Northern Trust

Q2 FY2026 EarningsFY26 Q2 results significantly beat consensus across all major lines: total revenue of $2,698.0M beat expectations by 5.86%, while GAAP Diluted EPS of $4.23 missed the mean consensus of $4.62 but represented a massive 98% YoY surge. A significant $525.4M pre-tax gain from the Visa Exchange Offer was the primary driver of the non-interest income beat, while Net Interest Income (NII) grew 11% YoY to $675.5M. Operating expenses increased 16% YoY due to severance and software dispositions, but were offset by a negative provision for credit losses of $5.3M.