M&T Bank Corporation

MTBNYSEFinancial Services● Active

$222.63

+$0.19(+0.09%)

Market Cap$32.6B

P/E Ratio—

52W High$239

52W Low$174.76

Avg Volume1.1M

Open$223.12

Beta0.59

Free Cash Flow Financials Revenue

M&T Bank Corporation (MTB) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

MTB · free cash flow · updated Jun 8, 2026

Core FCF metrics

MTB · FCF · TTM · margin & CAGR

Free cash flow was $2.86B for FY2025 (fiscal year ending 2025-12-31), down 15.7% year-over-year The FCF margin was 23.2%. Five-year CAGR stands at +35.9%.

FY2025 Free Cash Flow$2.86B▼ -15.7% YoY

Trailing 12M (TTM)$3.25Btrailing 4 quarters sum

FCF Margin23.2%$2.86B ÷ revenue

3-Year CAGR-13.1%FY2022 → FY2025

5-Year CAGR+35.9%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

MTB · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$3.00B(143M)$2.86B▼ 15.7%23.2%

FY2024$3.61B(216M)$3.39B▼ 7.0%25.3%

FY2023$3.90B(256M)$3.65B▼ 16.3%29.2%

FY2022$4.57B(214M)$4.36B▲ +69.9%51.7%

FY2021$2.71B(149M)$2.57B▲ +315.9%42.2%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

MTB · P/FCF · FCF yield · FCF per share

M&T Bank Corporation (MTB) trades at a FCF yield of 9.99% and a price-to-free-cash-flow ratio of 11.2x. FCF per share stands at $19.92, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

9.99%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$19.92

TTM FCF ÷ Shares Outstanding

Price / FCF

x11.2

Share Price ÷ FCF per Share

EV / FCF (TTM)

x10.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

MTB · cash flow statement · operating / investing / financing

For FY2025, M&T Bank Corporation generated $3.00B in operating cash flow and spent 143M in capital expenditures, yielding $2.86B in free cash flow.

Operating Activities

+$3.00B

Cash from core business operations

2025-12-31

Investing Activities

−$6.82B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$1.80B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($3.00B) − |CapEx| (143M) = FCF ($2.86B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

MTB vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

M&T Bank CorporationYOU

MTB

$2.86B-15.7%23.2%

Berkshire Hathaway Inc.

BRK-B

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

M&T Bank Corporation (MTB) reported free cash flow of $2.86B for FY2025 (fiscal year ending 2025-12-31), down 15.7% year-over-year. The FCF margin was 23.2%.

Based on available data, M&T Bank Corporation has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $4.36B in FY2022. The 5-year CAGR stands at +35.9%.

M&T Bank Corporation's FCF yield is 9.99% and price-to-FCF ratio is 11.2x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

MTB free cash flow · 8 questions

M&T Bank Corporation free cash flow was $2.86B for FY2025, down 15.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $3.25B.

MTB free cash flowMTB FCFMTB FCF 2025MTB free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · M&T Bank Corporation · M&T Bank Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026