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Yes, it does include 5 magazines.
Smith & Wesson M&P9 M2.0 Carry Comp PC OR Specifications
Manufacturer: Smith & Wesson
Model: M&P9 M2.0 Carry Comp PC OR
Caliber: 9mm
Capacity: 17+1
Barrel Length: 4.22" (Ported)
Overall Length: 7.25"
Frame Finish: Black
Slide Finish: PC Gray Stainless Steel
Front Sight: Ameriglo Tall Serrated
Rear Sight: Ameriglo Tall Blacked Out
Grip: 4 Interchangeable Sizes
Trigger: Flat-Face Performance Trigger
Frame Material: Polymer
Magazine Type: Double Stack
Magazines Included: 5
Optics Ready: Yes
Weight: 25.4 oz
Barrel Twist: 1:10"
Rifled Barrel: Yes

Hi Samuel and welcome. Number of Magazines Included is (5). Cheers and stay safe! (3) 17 Round Magazines & (2) 23 Round Magazines.

yes 5 total mags three 17-round and two 23-round magazines see ****** 4.22" 1:10" twist stainless steel barrel w/Armornite® finish. Optic ready. Flat-face trigger with PC™ tuned action 18 degree grip angle. Blacked-out rear sight, serrated front sight. Stainless steel slide ported w/ gray Armornite® finish. Four interchangeable palmswell grip inserts. ******Ships with three 17-round and two 23-round magazines.

5 total mags three 17-round and two 23-round magazines