• Northern Trust average operating margin for 2023 was 15.4%, a 45.2% decline from 2022.
• Northern Trust average operating margin for 2022 was 28.1%, a 2.53% decline from 2021.
• Northern Trust average operating margin for 2021 was 28.83%, a 6.19% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.