分组1 - Northern Trust Corporation (NTRS) reported quarterly earnings of $2.69 per share, exceeding the Zacks Consensus Estimate of $2.37 per share, and up from $2.26 per share a year ago, representing an earnings surprise of +13.44% [1] - The company posted revenues of $2.12 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.41%, and compared to year-ago revenues of $1.96 billion [2] - Northern Trust has outperformed the S&P 500, with shares increasing about 5.7% since the beginning of the year, while the S&P 500 gained 0.4% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $2.17 on revenues of $2.07 billion, and for the current fiscal year, it is $9.58 on revenues of $8.45 billion [7] - The Zacks Industry Rank for Banks - Major Regional is currently in the top 40% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - Northern Trust's Q4 2025 revenue reached $21358 million, showing an 8% increase compared to Q4 2024[25] - The company's Q4 2025 net income was $466 million, a 2% increase from Q4 2024[25] - Full-year 2025 revenue was $81149 million, a decrease of 2% compared to 2024[48] - Full-year 2025 net income was $17369 million, a decrease of 14% compared to 2024[48] - Northern Trust's Return on Equity for the full year 2025 was 144%[50] Assets and Custody - Assets under Custody/Administration (AUC/A) reached $187 trillion in both Q4 2025 and for the full year 2025, an 11% increase year-over-year[25, 48] - Assets under Management (AUM) reached $18 trillion in both Q4 2025 and for the full year 2025, a 12% increase year-over-year[25, 48] Wealth Management - Wealth Management's Assets under Management (AUM) reached $507 billion in Q4 2025, a 13% increase compared to Q4 2024[31] Asset Servicing - Asset Servicing's Assets under Custody / Administration (AUC/A) reached $17418 trillion in Q4 2025, an 11% increase compared to Q4 2024[38] Capital and Expenses - The company's CET1 Ratio stood at 126% in Q4 2025[25, 48] - Common stock repurchased amounted to $3698 million in Q4 2025 and $12735 million for the full year[25, 56]

Exhibit 99.3 https://files.reportify.cc/media/production/NTRS1d9b9ef5582f9582213f Financial Trends Fourth Quarter 2025 January 22, 2026 Please direct inquiries to: Jennifer Childe Senior Vice President, Director of Investor Relations (312) 444-3290 or jennifer.childe@ntrs.com Trace Stegeman Senior Financial Analyst, Investor Relations (312) 630-1428 or trace.stegeman@ntrs.com The historical financial results and trends reflected in this report are not indicative of future financial results and trends for No ...

Core Viewpoint - Northern Trust Corporation is expected to report increased earnings and revenues for the fourth quarter of 2025, driven by higher net interest income and increased loan demand, despite facing challenges such as elevated expenses and asset quality risks [2][6]. Financial Performance Expectations - Analysts estimate an EPS of $2.37 and revenue of $2.06 billion for the upcoming quarterly earnings report [1]. - Growth in earnings and revenues is anticipated due to stabilizing funding costs and a rise in asset servicing fees [2]. Challenges and Risks - The company faces challenges including elevated expenses and risks related to asset quality, particularly non-performing assets [3][6]. - Concerns regarding financial leverage are highlighted by a debt-to-equity ratio of 1.21, indicating reliance on debt for financing [5]. Historical Performance - Northern Trust has a history of exceeding earnings estimates, as evidenced by its previous quarter's earnings surprise driven by increased net interest income and higher total assets under custody and management [3][6]. Market Position and Valuation - The stock is recognized as a top-ranked momentum stock by Zacks Investment Research, suggesting potential for market outperformance [4][6]. - The company's P/E ratio is 15.78 and price-to-sales ratio is 1.89, reflecting investor confidence, although a current ratio of 0.50 indicates potential challenges in covering short-term liabilities [4]. Cash Flow Concerns - Negative enterprise value to sales and operating cash flow ratios, at -0.97 and -5.56 respectively, may signal valuation and cash flow generation issues [5].

Core Viewpoint - Northern Trust Corporation (NTRS) is expected to report increased earnings and revenues for the fourth quarter and 2025, with results influenced by net interest income growth and asset management increases [1][8]. Financial Performance - In the last reported quarter, NTRS experienced an earnings surprise, benefiting from a rise in net interest income and increases in total assets under custody and management, although elevated expenses and reduced fee income were noted as concerns [2]. - The Zacks Consensus Estimate for NTRS' fourth-quarter earnings is $2.37 per share, reflecting a 4.9% increase year-over-year, while revenue estimates stand at $2.07 billion, indicating a 5.8% rise [3]. - The expected net interest income (NII) for the fourth quarter is $600.8 million, representing a 6.6% year-over-year increase, supported by stabilizing funding costs following recent Federal Reserve interest rate cuts [3][4]. Asset Management and Fees - The average earning assets are estimated at $142.5 billion, showing a significant 29% increase from the prior year [4]. - The Zacks Consensus Estimate for custody and fund administration fees is $488.7 million, indicating a 6.9% year-over-year rise, while investment management fees are expected to reach $167.4 million, up 6.7% from the previous year [6]. - Total wealth management fees are estimated at $580.7 million, reflecting a 6.2% increase year-over-year [6]. Operating Income and Expenses - Other operating income is projected at $59.2 million, which represents a 1.1% decline year-over-year [7]. - Total fee income is estimated at $1.47 billion, suggesting a 5% increase from the prior-year quarter [9]. - Elevated expenses are anticipated due to higher compensation costs and ongoing investments in technology infrastructure [9]. Asset Quality - Non-performing assets are expected to reach $82.9 million, indicating a significant 48% increase year-over-year, attributed to a slowdown in job growth potentially impacting consumer demand [10]. Earnings Prediction - The current Earnings ESP for NTRS is -0.38%, indicating that the model does not predict an earnings beat for this quarter [11]. The company holds a Zacks Rank of 3, suggesting a neutral outlook [12].

Core Viewpoint - Northern Trust Corporation (NTRS) is expected to report quarterly earnings of $2.37 per share, reflecting a year-over-year increase of 4.9%, with revenues projected at $2.07 billion, up 5.8% from the previous year [1]. Earnings Estimates - The consensus EPS estimate has been adjusted upward by 1.3% over the past 30 days, indicating a reassessment by analysts [1]. - Changes in earnings estimates are crucial for predicting investor reactions to the stock [2]. Key Metrics Projections - Analysts estimate 'Wealth Management Trust, Investment and Other Servicing Fees- Global Family Office' at $107.62 million, a 6.9% increase year-over-year [4]. - The total estimate for 'Wealth Management Trust, Investment and Other Servicing Fees' is $580.74 million, indicating a 6.2% year-over-year change [4]. - 'Asset Servicing Trust, Investment and Other Servicing Fees- Custody and Fund Administration' is projected to reach $488.71 million, reflecting a 7% increase year-over-year [5]. - The total for 'Asset Servicing Trust, Investment and Other Servicing Fees' is expected to be $720.83 million, up 6.7% from the previous year [5]. - 'Asset Servicing Trust, Investment and Other Servicing Fees- Securities Lending' is forecasted at $21.54 million, a 5.6% increase year-over-year [6]. - 'Asset Servicing Trust, Investment and Other Servicing Fees- Other' is expected to reach $43.18 million, indicating a 4.6% change from the year-ago quarter [6]. - 'Asset Servicing Trust, Investment and Other Servicing Fees- Investment Management' is estimated at $167.41 million, a 6.7% increase year-over-year [7]. - The 'Tier 1 Leverage Ratio' is projected at 7.6%, down from 8.1% a year ago [7]. - 'Average Balance-Total earning assets' is expected to be $142.52 billion, compared to $133.68 billion in the same quarter last year [8]. - 'Nonaccrual Loans and Leases' are projected at $64.77 million, up from $56.00 million in the same quarter last year [8]. - 'Net Interest Income - FTE Adjusted' is expected to reach $604.24 million, compared to $574.30 million in the previous year [9]. - 'Total Noninterest Income' is projected at $1.47 billion, up from $1.40 billion in the same quarter last year [9]. Stock Performance - Northern Trust shares have increased by 6.3% over the past month, outperforming the Zacks S&P 500 composite, which rose by 2% [10]. - The company holds a Zacks Rank 3 (Hold), indicating it is expected to closely follow overall market performance in the near term [10].

Core Viewpoint - Northern Trust has retained and expanded its mandate with AMF Tjänstepension AB, a prominent Swedish pension provider, continuing a partnership that has lasted over 20 years [1] Group 1: Company Overview - Northern Trust will continue to serve as custodian for AMF's global pension assets [1] - The renewed agreement includes the addition of investment operations for trade services across AMF's total portfolio, which encompasses both pension and fund company assets [1] Group 2: Industry Context - AMF is recognized as one of Sweden's leading pension providers, indicating a strong position within the Swedish pension industry [1]

Core Insights - The fiduciary role is evolving, requiring trustees to enhance their expertise across five critical dimensions to navigate complexity and specialization in modern trust administration [1] Income Tax Planning - The passage of the One Big Beautiful Bill Act (OBBBA) on July 4, 2025, provides clarity on tax provisions, allowing trustees to plan with confidence regarding existing and future trusts [2] - The OBBBA increased the estate and gift tax exemption to $15 million per individual and $30 million per couple, indexed for inflation starting in 2027, creating new lifetime gifting opportunities [3] - Income tax planning is now a priority, with new deductions and limitations based on adjusted gross income (AGI), making timing and taxpayer identity critical for optimization [3] Market Context - The S&P 500 has appreciated over 17% year-to-date as of early December 2025, prompting trustees to educate beneficiaries on the benefits of realizing gains for diversification and risk reduction [4] Action Points for Trustees - Evaluate the implications of switching from grantor to non-grantor trust status, considering potential tax liabilities and the impact on beneficiaries [5][6] - Plan transactions carefully before altering trust status to optimize tax outcomes [7] - Coordinate timing of income recognition and deductions to leverage new AGI-based provisions [8] Structural Flexibility - There is an increasing demand for changes to trust terms due to the longevity of trusts and evolving beneficiary needs, with new legal tools available for modifications [10] - Trustees must balance current beneficiary desires with the original intent of the grantor, ensuring that modifications align with the trust's purpose [11][12] Beneficiary Well-Being - The purpose of trusts is shifting towards supporting beneficiaries' holistic well-being, with new state statutes recognizing well-being trusts that allow trustees to consider factors beyond financial needs [17][18] - Trustees face challenges in assessing beneficiaries' well-being, requiring detailed qualitative evaluations and potentially increasing administrative costs [22][23] Specialty Assets - The investment strategy for trusts is evolving, with a focus on portfolio diversification and the inclusion of private investments, which have become essential due to the decline in publicly listed companies [25][27] - Trustees must ensure that beneficiaries understand the implications of investing in private markets, including illiquidity and valuation timing [32] AI Integration - Technology, particularly AI, is transforming fiduciary practices, offering opportunities for improved efficiency but also presenting ethical challenges [35][36] - Trustees must validate AI-generated outcomes and maintain strong data security and privacy protections [37][38] Fiduciary Excellence - In 2026, fiduciary excellence will be defined by the ability to manage complexity with clarity, requiring a depth of expertise to navigate the evolving trust landscape [43]

Company Overview - Northern Trust Corporation is headquartered in Chicago and provides a range of services including wealth management, asset servicing, asset management, and banking solutions to corporations, institutions, families, and individuals [11]. Investment Ratings - Northern Trust Corporation (NTRS) currently holds a Zacks Rank of 3 (Hold) and has a VGM Score of B, indicating a moderate investment outlook [11]. Momentum Analysis - The stock has a Momentum Style Score of B, with shares increasing by 5.2% over the past four weeks [12]. - Five analysts have revised their earnings estimates upwards for fiscal 2025, with the Zacks Consensus Estimate rising by $0.01 to $8.68 per share [12]. - The company has an average earnings surprise of +4.6%, suggesting a positive trend in earnings performance [12].

Core Insights - Northern Trust Asset Management (NTAM) has partnered with Envestnet to provide institutional-quality, tax-managed direct indexing solutions for ultra-high-net-worth (UHNW) clients [1][9] Group 1: Partnership Details - The collaboration allows financial advisors to access NTAM's direct indexing solution through the Envestnet platform, offering a diversified range of equity investment strategies [2][7] - The solution enables customization of portfolios by blending indices, applying quantitative factor tilts, and including client-specific exclusions to align with individual preferences [2][4] Group 2: Strategic Rationale - This partnership aligns with Northern Trust's strategy to enhance access to personalized, tax-efficient investment solutions for UHNW clients, who increasingly demand portfolio customization and active tax management [3][5] - Direct indexing is gaining traction in the wealth management industry, allowing for more precise portfolio tailoring compared to traditional mutual funds or ETFs [4] Group 3: Market Impact - The partnership is expected to expand Northern Trust's distribution of direct indexing capabilities, driving incremental asset growth without significant infrastructure investment [4][7] - Direct indexing typically carries higher fees and greater client retention compared to traditional passive products, which can improve revenue and margin durability for Northern Trust [4] Group 4: Industry Trends - The growing adoption of direct indexing and customized model portfolios is attracting attention from other financial firms, such as BlackRock and State Street, indicating a broader industry trend towards sophisticated, tax-smart solutions [5][6]