M&T Bank Corporation

MTB · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$30,966	$31,195	$22,750	$25,039	$19,763	$16,382	$21,844	$18,419	$22,004	$20,130	$15,594	$16,456	$16,046	$13,392	$10,300	$10,289	$7,670	$6,332	$8,820	$13,581	$12,398	$12,692	$11,106	$7,792	$6,973	$5,481	$3,227	$3,953	$3,080	$1,923	$1,417	$946	$969	$947	$690	$374	$386	$388	$348	$210	$187
Enterprise value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	11.47×	12.74×	8.63×	13.24×	11.12×	12.81×	11.81×	10.03×	16.58×	16.45×	15.79×	16.82×	15.10×	14.05×	13.18×	15.22×	23.10×	11.41×	13.48×	16.18×	15.85×	17.57×	19.35×	16.06×	18.44×	19.15×	12.15×	19.01×	17.48×	12.72×	10.82×	8.06×	9.50×	9.67×	10.27×	6.94×	9.37×	8.72×	8.65×	8.02×	8.41×
P/S (TTM) at period end	3.20×	3.36×	2.36×	3.06×	3.30×	2.75×	3.53×	3.11×	3.91×	3.80×	3.34×	3.69×	3.54×	3.14×	2.59×	3.05×	2.47×	2.20×	3.17×	4.74×	4.52×	4.74×	4.57×	4.43×	4.26×	4.65×	3.10×	4.23×	4.11×	2.74×	2.23×	1.60×	1.67×	1.67×	1.68×	1.31×	1.59×	–	–	–	–
P/B at period end	1.06×	1.07×	0.84×	0.99×	1.10×	1.01×	1.39×	1.19×	1.35×	1.22×	0.96×	1.33×	1.42×	1.31×	1.11×	1.23×	0.99×	0.93×	1.36×	2.16×	2.11×	2.22×	1.94×	2.43×	2.37×	2.03×	1.80×	2.47×	2.99×	2.12×	1.67×	1.31×	1.34×	1.51×	1.29×	0.86×	0.95×	–	–	–	–
EV / EBITDA (TTM)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Returns
Return on equity	9.3%	8.4%	9.8%	7.5%	9.9%	7.9%	11.8%	11.9%	8.2%	7.4%	6.1%	7.9%	9.4%	9.3%	8.4%	8.1%	4.3%	8.2%	10.1%	13.4%	13.3%	12.6%	10.0%	15.1%	12.9%	10.6%	14.8%	13.0%	17.1%	16.7%	15.5%	16.3%	14.1%	15.6%	12.5%	12.3%	10.1%	–	–	–	–
Return on invested capital	7.0%	6.3%	7.1%	6.4%	9.2%	7.1%	9.0%	7.2%	6.0%	5.3%	3.9%	5.3%	7.6%	7.5%	5.7%	4.6%	2.0%	2.7%	3.1%	5.7%	5.0%	4.7%	4.2%	4.8%	4.5%	3.8%	4.8%	4.4%	8.1%	8.7%	7.2%	6.5%	4.4%	13.8%	5.5%	7.6%	7.1%	–	–	–	–
Dividend yield	2.9%	2.9%	3.8%	3.1%	2.9%	3.5%	2.5%	2.8%	2.1%	2.2%	2.4%	2.3%	2.3%	2.7%	3.4%	3.3%	4.2%	4.9%	3.2%	1.8%	1.6%	1.5%	1.2%	1.2%	1.4%	0.9%	1.1%	0.7%	0.7%	1.0%	1.4%	1.9%	1.7%	1.5%	1.8%	2.2%	2.0%	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.19×	0.20×	0.23×	0.22×	0.25×	0.08×	0.09×	0.08×	0.08×	0.08×	0.07×	0.08×	0.07×	0.06×	0.07×	0.06×	0.08×	0.10×	0.06×	0.10×	0.09×	–	–	–	–
Debt / equity	0.45×	0.47×	0.50×	0.30×	0.20×	0.27×	0.45×	0.83×	0.51×	0.59×	0.79×	0.75×	0.47×	0.56×	0.81×	1.05×	1.35×	2.46×	2.49×	1.59×	1.93×	1.93×	1.75×	2.47×	2.21×	2.03×	2.41×	2.37×	1.48×	1.47×	1.73×	2.03×	3.01×	1.22×	1.92×	2.23×	2.08×	–	–	–	–
Effective tax rate	22.8%	21.8%	24.3%	23.7%	24.3%	23.5%	24.3%	23.5%	39.4%	36.1%	35.5%	35.1%	35.5%	33.7%	29.8%	32.6%	26.8%	24.9%	32.1%	31.9%	33.2%	32.3%	32.5%	32.3%	35.2%	35.9%	36.5%	36.1%	37.5%	39.3%	40.8%	39.7%	41.2%	39.8%	41.5%	36.4%	33.6%	–	–	–	–
Share count
Diluted shares outstanding	159	167	167	164	129	129	134	144	153	157	138	132	130	126	123	119	115	111	110	114	116	120	116	101	99	83	81	80	70	71	71	72	73	73	70	68	59	74	84	55	54

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$9,984	$9,690	$9,279	$9,643	$8,179	$5,992	$5,955	$6,192	$5,928	$5,632	$5,296	$4,668	$4,456	$4,538	$4,266	$3,973	$3,376	$3,104	$2,879	$2,783	$2,863	$2,744	$2,678	$2,430	$1,760	$1,636	$1,179	$1,042	$935	$750	$701	$636	$592	$581	$566	$411	$286	$243	–	–	–	–
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,372)	($1,541)	($1,452)	($1,478)	($1,449)	($1,062)	($642)	($647)	($584)	($549)	($555)	($496)	($468)	($264)	($258)	($250)	($216)	($1,098)	($964)	($913)	($873)	($822)	($807)	($740)	($456)	($435)	($329)	($285)	($260)	($220)	($208)	($188)	($161)	($154)	($136)	($106)	($88)	($80)	–	–	–	–
Total operating expenses	($5,559)	($5,493)	($5,359)	($5,379)	($5,050)	($3,612)	($3,385)	($3,469)	($3,288)	($3,140)	($3,047)	($2,823)	($2,689)	($2,596)	($2,525)	($2,482)	($1,885)	($2,006)	($1,764)	($1,619)	($1,552)	($1,485)	($1,516)	($1,448)	($921)	($948)	($694)	($579)	($566)	($422)	($409)	($374)	($337)	($328)	($319)	($233)	($174)	($152)	($44)	($40)	($26)	($22)
Total costs and expenses	($6,079)	($5,998)	($5,969)	($6,024)	($5,567)	($3,537)	($4,185)	($3,645)	($3,420)	($3,308)	($3,237)	($2,993)	($2,813)	($2,757)	($2,692)	($2,724)	($2,257)	($2,585)	($2,139)	($1,820)	($1,632)	($1,573)	($1,611)	($1,579)	($1,043)	($1,052)	($732)	($623)	($609)	($468)	($452)	($415)	($397)	($408)	($404)	($296)	($201)	($167)	–	–	–	–
Operating income	$3,905	$3,692	$3,310	$3,619	$2,612	$2,455	$1,770	$2,547	$2,508	$2,324	$2,058	$1,675	$1,642	$1,782	$1,574	$1,249	$1,119	$519	$740	$964	$1,232	$1,171	$1,067	$851	$716	$584	$446	$418	$326	$282	$249	$221	$194	$174	$163	$115	$85	$76	$44	$40	$26	$22
Earnings
EBITDA	–	$4,015	$3,626	$3,923	$2,894	$2,779	$2,090	$2,849	$2,613	$2,433	$2,165	$1,774	$1,739	$1,873	$1,779	$1,447	$1,301	$710	$926	$1,142	$1,408	$1,345	$1,263	$1,042	$846	$778	$571	$515	$405	$324	$285	$253	$212	$190	$199	$124	$93	$83	–	–	–	–
Interest income	$10,460	$10,486	$11,026	$10,224	$6,247	$3,939	$4,193	$4,880	$4,599	$4,168	$3,896	$3,171	$2,957	$2,957	$2,942	$2,792	$2,730	$2,725	$3,278	$3,545	$3,314	$2,789	$2,299	$2,127	$1,842	$2,102	$1,773	$1,479	$1,360	$1,068	$997	$928	$747	$741	$756	$769	$657	$577	–	–	–	–
Interest expense	($3,344)	($3,538)	($4,174)	($3,109)	($425)	($114)	($326)	($749)	($526)	($387)	($426)	($328)	($280)	($284)	($343)	($402)	($462)	($669)	($1,338)	($1,695)	($1,497)	($994)	($564)	($528)	($595)	($944)	($919)	($719)	($688)	($508)	($466)	($442)	($279)	($270)	($324)	($440)	($427)	($384)	–	–	–	–
Pre-tax income	$3,905	$3,692	$3,310	$3,619	$2,612	$2,455	$1,770	$2,547	$2,508	$2,324	$2,058	$1,675	$1,642	$1,766	$1,553	$1,225	$1,093	$519	$740	$964	$1,232	$1,171	$1,067	$851	$716	$584	$446	$418	$326	$282	$249	$221	$194	$174	$163	$115	$85	$76	–	–	–	–
Income tax expense	($889)	($841)	($722)	($878)	($620)	($596)	($416)	($618)	($590)	($916)	($743)	($595)	($576)	($627)	($523)	($365)	($357)	($139)	($184)	($309)	($392)	($389)	($344)	($277)	($231)	($206)	($160)	($153)	($118)	($106)	($98)	($90)	($77)	($72)	($65)	($48)	($31)	($26)	$44	$40	$26	$22
Net income	$3,016	$2,851	$2,588	$2,741	$1,992	$1,859	$1,353	$1,929	$1,918	$1,408	$1,315	$1,080	$1,066	$1,138	$1,029	$859	$736	$380	$556	$654	$839	$782	$723	$574	$485	$378	$286	$266	$208	$176	$151	$131	$117	$102	$98	$67	$54	$41	$44	$40	$26	$22
Per share
Diluted EPS (GAAP)	$19.16	$17.00	$14.64	$15.79	$11.53	$13.80	$9.94	$13.75	$12.74	$8.70	$7.78	$7.18	$7.42	$8.20	$7.54	$6.35	$5.69	$2.89	$5.01	$5.95	$7.37	$6.73	$6.00	$4.95	$4.78	$3.82	$3.44	$3.28	$2.62	$2.53	$2.11	$1.80	$1.57	$1.34	$1.30	$0.92	$0.79	$0.70	$0.60	$0.48	$0.48	$0.41
Basic EPS (GAAP)	$19.26	$17.10	$14.71	$15.85	$11.59	$13.81	$9.94	$13.76	$12.75	$8.72	$7.80	$7.22	$7.47	$8.26	$7.57	$6.37	$5.72	$2.90	$5.04	$6.05	$7.55	$6.88	$6.14	$5.08	$4.94	$3.95	$3.55	$3.41	$2.73	$2.66	$2.25	$1.96	$1.64	$1.43	$1.34	$0.93	$0.79	$0.70	$0.60	$0.48	$0.48	$0.41
Basic shares outstanding	149	158	166	166	163	129	129	134	144	152	157	137	131	129	126	123	118	115	110	108	111	114	118	113	98	96	81	78	76	66	67	65	70	69	70	69	68	59	74	84	55	54
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	39.1%	38.1%	35.7%	37.5%	31.9%	41.0%	29.7%	41.1%	42.3%	41.3%	38.9%	35.9%	36.9%	39.3%	36.9%	31.4%	33.1%	16.7%	25.7%	34.6%	43.0%	42.7%	39.8%	35.0%	40.7%	35.7%	37.9%	40.2%	34.8%	37.6%	35.5%	34.8%	32.9%	29.8%	28.7%	27.9%	29.6%	31.4%	–	–	–	–
Net margin	30.2%	29.4%	27.9%	28.4%	24.4%	31.0%	22.7%	31.2%	32.4%	25.0%	24.8%	23.1%	23.9%	25.1%	24.1%	21.6%	21.8%	12.2%	19.3%	23.5%	29.3%	28.5%	27.0%	23.6%	27.6%	23.1%	24.3%	25.5%	22.3%	23.5%	21.5%	20.6%	19.8%	17.5%	17.3%	16.4%	18.8%	16.9%	–	–	–	–

Analyst consensus

Hold48 analysts

Bearish · 4 · Hold · 29 · Bullish · 15

Earnings history

	EPS	Estimate
Q4 2024	$3.92	$3.75	Beat
Q1 2025	$3.38	$3.40	Miss
Q2 2025	$4.28	$3.99	Beat
Q3 2025	$4.87	$4.43	Beat
Q4 2025	$4.67	$4.48	Beat
Q1 2026	$4.18	$4.02	Beat
Q2 2026	$5.35	$4.66	Beat
Q3 2026	$5.08	$4.93	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEORene F. Jones

Employees21,662

SectorFinancial Services

IndustryBanks - Regional

CountryUS

ExchangeNew York Stock Exchange

Websitewww.mtb.com

M&T Bank Corporation functions as a bank holding entity, delivering a broad spectrum of financial solutions to both commercial enterprises and individual consumers. Its Business Banking division caters to small businesses and professionals, providing essential services such as deposit accounts, credit facilities, and treasury management solutions. The Commercial Banking arm extends its reach to middle-market and large corporate clients, supplying a robust suite of offerings including deposit products, commercial loans and leases, letters of credit, and sophisticated cash management tools. Dedicated to Commercial Real Estate, the company engages in the origination, sale, and servicing of commercial property loans, alongside offering deposit services tailored for this sector. The Discretionary Portfolio segment focuses on internal financial management, overseeing deposits, investment securities, residential real estate loans, and other assets, while also managing short- and long-term borrowed funds and foreign exchange operations. Through its Residential Mortgage Banking segment, M&T originates home loans for consumers, subsequently selling these loans in the secondary market. It also acquires servicing rights for loans initially originated by other institutions. The Retail Banking segment serves individual customers with a diverse array of financial products, including demand, savings, and time deposit accounts; various consumer installment loans such as automobile and recreational vehicle financing; home equity loans and lines of credit; credit cards; and investment vehicles like mutual funds and annuities. Beyond these, M&T Bank offers specialized financial services encompassing trust and wealth management, fiduciary and custodial services, insurance brokerage, institutional securities services, and investment management. Customers can access these services through an extensive network of physical banking offices, dedicated business banking centers, as well as via telephone, online platforms, and automated teller machines (ATMs). As of December 31, 2021, the corporation maintained 688 domestic banking locations across New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia. Additionally, it operates a full-service commercial banking office in Ontario, Canada. M&T Bank Corporation, established in 1856, has its corporate headquarters situated in Buffalo, New York.

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