M&T Bank

MTB · NYSE · Financials · Financials, fiscal 2016 to 2025

MTB · Last close · October 26, 2026

$221.80

M&T Bank's revenue rose 4.4% to $9.7 billion in fiscal 2025. Net income was $2.9 billion, up 10.2%. Its return on equity was 9.8%, up from 9.2% a year earlier. Its efficiency ratio was 56.7%, down from 57.8% a year earlier. It paid out $3.5 billion in dividends and buybacks. The diluted share count fell 5.1%.

M&T BANK CORP Latest fiscal year ended December 31, 2025 10-K filed February 18, 2026 · 0000036270-26-000010 Updated October 9, 2026

Revenue

$9.7B

4.4%

Net income

$2.9B

10.2%

Return on equity

9.8%

0.6 pts

Return on tangible equity

15.0%

0.8 pts

Efficiency ratio

56.7%

1.1 pts

Market cap

$32.6B

Oct 26 close

P/E

11.7x

On $18.93 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What M&T Bank does

M&T Bank Corporation is a bank holding company based in Buffalo, New York. It has two bank subsidiaries, M&T Bank and Wilmington Trust, N.A. They offer retail and commercial banking, wealth management, trust and institutional services to consumers, businesses, professional clients, governments and financial institutions.

M&T Bank has branches and ATMs across New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Massachusetts, Maine, Vermont, New Hampshire, Virginia, West Virginia and Washington, D.C. Its lending focuses on consumers in those areas and on small and medium-size businesses, and it also makes commercial mortgage loans. Subsidiaries provide multifamily real estate lending, equipment leasing and financing, and institutional brokerage.

At the end of 2025 M&T had total assets of $213.5 billion, deposits of $166.9 billion and shareholders' equity of $29.2 billion. M&T Bank accounts for over 99% of the company's assets. Its bank traces its history to 1856.

Its biggest risks, as it describes them

Falling credit quality on its loans.
Heavy concentration in the regions where its retail branches are, which leaves it exposed to a weak local economy.
Swings in debt and equity markets, and interest rate changes on its floating-rate funding and products.
Extensive government regulation and capital and liquidity requirements that limit what it can do.
Needing enough funding and liquidity, and relying on dividends from its subsidiaries.

From M&T Bank's annual report on Form 10-K, filed February 18, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 9.1% a year and net income 9.0% a year, as new shares raised the share count by 1% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value M&T Bank yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from M&T Bank's earnings per share of $18.93 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.4×, the middle of M&T Bank's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: First Citizens BancShares, Fifth Third Bancorp, Citizens Financial Group, Huntington Bancshares.

Earnings growth in the years ahead (% a year) Starts at M&T Bank's revenue growth over the last 3 years, 5.8% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $221.80
Value at this multiple, against the last close: —
M&T Bank's P/E at the last close: 11.7×

Company	Last close	Earnings per share	P/E today
Fifth Third BancorpFITB	$53.10	$2.93	18.1×
Citizens Financial GroupCFG	$65.37	$4.60	14.2×
First Citizens BancSharesFCNCA	$2,345.61	$186.77	12.6×
Huntington BancsharesHBAN	$15.73	$1.30	12.1×
M&T BankMTB	$221.80	$18.93	11.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	91,443	129,639	131,939	133,397	136,586
Deposits	131,543	163,515	163,274	161,095	166,909
Loans to deposits	69.5%	79.3%	80.8%	82.8%	81.8%
Provision for credit losses	—	517	645	610	485
Provision to average loans	—	0.5%	0.5%	0.5%	0.4%
Total assets	155,107	200,730	208,264	208,105	213,510
Shareholders' equity	17,903	25,318	26,957	29,027	29,177

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought M&T Bank shares on the open market, and 12 insiders sold $26.8 million, $11.5 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 16, 2026	Kevin J PearsonVice Chairman	Sold plan	2,000	$220.75	$441,500	Form 4
Sep 14, 2026	Rene F JonesChairman of the Board and CEO, Director	Sold plan	19,396	$239.35	$4.6 million	Form 4
Aug 21, 2026	Rudina SeseriDirector	Sold	623	$241.05	$150,174	Form 4
Aug 17, 2026	John R. TaylorEVP and Controller	Sold	1,217	$253.84	$308,923	Form 4
Aug 5, 2026	Kirk W WaltersDirector	Sold	9	$253.77	$2,378	Form 4
Aug 3, 2026	Richard H. Ledgett Jr.Director	Sold	855	$248.16	$212,177	Form 4
Jul 15, 2026	Kevin J PearsonVice Chairman	Sold plan	2,000	$242.00	$484,000	Form 4
Jul 1, 2026	Tracy S. WoodrowSr. Executive Vice President	Sold plan	881	$242.00	$213,202	Form 4
Jun 15, 2026	John R. TaylorEVP and Controller	Sold	1,098	$233.23	$256,087	Form 4
Jun 9, 2026	Kevin J PearsonVice Chairman	Sold plan	23,358	$225.50	$5.3 million	Form 4
Jun 4, 2026	Kevin J PearsonVice Chairman	Sold plan	2,000	$220.00	$440,000	Form 4
May 7, 2026	Christopher E. KaySr. Executive Vice President	Sold	3,105	$216.50	$672,232	Form 4

The latest 12 of 21 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put M&T Bank side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
M&T Bank	FY25	4.4%	29.4%	9.8%	15.0%	56.7%
First Citizens BancShares	FY25	−2.2%	23.1%	9.9%	10.5%	63.5%	Compare
Fifth Third Bancorp	FY25	6.3%	28.0%	12.2%	17.3%	57.0%	Compare
Citizens Financial Group	FY25	5.6%	22.2%	7.2%	11.3%	64.4%	Compare
Huntington Bancshares	FY25	10.6%	27.1%	10.0%	15.0%	61.4%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	5,296	5,632	5,928	6,192	5,955	5,992	8,179	9,643	9,279	9,690
Revenue growth	13.5%	6.3%	5.3%	4.5%	−3.8%	0.6%	36.5%	17.9%	−3.8%	4.4%
Net interest income	3,470	3,781	4,072	4,130	3,866	3,825	5,822	7,115	6,852	6,948
Noninterest income	1,826	1,851	1,856	2,062	2,088	2,167	2,357	2,528	2,427	2,742
Noninterest expense	3,048	3,140	3,288	3,469	3,385	3,612	5,050	5,379	5,359	5,493
Provision for credit losses	—	—	—	—	—	—	517	645	610	485
Net income	1,315	1,408	1,918	1,929	1,353	1,859	1,992	2,741	2,588	2,851
Diluted EPS (US$)	7.78	8.70	12.74	13.75	9.94	13.80	11.53	15.79	14.64	17.00
Diluted shares (millions)	157	153	144	134	129	129	164	167	167	159
Payouts
Dividends paid	442	457	510	552	568	580	784	868	895	899
Share buybacks	641	1,206	2,194	1,350	374	0	1,800	594	396	2,631
Balance sheet at fiscal year end
Loans, net	89,864	86,972	87,447	89,872	96,800	91,443	129,639	131,939	133,397	136,586
Deposits	95,494	92,432	90,157	94,770	119,806	131,543	163,515	163,274	161,095	166,909
Total assets	123,449	118,594	120,097	119,873	142,601	155,107	200,730	208,264	208,105	213,510
Shareholders' equity	16,487	16,251	15,460	15,717	16,187	17,903	25,318	26,957	29,027	29,177
Ratios
Return on equity	8.1%	8.6%	12.1%	12.4%	8.5%	10.9%	9.2%	10.5%	9.2%	9.8%
Return on tangible common equity	11.7%	12.6%	18.3%	19.0%	12.7%	16.2%	14.3%	16.8%	14.1%	15.0%
Return on assets	1.1%	1.2%	1.6%	1.6%	1.0%	1.2%	1.1%	1.3%	1.2%	1.4%
Efficiency ratio	57.5%	55.8%	55.5%	56.0%	56.9%	60.3%	61.7%	55.8%	57.8%	56.7%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: M&T Bank's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with M&T Bank.