Northern Trust (NTRS) Operating Expenses (2009 - 2026)
Northern Trust's Operating Expenses came in at $1.64 billion for Q2 2026, up 15.7% from $1.42 billion a year earlier and up 8.7% from the prior quarter.
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Analysis
Northern Trust (NTRS) Operating Expenses (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Northern Trust reported Operating Expenses of $6.07 billion, up 8.9% year-over-year; for FY2025, it came in at $5.75 billion, up 2.1% from FY2024.
- Operating Expenses has increased in each of the last 16 years, with a five-year compound annual growth rate of 5.8% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $5.63 billion in FY2024 (+6.6%), $5.28 billion in FY2023 (+6.0%), $4.98 billion in FY2022 (+9.9%) and $4.54 billion in FY2021 (+4.3%).
- The Q2 2026 figure represents the highest quarterly Operating Expenses in data going back to Q1 2009.
- Year-over-year, Operating Expenses has increased for four consecutive quarters, with growth averaging 4.7% over the last eight quarters.
- The fastest year-over-year change in Operating Expenses over five years came in Q2 2026 (growth of 15.7%), and the weakest in Q2 2025 (a decline of 7.6%).
- Business Quant data shows NTRS's Operating Expenses at $1.51 billion (Q1 2026), $1.5 billion (Q4 2025) and $1.42 billion (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 104.70 Bn | 85.79 Bn | - | 734.00 Mn |
| 2 | Bank of New York Mellon | 100.72 Bn | 40.09 Bn | - | 3.44 Bn |
| 3 | Cme | 94.58 Bn | 94.58 Bn | - | 599.10 Mn |
| 4 | Intercontinental Exchange | 85.83 Bn | 79.63 Bn | - | 1.28 Bn |
| 5 | Nasdaq | 52.05 Bn | 49.49 Bn | 1.50 Bn | 788.00 Mn |
| 6 | State Street | 49.39 Bn | 49.39 Bn | - | 2.66 Bn |
| 7 | Interactive Brokers | 39.24 Bn | 32.69 Bn | - | 440.00 Mn |
| 8 | Northern Trust | 31.94 Bn | 31.94 Bn | - | 1.64 Bn |
| 9 | Cboe Global Markets | 26.47 Bn | 18.13 Bn | 731.60 Mn | 255.60 Mn |
| 10 | LPL Financial Holdings | 24.62 Bn | 19.94 Bn | - | 4.67 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.64 Bn |
| Mar 31, 2026 | 1.51 Bn |
| Dec 31, 2025 | 1.50 Bn |
| Sep 30, 2025 | 1.42 Bn |
| Jun 30, 2025 | 1.42 Bn |
| Mar 31, 2025 | 1.42 Bn |
| Dec 31, 2024 | 1.38 Bn |
| Sep 30, 2024 | 1.36 Bn |
| Jun 30, 2024 | 1.53 Bn |
| Mar 31, 2024 | 1.36 Bn |
| Dec 31, 2023 | 1.39 Bn |
| Sep 30, 2023 | 1.28 Bn |
| Jun 30, 2023 | 1.33 Bn |
| Mar 31, 2023 | 1.29 Bn |
| Dec 31, 2022 | 1.32 Bn |
| Sep 30, 2022 | 1.23 Bn |
| Jun 30, 2022 | 1.22 Bn |
| Mar 31, 2022 | 1.21 Bn |
| Dec 31, 2021 | 1.17 Bn |
| Sep 30, 2021 | 1.13 Bn |
API Access
Northern Trust Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=NTRS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "NTRS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=NTRS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();