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M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that provides retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management. It offers a range of credit products and banking services, such as commercial lending and leasing, letters of credits, deposit products, cash management services, commercial real estate loans, and credit facilities secured by various commercial real estate properties to middle-market and large commercial customers. The company also provides customers deposit products, including demand, savings and time accounts, and other services; automobile and recreational finance loans, home equity loans and lines of credit, credit cards, and other loan products, as well as residential mortgage and real estate loans; business loans, cash management, payroll, direct deposit, and merchant credit card services to consumers and small businesses through branch network, telephone banking, internet banking, and automated teller machines. In addition, it offers trustee, agency, investment management, and administrative services; personal trust, planning and advisory, fiduciary, asset management, family office, and other services; and investment products, including mutual funds and annuities, and other services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients. M&T Bank Corporation was founded in 1856 and is headquartered in Buffalo, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $9.6B | - | $2.9B | $2.9B | 10.8% | 4.3% | 10.2% |
| 2024 | $9.2B | - | $2.6B | $3.4B | 9.7% | -1.8% | -5.6% |
| 2023 | $9.4B | - | $2.7B | $3.6B | 11.0% | 17.3% | 37.6% |
| 2022 | $8.0B | - | $2.0B | $4.4B | 8.5% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 8,013 | 9,398 | 9,231 | 9,632 |
| Operating Revenue | - | 8,013 | 9,398 | 9,231 | 9,632 |
| Selling General And Administration | - | 2,967 | 3,420 | 3,378 | 3,494 |
| Interest Income | - | 6,247 | 10,224 | 11,026 | 10,486 |
| Interest Expense | - | 425 | 3,109 | 4,174 | 3,538 |
| Net Interest Income | - | 5,822 | 7,115 | 6,852 | 6,948 |
| Pretax Income | - | 2,612 | 3,619 | 3,310 | 3,692 |
| Tax Provision | - | 620 | 878 | 722 | 841 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 32.28 | 54.68 | -7.42 | 8.66 |
| Net Income Continuous Operations | - | 1,992 | 2,741 | 2,588 | 2,851 |
| Net Income From Continuing And Discontinued Operation | - | 1,992 | 2,741 | 2,588 | 2,851 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,992 | 2,741 | 2,588 | 2,851 |
| Net Income | - | 1,992 | 2,741 | 2,588 | 2,851 |
| Net Income Common Stockholders | - | 1,891 | 2,636 | 2,449 | 2,699 |
| Net Income Including Noncontrolling Interests | - | 1,992 | 2,741 | 2,588 | 2,851 |
| Normalized Income | - | 1,888.28 | 2,570.68 | 2,614.58 | 2,821.66 |
| Diluted NI Availto Com Stockholders | - | 1,891 | 2,636 | 2,449 | 2,699 |
| Basic Average Shares | - | 163.20 | 166.31 | 166.49 | 157.84 |
| Diluted Average Shares | - | 164.03 | 167 | 167.32 | 158.79 |
| Reconciled Depreciation | - | 435 | 497 | 508 | 498 |
| Total Unusual Items | - | 136 | 225 | -34 | 38 |
| Total Unusual Items Excluding Goodwill | - | 136 | 225 | -34 | 38 |
| Preferred Stock Dividends | - | 97 | 100 | 134 | 146 |
| Special Income Charges | - | 136 | 225 | -34 | 38 |
| Gain On Sale Of Business | - | 0 | 225 | 0 | 38 |
| Other Special Charges | - | - | 197 | 34 | - |
| Restructuring And Mergern Acquisition | 44 | -136 | 0 | 0 | - |
| Gain On Sale Of Security | - | -6 | 4 | 10 | 2 |
| Depreciation Amortization Depletion Income Statement | - | 56 | 62 | 53 | 42 |
| Depreciation And Amortization In Income Statement | - | 56 | 62 | 53 | 42 |
| General And Administrative Expense | - | 2,877 | 3,312 | 3,274 | 3,392 |
| Salaries And Wages | - | 2,787 | 2,997 | 3,162 | 3,342 |
| Insurance And Claims | - | 90 | 315 | 112 | 50 |
| Selling And Marketing Expense | - | 90 | 108 | 104 | 102 |
| Otherunder Preferred Stock Dividend | - | 4 | 5 | 5 | 6 |
| Average Dilution Earnings | 0.01 | 0.01 | - | - | - |
| Amortization | - | 56 | 62 | 53 | 42 |
| Amortization Of Intangibles Income Statement | - | 56 | 62 | 53 | 42 |
| Occupancy And Equipment | - | 474 | 520 | 512 | 525 |
| Professional Expense And Contract Services Expense | - | 509 | 413 | 344 | 356 |
| Other Non Interest Expense | - | 1,044 | 964 | 1,038 | 1,076 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| M&T Bank Corporationthis co. | MTB | $32.5B | 11.39 | 1.23 | 10.8% | - |
| PayPal Holdings, Inc. | PYPL | $37.7B | 7.21 | 1.86 | 25.8% | 4.84 |
| Prudential Financial, Inc. | PRU | $35.9B | 10.15 | 1.11 | 10.9% | - |
| The Hartford Insurance Group, Inc. | HIG | $34.9B | 9.15 | 1.84 | 20.1% | - |
| Huntington Bancshares Incorporated | HBAN | $33.5B |
| - |
| - |
| - |
| - |
| - |
| 15.16 |
| 1.55 |
| 10.2% |
| - |
| Northern Trust Corporation | NTRS | $32.0B | 18.44 | 2.65 | 14.4% | - |
| Arch Capital Group Ltd. | ACGL | $30.9B | 7.02 | 1.32 | 18.8% | - |
| Cboe Global Markets, Inc. | CBOE | $29.9B | 27.21 | 5.83 | 21.4% | 16.83 |
| Raymond James Financial, Inc. | RJF | $29.3B | 13.74 | 2.36 | 17.2% | - |
| Peer Median | - | 11.95 | 1.85 | 18.0% | 10.84 | |