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M&T Bank (MTB) FY2025 results: revenue $9.7 billion, up 4.4% on the year

M&T Bank Corp. (MTB) reported revenue of $9.7 billion for fiscal 2025, the year ended 31 December 2025, up 4.4% on the year before. Net income was $2.9 billion, up 10.2%, and diluted earnings per share $17.00. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue
$9.7 billion
+4.4% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$2.9 billion
+10.2% on the year
FY2018FY2025
Diluted EPS
$17.00
+16.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • 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.
  • Average loans rose $1.1 billion: Average loans were $137.6 billion, up $1.1 billion from the third quarter. Commercial and industrial, residential and consumer growth was partly offset by commercial real estate.
  • Net charge-offs rose to 0.54 percent: Net charge-offs were $185 million, or 0.54% of average loans annualized, up from 0.42% in the third quarter and 0.47% a year earlier.
Read the Q4 FY2025 earnings call summary

From this 10-K

M&T is a New York business corporation, incorporated in November 1969, with its executive offices in Buffalo. It has two wholly-owned bank subsidiaries, M&T Bank and Wilmington Trust, N.A., which together sell retail and commercial banking, wealth management, trust and institutional services. M&T Bank and its own subsidiaries accounted for over 99 percent of the group's consolidated assets at the end of 2025, so the holding company is close to being the bank.

M&T Bank Corp., the 10-K for 2025

M&T is a New York business corporation, incorporated in November 1969, with its executive offices in Buffalo. It has two wholly-owned bank subsidiaries, M&T Bank and Wilmington Trust, N.A., which together sell retail and commercial banking, wealth management, trust and institutional services. M&T Bank and its own subsidiaries accounted for over 99 percent of the group's consolidated assets at the end of 2025, so the holding company is close to being the bank.

The bank, and how far back it goes

M&T Bank is a New York-chartered banking corporation, a member of the Federal Reserve System and the FHLB System, with deposits insured by the FDIC. M&T acquired all its stock in December 1969. The bank operates under a charter granted by New York State in 1892, and the filing traces the continuity of the business back further, to the organisation of Manufacturers and Traders Bank in 1856.

Where it operates

Banking offices and cash machines across New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Massachusetts, Maine, Vermont, New Hampshire, Virginia, West Virginia and the District of Columbia. Customers are consumers, businesses, professional clients, government bodies and financial institutions in those markets. Lending concentrates on consumers living where the bank has offices and on small and medium-sized businesses based there, though loans are also originated through offices in other states and in Ontario, Canada.

The lending beyond the branch

M&T Bank and some of its subsidiaries make commercial mortgage loans secured on income-producing property or on property a borrower uses in its trade. Three named subsidiaries carry specialist lending: M&T Realty Capital, which does multifamily commercial real estate lending and services the loans it originates for the buyers of those loans; and LEAF Commercial Capital and M&T Equipment Finance Corp., which provide equipment leasing and financing.

Trust, and the second bank

Trust and other fiduciary services are sold by M&T Bank and through its wholly-owned subsidiary Wilmington Trust Company. The second bank subsidiary, Wilmington Trust, N.A., is a national bank and small beside the first: it held total assets of $773 million at the end of 2025.

Its legal standing

M&T has elected to be treated as a financial holding company under the federal bank holding company law and is a bank holding company under Article III-A of the New York Banking Law, which puts it under both federal and New York state frameworks.

From M&T Bank's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue9,6909,2799,643+4.4%
Interest expensen/an/a3,109
Pre-tax income3,6923,3103,619+11.5%
Income tax841722878+16.5%
Effective tax rate22.8%21.8%24.3%
Net income2,8512,5882,741+10.2%
Net margin29.4%27.9%28.4%
Diluted EPS$17.00$14.64$15.79+16.1%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow3,0033,6103,905-16.8%
Capital expenditure143216256-33.8%
Free cash flow2,8603,3943,649-15.7%
Cash from investing-6,816-9,746-4,764
Cash from financing1,800-2,8824,180
Depreciation and amortisation323316304+2.2%
Share-based compensation136116118+17.2%
Buybacks2,631396594+564.4%
Dividends paid899895868+0.4%
Dividend per share$5.70$5.35$5.20+6.5%
Diluted shares, weighted159m167m167m-5.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity29,17729,02726,957+0.5%
Deposits166,909161,095163,274+3.6%
Repurchase agreements49.060.0316-18.3%
Debt13,06013,66513,517-4.4%
Other liabilities4,3154,2584,200+1.3%
Total liabilities and equity213,510208,105208,264+2.6%
Fixed assets1,6291,7051,739-4.5%
Goodwill8,4658,4658,4650.0%
Intangible assets64.094.0147-31.9%
Securities held for sale or to maturity35,63233,04425,770+7.8%
Loans136,586133,397131,939+2.4%
Cash and equivalents18,76920,78229,800-9.7%
Other assets12,36510,61810,404+16.5%
Total assets213,510208,105208,264+2.6%

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