Northern Trust Corporation (NTRS) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | -320M | 388.4M | 525.8M | 1.87B | 2.75B | -2.63B | 611.1M | 2.99B | -1.45B | 2.8B | 86.7M | -99.4M | -164.9M | 4.15B | -895.7M | -1.61B | 746.9M | 2.04B | 481.8M | -1.24B |
| Operating CF Margin % | -8.45% | 10.76% | 14.69% | 51.93% | 78.28% | -71.68% | 15.52% | 63.64% | -40.75% | 85.94% | 2.7% | -3.33% | -6.18% | 192.7% | -43.88% | -88.01% | 43.39% | 122.37% | 29.4% | -77.84% |
| Operating CF Growth % | -111.64% | 114.74% | -13.96% | -37.48% | 289.3% | -193.99% | 604.84% | 3108.35% | -780.9% | -32.49% | 109.68% | 93.83% | -122.08% | 103.34% | -285.91% | -30.32% | 993.56% | 38.31% | 718.49% | -138.82% |
| Net Income | 525.5M | 466M | 457.6M | 421.3M | 392M | 455.4M | 464.9M | 896.1M | 214.7M | 113.1M | 327.8M | 331.8M | 334.6M | 155.7M | 394.8M | 396.2M | 389.3M | 406.4M | 395.7M | 368.1M |
| Depreciation & Amortization | 197.1M | 196.9M | 195.8M | 195.7M | 190.7M | 182.9M | 183.1M | 180.5M | 170.3M | 169M | 157.5M | 153.2M | 154.9M | 148.2M | 140.9M | 133.6M | 130.9M | 132.8M | 129M | 128.4M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 194.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 266.1M | -3.57B | 1.01B | 327.8M | -5.9M | -402.8M | -684.4M | 1.61B | -602.6M | 571.3M | 471.2M | -336.3M | 196.7M | -187.8M | -423M | -252.6M | 435M | 164M | 207M | -629.3M |
| Working Capital Changes | -1.31B | 3.1B | -1.13B | 924.7M | 2.17B | -2.87B | 647.5M | 305.6M | -1.24B | 1.95B | -869.8M | -248.1M | -851.1M | 4.04B | -1.01B | -1.89B | -208.3M | 1.34B | -249.9M | -1.1B |
| Change in Receivables | -164.8M | 195.6M | -22.8M | 195.6M | -206M | 456M | -68.6M | -36.6M | -173.4M | 167.9M | -272.6M | 265.4M | -193.1M | 227M | -300M | -93.2M | 285.4M | -284.4M | -60.4M | -12.2M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 28.6M | -22.2M | 21.5M | -22.2M | 44M | -46M | 1.5M | -53.8M | 56.4M | -3M | 44.8M | -15.8M | 59.8M | 80M | 66.9M | 13.7M | 12M | -11.6M | 4.2M | -7.7M |
| Cash from Investing | 3.49B | -7.07B | 807.7M | -3.62B | -10.29B | -2.21B | 3.49B | 950.5M | -4.79B | -4.86B | 10.08B | -5.35B | 4.92B | 4.16B | -3.45B | 14.9B | 10.33B | -18.79B | 2.42B | -7.37B |
| Capital Expenditures | -9.4M | -12.4M | -16.4M | -12.4M | -12.4M | -40.7M | -25.7M | -20.8M | -14.3M | -63.8M | -21.1M | -20.1M | -11.5M | -57.9M | -23.5M | -21.4M | -25.8M | -30.5M | -25.9M | -28.4M |
| CapEx % of Revenue | 0.25% | 0.34% | 0.46% | 0.34% | 0.35% | 1.11% | 0.65% | 0.44% | 0.4% | 1.96% | 0.66% | 0.67% | 0.43% | 2.69% | 1.15% | 1.17% | 1.5% | 1.83% | 1.58% | 1.79% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 103.54B | 60.12B | 98.64B | 96.79B | 92B | 94.51B | 92.78B | 91.62B | 96.3B | 96.74B | 92.66B | 93.65B | 91.54B | 94.47B | 96.07B | 96.17B | 98.25B | 102.71B | 98.12B | 95.75B |
| Other Investing | 7.48B | -5.72B | 2.98B | -2.02B | -10.82B | -777.1M | 3.74B | 865.2M | -4.61B | -5.89B | 9.51B | -4.4B | 2.03B | 2.94B | -5.78B | 13.87B | 8.25B | -15.62B | 3.14B | -8.87B |
| Cash from Financing | -3.12B | 7.14B | -2.3B | 3.52B | 6.82B | 3.15B | -4.01B | -2.64B | 6.94B | 1.71B | -9.96B | 5.67B | -4.6B | -8.28B | 3.9B | -11.74B | -10.32B | 15.64B | -3.47B | 8.8B |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -356.2M | -368M | -277M | -339.4M | -287.2M | -253.6M | -301.4M | -250.8M | -132M | -146.2M | -1.1M | -99.3M | -100.9M | -100K | -1.2M | -300K | -33.8M | -1.8M | -100M | -30.2M |
| Dividends Paid | -164.7M | -154.3M | -168.1M | -148.7M | -162.3M | -152.3M | -165.4M | -156.6M | -169.8M | -158.9M | -171.6M | -160.1M | -172.7M | -333.6M | -150.7M | -162.2M | -150.2M | -161.7M | -150.8M | -162M |
| Share Repurchases | -358.9M | -369.9M | -277M | -339.4M | -287.2M | -253.6M | -301.4M | -250.8M | -132M | -146.2M | -1.1M | -99.3M | -100.9M | -100K | -1.2M | -300K | -33.8M | -1.8M | -100M | -30.2M |
| Other Financing | -2.54B | 6.88B | -1.91B | 4.07B | 7.27B | 3.91B | -3.58B | -2.47B | 7.27B | 2.35B | -6.28B | 4.91B | -8.09B | -9.34B | 912.3M | -12.57B | -10.06B | 18.12B | -3.18B | 9.27B |
| Net Change in Cash | -57.1M | 526.9M | -1.08B | 2.05B | -308.5M | -2.19B | 304.7M | 1.26B | 517.2M | -164.2M | 58M | 71.8M | 171.7M | 161.4M | -627M | 1.34B | 726.4M | -1.14B | -604.6M | 214.9M |
| Free Cash Flow | -539.5M | 158.5M | 357.5M | 1.65B | 2.57B | -2.86B | 402.2M | 2.81B | -1.58B | 2.59B | -78.3M | -270.8M | -294M | 3.92B | -1.07B | -1.78B | 597.9M | 1.87B | 346.5M | -1.34B |
| FCF Margin % | -14.25% | 4.39% | 9.99% | 45.89% | 73.06% | -77.84% | 10.22% | 59.76% | -44.34% | 79.49% | -2.44% | -9.09% | -11.02% | 182.14% | -52.64% | -97.2% | 34.74% | 112.1% | 21.14% | -84.32% |
| FCF Growth % | -121.02% | 105.54% | -11.11% | -41.17% | 262.38% | -210.35% | 613.67% | 1136.93% | -437.55% | -33.93% | 92.71% | 84.78% | -149.17% | 109.8% | -410.07% | -32.87% | 1707.26% | 43.22% | 270.19% | -143.87% |
| FCF per Share | -2.89 | 0.84 | 1.87 | 8.54 | 13.09 | -14.44 | 2.01 | 13.78 | -7.70 | 12.56 | -0.38 | -1.30 | -1.41 | 18.79 | -5.14 | -8.52 | 2.86 | 8.97 | 1.66 | -6.40 |
| FCF Conversion (FCF/Net Income) | -0.61x | 0.83x | 1.15x | 4.44x | 7.01x | -5.79x | 1.31x | 3.34x | -6.77x | 24.79x | 0.26x | -0.30x | -0.49x | 26.67x | -2.27x | -4.07x | 1.92x | 5.02x | 1.22x | -3.36x |
| Interest Paid | 1.55B | 1.55B | 1.53B | 1.62B | 1.52B | 1.76B | 1.96B | 2.03B | 1.86B | 1.75B | 1.43B | 1.24B | 864.1M | 559M | 219.2M | 0 | 0 | 13.1M | 500K | 15M |
| Taxes Paid | 97.9M | 114.5M | 66.6M | 193.4M | 52.3M | -185.3M | 80.3M | 65.7M | 39.3M | 151.4M | 101.3M | 78.6M | 31.2M | 164.6M | 131.2M | 116.9M | 47.2M | 103.2M | 78.1M | 158.9M |