M&T Bank Corp. Q4 FY2023 results

M&T Bank Corp. (MTB) files the full year and not its fourth quarter on its own, and for Q4 FY2023, the quarter ended 31 December 2023, the year and the three quarters before it carry revenue under different lines of the filing, so the difference would not be a quarter's revenue and it is left blank. The other lines of the quarter are below, and the year is on the company's page, from the 10-K filed with the SEC on 21 February 2024.

Revenue

Net income$482 milliondown 37.0%

Diluted EPS$2.75

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	n/a	360	n/a	n/a
Interest expense	1,018	866	n/a	n/a
Pre-tax income	626	907	n/a	n/a
Income tax	143	217	n/a	n/a
Effective tax rate	22.9%	24.0%	n/a
Net income	482	690	n/a	n/a
Net margin	n/a	191.7%	n/a
Diluted EPS	$2.75	$3.98	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	800	1,420	n/a	n/a
Capital expenditure	87.8	66.8	n/a	n/a
Free cash flow	712	1,353	n/a	n/a
Free cash flow margin	n/a	375.8%	n/a
Depreciation and amortisation	n/a	78.0	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	216	216	n/a	n/a
Dividend per share	n/a	$1.30	n/a	n/a
Diluted shares, weighted	167m	167m	n/a	n/a
Shares outstanding at period end	167m	166m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	208,264	209,124	n/a	n/a
Cash and equivalents	1,731	1,769	n/a	n/a
Goodwill	8,465	8,465	n/a	n/a
Long-term debt	8,201	7,123	n/a	n/a
Shareholders' equity	26,957	26,197	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	360	n/a	367	388	394	392	397	417	423	420	418	442
Interest expense	866	1,018	1,065	1,071	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	907	626	664	855	909	882	761	935	1,025	971	863	1,063
Tax rate	24%	23%	20%	23%	21%	23%	23%	23%	23%	22%	23%	23%
Net income	690	482	531	655	721	681	584	716	792	759	664	818
Net margin	192%	n/a	145%	169%	183%	174%	147%	172%	187%	181%	159%	185%
Diluted EPS	$3.98	$2.75	$3.02	$3.73	$4.02	$3.87	$3.32	$4.24	$4.82	$4.62	$4.13	$5.32
Operating cash flow	1,420	800	608	1,354	-28.0	1,676	635	844	1,001	523	1,012	1,268
Capital expenditure	66.8	87.8	35.0	66.0	30.0	85.0	25.0	26.0	36.0	56.0	96.0	21.0
Free cash flow	1,353	712	573	1,288	-58.0	1,591	610	818	965	467	916	1,247
Buybacks	0.0	0.0	0.0	0.0	198	198	656	1,069	404	502	1,238	460
Dividends paid	216	216	221	225	225	224	225	213	233	228	227	218
Shares outstanding	166m	167m	161m	167m	166m	164m	161m	156m	154m	149m	146m	144m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 21 February 2024, accession 0000950170-24-017990: the filing on EDGAR. All of M&T Bank Corp.'s filings: EDGAR company page.

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