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M&T Bank (MTB) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · M&T Bank (MTB) Q3 2026 earnings results →

Q3 2026 Revenue up 1% year over year to $2.5B · 31¢ of every $1 of revenue kept as net profit · operating margin 39.7%

M&T Bank made $2.5B in Q3 2026 (+0.9% Y/Y). Operating margin 39.7%, net earnings $775M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$2.5B
Year over year+0.9%
Operating margin39.7%
Net earnings$775M
Operating cash flow$1.3B

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M&T Bank Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
M&T Bank Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.5B in Q3 2026, up 1% year over year and roughly flat from the previous quarter.

Operating profit was $1.0B, a 39.7% margin (down 1.0 points year over year). Operating profit fell $0.02B even though revenue rose $0.02B versus Q3 2025, so costs grew faster than sales. Total costs grew 3% against revenue growth of 1%. Net earnings were $0.78B, down 2% year over year. The effective tax rate was 23.1%.

Operating cash flow was $1.3B (up 25% year over year), 162% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization. Working capital and other items added $0.40B.

Quarterly history

M&T Bank revenue by quarterM&T Bank revenue by quarter$2.3BQ1 2025$2.4BQ2 2025$2.5BQ3 2025$2.5BQ4 2025$2.4BQ1 2026$2.5BQ2 2026$2.5BQ3 2026
M&T Bank net earnings by quarterM&T Bank net earnings by quarter$584MQ1 2025$716MQ2 2025$792MQ3 2025$759MQ4 2025$664MQ1 2026$818MQ2 2026$775MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$2.5B+0.9%39.7%$775M$1.3B
Q2 202610-QAug 4, 2026$2.5B+6%42.0%$818M$1.3B
Q1 202610-QMay 5, 2026$2.4B+6%35.4%$664M$1.0B
Q4 202510-KFeb 18, 2026$2.5B+4%39.2%$759M$523M
Q3 202510-QOct 27, 2025$2.5B+8%40.8%$792M$1.0B
Q2 202510-QAug 4, 2025$2.4B+4%39.0%$716M$844M
Q1 202510-QMay 5, 2025$2.3B+2%33.0%$584M$635M

Charts

M&T Bank: revenue growth, year over year and quarter over quarterM&T Bank: revenue growth, year over year and quarter over quarterY/YQ/Q+2%Q1 2025+4%+4%Q2 2025+8%+5%Q3 2025+4%-2%Q4 2025+6%-1%Q1 2026+6%+4%Q2 2026+1%+0%Q3 2026
Latest (Q3 2026): Y/Y +1%, Q/Q +0%.
M&T Bank: where the cash came from (+) and went (−), TTM to Q3 2026M&T Bank: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$13.1BOther financing$8.9BOperating cash flow$4.1BCash drawn (+) / kept (−)$2.6BBuybacks−$2.5BNet borrowing (+) / repaid (−)$1.0BDividends−$889M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
M&T Bank: profit against cash, quarter by quarterM&T Bank: profit against cash, quarter by quarterNet incomeOperating cash flow$681M$1.7BQ4 2024$584M$635MQ1 2025$716M$844MQ2 2025$792M$1.0BQ3 2025$759M$523MQ4 2025$664M$1.0BQ1 2026$818M$1.3BQ2 2026$775M$1.3BQ3 2026
Latest (Q3 2026): Net income $775M, Operating cash flow $1.3B.
M&T Bank: diluted shares by fiscal yearM&T Bank: diluted shares by fiscal year129MFY2020129MFY2021164MFY2022167MFY2023167MFY2024159MFY2025
+23.4% since FY2020: more shares outstanding (issuance, stock pay).
M&T Bank: long-term debt falling due (FY2025)M&T Bank: long-term debt falling due (FY2025)$15.0M2026$992M2027$2.6B2028$1.8B2029$411M2030$5.1BLater
Cash $18.8B, short-term investments —, long-term debt $10.9B at 2025-12-31.
M&T Bank in its industry: growth against margin (133 companies, SIC 6022)M&T Bank in its industry: growth against margin (133 companies, SIC 6022)revenue growth, year over year →↑ operating marginmedian +9%median 40%BNYSTTFITBFCNCAALLYCFGNTRSWALBPOPEWBCWTFCCOLBSSBCBSHASBHWCAUBGBCIUBSIABCBHTHHOMBUCBRNSTFBPCATYFIBKCUBIFHBIBOCMBINSBCFBOHCVBFBUSEEFSCOFGLOBFBKFFINSFBSMCHBCCBFBNCGABCBYSYBTPEBOTCBKOBKSTBAFMBHRBCAACNOBAMALMCBQCRHOSBCFMNBBFSTUVSPTMPCCNEMSBIHBTEQBKCTBICPFTHFFMPBSBSIMBWMLKFNIBCPEGBNSPFIWASHCCBGCOFSCWBCHBIAACNBGSBCFSBCTRSTCIVBFCBCMCBSFBIZINBKBWBCBANMVBFBSRRCZNCCFFIRBBISTRUNTYBWFGBMRCRRBIPCBFCBMCHMGCZFSNWFLWTBAMYFWAVBHOPBKUSCBFCCOEBMTCOSOFXNCPKBKISBAPEBKBPRNBRBSHNVRMNSBFVCBCCFNSBFGJMSBBOTJNWPPFUSBAUBNJUVFMTB (+1%, 40%)
State Commercial Banks; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About M&T Bank

M&T is a New York business corporation that has elected to be treated as an FHC under the BHCA and is a BHC under Article III-A of the New York Banking Law. M&T was incorporated in November 1969. At December 31, 2025, M&T had two wholly-owned bank subsidiaries: M&T Bank and Wilmington Trust, N.A. The banks collectively offer a wide range of retail and commercial banking, wealth management, trust and institutional services to their customers. The Company had consolidated total assets of $213.5 billion, deposits of $166.9 billion and shareholders’ equity of $29.2 billion at December 31, 2025. The principal executive offices of M&T and M&T Bank are located in Buffalo, New York.

In its own words, from its 10-K, filed Feb 18, 2026.

M&T Bank against its State Commercial Banks peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.9% against the peers' median +10%. Operating margin: 39.7% against the peers' median 34.6%.

CompanyQuarterRevenueY/YOp. margin
MTB M&T BankQ3 2026$2.5B+0.9%39.7%
BNY Bank of New York MellonQ3 2026$5.7B+12%38.5%
STT State StreetQ3 2026$4.0B+13%34.7%
FITB Fifth Third BancorpQ3 2026$3.3B+42%33.8%
FCNCA First Citizens BancsharesQ3 2026$2.4B0%33.1%
ALLY Ally FinancialQ3 2026$2.3B+8%24.3%
CFG Citizens Financial GroupQ3 2026$2.3B+10%34.6%
NTRS Northern TrustQ3 2026$2.3B+13%34.7%
WAL Western Alliance BancorporationQ3 2026$1.0B+8%33.4%

Source: M&T Bank 10-Q on SEC EDGAR · CIK 36270 · State Commercial Banks

Guidance and outlook

M&T Bank: what its forward-looking statements are about (10-Q filed 2026-11-05)M&T Bank: what its forward-looking statements are about (10-Q filed 2026-11-05)The economy9Other4Financing2Legal & regulation1Demand1Costs1
18 statements; tone -0.22 (−1 all cautious, +1 all confident); 3 hedged.
M&T Bank: outlook statements against the filing beforeM&T Bank: outlook statements against the filing beforeConfident1Cautious5

13F: who owns MTB and who is buying

Largest holders of MTB (13F)Largest holders of MTB (13F)Vanguard Group$3.9BBlackRock$3.1BFMR LLC$3.0BWellington Management Group LLP$2.3BVanguard Capital Management LLC$2.3BState Street$1.7BVanguard Portfolio Management LLC$1.7BGeode Capital Management, LLC$1.0BState Farm Mutual Automobile Insu…$981MInvesco$958M
Funds' net buying of MTB by quarter (13F)Funds' net buying of MTB by quarter (13F)$571M2024-09−$14.5M2024-12−$574M2025-03−$458M2025-06−$15.8M2025-09$89.3M2025-12$25.7M2026-03−$614M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MTB

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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