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NTRS FY2025 Q4 개선

Northern Trust Corporation 실적 발표

Jan 22, 2026 · 04:00 ET Dave FoxJennifer ChildMichael Grady earningscall_biz
Buzzberg 분석

Raised medium-term targets for pre-tax margin and ROE

Northern Trust reported strong Q4 and full-year 2025 results, with trust fees up 7%, NII up 14%, and EPS up 19% on an adjusted basis. Management raised medium-term targets (pre-tax margin to 33%, ROE mid-teens) and guided for 2026: positive operating leverage, low-to-mid single digit NII growth, and >100% earnings return. The call highlighted productivity savings (4% of expense base), AI deployment, and strength in wealth management and asset servicing. Q4 2025 EPS $2.42, pre-tax margin 33.2% excluding notables, ROE 15.4%.

Buzzberg 분석 Raised medium-term targets for pre-tax margin and ROE Northern Trust reported strong Q4 and full-year 2025 results, with trust fees up 7%, NII up 14%, and EPS up 19% on an adjusted basis. Management raised medium-term targets (pre-tax margin to 33%, ROE mid-teens) and guided for 2026: positive operating leverage, low-to-mid single digit NII growth, and >100% earnings return. The call highlighted productivity savings (4% of expense base), AI deployment, and strength in wealth management and asset servicing. Q4 2025 EPS $2.42, pre-tax margin 33.2% excluding notables, ROE 15.4%. 전체 분석 보기분석 접기

Northern Trust reported strong Q4 and full-year 2025 results, with trust fees up 7%, NII up 14%, and EPS up 19% on an adjusted basis. Management raised medium-term targets (pre-tax margin to 33%, ROE mid-teens) and guided for 2026: positive operating leverage, low-to-mid single digit NII growth, and >100% earnings return. The call highlighted productivity savings (4% of expense base), AI deployment, and strength in wealth management and asset servicing. Q4 2025 EPS $2.42, pre-tax margin 33.2% excluding notables, ROE 15.4%.

  • Full-year 2025: revenue up 7%, expenses up 4.9% (excl. notables), operating leverage >200bps.
  • Medium-term targets raised: expense-to-trust-fee ratio <110%, pre-tax margin 33%, ROE mid-teens.
  • 2026 guidance: NII growth low-to-mid single digits, >100bps operating leverage, >100% earnings return to shareholders.
매출$3.6081B+1% 전분기 대비
주당순이익(EPS)$2.69+17% 전분기 대비
매출총이익률58.84%보고값
영업이익률17.34%보고값
근거 있는 핵심 내용 6개

지금 중요한 점

이번 발표에서 가장 의미 있는 변화를 정리했습니다.

01
Guidance

Raised medium-term targets for pre-tax margin and ROE

02
Efficiency

Productivity savings exceeded 4% of expense base in 2025

03
Guidance

2026 NII expected to grow low- to mid-single digits

핵심 내용 3개 더 보기
04
Strategy

Capital markets and banking now over one-third of revenue

05
Demand

GFO achieved record new business in 2025

06
Buybacks

Expect more than 100% payout ratio in 2026

보고 기간

보고 실적

지표보고값변화
매출$3.6081B+1% 전분기 대비
주당순이익(EPS)$2.69+17% 전분기 대비
매출총이익률58.84%보고값
영업이익률17.34%보고값
잉여현금흐름$0.1585B-56% 전분기 대비
자본지출$0.2299B보고값
AI, 자본지출 및 수요 분석

경영진 분석

톤

Confident

Management expressed strong conviction in their strategy, raised medium-term financial targets, and highlighted record results and momentum, reflecting an upbeat and confident tone.

AI

경영진의 AI 분석

Management highlighted significant progress in AI-driven automation, including the NT Byron platform, which is being broadly deployed across high-volume activities like document digitization and manual task automation, driving efficiency gains and productivity savings. They plan to raise their productivity target by 10% in 2026, supported by broader AI deployment, indicating that AI is a key drive

자본지출

투자 및 생산능력

The company is investing in technology and operational infrastructure, including cloud adoption, modernizing software platforms, and expanding AI capabilities, as part of their resiliency initiatives. They are also issuing new debt to fund investments and maintain a strong balance sheet, while focusing on expense discipline to improve operating leverage.

방법론 및 범위

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