M&T BANK CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data M&T BANK CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,296	5,632	5,928	6,192	5,955	5,992	8,179	9,643	1,541	1,657
Selling and marketing	87.1	69.2	85.7	93.5	61.9	64	90	108	104	102
Interest expense	426	387	526	749	326	114	425	3,109
Pre-tax income	2,058	2,324	2,508	2,547	1,770	2,455	2,612	3,619	3,310	3,692
Income tax	743	916	590	618	416	596	620	878	722	841
Net income	1,315	1,408	1,918	1,929	1,353	1,859	1,992	2,741	2,588	2,851
EPS, basic	7.80	8.72	12.75	13.76	9.94	13.81	11.59	15.85	14.71	17.10
EPS, diluted	7.78	8.70	12.74	13.75	9.94	13.80	11.53	15.79	14.64	17.00
Shares, basic (weighted)	157	152	144	134	129	129	163	166	166	158
Shares, diluted (weighted)	157	153	144	134	129	129	164	167	167	159
Dividend per share							4.80	5.20	5.35	5.70

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,321	1,421	1,605	1,436	1,553	1,338	26,479	29,800	20,782	18,769
Property, plant and equipment	675	646	647	1,141	1,162	1,145	1,654	1,739	1,705	1,629
Lease right-of-use assets				437	413	380	616	616	569	544
Goodwill	4,593	4,593	4,593	4,593	4,593	4,593	8,490	8,465	8,465	8,465
Intangible assets	97.7	71.6	47.1	29	14.2	4	209	147	94	64
Total assets	123,449	118,593	120,097	119,873	142,601	155,107	200,730	208,264	208,105	213,510
Short-term debt	163	175	4,398	62.4	59.5	47	3,555	5,316	1,060	2,149
Total liabilities	106,963	102,343	104,637	104,156	126,414	137,204	175,412	181,307	179,078	184,333
Total debt	9,494	8,141	8,445	6,986	4,382	3,485	3,965	8,201	12,605	10,911
Paid-in capital	6,677	6,591	6,579	6,594	6,617	6,635	10,002	10,020	9,999	10,011
Retained earnings	9,222	10,165	11,517	12,821	13,444	14,646	15,754	17,524	19,079	20,882
Treasury stock	-432	-1,454	-3,529	-4,823	-5,143	-5,082	-1,750	-2,230	-2,371	-4,917
Other comprehensive income	-295	-364	-420	-207	-62	-127	-790	-459	-164	277
Shareholders' equity	16,487	16,251	15,460	15,717	16,187	17,903	25,318	26,957	29,027	29,177
Total equity	16,487	16,251	15,460	15,717	16,187	17,903	25,318	26,957	29,027	29,177
Total liabilities and equity	123,449	118,593	120,097	119,873	142,601	155,107	200,730	208,264	208,105	213,510

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,315	1,408	1,918	1,929	1,353	1,859	1,992	2,741	2,588	2,851
Depreciation and amortization	107	110	105				282	304	316	323
Stock-based compensation	65	61	66	76	80	85	111	118	116	136
Deferred income tax	174	401	15.9	57.5	-31.3	87	-30	-97	-27	-18
Cash from operations	1,183	2,782	2,090	2,358	789	2,715	4,574	3,905	3,610	3,003
Capital expenditures	-108	-79	-98	-178	-172	-149	-214	-256
Acquisitions							394	0	0
Purchases of investments					-7.58	-678	-7,222	-346	-14,476	-8,439
Sales and maturities of investments	2,309	2,131	1,997	2,622	1,615	1,434	795	743	6,072	4,456
Cash from investing	-721	3,395	-1,410	727	-22,020	-13,631	16,592	-4,764	-9,746	-6,816
Debt issued		2,146	1,773			10	999	5,035	5,497	3,533
Debt repaid	-1,120	-3,433	-1,459	-1,553	-2,665	-853	-907	-824	-1,009	-5,380
Stock issued							37	32	138	19
Share buybacks	-641	-1,206	-2,194	-1,350	-374		-1,800	-594	-396	-2,631
Dividends paid	-442	-457	-510	-552	-568	-580	-784	-868	-895	-899
Cash from financing	-510	-6,077	-495	-3,254	21,348	10,701	-20,984	4,180	-2,882	1,800
Net change in cash	-47.5	100	185	-169	116	-215	182	3,321	-9,018	-2,013
Free cash flow	1,075	2,703	1,992	2,180	617	2,566	4,360	3,649
Interest paid	499	405	516	736	372	139	429	2,691	4,319	3,524
Income taxes paid	277	494	375	321	276	314	488	452	236	529

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $221.19 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	230.3%	Pre-tax income / revenue.
Net margin	178.1%	Net income / revenue.
Operating cash flow margin	223.4%	Cash from operations / revenue.
Effective tax rate	22.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.4%	Net income / average total assets.
D&A / revenue	18.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-41.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-22.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	10.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	12.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	16.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	16.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	13.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-16.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-13.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	30.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	0.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.49x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	6.2%	Total debt / total assets.
Liabilities / assets	87.3%	Total liabilities / total assets.
Net debt	-$3.87B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	3.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$19.43B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.01x	Revenue / average total assets.
Fixed asset turnover	0.99x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$20.67	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.60	Revenue / diluted weighted shares.
Operating cash flow per share	$25.92	Cash from operations / diluted weighted shares.
Book value per share	$190.42	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$132.42	Tangible book value / shares outstanding.
Cash per share	$118.82	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$31.94B	Share price x shares outstanding.
Enterprise value	$28.07B	Market cap + total debt - cash - short-term investments.
P/E	10.5x	Market cap / net income. Only when net income is positive.
P/S	18.8x	Market cap / revenue.
P/B	1.14x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.64x	Market cap / tangible book value, when positive.
P/OCF	8.40x	Market cap / cash from operations, when positive.
EV/Sales	16.5x	Enterprise value / revenue.
Earnings yield	9.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.8%	Dividends paid over the period / market cap.
Shareholder yield	11.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.76x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was M&T BANK CORP's revenue in fiscal 2025?

M&T BANK CORP reported revenue of $1.66B for fiscal 2025, 7.5% higher than the year before.

Was M&T BANK CORP profitable in fiscal 2025?

Yes. Net income was $2.85B, a net margin of 172.1%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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