Financial services company Northern Trust (NASDAQ: NTRS) will be reporting earnings this Wednesday morning. Here’s what investors should know.

Northern Trust beat analysts’ revenue expectations last quarter, reporting revenues of $2.25 billion, up 12.6% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ AUM estimates and a solid beat of analysts’ EBITDA estimates.

Is Northern Trust a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting Northern Trust’s revenue to grow 11.5% year on year, improving from the 5.8% increase it recorded in the same quarter last year.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Northern Trust rarely misses Wall Street’s revenue estimates.

Looking at Northern Trust’s peers in the capital markets segment, some have already reported their Q3 results, giving us a hint as to what we can expect. BNY delivered year-on-year revenue growth of 12%, beating analysts’ expectations by 2.1%, and State Street reported revenues up 12.9%, falling short of estimates by 0.9%. BNY traded up 4.1% following the results while State Street was down 3.7%.

Read our full analysis of BNY’s results here and State Street’s results here.

Over the past year, investors have repeatedly shifted their focus from one macro narrative to another (AI disruption and AI capex spending to geopolitics, interest rates, and the broader health of the economy). While some of the capital markets stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3.9% on average over the last month. Northern Trust is down 8.1% during the same time and is heading into earnings with an average analyst price target of $181.71 (compared to the current share price of $164.46).

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