M&T Bank (MTB) Q1 FY2026 earnings: revenue $2.4 billion, up 5.9% on the year

M&T Bank Corp. (MTB) reported revenue of $2.4 billion for Q1 FY2026, the quarter ended 31 March 2026, up 5.9% on the same quarter a year earlier. Net income was $664 million, up 13.7% on the year, and diluted earnings per share $4.13. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2026.

Revenue

$2.4 billion

+5.9% on the year · -1.4% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

n/a

Q2 FY2024Q1 FY2026

Net income

$664 million

+13.7% on the year · -12.5% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$4.13

+24.4% on the year · -12.5% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Earnings rose from a year earlier: Net income was $664 million, up from $584 million a year earlier and down from $759 million in the fourth quarter. Diluted EPS was $4.13, against $3.32 a year earlier and $4.67 in the fourth quarter.
Net interest margin widened slightly: Net interest margin rose 2 basis points from the fourth quarter. Funding costs fell by more than the yield on earning assets declined, and taxable-equivalent net interest income was $27 million lower than the fourth quarter.
Provision rose from first-quarter 2025: Provision for credit losses was $140 million, up from $125 million in the fourth quarter. Within it, the loan provision was $125 million and the unfunded commitments provision was $15 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	2,441	2,475	2,306	-1.4%	+5.9%
Pre-tax income	863	971	761	-11.1%	+13.4%
Income tax	199	212	177	-6.1%	+12.4%
Effective tax rate	23.1%	21.8%	23.3%
Net income	664	759	584	-12.5%	+13.7%
Net margin	27.2%	30.7%	25.3%
Diluted EPS	$4.13	$4.72	$3.32	-12.5%	+24.4%

$ 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. 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.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,012	523	635	+93.5%	+59.4%
Capital expenditure	96.0	56.0	25.0	+71.4%	+284.0%
Free cash flow	916	467	610	+96.1%	+50.2%
Cash from investing	-4,324	n/a	-349
Cash from financing	891	1,255	1,697	-29.0%	-47.5%
Depreciation and amortisation	79.0	80.0	83.0	-1.2%	-4.8%
Buybacks	1,238	502	656	+146.6%	+88.7%
Dividends paid	227	228	225	-0.4%	+0.9%
Dividend per share	$1.50	n/a	$1.35		+11.1%
Diluted shares, weighted	150m	159m	165m	-5.5%	-9.1%
Shares outstanding at period end	146m	149m	161m	-1.7%	-8.8%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	27,972	29,177	28,991	-4.1%	-3.5%
Deposits	163,741	166,909	165,409	-1.9%	-1.0%
Repurchase agreements	51.0	49.0	73.0	+4.1%	-30.1%
Debt	19,026	13,060	12,069	+45.7%	+57.6%
Other liabilities	3,946	4,315	3,779	-8.6%	+4.4%
Total liabilities and equity	214,736	213,510	210,321	+0.6%	+2.1%
Fixed assets	1,716	1,629	1,661	+5.3%	+3.3%
Goodwill	8,465	8,465	8,465	0.0%	0.0%
Intangible assets	55.0	64.0	93.0	-14.1%	-40.9%
Securities held for sale or to maturity	37,347	35,632	34,151	+4.8%	+9.4%
Loans	137,778	136,586	132,374	+0.9%	+4.1%
Cash and equivalents	16,348	18,769	2,109	-12.9%	+675.2%
Other assets	13,027	12,365	31,468	+5.4%	-58.6%
Total assets	214,736	213,510	210,321	+0.6%	+2.1%

Questions

What was M&T Bank's revenue in Q1 FY2026?

M&T Bank (MTB) reported revenue of $2.4 billion for Q1 FY2026, the quarter ended 31 March 2026, up 5.9% on the same quarter a year earlier.

How much did M&T Bank earn in Q1 FY2026?

Net income for Q1 FY2026 was $664 million, up 13.7% on the year, and diluted earnings per share $4.13.

When did M&T Bank report Q1 FY2026 results?

M&T Bank filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 5 May 2026.

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-Q for the period ended 31 March 2026, filed 5 May 2026: the filing.