M&T Bank debt and dilution—

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$18,182M

Cash & equivalents

USD millions

—

Net debt

USD millions

—

Debt / equity

0.65×

Debt / assets

8.29%

Net debt / EBITDA

× · TTM

—

Not applicable to banks and insurers: these ratios use an industrial-company capital model.

Debt / FCF

× · TTM

—

Interest coverage

× · TTM

—

Not applicable to banks and insurers: these ratios use an industrial-company capital model.

Current ratio

—

The reported inputs required for this metric are unavailable in the extracted statements for this period.

Diluted shares

Million shares

146.76M shares

Basic shares

Million shares

145.89M shares

Share count growth

-8.37%

Share repurchases

USD millions

$460M

Quarterly data

M&T Bank capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	18,182	—	—	0.65×	8.29%	—	—	—	—	146.76	145.89	-8.37%	460
FY 2026 Q1	Mar 31, 2026	19,026	—	—	0.68×	8.86%	—	—	—	—	150.11	149.23	-9.12%	1,238
FY 2025 Q4	Dec 31, 2025	13,060	—	—	0.45×	6.12%	—	—	—	—	153.71	152.66	-7.94%	502
FY 2025 Q3	Sep 30, 2025	14,987	—	—	0.52×	7.09%	—	—	—	—	156.55	155.56	-6.67%	404
FY 2025 Q2	Jun 30, 2025	14,451	—	—	0.51×	6.83%	—	—	—	—	160.01	159.22	-4.63%	1,069
FY 2025 Q1	Mar 31, 2025	12,069	—	—	0.42×	5.74%	—	—	—	—	165.05	164.21	-1.35%	656
FY 2024 Q4	Dec 31, 2024	13,665	—	—	0.47×	6.57%	—	—	—	—	166.97	165.84	-0.09%	198
FY 2024 Q3	Sep 30, 2024	14,188	—	—	0.49×	6.7%	—	—	—	—	167.57	166.67	0.46%	198
FY 2024 Q2	Jun 30, 2024	16,083	—	—	0.57×	7.7%	—	—	—	—	167.66	166.95	0.67%	0
FY 2024 Q1	Mar 31, 2024	16,245	—	—	0.6×	7.55%	—	—	—	—	167.08	166.46	-0.76%	0
FY 2023 Q4	Dec 31, 2023	13,517	—	—	0.5×	6.49%	—	3.7×	—	—	166.73	165.98	-3.04%	0
FY 2023 Q3	Sep 30, 2023	13,854.09	—	—	0.53×	6.62%	—	—	—	—	166.57	165.91	-4.98%	0
FY 2023 Q2	Jun 30, 2023	15,324.52	—	—	0.59×	7.38%	—	—	—	—	166.32	165.84	-6.5%	0
FY 2023 Q1	Mar 31, 2023	14,458.19	—	—	0.57×	7.12%	—	—	—	—	168.41	167.73	30.08%	594
FY 2022 Q4	Dec 31, 2022	7,519.49	—	—	0.3×	3.75%	—	1.72×	—	—	172.15	171.19	33.01%	600
FY 2022 Q3	Sep 30, 2022	4,377.14	—	—	0.17×	2.21%	—	—	—	—	175.68	174.61	35.68%	600
FY 2022 Q2	Jun 30, 2022	4,136.68	—	—	0.16×	2.03%	—	—	—	—	178.28	177.37	37.85%	—
FY 2022 Q1	Mar 31, 2022	3,493.89	—	—	0.2×	2.33%	—	—	—	—	129.42	128.95	0.32%	—
FY 2021 Q4	Dec 31, 2021	3,532.42	—	—	0.2×	2.28%	—	1.38×	—	—	128.89	128.7	0.31%	—
FY 2021 Q3	Sep 30, 2021	3,603.94	—	—	0.21×	2.37%	—	—	—	—	128.84	128.69	0.31%	—
FY 2021 Q2	Jun 30, 2021	3,590.68	—	—	0.21×	2.38%	—	—	—	—	128.84	128.67	0.31%	—
FY 2021 Q1	Mar 31, 2021	3,557.46	—	—	0.22×	2.36%	—	—	—	—	128.67	128.54	-0.89%	—
FY 2020 Q4	Dec 31, 2020	4,441.68	—	—	0.27×	3.11%	—	7.2×	—	—	128.38	128.3	-2.44%	0
FY 2020 Q3	Sep 30, 2020	5,505.01	—	—	0.34×	3.97%	—	—	—	—	128.36	128.29	-3.52%	0
FY 2020 Q2	Jun 30, 2020	6,373.59	—	—	0.4×	4.57%	—	—	—	—	128.33	128.28	-5.29%	0
FY 2020 Q1	Mar 31, 2020	6,380.62	—	—	0.4×	5.12%	—	—	—	—	129.76	129.7	-5.94%	373.75
FY 2019 Q4	Dec 31, 2019	7,048.55	—	—	0.45×	5.88%	—	3.23×	—	—	131.55	131.51	-5.89%	282.21
FY 2019 Q3	Sep 30, 2019	12,516.42	—	—	0.79×	9.97%	—	—	—	—	133	132.97	-6.9%	299.96
FY 2019 Q2	Jun 30, 2019	12,266.9	—	—	0.78×	10.09%	—	—	—	—	135.46	135.43	-6.49%	401.98
FY 2019 Q1	Mar 31, 2019	12,078.59	—	—	0.77×	10.06%	—	—	—	—	137.92	137.89	-7.26%	365.63
FY 2018 Q4	Dec 31, 2018	12,843.29	—	—	0.83×	10.69%	—	6.45×	—	—	139.84	139.74	-6.88%	499.83
FY 2018 Q3	Sep 30, 2018	10,450.38	—	—	0.68×	8.95%	—	—	—	—	142.98	142.82	-5.63%	498.5
FY 2018 Q2	Jun 30, 2018	11,621.73	—	—	0.75×	9.81%	—	—	—	—	145	144.83	-5.25%	475.1
FY 2018 Q1	Mar 31, 2018	10,217.18	—	—	0.65×	8.61%	—	—	—	—	148.91	148.69	-3.72%	720.97
FY 2017 Q4	Dec 31, 2017	8,316.53	1,420.89	6,895.64	0.51×	7.01%	—	3.08×	—	—	150.35	150.06	-3.26%	224.21
FY 2017 Q3	Sep 30, 2017	8,577.65	1,368.25	7,209.39	0.53×	7.12%	—	—	—	—	151.69	151.35	-2.67%	224.72
FY 2017 Q2	Jun 30, 2017	7,649.58	1,345.48	6,304.1	0.47×	6.33%	—	—	—	—	153.28	152.86	-3.13%	224.89
FY 2017 Q1	Mar 31, 2017	8,087.62	1,286.96	6,800.66	0.5×	6.56%	—	—	—	—	154.95	154.43	-2.71%	532.07
FY 2016 Q4	Dec 31, 2016	9,657.28	1,320.55	8,336.73	0.59×	7.82%	—	8.98×	—	—	155.7	155.12	3.4%	37.33
FY 2016 Q3	Sep 30, 2016	10,211.16	1,332.2	8,878.96	0.62×	8.05%	—	—	—	—	156.03	155.49	17.24%	350
FY 2016 Q2	Jun 30, 2016	10,328.75	1,284.44	9,044.31	0.63×	8.34%	—	—	—	—	158.34	157.8	19.23%	154
FY 2016 Q1	Mar 31, 2016	10,341.04	1,178.18	9,162.86	0.63×	8.3%	—	—	—	—	159.18	158.73	20.21%	100
FY 2015 Q4	Dec 31, 2015	12,786.04	1,368.04	11,418	0.79×	10.41%	—	7.7×	—	—	150.72	150.03	14.13%	—
FY 2015 Q3	Sep 30, 2015	10,174.29	1,249.7	8,924.59	0.79×	10.4%	—	—	—	—	133.38	132.63	1.04%	—
FY 2015 Q2	Jun 30, 2015	10,175.91	1,350.86	8,825.05	0.8×	10.48%	—	—	—	—	133.12	132.36	1.15%	—
FY 2015 Q1	Mar 31, 2015	10,509.14	1,366.85	9,142.29	0.84×	10.68%	—	—	—	—	132.77	132.05	1.41%	—
FY 2014 Q4	Dec 31, 2014	9,199.64	1,373.36	7,826.28	0.75×	9.52%	—	8.97×	—	—	132.28	131.45	1.5%	—
FY 2014 Q3	Sep 30, 2014	9,061.39	1,523.64	7,537.75	0.73×	9.32%	—	—	—	—	132.13	131.27	1.62%	—
FY 2014 Q2	Jun 30, 2014	7,391.93	1,917.44	5,474.5	0.61×	8.14%	—	—	—	—	131.83	130.86	2.03%	—
FY 2014 Q1	Mar 31, 2014	6,251.2	1,763.12	4,488.08	0.53×	7.06%	—	—	—	—	131.13	130.21	1.99%	—
FY 2013 Q4	Dec 31, 2013	5,369.33	1,672.93	3,696.39	0.47×	6.3%	—	6.69×	—	—	130.47	129.5	2.03%	—
FY 2013 Q3	Sep 30, 2013	5,121.33	2,059.75	3,061.57	0.46×	6.07%	—	—	—	—	130.27	129.17	2.66%	—
FY 2013 Q2	Jun 30, 2013	5,122.4	1,474.5	3,647.9	0.48×	6.15%	—	—	—	—	129.02	128.25	2.2%	—
FY 2013 Q1	Mar 31, 2013	5,394.56	1,826.07	3,568.5	0.52×	6.51%	—	—	—	—	128.64	127.67	1.96%	—
FY 2012 Q4	Dec 31, 2012	5,682.24	1,986.62	3,695.63	0.56×	6.85%	—	13.93×	—	—	127.8	126.92	—	—
FY 2012 Q3	Sep 30, 2012	4,969.54	1,622.93	3,346.61	0.5×	6.13%	—	—	—	—	126.29	125.82	1%	—
FY 2012 Q2	Jun 30, 2012	5,687.87	1,422.83	4,265.04	0.59×	7.04%	—	—	—	—	125.9	125.49	2.71%	—
FY 2012 Q1	Mar 31, 2012	6,526.53	1,344.09	5,182.44	0.69×	8.24%	—	—	—	—	125.62	125.22	5.05%	—
FY 2011 Q4	Dec 31, 2011	6,736.25	1,452.4	5,283.85	0.73×	8.64%	—	—	—	—	—	—	—	—
FY 2011 Q3	Sep 30, 2011	6,891.78	1,354.06	5,537.73	0.74×	8.85%	—	—	—	—	124.86	124.58	5.29%	—
FY 2011 Q2	Jun 30, 2011	7,243.97	1,332.92	5,911.05	0.78×	9.32%	—	—	—	—	122.8	122.18	3.5%	—
FY 2011 Q1	Mar 31, 2011	7,368.9	982.31	6,386.59	0.87×	10.86%	—	—	—	—	119.85	119.2	1.22%	—
FY 2010 Q4	Dec 31, 2010	7,921.03	933.76	6,987.27	0.95×	11.64%	—	—	—	—	—	—	—	—
FY 2010 Q3	Sep 30, 2010	9,061.09	1,089.33	7,971.76	1.1×	13.28%	—	—	—	—	119.16	118.32	0.81%	—
FY 2010 Q2	Jun 30, 2010	9,255.53	1,055.89	8,199.64	1.14×	13.58%	—	—	—	—	118.88	118.05	4.27%	—
FY 2010 Q1	Mar 31, 2010	10,065.89	1,043.67	9,022.23	1.27×	14.71%	—	—	—	—	118.26	117.77	—	—
FY 2009 Q4	Dec 31, 2009	10,470.91	1,246.34	9,224.56	1.35×	15.2%	—	—	—	—	—	—	—	—
FY 2009 Q3	Sep 30, 2009	10,354.39	1,373.71	8,980.68	1.36×	15.01%	—	—	—	—	117.55	117.37	—	—
FY 2009 Q2	Jun 30, 2009	11,568.24	1,150.73	10,417.51	1.56×	16.55%	—	—	—	—	113.52	113.22	—	—

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · MTB, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.