M&T Bank (MTB) Q4 FY2025 earnings: revenue $2.5 billion, up 3.8% on the year

M&T Bank Corp. (MTB) reported revenue of $2.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 3.8% on the same quarter a year earlier. Net income was $759 million, up 11.5% on the year, and diluted earnings per share $4.72. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue

$2.5 billion

+3.8% on the year · -1.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

n/a

Q1 FY2024Q4 FY2025

Net income

$759 million

+11.5% on the year · -4.2% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$4.72

+20.4% on the year · -2.1% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Quarterly net income and EPS declined: Net income was $759 million, or $4.67 diluted EPS, against $792 million and $4.82 in the third quarter of 2025. A year earlier, net income was $681 million and diluted EPS $3.86.
Full-year diluted EPS rose 16 percent: Full-year net income was $2.85 billion, or $17.00 diluted EPS, against $2.59 billion and $14.64 in 2024. Diluted EPS rose 16% for the year.
Margin widened to 3.69 percent: Net interest margin was 3.69%, up from 3.68% in the third quarter and 3.58% a year earlier. The full-year margin of 3.67% was 9 basis points wider than 2024.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,475	2,513	2,385	-1.5%	+3.8%
Pre-tax income	971	1,025	882	-5.3%	+10.1%
Income tax	212	233	201	-9.0%	+5.5%
Effective tax rate	21.8%	22.7%	22.8%
Net income	759	792	681	-4.2%	+11.5%
Net margin	30.7%	31.5%	28.6%
Diluted EPS	$4.72	$4.82	$3.92	-2.1%	+20.4%

$ 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

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	523	1,001	1,676	-47.8%	-68.8%
Capital expenditure	56.0	36.0	85.0	+55.6%	-34.1%
Free cash flow	467	965	1,591	-51.6%	-70.6%
Cash from investing	n/a	1.0	2,293
Cash from financing	1,255	-1,180	-4,276
Depreciation and amortisation	80.0	79.0	81.0	+1.3%	-1.2%
Buybacks	502	404	198	+24.3%	+153.5%
Dividends paid	228	233	224	-2.1%	+1.8%
Dividend per share	n/a	$1.50	n/a
Diluted shares, weighted	159m	157m	167m	+1.4%	-5.1%
Shares outstanding at period end	149m	154m	164m	-3.1%	-9.3%

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

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	29,177	28,728	29,027	+1.6%	+0.5%
Deposits	166,909	163,426	161,095	+2.1%	+3.6%
Repurchase agreements	49.0	59.0	60.0	-16.9%	-18.3%
Debt	13,060	14,987	13,665	-12.9%	-4.4%
Other liabilities	4,315	4,077	4,258	+5.8%	+1.3%
Total liabilities and equity	213,510	211,277	208,105	+1.1%	+2.6%
Fixed assets	1,629	1,621	1,705	+0.5%	-4.5%
Goodwill	8,465	8,465	8,465	0.0%	0.0%
Intangible assets	64.0	74.0	94.0	-13.5%	-31.9%
Securities held for sale or to maturity	35,632	35,874	33,044	-0.7%	+7.8%
Loans	136,586	134,813	133,397	+1.3%	+2.4%
Cash and equivalents	18,769	1,950	1,909	+862.5%	+883.2%
Other assets	12,365	28,480	29,491	-56.6%	-58.1%
Total assets	213,510	211,277	208,105	+1.1%	+2.6%

Questions

What was M&T Bank's revenue in Q4 FY2025?

M&T Bank (MTB) reported revenue of $2.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 3.8% on the same quarter a year earlier.

How much did M&T Bank earn in Q4 FY2025?

Net income for Q4 FY2025 was $759 million, up 11.5% on the year, and diluted earnings per share $4.72.

When did M&T Bank report Q4 FY2025 results?

M&T Bank filed its 10-K for the year that ended with the quarter on 18 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,512	1,445	1,983	2,242	2,509	2,405	2,602	2,335	2,300	2,260	2,302	2,332	2,385	2,306	2,396	2,513	2,475	2,441	2,532	2,536
Interest expense	24.7	24.1	53.4	103	245	509	716	866	1,018	1,065	1,071	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	600	475	278	848	1,011	926	1,160	907	626	664	855	909	882	761	935	1,025	971	863	1,063	1,008
Tax rate	24%	24%	22%	24%	24%	24%	25%	24%	23%	20%	23%	21%	23%	23%	23%	23%	22%	23%	23%	23%
Net income	458	362	218	647	765	702	867	690	482	531	655	721	681	584	716	792	759	664	818	775
Net margin	30%	25%	11%	29%	31%	29%	33%	30%	21%	23%	28%	31%	29%	25%	30%	32%	31%	27%	32%	31%
Diluted EPS	$3.37	$2.62	$1.08	$3.53	n/a	$4.01	$5.05	$3.98	$2.75	$3.02	$3.73	$4.02	$3.92	$3.32	$4.24	$4.82	$4.72	$4.13	$5.32	$5.04
Operating cash flow	697	1,296	1,187	1,137	954	428	1,257	1,420	800	608	1,354	-28.0	1,676	635	844	1,001	523	1,012	1,268	1,254
Capital expenditure	61.8	27.9	59.8	39.1	87.2	55.0	46.0	66.8	87.8	35.0	66.0	30.0	85.0	25.0	26.0	36.0	56.0	96.0	21.0	47.0
Free cash flow	635	1,268	1,128	1,098	866	373	1,211	1,353	712	573	1,288	-58.0	1,591	610	818	965	467	916	1,247	1,207
Buybacks	n/a	n/a	n/a	600	n/a	594	0.0	0.0	0.0	0.0	0.0	198	198	656	1,069	404	502	1,238	460	319
Dividends paid	155	157	213	209	205	221	216	216	216	221	225	225	224	225	213	233	228	227	218	216
Shares outstanding	129m	179m	176m	173m	168m	166m	166m	166m	167m	167m	167m	166m	164m	161m	156m	154m	149m	146m	144m	143m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-K for the period ended 31 December 2025, filed 18 February 2026: the filing.