Management has demonstrated a commitment to capital return, evidenced by $1.2 billion in share buybacks during 2026Q1, despite the complexities introduced by significant quarterly fluctuations in provision expenses.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 3.38B | 3B | 3.61B | 3.9B | 4.57B | 2.71B | 789.19M | 2.36B | 2.09B | 2.78B | 1.18B | 1.74B | 1.1B | 932.32M | 499.98M | 1.77B | 1.68B | 1.19B | 1.63B | 1.33B | 539.86M | 298.37M | 724.37M | 1.24B | 638.42M | 154.3M | 346.64M | 606.6M | 36.6M | 359.4M | 234.2M |
| Operating CF Growth % | 3627.91% | -16.81% | -7.55% | -14.63% | 68.47% | 244.02% | -66.53% | 12.81% | -24.88% | 135.08% | -32.08% | 58.54% | 17.88% | 86.47% | -71.79% | 5.76% | 40.88% | -26.96% | 22% | 147.24% | 80.94% | -58.81% | -41.4% | 93.63% | 313.75% | -55.49% | -42.85% | 1557.38% | -89.82% | 53.46% | 115.85% |
| Net Income | 2.93B | 2.85B | 2.59B | 2.74B | 1.99B | 1.86B | 1.35B | 1.93B | 1.92B | 1.41B | 1.32B | 1.08B | 1.07B | 1.14B | 1.03B | 859.48M | 736.16M | 379.89M | 555.89M | 654.26M | 839.19M | 782.18M | 722.52M | 573.94M | 485.09M | 378.07M | 286.16M | 265.6M | 208M | 176.2M | 151.1M |
| Depreciation & Amortization | 465M | 498M | 508M | 497M | 435M | 324.21M | 320.29M | 301.31M | 179M | 197.13M | 200.59M | 175.35M | 198.73M | 203.74M | 204.56M | 197.78M | 182.36M | 190.92M | 185.79M | 178.16M | 175.93M | 173.75M | 196.07M | 191.66M | 129.79M | 193.94M | 124.13M | 97M | 79.6M | 42.4M | 36.3M |
| Deferred Taxes | -18M | 0 | -27M | -97M | -30M | 87.16M | -31.29M | 57.55M | 15.86M | 400.79M | 174.01M | 396.6M | 92.85M | 139.78M | 131.86M | 33.92M | 51.07M | 82.5M | -17.02M | -44.67M | -68.25M | -88.07M | -137.6M | -60.91M | -25.46M | -21.63M | -5.91M | 1.8M | -3M | -7.3M | -3.9M |
| Other Non-Cash Items | 284M | -76M | 620M | 400M | 372M | -77.09M | 801.57M | 215.23M | 133.27M | 129.96M | 147.81M | 111.27M | 123.73M | 75.03M | 260.92M | 253.51M | 458.68M | 775.14M | 577.12M | 326.28M | 74.8M | 111.07M | 88.61M | 486M | 112M | -363.51M | -48.74M | 242.5M | 47M | 149.1M | 52.2M |
| Working Capital Changes | -418M | -406M | -79M | 364M | 1.8B | 521.72M | -1.65B | -145.68M | -156.36M | 645.75M | -654.12M | -20.47M | -382.52M | -624.7M | -1.13B | 427.55M | 247.38M | -239.06M | 326.64M | 220.72M | -481.81M | -680.56M | -145.24M | 45.45M | -62.99M | -32.58M | -8.99M | -300K | -295M | -1M | -1.5M |
| Cash from Investing | -9.55B | -6.82B | -550M | -7.87B | 16.59B | -13.63B | -22.02B | 727.01M | -1.41B | 3.39B | -720.77M | 7.71B | -11.71B | -2.2B | -4.06B | 368.93M | 475.41M | 2.5B | -2.26B | -4.78B | -366.7M | -1.58B | -3.96B | -278.53M | -1.58B | -445.09M | -560.05M | 6.8M | -786.3M | -1.02B | -927.5M |
| Purchase of Investments | -12.78B | -9.38B | -14.94B | -4.5B | -9.57B | -2.31B | -48.58M | -1.5B | -1.29B | -1.81B | -3.78B | -3.74B | -5.42B | -2.18B | -327.12M | -3.55B | -1.45B | -710.09M | -1.32B | -2.39B | -867.3M | -2.26B | -5.06B | -3.74B | -2.24B | -564.68M | -458.42M | -233.9M | -910.8M | -686.3M | -593.2M |
| Sale/Maturity of Investments | 5.88B | 6.85B | 8.01B | 2.93B | 2.55B | 2.07B | 2.59B | 4.95B | 3.13B | 3.37B | 3.08B | 8.89B | 1.49B | 2.42B | 2.04B | 3.62B | 1.92B | 2.55B | 2.17B | 2.39B | 1.95B | 2.35B | 3.79B | 2.86B | 2.34B | 1.34B | 1.27B | 1.21B | 1.4B | 561.9M | 792.4M |
| Net Investment Activity | -6.9B | -2.54B | -6.94B | -1.57B | -7.01B | -243M | 2.54B | 3.45B | 1.83B | 1.56B | -702.76M | 5.15B | -3.93B | 233.28M | 1.72B | 70.71M | 466.31M | 1.84B | 857.26M | 761K | 1.08B | 83.84M | -1.27B | -880.51M | 95.98M | 773.1M | 811.52M | 979M | 488M | -124.4M | 199.2M |
| Acquisitions | -683M | -683M | 0 | 0 | 394M | 0 | 0 | 0 | 0 | 0 | 0 | -1.93B | 0 | 0 | 0 | -151.06M | 213.2M | 202.99M | 0 | -239.01M | 0 | 0 | 0 | 2.13B | -2.65M | -61.74M | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 310M | -2.4B | 6.6B | -6.05B | 23.43B | -13.24B | -24.39B | -2.55B | -3.15B | 1.91B | 89.69M | 4.58B | -7.71B | -2.31B | -5.68B | 519.29M | -133.64M | 517.74M | -3.05B | -4.49B | -1.36B | -1.58B | -2.6B | -1.5B | -1.66B | -1.13B | -1.35B | -949.3M | -1.26B | -880.8M | -1.11B |
| Cash from Financing | 994M | 1.8B | -2.88B | 4.18B | -20.98B | 10.7B | 21.35B | -3.25B | -495.25M | -6.08B | -510.13M | -9.46B | 10.31B | 957.57M | 4.1B | -1.62B | -2.46B | -4.01B | 435.95M | 3.59B | -38.65M | 1.4B | 2.7B | -341.97M | 1.22B | 530.02M | -255.38M | -99.9M | 1.09B | 596M | 779.2M |
| Dividends Paid | -1.05B | -1.04B | -1.03B | -968M | -881M | -648M | -636.37M | -619.59M | -582.9M | -530.14M | -523.16M | -456.29M | -441.43M | -418.8M | -411.17M | -398.33M | -375.53M | -357.65M | -308.5M | -281.9M | -249.82M | -198.62M | -187.67M | -135.42M | -96.86M | -95.87M | -51.99M | -35.1M | -29M | -21.2M | -19.5M |
| Share Repurchases | -3.21B | -2.63B | -746M | -594M | -1.8B | -495M | -373.75M | -1.73B | -2.19B | -1.21B | -1.14B | -3.27B | 0 | 0 | 0 | -370M | 0 | -1.55B | 0 | -508.4M | -373.86M | -509.61M | -610.26M | 0 | -240.31M | -323.74M | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 440M | 440M | 733M | 0 | 0 | 495M | 0 | 396M | 0 | 0 | 495M | 3.11B | 346.5M | 0 | 0 | 495M | 0 | 272.82M | 600M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -2.77B | -2.19B | -13M | -594M | -1.8B | 0 | -373.75M | -1.34B | -2.19B | -1.21B | -646.33M | -163.01M | 346.5M | 0 | 0 | 125M | 0 | -1.27B | 600M | -508.4M | -373.86M | -509.61M | -610.26M | 0 | -240.31M | -323.74M | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 2M | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K |
| Other Financing | -2.22B | 5.79B | -2.07B | -230M | -21.01B | 11.71B | 25.03B | 4.59B | -2.26B | -3.06B | 3.72B | 574.16M | 6.56B | 1.65B | 6.29B | 773.83M | 1.95B | -519.81M | 1.32B | -965.78M | 1.94B | 1.79B | 2.41B | 590.66M | 145.24M | -4.92M | -286.9M | -497.8M | -174.3M | 763.1M | 1.04B |
| Net Change in Cash | -4.63B | -2.01B | 178M | 211M | 182.67M | -215M | 116.44M | -169.13M | 184.55M | 100.34M | -47.49M | -5.32M | -299.58M | -313.68M | 534.22M | 518.64M | -312.59M | -321.81M | -199.4M | 142.58M | 134.5M | 126.66M | -535.98M | 615.65M | 277.38M | 239.23M | -468.79M | 513.4M | 336M | -63.1M | -364.1M |
| Exchange Rate Effect | 546M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 0 | 0 |
| Cash at Beginning | 18.77B | 20.78B | 1.73B | 1.52B | 1.34B | 1.55B | 1.44B | 1.61B | 1.42B | 1.32B | 1.37B | 1.37B | 1.67B | 1.99B | 1.45B | 933.75M | 1.25B | 1.57B | 1.77B | 1.62B | 1.49B | 1.36B | 1.9B | 1.28B | 1.01B | 767.52M | 1.24B | 722.9M | 386.9M | 450M | 1.44B |
| Cash at End | 16.35B | 18.77B | 1.91B | 1.73B | 1.52B | 1.34B | 1.55B | 1.44B | 1.61B | 1.42B | 1.32B | 1.37B | 1.37B | 1.67B | 1.99B | 1.45B | 933.75M | 1.25B | 1.57B | 1.77B | 1.62B | 1.49B | 1.36B | 1.9B | 1.28B | 1.01B | 767.52M | 1.24B | 722.9M | 386.9M | 1.14B |
| Interest Paid | 3.45B | 3.52B | 4.32B | 2.69B | 429M | 139M | 372.29M | 735.79M | 516.23M | 405.29M | 498.95M | 400.33M | 257.55M | 301.73M | 371.89M | 440.81M | 490.77M | 704.17M | 1.36B | 1.68B | 1.44B | 964.55M | 589.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 278M | 529M | 236M | 452M | 488M | 314M | 275.56M | 320.51M | 375.12M | 494.2M | 276.87M | 378.66M | 411.91M | 389.01M | 405.6M | 251.81M | 287.74M | 19.55M | 290.32M | 370.1M | 345.76M | 472.77M | 453.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 3.25B | 2.86B | 3.39B | 3.65B | 4.36B | 2.57B | 616.9M | 2.18B | 1.99B | 2.7B | 1.08B | 1.66B | 1.03B | 802.76M | 408.46M | 1.7B | 1.61B | 1.13B | 1.53B | 1.23B | 447.89M | 221.46M | 634.81M | 1.2B | 621.59M | 130.56M | 327.86M | 583.7M | 19.8M | 346.1M | 213.9M |
| FCF Growth % | -5.19% | -15.73% | -6.99% | -16.29% | 69.91% | 315.91% | -71.7% | 9.4% | -26.3% | 151.27% | -35.22% | 61.86% | 27.79% | 96.53% | -76% | 6.05% | 42% | -26.2% | 25.04% | 173.51% | 102.25% | -65.11% | -47.3% | 93.78% | 376.08% | -60.18% | -43.83% | 2847.98% | -94.28% | 61.8% | 135.05% |
CRE portfolio concentration
Based on reported financial data, M&T Bank has demonstrated consistent earnings generation, with net income reaching $664 million in 2026Q1, providing a stable foundation for capital retention despite the ongoing integration costs associated with the People's United acquisition and broader regional economic pressures in the Northeast.
The bank's ability to maintain positive net income across the observed ten-quarter period suggests a resilient core earnings power that supports its regulatory capital position. Investors should monitor whether the bank's decentralized operating model continues to generate sufficient organic capital to fund growth without necessitating external financing.
As indicated by recent SEC filings, M&T Bank has actively managed its discretionary portfolio, with 2026Q1 showing $6.5 billion in purchases against $4.3 billion in sales, reflecting a dynamic approach to liquidity management and yield optimization within the bank's broader investment securities strategy.
The frequent turnover in the investment portfolio suggests management is actively adjusting duration and yield profiles in response to interest rate volatility. This activity warrants further investigation to determine if the bank is successfully rotating into higher-yielding assets or merely managing short-term liquidity requirements.
According to the provided cash flow statements, M&T Bank returned significant capital to shareholders, including $1.2 billion in buybacks during 2026Q1, signaling management's confidence in the bank's capital adequacy despite the potential for elevated provisioning requirements within its commercial real estate loan portfolio.
The bank's commitment to buybacks, alongside a consistent dividend payout, appears to reflect a balanced approach to capital allocation. However, the sustainability of these returns may be tested if the bank is forced to increase reserves for its CRE exposure, which could constrain future discretionary capital distributions.
Based on the reported figures, M&T Bank's provision for credit losses has exhibited significant variance, highlighted by a $794 million negative provision in 2025Q3, which complicates the interpretation of cash flow quality and the bank's underlying credit risk management under the CECL accounting standard.
This volatility in provisioning suggests that the bank's cash flow from operations is heavily influenced by accounting adjustments rather than purely operational cash generation. Analysts should be cautious in using OCF/NI ratios as a proxy for performance, as these figures appear distorted by periodic reserve releases.
Quick answers to the most common questions about buying MTB stock.
M&T Bank Corporation (MTB) generated $3.00B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
M&T Bank Corporation (MTB) generated $2.86B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
M&T Bank Corporation (MTB) spent $1.19B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, M&T Bank Corporation (MTB) returned $1.04B to shareholders via cash dividends and spent $2.63B on share repurchases. This shows the company's commitment to returning capital to its equity investors.