Filing Flows

Filing Flows › Companies › M&T Bank › Cash flow

M&T Bank cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.3B in Q3 2026 · $4.1B over twelve months

Operating cash flow$1.3B
Free cash flow+$1.3B
Cash / net income1.6×

Analysis

In Q3 2026, M&T Bank generated $1.3B of operating cash flow. That is $253M more than in Q3 2025 ($1.0B).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.1B; the largest uses were other investing ($13.1B), buybacks ($2.5B), dividends ($889M); besides operations, cash came from other financing ($8.9B), net borrowing (+) / repaid (−) ($1.0B); the cash balance fell by $2.6B.

Operating cash flow was $1.3B against net income of $775M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: other operating capital +$179M, depreciation & amortization +$79.0M, deferred taxes −$22.0M.

Free cash flow

M&T Bank: free cash flow by quarterM&T Bank: free cash flow by quarter$1.7BQ4 2024$635MQ1 2025$844MQ2 2025$1.0BQ3 2025$523MQ4 2025$1.0BQ1 2026$1.3BQ2 2026$1.3BQ3 2026
Operating cash flow less capital spending.
M&T Bank: operating cash flow against capital spendingM&T Bank: operating cash flow against capital spendingOperating cash flowCapital spending$1.7B$0Q4 2024$635M$0Q1 2025$844M$0Q2 2025$1.0B$0Q3 2025$523M$0Q4 2025$1.0B$0Q1 2026$1.3B$0Q2 2026$1.3B$0Q3 2026
Latest (Q3 2026): Operating cash flow $1.3B, Capital spending $0.

Capital allocation, year by year

M&T Bank: where the cash came from (up) and went (down), by fiscal yearM&T Bank: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.7BFY2021: Net borrowing −$843MFY2021: Shares issued $495MFY2021: Capital spending −$149MFY2021: Dividends −$580M$3.2BFY2021FY2022: Operating cash flow $4.6BFY2022: Net borrowing $92.0MFY2022: Shares issued $37.0MFY2022: Capital spending −$214MFY2022: Acquisitions $394MFY2022: Buybacks −$1.8BFY2022: Dividends −$784M$5.1BFY2022FY2023: Operating cash flow $3.9BFY2023: Net borrowing $4.2BFY2023: Shares issued $32.0MFY2023: Capital spending −$256MFY2023: Buybacks −$594MFY2023: Dividends −$868M$8.1BFY2023FY2024: Operating cash flow $3.6BFY2024: Net borrowing $4.5BFY2024: Shares issued $871MFY2024: Buybacks −$396MFY2024: Dividends −$895M$9.0BFY2024FY2025: Operating cash flow $3.0BFY2025: Net borrowing −$1.8BFY2025: Shares issued $19.0MFY2025: Buybacks −$2.6BFY2025: Dividends −$899M$3.0BFY2025
Over these 5 years operating cash flow totalled $17.8B; the largest uses were buybacks ($5.4B) and dividends ($4.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$16.1B
Debt$20.0B
Net debt$3.9B
Due within a year$15.0M

M&T Bank funds itself: free cash flow was $4.1B over the last twelve months, and $16.1B of cash and investments stands against $20.0B of debt ($15.0M due within a year, 1075.9× covered by cash).

M&T Bank: debt maturities by year (FY2025)M&T Bank: debt maturities by year (FY2025)$15.0MYear 1$992MYear 2$2.6BYear 3$1.8BYear 4$411MYear 5$5.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $16.1B of cash and investments now.

Where the cash came from and went

M&T Bank: sources (+) and uses (−) of cash, Q3 2026M&T Bank: sources (+) and uses (−) of cash, Q3 2026Other investing−$3.2BCash drawn (+) / kept (−)$1.3BOperating cash flow$1.3BOther financing$934MBuybacks−$319MNet borrowing (+) / repaid (−)$263MDividends−$216M
M&T Bank: sources (+) and uses (−) of cash, TTM to Q3 2026M&T Bank: sources (+) and uses (−) of cash, 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 profit to cash

M&T Bank: net income to operating cash flow, Q3 2026M&T Bank: net income to operating cash flow, Q3 2026Net income$775MDepreciation & amortization$79.0MDeferred taxes−$22.0MImpairments$2.0MOther operating capital$179MOperating cash flow$1.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.3B−$319M−$216M$263M$1.3B$1.3B
Q2 2026$1.3B−$460M−$218M$2.4B−$1.1B$1.3B
Q1 2026$1.0B−$1.2B−$227M$296M$2.4B$1.0B
Q4 2025$523M−$502M−$228M−$2.0B−$68.0M$523M
Q3 2025$1.0B−$404M−$233M$532M$2.7B$1.0B
Q2 2025$844M−$1.1B−$213M$1.8B$1.3B$844M
Q1 2025$635M−$656M−$225M−$2.2B−$2.0B$635M
Q4 2024$1.7B−$198M−$224M$1.2B$9.5B$1.7B

M&T Bank: income statement and cash flow

M&T Bank, Q3 2026: revenue $2.5B (+0.9% year over year), operating margin 39.7%. The chart follows the revenue to costs, profit and cash.

M&T Bank: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.