Keycorp
KEY · NYSENational Commercial Banks · Fiscal year ends Dec 31
Keycorp reported revenue of $1.7B in the fiscal year ended Dec 2025, up 6.5% from the year before. Net income was $1.8B. Operating cash flow of $2.2B less capital expenditure of $107M left free cash flow of $2.1B. Net debt was $8.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.8B | $1.6B | $1.4B | $1.6B | $1.7B |
| Net interest incomeBanks | $4.1B | $4.5B | $3.9B | $3.8B | $4.6B |
| Interest expense | $296M | $885M | $4B | – | – |
| Pre-tax income | $3.3B | $2.3B | $1.2B | −$306M | $2.3B |
| Income tax | $642M | $422M | $196M | −$143M | $476M |
| Net income | $2.6B | $1.9B | $967M | −$161M | $1.8B |
| Diluted EPS | 2.63 | 1.93 | 0.88 | −0.32 | 1.52 |
| Diluted shares | 957M | 933M | 933M | 950M | 1,108M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $913M | $887M | $941M | $1.7B | $1.3B |
| Goodwill | $2.7B | $2.8B | $2.8B | $2.8B | $2.8B |
| Total assets | $186B | $190B | $188B | $187B | $184B |
| Deferred revenue | $0 | $0 | $0 | $0 | $0 |
| Long-term debt | $12B | $19.3B | $19.6B | $12.1B | $9.9B |
| DepositsBanks | $153B | $143B | $146B | $150B | $149B |
| Total liabilities | $169B | $176B | $174B | $169B | $164B |
| Shareholders' equity | $17.4B | $13.5B | $14.6B | $18.2B | $20.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $4.5B | $2.9B | $664M | $2.2B |
| Capital expenditure | $66M | $96M | $142M | $65M | $107M |
| Free cash flow | $1.1B | $4.4B | $2.8B | $599M | $2.1B |
| Depreciation & amortisation | $107M | $96M | $89M | $91M | $87M |
| Stock-based compensation | $104M | $120M | $121M | $104M | $132M |
| Acquisitions | $29M | $58M | $0 | $0 | – |
| Share buybacks | $585M | $0 | $0 | – | – |
| Dividends paid | $823M | $854M | $911M | $927M | $1.1B |
| Dividend per share | 0.75 | 0.79 | 0.82 | 0.82 | 0.82 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −12.6% | −10.0% | 14.5% | 6.5% |
| EPS growth (YoY) | – | −26.6% | −54.4% | −136.4% | – |
| Net margin | 144.0% | 120.3% | 67.4% | −9.8% | 104.6% |
| Return on equityBlank when equity is negative | 15.1% | 14.2% | 6.6% | −0.9% | 9.0% |
| Free cash flow margin | 59.6% | 274.3% | 192.4% | 36.5% | 120.1% |
| Cash conversion (CFO ÷ net income) | 0.44x | 2.33x | 3.00x | −4.12x | 1.21x |
| Debt ÷ equity | 0.69x | 1.44x | 1.34x | 0.67x | 0.49x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $11.1B | $18.4B | $18.6B | $10.4B | $8.6B |
Recent filings
More in National Commercial Banks
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.