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KEY-PK

KeyCorp

KEY-PK

KeyCorp • NYSE
$21.74 ▼ -0.28% (-0.06)
Market Cap $17.43 B
52w High $24.01
52w Low $19.76
Dividend Yield 1.41%
P/E 14.99
Volume 35.63K
Outstanding Shares 801.56M

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 Q2-2024Q3-2024Q4-2024Q2-2025
Cards And Payments
Cards And Payments
 $80.00M ▲$90.00M ▲$160.00M ▲$80.00M ▼
Investment Banking And Debt Placement
Investment Banking And Debt Placement
 $100.00M ▲$130.00M ▲$260.00M ▲$130.00M ▼
Other Noninterest Income
Other Noninterest Income
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Service Charges On Deposit Accounts
Service Charges On Deposit Accounts
 $70.00M ▲$70.00M ▲$130.00M ▲$70.00M ▼
Trust And Investment Services
Trust And Investment Services
 $130.00M ▲$130.00M ▲$260.00M ▲$140.00M ▼

Five-Year Company Overview

Income Statement

Income Statement KeyCorp’s revenue base has grown over the past five years, but the quality of earnings has weakened recently. Profitability was solid in the two years following the pandemic, then came under clear pressure, with the most recent year slipping into a small loss. Margins have narrowed meaningfully versus earlier years, suggesting higher funding costs, credit expenses, or other operating pressures. Overall, the bank has moved from a period of strong, steady profits to one where it is defending profitability and rebalancing its business model.

Balance Sheet

Balance Sheet The balance sheet looks broadly stable in size, with total assets holding in a fairly tight range over recent years. Capital levels have improved lately, as equity has been rebuilt after an earlier dip, which is a positive sign for resilience. Borrowings rose earlier in the period and have since been reduced, indicating some deliberate balance sheet cleanup and de-risking. Cash on hand is modest, but that is typical for a regional bank that relies on loans and securities rather than idle cash. Overall, the balance sheet appears steady, but like most regional banks, it remains sensitive to funding costs, deposit behavior, and credit quality.

Cash Flow

Cash Flow Despite the recent dip in earnings, KeyCorp has continued to generate positive cash from its core operations, though not at the peak levels seen a few years ago. Free cash flow follows a similar pattern: strong in the middle of the period and lower more recently, but still positive. Investment spending has been relatively light and consistent, which helps support free cash flow but also means growth and technology upgrades must be funded efficiently. In short, the business is still a cash generator, but with less cushion than during its stronger profit years, so management discipline around costs and credit will matter more.

Competitive Edge

Competitive Edge KeyCorp holds a meaningful regional position in the Midwest and Northeast, anchored by long-standing relationships with both consumer and commercial clients. Its business mix is diversified across retail banking, commercial lending, and wealth and investment banking, which helps smooth out economic ups and downs. The bank’s strategy emphasizes specific industry niches—such as healthcare, real estate, and technology—where it can offer more tailored advice and services than a generic lender. However, it competes head-to-head with larger national banks, aggressive online-only players, and fintech firms, all while navigating regulatory scrutiny and interest-rate swings. Its edge lies in relationship depth and specialization, but maintaining that edge requires continued investment and careful risk management.

Innovation and R&D

Innovation and R&D KeyCorp is leaning heavily into digital innovation rather than traditional bricks-and-mortar expansion. Its embedded banking push—through acquisitions and partnerships with fintech providers—aims to place Key’s products inside other companies’ software and platforms, effectively turning the bank into underlying financial infrastructure. Laurel Road for Doctors is a good example of a targeted digital offering that serves a specific profession with custom products, potentially deepening loyalty in a high-income niche. The bank is also modernizing its core systems, moving applications to the cloud and adding tools for virtual account management and advanced treasury services. These initiatives could create a more defensible competitive position over time, but they come with execution risk: technology spending is rising, integration with partners must be seamless, and returns on these investments may take time to fully show up in financial results.

Summary

KeyCorp is in a transitional phase. Its franchise generates solid revenue and long-term client relationships, but profitability has clearly weakened in the most recent year, moving from strong earnings to a modest loss. The balance sheet looks stable and somewhat strengthened in terms of capital and borrowings, and cash generation remains positive, though not as robust as during its best years. Strategically, the bank is betting on embedded finance, niche digital platforms like Laurel Road, and specialized industry verticals to differentiate itself from both megabanks and fintechs. The main opportunity is to turn these innovations into durable, higher-margin revenue streams; the main risks are ongoing pressure from interest rates, credit quality, and the need to execute complex technology and partnership strategies without missteps. Overall, the story is one of a regional bank with solid foundations working to adapt its model for a more digital, more competitive future while managing near-term earnings pressure.