 revenue grew 14% YoY and trust fees rose 11%; EPS of $2.71 beat consensus of $2.32 by about 16.8%.
- Pretax margin reached 32%, reflecting operating leverage from AI and scale initiatives.
- Full-year NII guidance was raised to mid-to-high single-digit growth; the 100% earnings payout was reaffirmed.
- Wealth Management is boosting producer headcount by high-single-digit percent, with digital lead generation up roughly 50% YoY.
- Asset Servicing added nine new mandates and expanded into tokenized assets and CLO middle-office services.
- A Visa share sale is expected to generate approximately $350 million of net proceeds, with proceeds earmarked for buybacks or other priorities.
Management priorities
- Embed AI across client experience, investment research and scalability initiatives.
- Grow wealth management producer headcount and digital lead generation.
- Expand the alternatives platform with new fund launches later in 2026.
- Scale family office solutions globally and extend digital-asset and tokenized custody services.
- Reaffirm a 100% earnings payout and consider strategic use of Visa share-sale proceeds.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$175.73Current
$85Low
$140.3Average
$194High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Neutral | Neutral | Maintain | Aug 4, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 23, 2026 |
| RBC Capital | Sector Perform | Outperform | Downgrade | Jul 23, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Jul 23, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 23, 2026 |
| Keefe, Bruyette & Woods | Underperform | Underperform | Maintain | Jul 9, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 7, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jul 6, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jun 30, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jun 26, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Apr 22, 2026 |
| BMO Capital | Outperform | Market Perform | Upgrade | Apr 6, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jan 26, 2026 |
| Wolfe Research | Peer Perform | Underperform | Upgrade | Jul 24, 2025 |
| UBS | Neutral | Neutral | Maintain | Jan 27, 2025 |
| Deutsche Bank | Hold | Hold | Maintain | Nov 11, 2024 |
| Jefferies | Buy | Buy | Maintain | Apr 18, 2024 |
| Credit Suisse | Underperform | Underperform | Maintain | Jun 14, 2023 |
| Seaport Global | Neutral | Buy | Downgrade | Apr 26, 2023 |
| Piper Sandler | Overweight | Overweight | Maintain | Jun 24, 2022 |
| Buckingham Research | Neutral | Neutral | Maintain | Jan 23, 2020 |
| Buckingham | Neutral | Neutral | Maintain | Jan 23, 2020 |
| Raymond James | Market Perform | Strong Buy | Downgrade | Jan 24, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Jan 11, 2019 |
| Sandler O'Neill | Buy | Hold | Upgrade | Oct 18, 2018 |
| CLSA | Underperform | Underperform | Maintain | Sep 23, 2016 |
| Keefe Bruyette & Woods | Market Perform | Market Perform | Maintain | Oct 22, 2015 |
| Northern Trust Corp | Outperform | Neutral | Upgrade | Dec 13, 2013 |
| Rafferty Capital | Buy | Hold | Upgrade | Oct 17, 2013 |
| Rafferty | Buy | Hold | Upgrade | Oct 17, 2013 |
| Evercore Partners | Underweight | Equal Weight | Downgrade | Jul 18, 2013 |
| Nomura | Neutral | Neutral | Maintain | Apr 17, 2013 |
| ISI Group | Buy | Buy | Maintain | Apr 17, 2013 |
| Guggenheim | Buy | Buy | Maintain | May 21, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $175.73. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Manan Gosalia | $173 | $178.66 | -1.6% | Jul 23, 2026 |
| Wells Fargo | Analyst unavailable | $194 | $178.66 | +10.4% | Jul 23, 2026 |
| Barclays | Analyst unavailable | $189 | $178.66 | +7.6% | Jul 23, 2026 |
| RBC Capital | Analyst unavailable | $178 | $178.66 | +1.3% | Jul 22, 2026 |
| Evercore ISI | Analyst unavailable | $179 | $180.44 | +1.9% | Jul 6, 2026 |
| Morgan Stanley | Analyst unavailable | $170 | $176.09 | -3.3% | Jun 29, 2026 |
| UBS | Analyst unavailable | $186 | $172.41 | +5.8% | Jun 26, 2026 |
| Goldman Sachs | Alexander Blostein | $148 | $150.08 | -15.8% | Jan 28, 2026 |
| RBC Capital | Analyst unavailable | $159 | $148.9 | -9.5% | Jan 23, 2026 |
| Truist Financial | Analyst unavailable | $148 | $144.12 | -15.8% | Jan 7, 2026 |
| Goldman Sachs | Alexander Blostein | $130 | $144 | -26.0% | Jan 6, 2026 |
| Barclays | Analyst unavailable | $160 | $139.28 | -9.0% | Jan 5, 2026 |
| Truist Financial | Analyst unavailable | $139 | $124.28 | -20.9% | Oct 23, 2025 |
| Wells Fargo | Q3 EPS | $131 | $125.48 | -25.5% | Oct 23, 2025 |
| Wells Fargo | Analyst unavailable | $127 | $133.24 | -27.7% | Oct 3, 2025 |
| Truist Financial | Analyst unavailable | $142 | $131.2 | -19.2% | Oct 2, 2025 |
| Goldman Sachs | Analyst unavailable | $135 | $133.9 | -23.2% | Sep 30, 2025 |
| Morgan Stanley | Betsy Graseck | $131 | $133.31 | -25.5% | Sep 29, 2025 |
| RBC Capital | Analyst unavailable | $123 | $126.79 | -30.0% | Jun 30, 2025 |
| Morgan Stanley | Betsy Graseck | $95 | $83.46 | -45.9% | Apr 7, 2025 |
| Goldman Sachs | Alexander Blostein | $102 | $109.54 | -42.0% | Jan 23, 2025 |
| Wolfe Research | Steven Chubak | $110 | $102.25 | -37.4% | Jan 3, 2025 |
| Morgan Stanley | Betsy Graseck | $127 | $107.92 | -27.7% | Dec 9, 2024 |
| RBC Capital | Gerard Cassidy | $107 | $102.51 | -39.1% | Oct 24, 2024 |
| Evercore ISI | Glenn Schorr | $103 | $102.51 | -41.4% | Oct 24, 2024 |
| CFRA | Kenneth Leon | $107 | $102.51 | -39.1% | Oct 23, 2024 |
| Goldman Sachs | Alexander Blostein | $82 | $90.79 | -53.3% | Sep 25, 2024 |
| CFRA | Kenneth Leon | $95 | $86.16 | -45.9% | Jul 17, 2024 |
| Evercore ISI | Glenn Schorr | $86 | $79.56 | -51.1% | Apr 17, 2024 |
| CFRA | Kenneth Leon | $75 | $80.06 | -57.3% | Apr 16, 2024 |
| Deutsche Bank | Brian Bedell | $85 | $86.57 | -51.6% | Apr 5, 2024 |
| Deutsche Bank | Brian Bedell | $80 | $82.24 | -54.5% | Mar 19, 2024 |
| Morgan Stanley | Analyst unavailable | $101 | $96.19 | -42.5% | Feb 1, 2023 |
| Goldman Sachs | Analyst unavailable | $95 | $89.78 | -45.9% | Jan 4, 2023 |
| Morgan Stanley | Analyst unavailable | $102 | $92.77 | -42.0% | Dec 1, 2022 |
| Deutsche Bank | Analyst unavailable | $92 | $91.8 | -47.6% | Nov 15, 2022 |
| Deutsche Bank | Analyst unavailable | $145 | $107.88 | -17.5% | Apr 27, 2022 |
| Piper Sandler | Jeff Harte | $141 | $125.16 | -19.8% | Jan 6, 2022 |
| Seaport Global | James Mitchell | $151 | $123.62 | -14.1% | Jan 5, 2022 |
| Barclays | Jason Goldberg | $133 | $119.92 | -24.3% | Jan 3, 2022 |
| Credit Suisse | Susan Roth Katzke | $111 | $123.96 | -36.8% | Oct 20, 2021 |
| Wells Fargo | Mike Mayo | $125 | $106.72 | -28.9% | Oct 4, 2021 |
Track every rating change on NTRS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationNorthern Trust Corporation, a financial holding company established in 1889 and based in Chicago, Illinois, offers a comprehensive suite of wealth management, asset servicing, asset management, and banking solutions worldwide. Its diverse client base includes corporations, institutions, families, and individual investors. The company structures its operations across two primary segments: Asset Servicing and Wealth Management. The Asset Servicing division delivers a broad spectrum of support and operational services tailored for institutional entities. These services include custody, fund administration, outsourced investment operations, investment management, investment risk and analytical reporting, employee benefit services, securities lending, foreign exchange, treasury management, brokerage, transition management, and banking and cash management solutions.…
Historical context
All NTRS earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
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- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-25T23:41:10.999307+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T23:41:10.996532+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-25. For educational purposes only; not investment advice.