MTB-PJ FY 2023 Earnings Report — M&T Bank Corporation Revenue & Financial Results | Market Cap Arena

M&T Bank CorporationMTB-PJ

FY 2023 Earnings

Reported February 21, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$12.5B	—	$8.4B	—	48.2%
Op. Income	$3.6B	—	$2.6B	—	38.6%
Gross Margin	70.0%	—	88.8%	—	-18.9pp
Net Margin	21.9%	—	23.6%	—	-1.7pp
EPS (Diluted)	$15.79	—	$11.53	—	36.9%
Free Cash Flow	$3.6B	—	$4.4B	—	-16.3%

Revenue Flow

Item	Amount
REVENUE	$12.5B
Cost of Revenue	$3.8B
GROSS PROFIT	$8.8B
R&D Expenses	$0
Selling & Marketing	$108M
General & Administrative	$3.1B
SG&A Expenses	$3.2B
Other Expenses	$1.9B
Operating Expenses	$5.1B
Cost & Expenses	$8.9B
OPERATING INCOME	$3.6B
Interest Income	$10.2B
Interest Expense	$3.1B
Other Income/Expenses	$0
INCOME BEFORE TAX	$3.6B
Income Tax Expense	$878M
Net Income from Continuing Ops	$2.7B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.7B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.6B
D&A	$497M
EBIT	$3.6B
EBITDA	$4.1B
EPS	$16
EPS Diluted	$16

Income Statement

Item	Amount
REVENUE	$12.5B
Cost of Revenue	$3.8B
GROSS PROFIT	$8.8B
R&D Expenses	$0
Selling & Marketing	$108M
General & Administrative	$3.1B
SG&A Expenses	$3.2B
Other Expenses	$1.9B
Operating Expenses	$5.1B
Cost & Expenses	$8.9B
OPERATING INCOME	$3.6B
Interest Income	$10.2B
Interest Expense	$3.1B
Other Income/Expenses	$0
INCOME BEFORE TAX	$3.6B
Income Tax Expense	$878M
Net Income from Continuing Ops	$2.7B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.7B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.6B
D&A	$497M
EBIT	$3.6B
EBITDA	$4.1B
EPS	$16
EPS Diluted	$16

Cash Flow Statement

Item	Amount
Net Income	$2.7B
Depreciation & Amortization	$497M
Stock-Based Compensation	$0
Deferred Income Tax	-$97M
Other Non-Cash Items	$400M
Change in Working Capital	$364M
OPERATING CASH FLOW	$3.9B
Capital Expenditure	-$256M
Acquisitions (Net)	$0
Purchases of Investments	-$4.5B
Sales/Maturities of Investments	$2.9B
Other Investing Activities	-$6.0B
NET CASH FROM INVESTING	-$7.9B
Net Debt Issuance	$6.0B
Common Stock Repurchased	-$594M
Common Dividends Paid	-$868M
Other Financing Activities	-$230M
NET CASH FROM FINANCING	$4.2B
FREE CASH FLOW	$3.6B
Net Change in Cash	$211M

Balance Sheet

Item	Amount
Cash & Equivalents	$29.8B
Short-Term Investments	$10.4B
Net Receivables	$2.8B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$43.2B
PP&E (Net)	$1.7B
Goodwill	$8.5B
Intangible Assets	$147M
Long-Term Investments	$148.4B
Tax Assets	$0
Other Non-Current Assets	$6.4B
TOTAL NON-CURRENT ASSETS	$165.1B
TOTAL ASSETS	$208.3B
Account Payables	$4.5B
Short-Term Debt	$5.3B
Deferred Revenue	$0
Other Current Liabilities	$163.3B
TOTAL CURRENT LIABILITIES	$173.1B
Long-Term Debt	$8.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$8.2B
TOTAL LIABILITIES	$181.3B
Common Stock	$91M
Additional Paid-In Capital	$10.0B
Retained Earnings	$17.5B
Treasury Stock	-$2.2B
Accum. Other Comp. Income	-$459M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$27.0B
Minority Interest	$0
TOTAL EQUITY	$27.0B
TOTAL LIABILITIES & EQUITY	$208.3B
Total Debt	$13.5B
Net Debt	-$16.3B