M&T Bank

Financials Regional Banks Buffalo, New York Last filing Feb 18, 2026 · FY2025

                    Revenue
                    FY2025
                
$10.5B
                    3y CAGR +18.8%
                    
                    P66
                    
                    -4.9%
                    
                    Net income
                    FY2025
                
$2.9B
                    Net margin +27.2%
                    
                    P77
                    
                    +10.2%
                    
                    Total assets
                    FY2025
                
$213.5B
                    ROA +1.3%
                    
                    P33
                    
                    +2.6%
                    
                    Operating cash flow
                    FY2025
                
$3.0B
                    
                    -16.8%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

19 accounts · 5 years

Total assets $213.5B

Total liabilities $184.3B

Shareholders equity $29.2B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$18.8B -9.7%	$20.8B 1100.6%	$1.7B 13.9%	$1.5B 13.6%	$1.3B
Property,Plant and Equipment	$1.6B -4.5%	$1.7B -2.0%	$1.7B 5.2%	$1.7B 44.5%	$1.1B
Goodwill	$8.5B 0.0%	$8.5B 0.0%	$8.5B -0.3%	$8.5B 84.8%	$4.6B
Intangible Assets	$64.0M -31.9%	$94.0M -36.1%	$147.0M -29.8%	$209.4M 5137.0%	$4.0M
Total Assets	$213.5B 2.6%	$208.1B -0.1%	$208.3B 3.8%	$200.7B 29.4%	$155.1B
Liabilities
Current Portion of Long Term Debt	$2.1B 102.7%	$1.1B -80.1%	$5.3B 49.5%	$3.6B 7456.3%	$47.0M
Other Current Liabilities	$4.4B 1.1%	$4.3B -4.4%	$4.5B 3.2%	$4.4B 105.7%	$2.1B
Total Current Liabilities	$184.3B 2.9%	$179.1B -1.2%	$181.3B 3.4%	$175.4B 27.8%	$137.2B
Long Term Debt	$10.9B -13.4%	$12.6B 53.7%	$8.2B 106.9%	$4.0B 13.7%	$3.5B
Other Noncurrent Liabilities	$4.4B 1.1%	$4.3B -4.4%	$4.5B 3.2%	$4.4B 105.7%	$2.1B
Total Liabilities	$184.3B 2.9%	$179.1B -1.2%	$181.3B 3.4%	$175.4B 27.8%	$137.2B
Equity
Preferred Stock	$2.8B 18.4%	$2.4B 19.0%	$2.0B 0.0%	$2.0B 14.9%	$1.8B
Common Stock	$90.0M 0.0%	$90.0M 0.0%	$90.0M 0.3%	$89.7M 12.3%	$79.9M
Additional Paid In Capital	$10.0B 0.1%	$10.0B -0.2%	$10.0B 0.2%	$10.0B 50.8%	$6.6B
Retained Earnings	$20.9B 9.5%	$19.1B 8.9%	$17.5B 11.2%	$15.8B 7.6%	$14.6B
Treasury Stock	$4.9B 107.4%	$2.4B 6.3%	$2.2B 27.4%	$1.8B -65.6%	$5.1B
Accumulated Other Comprehensive Income	$277.0M 268.9%	$-164.0M 64.3%	$-459.0M 41.9%	$-790.0M -519.2%	$-127.6M
Total Stockholders Equity	$29.2B 0.5%	$29.0B 7.7%	$27.0B 6.5%	$25.3B 41.4%	$17.9B
Total Liabilitiesand Equity	$213.5B 2.6%	$208.1B -0.1%	$208.3B 3.8%	$200.7B 29.4%	$155.1B

Income Statement

Revenue, expense, and profitability

14 accounts · 5 years

Revenue $10.5B

Operating income $2.9B

Net income $2.9B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$10.5B -4.9%	$11.0B 7.8%	$10.2B 63.7%	$6.2B 58.6%	$3.9B
Expenses Selling,General and Administrative	$102.0M -1.9%	$104.0M -3.7%	$108.0M 20.0%	$90.0M 40.6%	$64.0M
Expenses Depreciation and Amortization	$323.0M 2.2%	$316.0M 3.9%	$304.0M 7.8%	$282.0M 2720.0%	$10.0M
Expenses Share Based Compensation	$136.0M 17.2%	$116.0M -1.7%	$118.0M 6.3%	$111.0M 30.6%	$85.0M
Other Income Expense Operating Income	$2.9B 10.2%	$2.6B -5.6%	$2.7B 37.6%	$2.0B 7.2%	$1.9B
Other Income Expense Interest Income	$10.5B -4.9%	$11.0B 7.8%	$10.2B 63.7%	$6.2B 58.6%	$3.9B
Other Income Expense Income Before Tax	$3.7B 11.5%	$3.3B -8.5%	$3.6B 38.6%	$2.6B 6.4%	$2.5B
Income Tax Income Tax Expense	$841.0M 16.5%	$722.0M -17.8%	$878.0M 41.6%	$620.0M 4.0%	$596.0M
net Income net Income	$2.9B 10.2%	$2.6B -5.6%	$2.7B 37.6%	$2.0B 7.2%	$1.9B
net Income Comprehensive Income	$3.3B 14.2%	$2.9B -6.2%	$3.1B 131.2%	$1.3B -25.9%	$1.8B
Earnings Per Share Basic Eps	$17 16.2%	$15 -7.2%	$16 36.8%	$12 -16.1%	$14
Earnings Per Share Diluted Eps	$17 16.1%	$15 -7.3%	$16 36.9%	$12 -16.4%	$14
Earnings Per Share Weighted Average Shares Basic	$157.9M -5.2%	$166.5M 0.1%	$166.4M 2.0%	$163.2M 26.8%	$128.6M
Earnings Per Share Weighted Average Shares Diluted	$158.8M -5.1%	$167.3M 0.2%	$167.0M 1.8%	$164.0M 27.3%	$128.8M

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 5 years

Operating cash flow $3.0B

Investing cash flow $-6.8B

Financing cash flow $1.8B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$2.9B 10.2%	$2.6B -5.6%	$2.7B 37.6%	$2.0B 7.2%	$1.9B
Operating Activities Depreciation and Amortization	$323.0M 2.2%	$316.0M 3.9%	$304.0M 7.8%	$282.0M 2720.0%	$10.0M
Operating Activities Stock Based Compensation	$136.0M 17.2%	$116.0M -1.7%	$118.0M 6.3%	$111.0M 30.6%	$85.0M
Operating Activities Deferred Income Taxes	$-18.0M 33.3%	$-27.0M 72.2%	$-97.0M -223.3%	$-30.0M -134.5%	$87.0M
Operating Activities Changes In Operating Assets and Liabilities	$-14.0M 95.0%	$-282.0M 49.7%	$-561.0M -901.4%	$70.0M 232.1%	$-53.0M
Operating Activities Other Non Cash Items	$-14.0M 95.0%	$-282.0M 49.7%	$-561.0M -901.4%	$70.0M 232.1%	$-53.0M
Operating Activities net Cash From Operating Activities	$3.0B -16.8%	$3.6B -7.6%	$3.9B -14.6%	$4.6B 68.5%	$2.7B
Investing Activities Purchases of Investments	$8.4B -41.7%	$14.5B 4083.8%	$346.0M -95.2%	$7.2B 965.3%	$677.9M
Investing Activities Proceeds From Sale of Investments	$4.5B -26.6%	$6.1B 717.2%	$743.0M -6.5%	$795.0M -44.6%	$1.4B
Investing Activities Other Investing Activities	$-19.0M -103.5%	$538.0M 22.3%	$440.0M -29.0%	$620.0M 21.3%	$511.0M
Investing Activities net Cash From Investing Activities	$-6.8B 30.1%	$-9.7B -104.6%	$-4.8B -128.7%	$16.6B 221.7%	$-13.6B
Financing Activities Proceeds From Debt	$3.5B -35.7%	$5.5B 9.2%	$5.0B 404.0%	$999.0M 9890.0%	$10.0M
Financing Activities Repayment of Debt	$5.4B 433.2%	$1.0B 22.5%	$824.0M -9.2%	$907.0M 6.3%	$853.0M
Financing Activities Repurchase of Common Stock	$2.6B 564.4%	$396.0M -33.3%	$594.0M -67.0%	$1.8B	—
Financing Activities Dividends Paid	$899.0M 0.4%	$895.0M 3.1%	$868.0M 10.7%	$784.0M 35.2%	$580.0M
Financing Activities Proceeds From Stock Issuance	$19.0M -86.2%	$138.0M 331.3%	$32.0M -13.5%	$37.0M	—
Financing Activities Other Financing Activities	$-20.0M -117.5%	$114.0M 533.3%	$18.0M 228.6%	$-14.0M 50.0%	$-28.0M
Financing Activities net Cash From Financing Activities	$1.8B 162.5%	$-2.9B -168.9%	$4.2B 119.9%	$-21.0B -296.1%	$10.7B
Cash Reconciliation Effect of Exchange Rate On Cash	$18.8B -9.7%	$20.8B 1100.6%	$1.7B 13.9%	$1.5B 13.6%	$1.3B
Cash Reconciliation net Change In Cash	$-2.0B 77.7%	$-9.0B -371.5%	$3.3B 1724.7%	$182.0M 184.7%	$-215.0M
Cash Reconciliation Cash At Beginning of Period	$18.8B -9.7%	$20.8B 1100.6%	$1.7B 13.9%	$1.5B 13.6%	$1.3B
Cash Reconciliation Cash At End of Period	$18.8B -9.7%	$20.8B 1100.6%	$1.7B 13.9%	$1.5B 13.6%	$1.3B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	+27.2%	+23.5%	+26.8%	+31.9%	+47.2%
Net margin	+27.2%	+23.5%	+26.8%	+31.9%	+47.2%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+18.8%	+40.9%	+34.6%	+8.6%	-5.0%
Returns
ROE	+9.8%	+8.9%	+10.2%	+7.9%	+10.4%
ROA	+1.3%	+1.2%	+1.3%	+1.0%	+1.2%
ROIC	+9.4%	+9.2%	+5.4%	+4.9%	+7.0%
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	6.32x	6.17x	6.73x	6.93x	7.66x
Interest coverage	—	—	0.88x	4.69x	16.31x
Efficiency
Asset turnover	0.05x	0.05x	0.05x	0.03x	0.03x
Cash conversion cycle	—	—	—	—	—

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M&T Bank

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