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M&T Bank cash flow statement

In fiscal 2025, M&T Bank's operations generated $3.00bn of cash; it spent $0 on capital projects, leaving free cash flow of $3.00bn. It returned $899m in dividends and $2.63bn through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations1,1891,6761,7725009321,0991,7421,1832,7822,0902,3587892,7154,5743,9053,6103,0033,804
Depreciation and amortisation————919699107110105———282304316323315
Stock-based pay54545657556567656166768085111118116136—
Capital spending——70921307382108799817817214921425600—
Free cash flow——1,7024088021,0261,6601,0752,7031,9922,1806172,5664,3603,6493,6103,003—
Free cash flow after stock pay——1,6463517479611,5931,0102,6421,9262,1045372,4814,2493,5313,4942,867—
Dividends paid326335350358365371375442457510552568580784868895899906
Share buybacks0——————6411,2062,1941,350374—1,8005943962,6312,604

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from M&T Bank's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to M&T Bank.