---
title: "Northern Trust: Business Model"
description: "Northern Trust revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/northern-trust/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Northern Trust: Business Model & Revenue Engine

## Direct Answer

Northern Trust reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Asset Servicing is the largest, with $2.8 billion of revenue (56% of the total), followed by Wealth Management at $2.2 billion (44%).

## How Does Northern Trust Make Money?

No single line supplies a majority of revenue: the largest, Asset Servicing, is 56%, which spreads Northern Trust's exposure across several demand drivers. Between fiscal 2024 and 2025, Asset Servicing grew fastest (+6.4%) and Wealth Management slowest (+5.9%), so the revenue mix tilts toward Asset Servicing while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Asset Servicing | $2.8 billion | $2.6 billion | 55.8% | 6.4% |
| Wealth Management | $2.2 billion | $2.1 billion | 44.2% | 5.9% |

![Bar chart of Northern Trust revenue by segment for fiscal 2025: Asset Servicing 55.8%, Wealth Management 44.2%.](https://www.getswoopr.com/images/charts/northern-trust-business-model-segment-mix.webp)
*Northern Trust revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What Does Northern Trust Sell?

Northern Trust also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Investment Management and Advisory | $2.7 billion | $2.5 billion | 53.0% | 6.8% |
| Custody and Fund Administration | $2.0 billion | $1.9 billion | 40.4% | 5.8% |
| Other Trust Investment and Other Servicing Fees | $248 million | $247 million | 5.0% | 0.6% |
| Securities Commission and Trading | $163 million | $144 million | 3.2% | 13.4% |
| Securities Lending | $83 million | $74 million | 1.7% | 11.7% |
| Products and Services Other Operating Income | $42 million | $39 million | 0.8% | 6.4% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Northern Trust's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Northern Trust reported in the segment note and revenue disclosures of its Form 10-K filed February 24, 2026 (accession 0000073124-26-000016), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Northern Trust's business segments?

In its fiscal 2025 Form 10-K, Northern Trust reports revenue for Asset Servicing and Wealth Management.

### Which part of Northern Trust brings in the most revenue?

Asset Servicing, with $2.8 billion of revenue in fiscal 2025, or 56% of the total.

### Where does Northern Trust report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 24, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: NORTHERN TRUST CORP Form 10-K filed February 24, 2026](https://www.sec.gov/Archives/edgar/data/73124/000007312426000016/ntrs-20251231.htm)
- [SEC EDGAR: NORTHERN TRUST CORP annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=73124&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Northern Trust company dossier](https://www.getswoopr.com/stocks/companies/northern-trust/)
- [Northern Trust financial metrics](https://www.getswoopr.com/stocks/companies/northern-trust/metrics/)
- [Northern Trust financial risk indicators](https://www.getswoopr.com/stocks/companies/northern-trust/risks/)
- [Northern Trust peer comparison](https://www.getswoopr.com/stocks/companies/northern-trust/competitors/)
- [Northern Trust business model and revenue mix](https://www.getswoopr.com/stocks/companies/northern-trust/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).