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Earnings per common share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Earnings per common share | 9. Earnings per common share The computations of basic earnings per common share follow:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions, except per share, shares in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Income available to common shareholders: |  |  |  |  |  |  |
Net income | $ | 792 |  |  | $ | 721 |  |  | $ | 2,092 |  |  | $ | 1,907 |
Less: Preferred stock dividends | (36) |  |  | (47) |  |  | (107) |  |  | (99) |
Net income available to common equity | 756 |  |  | 674 |  |  | 1,985 |  |  | 1,808 |
Less: Income attributable to unvested stock-based compensation awards | (2) |  |  | — |  |  | (4) |  |  | (3) |
Net income available to common shareholders | $ | 754 |  |  | $ | 674 |  |  | $ | 1,981 |  |  | $ | 1,805 |
Weighted-average shares outstanding: |  |  |  |  |  |  |
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 155,885 |  |  | 167,011 |  |  | 159,956 |  |  | 167,010
Less: Unvested stock-based compensation awards | (327) |  |  | (340) |  |  | (325) |  |  | (316)
Weighted-average shares outstanding | 155,558 |  |  | 166,671 |  |  | 159,631 |  |  | 166,694
Basic earnings per common share | $ | 4.85 |  |  | $ | 4.04 |  |  | $ | 12.41 |  |  | $ | 10.83 |
The computations of diluted earnings per common share follow:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions, except per share, shares in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Net income available to common equity | $ | 756 |  |  | $ | 674 |  |  | $ | 1,985 |  |  | $ | 1,808 |
Less: Income attributable to unvested stock-based compensation awards | (2) |  |  | — |  |  | (4) |  |  | (3) |
Net income available to common shareholders | $ | 754 |  |  | $ | 674 |  |  | $ | 1,981 |  |  | $ | 1,805 |
Adjusted weighted-average shares outstanding: |  |  |  |  |  |  |
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 155,885 |  |  | 167,011 |  |  | 159,956 |  |  | 167,010
Less: Unvested stock-based compensation awards | (327) |  |  | (340) |  |  | (325) |  |  | (316)
Plus: Incremental shares from assumed conversion of stock-based compensation awards | 995 |  |  | 896 |  |  | 872 |  |  | 743
Adjusted weighted-average shares outstanding | 156,553 |  |  | 167,567 |  |  | 160,503 |  | 167,437
Diluted earnings per common share | $ | 4.82 |  |  | $ | 4.02 |  |  | $ | 12.34 |  |  | $ | 10.78 |
Stock-based compensation awards to purchase common stock of M&T representing common shares of 74,195 and 131,287 during the three-month and nine-month periods ended September 30, 2025, respectively, and common shares of 490,695 and 1,008,825 during the three-month and nine-month periods ended September 30, 2024, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.

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