# Northern Trust Q3 2026 Earnings Report

> Northern Trust reports 40% EPS growth with 600 bps operating leverage as CFO Dave Fox announces retirement after Q1 2027.
- Title: Northern Trust Q3 2026 Earnings Report · BigGo Finance
- Summary: Northern Trust reports 40% EPS growth with 600 bps operating leverage as CFO Dave Fox announces retirement after Q1 2027. Northern Trust's Q3 2026 earnings…
- Keywords: northern trust, eps, cfo, dave fox, q3 2026, operating leverage, share repurchase, ai efficiency, asset management, wealth management, finance, markets
- Source: BigGo Finance — https://finance.biggo.com/news/US_NTRS_2026-10-21
- Author: BigGo Finance
- Published: 2026-10-21T15:14:17+00:00
- Read time: 2 min
- Topics: northern trust, eps, cfo, dave fox, q3 2026, operating leverage, share repurchase, ai efficiency, asset management, wealth management, finance, markets
## Northern Trust Q3 2026 Earnings
Northern Trust reported third-quarter 2026 earnings per share of $3.40, up 40% year-over-year, on revenue that rose 11% excluding notable items to $1.4 billion.
## Operating Leverage
Expenses grew just 5%, delivering more than 600 basis points of positive operating leverage and a pre-tax margin of 34.9%.
## Business Unit Growth
Wealth management fees rose 9% to $612 million, asset servicing fees rose 8% to $762 million, and capital markets revenues jumped 38%.
## Assets Under Custody
Assets under custody reached $20 trillion, up 9% year-over-year, while assets under management hit $2 trillion, up 11%.
## CFO Retirement Announcement
The call's surprise was CFO Dave Fox's planned retirement after the first quarter of 2027.
## CFO's Statement
Fox said he was brought in to put the financial model on solid footing and that the job is now done.
## CEO's Response
CEO Mike O'Grady said the search for a successor will consider both internal and external candidates.
## Financial Metrics
Revenue (ex. notable items) $1.4B +11% YoY, Net income $642.9M, EPS $3.40 +40% YoY, Pre-tax margin 34.9%.
## Share Repurchase
Northern Trust announced a new $3.5 billion share repurchase authorization.
## AI Efficiency Gains
O'Grady described AI as a 'durable force multiplier' with client action plan agents saving two to three hours per client memo.
## UBS Expansion
Northern Trust expanded its fund administration relationship with UBS, increasing assets serviced by more than 50%.
## Q4 Guidance
Management guided fourth-quarter revenue growth of 6%-7% and NII growth of 8%-9%.
## Operating Leverage Outlook
Management expects 500 basis points or more of full-year operating leverage.
## CFO's Final Note
Fox warned sustaining extremely high operating leverage will be harder in the fourth quarter but expressed confidence in continued positive leverage.
## Key takeaway

Northern Trust's Q3 2026 earnings per share rose 40% to $3.40 with 600 basis points of operating leverage as CFO Dave Fox plans retirement after Q1 2027.