What changed
| Metric | Q3 2025 | Q3 2026 |
|---|---|---|
| Net income, US$ millions | 792 | 775 |
| GAAP diluted EPS, US$ | 4.82 | 5.04 |
| Average diluted shares, millions | 156.553 | 145.174 |
Source: M&T, financial highlights. Share counts converted from thousands to millions.[F1]
Why investors should care
Our interpretation
Per-share results matter because an investor owns shares, not the whole income statement. But a higher amount per share does not automatically establish that the business generated more total profit. Checking the denominator makes the investment question more precise.
A useful review asks two things: whether underlying earnings can grow, and whether decisions affecting the share count create value at the price paid. This comparison alone cannot answer the second question. That would require a valuation argument, rather than a favorable EPS direction.
The strongest counterargument
Owners can reasonably care more about their claim on earnings than about total company profit. Fewer shares can improve that claim. The limitation is that a per-share gain and an expanding profit pool offer different evidence about the business’s trajectory.
What to watch next
At the next results release, compare net income available to common holders, diluted EPS and average diluted shares together. Our test is whether profit growth begins supporting the per-share result, rather than treating another EPS increase as a complete answer.
Useful takeaway: check the numerator and denominator. Read the J.B. Hunt brief for another headline that needs a second measure.
Sources & verification
Checked October 17, 2026 against M&T’s Form 8-K earnings exhibit. The comparison uses GAAP diluted EPS, total net income and average diluted common shares for the same third-quarter periods. It does not compare an adjusted EPS estimate with a GAAP result.