Northern Trust management check
NTRS · Financials · Asset Management & Custody Banks · CEO Mr. O’Grady
Filings as of
5 good · 2 to watch · 0 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $171, against $196 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.78 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.6% of net income$10.1m of reported pay in fiscal 2025, against $1.7bn of net income.
- Watch
Do they own the stock?
Insiders are selling4 insiders sold $4.7m in the last six months, against $83k bought.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -3.8% a year over the last three fiscal years. Stock-based pay was 2.5% of revenue in the latest year.
- Good
Is leadership stable?
8 leadership filings in 3 yearsCEO in the pay table: Mr. O’Grady. 8 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Financials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 34 | 49 | |
| Pay for performance | 89 | 83 | |
| CEO cost | 70 | 67 | |
| Skin in the game | — | — | 51 |
| Dilution | 97 | 69 | |
| Stable leadership | 85 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Asset Management & Custody Banks, by management score. Northern Trust is 17th of 72 in its sector.
- 48STTState Street Corporation80
- 65APOApollo Global Management79
- 66NTRSNorthern Trust79
- 165BNYBNY Mellon71
- 171AMPAmeriprise Financial71
- 243BLKBlackRock65
- 268ARESAres Management63
- 329TROWT. Rowe Price59
- 390IVZInvesco55
- 420BENFranklin Resources50
Pay versus performance
From the proxy statement filed March 11, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. O’Grady | $10.1m | $21.6m | $4.3m | $171 | $196 | $1.7bn |
| 2024 | Mr. O’Grady | $10.9m | $21.3m | $4.0m | $125 | $148 | $2.0bn |
| 2023 | Mr. O’Grady | $10.2m | $11.2m | $5.4m | $99 | $108 | $1.1bn |
| 2022 | Mr. O’Grady | $10.8m | $4.0m | $5.7m | $100 | $109 | $1.3bn |
| 2021 | Mr. O’Grady | $10.4m | $18.5m | $4.4m | $132 | $138 | $1.5bn |
The board says pay is tied most to Adjusted ROE. Its other key measures: Total Shareholder Return (“TSR”), Net Income.
Insiders and the CEO's stake
4 insiders sold $4.7m in the last six months, against $83k bought.
- BoughtRobert Edward Jr. MoritzDirector$83kJul 29, 2026
- SoldDavid W Jr FoxEVP & Chief Financial Officer$3.3mApr 29, 2026
- SoldAengus HallinanExecutive Vice President$614kJun 3, 2026
- SoldClive BellowsCo-President Asset Servicing$462kApr 24, 2026
Leadership and governance on file
- Oct 20, 2026Leadership change8-K 5.02
- Sep 29, 2026Leadership change8-K 5.02
- Sep 3, 2025Leadership change8-K 5.02
- Feb 21, 2025Leadership change8-K/A 5.02
- Jan 22, 2025Leadership change8-K 5.02
- Sep 10, 2024Leadership change8-K 5.02
- May 29, 2024Leadership change8-K 5.02
- Dec 6, 2023Leadership change8-K 5.02
- May 3, 2022Leadership change8-K 5.02
Latest shareholder vote results: Apr 22, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $6.0bn returned to owners in buybacks and dividends, 77% of net income, and $584.8m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.4bn | $4.4bn | $4.4bn | $4.7bn | $5.0bn |
| Net income | $1.5bn | $1.3bn | $1.1bn | $2.0bn | $1.7bn |
| Stock-based pay | $95.5m | $125.2m | $118.2m | $119.4m | $126.5m |
| Buybacks | $267.6m | $35.4m | $347.5m | $937.8m | $1.3bn |
| Dividends | $583.3m | $750.2m | $621.5m | $602.3m | $591.6m |
| Diluted shares | 209m | 209m | 208m | 202m | 192m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.