M&T Bank (MTB) Q2 2026 earnings summary

Executive summary

• Achieved record diluted EPS of $5.32 in 2Q26, up 29% sequentially and 25% year-over-year, with net income rising to $818 million, a 23% increase from 1Q26 and 14% from 2Q25.

• Strong performance was driven by growth in commercial, retail, institutional services, and wealth management businesses.

• Return on assets improved to 1.51% and return on common equity to 12.30%.

• Net operating income (non-GAAP) reached $823 million, with net operating EPS at $5.35.

Financial highlights

• Revenues totaled $2.53 billion, up 4% year-over-year and 3.7% sequentially.

• Taxable-equivalent net interest income rose 2% sequentially and 5% year-over-year, reaching $1.8 billion.

• Noninterest income increased 8% both sequentially and year-over-year, supported by higher trust income, trading gains, and a $47 million distribution from BLG.

• Noninterest expense decreased 6% QoQ, mainly due to lower salaries and benefits, but rose 1% YoY.

• Efficiency ratio improved to 52.8%, down 2.4% YoY and from 58.3% in Q1 2026.

Outlook and guidance

• 2026 net interest income expected at $7.2–$7.35 billion; fee income at $2.8–$2.85 billion.

• GAAP expense guidance of $5.5–$5.6 billion, with continued investment in enterprise initiatives.

• Loans projected at $141–$143 billion and deposits at $165–$167 billion.

• CET1 capital ratio expected between 10.0% and 10.5%.

• Management noted forward-looking statements are subject to economic, regulatory, and market risks.