NORTHERN TRUST CORP Earnings Per Share Disclosure
| FOR THE YEAR ENDED DECEMBER 31, | |||||||||||
| ($ In Millions Except Per Common Share Information) | 2025 | 2024 | 2023 | ||||||||
| BASIC NET INCOME PER COMMON SHARE | |||||||||||
| Average Number of Common Shares Outstanding | 191,358,026 | 201,263,646 | 207,248,094 | ||||||||
| Net Income | $ | 1,736.9 | $ | 2,031.1 | $ | 1,107.3 | |||||
| Less: Dividends on Preferred Stock | 41.8 | 41.8 | 41.8 | ||||||||
| Net Income Applicable to Common Stock | 1,695.1 | 1,989.3 | 1,065.5 | ||||||||
| Less: Earnings Allocated to Participating Securities | 15.9 | 16.9 | 11.6 | ||||||||
| Earnings Allocated to Common Shares Outstanding | $ | 1,679.2 | $ | 1,972.4 | $ | 1,053.9 | |||||
| Basic Net Income Per Common Share | 8.78 | 9.80 | 5.09 | ||||||||
| DILUTED NET INCOME PER COMMON SHARE | |||||||||||
| Average Number of Common Shares Outstanding | 191,358,026 | 201,263,646 | 207,248,094 | ||||||||
| Plus Dilutive Effect of Share-based Compensation | 888,499 | 606,459 | 315,652 | ||||||||
| Average Common and Potential Common Shares | 192,246,525 | 201,870,105 | 207,563,746 | ||||||||
| Earnings Allocated to Common and Potential Common Shares | $ | 1,679.3 | $ | 1,972.3 | $ | 1,053.9 | |||||
| Diluted Net Income Per Common Share | 8.74 | 9.77 | 5.08 | ||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 27, 2024 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.