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Arphra AIPlain-English read on M&T Bank Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $6.08B | $8.44B | $12.51B | $13.41B | $12.31B | $9.96B | $10.34B | $10.75B |
| Cost of revenue | $39M | $942M | $3.75B | $4.78B | $3.12B | $3.08B | $3.09B | $3.35B |
| Gross profit | $6.04B | $7.5B | $8.75B | $8.62B | $9.19B | $7.01B | $7.12B | $7.57B |
| Gross margin | +99.36% | +88.84% | +69.98% | +64.31% | +74.62% | +70.33% | +68.84% | +70.40% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $2.18B | $2.97B | $3.22B | $3.38B | $3.24B | $2.56B | $2.72B | $2.85B |
| Total operating expenses | $3.58B | $4.88B | $5.13B | $5.31B | $5.49B | $4.09B | $4.31B | $4.58B |
| Operating income | $2.46B | $2.61B | $3.62B | $3.31B | $3.69B | $2.75B | $2.95B | $3B |
| Operating margin | +40.40% | +30.96% | +28.94% | +24.69% | +29.99% | +27.64% | +28.54% | +27.96% |
| EBITDA | $2.78B | $3.05B | $4.12B | $3.82B | $3.96B | $3.02B | $3.25B | $3.37B |
| EBIT | $2.46B | $2.61B | $3.62B | $3.31B | $3.69B | $2.76B | $2.86B | $2.98B |
| Below the line | ||||||||
| Interest expense | $114M | $425M | $3.11B | $4.17B | $3.54B | $2.85B | $2.99B | $3.08B |
| Interest income | $3.94B | $6.25B | $10.22B | $11.03B | $10.49B | $8.09B | $8.49B | $8.95B |
| Other income / expense | $0 | $0 | $0 | $0 | $0 | — | — | — |
| Pre-tax income | $2.46B | $2.61B | $3.62B | $3.31B | $3.69B | $2.84B | $2.89B | $3B |
| Income tax expense | $596M | $620M | $878M | $722M | $841M | $641.58M | $644.53M | $706.95M |
| Earnings | ||||||||
| Net income | $1.86B | $1.99B | $2.74B | $2.59B | $2.85B | $2.11B | $2.18B | $2.36B |
| Net income · continuing ops | $1.86B | $1.99B | $2.74B | $2.59B | $2.85B | $2.15B | $2.27B | $2.29B |
| Net margin | +30.60% | +23.61% | +21.92% | +19.31% | +23.16% | +21.23% | +21.09% | +21.95% |
| EPS · basic | $13.81 | $11.59 | $15.85 | $14.71 | $17.10 | $18.87 | $21.03 | $23.32 |
| EPS · diluted | $13.80 | $11.53 | $15.79 | $14.64 | $17.00 | $18.66 | $20.82 | $23.00 |
| EPS · low estimate | — | — | — | — | — | $18.42 | $20.42 | $22.35 |
| EPS · high estimate | — | — | — | — | — | $19.00 | $21.40 | $24.02 |
| Shares · basic | 128.67M | 163.17M | 166.36M | 166.48M | 163.3M | 163.31M | 164.66M | 162.75M |
| Shares · diluted | 128.81M | 164.03M | 167M | 167.32M | 156.55M | 155.17M | 155.77M | 158.11M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 9 | 9 | 5 |
| Analysts (EPS) | — | — | — | — | — | 13 | 13 | 6 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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