M&T Bank (MTB) Q4 2025 earnings summary

Executive summary

• Achieved record net income of $2.85 billion and record EPS of $17.00 for 2025, up 16% year-over-year, with top quartile return on tangible assets over 1.4%.

• Fourth quarter 2025 net income was $759 million, with diluted EPS of $4.67, up 21% year-over-year.

• Expanded presence in key markets, launched new business banking solutions, and deepened community engagement.

• Recognized for industry leadership, including top rankings in executive, board, and ESG categories.

• Prioritized operational excellence and unified growth strategies for 2026.

Financial highlights

• Full-year 2025 revenues reached $9.69 billion, up from $9.28 billion in 2024; net income rose to $2.85 billion.

• Fee income grew 13% year-over-year to a record $2.7 billion, with fee mix rising to over 28% of revenue.

• Net interest margin for Q4 2025 was 3.69%, up 11 basis points year-over-year and 1 basis point sequentially.

• Efficiency ratio improved to 56% for the year and 55.1% in Q4.

• Tangible book value per share increased 7% year-over-year to $117.45.

Outlook and guidance

• 2026 net interest income expected at $7.2–$7.35 billion, with net interest margin in the low 3.70s.

• Full-year average loans projected at $140–$142 billion; average deposits at $165–$167 billion.

• Non-interest income guidance of $2.675–$2.775 billion; non-interest expense of $5.5–$5.6 billion.

• Charge-offs expected near 40 basis points for 2026; CET1 ratio target of 10.25%–10.5%.

• ROTCE expected to remain around 16% in 2026, with a goal of 17% by 2027.