M&T BANK CORP

For the period ended Dec 31, 2025. Filed Feb 18, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 18, 2026

MTB$222.73+2.3%Stored close · as of Nov 9, 2026

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Contents

Parent company financial statements

Parent company financial statements

Condensed Balance Sheet

	December 31,
(Dollars in millions)	2025	2024
Assets
Due from consolidated bank subsidiaries:
Cash and due from banks	$450	$234
Money-market savings	3,340	3,409
Notes receivable	2,750	2,000
Other	20	1
Total due from consolidated bank subsidiaries	6,560	5,644
Investments in consolidated subsidiaries:
Banks	29,003	28,171
Other	414	389
Investments in trust preferred entities (note 18)	16	17
Other assets	159	105
Total assets	$36,152	$34,326
Liabilities
Due to consolidated bank subsidiaries	$22	$14
Accrued expenses and other liabilities	220	142
Long-term borrowings	6,733	5,143
Total liabilities	6,975	5,299
Shareholders’ equity	29,177	29,027
Total liabilities and shareholders’ equity	$36,152	$34,326

Condensed Statement of Income

	Year Ended December 31,
(Dollars in millions, except per share)	2025	2024	2023
Income
Dividends from consolidated subsidiaries	$2,776	$1,306	$2,041
Interest income	116	77	6
Income from BLG	20	48	20
Other	4	4	—
Total income	2,916	1,435	2,067
Expense
Interest expense	370	274	182
Other	42	62	40
Total expense	412	336	222
Income before income taxes and equity in undistributed income of subsidiaries	2,504	1,099	1,845
Income tax credits (a)	67	51	49
Income before equity in undistributed income of subsidiaries	2,571	1,150	1,894
Equity in undistributed income of subsidiaries
Net income of subsidiaries	3,056	2,744	2,888
Less: dividends received	2,776	1,306	2,041
Equity in undistributed income of subsidiaries	280	1,438	847
Net income	$2,851	$2,588	$2,741
Net income per common share:
Basic	$17.10	$14.71	$15.85
Diluted	17.00	14.64	15.79

(a)Income tax credits arise principally from operating losses before dividends from subsidiaries.

Condensed Statement of Cash Flows

	Year Ended December 31,
(Dollars in millions)	2025	2024	2023
Cash flows from operating activities
Net income	$2,851	$2,588	$2,741
Adjustments to reconcile net income to net cash from operating activities:
Equity in undistributed income of subsidiaries	(280)	(1,438)	(847)
Provision for deferred income taxes	(26)	(8)	(5)
Net change in accrued income and expense	55	(5)	32
Net cash from operating activities	2,600	1,137	1,921
Cash flows from investing activities
Net investment in consolidated subsidiaries	—	(30)	(1)
Advances to consolidated subsidiaries	(750)	(2,000)	—
Other, net	93	(64)	(41)
Net cash from investing activities	(657)	(2,094)	(42)
Cash flows from financing activities
Proceeds from long-term borrowings	1,494	2,341	1,998
Payments on long-term borrowings	(34)	(205)	(750)
Proceeds from issuance of Series J preferred stock	—	733	—
Proceeds from issuance of Series K preferred stock	440	—	—
Redemption of Series E preferred stock	—	(350)	—
Purchases of treasury stock	(2,631)	(396)	(594)
Dividends paid — common	(899)	(895)	(868)
Dividends paid — preferred	(146)	(138)	(100)
Other, net	(20)	111	14
Net cash from financing activities	(1,796)	1,201	(300)
Net change in cash and cash equivalents	147	244	1,579
Cash and cash equivalents at beginning of year	3,643	3,399	1,820
Cash and cash equivalents at end of year	$3,790	$3,643	$3,399
Supplemental disclosure of cash flow information
Interest received during the year	$103	$76	$6
Interest paid during the year	300	257	135
Income taxes received during the year	54	51	43

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.