Business Description
KeyCorp is a diversified bank headquartered in Cleveland, Ohio, United States, with roots tracing back to 1825. Operating primarily under the KeyBank brand, it offers a wide range of financial products including retail banking, commercial loans, and wealth management services. Led by CEO Christopher M. Gorman since 2019, the bank leverages approximately $200 billion in assets to serve both individual and business clients. With robust digital initiatives and strategic growth plans, KeyCorp seeks to maintain and expand its competitive market position.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Interest Income | 4,636,000 | 3,765,000 | 3,913,000 | 4,527,000 |
| Non-Interest Income | 2,842,000 | 809,000 | 2,470,000 | 2,718,000 |
| Total Revenues Before Provision for Credit Losses | 7,478,000 | 4,574,000 | 6,383,000 | 7,245,000 |
| Provision for Credit Losses | 471,000 | 335,000 | 489,000 | 502,000 |
| Total Revenues After Provision for Credit Losses | 7,007,000 | 4,239,000 | 5,894,000 | 6,743,000 |
| Compensation Expenses | 2,917,000 | 2,714,000 | 2,660,000 | 2,566,000 |
| Selling, General & Administrative Expenses | 1,104,000 | 1,091,000 | 1,077,000 | 1,137,000 |
| Other Non-Interest Expenses | 682,000 | 740,000 | 997,000 | 707,000 |
| Total Non-Interest Expense | 4,703,000 | 4,545,000 | 4,734,000 | 4,410,000 |
| Income Before Provision for Income Taxes | 2,304,000 | (306,000) | 1,160,000 | 2,333,000 |
| Provision for Income Taxes | 476,000 | (143,000) | 196,000 | 422,000 |
| Consolidated Net Income | 1,828,000 | (163,000) | 964,000 | 1,911,000 |
| Net Income Attributable to Discontinued Operations | 1,000 | 2,000 | 3,000 | 6,000 |
| Net Income Attributable to Common Shareholders | 1,829,000 | (161,000) | 967,000 | 1,917,000 |
| Basic EPS | 1.53 | -0.32 | 0.89 | 1.94 |
| Diluted EPS | 1.52 | -0.32 | 0.88 | 1.93 |
| Basic Weighted Average Shares Outstanding | 1,098,560 | 949,561 | 927,217 | 924,363 |
| Diluted Weighted Average Shares Outstanding | 1,107,990 | 949,561 | 932,759 | 933,059 |
| Shares Outstanding | 1,102,400 | 1,106,790 | 936,564 | 933,325 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 1,287,000 | 1,743,000 | 941,000 | 887,000 |
| Securities and Investments | 48,218,000 | 45,102,000 | 45,760,000 | 47,827,000 |
| Short-Term Interbank Lending and Reverse Repurchase Agreements | 10,163,000 | 17,504,000 | 10,817,000 | 2,432,000 |
| Trading Assets | 1,061,000 | 1,283,000 | 1,142,000 | 829,000 |
| Other Earning Assets | 1,077,000 | 797,000 | 483,000 | 963,000 |
| Gross Loans | 106,541,000 | 104,260,000 | 112,606,000 | 119,394,000 |
| Allowance for Loan Losses | (1,427,000) | (1,409,000) | (1,508,000) | (1,337,000) |
| Net Loans | 105,114,000 | 102,851,000 | 111,098,000 | 118,057,000 |
| Net Property, Plant & Equipment | 628,000 | 614,000 | 661,000 | 636,000 |
| Accrued Interest and Accounts Receivable | 8,481,000 | 8,797,000 | 8,601,000 | 9,223,000 |
| Net Intangible Assets | 8,000 | 27,000 | 55,000 | 94,000 |
| Goodwill | 2,752,000 | 2,752,000 | 2,752,000 | 2,752,000 |
| Long-Term Investments | 949,000 | 1,041,000 | 1,244,000 | 1,308,000 |
| Other Non-Earning Assets | 4,643,000 | 4,657,000 | 4,727,000 | 4,805,000 |
| Total Assets | 184,381,000 | 187,168,000 | 188,281,000 | 189,813,000 |
| Interest-bearing deposits | 121,100,000 | 120,132,000 | 114,859,000 | 101,761,000 |
| Noninterest-bearing deposits | 27,613,000 | 29,628,000 | 30,728,000 | 40,834,000 |
| Total Deposits | 148,713,000 | 149,760,000 | 145,587,000 | 142,595,000 |
| Short-Term Interbank Borrowing and Repurchase Agreements | 13,000 | 14,000 | 38,000 | 4,077,000 |
| Short-Term Borrowings | 1,071,000 | 2,130,000 | 3,053,000 | 5,386,000 |
| Accrued Expenses | 4,286,000 | 4,983,000 | 5,412,000 | 4,994,000 |
| Long-Term Debt | 9,917,000 | 12,105,000 | 19,554,000 | 19,307,000 |
| Total Liabilities | 164,000,000 | 168,992,000 | 173,644,000 | 176,359,000 |
| Preferred Stock | 2,500,000 | 2,500,000 | 2,500,000 | 2,500,000 |
| Common Stock | 1,257,000 | 1,257,000 | 1,257,000 | 1,257,000 |
| Treasury Stock | (2,810,000) | (2,733,000) | (5,844,000) | (5,910,000) |
| Additional Paid-in Capital | 6,035,000 | 6,038,000 | 6,281,000 | 6,286,000 |
| Accumulated Other Comprehensive Income | (1,960,000) | (3,470,000) | (5,229,000) | (6,295,000) |
| Retained Earnings | 15,359,000 | 14,584,000 | 15,672,000 | 15,616,000 |
| Total Common Shareholders' Equity | 20,381,000 | 18,176,000 | 14,637,000 | 13,454,000 |
| Total Shareholders' Equity | 20,381,000 | 18,176,000 | 14,637,000 | 13,454,000 |
| Total Liabilities and Shareholders' Equity | 184,381,000 | 187,168,000 | 188,281,000 | 189,813,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 1,829,000 | (161,000) | 967,000 | 1,917,000 |
| Depreciation & Amortization | 21,000 | 73,000 | 154,000 | 164,000 |
| Provision for Credit Losses | 471,000 | 335,000 | 489,000 | 502,000 |
| Share-Based Compensation Expense | 132,000 | 104,000 | 121,000 | 120,000 |
| Net Change in Loans Held-for-Sale | (238,000) | (316,000) | 425,000 | 1,812,000 |
| Other Adjustments | (267,000) | 1,276,000 | (351,000) | (300,000) |
| Changes in Trading Assets | 222,000 | (141,000) | (313,000) | (128,000) |
| Changes in Accrued Interest and Accounts Receivable | 221,000 | (270,000) | 554,000 | (1,044,000) |
| Changes in Accrued Expenses | (723,000) | (72,000) | 450,000 | 1,409,000 |
| Changes in Other Operating Activities | 533,000 | (139,000) | 389,000 | 17,000 |
| Cash from Operating Activities | 2,208,000 | 664,000 | 2,903,000 | 4,469,000 |
| Net Change in Loans Held-for-Investment | (2,508,000) | 8,114,000 | 6,819,000 | (17,492,000) |
| Net Change in Securities and Investments | 5,744,000 | (5,683,000) | (5,361,000) | 6,636,000 |
| Payments for Business Acquisitions | — | — | — | (58,000) |
| Capital Expenditure | (107,000) | (65,000) | (142,000) | (96,000) |
| Purchases of Intangible Assets | — | — | — | (12,000) |
| Proceeds from Sale of Property, Plant & Equipment | 4,000 | 24,000 | 5,000 | 16,000 |
| Other Investing Activities | 178,000 | 309,000 | 154,000 | (563,000) |
| Cash from Investing Activities | 3,219,000 | 2,497,000 | 1,417,000 | (10,934,000) |
| Net Change in Deposits | (1,047,000) | 4,173,000 | 2,992,000 | (9,977,000) |
| Net Change in Short-Term Interbank Borrowing and Repurchase Agreements | (1,060,000) | (947,000) | (6,372,000) | 8,702,000 |
| Issuance of Long-Term Debt | 1,556,000 | 1,646,000 | 5,240,000 | 16,596,000 |
| Repayments of Long-Term Debt | (4,052,000) | (9,057,000) | (5,144,000) | (8,580,000) |
| Net Issuance / (Repayments) of Long-Term Debt | (2,496,000) | (7,411,000) | 96,000 | 8,016,000 |
| Issuance of Common Shares | 2,780,000 | 10,000 | 1,000 | 6,000 |
| Repurchases of Common Shares | (235,000) | (66,000) | (34,000) | (44,000) |
| Net Issuance / (Repurchases) of Common Shares | 2,545,000 | (56,000) | (33,000) | (38,000) |
| Issuance of Preferred Shares | — | — | — | 590,000 |
| Net Issuance / (Repurchases) of Preferred Shares | — | — | — | 590,000 |
| Common Share Dividends Paid | (1,054,000) | (927,000) | (911,000) | (854,000) |
| Other Financing Activities | (1,054,000) | (927,000) | (911,000) | (854,000) |
| Cash from Financing Activities | (5,883,000) | (2,359,000) | (4,266,000) | 6,439,000 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (456,000) | 802,000 | 54,000 | (26,000) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $22.75B |
| P/E | 13.58x |
| P/S | 3.25x |
| Return on Equity | 9.5% |
| Dividend Yield | 4.6% |
| Free Cash Flow Margin | 30.0% |
Margins
Gross margin
—
Operating margin
—
Net margin
24.4%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $1.95B | +10.3% | — | — |
| Q4 2025 | $2.00B | +133.6% | — | — |
| Q3 2025 | $1.89B | +176.1% | — | — |
| Q2 2025 | $1.83B | +20.9% | — | — |
| Q1 2025 | $1.76B | — | — | — |
| Q4 2024 | $855M | — | — | — |
| Q3 2024 | $683M | — | — | — |
| Q2 2024 | $1.51B | — | — | — |
More on KeyCorp
Figures compiled from public company filings.
See how Top Bucket AI works for your firm
Request DemoTop Bucket AI Research
Stay ahead of private markets
Research and market intelligence for private-markets professionals.
✓
You're subscribed.
Thanks for signing up.