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KEY-PJ

KeyCorp

KEY-PJ

KeyCorp • NYSE
$21.70 ▼ -0.50% (-0.11)
Market Cap $19.34 B
52w High $23.87
52w Low $19.97
Dividend Yield 1.41%
P/E 8.77
Volume 26.99K
Outstanding Shares 891.10M

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 Q4-2023Q1-2024Q2-2024Q2-2025
Cards And Payments
Cards And Payments
 $90.00M ▲$80.00M ▼$80.00M ▲$80.00M ▲
Investment Banking And Debt Placement
Investment Banking And Debt Placement
 $80.00M ▲$130.00M ▲$100.00M ▼$130.00M ▲
Other Noninterest Income
Other Noninterest Income
 $0 ▲$0 ▲$0 ▲$0 ▲
Service Charges On Deposit Accounts
Service Charges On Deposit Accounts
 $60.00M ▲$60.00M ▲$70.00M ▲$70.00M ▲
Trust And Investment Services
Trust And Investment Services
 $130.00M ▲$130.00M ▲$130.00M ▲$140.00M ▲

Five-Year Company Overview

Income Statement

Income Statement KeyCorp’s revenue has generally grown over the last few years, but profitability has become much weaker. Margins were solid earlier in the period, then eroded as costs, credit pressures, and a tougher interest rate environment weighed on results. The most recent year shows a small net loss instead of a profit, which is a clear deterioration from the strong earnings seen a few years ago. Overall, the income statement tells the story of a bank that has scale and revenue power, but is currently working through a difficult earnings patch and pressure on returns.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable in size, with total assets moving within a fairly narrow range over the period. Debt levels rose meaningfully a few years ago and have since come down, but the bank still relies on a notable amount of wholesale funding. Shareholders’ equity has recovered after a dip, suggesting some rebuilding of capital strength. Cash on hand is modest, which is common for banks that hold most liquidity in securities and loans instead of raw cash. For a preferred holder, the key takeaway is a reasonably steady asset base and improving equity cushion, offset by the need to watch leverage and funding conditions.

Cash Flow

Cash Flow Despite the recent accounting loss, KeyCorp continues to generate positive cash flow from operations over time. Operating and free cash flow were particularly strong in the middle of the period and, while they have softened more recently, they remain positive. Capital spending is relatively small compared with total cash generation, so most cash flow is available for strengthening the balance sheet, absorbing credit costs, or supporting payouts when management chooses. The main message is that cash generation has been healthier than the latest reported earnings alone might suggest, though it has become less robust than in its best recent year.

Competitive Edge

Competitive Edge KeyCorp is a sizable regional bank with a long-standing presence in the Midwest and Northeast, serving both consumers and commercial clients. Its competitive strength comes from a diversified model that includes everyday retail banking, middle‑market commercial lending, wealth services, and capital markets capabilities. The bank also has industry-specific expertise in areas like healthcare, real estate, and energy, which can deepen client relationships. At the same time, it operates in an intensely competitive field, facing pressure from large national banks, local community banks, and fintechs. That means its regional roots and specialization help, but they do not fully shield it from pricing pressure and shifting customer expectations.

Innovation and R&D

Innovation and R&D KeyCorp is leaning heavily into technology to differentiate itself. It is investing significantly in cloud migration, digital channels, and embedded banking solutions that plug directly into clients’ software platforms. Partnerships with fintech firms, AI-driven cybersecurity tools, and offerings like KeyVAM and the Laurel Road digital platform for healthcare professionals all signal a push to modernize and target niche segments. These initiatives could strengthen loyalty and open new fee-based revenue streams if execution is strong. The flip side is that this strategy requires sustained spending and careful risk management, so there is execution risk and a time lag before benefits fully show up in earnings.

Summary

Putting it together, KeyCorp appears to be a bank in transition. It has a stable, diversified franchise and a reasonably solid balance sheet foundation, but recent profitability has weakened to the point of a small loss in the latest year. Cash flow remains positive, which softens the impact of weaker reported earnings, yet is not as strong as in prior peak years. Competitively, the bank’s regional reach, sector expertise, and growing capital markets and digital capabilities give it clear strengths, but it still faces a tough, crowded marketplace. Its heavy investment in technology, embedded banking, and niche digital brands like Laurel Road could improve its position over time, though investors in securities like the preferred shares should recognize that this is an ongoing transformation with both opportunity and execution risk.