KeyCorp

KEY · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$22,413	$16,991	$13,482	$16,252	$21,535	$15,279	$18,845	$13,761	$18,779	$17,010	$12,281	$12,113	$12,166	$7,906	$7,167	$7,742	$3,869	$3,834	$9,193	$15,383	$13,468	$13,919	$12,396	$10,696	$10,327	$12,113	$9,918	$14,141	$15,570	$11,610	$8,478	$6,077	$2,949	$3,998	$1,621	$1,075	$809	$792	$786	$662	$524
Enterprise value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	13.29×	–	16.36×	9.03×	8.55×	12.35×	11.63×	7.65×	15.32×	22.56×	13.75×	13.80×	13.72×	9.46×	8.81×	19.85×	–	–	10.00×	14.58×	11.93×	14.59×	13.73×	10.96×	78.23×	12.09×	8.96×	14.20×	16.94×	14.83×	10.28×	7.12×	8.49×	13.27×	9.95×	6.81×	7.36×	7.91×	8.65×	7.87×	8.69×
P/S (TTM) at period end	3.00×	3.71×	2.11×	2.24×	2.96×	2.29×	2.96×	2.14×	3.00×	3.41×	2.90×	2.96×	2.97×	1.92×	1.81×	1.73×	0.88×	0.92×	1.87×	3.20×	2.93×	3.27×	2.76×	2.37×	2.27×	2.46×	1.94×	3.27×	3.80×	3.05×	2.38×	1.70×	1.73×	2.45×	1.78×	1.25×	1.38×	–	–	–	–
P/B at period end	1.10×	0.93×	0.92×	1.21×	1.24×	0.85×	1.11×	0.88×	1.25×	1.12×	1.14×	1.15×	1.18×	0.77×	0.72×	0.70×	0.36×	0.37×	1.19×	2.00×	1.77×	1.96×	1.78×	1.56×	1.68×	1.83×	1.55×	2.29×	3.01×	2.38×	1.65×	1.29×	1.45×	2.14×	1.45×	1.07×	1.08×	–	–	–	–
EV / EBITDA (TTM)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Returns
Return on equity	8.3%	(1.7%)	5.6%	13.4%	14.5%	6.9%	9.5%	11.5%	8.2%	4.9%	8.3%	8.3%	8.6%	8.1%	8.2%	3.5%	(15.3%)	(14.4%)	11.9%	13.7%	14.9%	13.4%	13.0%	14.3%	2.1%	15.1%	17.3%	16.2%	17.7%	16.0%	16.0%	18.2%	17.0%	16.1%	14.6%	15.7%	14.7%	–	–	–	–
Return on invested capital	6.1%	(0.5%)	2.7%	4.6%	8.9%	4.2%	5.7%	6.3%	4.3%	2.7%	4.3%	5.1%	4.5%	4.6%	4.6%	2.4%	(5.2%)	(2.5%)	3.5%	4.8%	4.4%	3.8%	3.6%	3.6%	0.6%	3.3%	3.3%	3.2%	4.1%	4.6%	5.6%	6.3%	6.7%	7.8%	12.3%	10.8%	16.1%	–	–	–	–
Dividend yield	4.7%	5.5%	6.8%	5.3%	3.8%	5.4%	4.3%	4.8%	2.6%	2.0%	2.2%	2.0%	1.8%	2.4%	2.3%	2.4%	5.5%	11.6%	6.2%	3.6%	3.9%	3.6%	4.1%	4.8%	4.9%	4.0%	4.7%	2.9%	2.4%	3.1%	4.2%	5.9%	4.5%	2.8%	3.7%	5.5%	4.6%	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.37×	0.30×	0.25×	0.29×	0.30×	0.04×	0.05×	0.06×	0.05×	0.05×	0.05×	0.06×	0.06×	0.06×	0.06×	0.06×	0.06×	0.09×	0.12×	0.10×	0.16×	–	–	–	–
Debt / equity	–	0.78×	–	–	–	–	–	–	–	–	–	–	0.78×	0.69×	1.00×	1.06×	1.12×	2.24×	2.74×	2.44×	2.66×	2.74×	3.00×	3.45×	4.08×	3.93×	4.46×	4.40×	4.08×	3.20×	2.41×	2.63×	2.20×	2.14×	1.56×	1.72×	2.03×	–	–	–	–
Effective tax rate	20.7%	46.7%	16.9%	18.1%	19.7%	14.6%	15.5%	15.6%	33.0%	18.5%	24.8%	25.2%	23.8%	21.5%	27.3%	23.5%	45.0%	(51.4%)	22.3%	27.4%	28.6%	30.9%	27.3%	25.6%	39.4%	33.9%	34.3%	32.7%	31.7%	31.5%	31.8%	33.5%	35.1%	31.3%	30.3%	4.4%	24.4%	–	–	–	–
Share count
Diluted shares outstanding	1,108	950	933	933	957	975	1,002	1,055	1,089	939	844	878	913	943	936	878	697	450	396	410	414	415	426	431	430	436	452	447	444	466	473	496	200	251	131	133	93	95	97	94	78

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$7,942	$7,478	$4,574	$6,383	$7,245	$7,265	$6,686	$6,368	$6,424	$6,255	$4,990	$4,228	$4,090	$4,091	$4,120	$3,955	$4,465	$4,415	$4,163	$4,927	$4,808	$4,597	$4,254	$4,485	$4,518	$4,550	$4,924	$5,102	$4,324	$4,100	$3,804	$3,569	$3,576	$1,709	$1,632	$912	$863	$587	–	–	–	–
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($4,030)	($3,284)	($2,869)	($2,765)	($2,780)	($2,813)	($2,571)	($2,469)	($2,603)	($2,572)	($2,221)	($1,770)	($1,688)	($1,699)	($1,703)	($1,645)	($1,793)	($1,925)	($1,854)	($1,877)	($1,960)	($1,819)	($1,755)	($1,613)	($1,558)	($1,490)	($1,555)	($1,588)	($1,356)	($1,267)	($1,190)	($1,186)	($1,060)	($507)	($476)	($278)	($282)	($180)	–	–	–	–
Total operating expenses	($4,933)	($4,703)	($4,364)	($4,566)	($4,191)	($4,202)	($3,913)	($3,713)	($3,708)	($3,906)	($3,521)	($2,681)	($2,605)	($2,649)	($2,644)	($2,529)	($2,906)	($3,303)	($3,347)	($3,004)	($3,021)	($2,935)	($2,761)	($2,742)	($2,653)	($2,941)	($2,917)	($3,070)	($2,548)	($2,435)	($2,464)	($2,312)	($2,167)	($1,102)	($1,046)	($598)	($606)	($390)	($100)	($91)	($84)	($60)
Total costs and expenses	($5,914)	($5,174)	($4,880)	($5,223)	($4,912)	($4,011)	($5,130)	($4,346)	($4,221)	($4,327)	($4,022)	($3,006)	($2,818)	($2,950)	($3,047)	($2,624)	($3,672)	($6,713)	($5,013)	($3,683)	($3,165)	($3,071)	($2,942)	($3,243)	($3,206)	($4,291)	($3,407)	($3,418)	($2,845)	($2,755)	($2,661)	($2,412)	($2,292)	($1,174)	($1,193)	($678)	($700)	($442)	–	–	–	–
Operating income	$2,028	$2,304	($306)	$1,160	$2,333	$3,254	$1,556	$2,022	$2,203	$1,928	$968	$1,222	$1,272	$1,141	$1,073	$1,331	$793	($2,298)	($850)	$1,244	$1,643	$1,526	$1,312	$1,242	$1,312	$259	$1,517	$1,684	$1,479	$1,345	$1,143	$1,157	$1,284	$535	$439	$234	$162	$146	$100	$91	$84	$60
Earnings
EBITDA	–	$2,325	($233)	$1,314	$2,497	$3,286	$1,667	$2,263	$2,585	$2,335	$1,282	$1,469	$1,518	$1,362	$1,308	$1,532	$1,123	($1,909)	($421)	$1,664	$2,040	$1,884	$1,657	$1,452	$1,538	$789	$1,899	$2,080	$1,807	$1,587	$1,373	$1,372	$1,501	$650	$533	$283	$206	$170	–	–	–	–
Interest income	$2,154	$33	$62	$73	$22	$7	$6	$13	$21	$17	$16	$18	$22	$29	$38	$42	$49	$3,795	$4,353	$5,336	$5,380	$4,383	$3,562	$3,970	$4,366	$5,627	$6,277	$5,695	$5,525	$5,262	$4,951	$5,121	$4,490	$1,871	$1,903	$1,384	$1,487	$987	–	–	–	–
Interest expense	($3,288)	($3,750)	($4,662)	($4,014)	($885)	($296)	($651)	($1,326)	($969)	($613)	($400)	($274)	($261)	($295)	($441)	($622)	($897)	($1,415)	($2,037)	($2,650)	($2,565)	($1,727)	($1,106)	($1,245)	($1,617)	($2,802)	($3,547)	($2,908)	($2,776)	($2,468)	($2,234)	($2,485)	($1,797)	($672)	($773)	($697)	($863)	($561)	–	–	–	–
Pre-tax income	$2,691	$2,304	($306)	$1,160	$2,333	$3,254	$1,556	$2,022	$2,203	$1,928	$968	$1,222	$1,296	$1,141	$1,073	$1,331	$793	($2,298)	($850)	$1,244	$1,643	$1,526	$1,312	$1,242	$1,312	$259	$1,517	$1,684	$1,479	$1,345	$1,143	$1,157	$1,284	$535	$439	$234	$162	$146	–	–	–	–
Income tax expense	($573)	($476)	$143	($196)	($422)	($642)	($227)	($314)	($344)	($637)	($179)	($303)	($326)	($271)	($231)	($364)	($186)	$1,035	($437)	($277)	($450)	($436)	($405)	($339)	($336)	($102)	($515)	($577)	($483)	($426)	($360)	($368)	($430)	($188)	($137)	($71)	($7)	($36)	$100	$91	$84	$60
Net income	$2,120	$1,829	($161)	$967	$1,917	$2,625	$1,343	$1,717	$1,866	$1,296	$791	$916	$900	$910	$858	$920	$554	($1,335)	($1,468)	$919	$1,055	$1,129	$954	$903	$976	$132	$1,002	$1,107	$996	$919	$783	$825	$854	$347	$301	$163	$158	$110	$100	$91	$84	$60
Per share
Diluted EPS (GAAP)	$1.82	$1.52	($0.32)	$0.88	$1.93	$2.63	$1.27	$1.62	$1.71	$1.13	$0.80	$1.05	$0.99	$0.97	$0.89	$0.87	$0.44	($2.34)	($3.36)	$2.32	$2.57	$2.73	$2.30	$2.12	$2.27	$0.31	$2.30	$2.45	$2.23	$2.07	$1.68	$1.71	$1.72	$1.43	$1.20	$1.23	$1.18	$1.16	$1.05	$0.94	$0.90	$0.78
Basic EPS (GAAP)	$1.83	$1.53	($0.32)	$0.89	$1.94	$2.65	$1.28	$1.63	$1.73	$1.14	$0.81	$1.06	$1.01	$0.98	$0.89	$0.87	$0.45	($2.34)	($3.36)	$2.35	$2.61	$2.76	$2.32	$2.14	$2.29	$0.31	$2.32	$2.47	$2.25	$2.09	$1.69	$1.73	$1.73	$1.44	$1.21	$1.23	$1.18	$1.16	$1.05	$0.94	$0.90	$0.78
Basic shares outstanding	1,076	1,099	950	927	924	947	968	992	1,041	1,072	928	837	871	907	939	932	875	697	450	392	404	409	411	423	425	424	433	448	442	440	460	468	486	198	249	131	133	93	95	97	94	78
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	25.5%	30.8%	(6.7%)	18.2%	32.2%	44.8%	23.3%	31.8%	34.3%	30.8%	19.4%	28.9%	31.1%	27.9%	26.0%	33.7%	17.8%	(52.0%)	(20.4%)	25.2%	34.2%	33.2%	30.8%	27.7%	29.0%	5.7%	30.8%	33.0%	34.2%	32.8%	30.0%	32.4%	35.9%	31.3%	26.9%	25.7%	18.8%	24.8%	–	–	–	–
Net margin	26.7%	24.5%	(3.5%)	15.1%	26.5%	36.1%	20.1%	27.0%	29.0%	20.7%	15.9%	21.7%	22.0%	22.2%	20.8%	23.3%	12.4%	(30.2%)	(35.3%)	18.7%	21.9%	24.6%	22.4%	20.1%	21.6%	2.9%	20.3%	21.7%	23.0%	22.4%	20.6%	23.1%	23.9%	20.3%	18.5%	17.9%	18.3%	18.7%	–	–	–	–

Analyst consensus

Buy51 analysts

Bearish · 2 · Hold · 18 · Bullish · 31

Earnings history

	EPS	Estimate
Q4 2024	$0.38	$0.32	Beat
Q1 2025	$0.33	$0.32	Beat
Q2 2025	$0.35	$0.35	Match
Q3 2025	$0.41	$0.38	Beat
Q4 2025	$0.41	$0.39	Beat
Q1 2026	$0.44	$0.41	Beat
Q2 2026	$0.44	$0.42	Beat
Q3 2026	$0.51	$0.46	Beat

Peers

Company overview

IPO dateNov 5, 1987

CEOChristopher Marrott Gorman

Employees17,883

SectorFinancial Services

IndustryBanks - Regional

CountryUS

ExchangeNew York Stock Exchange

Websitewww.key.com

KeyCorp functions as the parent entity for KeyBank National Association, delivering a wide array of banking services to retail and business clients across the United States. Its operations are distinctly segmented into a Consumer Bank and a Commercial Bank. Targeting both individual consumers and small to medium-sized businesses, the corporation extends a comprehensive suite of services. These offerings include various deposit accounts, investment solutions, personal financial planning and wellness programs, student loan refinancing, mortgage and home equity products, general lending, credit card services, treasury management, business advisory, wealth and asset management, and trust-related services. Moreover, the company furnishes middle-market clients with a robust selection of sophisticated banking and capital market products. These encompass syndicated lending, debt and equity capital market offerings, commercial payment solutions, equipment financing, commercial real estate mortgage banking, derivatives, foreign exchange services, financial advisory, and public finance. Its commercial mortgage portfolio encompasses loans across diverse sectors, including consumer, energy, healthcare, industrial, public sector, real estate, and technology. Additionally, KeyCorp engages in community development financing, securities underwriting, brokerage, and investment banking services. As of December 31, 2021, its operational reach extended across 15 states, supported by an extensive network of approximately 999 physical branches and 1,317 automated teller machines (ATMs). Beyond its physical footprint, the company offers online and mobile banking capabilities, alongside a dedicated telephone banking call center and other offices. Established in 1849, KeyCorp maintains its corporate headquarters in Cleveland, Ohio.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.