Detailed financial statements for KeyCorp (KEY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
KeyCorp reported revenue of $11.19B in the most recent fiscal year, growing at a 5-year CAGR of 9.4%. Net income reached $1.83B, with a 6.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 66.1%, operating margin 19.3%, net margin 20.1%. Free cash flow grew at 5.5% CAGR over 5 years.
At $21.12 (closing price, October 30, 2026), KEY trades at a P/E of 11.60 and an ROE of 10.88%. Market capitalisation stands at $22.8B, placing it among large-cap names.
Balance sheet quality for KEY: current ratio of 0.8, net cash position of $449.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $2.10B represents 115% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.16B | $6.68B | $7.13B | $7.51B | $7.14B | $7.33B | $7.91B | $10.23B | $9.05B | $11.19B |
| Cost of Revenue | $666.0M | $842.0M | $1.22B | $1.77B | $1.67B | -$122.0M | $1.39B | $4.50B | $5.00B | $4.22B |
| Gross Profit | $4.49B | $5.83B | $5.91B | $5.74B | $5.47B | $7.46B | $6.52B | $5.73B | $4.06B | $6.97B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.22B | $2.57B | $2.60B | $2.47B | $2.57B | $2.81B | $2.78B | $2.77B | $2.87B | $3.28B |
| Operating Expenses | $3.52B | $3.91B | $3.71B | $3.71B | $3.91B | $4.20B | $4.19B | $4.57B | $4.36B | $4.66B |
| Operating Income | $968.0M | $1.93B | $2.20B | $2.02B | $1.56B | $3.25B | $2.33B | $1.16B | -$306.0M | $2.30B |
| EBITDA | $1.28B | $2.33B | $2.58B | $2.26B | $1.67B | $3.29B | $2.50B | $1.31B | -$233.0M | $2.33B |
| Interest Expense | $400.0M | $613.0M | $969.0M | $1.33B | $651.0M | $296.0M | $885.0M | $4.01B | $4.66B | $3.75B |
| Pre-tax Income | $968.0M | $1.93B | $2.20B | $2.02B | $1.56B | $3.25B | $2.33B | $1.16B | -$306.0M | $2.30B |
| Income Tax | $179.0M | $637.0M | $344.0M | $314.0M | $227.0M | $642.0M | $422.0M | $196.0M | -$143.0M | $475.0M |
| Net Income | $791.0M | $1.30B | $1.87B | $1.72B | $1.34B | $2.62B | $1.92B | $967.0M | -$161.0M | $1.83B |
| EPS | $0.81 | $1.14 | $1.73 | $1.63 | $1.28 | $2.66 | $1.94 | $0.89 | $-0.32 | $1.53 |
| EPS (Diluted) | $0.80 | $1.13 | $1.71 | $1.62 | $1.27 | $2.63 | $1.93 | $0.88 | $-0.32 | $1.52 |
| Shares Outstanding (Diluted) | 938.5 M | 1,088.6 M | 1,054.7 M | 1,002.3 M | 974.8 M | 957.4 M | 933.1 M | 932.8 M | 949.6 M | 1,095.2 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $2.86B | $2.73B | $2.06B | $2.88B |
| Gross Profit | $1.89B | $1.84B | $1.25B | $1.98B |
| Operating Income | $648.0M | $701.0M | -$59.0M | $738.0M |
| EBITDA | $651.0M | $701.0M | -$59.0M | $738.0M |
| Net Income | $510.0M | $522.0M | $509.0M | $579.0M |
| EPS | $0.43 | $0.45 | $0.44 | $0.51 |
| EPS (Diluted) | $0.43 | $0.44 | $0.44 | $0.51 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $677.0M | $671.0M | $678.0M | $732.0M | $1.09B | $913.0M | $887.0M | $941.0M | $1.74B | $1.29B |
| Short-term Investments | $22.99B | $22.59B | $21.99B | $23.11B | $43.75B | $56.37B | $41.55B | $48.00B | $20.76B | $10.16B |
| Receivables | $4.64B | $4.78B | $4.57B | $4.65B | $4.35B | $4.04B | $3.90B | $3.49B | $2.71B | $105.11B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $28.31B | $28.04B | $27.24B | $28.50B | $49.19B | $61.33B | $46.34B | $52.43B | $25.22B | $118.70B |
| Property, Plant & Equipment | $978.0M | $930.0M | $882.0M | $814.0M | $753.0M | $681.0M | $636.0M | $661.0M | $614.0M | $628.0M |
| Goodwill | $2.45B | $2.54B | $2.52B | $2.66B | $2.66B | $2.69B | $2.75B | $2.75B | $2.75B | $2.75B |
| Intangible Assets | $384.0M | $416.0M | $316.0M | $253.0M | $188.0M | $130.0M | $94.0M | $55.0M | $27.0M | $8.0M |
| Total Assets | $136.45B | $137.70B | $139.61B | $144.99B | $170.34B | $186.35B | $189.81B | $188.28B | $187.17B | $184.38B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $148.71B |
| Short-term Debt | $2.31B | $1.01B | $863.0M | $1.09B | $979.0M | $761.0M | $9.46B | $3.09B | $2.14B | $1.08B |
| Total Current Liabilities | $108.19B | $108.34B | $110.28B | $115.50B | $138.65B | $156.88B | $157.05B | $148.68B | $151.90B | $154.08B |
| Long-term Debt | $12.36B | $14.32B | $13.72B | $12.44B | $13.70B | $12.03B | $19.30B | $19.55B | $12.10B | $9.92B |
| Total Liabilities | $121.21B | $122.67B | $124.02B | $127.95B | $152.35B | $168.92B | $176.36B | $173.64B | $168.99B | $164.00B |
| Retained Earnings | $9.38B | $10.34B | $11.56B | $12.47B | $12.75B | $14.55B | $15.62B | $15.67B | $14.58B | $15.36B |
| Total Equity | $15.24B | $15.02B | $15.60B | $17.04B | $17.98B | $17.42B | $13.45B | $14.64B | $18.18B | $20.38B |
| Total Debt | $14.69B | $15.34B | $14.60B | $13.54B | $14.69B | $12.80B | $28.77B | $22.64B | $14.25B | $11.00B |
| Net Debt | -$8.97B | -$7.91B | -$8.07B | -$10.31B | -$30.15B | -$44.48B | -$13.67B | -$26.30B | -$8.26B | -$449.0M |
| Working Capital | -$79.89B | -$80.30B | -$83.05B | -$87.00B | -$89.45B | -$95.56B | -$110.71B | -$96.25B | -$126.69B | -$35.38B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.94B | $1.29B | $1.13B | $1.71B |
| Total Assets | $187.41B | $184.38B | $188.66B | $191.32B |
| Total Liabilities | $167.31B | $164.00B | $168.68B | $171.52B |
| Total Equity | $20.10B | $20.38B | $19.99B | $19.80B |
| Total Debt | $12.27B | $11.00B | $17.06B | $14.65B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $790.0M | $1.30B | $1.87B | $1.72B | $1.34B | $2.62B | $1.92B | $967.0M | -$161.0M | $1.83B |
| Depreciation & Amortization | $314.0M | $407.0M | $382.0M | $241.0M | $111.0M | $32.0M | $164.0M | $154.0M | $73.0M | $21.0M |
| Stock-based Compensation | $99.0M | $100.0M | $99.0M | $96.0M | $101.0M | $104.0M | $120.0M | $121.0M | $104.0M | $132.0M |
| Change in Working Capital | -$79.0M | $31.0M | -$13.0M | -$191.0M | $305.0M | $34.0M | $237.0M | $691.0M | -$483.0M | -$280.0M |
| Operating Cash Flow | $1.69B | $1.81B | $2.51B | $2.91B | $1.67B | $1.15B | $4.47B | $2.90B | $664.0M | $2.21B |
| Capital Expenditure | -$145.0M | -$112.0M | -$99.0M | -$85.0M | -$63.0M | -$66.0M | -$108.0M | -$142.0M | -$65.0M | -$107.0M |
| Acquisitions | -$481.0M | -$144.0M | $124.0M | -$185.0M | 0 | -$29.0M | -$58.0M | 0 | 0 | 0 |
| Stock Repurchased | -$140.0M | -$1.08B | -$1.10B | -$835.0M | -$134.0M | -$1.14B | 0 | -$38.0M | 0 | -$235.0M |
| Dividends Paid | -$335.0M | -$480.0M | -$656.0M | -$804.0M | -$829.0M | -$823.0M | -$854.0M | -$911.0M | -$927.0M | -$1.05B |
| Free Cash Flow | $1.54B | $1.70B | $2.41B | $2.82B | $1.61B | $1.09B | $4.36B | $2.76B | $599.0M | $2.10B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $396.0M | $718.0M | -$62.0M | $259.0M |
| Capital Expenditure | -$29.0M | -$45.0M | -$12.0M | -$26.0M |
| Free Cash Flow | $367.0M | $673.0M | -$74.0M | $233.0M |
| Dividends Paid | -$264.0M | -$262.0M | -$259.0M | -$258.0M |
| Stock-based Compensation | $36.0M | $33.0M | $31.0M | $33.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +29.5% | +6.7% | +5.3% | -4.9% | +2.7% | +7.9% | +29.3% | -11.5% | +23.6% | |
| Net Income Growth (YoY) | +63.8% | +44.0% | -8.0% | -21.8% | +95.5% | -27.0% | -49.6% | -116.6% | +1,236.0% | |
| EPS Growth (YoY) | +40.7% | +51.8% | -5.8% | -21.5% | +107.8% | -27.1% | -54.1% | -136.0% | +578.1% | |
| Shares Change (YoY) | +16.0% | -3.1% | -5.0% | -2.7% | -1.8% | -2.5% | -0.0% | +1.8% | +15.3% | |
| FCF Growth (YoY) | +10.3% | +41.3% | +17.2% | -42.9% | -32.5% | +301.2% | -36.7% | -78.3% | +250.8% | |
| Gross Margin | 87.1% | 87.4% | 82.9% | 76.4% | 76.6% | 101.7% | 82.5% | 56.0% | 44.8% | 62.3% |
| Operating Margin | 18.8% | 28.9% | 30.9% | 26.9% | 21.8% | 44.4% | 29.5% | 11.3% | -3.4% | 20.6% |
| EBITDA Margin | 24.9% | 35.0% | 36.3% | 30.1% | 23.3% | 44.8% | 31.6% | 12.8% | -2.6% | 20.8% |
| Net Margin | 15.3% | 19.4% | 26.2% | 22.9% | 18.8% | 35.8% | 24.2% | 9.5% | -1.8% | 16.3% |
| FCF Margin | 30.0% | 25.5% | 33.8% | 37.6% | 22.5% | 14.8% | 55.1% | 27.0% | 6.6% | 18.8% |
| Effective Tax Rate | 18.5% | 33.0% | 15.6% | 15.5% | 14.6% | 19.7% | 18.1% | 16.9% | 46.7% | 20.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.65 | $1.56 | $2.28 | $2.81 | $1.65 | $1.14 | $4.67 | $2.96 | $0.63 | $1.92 |
| Dividends Per Share | $0.36 | $0.44 | $0.62 | $0.80 | $0.85 | $0.86 | $0.92 | $0.98 | $0.98 | $0.96 |
| Shares Outstanding (Basic) | 927.8 M | 1,072.1 M | 1,040.9 M | 992.1 M | 967.8 M | 947.1 M | 924.4 M | 927.2 M | 949.6 M | 1,095.2 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 10.88% |
| Return on Invested Capital | 4.07% |
| Return on Assets | 1.10% |
| Gross Margin | 66.14% |
| Operating Margin | 19.27% |
| Net Margin | 20.14% |
Financial Health
| Debt / Equity | 0.94 |
| Current Ratio | 0.33 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 0.07 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 22.56 | 17.69 | 8.54 | 12.42 | 12.82 | 8.70 | 8.98 | 16.18 | -53.56 | 13.49 |
| P/B | 1.11 | 1.44 | 0.99 | 1.18 | 0.88 | 1.26 | 1.20 | 0.91 | 0.90 | 1.11 |
| P/S | 3.29 | 3.24 | 2.16 | 2.68 | 2.22 | 2.99 | 2.04 | 1.31 | 1.80 | 2.02 |
| Gross Margin | 87.1% | 87.4% | 82.9% | 76.4% | 76.6% | 101.7% | 82.5% | 56.0% | 44.8% | 62.3% |
| Operating Margin | 18.8% | 28.9% | 30.9% | 26.9% | 21.8% | 44.4% | 29.5% | 11.3% | -3.4% | 20.6% |
| Net Margin | 15.3% | 19.4% | 26.2% | 22.9% | 18.8% | 35.8% | 24.2% | 9.5% | -1.8% | 16.3% |
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