Northern Trust reported in Q2 2026 strong results with adjusted EPS of $4.23 on revenue of $2.71 billion, beating expectations. The gain from participating in Visa's exchange offer contributed about $396.4 million after tax, helping drive the upside alongside robust fee income from trust, investment, and other servicing fees rising 10%. Assets under custody and administration reached $20 trillion and assets under management rose to about $1.97 trillion, underscoring strong market activity. Net interest income rose 11% to $683.1 million as funding costs declined, and overall revenue grew 35% year over year. Shares moved modestly higher in premarket trading after the results. Excluding notable items, earnings per share rose about 40%, reinforcing Northern Trust's One Northern Trust strategy amid a constructive operating environment.