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KEY

KeyCorp

KEY

KeyCorp • NYSE
$18.39 ▼ -0.05% (-0.01)
Market Cap $20.10 B
52w High $19.61
52w Low $12.73
Dividend Yield 0.82%
P/E 22.7
Volume 4.69M
Outstanding Shares 1.09B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.833B ▲ $1.177B ▲ $489M ▲ 17.261% ▲ $0.41 ▲ $602M ▲
Q2-2025 $2.797B ▲ $1.154B ▲ $425M ▲ 15.195% ▲ $0.35 ▲ $547M ▲
Q1-2025 $2.698B ▲ $1.091B ▼ $405M ▲ 15.011% ▲ $0.34 ▲ $518M ▲
Q4-2024 $1.874B ▲ $1.167B ▲ $-244M ▲ -13.02% ▲ $-0.28 ▲ $-408M ▲
Q3-2024 $1.865B $1.053B $-410M -21.984% $-0.47 $-487M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $16.244B ▼ $187.409B ▲ $167.307B ▲ $20.102B ▲
Q2-2025 $21.618B ▲ $185.499B ▼ $166.015B ▼ $19.484B ▲
Q1-2025 $20.323B ▼ $188.691B ▲ $169.688B ▲ $19.003B ▲
Q4-2024 $22.507B ▼ $187.168B ▼ $168.992B ▼ $18.176B ▲
Q3-2024 $26.838B $189.763B $172.911B $16.852B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $489M ▲ $396M ▼ $-1.203B ▼ $979M ▲ $172M ▲ $367M ▼
Q2-2025 $425M ▲ $1.234B ▲ $2.728B ▲ $-4.105B ▼ $-143M ▼ $1.211B ▲
Q1-2025 $405M ▲ $-140M ▼ $-711M ▼ $1.017B ▲ $166M ▼ $-150M ▼
Q4-2024 $-244M ▲ $1.727B ▲ $1.193B ▲ $-2.453B ▼ $467M ▲ $1.704B ▲
Q3-2024 $-410M $-1.205B $272M $883M $-50M $-1.222B

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Cards And Payments
Cards And Payments
 $90.00M ▲$240.00M ▲$80.00M ▼$80.00M ▲
Investment Banking And Debt Placement
Investment Banking And Debt Placement
 $130.00M ▲$390.00M ▲$130.00M ▼$130.00M ▲
Other Noninterest Income
Other Noninterest Income
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Service Charges On Deposit Accounts
Service Charges On Deposit Accounts
 $70.00M ▲$190.00M ▲$70.00M ▼$70.00M ▲
Trust And Investment Services
Trust And Investment Services
 $130.00M ▲$390.00M ▲$130.00M ▼$140.00M ▲

Five-Year Company Overview

Income Statement

Income Statement KeyCorp’s revenue has grown compared with the start of the decade, but profitability has become more volatile. After very strong earnings around 2021–2022, the bank saw a sharp squeeze in margins and moved to a modest loss more recently. This pattern suggests pressure from higher funding costs, deposit competition, and possibly higher credit and regulatory costs. Overall, the income statement shows a solid franchise facing a tougher rate and credit environment, with efficiency and risk costs now much more important to watch than pure growth.

Balance Sheet

Balance Sheet The balance sheet looks large, relatively stable in size, and broadly consistent with a mature regional bank. Total assets have been steady, while shareholder equity has rebuilt after a dip, which points to a somewhat stronger capital cushion than a couple of years ago. Debt levels jumped earlier in the period and have since been brought back down closer to prior levels, reducing some balance‑sheet strain. In plain terms, KeyCorp appears to be managing its capital and funding profile prudently, but it still operates with the typical sensitivities of a regional bank to credit quality and interest‑rate swings.

Cash Flow

Cash Flow KeyCorp continues to generate positive cash flow from its core banking operations, but not at the peak levels seen a few years ago. Free cash flow remains positive even after investment spending, which indicates the bank is still producing surplus cash to support dividends, technology investments, and balance‑sheet flexibility. Capital spending is modest, so most cash deployment decisions are about funding growth, strengthening the balance sheet, and absorbing credit losses rather than heavy physical investment. The overall picture is of a bank that still throws off cash, but with less of a cushion than in its best recent years.

Competitive Edge

Competitive Edge KeyCorp is a sizable regional bank with a diversified mix across consumer, commercial, and wealth businesses, which helps smooth out shocks in any single area. Its strongest edge lies in middle‑market commercial banking and select verticals such as healthcare, technology, and energy, where it offers tailored advice and financing. The bank’s long‑standing regional presence in the Midwest and Northeast gives it deep local relationships and sticky deposits, but it competes head‑to‑head with other large regionals and national banks that have comparable scale. The growing use of embedded banking and specialized treasury solutions strengthens its integration with clients’ day‑to‑day operations, but the competitive bar in digital banking and payments continues to rise quickly.

Innovation and R&D

Innovation and R&D KeyCorp is investing heavily in technology rather than traditional lab‑style R&D. Its cloud‑first partnership with Google, use of AI tools like Personetics and its own “MyKey” assistant, and advanced cybersecurity efforts all aim to modernize the bank and personalize client service. Acquisitions such as Laurel Road, XUP Payments, and GradFin give it ready‑made digital platforms and niche capabilities, especially in healthcare professionals and embedded payments. Products like KeyVAM for virtual account management and embedded banking offerings give KeyCorp more “stickiness” with commercial clients, while ongoing tech spending suggests digital capabilities will remain a central pillar of its strategy.

Summary

KeyCorp combines the profile of a traditional regional bank—anchored by long‑term client relationships and a diversified loan book—with a relatively forward‑leaning technology strategy. Financially, the story is one of decent revenue scale but rising earnings pressure, culminating in a recent swing to a small loss as margins compressed and costs rose. The balance sheet and cash generation still look sound for a bank of its size, but the margin of safety is more dependent on disciplined risk management and stable credit quality than in prior years. Its competitive advantage rests on middle‑market specialization, embedded solutions, and fintech‑enabled offerings rather than sheer size. Going forward, the key uncertainties revolve around how quickly profitability can normalize, how credit performance holds up through the cycle, and how effectively its substantial technology investments translate into more resilient and higher‑quality earnings over time.

NEWS

November 25, 2025 · 1:30 PM UTC

KEYBANK NATIONAL ASSOCIATION ANNOUNCES REDEMPTION OF SENIOR BANK NOTES DUE JANUARY 26, 2026

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November 20, 2025 · 4:15 PM UTC

KEYCORP DECLARES QUARTERLY CASH DIVIDEND ON COMMON SHARES AND PREFERRED STOCKS

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November 20, 2025 · 3:13 PM UTC

ONE BIG BEAUTIFUL BILL ACT POISED TO DRIVE MIDDLE MARKET GROWTH: 89% OF COMPANIES EXPECT SIGNIFICANT LONG-TERM BUSINESS IMPACT

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November 13, 2025 · 4:01 PM UTC

PRIVATE SAAS COMPANY SURVEY REVEALS AI-DRIVEN TRANSFORMATION AND SUSTAINED OPERATIONAL EXCELLENCE

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November 10, 2025 · 9:07 AM UTC

Is Debt-Free the New Luxury? KeyBank Survey Explores

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