0000036270-26-000043 | 11-K | XBRL Viewer

The Plan invests in shares of the common stock of M&T. The Plan held 2,221,345 shares with a fair value of $448 million and 2,346,144 shares with a fair value of $441 million at December 31, 2025 and 2024, respectively.

The following table presents the Plan's party-in-interest transactions regarding M&T's common stock at December 31, 2025 and 2024:


	Year Ended December 31,
	2025		2024
(Dollars in thousands)
Purchases	$	32,994	$	26,842
Sales	31,385		76,847
Cash dividends received	12,454		13,302
Realized gains	754		21,943
Unrealized gains	30,148		114,111

Certain Plan investment alternatives totaling $3.6 billion and $2.9 billion at December 31, 2025 and 2024, respectively, represent units of common trust funds and the stable value fund that are advised by an entity related to T. Rowe, which qualify as party-in-interest transactions and are measured at NAV and contract value, respectively. T. Rowe serves as trustee and recordkeeper. Participant transactions (purchases and sales) may occur daily in any of the T. Rowe common trust funds and the stable value fund. Were the Plan to initiate a full redemption of any of the T. Rowe common trust funds and the stable value fund, the investment advisor reserves the right to temporarily delay withdrawal from the trust no earlier than thirty (30) days after such notice is provided, in order to ensure that securities liquidations will be carried out in an orderly business manner. The T. Rowe common trust funds and the stable value fund trust had no unfunded commitments at December 31, 2025 and 2024.

The Plan allows participants to take loans from their accounts in the Plan. These notes receivable from participants qualify as party-in-interest transactions and totaled $47.9 million and $46.6 million at December 31, 2025 and 2024, respectively. The rates on the notes receivable ranged from 4.25% to 9.50% at each of December 31, 2025 and 2024.

Description of plan - Additional Information (Details) - EBP 004	12 Months Ended
	Dec. 31, 2025 USD ($) hour	Dec. 31, 2024 USD ($)
EBP, Description of Plan [Line Items]
Participant compensation matched, minimum service period	6 months
Requisite service hours \| hour	1,000
Maximum annual compensation to total compensation percentage	50.00%
Automatic deferral rate, annual increase	1.00%
Matching percentage	100.00%
Participant compensation matched, percentage	5.00%
Forfeited nonvested account, decrease from employer contribution	$ 2,200,000	$ 1,400,000
Minimum investment program percentage	1.00%
Maximum borrowing, to total account, percentage	50.00%
Maximum borrowing, amount	$ 50,000
Minimum borrowing, amount	$ 1,000
Basis spread on variable rate	1.00%
General loan, borrowing term	5 years
General loan administrative fee	$ 50
Involuntary cash-out limit	5,000
Minimum
EBP, Description of Plan [Line Items]
Involuntary cash-out limit	$ 1,000
Maximum
EBP, Description of Plan [Line Items]
Automatic deferral rate	10.00%
Involuntary cash-out limit	$ 5,000

Fair value measurements (Details) - EBP 004 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
EBP, Investment, Fair Value and NAV [Line Items]
Investments, at fair value	$ 5,400,433	$ 5,104,529
Fair Value, Inputs, Level 1, Level 2, and Level 3
EBP, Investment, Fair Value and NAV [Line Items]
Investments, at fair value	493,585	489,476
Fair Value, Inputs, Level 1, Level 2, and Level 3 \| M&T Bank Corporation common stock
EBP, Investment, Fair Value and NAV [Line Items]
Investments, at fair value	447,557	441,099
Fair Value, Inputs, Level 1, Level 2, and Level 3 \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Investments, at fair value	46,028	48,377
Level 1
EBP, Investment, Fair Value and NAV [Line Items]
Investments, at fair value	493,585	489,476
Level 1 \| M&T Bank Corporation common stock
EBP, Investment, Fair Value and NAV [Line Items]
Investments, at fair value	447,557	441,099
Level 1 \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Investments, at fair value	46,028	48,377
Level 2
EBP, Investment, Fair Value and NAV [Line Items]
Investments, at fair value	0	0
Level 2 \| M&T Bank Corporation common stock
EBP, Investment, Fair Value and NAV [Line Items]
Investments, at fair value	0	0
Level 2 \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Investments, at fair value	0	0
Level 3
EBP, Investment, Fair Value and NAV [Line Items]
Investments, at fair value	0	0
Level 3 \| M&T Bank Corporation common stock
EBP, Investment, Fair Value and NAV [Line Items]
Investments, at fair value	0	0
Level 3 \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Investments, at fair value	0	0
NAV
EBP, Investment, Fair Value and NAV [Line Items]
Investments, at fair value	$ 4,906,848	$ 4,615,053

Schedule H, Line 4i – Schedule of Assets (Held At End of Year) (Details) - EBP 004 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
EBP, Schedule of Asset Held for Investment [Line Items]
Entity tax identification number	16-0538020
Plan number	004
Participant Loans Receivable	$ 47,880	$ 46,600
Total investments	5,722,193
Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	4,906,848
Investment, Identifier [Axis]: Diamond Hill Large Cap Portfolio R2 \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	90,700
Investment, Identifier [Axis]: M&T Bank Corporation \| Common Stock
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	447,557
Investment, Identifier [Axis]: Meridian Small Cap Growth Fund Institutional \| Mutual fund investment
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	46,028
Investment, Identifier [Axis]: Metropolitan West Total Return Bond Fund C \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	104,745
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Growth Stock Trust E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	446,831
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Retirement 2010 Fund - Class E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	34,972
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Retirement 2015 Fund - Class E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	36,393
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Retirement 2020 Fund - Class E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	168,074
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Retirement 2025 Fund - Class E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	279,967
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Retirement 2030 Fund - Class E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	550,813
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Retirement 2035 Fund - Class E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	333,401
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Retirement 2040 Fund - Class E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	504,513
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Retirement 2045 Fund - Class E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	262,420
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Retirement 2050 Fund - Class E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	215,819
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Retirement 2055 Fund - Class E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	167,691
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Retirement 2060 Fund - Class E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	109,134
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Retirement 2065 Fund - Class E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	38,585
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Retirement 2070 Fund - Class E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	36
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Retirement Balanced Fund - Class E \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	29,142
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Small-Cap Value Equity Trust D \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	116,238
Investment, Identifier [Axis]: T. Rowe Price Associates, Inc. Stable Value Income Fund \| Stable value fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	321,760
Investment, Identifier [Axis]: The Vanguard Group, Inc. Institutional 500 Index Trust C \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	836,769
Investment, Identifier [Axis]: The Vanguard Group, Inc. Institutional Bond Market Index C \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	89,286
Investment, Identifier [Axis]: The Vanguard Group, Inc. Institutional Extended Market Index C \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	251,784
Investment, Identifier [Axis]: The Vanguard Group, Inc. Institutional International Market Index \| Common trust fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current value	$ 239,535

Schedule H, Line 4i – Schedule of Assets (Held At End of Year)

12 Months Ended

Dec. 31, 2025

EBP, Schedule of Asset Held for Investment [Line Items]

Schedule H, Line 4i – Schedule of Assets (Held At End of Year)

M&T BANK CORPORATION RETIREMENT SAVINGS PLAN

EIN 16-0538020 Plan 004


Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2025

a.)

b.) Identity of issue, borrower, lessor, or similar party

c.) Description of investment

d.) Cost

e.) Current Value

(in thousands)

M&T Bank Corporation

Common Stock

447,557

Meridian Small Cap Growth Fund Institutional

Mutual fund investment

46,028

T. Rowe Price Associates, Inc. Retirement 2010 Fund - Class E

Common trust fund

34,972

T. Rowe Price Associates, Inc. Retirement 2015 Fund - Class E

Common trust fund

36,393

T. Rowe Price Associates, Inc. Retirement 2020 Fund - Class E

Common trust fund

168,074

T. Rowe Price Associates, Inc. Retirement 2025 Fund - Class E

Common trust fund

279,967

T. Rowe Price Associates, Inc. Retirement 2030 Fund - Class E

Common trust fund

550,813

T. Rowe Price Associates, Inc. Retirement 2035 Fund - Class E

Common trust fund

333,401

T. Rowe Price Associates, Inc. Retirement 2040 Fund - Class E

Common trust fund

504,513

T. Rowe Price Associates, Inc. Retirement 2045 Fund - Class E

Common trust fund

262,420

T. Rowe Price Associates, Inc. Retirement 2050 Fund - Class E

Common trust fund

215,819

T. Rowe Price Associates, Inc. Retirement 2055 Fund - Class E

Common trust fund

167,691

T. Rowe Price Associates, Inc. Retirement 2060 Fund - Class E

Common trust fund

109,134

T. Rowe Price Associates, Inc. Retirement 2065 Fund - Class E

Common trust fund

38,585

T. Rowe Price Associates, Inc. Retirement 2070 Fund - Class E

Common trust fund

T. Rowe Price Associates, Inc. Retirement Balanced Fund - Class E

Common trust fund

29,142

T. Rowe Price Associates, Inc. Growth Stock Trust E

Common trust fund

446,831

T. Rowe Price Associates, Inc. Small-Cap Value Equity Trust D

Common trust fund

116,238

Diamond Hill Large Cap Portfolio R2

Common trust fund

90,700

Metropolitan West Total Return Bond Fund C

Common trust fund

104,745

The Vanguard Group, Inc. Institutional International Market Index

Common trust fund

239,535

The Vanguard Group, Inc. Institutional Bond Market Index C

Common trust fund

89,286

The Vanguard Group, Inc. Institutional Extended Market Index C

Common trust fund

251,784

The Vanguard Group, Inc. Institutional 500 Index Trust C

Common trust fund

836,769

4,906,848

T. Rowe Price Associates, Inc. Stable Value Income Fund

Stable value fund

***

321,760

Total investments

5,722,193

Participant Loans Receivable

4.25% to 9.50%, fully secured by vested benefits, with maturities through 2037

47,880

Indicates that the identity of the party involved is a party-in-interest as defined in the Employee Retirement Income Security Act of 1974.

All investments are participant directed; therefore, cost value of the investment has been omitted from Schedule H, Line 4i.

***

Investments are participant directed; fully benefit-responsive investment contracts.

Statements of Net Assets Available For Benefits - EBP 004 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments
Investments, at fair value	$ 5,400,433	$ 5,104,529
Investments, at contract value	321,760	0
Total investments	5,722,193	5,104,529
Receivables
Participant contributions	4,911	4,310
Employer – Matching contribution	4,223	4,007
Employer – retirement accumulation Account contribution	37,819	38,295
Notes receivable from participants	47,880	46,591
Total receivables	94,833	93,203
Due from broker	44	104
Net assets available for benefits	$ 5,817,070	$ 5,197,836

Description of plan

12 Months Ended

Dec. 31, 2025

EBP, Description of Plan [Line Items]

Description of plan

The following description of the M&T Bank Corporation Retirement Savings Plan (“the Plan”) is provided for general information purposes and is qualified in its entirety by reference to the Plan document. Participants should refer to the Plan document for a more complete description of the Plan’s provisions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

General

The Plan is a defined contribution combined 401(k)/stock bonus plan. The stock bonus component is intended to be an employee stock ownership plan (“ESOP”), which is designed to invest primarily in the common stock of M&T Bank Corporation (“M&T”). The Plan also offers matching contributions, Retirement Accumulation Account (“RAA”) and Discretionary Employer Contribution (“DEC”) features. The Plan exists for the benefit of employees of M&T and its subsidiaries (“the Company”).

Eligibility and participation

Employees who are at least 21 years of age are immediately eligible to participate in the Plan and make pre-tax or Roth contributions through salary reduction (each a “participant”). A participant may receive matching contributions upon completing six months of service. Participants hired before January 1, 2020 are also eligible to receive RAA contributions for any plan year in which the participant is credited with 1,000 hours of service and employed by the Company on the last day of the year (or retired during the plan year). Participants hired after December 31, 2019, are eligible to receive a DEC contribution (instead of the RAA contribution) for any plan year in which the participant is credited with 1,000 hours of service and employed by the Company on the last day of the year.

Administration

The Plan is administered by M&T’s Employee Benefit Plans Committee (“Administrative Committee”) which is appointed by the Board of Directors of M&T Bank, a wholly owned subsidiary of M&T. The assets of the Plan are held by T. Rowe Price Trust Company (“T. Rowe”), as trustee. T. Rowe Price Retirement Plan Services, Inc. provides recordkeeping services for the Plan. Willis Towers Watson (“WTW”) provides advisory services for Plan investments, as well as providing recommendations related to the investment alternatives offered by the Plan.

Although the Company has not expressed any intent to terminate, amend, or modify the Plan, it may do so at any time. If contributions are discontinued or the Plan is terminated, affected participants will become fully vested. Upon Plan termination, net assets of the Plan will be distributed in the manner M&T elects in accordance with the Plan document and in accordance with ERISA and its related regulations.

Contributions

Contributions to the Plan are made by participants through salary reduction and by the Company through employer matching, DEC and RAA contributions. Employees who are participants may elect to reduce their compensation by a specified whole percentage not to exceed 50% subject to certain limitations under Section 401(k) and Section 415 of the Internal Revenue Code ("IRC"). The Company remits to the Plan on behalf of each participant the amount by which the participant’s compensation is reduced. Contributions may be suspended at any time.

Compensation is generally defined in the Plan to mean a participant’s base salary and overtime pay, all commissions earned, incentive/bonus payments and before-tax deferral amounts made by participants under IRC Sections 125, 132(f), 402(e)(3), 402(h) and 403(b), but excludes any compensation derived from equity awards.

1.Description of plan, continued

Generally, an individual participant’s contributions were subject to Internal Revenue Service ("IRS") limits of $23,500 in 2025 and $23,000 in 2024. Participants are permitted to make Roth after-tax contributions to the Plan, subject to IRS limits.

When an eligible employee first becomes a participant in the Plan, after six months of continuous service, the employee is automatically deemed to enter into a salary reduction agreement providing for pre-tax contributions of 1% of the employee’s compensation, starting on the first administratively practicable pay date. The contribution percentage will automatically increase by 1% on the first pay date in February after employee contributions start, unless the eligible employee elects to opt out of the salary reduction agreement. If the eligible participant has a salary reduction agreement in effect providing for employee pre-tax contributions at a rate less than 10%, the contribution percentage will automatically increase by 1% on the first practicable pay date in February each year, until the rate reaches 10%.

Employer matching contributions

Upon completing six months of employment, the Company will make an employer matching contribution in an amount equal to 100% of the participant’s contributions that do not exceed 5% of compensation for the Plan year.

Catch-up contributions

A participant who has attained age 50 before the close of the respective Plan year is eligible to make additional unmatched catch-up contributions. The IRS maximum amount of those catch-up contributions was $7,500 at each of 2025 and 2024.

Effective January 1, 2025, the Company adopted the enhanced catch-up contribution provisions under Section 109 of the SECURE 2.0 Act of 2022 which allows eligible participants ages 60 through 63 to make additional catch-up contributions subject to IRS limits. For 2025, the enhanced catch-up contribution limit was $11,250.

Employer Retirement Accumulation Account and Discretionary Employer Contributions

For each Plan year for employees hired before January 1, 2020, the Company will contribute on behalf of each eligible participant a percentage of each participant’s compensation. An eligible participant is entitled to receive an RAA contribution if they (1) satisfy the Plan’s eligibility requirements; (2) are credited with at least 1,000 hours of service during the Plan year; (3) are an active employee of the Company on the last day of the Plan year; and (4) do not participate in the M&T defined benefit pension plan if hired prior to July 2, 2004. An eligible participant that has retired during the Plan year is not required to satisfy conditions (2) and (3) in the preceding sentence. The percentage contributed by the Company is based on the years of vesting service credited to the participant. The RAA contribution will be made as soon as practicable after the close of the Plan year. RAA contributions are invested in the available investment alternatives in the proportion elected by the participants.

For participants hired after December 31, 2019, eligible participants may receive the DEC if they (1) are not eligible to accrue benefits for the Plan year under the M&T Bank Corporation Pension Plan; (2) are not eligible to receive an RAA contribution; (3) complete at least 1,000 hours of service during the Plan year; (4) are an employee of M&T Bank as of the last day of the Plan year; and (5) satisfy the Plan’s other eligibility requirements. The DEC for a Plan year will be a uniform percentage of each Discretionary Participant’s Benefit Compensation for the Plan year, excluding benefit compensation earned before becoming a Discretionary participant. The DEC must be made by the due date of the M&T Bank’s federal income tax return for the Plan Year to which the DEC relates and will be allocated as of the last day of such Plan year.

1.Description of plan, continued

Rollover contributions

Employees may also contribute amounts representing rollover distributions from other qualified defined contribution and benefit plans at any time during their employment.

Participant accounts

Each participant’s account is credited with the participant’s contributions, employer contributions (as applicable), and allocations of Plan earnings or losses. Participant accounts are also charged with an allocation of administrative expenses. Allocations are based upon participant earnings or account balances as defined in the Plan document. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Vesting

Participants’ accounts are at all times fully vested and nonforfeitable, with the exception of DEC and RAA contributions plus earnings thereon. Participants become fully vested in their DEC and RAA contributions after completion of five years of vesting service, death, or when normal retirement age is reached while employed by the Company. Normal retirement age is the later of age 65 and the fifth anniversary of the date the participant began participation in the Plan. Participants vest in their DEC and RAA contributions as follows:


Vesting service						Vested percentage

Less than 2 years						0%
2 years						20%
3 years						40%
4 years						60%
5 years						100%

Forfeitures

Forfeitures represent the DECs and RAAs of participants who have terminated employment with the Company and do not have a 100% non-forfeitable right in their DEC or RAA. Forfeitures are used first to restore participant accounts that are required to be reinstated pursuant to the provisions of the Plan. At the discretion of the Administrative Committee, any remaining forfeitures may be used to reduce employer contributions (including DEC and RAA contributions). Employer contributions were reduced by $2.2 million and $1.4 million from the forfeiture account during 2025 and 2024, respectively.

Investment programs

Participants may direct the investment of their plan balances in 1% increments in any of several investment alternatives, which include mutual funds, common trust funds, a stable value fund and the common stock of M&T.

Participants may, in accordance with the rules of the Plan, transfer existing balances among the available investment alternatives and/or redirect their current contributions into different investment alternatives at any time. A participant may increase or decrease, at any time, the percentage of salary reduction elected, effective the first day of each payroll period.

1.Description of plan, continued

Notes to participants

Participants may borrow from their account (other than the portion attributable to DEC and RAA contributions) an amount not to exceed the lesser of (1) 50% of the participant’s vested account balance as of the most recent valuation date or (2) $50,000 reduced by the participant’s highest outstanding loan balance in the twelve months prior to the date of loan origination. The minimum loan amount is $1,000. A participant may have only one loan outstanding at any time. Loans bear interest at one percentage point above the prime rate published by The Wall Street Journal on the date the loan is processed. Loans are repaid in equal installments through after-tax payroll deductions for a period of up to five years, except for certain loans formerly associated with acquired plans, which allowed loan terms greater than five years under certain circumstances. Participants are charged a one-time $50 administrative fee for each new loan processed, which is deducted from the loan proceeds and has been included in Participant withdrawals and distributions in the Statement of Changes in Net Assets Available for Benefits.

Withdrawals and distributions

A participant who has attained age 59-1/2 or is undergoing financial hardship may make withdrawals from the Plan, subject to Plan limitations. Upon termination of employment for any reason, participants are entitled to a distribution of the full amount of vested individual account balances as of the valuation date immediately following such termination of service. Such participants have the option of receiving distributions in the form of installments, partial distributions, lump-sum payments or by rollover contribution to other qualified plans. Participants also have the option to keep their balance invested in the Plan, provided the balance exceeds $5,000. Balances less than $5,000 are subject to mandatory distribution. Mandatory distributions that exceed $1,000 but are less than $5,000 (excluding rollover contributions) are automatically rolled over into an individual retirement account unless otherwise directed by the participant. Distributions equal to $1,000 or less are automatically made by lump-sum payment less the mandatory 20% federal income tax withholding, unless otherwise elected within 90 days following termination. The non-vested portion of a participant’s RAA or DEC is forfeited upon termination. A participant can defer distribution from the Plan until no later than April 1 of the calendar year following the year in which age 73 is attained, and later to age 75 starting January 1, 2033, at which time distributions to satisfy IRC Section 401(a)(9) will occur. If a participant terminates employment after that date, distribution is made as soon as administratively practicable following termination of employment.

ESOP provisions

A participant entitled to a distribution who has directed that some or all of their balance be invested in common stock of M&T has the right to elect the distribution in the form of M&T common stock. A participant may also elect to receive a distribution of dividends paid on shares of M&T common stock held in the Plan and allocated to the participant’s account. Dividends will be distributed quarterly as soon as administratively practicable after the dividends are paid to the Plan. If no election is made, dividends will be reinvested in the common stock of M&T.

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2025

EBP, Investment, Fair Value and NAV [Line Items]

EBP, Investment, Fair Value and NAV

The following tables present the Plan’s investments at December 31, 2025 and 2024 measured at estimated fair value on a recurring basis:



(Dollars in thousands)	Fair Value Measurements		Level 1		Level 2		Level 3
December 31, 2025
M&T Bank Corporation common stock	$	447,557	$	447,557	$	—	$	—
Mutual funds	46,028		46,028		—		—
Total	$	493,585	$	493,585	$	—	$	—
Investments measured at NAV (a) (b)	4,906,848
Investments at fair value	$	5,400,433



(Dollars in thousands)	Fair Value Measurements		Level 1		Level 2		Level 3
December 31, 2024
M&T Bank Corporation common stock	$	441,099	$	441,099	$	—	$	—
Mutual funds	48,377		48,377		—		—
Total	$	489,476	$	489,476	$	—	$	—
Investments measured at NAV (a) (b)	4,615,053
Investments at fair value	$	5,104,529

(a)In accordance with Subtopic 820-10 of ASU 2015-07, the common trust funds have not been classified in the Fair Value Hierarchy as of December 31, 2025 and 2024. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statement of Net Assets Available for Benefits.

(b)Participant transactions (purchases and sales) may occur daily in any of the common trust funds. Were the Plan to initiate a full redemption of any of the common trust funds, the investment advisor reserves the right to temporarily delay withdrawal from the trust generally no earlier than thirty (30) days after such notice is provided, in order to ensure that securities liquidations will be carried out in an orderly business manner. The common trust funds had no unfunded commitments at December 31, 2025 and 2024.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 962
-SubTopic 325
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477509/962-325-45-5

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 962
-SubTopic 325
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477509/962-325-45-5

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 962
-SubTopic 325
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (j)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477509/962-325-45-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Tabular disclosure of fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

Summary of Significant Accounting Policies (Policies) - EBP 004	12 Months Ended
	Dec. 31, 2025
EBP, Accounting Policy [Line Items]
Basis of accounting	Basis of accounting The financial statements of the Plan are prepared under the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires the Administrative Committee to make estimates and assumptions that affect the reported amounts of net assets and liabilities and changes therein. Actual results could differ from those estimates.
Investment valuation and income recognition	Investment valuation and income recognition Investments in common stock and mutual funds are reported at fair value. Investments in the common trust funds are reported at Net Asset Value (“NAV”) as a practical expedient to estimate fair value. Information on fair value measurements is provided in note 3. During 2025, the Plan introduced a stable value fund as a new investment option for participants, which is reported at contract value. Information on investment contracts is provided in note 4. Investment income of M&T common stock, the common trust funds, the stable value fund and each mutual fund is allocated to participants based on their proportionate share of the net assets of the respective investment alternative. Interest income on loans to participants is allocated to participants based on their respective loan agreement. Purchases and sales of securities are reflected on a trade-date basis. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. The Plan presents in the Statement of Changes in Net Assets Available for Benefits the net appreciation in the fair value of its investments, which consists of realized gains and losses and the change in unrealized appreciation on investments.
Notes receivable from participants	Notes receivable from participants Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the plan document.
Administrative expenses	Administrative expenses The Plan’s expenses are paid by either the Plan or the Company, as provided by the Plan document. Expenses that are paid directly by the Company are excluded from these financial statements. In addition, certain investment-related expenses are included in Net appreciation in fair value of investments presented in the accompanying Statement of Changes in Net Assets Available for Benefits. Fees related to the administration of notes receivable from participants are charged directly to the participant’s account and are reflected as a reduction in plan assets. Brokerage commissions for acquiring or selling securities are paid by the Plan.
Participant benefits and withdrawals	Participant benefits and withdrawals Benefits are recorded when paid.

Disclosure of accounting policy for use of estimate in preparation of financial statement of employee stock purchase, saving, or similar plan (employee benefit plan (EBP)).

+ References + Details

Related-party transactions and party in interest - Schedule of Related Party Transactions (Details) - EBP, Employer, Common Stock - EBP 004 - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Purchases	$ 32,994,000	$ 26,842,000
Sales	31,385,000	76,847,000
Cash dividends received	12,454,000	13,302,000
Realized gains	754,000	21,943,000
Unrealized gains	$ 30,148,000	$ 114,111,000

Amount of increase (decrease) in net asset available for benefit from realized gain (loss) on investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)).

+ References + Details

Investment contracts	12 Months Ended
Investment contracts	Dec. 31, 2025
EBP 004
EBP, Fully Benefit-Responsive Investment Contract [Line Items]
Investment contracts	Investment contracts The Plan maintains a portfolio of synthetic investment contracts ("SICs") included within the stable value fund. The underlying assets of the SICs are owned by the Plan and have investment contracts with insurance companies and banks. The wrap providers are contractually required to protect the principal by ensuring that the crediting rating does not fall below 0%. The crediting rating is calculated periodically based on yield, market value, book value and portfolio duration of underlying assets. The average yield earned by the SICs ranged from 4.1% to 4.7% at December 31, 2025. 4. Investment contracts, continued The stable value fund is measured at contract value which reflects contributions made under the contract plus credited earnings, reduced by participant withdrawals. Participants may elect to withdraw or transfer all or a portion of their investment at contract value. Certain circumstances may restrict the Plan's ability to transact with the issuer at contract value. These circumstances include, but are not limited to, divestitures, mergers, spin-offs, complete or partial Plan terminations, bankruptcy or insolvency of the Plan sponsor, or amendments that significantly affect participant withdrawal activity. The Plan administrator does not consider it likely that any event would occur which might restrict the Plans' ability to process participants transactions at contract value. The investment contracts permit the issuer to terminate the agreements. Agreement terminations may be subject to a wind-down period to allow market value and contract value to converge before final settlement.

Fair value measurements

12 Months Ended

Dec. 31, 2025

EBP, Investment, Fair Value and NAV [Line Items]

Fair value measurements

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy exists in GAAP for fair value measurements based upon the inputs to the valuation of an asset or liability.


•Level 1			Valuation is based on quoted prices in active markets for identical assets and liabilities.

•Level 2			Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market.

•Level 3			Valuation is derived from model-based and other techniques in which at least one significant input is unobservable and which may be based on the Plan’s own estimates about the assumptions that market participants would use to value the asset or liability.

Assets and liabilities are classified within the fair value hierarchy based upon the lowest level classification of an input that is considered significant to the overall valuation. In general, the valuation techniques used attempt to maximize the use of observable inputs and minimize the use of unobservable inputs.

The valuation methodologies described below may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Administrative Committee believes the Plan’s valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the end of the Plan year.

The following is a description of the valuation methodologies used for assets measured at fair value:

•M&T Bank Corporation common stock is valued at the closing price reported on the active market on which the stock is traded and therefore classified as Level 1.

•Mutual funds are valued at the daily closing prices as reported by the fund. Mutual funds held by the Plan are open-ended funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily NAV and transact at that price. The mutual funds held by the Plan are deemed to be actively traded and therefore classified as Level 1.

•Common trust funds are valued at the NAV of units of a bank collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different from the reported NAV.

3. Fair value measurements, continued

The following tables present the Plan’s investments at December 31, 2025 and 2024 measured at estimated fair value on a recurring basis:



(Dollars in thousands)	Fair Value Measurements		Level 1		Level 2		Level 3
December 31, 2025
M&T Bank Corporation common stock	$	447,557	$	447,557	$	—	$	—
Mutual funds	46,028		46,028		—		—
Total	$	493,585	$	493,585	$	—	$	—
Investments measured at NAV (a) (b)	4,906,848
Investments at fair value	$	5,400,433



(Dollars in thousands)	Fair Value Measurements		Level 1		Level 2		Level 3
December 31, 2024
M&T Bank Corporation common stock	$	441,099	$	441,099	$	—	$	—
Mutual funds	48,377		48,377		—		—
Total	$	489,476	$	489,476	$	—	$	—
Investments measured at NAV (a) (b)	4,615,053
Investments at fair value	$	5,104,529

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

The entire disclosure for fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

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