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SEC EDGAR · 10-K

10-K – 2026-02-24 – ntrs-20251231.htm

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Omsättning
  • Business Overview | Northern Trust focuses on managing and servicing client assets through its two client-focused reporting segments: Asset Servicing and Wealth Management. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business. The revenue and expenses of Asset Management and certain other support functions are allocated fully to Asset Servicing and Wealth Management. Northern Trust reports certain income and expense items not | ASSET SERVICING
  • ASSET MANAGEMENT | Asset Management, through the Corporation’s various subsidiaries, supports the Asset Servicing and Wealth Management reporting segments by providing a broad range of asset management and related services and other products to clients around the world. Investment solutions are delivered through separately managed accounts, bank common and collective funds, registered investment companies, exchange traded funds, non-U.S. collective investment funds, and unregistered private investment funds. Asset | Competition
  • BROKER-DEALER AND INVESTMENT ADVISER REGULATION | Northern Trust Securities, Inc. is registered as a broker-dealer with the SEC and is a member of various self-regulatory organizations, including the Financial Industry Regulatory Authority, Inc. (FINRA). Broker-dealers are subject to laws and regulations relating to all aspects of their securities business operations, including, but not limited to, sales and trading practices, securities offerings, handling of customer funds, net capital levels, recordkeeping, privacy requirements, and the cond | Northern Trust Securities, Inc. and other subsidiaries of the Corporation are registered with the SEC as investment advisers and are subject to regulation by the SEC. The Corporation’s registered investment advisers in the United States are subject to the Investment Advisers Act of 1940, as amended (the Investment Advisers Act), and SEC rules and regulations thereunder, including with respect to record-keeping, operational and marketing requirements, disclosure obligations, fiduciary and other o
  • Most U.S. states, the EU and other non-U.S. jurisdictions also have adopted their own statutes and/or regulations concerning data privacy and security and requiring notification of data breaches―for example, the General Data Protection Regulation (GDPR) in Europe and its equivalent in the UK (UK GDPR), the Personal Information Protection Law (PIPL) in China, and the California Consumer Privacy Act, as amended by the California Privacy Rights Act (collectively, CCPA) in the United States. Similar | In 2025, Northern Trust received regulatory approval in Europe to use Binding Corporate Rules as a legal mechanism supporting transfers of data from Northern Trust group entities in the EEA to other group entities outside the EEA. Northern Trust expects to launch the EU Binding Corporate Rules in 2026. The Corporation has adopted and disseminated privacy policies and communicates required information relating to financial privacy and data security in accordance with applicable law.
  • In 2025, Northern Trust received regulatory approval in Europe to use Binding Corporate Rules as a legal mechanism supporting transfers of data from Northern Trust group entities in the EEA to other group entities outside the EEA. Northern Trust expects to launch the EU Binding Corporate Rules in 2026. The Corporation has adopted and disseminated privacy policies and communicates required information relating to financial privacy and data security in accordance with applicable law. | In the United States, the CCPA broadly defines personal information and substantially increases the rights of California residents to understand how their personal information is collected, used, and otherwise processed by commercial businesses, such as affording them the right to access and request deletion of their information and to opt out of certain sharing and sales of personal information. The CCPA includes a private right of action (permitting lawsuits to be brought by private individual | In addition, several states have enacted, or are considering enacting, comprehensive data privacy laws similar to the CCPA. Similarly, Regulation S-P amendments introduced by the SEC create additional obligations for broker-dealers and registered investment advisers to protect customer information, including timely notification of incidents to impacted individuals. These laws apply, or will apply, in addition to laws that already exist in all 50 U.S. states that require businesses to provide not
  • • We are subject to intense competition in all aspects of our businesses, which could have a negative effect on our ability to maintain satisfactory prices and grow our earnings. | • Damage to our reputation could have a direct and negative effect on our ability to compete, grow and generate revenue. | • We need to invest in innovation constantly, and the inability or failure to do so may affect our businesses and earnings negatively.
  • Changes in a number of particular market conditions, including in foreign currency exchange rates, cross-border investing activity and the demand for borrowing or lending securities, could affect our earnings negatively. | We provide foreign exchange services to our clients, primarily in connection with our Asset Servicing business. Foreign currency volatility influences our foreign exchange trading income as does the level of client activity. Foreign currency volatility and changes in client activity may result in reduced foreign exchange trading income. Fluctuations in exchange rates could raise the potential for losses resulting from foreign currency trading positions where aggregate obligations to purchase and | We have policies and procedures in place to assess and mitigate potential impacts of foreign exchange risks, including hedging-related strategies. Any failure or circumvention of our procedures to mitigate risk could impact earnings negatively. Please see “Market Risk” in the “Risk Management” section included in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” for a more detailed discussion of market risks we face.
  • Further, the regulatory framework for AI and similar technologies, and automated decision making, is changing rapidly. It is possible that new laws and regulations will be adopted in the U.S. and in non-U.S. jurisdictions, or that existing laws and regulations may be interpreted, in ways that would affect the operation of our products and services and the way in which we use AI and similar technologies. For more information on regulations regarding AI, see “Supervision and Regulation” in Item 1, | The evolving regulatory and supervisory environment and uncertainty about the timing and scope of future laws, regulations and policies may contribute to decisions we may make to suspend, reduce or withdraw from existing businesses, activities or initiatives, which may result in potential lost revenue or significant restructuring or related costs or exposures. We also face the risk of becoming subject to new or more stringent requirements in connection with the introduction of new regulations or | In addition, regulatory responses in connection with severe market downturns or unforeseen stress events could alter or disrupt our planned future strategies and actions. Adverse developments affecting the overall strength and soundness of other financial institutions, the financial services industry as a whole and the general economic climate and the U.S. Treasury market could have a negative impact on perceptions about the strength and soundness of our business even if we are not subject to th
Rörelseresultat
  • Security Commissions and Trading Income 170.4 150.5 135.0 13 11 | Other Operating Income 207.7 1,157.4 228.7 (82) N/M | Investment Security Gains (Losses), net — (189.3) (169.5) N/M 12
  • • Trust, Investment and Other Servicing Fees increased $290.0 million in 2025 compared to 2024, primarily due to favorable markets, net new business, and favorable currency movements. | • Noninterest Income, excluding Trust, Investment and Other Servicing Fees, decreased $727.9 million in 2025 compared to 2024 primarily due to lower Other Operating Income driven by a $896.7 million gain related to Northern Trust’s participation in a Visa Exchange Offer in the prior year, partially offset by lower losses recognized on investment securities and higher Security Commissions and Trading Income. | • Net Interest Income on a fully taxable equivalent (FTE) basis in 2025 of $2.4 billion increased $230.6 million, or 10%, from $2.2 billion in 2024, primarily due to higher deposits and lower funding costs, partially offset by lower yields on interest-earning assets.
  • Security Commissions and Trading Income, generated primarily from securities brokerage services provided by Northern Trust Securities, Inc., increased in 2025 from 2024, primarily driven by higher revenue from growth in outsourced trading activity. | Other Operating Income | Other Operating Income in 2025 decreased from 2024 primarily driven by a $896.7 million gain related to Northern Trust’s participation in a Visa Exchange Offer and a $68.1 million gain on the sale of an equity investment, partially offset by higher expense associated with mark-to-market activity on existing Visa Class B swap agreements, all recorded in the prior year. Please refer to Note 18, “Other Operating Income” and Note 24, “Commitments and Contingent Liabilities” included under Item 8, “F
  • Other Operating Income | Other Operating Income in 2025 decreased from 2024 primarily driven by a $896.7 million gain related to Northern Trust’s participation in a Visa Exchange Offer and a $68.1 million gain on the sale of an equity investment, partially offset by higher expense associated with mark-to-market activity on existing Visa Class B swap agreements, all recorded in the prior year. Please refer to Note 18, “Other Operating Income” and Note 24, “Commitments and Contingent Liabilities” included under Item 8, “F | Investment Security Gains (Losses), Net
  • Security Commissions and Trading Income 170.4 150.5 135.0 | Other Operating Income 207.7 1,157.4 228.7 | Investment Security Gains (Losses), net — ( 189.3 ) ( 169.5 )
  • C. Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in the application of certain of our significant accounting policies that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Actual r | D. Foreign Currency Remeasurement and Translation. Asset and liability accounts denominated in nonfunctional currencies are remeasured into functional currencies at period-end rates of exchange, except for certain balance sheet items including but not limited to buildings and equipment, goodwill and other intangible assets, which are remeasured at historical exchange rates. Results from remeasurement of asset and liability accounts are reported in Other Operating Income on the consolidated state | Asset and liability accounts of entities with functional currencies that are not the U.S. dollar are translated at period-end rates of exchange. Income and expense accounts are translated at period-average rates of exchange. Translation adjustments, net of applicable taxes, are reported directly to accumulated other comprehensive income (AOCI), a component of stockholders’ equity.
  • G. Derivative Financial Instruments. Northern Trust is a party to various derivative financial instruments that are used in the normal course of business to meet the needs of its clients, as part of its trading activity for its own account, and as part of its risk management activities. These instruments generally include foreign exchange contracts, interest rate contracts, total return swap contracts and credit default swap contracts. All derivative financial instruments, whether designated as | Changes in the fair value of client-related and trading derivative instruments, which are not designated hedges under GAAP, are recognized currently in either Foreign Exchange Trading Income or Security Commissions and Trading Income on the consolidated statements of income. Changes in the fair value of derivative instruments entered into for risk management purposes but not designated as hedges are recognized currently in Other Operating Income on the consolidated statements of income. Certain | Derivatives designated as fair value hedges are used to limit Northern Trust’s exposure to changes in the fair value of assets and liabilities due to movements in interest rates. Changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability attributable to the hedged risk are recognized currently in Interest Income or Interest Expense on the consolidated statements of income. For substantially all fair value hedges, Northern Trust applies t
  • Accrued Interest. Northern Trust elected not to measure an allowance for credit losses for accrued interest receivables related to its loan and securities portfolios as its policy is to write-off uncollectible accrued interest receivable balances in a timely manner. Accrued interest is written off by reversing interest income during the period the financial asset is moved from an accrual to a nonaccrual status. | J. Standby Letters of Credit. Fees on standby letters of credit are recognized in Other Operating Income on the consolidated statements of income using the straight-line method over the lives of the underlying agreements. | K. Buildings and Equipment. Buildings and equipment owned are carried at original cost less accumulated depreciation. The charge for depreciation is computed using the straight-line method based on the following range of lives: buildings – up to 30 years; equipment – 3 to 10 years; and leasehold improvements – the shorter of the lease term or 15 years.
Periodens resultat
  • The Corporation was formed as a holding company for the Bank in 1971. The Corporation has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. At December 31, 2025, the Corporation had consolidated total assets of $177.1 billion and stockholders’ equity of $13.0 billion. | The Corporation expects that the Bank will continue in the foreseeable future to be the major source of the Corporation’s consolidated assets, revenues, and net income. Except where the context otherwise requires, references to “Northern Trust,” “we,” “us,” “our,” “its,” or similar terms mean Northern Trust Corporation and its subsidiaries on a consolidated basis. | Business Overview
  • The Corporation may pay dividends, repurchase stock, and make other capital distributions only in accordance with the capital plan rules and capital adequacy standards of the Federal Reserve Board, including the stress capital buffer requirement, discussed further in “Capital Adequacy Requirements” below. Dividends from the Bank are a significant source of funds for the Corporation, and the Corporation’s ability to pay dividends on its common stock therefore depends in part on the ability of the | Various other federal and state laws and regulations limit the amount of dividends that may be paid by the Bank to the Corporation without regulatory consent. The Bank may not pay any dividends if it is undercapitalized, or if the payment of the dividend would cause it to become undercapitalized. In general, the amount of dividends that may be paid in a calendar year is limited to its “retained net income” (the current year’s net income combined with the retained net income of the two preceding
  • Provision for Income Taxes 602.6 628.4 357.5 (4) 76 | Net Income $ 1,736.9 $ 2,031.1 $ 1,107.3 (14) % 83 % | Preferred Stock Dividends 41.8 41.8 41.8 — —
  • Preferred Stock Dividends 41.8 41.8 41.8 — — | Net Income Applicable to Common Stock $ 1,695.1 $ 1,989.3 $ 1,065.5 (15) % 87 % | PER COMMON SHARE
  • PER COMMON SHARE | Net Income – Basic $ 8.78 $ 9.80 $ 5.09 (10) % 93 % | – Diluted 8.74 9.77 5.08 (11) 92
  • Net interest margin is the difference between what we earn on our assets and what we pay for deposits and other sources of funding. The direction and level of interest rates are important factors in our earnings. Net interest margin is calculated by dividing annualized Net Interest Income by average interest-earning assets. | Net Interest Income stated on an FTE basis is a non-GAAP financial measure that facilitates the analysis of asset yields. Management believes an FTE presentation provides a clearer indication of net interest margins for comparative purposes. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on Net Income. A reconciliation of Net Interest Income on a GAAP basis to Net Interest Income on
  • Northern Trust is organized around its two client-focused reporting segments: Asset Servicing and Wealth Management. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business. The revenue and expenses of Asset Management and certain other support functions are allocated fully to Asset Servicing and Wealth Management. | Reporting segment financial information, presented on an internal management-reporting basis, is determined by accounting systems used to allocate revenue and expense to each segment, and incorporates processes for allocating assets, liabilities, equity and the applicable interest income and expense utilizing a funds transfer pricing (FTP) methodology. Under the methodology, assets and liabilities receive a funding charge or credit that considers interest rate risk, liquidity risk, and other pro | Equity is allocated to the reporting segments based on a variety of factors including, but not limited to, risk, regulatory considerations, and internal metrics. Allocations of equity and certain corporate expense may not be representative of levels that would be required if the segments were independent entities. The accounting policies used for management reporting are consistent with those described in Note 1, “Summary of Significant Accounting Policies,” provided in Item 8, “Financial Statem
  • 244.5 192.4 187.1 317.2 304.9 245.9 | Net Income $ 882.6 $ 685.0 $ 677.3 $ 980.7 $ 908.2 $ 729.1 | Percentage of Consolidated Net Income 51% 34% 61% 56% 45% 66%
Kassaflöde
  • STATEMENTS OF CASH FLOWS | The following discusses the statement of cash flow activities for the years ended December 31, 2025, 2024, and 2023. | TABLE 36: CASH FLOW ACTIVITY SUMMARY
  • The following discusses the statement of cash flow activities for the years ended December 31, 2025, 2024, and 2023. | TABLE 36: CASH FLOW ACTIVITY SUMMARY
  • Credit Risk Mitigation | Northern Trust considers cash flow to be the primary source of repayment for client-related credit exposures. However, Northern Trust employs several different types of credit risk mitigants to manage its overall credit risk in the event cash flow is not sufficient to repay a credit exposure. Northern Trust broadly groups its risk mitigation techniques into the following three primary categories. | Physical and Financial Collateral: One of Northern Trust’s primary credit risk mitigation approaches is the requirement of collateral. Residential and commercial real estate exposures are typically secured by properly margined mortgages on the property. Various other types of physical and financial collateral are also accepted for certain commercial and personal loans, in line with Northern Trust’s lending standards. In cases where loans to clients are secured by marketable securities, the daily
  • Liquidity Risk Management | Liquidity risk is the risk of not being able to raise sufficient funds or maintain collateral to meet balance sheet and contingent liability cash flow obligations when due, because of firm-specific or market-wide stress events. Northern Trust is a Category II institution as defined by the Federal Reserve Board which requires us to adhere to the same regulatory liquidity standards as U.S. GSIBs. In adhering to these standards, Northern Trust engages in a range of reporting and other activities wi | Northern Trust maintains a strong liquidity position and liquidity risk profile. Northern Trust’s balance sheet is primarily liability-driven. That is, the main driver of balance sheet changes comes from changing levels of client deposits, which are generally related to the level of custody assets serviced and commercial and personal deposits and can also be influenced by market conditions. This liability-driven business model differs from a typical asset-driven business model, where increased l
  • Liquidity Risk Analysis, Monitoring, and Reporting | Liquidity risk is analyzed and monitored in order to ensure compliance with the approved risk appetite. Various liquidity analysis and monitoring activities are employed by Northern Trust to better understand the nature and sources of its liquidity risks, including: liquidity stress testing, liquidity metric monitoring, collateral management, intraday management, cash flow projections, operational deposit modeling, liquid asset buffer measurement, funds transfer pricing, and contingency funding | The liquidity risk management process is supported through management and regulatory reporting. Both Northern Trust’s Treasury and Market and Liquidity Risk Management functions produce management reports that enable oversight bodies to make informed decisions and support management of liquidity risk within the approved risk appetite. Holistic liquidity metrics such as LCR, NSFR and internal liquidity stress testing are actively monitored, along with a suite of other metrics that provide early w
  • The liquidity of the Corporation is managed separately from that of the Bank. The primary sources of cash for the Corporation are issuances of debt or equity and dividend payments from the Bank. For further information on issuances or redemptions of debt or equity, please refer to Note 12, “Senior Notes and Long-Term Debt” provided in Item 8, “Financial Statements and Supplementary Data.” The Corporation received $1.3 billion of dividends and $3.1 billion from the Bank in 2025 and 2024, respecti | The Corporation’s liquidity, defined as the amount of cash and highly marketable assets, was $2.3 billion and $2.4 billion at December 31, 2025 and 2024, respectively. During, and at year-end, 2025 and 2024, these assets were comprised almost entirely of cash in a demand deposit account at the Bank or overnight money market placements, both of which were fully available to the Corporation to support its own cash flow requirements or those of its subsidiaries, as needed. Average liquidity during | Uses of Liquidity
  • Net Unrealized Gains on Available for Sale Debt Securities 196.8 325.8 443.7 | Net Unrealized Gains (Losses) on Cash Flow Hedges 0.3 ( 0.2 ) ( 0.4 ) | Net Foreign Currency Adjustments 15.8 29.5 39.0
  • Cash and Due from Banks at End of Period $ 5,873.1 $ 4,677.2 $ 4,791.5 | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | Interest Paid $ 6,223.7 $ 7,610.3 $ 5,285.5
Likvida medel
  • Tax positions taken or expected to be taken on a tax return are evaluated based on their likelihood of being sustained upon examination by tax authorities. Only tax positions that are considered more-likely-than-not to be sustained are recorded on the consolidated financial statements. A valuation allowance is established for deferred tax assets if it is more-likely-than-not that all or a portion will not be realized. Northern Trust recognizes any interest and penalties related to unrecognized t | P. Cash Flow Statements. Cash and cash equivalents in the cash flow statements have been defined as “Cash and Due from Banks” on the consolidated balance sheets. | Q. Pensions. Northern Trust records the funded status of its defined benefit pension plans on the consolidated balance sheets. Overfunded pension benefits are reported in Other Assets and underfunded pension benefits are reported in Other Liabilities on the consolidated balance sheets. Plan assets and benefit obligations are measured annually at December 31, unless specific circumstances require an interim remeasurement. Plan assets are determined based on fair value generally representing obser
Nettoskuld
  • LIQUIDITY STANDARDS | Northern Trust is subject to the U.S. liquidity coverage ratio (LCR) requirement, which is designed to ensure that covered banking organizations, including the Corporation and the Bank, maintain an adequate level of unencumbered high-quality liquid assets equal to their expected net cash outflow for a 30-day time horizon under a prescribed regulatory liquidity stress scenario. As of December 31, 2025, the Corporation and the Bank were in compliance with applicable LCR requirements. | Northern Trust also is subject to the U.S. net stable funding ratio (NSFR) requirement, designed to promote more medium- and long-term funding of the assets and activities of banking entities over a one-year time horizon. As of December 31, 2025, the Corporation and the Bank were in compliance with applicable NSFR requirements. In addition, Northern Trust publicly discloses certain qualitative and quantitative information about its NSFR consistent with the semi-annual disclosure requirements of
  • (In Millions) 2025 2024 2023 | Net cash provided by (used in): | Operating activities $ 5,533.5 $ (486.0) $ 2,625.6
  • Operating Activities | Net cash provided by operating activities of $5.5 billion for the year ended December 31, 2025 was primarily attributable to lower net collateral deposited with derivative counterparties and period earnings. | For the year ended December 31, 2024, net cash used by operating activities of $486.0 million was primarily attributable to higher net collateral deposited with derivative counterparties and pension plan contributions.
  • Net cash provided by operating activities of $5.5 billion for the year ended December 31, 2025 was primarily attributable to lower net collateral deposited with derivative counterparties and period earnings. | For the year ended December 31, 2024, net cash used by operating activities of $486.0 million was primarily attributable to higher net collateral deposited with derivative counterparties and pension plan contributions. | Investing Activities
  • Investing Activities | Net cash used in investing activities of $20.2 billion for the year ended December 31, 2025 was primarily attributable to higher levels of deposits placed with the Federal Reserve and other central banks and net purchases of AFS and HTM debt securities. | For the year ended December 31, 2024, net cash used in investing activities of $2.6 billion was primarily attributable to net purchases of AFS debt securities and higher levels of deposits placed with the Federal Reserve and other central banks, partially offset by lower levels of loans, net proceeds from held to maturity debt securities, and the proceeds from the sale of Visa Class C common shares.
  • Net cash used in investing activities of $20.2 billion for the year ended December 31, 2025 was primarily attributable to higher levels of deposits placed with the Federal Reserve and other central banks and net purchases of AFS and HTM debt securities. | For the year ended December 31, 2024, net cash used in investing activities of $2.6 billion was primarily attributable to net purchases of AFS debt securities and higher levels of deposits placed with the Federal Reserve and other central banks, partially offset by lower levels of loans, net proceeds from held to maturity debt securities, and the proceeds from the sale of Visa Class C common shares. | Financing Activities
  • Financing Activities | Net cash provided by financing activities of $15.2 billion for the year ended December 31, 2025 was primarily attributable to increased levels of total deposits, partially offset by common stock repurchases. The increase in total deposits was primarily attributable to non-U.S. offices. | For the year ended December 31, 2024, net cash provided by financing activities of $3.4 billion was primarily attributable to increased levels of total deposits, partially offset by common stock repurchases and lower levels of federal funds purchased. The increase in total deposits was primarily attributable to non-U.S. offices and savings certificates and other time deposits.
  • Net cash provided by financing activities of $15.2 billion for the year ended December 31, 2025 was primarily attributable to increased levels of total deposits, partially offset by common stock repurchases. The increase in total deposits was primarily attributable to non-U.S. offices. | For the year ended December 31, 2024, net cash provided by financing activities of $3.4 billion was primarily attributable to increased levels of total deposits, partially offset by common stock repurchases and lower levels of federal funds purchased. The increase in total deposits was primarily attributable to non-U.S. offices and savings certificates and other time deposits.
Eget kapital
  • The Bank is an Illinois banking corporation headquartered in Chicago and the Corporation’s principal subsidiary. Founded in 1889, the Bank conducts its business through its U.S. operations and its various U.S. and non-U.S. branches and subsidiaries. At December 31, 2025, the Bank had consolidated assets of $176.4 billion and common bank equity capital of $11.4 billion. | The Corporation was formed as a holding company for the Bank in 1971. The Corporation has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. At December 31, 2025, the Corporation had consolidated total assets of $177.1 billion and stockholders’ equity of $13.0 billion. | The Corporation expects that the Bank will continue in the foreseeable future to be the major source of the Corporation’s consolidated assets, revenues, and net income. Except where the context otherwise requires, references to “Northern Trust,” “we,” “us,” “our,” “its,” or similar terms mean Northern Trust Corporation and its subsidiaries on a consolidated basis.
  • On July 22, 2025 the Corporation’s Board of Directors approved a new common stock repurchase authorization (the “New Stock Repurchase Authorization”) authorizing, but not obligating, the repurchase of up to $2.5 billion (the “Maximum Program Amount”) of the Corporation’s outstanding shares of common stock from time to time. The New Stock Repurchase Authorization replaces the previously announced authorization approved on October 19, 2021. All funds expected in connection with repurchases after t | The Corporation expects to acquire shares of common stock under the New Stock Repurchase Authorization through open market transactions, block trades, privately negotiated transactions, and/or pursuant to any trading plan that may be adopted by the Corporation’s management in accordance with federal securities laws from time to time, including pursuant to Rule 10b5-1 of the Exchange Act. The timing and actual number of shares of common stock repurchased will depend on a variety of factors includ
  • Dividend Payout Ratio 35.5 30.7 59.1 | Average Stockholders’ Equity to Average Assets 8.3 8.4 8.1
  • Net Interest Income | Net Interest Income is defined as the total of Interest Income and amortized fees on earning assets, less Interest Expense on deposits and borrowed funds, adjusted for the impact of interest-related hedging activity. Earning assets—including Federal Funds Sold, Securities Purchased under Agreements to Resell, Interest-Bearing Due from and Deposits with Banks, Federal Reserve and Other Central Bank Deposits, Securities, Loans, and Other Interest-Earning Assets—are financed by a large base of inte | Net interest margin is the difference between what we earn on our assets and what we pay for deposits and other sources of funding. The direction and level of interest rates are important factors in our earnings. Net interest margin is calculated by dividing annualized Net Interest Income by average interest-earning assets.
  • Other Noninterest-Bearing Liabilities — 5,243.7 — — 4,681.0 — — 4,701.6 — | Stockholders’ Equity — 12,675.9 — — 12,299.8 — — 11,496.8 — | Total Liabilities and Stockholders’ Equity $ — $ 153,493.2 — % $ — $ 146,633.5 — % $ — $ 142,649.2 — %
  • Stockholders’ Equity — 12,675.9 — — 12,299.8 — — 11,496.8 — | Total Liabilities and Stockholders’ Equity $ — $ 153,493.2 — % $ — $ 146,633.5 — % $ — $ 142,649.2 — % | Less: FTE Adjustment $ 28.5 $ — — % $ 31.8 $ — — % $ 57.5 $ — — %
  • Stockholders’ Equity | During the year ended December 31, 2025 , the Corporation increased its quarterly common stock dividend to $0.80 per share from the previous $0.75 per share. The Corporation declared cash dividends totaling $600.5 million to common stockholders and repurchased 11,005,509 shares of common stock, including 450,486 shares withheld to satisfy tax withholding obligations related to share-based compensation, at a total cost of $1.3 billion ($115.72 average price per share). Through the common stock di
  • During the year ended December 31, 2024, the Corporation declared cash dividends totaling $608.4 million to common stockholders and repurchased 10,489,770 shares of common stock, including 424,806 shares withheld to satisfy tax withholding obligations related to share-based compensation, at a total cost of $937.8 million ($89.41 average price per share). Through the common stock dividends and repurchases, the Corporation returned $1.5 billion in capital to common stockholders in 2024. During the | On July 22, 2025, the stock repurchase program was terminated and replaced with a new program, under which the Board of Directors authorized the Corporation to repurchase up to $2.5 billion of the Corporation’s common stock. Repurchases prior to July 22, 2025 were made pursuant to the stock repurchase authorization approved by the Board of Directors in October 2021. Shares are repurchased by the Corporation to, among other things, manage the Corporation’s capital levels. Repurchased shares are u
Antal aktier
  • (Dollars in millions except per share amounts; shares in thousands) TOTAL NUMBER OF SHARES PURCHASED AVERAGE PRICE PAID PER SHARE TOTAL NUMBER OF SHARES PURCHASED AS PART OF A PUBLICLY ANNOUNCED PLAN MAXIMUM APPROXIMATE | DOLLAR VALUE OF
  • On July 22, 2025 the Corporation’s Board of Directors approved a new common stock repurchase authorization (the “New Stock Repurchase Authorization”) authorizing, but not obligating, the repurchase of up to $2.5 billion (the “Maximum Program Amount”) of the Corporation’s outstanding shares of common stock from time to time. The New Stock Repurchase Authorization replaces the previously announced authorization approved on October 19, 2021. All funds expected in connection with repurchases after t | The Corporation expects to acquire shares of common stock under the New Stock Repurchase Authorization through open market transactions, block trades, privately negotiated transactions, and/or pursuant to any trading plan that may be adopted by the Corporation’s management in accordance with federal securities laws from time to time, including pursuant to Rule 10b5-1 of the Exchange Act. The timing and actual number of shares of common stock repurchased will depend on a variety of factors includ
  • 8.74 9.77 5.08 | Average Number of Common Shares Outstanding – Basic 191,358,026 201,263,646 207,248,094 | Average Number of Common Shares Outstanding – Diluted
  • Average Number of Common Shares Outstanding – Basic 191,358,026 201,263,646 207,248,094 | Average Number of Common Shares Outstanding – Diluted | 192,246,525 201,870,105 207,563,746
  • Northern Trust does not include an estimate of future forfeitures in its recognition of share-based compensation expense. Share-based compensation expense is adjusted based on forfeitures as they occur. Dividend equivalents are accrued for performance stock unit awards, most restricted stock unit awards, and director awards not yet vested, and are paid upon vesting. Certain restricted stock units are not entitled to dividend equivalents during the vesting period. Cash flows resulting from the re | S. Net Income Per Common Share. Basic net income per common share is computed by dividing net income/loss applicable to common stock by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income applicable to common stock and potential common shares by the aggregate of the weighted average number of common shares outstanding during the period and common share equivalents calculated for stock options outstand | Northern Trust calculates net income applicable to common stock using the two-class method, whereby net income is allocated between common stock and participating securities.
  • The average price paid per share for common stock repurchased in 2025, 2024, and 2023 was $ 115.72 , 89.41 , and 79.26 , respectively. | An analysis of changes in the number of shares of common stock outstanding follows: | TABLE 78: SHARES OF COMMON STOCK OUTSTANDING
  • BASIC NET INCOME PER COMMON SHARE | Average Number of Common Shares Outstanding 191,358,026 201,263,646 207,248,094 | Net Income $ 1,736.9 $ 2,031.1 $ 1,107.3
  • Less: Earnings Allocated to Participating Securities 15.9 16.9 11.6 | Earnings Allocated to Common Shares Outstanding $ 1,679.2 $ 1,972.4 $ 1,053.9 | Basic Net Income Per Common Share 8.78 9.80 5.09
Antal anställda
  • FRC Fiduciary Risk Committee | FTE Fully Taxable Equivalent | FTP Funds Transfer Pricing
  • BROKER-DEALER AND INVESTMENT ADVISER REGULATION | Northern Trust Securities, Inc. is registered as a broker-dealer with the SEC and is a member of various self-regulatory organizations, including the Financial Industry Regulatory Authority, Inc. (FINRA). Broker-dealers are subject to laws and regulations relating to all aspects of their securities business operations, including, but not limited to, sales and trading practices, securities offerings, handling of customer funds, net capital levels, recordkeeping, privacy requirements, and the cond | Northern Trust Securities, Inc. and other subsidiaries of the Corporation are registered with the SEC as investment advisers and are subject to regulation by the SEC. The Corporation’s registered investment advisers in the United States are subject to the Investment Advisers Act of 1940, as amended (the Investment Advisers Act), and SEC rules and regulations thereunder, including with respect to record-keeping, operational and marketing requirements, disclosure obligations, fiduciary and other o
  • NON-U.S. REGULATION | Northern Trust is subject to the laws and regulatory authorities of the jurisdictions in which its non-U.S. branches and subsidiaries operate. For example, branches and subsidiaries conducting banking and asset servicing businesses in the UK are authorized to do so pursuant to the UK Financial Services and Markets Act 2000. They are authorized by the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA). The PRA and FCA exercise broad supervisory and disciplinary pow | Northern Trust’s European branches and subsidiaries are subject to the laws and regulatory authorities of the EU and the member states in which they are domiciled. For example, Northern Trust Global Services SE, as an EU-domiciled credit institution in Luxembourg, is subject to the prudential supervision of the ECB and the CSSF. Moreover, Northern Trust’s non-EU branches and subsidiaries conducting financial services activities in the EU may fall within the scope of the laws of the EU and, given
  • Human Capital Management | Our talent is our greatest asset and a core enabler of our strategy. Empowering our employees is central to our talent vision. Northern Trust employed approximately 23,800 full-time equivalent employees as of December 31, 2025. The regional breakout of our employee base is 42% Asia-Pacific, 41% North America, and 17% Europe, Middle East, and Africa. | Our Board of Directors, including the Human Capital and Compensation Committee, oversees our human capital management strategies and practices. Northern Trust’s senior leadership provides regular human capital reporting and updates to the Board and its Committees to support this oversight.
  • THE EMPLOYEE EXPERIENCE | We elevate the employee experience from recruitment to retirement by investing in three core areas: professional development, rewarding performance, and strengthening workforce and operational resiliency. By fostering an environment where our employees thrive, we ensure that our workforce is fully engaged, motivated, celebrated, and equipped to drive our strategy. | To support this effort, we continue to invest in our Human Capital Management System to help streamline manual processes, enable dynamic workforce analytics, and unlock new capabilities through a central manager workspace that helps managers make informed decisions and gain deeper insights into their teams.
  • PROFESSIONAL DEVELOPMENT | From internships to executive development, our goal is to help our employees excel in their current roles and acquire new skills for future growth. Through Northern Trust University, we deliver comprehensive professional and functional training programs designed to equip our employees at every stage of their careers. Our performance management practices promote high performance across the company and are aligned to our strategy from goal setting to evaluation. | Our managers play a pivotal role in advancing Northern Trust’s strategic goals through their teams. Northern Trust is intentionally investing in manager development through a comprehensive program that addresses both enterprise and individual priorities aligned to four areas of focus: Tools and Resources, Development, Engagement, and Talent Processes. We believe managers need not only the skills to lead effectively but also the right ecosystem to succeed.
  • REWARDING PERFORMANCE | Recognizing and rewarding the contributions of our employees is critical to their continued success. We offer a variety of awards and recognition programs tailored to different opportunities and achievements. Our Celebrate Great platform provides real-time, peer-to-peer recognition, reinforcing everyday moments of appreciation. Our in-person celebrations, such as the Quarter Century Club, which honors our long-tenured employees, and the Chairman’s Awards, which recognize outstanding individual a | We ensure our employees are compensated fairly by aligning their total compensation with market competitive pay for their roles, experience, and performance. Our total compensation includes base salaries, performance-linked incentive compensation, and comprehensive benefits designed to meet the needs of our employees and their families.
  • Recognizing and rewarding the contributions of our employees is critical to their continued success. We offer a variety of awards and recognition programs tailored to different opportunities and achievements. Our Celebrate Great platform provides real-time, peer-to-peer recognition, reinforcing everyday moments of appreciation. Our in-person celebrations, such as the Quarter Century Club, which honors our long-tenured employees, and the Chairman’s Awards, which recognize outstanding individual a | We ensure our employees are compensated fairly by aligning their total compensation with market competitive pay for their roles, experience, and performance. Our total compensation includes base salaries, performance-linked incentive compensation, and comprehensive benefits designed to meet the needs of our employees and their families. | WORKFORCE & OPERATIONAL RESILIENCY

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________
FORM 10-K
____________________________________________________________

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31 , 2025
OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                          to                          
Commission File No. 001-36609
____________________________________________________________
NORTHERN TRUST CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________________________________

Delaware 36-2723087
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

50 South La Salle Street
Chicago, Illinois 60603
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: ( 312 )  630-6000
____________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Trading Symbol Name of Each Exchange On Which Registered
Common Stock, $1.66 2/3 Par Value NTRS The NASDAQ Stock Market LLC
Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred Stock NTRSO The NASDAQ Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None
____________________________________________________________
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes    ☒     No   ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes   ☐      No    ☒
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes    ☒     No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes    ☒     No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒
Accelerated filer ☐ Emerging growth company ☐
Non-accelerated filer ☐
Smaller reporting company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. □
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). □
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).    Yes ☐     No   ☒
The aggregate market value of the registrant’s common stock as of June 30, 2025 (the last business day of the registrant’s most recently completed second fiscal quarter), based upon the last sale price of the common stock at June 30, 2025 as reported by The NASDAQ Stock Market LLC, held by non-affiliates was approximately $ 24.1 billion. Determination of stock ownership by non-affiliates was made solely for the purpose of responding to this requirement and the registrant is not bound by this determination for any other purpose.
At January 31, 2026, 185,827,803 shares of common stock, $1.66 2/3 par value, were outstanding.
Portions of the registrant’s Proxy Statement for its 2026 Annual Meeting of Stockholders are incorporated by reference into Part III hereof.

NORTHERN TRUST CORPORATION
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Page
PART I

Item 1 Business
1

Item 1A Risk Factors
13

Item 1B Unresolved Staff Comments
33

Item 1C Cybersecurity
34

Item 2 Properties
35

Item 3 Legal Proceedings
35

Item 4 Mine Safety Disclosures
35

Supplemental Item Information About Our Executive Officers
36

PART II

Item 5 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
38

Item 6 Reserved
39

Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations
40

Item 7A Quantitative and Qualitative Disclosures About Market Risk
88

Item 8 Financial Statements and Supplementary Data
89

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
165

Item 9A Controls and Procedures
165

Item 9B Other Information
167

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
167

PART III

Item 10 Directors, Executive Officers and Corporate Governance
167

Item 11 Executive Compensation
167

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
167

Item 13 Certain Relationships and Related Transactions, and Director Independence
167

Item 14 Principal Accountant Fees and Services
167

PART IV

Item 15 Exhibits and Financial Statement Schedules
168

Item 16 Form 10-K Summary
171

Signatures
172

2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION i

GLOSSARY OF TERMS

When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:

AFS Available for Sale
AIFMD Alternative Investment Fund Managers Directive
ALCO Asset and Liability Management Committee
AMA Basel Advanced Measurement Approach
AML Anti-Money Laundering
AOCI Accumulated Other Comprehensive Income
AS Asset Servicing
ASC Accounting Standards Codification
ASU Accounting Standards Update
AUC/A Assets Under Custody/Administration
AUM Assets Under Management
Bank The Northern Trust Company
Banking book Northern Trust’s structural assets, liabilities, net investments, and off-balance sheet instruments subject to interest rate risk and/or foreign currency risk. It is distinct from the trading book.
Basel Committee International Basel Committee on Banking Supervision
Basel III Industry-standard guidelines published by the Basel Committee
Basel III Endgame Proposal Proposed rule issued by U.S. banking agencies to implement the Basel III endgame agreement for large banks
BMR European Union Benchmarks Regulation
Brexit The withdrawal of the United Kingdom from the European Union
BRRD Bank Recovery and Resolution Directive (EU)
Risk Committee Risk Committee of the Board of Directors
CCAR Comprehensive Capital Analysis and Review
CCPA California Consumer Privacy Act, as amended

CFPB Consumer Financial Protection Bureau
CFTC U.S. Commodity Futures Trading Commission
Corporation Northern Trust Corporation
CRA Community Reinvestment Act
CRC Credit Risk Committee
CRD Capital Requirements Directive of June 26, 2013 (EU)
CRO Chief Risk Officer
CRR Capital Requirements Regulation of June 26, 2013 (EU)
CSD Central Securities Depositories
CSDR Central Securities Depositories Regulation (EU)
CSSF Commission de Surveillance du Secteur Financier (Luxembourg)
DFAST Dodd-Frank Act Stress Tests
DGS Deposit Guarantee Schemes
DGSD Deposit Guarantee Schemes Directive
DIF Federal Deposit Insurance Corporation’s Deposit Insurance Fund
Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act
ECB European Central Bank
EEA European Economic Area
EMIR European Market Infrastructure Regulation 648/2012
EOP End of Period
ESG Environmental, Social and Governance
EU European Union
Exchange Act Securities Exchange Act of 1934, as amended

ii 2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION

GLOSSARY OF TERMS (continued)

FASB Financial Accounting Standards Board
FCA Financial Conduct Authority
FDIA Federal Deposit Insurance Act
FDIC Federal Deposit Insurance Corporation
Federal Reserve Board The Board of Governors of the Federal Reserve System
FICC Fixed Income Clearing Corporation
FinCEN Financial Crimes Enforcement Network
FINRA Financial Industry Regulatory Authority
FRC Fiduciary Risk Committee
FTE Fully Taxable Equivalent
FTP Funds Transfer Pricing
FX Foreign Exchange
GAAP Generally Accepted Accounting Principles
GDPR General Data Protection Regulation
GERC Global Enterprise Risk Committee
GFX Global Foreign Exchange

GSIB Global Systemically Important Banks
HTM Held to Maturity
HQLAs High-Quality Liquid Assets

Investment Advisers Act Investment Advisers Act of 1940, as amended
IR Interest Rate
IRD Interest Rate Derivative
ITRC Information Technology Risk Committee
LCR Liquidity Coverage Ratio
LCR Final Rule Regulation promulgated by U.S. federal banking regulators to implement LCR requirements in the United States for certain banking organizations.
LGD Loss Given Default
LIBOR London Interbank Offered Rate
LIBOR Act Adjustable Interest Rate (LIBOR) Act

LTV Loan-to-Collateral Value
MD&A Management’s Discussion and Analysis
MIFID Market in Financial Instruments Directive
MIFIR Markets in Financial Instruments Regulation
MLD5 Fifth EU Money Laundering Directive
MLRC Market & Liquidity Risk Committee
MREL Minimum requirements for own funds and eligible liabilities (EU)
MROC Model Risk Oversight Committee
MSDC Macroeconomic Scenario Development Committee
MVE Market Value of Equity
NAICS North American Industry Classification System
NAV Net Asset Value
NFA National Futures Association

NII Net Interest Income
N/M Not Meaningful
NSFR Net Stable Funding Ratio requirement in the United States
NSFR Final Rule Regulation promulgated by U.S. federal banking regulators to implement NSFR requirements in the United States for certain banking organizations.
OFAC U.S. Department of the Treasury’s Office of Foreign Assets Control

2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION iii

GLOSSARY OF TERMS (continued)

ORC Operational Risk Committee
OREO Other Real Estate Owned
OTC Over-the-Counter
PD Probability of Default
PIPL Personal Information Protection Law (China)
PRA Prudential Regulation Authority
ROU Right-of-Use
RWA Risk-Weighted Assets
SEC U.S. Securities and Exchange Commission
Series D Preferred Stock Series D Non-Cumulative Perpetual Preferred Stock
Series E Preferred Stock Series E Non-Cumulative Perpetual Preferred Stock
SOFR Secured Overnight Finance Rate

SFDR Sustainable Finance Disclosure Regulations (EU)
SRD II Shareholder Rights Directive (EU)
SFTR Securities Financing Transactions and Reuse of Collateral
Taxonomy Regulations
Regulation (EU) 2020/852

Trading book Foreign (non-U.S.) currency trading positions subject to foreign currency risk, as well as trading securities and interest rate derivative transactions, both subject to interest rate risk.
UCITS Undertakings for the Collective Investment in Transferable Securities
UK United Kingdom
UK GDPR General Data Protection Regulation in the UK

VaR Value-at-Risk
VIE Variable Interest Entity
WM Wealth Management

iv 2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION

PART I

ITEM 1 – BUSINESS
Northern Trust Corporation
Northern Trust Corporation (the “Corporation”) is a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals. The Corporation is a financial holding company conducting business through various U.S. and non-U.S. subsidiaries, including The Northern Trust Company (Bank).
The Bank is an Illinois banking corporation headquartered in Chicago and the Corporation’s principal subsidiary. Founded in 1889, the Bank conducts its business through its U.S. operations and its various U.S. and non-U.S. branches and subsidiaries. At December 31, 2025, the Bank had consolidated assets of $176.4 billion and common bank equity capital of $11.4 billion.
The Corporation was formed as a holding company for the Bank in 1971. The Corporation has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. At December 31, 2025, the Corporation had consolidated total assets of $177.1 billion and stockholders’ equity of $13.0 billion.
The Corporation expects that the Bank will continue in the foreseeable future to be the major source of the Corporation’s consolidated assets, revenues, and net income. Except where the context otherwise requires, references to “Northern Trust,” “we,” “us,” “our,” “its,” or similar terms mean Northern Trust Corporation and its subsidiaries on a consolidated basis.
Business Overview
Northern Trust focuses on managing and servicing client assets through its two client-focused reporting segments: Asset Servicing and Wealth Management. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business. The revenue and expenses of Asset Management and certain other support functions are allocated fully to Asset Servicing and Wealth Management. Northern Trust reports certain income and expense items not allocated to Asset Servicing and Wealth Management in Other.
ASSET SERVICING
Asset Servicing (AS) is a leading global provider of asset servicing and related services to corporate and public retirement funds, foundations, endowments, fund managers, insurance companies, sovereign wealth funds, and other institutional investors around the globe. Asset servicing and related services encompass a full range of capabilities including but not limited to: custody; fund administration; investment operations outsourcing; investment management; investment risk and analytical services; employee benefit services; securities lending; foreign exchange; treasury management; brokerage services; transition management services; banking; and cash management. Client relationships are managed through the Bank and the Bank’s and the Corporation’s other subsidiaries, including support from locations in North America, Europe, the Middle East, and the Asia-Pacific region. At December 31, 2025, total Asset Servicing assets under custody/administration (AUC/A), assets under custody, and assets under management (AUM) were $17.4 trillion, $13.6 trillion, and $1.3 trillion, respectively.
WEALTH MANAGEMENT
Wealth Management (WM) focuses on high-net-worth individuals and families, business owners, executives, professionals, retirees, and established privately-held businesses in its target markets. In supporting these targeted segments, Wealth Management provides trust, investment management, custody, and philanthropic services; financial consulting; guardianship and estate administration; family business consulting; family financial education; brokerage services; and private and business banking. Wealth Management also includes Global Family Office, which provides customized services, including but not limited to: investment management; global custody; fiduciary; private banking; family office consulting; and technology solutions to meet the complex financial and reporting needs of family offices across the globe.
Wealth Management is one of the largest providers of advisory services in the United States, with AUC/A, assets under custody, and AUM of $1.3 trillion, $1.3 trillion, and $507.2 billion, respectively, at December 31, 2025. Wealth Management services are delivered by multidisciplinary teams through a network of offices in 19 U.S. states and Washington, D.C., as well as offices in London, Guernsey, Singapore, and Abu Dhabi.

2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION 1

ASSET MANAGEMENT
Asset Management, through the Corporation’s various subsidiaries, supports the Asset Servicing and Wealth Management reporting segments by providing a broad range of asset management and related services and other products to clients around the world. Investment solutions are delivered through separately managed accounts, bank common and collective funds, registered investment companies, exchange traded funds, non-U.S. collective investment funds, and unregistered private investment funds. Asset Management’s capabilities include active and passive equity; active and passive fixed income; cash management; multi-asset and alternative asset classes (such as private equity and hedge funds of funds); and multi-manager advisory services and products. Asset Management’s activities also include overlay services and other risk management services. Asset Management operates internationally through subsidiaries and distribution arrangements and its revenue and expense are fully allocated to Asset Servicing and Wealth Management. As discussed above, Northern Trust managed $1.8 trillion in assets as of December 31, 2025, including $1.3 trillion for Asset Servicing clients and $507.2 billion for Wealth Management clients.
Competition
Northern Trust faces a number of competitors across its businesses. Competition comes from other financial services organizations, both regulated and unregulated, whose products and services may span the markets in which Northern Trust conducts operations. Our competitors include a broad range of financial institutions and service companies, including other custodial banks, investment counseling firms, deposit-taking institutions, asset management firms, benefits consultants, trust companies, investment banking firms, insurance companies, and various financial technology companies, including software providers and data services firms. As our businesses grow and markets evolve, we may encounter increasing and new forms of competition around the world.
Northern Trust’s growth strategy is to leverage our differentiators to serve targeted client segments with specialized solutions in select geographies. Northern Trust’s differentiators are our: trusted brand, deep expertise, tailored technology, proven relationships and network and strong balance sheet. Northern Trust emphasizes the development and growth of scalable, sustainable fee-based income. Northern Trust will continue to enable its strategy through significant investments in talent and culture, technology, data, AI and operational excellence.
Economic Conditions And Government Policies
The earnings of Northern Trust are affected by numerous external influences. Chief among these are general economic conditions, both domestic and international, and actions that governments and their central banks take in managing their economies. These general conditions affect all of Northern Trust’s businesses, as well as the quality, value, and profitability of its loan and investment portfolios.
The Board of Governors of the Federal Reserve System (Federal Reserve Board) implements monetary policy through its open market operations in United States Government securities, its setting of the discount rate at which member banks may borrow from Federal Reserve Banks, and its changes in the reserve requirements for deposits. The policies adopted by the Federal Reserve Board directly affect interest rates and therefore what banks earn on their loans and investments and what they pay on their savings and time deposits and other purchased funds.
Supervision and Regulation
Northern Trust is subject to extensive regulation and supervision under state and federal laws in the United States and in each of the jurisdictions in which it does business. The descriptions below outline significant elements of selected laws and regulations applicable to Northern Trust and are qualified in their entirety by reference to the particular statutory or regulatory provisions summarized. These descriptions do not summarize all laws and regulations applicable to Northern Trust or all possible or proposed changes to such laws or regulations and are not intended to be a substitute for the related statutes or regulatory provisions.
Changes in laws or regulations applicable to Northern Trust may have a material effect on its businesses and results of operations. The scope of the laws and regulations, and the intensity of the supervision to which Northern Trust is subject have increased in recent years, initially in response to the financial crisis, and more recently in light of other factors, including the banking turmoil in early 2023, technological factors, and market changes. Regulatory enforcement and fines have also increased across the banking and financial services sector. Northern Trust expects that its business will remain subject to extensive regulation and heightened supervision.

2 2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION

FINANCIAL HOLDING COMPANY REGULATION
Under U.S. law, the Corporation is a bank holding company that has elected to be a financial holding company subject to the supervision, examination, and regulation of the Federal Reserve Board. A financial holding company is permitted to engage in a broader range of financial activities than a bank holding company. The Federal Reserve Board has authority to limit the activities that a financial holding company may conduct if any depository institution controlled by the financial holding company is found to no longer be “well-capitalized” or “well-managed” or has not received at least a “satisfactory” rating in its most recent Community Reinvestment Act (CRA) examination. Failure to meet one or more of these requirements may result in restrictions on the Corporation’s ability to exercise powers granted to financial holding companies, to engage in new activities, to continue current activities, or to make acquisitions. The Bank Holding Company Act also requires a bank holding company to obtain prior approval from the Federal Reserve Board before it acquires substantially all the assets of any bank, or ownership or control of more than 5% of the voting shares of any bank.
SUBSIDIARY REGULATION
The Bank is a member of the Federal Reserve System, with deposits insured by the Federal Deposit Insurance Corporation (FDIC) up to the federal deposit insurance limits, and is subject to regulation by both agencies. As an Illinois banking corporation, the Bank is also subject to Illinois state laws and regulations and to examination and supervision by the Division of Banking of the Illinois Department of Financial and Professional Regulation. The Bank is also registered as a transfer agent with the Federal Reserve Board and is registered as a swap dealer with the U.S. Commodity Futures Trading Commission (CFTC) under the Commodity Exchange Act. As a result, the Bank is subject to supervision, examination and enforcement by certain other regulatory bodies, including the CFTC and the National Futures Association (NFA). The Corporation’s nonbanking affiliates are subject to regulation by the Federal Reserve Board and, in certain circumstances, other functional regulators, as discussed in greater detail below.
ENHANCED PRUDENTIAL STANDARDS
Under the Federal Reserve Board’s tailoring rules, the Corporation is subject to the enhanced prudential standards applicable to Category II banking organizations. As a Category II banking organization, the Corporation must submit annual capital plans to the Federal Reserve Board, conduct supervisory and internal periodic stress tests to evaluate capital adequacy in adverse economic conditions, maintain enhanced risk management procedures, and comply with a liquidity risk management framework (discussed below in “Liquidity Standards”) and single counterparty credit limits, and conduct liquidity stress tests. The Corporation is not subject to all of the standards applicable to U.S. bank holding companies that are global systemically important bank holding companies (GSIBs), such as the total loss-absorbing capacity requirement, capital surcharge, enhanced supplementary leverage ratio, or additional single counterparty credit limits.
LONG-TERM DEBT AND CLEAN HOLDING COMPANY REQUIREMENTS
In 2023, the U.S. banking regulators proposed a rule that would require banking organizations with $100 billion or more in total assets to comply with Long-Term Debt requirements and clean holding company requirements similar to those that currently apply only to GSIBs. This proposal would also impose a Long-Term Debt requirement on certain categories of insured depository institutions that are not consolidated subsidiaries of U.S. GSIBs, including insured depository institutions with $100 billion or more in total assets, such as the Bank. If adopted, this proposal would require the Corporation and the Bank to each maintain a minimum outstanding eligible Long-Term Debt amount of no less than the greatest of (i) 6% of risk-weighted assets (RWA), (ii) 2.5% of total leverage exposure, and (iii) 3.5% of average total consolidated assets. The Bank would be required to issue the minimum amount of eligible Long-Term Debt to the Corporation, and the Corporation would be required to issue the minimum amount of eligible Long-Term Debt externally. In addition, if adopted as proposed, the clean holding company requirement would limit or prohibit the Corporation from entering into certain transactions that could impede its orderly resolution, including, for example, prohibiting the Corporation from entering into transactions that could spread losses to subsidiaries and third parties, as well as limiting the amount of the Corporation’s liabilities that are not eligible Long-Term Debt. The timing and form of any final rule implementing the Long-Term Debt and clean holding company requirements is uncertain.
RESOLUTION PLANNING
As required by Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the Corporation is required to submit periodically to the Federal Reserve Board and FDIC a resolution plan for its rapid and orderly resolution in the event of material financial distress or failure. In August 2024, the Federal Reserve Board and FDIC issued final joint guidance on resolution planning requirements applicable to the Corporation under Section 165(d). The Corporation’s most recent 165(d) plan was submitted timely to the FDIC and Federal Reserve Board by October 1, 2025. The Corporation’s next 165(d) plan submission is a targeted resolution plan due July 1, 2028, with future resolution plans due every three years after that, alternating between full and targeted resolution plans, pursuant to the rule.

2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION 3

In addition, the Bank, as an insured depository institution, is required to submit to the FDIC periodic plans for resolution in the event of its failure. In June 2024, the FDIC adopted a final rule that would require covered insured depository institutions, such as the Bank, to submit a full resolution plan to the FDIC every three years and submit an interim supplement in each year that it is not required to submit a full resolution plan. The final rule increases the content requirements for plan submissions and introduces a new credibility standard for the FDIC’s evaluation of resolution plans, which would be enforceable against the covered insured depository institutions. In December 2025, the FDIC provided an update that it plans to propose changes to the final rule in 2026, including codifying the content requirement exemptions and frequently asked questions (FAQs) associated with the modified approach it set out in April 2025. The Bank submitted its most recent interim supplement timely by July 1, 2025. The Bank’s full resolution plan is due July 1, 2026.
Separately, the European Union Bank Recovery and Resolution Directive (BRRD) sets out the framework for the recovery and resolution of European Union (EU) credit institutions and systemically-important investment firms, including certain of the Bank’s subsidiaries and branches. The BRRD establishes a set of harmonized rules for early intervention measures, recovery and resolution planning, bail-in powers and requirements for total loss absorbing capital for EU institutions, collectively known as minimum requirements for own funds and eligible liabilities (MREL). Northern Trust Global Services SE, a Luxembourg-incorporated indirect subsidiary of the Bank, is authorized by the European Central Bank (ECB) and subject to the prudential supervision of the Luxembourg Commission de Surveillance du Secteur Financier (CSSF). As such, Northern Trust Global Services SE falls within the scope of the BRRD and its recovery and resolution planning is overseen by the CSSF and the CSSF Resolution Board.
The United Kingdom (UK) has established a special resolution regime and a resolvability assessment framework overseen by the Bank of England (as the UK resolution authority) with many similar features to the BRRD, which was substantially retained as part of UK law following the withdrawal of the UK from the EU. The special resolution regime applies to firms that are permitted to accept deposits under Part 4A of the Financial Services and Markets Act 2000. As such, the London branch of the Bank, as a UK branch of a third-country institution that accepts deposits, falls within the scope of the special resolution regime.
ORDERLY LIQUIDATION AUTHORITY
Under the Dodd-Frank Act, certain financial companies, such as the Corporation and certain of its covered subsidiaries, can be subjected to an orderly liquidation authority if in default or danger of default and their resolution under the U.S. Bankruptcy Code would have serious adverse effects on financial stability in the United States, among other requirements set by statute. If the Corporation were subject to orderly liquidation authority, the FDIC would be appointed as its receiver, which would give the FDIC considerable powers to resolve the Corporation. Absent such actions, the Corporation, as a bank holding company, would remain subject to the U.S. Bankruptcy Code.
THE VOLCKER RULE
The Volcker Rule generally prohibits banking entities, including the Bank and its affiliates, from engaging in proprietary trading, subject to certain exemptions and exclusions, such as for market-making, hedging, certain trading activities in U.S. and foreign sovereign debt, and trading activities related to liquidity management. The Volcker Rule also prohibits certain investments in, and relationships with, covered funds as defined in the Volcker Rule, such as hedge funds, private equity funds and similar funds, subject to a number of exemptions and exclusions. Northern Trust maintains an enterprise-wide compliance program to comply with the Volcker Rule.
HOLDING COMPANY AS A SOURCE OF STRENGTH
The Corporation, as a bank holding company, is required to serve as a source of financial and managerial strength to its depository institution subsidiary. Under this requirement, the Corporation could be required to commit resources to the Bank should the Bank experience financial distress.
PAYMENT OF DIVIDENDS
The Corporation may pay dividends, repurchase stock, and make other capital distributions only in accordance with the capital plan rules and capital adequacy standards of the Federal Reserve Board, including the stress capital buffer requirement, discussed further in “Capital Adequacy Requirements” below. Dividends from the Bank are a significant source of funds for the Corporation, and the Corporation’s ability to pay dividends on its common stock therefore depends in part on the ability of the Bank to pay sufficient dividends to the Corporation.
Various other federal and state laws and regulations limit the amount of dividends that may be paid by the Bank to the Corporation without regulatory consent. The Bank may not pay any dividends if it is undercapitalized, or if the payment of the dividend would cause it to become undercapitalized. In general, the amount of dividends that may be paid in a calendar year is limited to its “retained net income” (the current year’s net income combined with the retained net income of the two preceding years), or its “undivided profits” (generally, accumulated net profits that have not been paid out as dividends or transferred to surplus), whichever is less. The ability of the Bank to pay dividends to the Corporation may also be affected by the capital adequacy standards applicable to the Bank (discussed further below), which include minimum requirements and buffers.

4 2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION

CAPITAL PLANNING AND STRESS TESTING
The Corporation’s capital distributions are subject to the Federal Reserve Board’s capital plan rules, which require the Corporation to submit an annual capital plan to the Federal Reserve Board for review.
The major components of that oversight are the Federal Reserve Board’s Comprehensive Capital Analysis and Review (CCAR) and Dodd-Frank Act Stress Tests (DFAST). These requirements involve both company-run and supervisory-run testing of capital under various scenarios, including baseline and severely adverse scenarios provided by the appropriate banking regulator.
Under the DFAST regulations, the Corporation is required to undergo regulatory stress tests conducted by the Federal Reserve Board annually. In October 2025, the Federal Reserve proposed revisions to its supervisory stress testing framework through two related proposals designed to enhance the transparency and public accountability of its annual stress test (the Stress Testing Transparency Proposal). The first proposal solicits comments on the Federal Reserve’s stress test models, scenario design framework and an enhanced disclosure process under which the Federal Reserve would annually publish and invite public comment on stress test scenarios, models and material changes to those models. The second proposal solicits comments on the scenarios for the 2026 supervisory stress test.
The Bank also is required to conduct its own annual internal stress test (although it is permitted to combine certain reporting and disclosure of its stress test results with the results of the Corporation). Results from the Corporation’s and the Bank’s annual company-run stress tests are reported to the appropriate regulators and made publicly available. Northern Trust published the results of its most recent company-run stress tests on July 1, 2025.
CAPITAL ADEQUACY REQUIREMENTS
The Corporation, as a bank holding company, is subject to risk-based and leverage capital guidelines implemented by the Federal Reserve Board that are based on industry-standard guidelines published by the International Basel Committee on Banking Supervision (Basel Committee), known as Basel III. The Bank, as an FDIC-insured depository institution, is also required to meet risk-based and leverage capital guidelines established by regulators that are generally similar to those established by the Federal Reserve Board for bank holding companies.
Under the Basel III rules, the Corporation, with the Bank, is a “core” banking organization that is required to use the advanced approaches methodologies to calculate and disclose publicly its risk-based capital ratios. The Corporation also is subject to a capital floor that is based on the Basel III standardized approach to calculating risk-based capital ratios. The Corporation is therefore required to calculate its risk-based capital ratios under both the standardized and advanced approaches, and is subject to the more stringent of the two in the assessment of its capital adequacy.
In 2023, the U.S. banking agencies issued a proposed rule to implement the Basel III endgame agreement for large banks (Basel III Endgame Proposal). The Federal Reserve announced in September 2024 that it would publish a re-proposal of its regulations finalizing the Basel III standards. That re-proposal is expected in early 2026. The potential impacts on the Corporation and the Bank of a final rule remain uncertain until a final rule is published.
The Bank’s risk-based and leverage capital ratios at December 31, 2025, were well above the regulatory requirements established by U.S. banking regulators. The risk-based and leverage capital ratios for the Corporation and the Bank, together with the regulatory minimum ratios and the ratios required for classification as “well-capitalized,” are provided in the following chart.
TABLE 1: RISK-BASED AND LEVERAGE CAPITAL RATIOS AS OF DECEMBER 31, 2025

COMMON EQUITY
TIER 1 CAPITAL TIER 1 CAPITAL TOTAL CAPITAL TIER 1 LEVERAGE SUPPLEMENTARY LEVERAGE
STANDARDIZED
APPROACH ADVANCED
APPROACH STANDARDIZED
APPROACH ADVANCED
APPROACH STANDARDIZED
APPROACH ADVANCED
APPROACH STANDARDIZED
APPROACH ADVANCED
APPROACH ADVANCED
APPROACH
Northern Trust Corporation 12.6  % 15.0  % 13.5  % 16.0  % 16.1  % 18.8  % 7.8  % 7.8  % 8.7  %
The Northern Trust Company 12.1  % 14.6  % 12.1  % 14.6  % 14.3  % 17.0  % 6.9  % 6.9  % 7.7  %
Minimum required ratio 4.5  % 4.5  % 6.0  % 6.0  % 8.0  % 8.0  % 4.0  % 4.0  % 3.0  %
“Well-capitalized” minimum ratios, as applicable
Northern Trust Corporation N/A N/A 6.0  % 6.0  % 10.0  % 10.0  % N/A N/A N/A
The Northern Trust Company 6.5  % 6.5  % 8.0  % 8.0  % 10.0  % 10.0  % 5.0  % 5.0  % 3.0  %

2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION 5

Advanced approaches institutions, such as the Corporation and the Bank, are subject to a minimum supplementary leverage ratio of 3.0%. Advanced approaches institutions that are insured depository institutions, such as the Bank, also must maintain at least a 3.0% supplementary leverage ratio to be considered “well-capitalized.” The Corporation is also subject to a stress capital buffer, which integrates forward-looking stress test results with non-stress capital requirements, and the Bank is also subject to a capital conservation buffer, which respectively requires the Corporation and the Bank to hold a buffer of Common Equity Tier 1 capital above the minimum risk-based capital requirements in order to avoid constraints on dividends, equity repurchases and compensation. The minimum capital buffer requirement for advanced approaches banking organizations, such as the Corporation and the Bank, is 2.5%.
A “countercyclical buffer” of 0% to 2.5% of a banking organization’s total RWA for advanced approaches banking organizations, such as the Corporation, is also a component of the capital adequacy framework. In general, the amount of the countercyclical capital buffer is a weighted average of the countercyclical capital buffer established in the various jurisdictions in which the banking organization has credit exposures. The U.S. countercyclical buffer is currently set at 0%.
In April 2025, the Federal Reserve issued a proposed rule to reduce volatility in the stress capital buffer (SCB) requirement, primarily through the averaging of the decline in a firm’s Common Equity Tier 1 capital over a two-year horizon (current and prior year). The proposal would also extend the annual effective date of each firm’s stress capital buffer requirement by one quarter, from October 1 to January 1.
The results of the 2025 DFAST, published by the Federal Reserve Board on June 27, 2025, resulted in Northern Trust’s stress capital buffer and effective Common Equity Tier 1 capital ratio minimum requirement remaining constant at 2.5% and 7.0%, respectively, for the annual capital plan cycle, which began on October 1, 2025 and continues through September 30, 2026. On February 4, 2026, the Federal Reserve notified the Corporation that because the Stress Testing Transparency Proposal remains subject to public comment, absent further action from the Federal Reserve, the Corporation’s stress capital buffer requirement will remain at 2.5% until September 30, 2027.
LIQUIDITY STANDARDS
Northern Trust is subject to the U.S. liquidity coverage ratio (LCR) requirement, which is designed to ensure that covered banking organizations, including the Corporation and the Bank, maintain an adequate level of unencumbered high-quality liquid assets equal to their expected net cash outflow for a 30-day time horizon under a prescribed regulatory liquidity stress scenario. As of December 31, 2025, the Corporation and the Bank were in compliance with applicable LCR requirements.
Northern Trust also is subject to the U.S. net stable funding ratio (NSFR) requirement, designed to promote more medium- and long-term funding of the assets and activities of banking entities over a one-year time horizon. As of December 31, 2025, the Corporation and the Bank were in compliance with applicable NSFR requirements. In addition, Northern Trust publicly discloses certain qualitative and quantitative information about its NSFR consistent with the semi-annual disclosure requirements of the Federal Reserve Board’s final rule on U.S. NSFR disclosure.
As noted above, the enhanced prudential standards impose additional liquidity requirements for large bank holding companies. The Corporation, a Category II institution under the final tailoring rule, is subject to the liquidity risk management, monthly liquidity stress testing, liquidity buffer, and daily liquidity reporting requirements.
PROMPT CORRECTIVE ACTION
Federal banking regulators are required to take “prompt corrective action” with respect to a depository institution if that institution does not meet certain capital adequacy standards, and are also authorized to take appropriate action against a parent bank holding company of an under-capitalized banking subsidiary. In certain instances, the Corporation could be required to guarantee the performance of a capital restoration plan for the Bank if it were under-capitalized.
RESTRICTIONS ON TRANSACTIONS WITH AFFILIATES
The Bank is subject to restrictions governing covered transactions between it and its affiliated entities, including the Corporation, the Bank’s affiliates, and the Corporation’s subsidiaries. These transactions must be on terms and conditions that are, or in good faith would be, offered to nonaffiliated companies (i.e., on terms not less favorable to the Bank than market terms). Further, extensions of credit must be secured fully with qualifying collateral, while all covered transactions with affiliates are limited to 10% of the Bank’s capital and surplus for transactions with a single affiliate and to 20% of the Bank’s capital and surplus for transactions with all affiliates.

6 2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION

SWAPS AND OTHER DERIVATIVES
Northern Trust is subject to comprehensive regulation of its derivatives businesses, including regulations that impose margin requirements, business conduct requirements, trade reporting, central clearing and mandatory trading on regulated exchanges or execution facilities for certain types of swaps and security-based swaps. CFTC and U.S. Securities and Exchange Commission (SEC) rules require registration of swap dealers and security-based swap dealers, respectively, and impose numerous obligations on such registrants, including adherence to business conduct standards for all in-scope instruments. The Bank is registered with the CFTC as a swap dealer and is subject to CFTC and NFA rules and supervision related to its swaps business. Swap dealers regulated by a prudential regulator, like the Bank, are subject to uncleared swap margin requirements and minimum capital requirements established by the prudential regulators. The Corporation has not registered and does not expect that it, or any of its affiliates, will be required to register as a security-based swap dealer with the SEC.
In addition, certain nonbanking affiliates, including Northern Trust Investments, Inc., are registered with the CFTC as commodity trading advisors and/or commodity pool operators, or are operating under certain exemptions from such registration pursuant to CFTC rules and other guidance. Commodity pool operators have certain responsibilities with respect to each pool they operate or advise.
BROKER-DEALER AND INVESTMENT ADVISER REGULATION
Northern Trust Securities, Inc. is registered as a broker-dealer with the SEC and is a member of various self-regulatory organizations, including the Financial Industry Regulatory Authority, Inc. (FINRA). Broker-dealers are subject to laws and regulations relating to all aspects of their securities business operations, including, but not limited to, sales and trading practices, securities offerings, handling of customer funds, net capital levels, recordkeeping, privacy requirements, and the conduct of directors, officers, and employees. Broker-dealers are also regulated by securities administrators in those states where they do business. Northern Trust Securities, Inc. is also registered with the Municipal Securities Rulemaking Board (MSRB) as a municipal securities dealer and subject to regulation as such.
Northern Trust Securities, Inc. and other subsidiaries of the Corporation are registered with the SEC as investment advisers and are subject to regulation by the SEC. The Corporation’s registered investment advisers in the United States are subject to the Investment Advisers Act of 1940, as amended (the Investment Advisers Act), and SEC rules and regulations thereunder, including with respect to record-keeping, operational and marketing requirements, disclosure obligations, fiduciary and other obligations and prohibitions on fraudulent activities, and other applicable state and federal laws and regulations, including anti-fraud laws. The SEC is authorized to institute proceedings and impose sanctions for violations of the Investment Advisers Act, ranging from fines and censure to termination of an investment adviser’s registration. Noncompliance with the Investment Advisers Act or other federal and state securities laws and regulations could result in investigations, sanctions, disgorgement, termination of an investment adviser’s registration, fines and/or reputational harm.
ANTI-MONEY LAUNDERING, ANTI-TERRORISM LEGISLATION, AND OFFICE OF FOREIGN ASSETS CONTROL
Certain subsidiaries of the Corporation are subject to the Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001 and Anti-Money Laundering Act of 2020 and implemented in the regulations of the federal banking regulators and the Financial Crimes Enforcement Network (FinCEN), which requires banks and other financial institutions to comply with anti-money laundering (AML) and financial transparency requirements, such as conducting due diligence, verifying client and beneficial owner identification, and monitoring client transactions and detecting and reporting suspicious activities. AML laws outside the United States contain similar requirements. The Anti-Money Laundering Act of 2020 includes the Corporate Transparency Act, which requires FinCEN to issue regulations requiring reporting of and access to beneficial ownership information of legal entities and amendments to related customer due diligence requirements for financial institutions.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and U.S. Department of State administer and enforce U.S. economic sanctions laws and regulations, which prohibit the Corporation and its subsidiaries from engaging in certain transactions and dealings including business in or with certain jurisdictions and parties that are the target of U.S. economic sanctions, such as organizations and countries suspected of aiding, harboring or engaging in terrorist acts or undermining the sovereignty and territorial integrity of democratic countries. If the Corporation or the Bank finds a sanctioned name or jurisdiction on any transaction, asset or account, the Corporation or the Bank may be required to reject or block such account or transaction and notify the appropriate authorities.
Failure to comply with these requirements could result in fines, penalties, lawsuits, regulatory sanctions or difficulties in obtaining approvals, restrictions on their business activities or harm to reputation. Many other countries have imposed similar laws and regulations that apply to the Corporation’s non-U.S. offices. The Corporation has established policies and procedures to comply with these laws and the related regulations.

2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION 7

DEPOSIT INSURANCE AND ASSESSMENTS
The Bank accepts deposits and eligible deposits have the benefit of FDIC insurance up to the standard maximum deposit insurance amount, which is currently $250,000 for each ownership right and capacity under which the eligible deposit accounts are maintained. Under the Federal Deposit Insurance Act (FDIA), insurance of deposits may be terminated by the FDIC upon a finding that the insured depository institution has engaged in unsafe and unsound practices, is in an unsafe or unsound condition, or has violated laws, regulations, or orders from a regulatory agency.
The FDIC’s Deposit Insurance Fund (DIF) is funded by assessments on FDIC-insured depository institutions. The FDIC assesses premiums based on an assessment rate and an assessment base. An insured depository institution’s assessment base considers average consolidated total assets, less the average tangible equity of the insured depository institution during the assessment period. The assessment base of custody banks is adjusted to exclude certain liquid assets from total average assets. To qualify as a custody bank, certain institutional eligibility criteria must be met. The Bank qualifies as a custody bank for this purpose. The FDIC utilizes a risk-based system to determine each institution’s assessment rate. The assessment rate schedule can change from time to time at the discretion of the FDIC, subject to certain limits.
The FDIC, as required under the FDIA, established a plan in September 2020 to restore the DIF reserve ratio to meet or exceed the statutory minimum of 1.35% within eight years. The FDIC determined that the reserve ratio exceeded the statutory minimum as of June 30, 2025. Consequently, the FDIC stopped operating under a Restoration Plan as of the third quarter of 2025. The FDIC maintained the long-term target reserve ratio for the DIF, referred to as the Designated Reserve Ratio, at 2.00% for 2025.
In 2023, the FDIC issued a final rule to implement a special assessment to recoup losses to the DIF associated with bank failures in the first half of 2023. The assessment base for the special assessment is equal to an insured depository institution’s estimated uninsured domestic office deposits reported as of December 31, 2022, adjusted to exclude the first $5 billion of uninsured domestic office deposits. The special assessment will be collected over eight quarterly assessment periods, beginning in 2024. In December 2025, the FDIC issued an interim final rule that would reduce the payment rate applied to the assessment base for the eighth and final collection quarter. Under the interim final rule, upon termination of the receiverships, the FDIC will either provide an offset to regular quarterly deposit insurance assessments for insured depository institutions subject to the special assessment if the amount collected exceeds losses or collect from insured depository institutions subject to the special assessment a one-time final shortfall special assessment if losses at the termination of the receiverships exceed the amount collected. In conjunction with the FDIC special assessment rules, Northern Trust has accrued a total of $83.4 million.
COMMUNITY REINVESTMENT ACT
The Bank is subject to the CRA. The CRA and the regulations issued thereunder are intended to encourage banks to help meet the credit needs of their service areas, including low- and moderate-income neighborhoods and persons, consistent with the safe and sound operations of the banks. For purposes of the CRA, the Bank operates under a “wholesale” designation granted by the Federal Reserve Board and fulfills its CRA obligations by making qualified investments for the purposes of community development. The Bank received an “outstanding” CRA rating from the Federal Reserve Board in its most recent CRA examination.
DATA PRIVACY AND SECURITY
Federal law establishes a minimum federal standard of financial privacy by, among other provisions, requiring financial institutions to adopt, disclose, and enforce privacy policies with respect to consumer information, setting limitations on disclosure to third parties of consumer information, setting standards for protecting client information and preventing unlawful access to such information, and requiring notice of data breaches in certain circumstances. For example, the Federal Trade Commission has the authority to regulate and enforce against unfair or deceptive acts or practices in or affecting commerce, including acts and practices with respect to data privacy and security, and the Gramm-Leach-Bliley Act regulates the confidentiality and security of customer information obtained by financial institutions and certain other types of financial services businesses.

8 2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION