M&T Bank
MTB · NYSEState Commercial Banks · Fiscal year ends Dec 31
M&T Bank reported revenue of $1.7B in the fiscal year ended Dec 2025, up 7.5% from the year before. Net income was $2.9B. It held more cash than debt (net cash $5.7B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6B | $1.5B | $1.5B | $1.5B | $1.7B |
| Net interest incomeBanks | $3.8B | $5.8B | $7.1B | $6.9B | $6.9B |
| Interest expense | $114M | $425M | $3.1B | – | – |
| Pre-tax income | $2.5B | $2.6B | $3.6B | $3.3B | $3.7B |
| Income tax | $596M | $620M | $878M | $722M | $841M |
| Net income | $1.9B | $2B | $2.7B | $2.6B | $2.9B |
| Diluted EPS | 13.80 | 11.53 | 15.79 | 14.64 | 17.00 |
| Diluted shares | 129M | 164M | 167M | 167M | 159M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.3B | $26.5B | $29.8B | $20.8B | $18.8B |
| Net PP&E | $1.1B | $1.7B | $1.7B | $1.7B | $1.6B |
| Goodwill | $4.6B | $8.5B | $8.5B | $8.5B | $8.5B |
| Total assets | $155B | $201B | $208B | $208B | $214B |
| Deferred revenue | – | – | – | $57M | $54M |
| Short-term debt | $47M | $3.6B | $5.3B | $1.1B | $2.1B |
| Long-term debt | $3.5B | $4B | $8.2B | $12.6B | $10.9B |
| DepositsBanks | $132B | $164B | $163B | $161B | $167B |
| Total liabilities | $137B | $175B | $181B | $179B | $184B |
| Shareholders' equity | $17.9B | $25.3B | $27B | $29B | $29.2B |
| Backlog (remaining obligations) | $68M | $74M | $68M | $72M | $75M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.7B | $4.6B | $3.9B | $3.6B | $3B |
| Capital expenditure | $149M | $214M | $256M | – | – |
| Free cash flow | $2.6B | $4.4B | $3.6B | – | – |
| Depreciation & amortisation | – | $282M | $304M | $316M | $323M |
| Stock-based compensation | $85M | $111M | $118M | $116M | $136M |
| Acquisitions | – | −$394M | $0 | $0 | – |
| Share buybacks | – | $1.8B | $594M | $396M | $2.6B |
| Dividends paid | $580M | $784M | $868M | $895M | $899M |
| Dividend per share | – | 4.80 | 5.20 | 5.35 | 5.70 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −74.5% | −2.7% | 3.8% | 7.5% |
| EPS growth (YoY) | – | −16.4% | 36.9% | −7.3% | 16.1% |
| Net margin | 31.0% | 130.6% | 184.7% | 167.9% | 172.1% |
| Return on equityBlank when equity is negative | 10.4% | 7.9% | 10.2% | 8.9% | 9.8% |
| Free cash flow margin | 42.8% | 285.9% | 245.9% | – | – |
| Cash conversion (CFO ÷ net income) | 1.46x | 2.30x | 1.42x | 1.39x | 1.05x |
| Debt ÷ equity | 0.20x | 0.30x | 0.50x | 0.47x | 0.45x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.2B | −$19B | −$16.3B | −$7.1B | −$5.7B |
Recent filings
More in State Commercial Banks
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.