{"schemaVersion":1,"research":true,"symbol":"ntrs","name":"Northern Trust","topic":"moat","path":"/stock/ntrs/moat","status":"published","version":8,"updatedAt":"2026-10-19T16:08:10.785Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Northern Trust demonstrates substantial operating scale, repeat demand and improving underlying performance. The supplied passages do not establish durable switching costs, a comparative cost advantage or brand-driven pricing power. Actual competitive pricing pressure weighs against pricing power, but does not establish that the entire franchise lacks a moat. Organic fee growth supports current demand without proving durable protection from competition.","advantages":[{"mechanism":"switching_costs","claim":"Integrated custody, investment operations outsourcing and customized family-office services provide a plausible basis for customer dependency. Their provision is demonstrated; material client switching costs remain unestablished.","durability":"Eight consecutive quarters of positive organic fee growth support franchise demand, but neither client migration costs nor relationship retention are quantified. No durable protection period can be established.","risks":"Competitors have offered comparable or improved services at lower prices, with realized profitability pressure. Open-ended client arrangements provide limited evidence of contractual lock-in. Technology could reduce differentiation.","invalidation":"The switching-cost hypothesis would be weakened by disclosed low-cost migrations, material incumbent-client losses or sustained fee concessions to retain comparable mandates. Persistent organic fee declines after separating market movements would also undermine it.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5","e6"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: Asset Servicing capabilities","excerpt":"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."},{"id":"e2","sourceId":"filing-1","location":"Business: customized Global Family Office services","excerpt":"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."},{"id":"e3","sourceId":"filing-8","location":"CEO commentary: consecutive organic trust-fee growth","excerpt":"Our progress against our strategic priorities helped drive an eighth consecutive quarter of positive organic trust-fee growth."},{"id":"e4","sourceId":"filing-1","location":"Competition risk: realized pricing pressure","excerpt":"Pricing pressures, as a result of the willingness of competitors to offer comparable or improved products or services at a lower price, also may result in a reduction in the price we can charge for our products and services, which could have, and in some cases has had, a negative effect on our ability to maintain or increase our profitability."},{"id":"e5","sourceId":"filing-1","location":"Revenue recognition: open-ended client contracts","excerpt":"Northern Trust’s contracts with its clients are typically open-ended arrangements and are therefore considered to have an original duration of less than one year."},{"id":"e6","sourceId":"filing-1","location":"Competition risk: technological advances","excerpt":"Additionally, technological advances (such as the use of generative AI) and the growth of internet-based commerce have made it possible for other types of institutions to offer a variety of products and services competitive with certain areas of our business."},{"id":"e7","sourceId":"filing-1","location":"Strategy: management-identified differentiators","excerpt":"Northern Trust’s differentiators are our: trusted brand, deep expertise, tailored technology, proven relationships and network and strong balance sheet."},{"id":"e8","sourceId":"filing-4","location":"Revenue recognition: individually agreed fee arrangements","excerpt":"Performance Obligations. Clients are typically charged monthly or quarterly in arrears based on the fee arrangement agreed to with each client; payment terms will vary depending on the client and services offered."},{"id":"e9","sourceId":"filing-4","location":"Revenue recognition: variable fee drivers","excerpt":"Fee arrangements are mainly comprised of variable amounts based on market value of client assets managed and serviced, transaction volumes, number of accounts, and securities lending volume and spreads."},{"id":"e10","sourceId":"filing-4","location":"Quarterly results: sources of servicing-fee growth","excerpt":"◦Trust, Investment and Other Servicing Fees increased to $1.3 billion in the current quarter primarily due to favorable markets, net client inflows, and net new business."},{"id":"e11","sourceId":"filing-9","location":"Mid-year business highlights: liquidity flows and operating growth","excerpt":"5northerntrust.com | © 2026 Northern Trust Corporation 2026 Mid-Year Business Unit Highlights FINANCIAL HIGHLIGHTS (versus same period prior year) WEALTH MANAGEMENT Ultra-High-Net-Worth $100+MM client revenue outpacing broader Wealth, driving share gains in the segment Revenue Generating Talent Accelerating hires in critical producer roles to fuel growth Client Acquisition Marketing qualified leads up 50% in 1H, broadening acquisition across segments, geographies, and digital channels Alternatives Investments Alternatives adoption across Wealth accelerating, deepening the investment solutions suite ASSET SERVICING Capital Markets Capital Markets and Banking momentum sustained via outsourced solutions (Integrated Trading Solutions, Complete FX) Alternatives Services Alternatives AUA surpasses $1 trillion, reinforcing category leadership Digital Assets Live on the Canton Network; advancing tokenized funds and digital custody ASSET MANAGEMENT Alternatives Solutions Fundraising across secondaries and custom alternatives broadening the Alternatives platform ETFs 5th consecutive quarter of positive ETF flows SMAs Extending SMA leadership through tax alpha and long-short strategies Liquidity 14 consecutive quarters of positive liquidity flow with double-digit organic fee growth 0% 9% 7% 13% FY 2023 FY 2024 FY 2025 1H 2026 Revenue Growth* 5% 6% 5% 6% FY 2023 FY 2024 FY 2025 1H 2026 Expense Growth* (13%) 24% 17% 41% FY 2023 FY 2024 FY 2025 1H 2026 EPS Growth* (500) 230 230 730 FY 2023 FY 2024 FY 2025 1H 2026 Operating Leverage* (2%) 8% 6% 10% Trust Fee Growth 6% 8% 10% 13% FY 2023 FY 2024 FY 2025 1H 2026 NII Growth (basis points) FY 2023 FY 2024 FY 2025 1H 2026 *Refer to page 15 for additional detail on notable items."},{"id":"e12","sourceId":"filing-6","location":"Corporate scorecard: adjusted 2024–2025 financial results","excerpt":"FINANCIAL PERFORMANCE METRICS\n(ADJUSTED, NON-GAAP)(1)\n2024\n2025\nCHANGE\nRevenue Growth\n$7.6B\n$8.1B\n7%\nExpense Growth\n$5.5B\n$5.7B\n5%\nProfit Margin (pre-tax)\n28.1%\n29.9%\n +1.8pp\nReturn on Equity\n13.7%\n14.8%\n +1.1pp\nDiluted Earnings Per Share Growth\n$7.70\n$9.00\n17%\n(1)Non-GAAP financial performance metrics adjust selected GAAP-basis financial metrics to exclude the impact of certain notable items, which are non-GAAP financial measures."},{"id":"e13","sourceId":"filing-5","location":"First-quarter 2026 consolidated financial highlights","excerpt":"Large accelerated filer\nItem 1: Consolidated Financial Statements (unaudited)\n29\nConsolidated Balance Sheets\n29\nConsolidated Statements of Income\n30\nConsolidated Statements of Comprehensive Income\n30\nConsolidated Statements of Changes in Stockholders’ Equity\n31\nConsolidated Statements of Cash Flows\n32\nNotes to Consolidated Financial Statements\n33\nItem 4: Controls and Procedures\n73\nPart II – Other Information\nItem 1: Legal Proceedings\n74\nItem 1A: Risk Factors\n74\nItem 2: Unregistered Sales of Equity Securities and Use of Proceeds\n74\nItem 3: Defaults Upon Senior Securities\n74\nItem 4: Mine Safety Disclosures\n74\nItem 5: Other Information\n74\nItem 6: Exhibits\n75\nSignatures\n76\ni\nCONSOLIDATED FINANCIAL HIGHLIGHTS\n(UNAUDITED)\nTHREE MONTHS ENDED MARCH 31,\nCONDENSED INCOME STATEMENTS ($ In Millions)\n2026\n2025\n% CHANGE(1)\nNoninterest Income\n$\n1,551.6 \n$\n1,371.9 \n13 \n%\nNet Interest Income\n654.0 \n568.1 \n15 \nTotal Revenue\n2,205.6 \n1,940.0 \n14 \nProvision for Credit Losses\n(3.0)\n1.0 \nN/M\nNoninterest Expense\n1,508.0 \n1,417.6 \n6 \nIncome before Income Taxes\n700.6 \n521.4 \n34 \nProvision for Income Taxes\n175.1 \n129.4 \n35 \nNet Income\n$\n525.5 \n$\n392.0 \n34 \n%\nPER COMMON SHARE\nNet Income — Basic\n$\n2.72 \n$\n1.91 \n43 \n%\n— Diluted\n2.71 \n1.90 \n43 \nCash Dividends Declared Per Common Share\n0.80 \n0.75 \n7 \nBook Value — End of Period (EOP)\n65.40 \n61.65 \n6 \nMarket Value — EOP\n139.57 \n98.65 \n41 \nSELECTED BALANCE SHEET DATA ($ In Millions)\nMARCH 31, 2026\nDECEMBER 31, 2025\n% CHANGE(1)\nEnd of Period:\nTotal Assets\nDividend Payout Ratio\n29.5 \n39.5 \nNet Interest Margin(1)\n1.75 \n1.69 \nStandardized Approach\nAdvanced Approach\nMarch 31, 2026\nDecember 31, 2025\nMarch 31, 2026\nDecember 31, 2025\nWELL-CAPITALIZED RATIOS\nMINIMUM CAPITAL RATIOS\nCapital Ratios:\nNorthern Trust Corporation\nCommon Equity Tier 1 Capital\n12.0 \n%\n12.6 \n%\n14.3 \n%\n15.0 \n%\nN/A\n4.5 \n%\nTier 1 Capital\n12.9 \n13.5 \n15.3 \n16.0 \n6.0 \n6.0 \nTotal Capital\n15.3 \n16.1 \n18.0 \n18.8 \n10.0 \n8.0 \nTier 1 Leverage\n7.3 \n7.8 \n7.3 \n7.8 \nN/A\n4.0 \nSupplementary Leverage\nN/A\nN/A\n8.5 \n8.7 \nN/A\n3.0 \nThe Northern Trust Company\nCommon Equity Tier 1 Capital\n11.6 \n%\n12.1 \n%\n14.1 \n%\n14.6 \n%\n6.5 \n%\n4.5 \n%\nTier 1 Capital\n11.6 \n12.1 \n14.1 \n14.6 \n8.0 \n6.0 \nTotal Capital\n13.7 \n14.3 \n16.4 \n17.0 \n10.0 \n8.0 \nTier 1 Leverage\n6.5 \n6.9"},{"id":"e14","sourceId":"filing-4","location":"June 2026 consolidated earnings and regulatory capital ratios","excerpt":"Large accelerated filer\nItem 1: Consolidated Financial Statements (unaudited)\n34\nConsolidated Balance Sheets\n34\nConsolidated Statements of Income\n35\nConsolidated Statements of Comprehensive Income\n35\nConsolidated Statements of Changes in Stockholders’ Equity\n36\nConsolidated Statements of Cash Flows\n37\nNotes to Consolidated Financial Statements\n38\nItem 4: Controls and Procedures\n83\nPart II – Other Information\nItem 1: Legal Proceedings\n84\nItem 1A: Risk Factors\n84\nItem 2: Unregistered Sales of Equity Securities and Use of Proceeds\n84\nItem 3: Defaults Upon Senior Securities\n84\nItem 4: Mine Safety Disclosures\n84\nItem 5: Other Information\n84\nItem 6: Exhibits\n85\nSignatures\n86\ni\nCONSOLIDATED FINANCIAL HIGHLIGHTS\n(UNAUDITED)\nTHREE MONTHS ENDED JUNE 30,\nSIX MONTHS ENDED JUNE 30,\nCONDENSED INCOME STATEMENTS ($ In Millions)\n2026\n2025\n% CHANGE(1)\n2026\n2025\n% CHANGE(1)\nNoninterest Income\n$\n2,022.5 \n$\n1,387.4 \n46 \n%\n$\n3,574.2 \n$\n2,759.3 \n30 \n%\nNet Interest Income\n675.5 \n610.5 \n11 \n1,329.5 \n1,178.6 \n13 \nTotal Revenue\n2,698.0 \n1,997.9 \n35 \n4,903.7 \n3,937.9 \n25 \nProvision for Credit Losses\n(5.3)\n16.5 \nN/M\n(8.3)\n17.5 \nN/M\nNoninterest Expense\n1,638.6 \n1,416.6 \n16 \n3,146.6 \n2,834.2 \n11 \nIncome before Income Taxes\n1,064.7 \n564.8 \n89 \n1,765.4 \n1,086.2 \n63 \nProvision for Income Taxes\n272.5 \n143.5 \n90 \n447.6 \n272.9 \n64 \nNet Income\n$\n792.2 \n$\n421.3 \n88 \n%\n$\n1,317.8 \n$\n813.3 \n62 \n%\nPER COMMON SHARE\nNet Income — Basic\n$\n4.25 \n$\n2.14 \n98 \n%\n$\n6.97 \n$\n4.05 \n72 \n%\n— Diluted\n4.23 \n2.13 \n98 \n6.93\n23.1 \n37.2 \nNet Interest Margin(1)\n1.81 \n1.69 \n1.78 \n1.69 \nStandardized Approach\nAdvanced Approach\nJune 30, 2026\nDecember 31, 2025\nJune 30, 2026\nDecember 31, 2025\nWELL-CAPITALIZED RATIOS\nMINIMUM CAPITAL RATIOS\nCapital Ratios:\nNorthern Trust Corporation\nCommon Equity Tier 1 Capital\n12.2 \n%\n12.6 \n%\n14.3 \n%\n15.0 \n%\nN/A\n4.5 \n%\nTier 1 Capital\n13.1 \n13.5 \n15.3 \n16.0 \n6.0 \n6.0 \nTotal Capital\n15.5 \n16.1 \n17.9 \n18.8 \n10.0 \n8.0 \nTier 1 Leverage\n7.6 \n7.8 \n7.6 \n7.8 \nN/A\n4.0 \nSupplementary Leverage\nN/A\nN/A\n8.6 \n8.7 \nN/A\n3.0 \nThe Northern Trust Company\nCommon Equity Tier 1 Capital\n11.8 \n%\n12.1 \n%\n14.1 \n%\n14.6 \n%\n6.5 \n%\n4.5 \n%\nTier 1 Capital\n11.8 \n12.1 \n14.1 \n14.6 \n8.0 \n6.0 \nTotal Capital\n13.9 \n14.3 \n16.3 \n17.0 \n10.0 \n8.0 \nTier 1 Leverage\n6.8 \n6.9 \n6.8 \n6.9 \n5.0 \n4.0"},{"id":"e15","sourceId":"filing-4","location":"Quarterly results: Visa exchange gain","excerpt":"◦Other Noninterest Income increased to $673.0 million in the current quarter primarily due to higher Other Operating Income, mainly driven by a $525.4 million gain related to Northern Trust’s participation in the second Visa, Inc."},{"id":"e16","sourceId":"filing-4","location":"Notable items: realized AFS securities loss","excerpt":"Exchange Offer, recorded in Other Operating Income and a $73.9 million (pre-tax) loss on available for sale debt securities sold in conjunction with a repositioning of the portfolio, recognized in Investment Security Gains (Losses)"},{"id":"e17","sourceId":"filing-4","location":"Notable items: software, severance and equity-grant expenses","excerpt":"(2) For the three and six months ended June 30, 2026, Noninterest Expense included a $61.5 million (pre-tax) charge related to software dispositions, recognized in Equipment and Software expense, as well as $51.0 million (pre-tax) of severance-related charges and a $33.1 million (pre-tax) expense related to the Invested as One equity grant to eligible employees, both recognized in Compensation and Benefits expense."},{"id":"e18","sourceId":"filing-6","location":"Executive compensation: equity-based incentive mix","excerpt":"•Allocated in a mix that is predominantly equity based (75% for the CEO and 70% for other named executive officers)."},{"id":"e19","sourceId":"filing-6","location":"Executive compensation: three-year absolute and relative ROE conditions","excerpt":"•Performance stock units, which constitute 65% of long-term incentive compensation,(1) are based on achievement of three-year average ROE targets on an absolute basis and our three-year average ROE relative to that of our performance peer group."},{"id":"e20","sourceId":"filing-6","location":"Executive compensation: clawback and forfeiture provisions","excerpt":"•Short-term and long-term incentives are subject to potential clawback or forfeiture in the event of a financial restatement or certain misconduct, including inappropriate risk-taking resulting in significant negative risk outcomes."},{"id":"e21","sourceId":"filing-6","location":"Executive compensation: stock ownership guidelines","excerpt":"The stock ownership guidelines to which the Corporation’s executive officers currently are subject are as follows:\nSTOCK OWNERSHIP GUIDELINES(1)\nEXPECTED OWNERSHIP AS MULTIPLE OF BASE SALARY\n Chairman / CEO\n8x\n President\n5x\nChief Operating Officer / Chief Financial Officer / Business Unit Heads\n4x\nOther Executive Officers\n3x\n(1)If an individual holds multiple positions subject to these stock ownership guidelines, he or she will be subject to the highest stock ownership guideline associated with his or her positions."},{"id":"e22","sourceId":"filing-6","location":"Governance: independent director executive sessions","excerpt":"Led by Mr. Henderson, the independent members of the Board met ten times during fiscal year 2025 in regularly scheduled executive sessions (without the presence of the Chairman and CEO) to discuss various matters related to oversight, Board affairs, and CEO performance."},{"id":"e23","sourceId":"filing-6","location":"Governance: actual director attendance","excerpt":"All incumbent directors during 2025 attended at least 75% of the total meetings of the Board and the committees on which they served occurring during the period in which they served."},{"id":"e24","sourceId":"filing-6","location":"Governance: shareholder rights and board structure","excerpt":"Stockholder Right to Call Special Meetings\nBOARD OVERSIGHT\n Annual Strategic Planning Meeting with Board and Executive Officers\nOTHER GOVERNANCE PRACTICES\n No Plurality Voting in Uncontested Director Elections\n No Staggered Board\n No Poison Pill\n No Supermajority Voting Requirements\nBOARD INDEPENDENCE AND STRUCTURE\n Majority Independent Directors\n Engaged Lead Director\n Frequent Executive Sessions for Independent Directors"},{"id":"e25","sourceId":"filing-6","location":"Governance: combined chairman and CEO position","excerpt":"2026 PROXY STATEMENT NOTICE OF ANNUAL MEETING OF STOCKHOLDERS\n23\nCORPORATE GOVERNANCE\nBoard Structure\nLEADERSHIP STRUCTURE\nThe current leadership structure of the Board consists of a combined Chairman and CEO position (currently Mr."},{"id":"e26","sourceId":"filing-5","location":"Regulatory capital: stress buffer and effective CET1 requirement","excerpt":"The results of the 2025 Dodd-Frank Act Stress Test (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 beginning on October 1, 2025 through September 30, 2026."},{"id":"e27","sourceId":"filing-4","location":"Regulatory capital: 2026 stress-test buffer outcome","excerpt":"The results of the 2026 Dodd-Frank Act Stress Test (DFAST) were published by the Federal Reserve Board on June 24, 2026 and resulted in no change to the Corporation’s stress capital buffer."},{"id":"e28","sourceId":"filing-9","location":"Capital update: liquid assets, deposits and securities losses","excerpt":"12northerntrust.com | © 2026 Northern Trust Corporation 7.6% 8.0% 7.8% 7.3% 7.6% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 12.2% 12.4% 12.6% 12.0% 12.2% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Standardized Tier 1 Leverage Northern Trust Corporation Capital Ratios 2Q 2026 Capital Ratios STANDARDIZED APPROACH ADVANCED APPROACH Common Equity Tier 1 Capital 12.2% 14.3% Tier 1 Capital 13.1% 15.3% Total Capital 15.5% 17.9% Tier 1 Leverage 7.6% 7.6% Supplementary Leverage N/A 8.6% Standardized Common Equity Tier 1 7.0% Regulatory Minimum 4.0% Regulatory Minimum Capital Update CAPITAL HIGHLIGHTS • Robust capital and liquidity ◦ $12.4 billion in Tier 1 capital ◦ 65% of average deposits covered by highly liquid assets including 30% by cash and central bank deposits ◦ Net unrealized after-tax losses on available-for-sale securities of $373.2 million as of June 30, 2026 • Declared $148.8 million in common stock dividends and $4.7 million in preferred stock dividends in 2Q 2026 • Repurchased $350.6 million of common stock in 2Q 2026 Capital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission."},{"id":"e29","sourceId":"filing-1","location":"Liquidity standards: year-end LCR compliance","excerpt":"As of December 31, 2025, the Corporation and the Bank were in compliance with applicable LCR requirements."},{"id":"e30","sourceId":"filing-1","location":"Liquidity standards: year-end NSFR compliance","excerpt":"As of December 31, 2025, the Corporation and the Bank were in compliance with applicable NSFR requirements."},{"id":"e31","sourceId":"filing-8","location":"Supplemental financial information: average deposits by segment","excerpt":"Trust, Investment and Other Servicing Fees\n1,349.5 \n1,341.4 \n1,231.1 \nOther Noninterest Income\n673.0 \n210.2 \n156.3 \nNet Interest Income (FTE*)\n683.1 \n661.6 \n615.2 \nTotal Revenue (FTE*)\n2,705.6 \n2,213.2 \n2,002.6 \nFTE Adjustment*\nDiluted Earnings per Common Share\nAverage Assets\n163,575.8 \n165,297.3 \n157,719.2 \nTotal Pre-Tax Margin (FTE*)\n39.6 \n32.0 \n28.4 \npts\n11.2 \npts\nAverage Loans\nAsset Servicing\n5,800.6 \n5,632.5 \n5,812.8 \nWealth Management\n35,767.0 \n35,261.8 \n35,345.2 \nTotal Average Loans\n41,567.6 \n40,894.3 \n41,158.0 \nAverage Deposits\nAsset Servicing\n100,980.6 \n102,421.0 \n95,506.7 \nWealth Management\n26,715.1 \n26,469.8 \n25,291.0 \n150.0 \n141.0 \n1,580.1 \n(91)\nTotal Average Deposits\n127,845.7 \n129,031.8 \n122,377.8 \n(1) The current quarter charges related to software dispositions ($61.5 million) and severance ($51.0 million) are allocated to the Reporting Segments with $100.6 million allocated to Asset Servicing and $11.9 million allocated to Wealth Management."},{"id":"e32","sourceId":"filing-4","location":"Consolidated balance sheet: deposits and borrowings","excerpt":"Offices — Noninterest-Bearing\n12,884.1 \n12,537.9 \n — Interest-Bearing\n78,274.0 \n80,046.1 \nTotal Deposits\n145,580.0 \n142,797.7 \nFederal Funds Purchased\n1,568.9 \n2,141.1 \nSecurities Sold Under Agreements to Repurchase\n175.6 \n292.2 \nOther Borrowings\n8,627.2 \n7,158.3 \nSenior Notes\n3,331.2 \n3,351.5 \nLong-Term Debt\n2,073.3 \n3,484.4 \nOther Liabilities\n4,539.4 \n4,949.6 \nTotal Liabilities\n165,895.6 \n164,174.8 \nSTOCKHOLDERS' EQUITY\nPreferred Stock, No Par Value; Authorized 10,000,000 shares:"},{"id":"e33","sourceId":"filing-6","location":"Risk outcomes: 2025 credit losses and balance-sheet duration","excerpt":"Capital, liquidity, and credit metrics remained strong and well above regulatory requirements, including a 12.6% CET1 ratio and a 7.8% Tier 1 leverage ratio, a conservative balance sheet duration under one year, and very strong credit quality, including no net charge-offs in 2025."},{"id":"e34","sourceId":"filing-4","location":"AOCI: June 2026 unrealized securities losses","excerpt":"NET UNREALIZED GAINS (LOSSES) ON CASH FLOW HEDGES\nNET FOREIGN CURRENCY ADJUSTMENTS\nNET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS\nTOTAL\nBalance at March 31, 2026\n$\n(445.9)\n$\n(4.4)\n$\n250.5 \n$\n(436.8)\n$\n(636.6)\nNet Change\n72.7 \n(1.7)\n9.0 \n4.9 \n84.9 \nBalance at June 30, 2026\n$\n(373.2)\n$\n(6.1)\n$\n259.5 \n$\n(431.9)\n$\n(551.7)\n(1) Includes net unrealized gains (losses) on debt securities transferred from AFS to HTM."},{"id":"e35","sourceId":"filing-8","location":"Consolidated results: earnings, common equity and quarterly ROE","excerpt":"2,234.0 \n2,212.8 \n(2)\n(1)\n Interest Expense\n1,513.8 \n1,580.0 \n1,602.3 \n(4)\n(6)\nNet Interest Income\n675.5 \n654.0 \n610.5 \n3 \n11 \nTotal Revenue\n2,698.0 \n2,205.6 \n1,997.9 \n22 \n35 \nProvision for Credit Losses\n(5.3)\n(3.0)\n16.5 \nN/M\nN/M\nNoninterest Expense\n Compensation and Benefits\n868.0 \n822.2 \n732.5 \n6 \n18 \n Outside Services\n246.3 \n236.7 \n247.0 \n4 \n— \n Equipment and Software\n378.5 \n308.1 \n293.7 \n23 \n29 \n Occupancy\n53.5 \n51.3 \n52.5 \n4 \n2 \n Other Operating Expense\n92.3 \n89.7 \n90.9 \n3 \n2 \nTotal Noninterest Expense\n1,638.6 \n1,508.0 \n1,416.6 \n9 \n16 \nIncome before Income Taxes\n1,064.7 \n700.6 \n564.8 \n52 \n89 \nProvision for Income Taxes\n272.5 \n175.1 \n143.5 \n56 \n90 \nNET INCOME\n$\n792.2 \n$\n525.5 \n$\n421.3 \n51 \n%\n88 \n%\nPreferred Stock Dividends\n4.7 \n16.2 \n4.7 \n(71)\n— \nNET INCOME APPLICABLE TO COMMON STOCK\n$\n787.5 \n$\n509.3 \n$\n416.6 \n55 \n%\n89 \n%\nEarnings Allocated to Participating Securities\n5.3 \n4.5 \n3.8 \n16 \n38 \nEarnings Allocated to Common Shares\n$\n782.2 \n$\n504.7 \n$\n412.8 \n55 \n%\n90 \n%\nPer Common Share\nNet Income\n Basic\n$\n4.25 \n$\n2.72 \n$\n2.14 \n56 \n%\n98 \n%\n Diluted\n4.23 \n2.71 \n2.13 \n56 \n98 \nAverage Common Equity\n$\n12,209.7 \n$\n11,876.3 \n$\n11,727.2 \n3 \n%\n4 \n%\nReturn on Average Common Equity\n25.9 \n%\n17.4 \n%\n14.2 \n%\nCash Dividends Declared per Common Share\n$\n0.80 \n$\n0.80 \n$\n0.75 \n— \n%\n7 \n%\nAverage Common Shares Outstanding (000s)\n Basic\n183,994 \n185,499\n192,752\n(1)\n%\n(5)\n%\n Diluted\n184,890 \n186,539\n193,375\n(1)\n(4)\nCommon Shares Outstanding (EOP) (000s)\n182,956 \n185,047\n191,233\n2,759.3 \n30 \nNet Interest Income\n Interest Income\n4,423.4 \n4,353.7 \n2 \n Interest Expense\n3,093.9 \n3,175.1 \n(3)\nNet Interest Income\n1,329.5 \n1,178.6 \n13 \nTotal Revenue\n4,903.7 \n3,937.9 \n25 \nProvision for Credit Losses\n(8.3)\n17.5 \nN/M\nNoninterest Expense\n Compensation and Benefits\n1,690.2 \n1,486.6 \n14 \n Outside Services\n483.0 \n492.2 \n(2)\n Equipment and Software\n686.6 \n574.6 \n19 \n Occupancy\n104.8 \n105.9 \n(1)\n Other Operating Expense\n182.0 \n174.9 \n4 \nTotal Noninterest Expense\n3,146.6 \n2,834.2 \n11 \nIncome before Income Taxes\n1,765.4 \n1,086.2 \n63 \nProvision for Income Taxes\n447.6 \n272.9 \n64 \nNET INCOME\n$\n1,317.8 \n$\n813.3 \n62 \n%\nPreferred Stock Dividends\n20.9 \n20.9 \n— \nNET INCOME APPLICABLE TO COMMON STOCK\n$\n1,296.9 \n$\n792.4 \n64 \n%\nEarnings Allocated to Participating Securities\n9.8 \n7.4 \n33 \nEarnings Allocated to Common Shares\n$\n1,287.1 \n$\n785.0 \n64 \n%\nPer Common Share\nNet Income\n Basic\n$\n6.97 \n$\n4.05 \n72 \n%\n Diluted"},{"id":"e36","sourceId":"filing-6","location":"Compensation disclosures: GAAP and adjusted ROE reconciliation","excerpt":"exchange offer\n— \n223.2 \n— \n74.4 \nGain on the sale of equity investment\n— \n15.9 \n— \n5.3 \nNet available for sale security losses recognized from sale or intent to sell\n— \n(48.0)\n(39.6)\n(29.2)\n Charitable contribution\n— \n(17.2)\n— \n(5.7)\nFDIC special assessment\n2.3 \n(3.7)\n(21.5)\n(7.6)\nSeverance-related charges\n(14.0)\n(21.1)\n(12.3)\n(15.8)\nMark-to market activity on Visa swap agreements\n(4.7)\n— \n— \n(1.6)\nInvestment impairment\n— \n(1.9)\n— \n(0.6)\nLegal settlement\n— \n(2.7)\n— \n(0.9)\n Adjusted Net Income Applicable to Common Stock (Non-GAAP)\n$\n1,746.9 \n$\n1,567.7 \n$\n1,286.0 \n$\n1,533.5 \nAverage Common Equity (GAAP)\n$\n11,791.1 \n$\n11,414.9 \n$\n10,612.0 \n$\n11,272.7 \n ROE (GAAP)\n14.4\n%\n17.4\n%\n10.0\n%\n13.9\n%\n Adjusted ROE (Non-GAAP)\n14.8\n%\n13.7\n%\n12.1\n%\n13.6\n%\n76\nNORTHERN TRUST CORPORATION\nEXECUTIVE COMPENSATION\nThe following table lists the actual number of shares distributed to each named executive officer on February 17, 2026 with respect to the performance stock units granted in 2023:"},{"id":"e37","sourceId":"filing-10","location":"2025 balance-sheet highlights: capital return and payout ratio","excerpt":"6northerntrust.com | © 2026 Northern Trust Corporation Balance Sheet and Capital Highlights NORTHERN TRUST CORPORATION REGULATORY CAPITAL HIGHLIGHTS STANDARDIZED APPROACH MINIMUM REQUIREMENT Common Equity Tier 1 12.6% 4.5% Tier 1 Capital 13.5% 6.0% Total Capital 16.1% 8.0% Tier 1 Leverage 7.8% 4.0% Total Capital Return $1,874 million Payout Ratio 111% All figures as of December 31, 2025."},{"id":"e38","sourceId":"filing-4","location":"Stockholders' equity: actual first-half repurchases","excerpt":"For the three and six months ended June 30, 2026, the Corporation repurchased 2,129,047 and 4,617,195 shares of common stock, respectively, at a total cost of $350.6 million ($164.65 average price per share) and $709.5 million ($153.66 average price per share), respectively, including 4,861 and 456,475 shares withheld to satisfy tax withholding obligations related to share-based compensation, respectively."},{"id":"e39","sourceId":"filing-8","location":"Capital actions: actual common dividends","excerpt":"During the current quarter, the Corporation declared cash dividends totaling $148.8 million to common stockholders and maintained its quarterly cash dividend of $0.80 per share on common stock from the previous quarter."},{"id":"e40","sourceId":"filing-4","location":"Consolidated balance sheet: outstanding shares and equity","excerpt":"Outstanding shares of 182,955,653 and 186,337,588\n408.6 \n408.6 \nAdditional Paid-In Capital\n1,044.4 \n1,039.0 \nRetained Earnings\n17,706.5 \n16,709.3 \nAccumulated Other Comprehensive Loss\n(551.7)\n(590.5)\nTreasury Stock (62,215,871 and 58,833,936 shares, at cost)\n(6,091.1)\n(5,493.4)\nTotal Stockholders’ Equity\n13,401.6 \n12,957.9 \nTotal Liabilities and Stockholders’ Equity\n$\n179,297.2 \n$\n177,132.7 \nSee accompanying notes to the consolidated financial statements."},{"id":"e41","sourceId":"filing-4","location":"Share-based compensation: reported expense","excerpt":"SIX MONTHS ENDED JUNE 30, 2026\n(In Millions)\nTABLE 65: TOTAL COMPENSATION EXPENSE FOR SHARE-BASED PAYMENT ARRANGEMENTS\nTHREE MONTHS ENDED JUNE 30,\nSIX MONTHS ENDED JUNE 30,\n(In Millions)\n2026\n2025\n2026\n2025\nRestricted Stock Unit Awards\n$\n49.7 \n$\n16.3 \n$\n107.3 \n$\n73.8 \nPerformance Stock Units\n3.1 \n1.9 \n19.8 \n16.3 \nTotal Share-Based Compensation Expense\n52.8 \n18.2 \n127.1 \n90.1 \nTax Benefits Recognized\n$\n12.9 \n$\n4.5 \n$\n31.1 \n$\n22.1 \nNote 19 – Variable Interest Entities"},{"id":"e42","sourceId":"filing-4","location":"Variable interest entities: seed investments and commitments","excerpt":"As of June 30, 2026, Northern Trust had $80.2 million of investments valued using net asset value per share and had no unfunded commitments related to seed capital investments."},{"id":"e43","sourceId":"filing-1","location":"Cash flows: software spending, financing and distributions","excerpt":"92 2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION \nCONSOLIDATED FINANCIAL STATEMENTS\nCONSOLIDATED STATEMENTS OF INCOME\nFOR THE YEAR ENDED DECEMBER 31,\nPurchases and Development of Computer Software\n(700.2)\n(644.0)\n(559.3)\nProceeds from the sale of Visa Shares\n12.1 \n800.6 \n— \nOther Investing Activities, net\n(986.3)\n793.1 \n(33.5)\nNet Cash (Used in) Provided by Investing Activities\n(20,169.9)\n(2,563.5)\n4,784.1 \nCASH FLOWS FROM FINANCING ACTIVITIES\nChange in Deposits\n16,809.1 \n6,330.8 \n(8,478.4)\nChange in Federal Funds Purchased\n(18.4)\n(885.9)\n1,148.6 \nChange in Securities Sold under Agreements to Repurchase\n(169.8)\n(322.7)\n217.5 \nChange in Short-Term Other Borrowings\n566.8 \n(103.8)\n(1,059.1)\nProceeds from Long-Term Debt\n750.0 \n— \n2,000.0 \nRepayments of Long-Term Debt\n(1,350.0)\n— \n— \nProceeds from Senior Notes\n499.8 \n— \n— \nTreasury Stock Purchased\n(1,273.5)\n(937.8)\n(347.5)\nNet Proceeds from Stock Options\n6.4 \n9.4 \n2.3 \nCash Dividends Paid on Common Stock\n(591.6)\n(602.3)\n(621.5)\nCash Dividends Paid on Preferred Stock\n(41.8)\n(41.8)\n(41.8)\nOther Financing Activities, net\n(11.1)\n(6.4)\n(2.7)\nNet Cash Provided by (Used in) Financing Activities\n15,175.9 \n3,439.5 \n(7,182.6)\nEffect of Foreign Currency Exchange Rates on Cash\n656.4 \n(504.3)\n(89.8)\nChange in Cash and Due from Banks\n1,195.9 \n(114.3)\n137.3 \nCash and Due from Banks at Beginning of Period\n4,677.2 \n4,791.5 \n4,654.2 \nCash and Due from Banks at End of Period\n$\n5,873.1 \n$\n4,677.2 \n$\n4,791.5 \nSUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION\nInterest Paid\n$\n6,223.7 \n$\n7,610.3 \n$\n5,285.5 \nIncome Taxes Paid(2)\n426.8 \n268.6 \n362.5 \nTransfers from Loans to OREO\nNorthern 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."},{"id":"e44","sourceId":"filing-1","location":"Competition: generic competitor categories","excerpt":"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."},{"id":"e45","sourceId":"filing-6","location":"Compensation peers: limits on identifying business competitors","excerpt":"The peer group utilized by the Committee for setting compensation has historically consisted of the Corporation’s most comparable trust and custody peers, as well as certain other banking, wealth management and asset management firms that are similar to the Corporation in certain respects, though not necessarily representing primary business competitors."},{"id":"e46","sourceId":"filing-3","location":"Historical fund disclosures: competitive fee waivers","excerpt":"Northern Trust voluntarily waived $8.8 million and $64.2 million of money market fund fees for the years ended December 31, 2023, and December 31, 2022, respectively, related to certain competitive factors."},{"id":"e47","sourceId":"filing-4","location":"Investment funds: absence of contractual financial-support obligations","excerpt":"Northern Trust does not have any contractual obligations to provide financial support to the funds."}],"changes":["The uncertain moat verdict is unchanged; all four moat grades remain null because durable structural protection is unestablished.","Pricing and management conclusions were re-examined against current catalog passages rather than inherited from the previous assessment.","Capital, liquidity, credit-risk and allocation grades remain broadly consistent with the previous assessment and now reference current catalog IDs.","Named compensation peers are not treated as established business competitors."],"limitations":["The evidence consists of issuer disclosures. Reported operating results support numerical grades, while claimed differentiation and leadership do not independently establish a moat.","Business competition passages identify generic categories. Named compensation peers are explicitly not necessarily primary business competitors, so the competitors array is empty.","Client retention rates, migration costs, comparable-service pricing changes and comparative unit costs are absent. Repeat demand is assessed indirectly from organic growth and flows.","Actual executive ownership compliance is not established. The proposed employee stock purchase plan is not treated as evidence of shareholder approval, implementation or vesting.","Financial grades use sources filed within 550 days of October 19, 2026. The February 2024 filing supports historical pricing context only.","The disclosed 7.0% effective CET1 requirement applies through September 30, 2026; the supplied passages do not establish the effective requirement after that date.","Material gains and restructuring charges complicate comparisons. Current profitability does not establish severe-cycle immunity or pricing power.","Comprehensive uninsured-deposit concentration, current rate-sensitivity results and project-level investment returns are missing."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Integrated services and scale are evident, but material switching costs, comparative cost superiority and protected brand economics are unestablished.","evidenceIds":["e1","e2","e7"]},{"criterion":"durability","grade":null,"rationale":"Consecutive organic growth supports demand, but cannot establish the duration of competitive protection.","evidenceIds":["e3","e5"]},{"criterion":"customer_dependency","grade":null,"rationale":"Outsourcing and customized services could create dependency; client migration burdens and retained relationships are not demonstrated.","evidenceIds":["e1","e2","e5"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Growth coexists with realized pricing pressure. The evidence does not establish structural resilience against competitive erosion.","evidenceIds":["e3","e4","e6"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Competitive pricing has actually pressured profitability, and historical competitive fee waivers corroborate weak pricing in some products. Recent fee growth primarily reflects markets, inflows and new business rather than demonstrated fee-rate increases.","evidenceIds":["e4","e46","e10"]},{"criterion":"retention","grade":2,"rationale":"Eight consecutive quarters of organic trust-fee growth and fourteen quarters of positive liquidity flows support repeat demand indirectly. These do not separate retained clients from new acquisition or establish retention rates.","evidenceIds":["e3","e11"]},{"criterion":"margin_resilience","grade":2,"rationale":"Adjusted annual profitability improved, and first-quarter revenue growth exceeded expense growth. Competitive pricing pressure and subsequent software and severance charges temper resilience; gains and funding conditions also contribute.","evidenceIds":["e12","e13","e4","e15","e17"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Individually negotiated, variable fees and open-ended arrangements support commercial flexibility. Unilateral repricing rights, protected minimum fees and durable contractual protection are not disclosed.","evidenceIds":["e8","e9","e5"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual repurchases accompanied strong disclosed capital and fewer shares. A 111% 2025 payout and software disposition charges qualify the allocation record; buyback value creation is unestablished.","evidenceIds":["e14","e37","e38","e40","e17"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Predominantly equity-based executive incentives, three-year absolute and relative ROE conditions, ownership guidelines and clawback provisions establish substantive alignment mechanisms. Actual ownership compliance and exceptional long-term outcomes are not established.","evidenceIds":["e18","e19","e20","e21"]},{"criterion":"execution","grade":3,"rationale":"Adjusted 2025 profitability improved, followed by demonstrated first-quarter and first-half earnings growth and organic fee growth. This is an operating-results assessment; favorable markets, the Visa gain and software charges qualify management attribution.","evidenceIds":["e12","e13","e14","e3","e10","e15","e17"]},{"criterion":"governance","grade":3,"rationale":"Shareholder rights, ten independent executive sessions and actual director attendance support strong governance practices. The combined chairman/CEO role and issuer-source limitations prevent an exceptional assessment.","evidenceIds":["e22","e23","e24","e25"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":3,"rationale":"June 2026 standardized CET1 was 12.2% for the Corporation and 11.8% for the Bank; Tier 1 leverage was 7.6% and 6.8%, respectively. The disclosed Corporation effective CET1 minimum was 7.0% through September 2026, including its 2.5% stress buffer, and the 2026 stress test left that buffer unchanged. This demonstrates strong period-end capital without establishing October regulatory headroom or exceptional durability.","evidenceIds":["e14","e26","e27"]},{"criterion":"liquidity_funding","grade":2,"rationale":"Highly liquid assets covered 65% of average deposits, including 30% in cash and central bank deposits. Year-end LCR/NSFR compliance and June deposit growth are supportive. Asset Servicing supplied most average deposits, while uninsured exposure and individual-client concentration are absent.","evidenceIds":["e28","e29","e30","e31","e32"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"No net charge-offs in 2025, disclosed duration below one year and negative first-half 2026 credit provisions support controlled risk. A realized $73.9 million securities loss and remaining unrealized securities losses demonstrate market exposure. Current comprehensive asset-quality and rate-sensitivity coverage is incomplete.","evidenceIds":["e33","e14","e16","e34"]},{"criterion":"earnings_resilience","grade":3,"rationale":"First-quarter net income increased to $525.5 million from $392.0 million, and first-half net income reached $1,317.8 million. These demonstrate current earnings capacity. The second-quarter Visa gain materially elevated earnings, while software and severance charges reduced them; severe-cycle resilience remains unproven.","evidenceIds":["e13","e14","e15","e17"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":3,"rationale":"Corporation-wide return on average common equity was 14.4% in 2025 and 17.4% in first-quarter 2026, with adjusted 2025 ROE also improving. Second-quarter reported ROE of 25.9% benefits substantially from the Visa gain and is not treated as sustainable.","evidenceIds":["e36","e35","e15"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"Actual first-half repurchases of $709.5 million and second-quarter common dividends of $148.8 million accompanied substantial disclosed capital. The 111% 2025 payout and gain-supported recent earnings temper the distribution record.","evidenceIds":["e38","e39","e14","e37","e15"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"Outstanding shares declined from 186.3 million to 183.0 million during the first half. Offsetting dilution required $709.5 million of repurchases, while share-based compensation increased to $127.1 million from $90.1 million. The share reduction has a meaningful cash and compensation cost.","evidenceIds":["e40","e38","e41"]},{"criterion":"investment_discipline","grade":2,"rationale":"Improving adjusted operating results support some productive reinvestment, alongside substantial disclosed software spending. June seed investments had no unfunded commitments or contractual fund-support obligations. Software dispositions of $61.5 million and severance charges of $51.0 million qualify the record; project-level returns and acquisition outcomes are absent.","evidenceIds":["e12","e43","e42","e47","e17"]}]}],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","financialAssessmentPolicy":"financial-industry-1","financialSector":"bank","basisHash":"8f706565c294dbc1a6b828cce3175933152b1fdc13696ca1c443361674abce5f","updatedAt":"2026-10-19T16:08:10.785Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/73124/000007312426000016/ntrs-20251231.htm","publishedAt":"2026-02-24","sha256":"eab197788b54aab6f4203a26773164524af7b9ed5988906182b51ddbccb3db82","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/73124/000007312425000105/ntrs-20241231.htm","publishedAt":"2025-02-24","sha256":"c27878a699438df6c672c5931537219d2694144c1655a01188bfb0f3aabe54d1","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/73124/000007312424000073/ntrs-20231231.htm","publishedAt":"2024-02-27","sha256":"f6ec352606e321794de606a1fb43650cee331dc31b679c002c90770b56b19330","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/73124/000007312426000047/ntrs-20260630.htm","publishedAt":"2026-07-30","sha256":"5cbe50aff049ed61834305f69c3a8c272409d12e71b13cfc8fd6b70e35c8c1a9","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/73124/000007312426000035/ntrs-20260331.htm","publishedAt":"2026-04-30","sha256":"0c0886dba0bf9cb7338f3ce00f95eb2de75f262eee067d03f5f84abde90b28b1","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/73124/000007312426000022/ntrs-20260311.htm","publishedAt":"2026-03-11","sha256":"11de844a7983b97534acb2f6f1d94de0c49fcf412089c8cd77ee04a09c2aaab5","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/73124/000007312426000057/ex991-pressreleasex92926.htm","publishedAt":"2026-09-29","sha256":"62c6cee294f15d7d0b093c2336ecfe5457148a1f27ec2603a20c66a4e1e68731","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/73124/000007312426000043/q22026earningsreleaseex991.htm","publishedAt":"2026-07-22","sha256":"df857f6dc1829118cd4cbc8b1e5701f04edfea448bc30b8194e83009c683f721","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/73124/000007312426000043/q22026presentationmateri.htm","publishedAt":"2026-07-22","sha256":"63c974a4da87e59819eebb42885095ce9bb37b066d72c9fc950e0738d20e17c5","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/73124/000007312426000029/shareholdermeetingslides.htm","publishedAt":"2026-04-21","sha256":"584ecb6a8644e1206a8cc2258bfa903ff1b7910f34ce21231b172011003f328f","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:67528c82e2f4dcac75c6bf32739731def1d5f6a91111c567d1c5b7a4df0cdda2","usage":{"input_tokens":149992,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3968,"reasoning_output_tokens":109}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":28.903258352250578,"sbc_revenue":null},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":51.07160582953571,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":57.52441652528773,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital 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extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":-7.086509697963911,"sbc_revenue":null},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an 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