Cash Flow Statement

Operating Cash Flow

+789%

+22%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	488	488	483	453	447	414	354	371	405	438	502	503	506	517	536	569	584	608	626	642	665	689	728	773	727	925	934	578	795	571	670	1 006	864	860	745	713	670	663	616	631	604	614	641	650	687	690	702	729	731	749	740	738	812	861	948	979	974	989	982	1 005	1 033	1 063	1 068	1 109	1 199	1 305	1 427	1 503	1 556	1 522	1 521	1 531	1 492	1 506	1 430	1 340	1 209	1 224	1 279	1 380	1 545	1 560	1 588	1 587	1 336	1 281	1 217	1 150	1 107	987	1 552	1 689	2 031	2 208	1 734	1 726
Depreciation & Amortization	159	159	158	157	159	159	170	176	186	186	176	173	176	175	180	186	192	197	197	198	200	202	204	206	211	214	216	219	220	225	231	239	244	248	248	249	250	254	262	264	265	273	279	284	289	294	301	312	319	326	332	332	336	341	346	347	352	354	357	366	373	384	395	408	422	436	449	457	461	459	454	456	459	469	481	490	500	598	697	797	516	521	526	538	554	578	597	614	635	650	677	703	717	737	752	765
Change in Deffered Taxes	127	0	0	0	94	0	0	0	88	0	0	0	97	0	0	0	71	0	0	0	84	0	0	0	(70)	0	0	0	(61)	0	0	0	216	0	0	0	12	0	0	0	97	0	0	0	80	0	0	0	67	0	0	0	(36)	0	0	0	(146)	0	0	0	(176)	0	0	0	(76)	0	0	0	11	0	0	0	34	0	0	0	16	0	0	0	2	0	0	0	(143)	0	0	0	(48)	0	0	0	21	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	35	50	59	70	44	45	49	42	43	0	19	34	25	43	50	43	53	58	62	66	70	72	73	74	74	70	71	73	74	76	78	78	78	78	77	75	76	79	80	84	87	117	126	127	128	129	133	131	131	130	115	113	108	106	103	31	91	19	23	95	96	115	116	114	125	120	117	119	118	120	120	118	119	125	126	129
Other Non-Cash Items	(74)	(57)	(17)	(28)	(15)	(19)	(9)	(77)	(175)	(130)	(158)	(132)	(136)	(154)	(188)	(202)	(147)	(171)	(155)	(141)	(426)	(181)	(207)	(255)	(128)	(148)	(54)	644	195	320	146	(450)	(354)	(391)	(222)	(230)	4	(18)	(39)	(38)	(102)	(115)	(124)	(135)	(87)	(70)	(36)	(65)	11	13	14	48	22	20	3	(5)	(11)	5	20	40	62	63	69	72	63	17	14	(2)	7	63	50	45	44	100	172	189	198	115	29	17	7	21	41	46	47	49	14	12	7	(223)	(206)	(221)	(250)	(177)	(179)	(214)
Cash Taxes Paid	61	51	76	81	75	83	96	89	92	94	149	161	165	129	(18)	177	180	199	462	290	304	325	239	233	368	331	394	473	485	608	514	498	410	244	254	245	173	243	218	160	153	147	141	194	189	198	214	208	263	263	245	238	279	305	429	646	390	565	579	460	754	583	653	506	441	427	330	445	494	491	526	502	437	482	394	341	328	286	328	331	371	387	345	399	460	444	406	376	363	371	358	337	269	282	409	396
Cash Interest Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	232	282	340	378	187	181	164	160	162	159	166	176	182	191	216	263	329	394	468	555	670	798	876	905	846	728	551	360	227	102	69	54	31	0	0	0	822	1 687	2 926	4 359	5 286	6 278	7 073	7 601	7 610	7 278	6 865	6 430
Change in Working Capital	57	2	(145)	(9)	(31)	3	(89)	112	(86)	10	(24)	(145)	13	(4)	(75)	(251)	(117)	(209)	(219)	(162)	(134)	(429)	(235)	(182)	140	120	60	(173)	(294)	(25)	(360)	(106)	45	(329)	452	294	(144)	(83)	(264)	(1 134)	391	1 069	337	1 287	(155)	(625)	(2 053)	(72)	(289)	(89)	2 509	(32)	(197)	(297)	(338)	(1 138)	666	(153)	(1 412)	757	218	1 255	974	296	113	(1 224)	(552)	277	(267)	485	257	(627)	563	(2 496)	595	4	(28)	2 793	(1 598)	(1 133)	(714)	(69)	(497)	(1 891)	599	(285)	1 307	2 342	925	(29)	2 453	2 829	(3 005)	927	268	212
Cash from Operating Activities	756 N/A	719 -5%	607 -16%	701 +15%	655 -7%	651 -1%	520 -20%	676 +30%	419 -38%	592 +41%	584 -1%	487 -17%	655 +35%	631 -4%	550 -13%	399 -27%	583 +46%	496 -15%	521 +5%	609 +17%	389 -36%	365 -6%	574 +57%	625 +9%	881 +41%	1 041 +18%	1 085 +4%	1 198 +10%	855 -29%	1 031 +21%	627 -39%	629 +0%	1 015 +61%	603 -41%	1 439 +139%	1 242 -14%	790 -36%	828 +5%	586 -29%	(266) N/A	1 254 N/A	1 939 +55%	1 230 -37%	2 183 +77%	814 -63%	369 -55%	(1 007) N/A	984 N/A	839 -15%	1 065 +27%	3 661 +244%	1 152 -69%	936 -19%	888 -5%	923 +4%	146 -84%	1 834 +1 154%	1 048 -43%	(200) N/A	2 022 N/A	1 510 -25%	2 590 +72%	2 330 -10%	1 708 -27%	1 720 +1%	458 -73%	1 262 +176%	2 159 +71%	1 768 -18%	2 539 +44%	2 292 -10%	1 415 -38%	2 592 +83%	(387) N/A	2 712 N/A	2 057 -24%	1 897 -8%	4 650 +145%	231 -95%	790 +243%	1 356 +72%	2 035 +50%	1 660 -18%	282 -83%	2 392 +747%	1 481 -38%	2 992 +102%	3 974 +33%	2 626 -34%	1 338 -49%	4 428 +231%	4 952 +12%	(486) N/A	3 716 N/A	2 596 -30%	2 510 -3%
Investing Cash Flow
Capital Expenditures	(263)	(253)	(238)	(238)	(227)	(227)	(218)	(197)	(180)	(148)	(132)	(129)	(133)	(145)	(160)	(179)	(195)	(195)	(208)	(224)	(239)	(252)	(258)	(248)	(254)	(272)	(279)	(296)	(308)	(335)	(341)	(330)	(314)	(289)	(268)	(282)	(311)	(309)	(273)	(375)	(371)	(351)	(388)	(274)	(313)	(328)	(360)	(383)	(385)	(401)	(415)	(424)	(410)	(415)	(409)	(408)	(434)	(417)	(428)	(458)	(473)	(491)	(507)	(517)	(473)	(464)	(451)	(449)	(506)	(511)	(545)	(532)	(600)	(641)	(628)	(635)	(560)	(534)	(504)	(514)	(515)	(559)	(624)	(667)	(724)	(704)	(707)	(693)	(676)	(675)	(685)	(729)	(746)	(801)	(836)	(796)
Other Items	(3 483)	133	(1 068)	(4 109)	896	1 517	(1 357)	(1 332)	(2 307)	(3 231)	(4 360)	363	(3 350)	(3 307)	934	(1 714)	(3 875)	(1 305)	(4 765)	(6 273)	(5 145)	(9 438)	(6 726)	(7 185)	(7 216)	(14 379)	(12 240)	(15 248)	(14 039)	(4 143)	(2 718)	(147)	(1 364)	2 694	(4 459)	(2 113)	(1 457)	(14 971)	(15 409)	(12 614)	(15 017)	871	741	(866)	1 940	(1 509)	90	(2 813)	(5 298)	(10 543)	(11 065)	(14 836)	(7 825)	(4 192)	(12 410)	(9 284)	(6 467)	(8 627)	(3 734)	(1 172)	(9 719)	(9 338)	(5 053)	(10 388)	(13 549)	(3 428)	(9 655)	(2 259)	4 833	5 290	8 586	8 510	(2 805)	(35 872)	(24 400)	(24 883)	(29 363)	(2 756)	(17 359)	(16 106)	(18 088)	(12 852)	9 479	3 650	26 653	21 227	979	14 497	5 460	(4 254)	2 058	(4 490)	(1 818)	(7 254)	(11 791)	(14 511)
Cash from Investing Activities	(3 746) N/A	(120) +97%	(1 306) -986%	(4 346) -233%	669 N/A	1 289 +93%	(1 575) N/A	(1 529) +3%	(2 487) -63%	(3 379) -36%	(4 492) -33%	234 N/A	(3 483) N/A	(3 452) +1%	774 N/A	(1 893) N/A	(4 070) -115%	(1 500) +63%	(4 973) -232%	(6 496) -31%	(5 383) +17%	(9 690) -80%	(6 984) +28%	(7 433) -6%	(7 469) 0%	(14 651) -96%	(12 519) +15%	(15 545) -24%	(14 347) +8%	(4 478) +69%	(3 059) +32%	(476) +84%	(1 679) -253%	2 405 N/A	(4 726) N/A	(2 395) +49%	(1 768) +26%	(15 280) -764%	(15 682) -3%	(12 989) +17%	(15 388) -18%	520 N/A	353 -32%	(1 139) N/A	1 628 N/A	(1 837) N/A	(270) +85%	(3 195) -1 083%	(5 683) -78%	(10 944) -93%	(11 479) -5%	(15 259) -33%	(8 235) +46%	(4 607) +44%	(12 819) -178%	(9 692) +24%	(6 900) +29%	(9 044) -31%	(4 162) +54%	(1 630) +61%	(10 192) -525%	(9 828) +4%	(5 560) +43%	(10 905) -96%	(14 022) -29%	(3 892) +72%	(10 106) -160%	(2 708) +73%	4 327 N/A	4 779 +10%	8 041 +68%	7 977 -1%	(3 405) N/A	(36 513) -972%	(25 028) +31%	(25 518) -2%	(29 923) -17%	(3 289) +89%	(17 863) -443%	(16 620) +7%	(18 603) -12%	(13 411) +28%	8 855 N/A	2 983 -66%	25 930 +769%	20 523 -21%	273 -99%	13 803 +4 964%	4 784 -65%	(4 929) N/A	1 373 N/A	(5 219) N/A	(2 564) +51%	(8 056) -214%	(12 627) -57%	(15 307) -21%
Financing Cash Flow
Net Issuance of Common Stock	(133)	(144)	(152)	(148)	(120)	(112)	(197)	(185)	(205)	(201)	(115)	(121)	(112)	(116)	(113)	(105)	(115)	(104)	(110)	(94)	(43)	3	38	12	(8)	(82)	(42)	94	1 670	1 729	957	772	(801)	(811)	(73)	53	65	55	22	(5)	(3)	23	32	(6)	(56)	(95)	(39)	(87)	(164)	(249)	(351)	85	35	69	76	(416)	(403)	(463)	(529)	63	316	418	413	(163)	(415)	(626)	(690)	(806)	(892)	(900)	(979)	(1 048)	(664)	(1 100)	(831)	(536)	(680)	(119)	(119)	(210)	(214)	(118)	(121)	(29)	(32)	(100)	(199)	(199)	(345)	(374)	(525)	(826)	(928)	(1 083)	(1 172)	(1 148)
Net Issuance of Debt	4 116	(851)	(616)	771	(2 939)	140	(238)	(1 173)	197	(199)	1 006	(182)	372	871	(1 507)	262	270	882	1 404	2 715	127	(2 126)	(1 683)	(2 461)	(481)	2 721	(599)	(1 001)	(610)	(25)	1 511	470	928	(1 554)	616	950	(1 604)	1 264	722	(1 612)	475	(1 886)	(2 978)	(439)	(1 358)	438	1 065	397	1 422	(411)	(1 957)	418	(837)	912	1 870	1 535	1 743	1 113	3 294	(264)	994	(13)	(1 744)	2 645	1 470	3 517	3 946	1 205	1 379	120	(63)	761	(366)	(1 312)	613	(1 003)	(2 664)	46	(2 320)	(860)	(713)	(2 462)	(1 159)	1 735	5 491	9 326	9 515	2 662	2 307	(2 004)	(3 487)	398	(1 312)	(464)	(176)	(1 169)
Cash Paid for Dividends	(142)	(145)	(147)	(150)	(153)	(152)	(152)	(152)	(151)	(154)	(158)	(162)	(167)	(171)	(175)	(179)	(184)	(188)	(192)	(196)	(201)	(205)	(210)	(215)	(220)	(227)	(234)	(240)	(248)	(268)	(296)	(302)	(307)	(292)	(271)	(272)	(273)	(274)	(275)	(274)	(274)	(273)	(273)	(278)	(354)	(288)	(290)	(291)	(221)	(295)	(299)	(300)	(303)	(314)	(322)	(337)	(348)	(351)	(356)	(354)	(356)	(361)	(380)	(386)	(407)	(415)	(419)	(426)	(452)	(478)	(514)	(549)	(576)	(602)	(619)	(635)	(631)	(628)	(625)	(625)	(625)	(625)	(625)	(625)	(797)	(819)	(817)	(838)	(663)	(660)	(657)	(651)	(644)	(637)	(629)	(631)
Other	(546)	531	1 760	3 439	1 968	(1 995)	1 612	1 836	1 150	3 403	2 808	597	3 157	3 087	450	1 756	4 551	1 001	5 714	4 724	6 923	11 272	7 362	9 411	6 169	12 471	14 320	15 479	11 564	389	(2 691)	(2 023)	601	80	4 001	933	2 958	14 151	15 856	16 001	15 606	467	434	(1 173)	(1 305)	991	1 632	1 534	3 351	10 799	9 646	14 103	8 178	3 428	13 465	10 369	7 542	10 426	18	341	6 583	4 785	5 309	7 436	10 605	2 318	5 275	567	(5 854)	(6 840)	(8 321)	(8 585)	2 221	40 784	22 338	25 320	31 846	(2 040)	20 961	16 965	17 626	13 867	(7 978)	(3 594)	(31 100)	(29 125)	(11 804)	(18 796)	(8 481)	7 389	713	3 074	6 324	5 511	11 458	14 139
Cash from Financing Activities	3 294 N/A	(609) N/A	845 N/A	3 912 +363%	(1 243) N/A	(2 119) -70%	1 026 N/A	327 -68%	992 +204%	2 849 +187%	3 541 +24%	132 -96%	3 250 +2 364%	3 670 +13%	(1 345) N/A	1 734 N/A	4 523 +161%	1 593 -65%	6 816 +328%	7 150 +5%	6 807 -5%	8 944 +31%	5 507 -38%	6 748 +23%	5 460 -19%	14 883 +173%	13 446 -10%	14 333 +7%	12 376 -14%	1 825 -85%	(519) N/A	(1 083) -108%	421 N/A	(2 578) N/A	4 274 N/A	1 664 -61%	1 145 -31%	15 196 +1 227%	16 324 +7%	14 110 -14%	15 804 +12%	(1 668) N/A	(2 784) -67%	(1 896) +32%	(3 073) -62%	1 047 N/A	2 369 +126%	1 553 -34%	4 388 +183%	9 844 +124%	7 040 -28%	14 305 +103%	7 074 -51%	4 094 -42%	15 089 +269%	11 152 -26%	8 534 -23%	10 725 +26%	2 427 -77%	(214) N/A	7 537 N/A	4 830 -36%	3 598 -25%	9 532 +165%	11 253 +18%	4 793 -57%	8 112 +69%	540 -93%	(5 818) N/A	(8 097) -39%	(9 877) -22%	(9 421) +5%	616 N/A	37 770 +6 033%	21 502 -43%	23 147 +8%	27 872 +20%	(2 742) N/A	17 896 N/A	15 270 -15%	16 074 +5%	10 663 -34%	(9 882) N/A	(2 513) +75%	(26 437) -952%	(20 719) +22%	(3 305) +84%	(17 171) -420%	(7 183) +58%	4 351 N/A	(3 956) N/A	1 996 N/A	3 440 +72%	3 328 -3%	9 482 +185%	11 191 +18%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	35	11	(22)	(40)	(93)	(51)	63	83	153	137	65	107	89	217	121	(82)	(158)	(335)	(169)	40	86	118	7	93	159	197	347	(8)	(172)	(104)	(304)	(87)	68	(86)	(55)	(48)	(135)	(62)	93	30	87	(4)	(19)	(77)	(71)	213	131	269	59	69	15	35	235	73	(75)	(181)	(213)	(227)	5	(7)	75	(111)	(72)	14	85	132	73	17	(160)	(88)	(312)	(453)	(287)	(243)	(181)	(144)	(90)	(278)	(175)	187	(504)	71	406	80
Net Change in Cash	305 N/A	(11) N/A	146 N/A	266 +83%	80 -70%	(179) N/A	(30) +83%	(527) -1 667%	(1 076) -104%	62 N/A	(367) N/A	853 N/A	457 -46%	860 +88%	(44) N/A	200 N/A	944 +371%	538 -43%	2 427 +351%	1 346 -45%	1 965 +46%	(244) N/A	(838) -243%	47 N/A	(1 039) N/A	1 490 N/A	2 133 +43%	(96) N/A	(1 273) -1 229%	(1 957) -54%	(3 120) -59%	(890) +71%	(156) +82%	548 N/A	993 +81%	604 -39%	326 -46%	941 +189%	1 575 +67%	847 -46%	1 497 +77%	688 -54%	(1 505) N/A	(940) +38%	(563) +40%	(507) +10%	1 037 N/A	(706) N/A	(590) +16%	(97) +84%	(686) -605%	228 N/A	(138) N/A	372 N/A	3 174 +753%	1 530 -52%	3 398 +122%	2 943 -13%	(1 804) N/A	448 N/A	(1 087) N/A	(2 339) -115%	383 N/A	370 -3%	(814) N/A	1 432 N/A	(807) N/A	(190) +77%	64 N/A	(1 007) N/A	460 N/A	(36) N/A	(122) -242%	759 N/A	(886) N/A	(300) +66%	(70) +77%	(1 249) -1 692%	337 N/A	(543) N/A	(1 333) -146%	(801) +40%	321 N/A	298 -7%	1 597 +436%	1 043 -35%	(222) N/A	463 N/A	137 -70%	483 +252%	1 669 +246%	1 916 +15%	(114) N/A	(940) -722%	(144) +85%	(1 526) -962%
Free Cash Flow
Free Cash Flow	493 N/A	466 -5%	369 -21%	463 +25%	428 -8%	423 -1%	302 -29%	479 +59%	238 -50%	443 +86%	452 +2%	358 -21%	522 +46%	486 -7%	390 -20%	221 -43%	388 +76%	301 -23%	313 +4%	386 +23%	150 -61%	113 -25%	316 +179%	377 +19%	627 +66%	769 +23%	807 +5%	901 +12%	547 -39%	696 +27%	285 -59%	299 +5%	701 +134%	314 -55%	1 171 +273%	960 -18%	479 -50%	520 +8%	313 -40%	(641) N/A	883 N/A	1 589 +80%	842 -47%	1 909 +127%	502 -74%	42 -92%	(1 367) N/A	601 N/A	454 -24%	664 +46%	3 247 +389%	728 -78%	527 -28%	473 -10%	514 +9%	(261) N/A	1 401 N/A	632 -55%	(628) N/A	1 565 N/A	1 037 -34%	2 100 +103%	1 823 -13%	1 191 -35%	1 248 +5%	(7) N/A	811 N/A	1 710 +111%	1 262 -26%	2 028 +61%	1 747 -14%	882 -49%	1 992 +126%	(1 028) N/A	2 084 N/A	1 422 -32%	1 336 -6%	4 117 +208%	(274) N/A	276 N/A	841 +204%	1 476 +76%	1 036 -30%	(385) N/A	1 669 N/A	777 -53%	2 285 +194%	3 281 +44%	1 950 -41%	663 -66%	3 742 +464%	4 223 +13%	(1 232) N/A	2 915 N/A	1 759 -40%	1 715 -3%

Income Statement Balance Sheet Cash Flow Statement

Northern Trust Corp
NASDAQ:NTRS

Cash Flow Statement

Cash Flow Statement
Northern Trust Corp

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Northern Trust Corp NASDAQ:NTRS

Cash Flow Statement

Cash Flow Statement Northern Trust Corp

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Northern Trust Corp
NASDAQ:NTRS

Cash Flow Statement
Northern Trust Corp