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% |
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.