Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Revenue outran a cost base that barely grew
Revenue rose 13.3% while expenses rose 4.9%, so most of the extra revenue reached pretax profit.
For investorsHow much of this quarter's profit jump is likely to repeat?
For foundersThe custody playbook: a service clients rarely switch
Funding costs fell faster than asset yields, so the spread business grew 13.6% while earning less on its assets.
The effective tax rate fell to 19.3% from 26.1%, and the quarterly statements do not say why.
Servicing fees were 84.6% of noninterest income, earned on assets that clients find slow and risky to move.
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Business Lens describes Northern Trust from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
