MTB-PJ

MKT CAP:$4B

M&T Bank Corporation

Market Cap

$4B

Financial Services·Banks - Regional·🇺🇸 United States·NYSE

Financials·Banks - Regional·🇺🇸·NYSE

Stock Price

$26.42-$0.20 (-0.75%)

Apr 24, 2026

Company Details

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the Unite...

CEO

Rene F. Jones

IPO Date

May 7, 2024

Website

www3.mtb.com

Key Metrics TTM

Revenue

$9.1B

-31.2% YoY

Net Income

$2.9B

EPS (Diluted)

$15.26

Free Cash Flow

$2.9B

Revenue / Share

—

Gross Margin

76.7%

Operating Margin

39.4%

Net Margin

32.1%

FCF Margin

32.2%

P/S

0.4x

P/E

1.4x

Earnings Reports

Q1 2026

Apr 15, 2026

NEW

$0-100.0%EPS $1.53

FY 2025

Feb 18, 2026

$12.3B-8.2%EPS $17.00

Q4 2025

Feb 18, 2026

$3.3B-0.2%EPS $4.67

Q3 2025

Oct 27, 2025

$2.5B-25.9%EPS $4.82

Q2 2025

Aug 4, 2025

$3.3B-2.4%EPS $4.24

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$2.0B	$1.9B	$278M
Q3 22	$2.3B	$2.1B	$848M
Q4 22	$2.8B	$2.2B	$1.0B
Q1 23	$2.9B	$2.3B	$926M
Q2 23	$3.3B	$2.5B	$1.2B
Q3 23	$3.2B	$2.2B	$907M
Q4 23	$3.3B	$2.1B	$626M
Q1 24	$3.3B	$2.0B	$664M
Q2 24	$3.4B	$2.2B	$855M
Q3 24	$3.4B	$2.2B	$909M
Q4 24	$3.3B	$2.2B	$882M
Q1 25	$3.2B	$2.2B	$761M
Q2 25	$3.3B	$2.3B	$935M
Q3 25	$2.5B	$2.4B	$1.0B
Q4 25	$3.3B	$2.4B	$971M
Q1 26	$0	$0	$671M

Valuation

Quarter	P/S	P/E
Q2 22	0.6x	2.7x
Q3 22	0.6x	2.5x
Q4 22	0.5x	2.1x
Q1 23	0.4x	1.8x
Q2 23	0.4x	1.4x
Q3 23	0.3x	1.4x
Q4 23	0.3x	1.5x
Q1 24	0.3x	1.6x
Q2 24	0.3x	1.8x
Q3 24	0.3x	1.9x
Q4 24	0.3x	1.7x
Q1 25	0.3x	1.5x
Q2 25	0.3x	1.6x
Q3 25	0.4x	1.6x
Q4 25	0.4x	1.5x
Q1 26	3.6x	11.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$1.3B	$1.3B
Q2 22	$1.2B	$1.1B
Q3 22	$1.1B	$1.1B
Q4 22	$954M	$866M
Q1 23	$428M	$373M
Q2 23	$1.3B	$1.2B
Q3 23	$1.4B	$1.4B
Q4 23	$800M	$712M
Q1 24	$608M	$573M
Q2 24	$1.4B	$1.3B
Q3 24	-$28M	-$58M
Q4 24	$1.7B	$1.6B
Q1 25	$635M	$610M
Q2 25	$844M	$818M
Q3 25	$1.0B	$1.1B
Q4 25	$523M	$467M

Capital Expenditures

Quarter	CapEx
Q1 22	$28M
Q2 22	$60M
Q3 22	$39M
Q4 22	$88M
Q1 23	$55M
Q2 23	$46M
Q3 23	$67M
Q4 23	$88M
Q1 24	$35M
Q2 24	$66M
Q3 24	$30M
Q4 24	$85M
Q1 25	$25M
Q2 25	$26M
Q3 25	$51M
Q4 25	$56M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+37.2%	+100.2%
Q3 22	+50.1%	+65.4%
Q4 22	+79.1%	+86.0%
Q1 23	+97.0%	+98.0%
Q2 23	+63.0%	+22.8%
Q3 23	+36.5%	+53.2%
Q4 23	+19.8%	+53.3%
Q1 24	+14.0%	+33.9%
Q2 24	+1.6%	+16.6%
Q3 24	+5.9%	+8.2%
Q4 24	+1.3%	-8.0%
Q1 25	-3.9%	-8.6%
Q2 25	-2.4%	-6.4%
Q3 25	-25.9%	-40.0%
Q4 25	-0.2%	-3.9%
Q1 26	-100.0%	-127.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$136M	4.1%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$799M	$21M
Q3 22	$764M	$21M
Q4 22	$721M	$33M
Q1 23	$838M	$31M
Q2 23	$766M	$28M
Q3 23	$756M	$23M
Q4 23	$755M	$26M
Q1 24	$864M	$20M
Q2 24	$801M	$27M
Q3 24	$800M	$27M
Q4 24	$780M	$30M
Q1 25	$910M	$22M
Q2 25	$813M	$25M
Q3 25	$600M	$63M
Q4 25	$809M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$35.1B	$3.7B	$38.9B
Q3 22	$27.6B	$3.3B	$31.0B
Q4 22	$26.5B	$10.7B	$37.2B
Q1 23	$24.1B	$5.1B	$29.2B
Q2 23	$29.0B	$6.4B	$35.4B
Q3 23	$31.9B	$7.3B	$39.1B
Q4 23	$29.8B	$10.4B	$40.2B
Q1 24	$33.8B	$8.1B	$41.9B
Q2 24	$26.6B	$9.7B	$36.3B
Q3 24	$26.6B	$12.6B	$39.3B
Q4 24	$20.8B	$14.4B	$35.2B
Q1 25	$22.8B	$16.0B	$38.8B
Q2 25	$21.4B	$35.6B	$57.0B
Q3 25	$18.7B	$19.3B	$38.0B
Q4 25	$18.8B	$36.6B	$55.4B
Q1 26	$1.9B	$38.6B	$40.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	178M	+37.8%	+38.4%
Q3 22	176M	-1.5%	+36.4%
Q4 22	172M	-2.0%	+33.6%
Q1 23	168M	-2.2%	+30.1%
Q2 23	166M	-1.2%	-6.7%
Q3 23	167M	+0.2%	-5.2%
Q4 23	167M	+0.1%	-3.1%
Q1 24	167M	+0.2%	-0.8%
Q2 24	168M	+0.3%	+0.8%
Q3 24	168M	-0.1%	+0.6%
Q4 24	167M	-0.4%	+0.1%
Q1 25	165M	-1.2%	-1.2%
Q2 25	160M	-3.1%	-4.6%
Q3 25	157M	-2.2%	-6.6%
Q4 25	157M	0.0%	-6.2%
Q1 26	0	-100.0%	-100.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$115.9K	18K
Q3 22	$133.5K	18K
Q4 22	$120.7K	23K
Q1 23	$126.9K	23K
Q2 23	$145.5K	23K
Q3 23	$140.3K	23K
Q4 23	$148.4K	22K
Q1 24	$148.5K	22K
Q2 24	$151.8K	22K
Q3 24	$152.6K	22K
Q4 24	$152.7K	22K
Q1 25	$145.0K	22K
Q2 25	$150.5K	22K
Q3 25	$114.9K	22K
Q4 25	$152.6K	22K
Q1 26	$0	22K

Revenue / Employee