M&T BANK CORP Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
(Dollars in millions, except per share, shares in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Income available to common shareholders: | |||||||||||||||||
| Net income | $ | 2,851 | $ | 2,588 | $ | 2,741 | |||||||||||
| Less: Preferred stock dividends | (146) | (134) | (100) | ||||||||||||||
| Net income available to common equity | 2,705 | 2,454 | 2,641 | ||||||||||||||
Less: Income attributable to unvested stock-based compensation awards | (6) | (5) | (5) | ||||||||||||||
| Net income available to common shareholders | $ | 2,699 | $ | 2,449 | $ | 2,636 | |||||||||||
| Weighted-average shares outstanding: | |||||||||||||||||
Common shares outstanding and unvested stock-based compensation awards | 158,198 | 166,806 | 166,662 | ||||||||||||||
| Less: Unvested stock-based compensation awards | (323) | (327) | (301) | ||||||||||||||
| Weighted-average shares outstanding | 157,875 | 166,479 | 166,361 | ||||||||||||||
| Basic earnings per common share | $ | 17.10 | $ | 14.71 | $ | 15.85 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
(Dollars in millions, except per share, shares in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Net income available to common equity | $ | 2,705 | $ | 2,454 | $ | 2,641 | |||||||||||
Less: Income attributable to unvested stock-based compensation awards | (6) | (5) | (5) | ||||||||||||||
| Net income available to common shareholders | $ | 2,699 | $ | 2,449 | $ | 2,636 | |||||||||||
| Adjusted weighted-average shares outstanding: | |||||||||||||||||
| Common shares outstanding and unvested stock-based compensation awards | 158,198 | 166,806 | 166,662 | ||||||||||||||
| Less: Unvested stock-based compensation awards | (323) | (327) | (301) | ||||||||||||||
Plus: Incremental shares from assumed conversion of stock-based compensation awards | 916 | 840 | 641 | ||||||||||||||
| Adjusted weighted-average shares outstanding | 158,791 | 167,319 | 167,002 | ||||||||||||||
| Diluted earnings per common share | $ | 17.00 | $ | 14.64 | $ | 15.79 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 16, 2022 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.