Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 37.71% is 24% above its 5-year average of 30.50%, near the high end of its 5-year range (13.64%–42.06%).
As of the fiscal period ended Tuesday, June 30, 2026. 15.82% above its 12-month average of 32.56%.
Reported quarterly operating margin; no daily interpolation.
OPERATING MARGIN
37.71%
OPERATING MARGIN AVG TTM
32.56%
OPERATING MARGIN AVG 3Y
26.14%
OPERATING MARGIN AVG 5Y
30.50%
OPERATING MARGIN AVG 10Y
33.13%
OPERATING MARGIN AVG 15Y
33.43%
OPERATING MARGIN AVG 20Y
31.54%
CURRENT VS TTM AVG
+15.82%
CURRENT VS 3Y AVG
+44.23%
CURRENT VS 5Y AVG
+23.65%
CURRENT VS 10Y AVG
+13.81%
CURRENT VS 15Y AVG
+12.78%
CURRENT VS 20Y AVG
+19.54%
SECTOR MEDIAN · FINANCIAL SERVICES
22.93%
median of 96 covered companies
CURRENT VS SECTOR MEDIAN
+64.45%
vs the sector median at left
M&T Bank Corporation
Market Cap
$36.30B
Operating Margin
37.71%
TTM Avg
32.56%
3Y Avg
26.14%
5Y Avg
30.50%
Market Cap
$35.46B
Operating Margin
20.36%
TTM Avg
20.81%
3Y Avg
24.63%
5Y Avg
23.87%
Market Cap
$34.41B
Operating Margin
27.38%
TTM Avg
25.31%
3Y Avg
22.05%
5Y Avg
20.79%
Market Cap
$33.94B
Operating Margin
19.83%
TTM Avg
16.52%
3Y Avg
16.98%
5Y Avg
20.79%
Market Cap
$33.92B
Operating Margin
28.66%
TTM Avg
23.30%
3Y Avg
20.62%
5Y Avg
18.97%
Market Cap
$39.28B
Operating Margin
15.21%
TTM Avg
15.71%
3Y Avg
13.62%
5Y Avg
13.05%
Market Cap
$40.52B
Operating Margin
19.99%
TTM Avg
27.57%
3Y Avg
-8.73%
5Y Avg
6.06%
Market Cap
$32.02B
Operating Margin
22.23%
TTM Avg
14.66%
3Y Avg
14.25%
5Y Avg
15.24%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| M&T Bank Corporation (MTB) | $36.30B | 37.71% | 32.56% | 26.14% | 30.50% |
| Huntington Bancshares Incorporated (HBAN)vs › | $35.46B | 20.36% | 20.81% | 24.63% | 23.87% |
| Arch Capital Group Ltd. (ACGL)vs › | $34.41B | 27.38% | 25.31% | 22.05% | 20.79% |
| Northern Trust Corporation (NTRS)vs › | $33.94B | 19.83% | 16.52% | 16.98% | 20.79% |
| Raymond James Financial, Inc. (RJF)vs › | $33.92B | 28.66% | 23.30% | 20.62% | 18.97% |
| The Hartford Insurance Group, Inc. (HIG)vs › | $39.28B | 15.21% | 15.71% | 13.62% | 13.05% |
| Coinbase Global, Inc. (COIN)vs › | $40.52B | 19.99% | 27.57% | -8.73% | 6.06% |
| Willis Towers Watson Public Limited Company (WTW)vs › | $32.02B | 22.23% | 14.66% | 14.25% | 15.24% |
| MSCI Inc. (MSCI)vs › | $40.94B | 55.66% | 54.09% | 54.16% | 53.56% |
| American International Group, Inc. (AIG)vs › | $41.77B | 10.61% | 14.34% | 12.87% | 10.09% |
Gross Margin
76.0%
Operating Margin
37.7%
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-06-30 | 37.71% |
| 2026-03-31 | 26.76% |
| 2025-12-31 | 29.13% |
| 2025-09-30 | 40.79% |
| 2025-06-30 | 28.40% |
| 2025-03-31 | 24.00% |
| 2024-12-31 | 26.40% |
| 2024-09-30 | 26.81% |
| 2024-06-30 | 25.35% |
| 2024-03-31 | 20.12% |
| 2023-12-31 | 18.97% |
| 2023-09-30 | 28.33% |
| 2023-06-30 | 34.92% |
| 2023-03-31 | 32.00% |
| 2022-12-31 | 36.70% |
| 2022-09-30 | 36.15% |
| 2022-06-30 | 13.64% |
| 2022-03-31 | 32.35% |
| 2021-12-31 | 39.03% |
| 2021-09-30 | 42.06% |
| 2021-06-30 | 40.81% |
| 2021-03-31 | 38.92% |
| 2020-12-31 | 39.02% |
| 2020-09-30 | 32.00% |
| 2020-06-30 | 20.56% |
| 2020-03-31 | 21.20% |
| 2019-12-31 | 38.21% |
| 2019-09-30 | 36.14% |
| 2019-06-30 | 35.75% |
| 2019-03-31 | 36.74% |
| 2018-12-31 | 41.12% |
| 2018-09-30 | 42.81% |
| 2018-06-30 | 41.27% |
| 2018-03-31 | 29.72% |
| 2017-12-31 | 40.35% |
| 2017-09-30 | 38.28% |
| 2017-06-30 | 39.99% |
| 2017-03-31 | 35.67% |
| 2016-12-31 | 35.22% |
| 2016-09-30 | 37.67% |
| 2016-06-30 | 37.37% |
| 2016-03-31 | 33.56% |
| 2015-12-31 | 30.36% |
| 2015-09-30 | 35.93% |
| 2015-06-30 | 36.07% |
| 2015-03-31 | 31.86% |
| 2014-12-31 | 34.68% |
| 2014-09-30 | 35.54% |
| 2014-06-30 | 35.81% |
| 2014-03-31 | 30.88% |
| 2013-12-31 | 27.61% |
| 2013-09-30 | 36.27% |
| 2013-06-30 | 42.07% |
| 2013-03-31 | 35.60% |
| 2012-12-31 | 38.07% |
| 2012-09-30 | 37.33% |
| 2012-06-30 | 31.02% |
| 2012-03-31 | 28.15% |
| 2011-12-31 | 19.00% |
| 2011-09-30 | 23.98% |
| 2011-06-30 | 37.48% |
| 2011-03-31 | 31.22% |
| 2010-12-31 | 33.71% |
| 2010-09-30 | 28.90% |
| 2010-06-30 | 28.34% |
| 2010-03-31 | 23.37% |
| 2009-12-31 | 26.25% |
| 2009-09-30 | 16.30% |
| 2009-06-30 | 6.58% |
| 2009-03-31 | 8.79% |
| 2008-12-31 | 12.31% |
| 2008-09-30 | 7.23% |
| 2008-06-30 | 21.87% |
| 2008-03-31 | 25.52% |
| 2007-12-31 | 7.92% |
| 2007-09-30 | 25.84% |
| 2007-06-30 | 27.76% |
| 2007-03-31 | 23.77% |
| 2006-12-31 | 27.61% |
| 2006-09-30 | 27.08% |
| 2006-06-30 | 29.31% |
| 2006-03-31 | 29.12% |
| 2005-12-31 | 30.56% |
| 2005-09-30 | 30.40% |
| 2005-06-30 | 31.83% |
| 2005-03-31 | 32.66% |
| 2004-12-31 | 34.24% |
| 2004-09-30 | 31.44% |
| 2004-06-30 | 35.18% |
| 2004-03-31 | 30.67% |
| 2003-12-31 | 31.71% |
| 2003-09-30 | 29.13% |
| 2003-06-30 | 24.30% |
| 2003-03-31 | 30.53% |
| 2002-12-31 | 31.23% |
| 2002-09-30 | 29.29% |
