NYSE: KEY
KeyCorp
Financials · National Commercial Banks
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$24.6B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $19.6B |
| FY2017, ended Dec 31, 2017 | $21.4B |
| FY2018, ended Dec 31, 2018 | $14.9B |
| FY2019, ended Dec 31, 2019 | $19.6B |
| FY2020, ended Dec 31, 2020 | $15.9B |
| FY2021, ended Dec 31, 2021 | $21.5B |
| FY2022, ended Dec 31, 2022 | $16.2B |
| FY2023, ended Dec 31, 2023 | $13.4B |
| FY2024, ended Dec 31, 2024 | $18.9B |
| FY2025, ended Dec 31, 2025 | $22.5B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $24.6B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$7.82B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.02B |
| FY2017, ended Dec 31, 2017 | $6.31B |
| FY2018, ended Dec 31, 2018 | $6.46B |
| FY2019, ended Dec 31, 2019 | $6.40B |
| FY2020, ended Dec 31, 2020 | $6.71B |
| FY2021, ended Dec 31, 2021 | $7.29B |
| FY2022, ended Dec 31, 2022 | $7.27B |
| FY2023, ended Dec 31, 2023 | $6.41B |
| FY2024, ended Dec 31, 2024 | $4.62B |
| FY2025, ended Dec 31, 2025 | $7.51B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $7.82B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $791M | $1.54B |
| FY2017, ended Dec 31, 2017 | $1.30B | $1.70B |
| FY2018, ended Dec 31, 2018 | $1.87B | $2.41B |
| FY2019, ended Dec 31, 2019 | $1.72B | $2.82B |
| FY2020, ended Dec 31, 2020 | $1.34B | $1.61B |
| FY2021, ended Dec 31, 2021 | $2.63B | $1.09B |
| FY2022, ended Dec 31, 2022 | $1.92B | $4.37B |
| FY2023, ended Dec 31, 2023 | $967M | $2.76B |
| FY2024, ended Dec 31, 2024 | −$161M | $599M |
| FY2025, ended Dec 31, 2025 | $1.83B | $2.10B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $2.03B | $1.20B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.71B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $677M |
| FY2017, ended Dec 31, 2017 | $671M |
| FY2018, ended Dec 31, 2018 | $678M |
| FY2019, ended Dec 31, 2019 | $732M |
| FY2020, ended Dec 31, 2020 | $1.09B |
| FY2021, ended Dec 31, 2021 | $913M |
| FY2022, ended Dec 31, 2022 | $887M |
| FY2023, ended Dec 31, 2023 | $941M |
| FY2024, ended Dec 31, 2024 | $1.74B |
| FY2025, ended Dec 31, 2025 | $1.29B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.71B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$14.6B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $12.4B |
| FY2017, ended Dec 31, 2017 | $14.3B |
| FY2018, ended Dec 31, 2018 | $13.7B |
| FY2019, ended Dec 31, 2019 | $12.4B |
| FY2020, ended Dec 31, 2020 | $13.7B |
| FY2021, ended Dec 31, 2021 | $12.0B |
| FY2022, ended Dec 31, 2022 | $19.3B |
| FY2023, ended Dec 31, 2023 | $19.6B |
| FY2024, ended Dec 31, 2024 | $14.2B |
| FY2025, ended Dec 31, 2025 | $11.0B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $14.6B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 0.5% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.1.07B
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 1.07B |
| FY2017, ended Dec 31, 2017 | 1.06B |
| FY2018, ended Dec 31, 2018 | 1.01B |
| FY2019, ended Dec 31, 2019 | 970M |
| FY2020, ended Dec 31, 2020 | 969M |
| FY2021, ended Dec 31, 2021 | 928M |
| FY2022, ended Dec 31, 2022 | 932M |
| FY2023, ended Dec 31, 2023 | 934M |
| FY2024, ended Dec 31, 2024 | 1.11B |
| FY2025, ended Dec 31, 2025 | 1.09B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 1.07B |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $146M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $140M | $99.0M | $32.0M |
| FY2017, ended Dec 31, 2017 | $664M | $100M | $25.0M |
| FY2018, ended Dec 31, 2018 | $1.10B | $99.0M | $20.0M |
| FY2019, ended Dec 31, 2019 | $835M | $96.0M | $18.0M |
| FY2020, ended Dec 31, 2020 | $134M | $101M | $8.00M |
| FY2021, ended Dec 31, 2021 | $585M | $104M | $27.0M |
| FY2022, ended Dec 31, 2022 | $0 | $120M | $6.00M |
| FY2023, ended Dec 31, 2023 | $0 | $121M | $1.00M |
| FY2024, ended Dec 31, 2024 | — | $104M | $10.0M |
| FY2025, ended Dec 31, 2025 | — | $132M | $9.00M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | $133M | $13.0M |
Revenue (TTM)
$7.82B
+51.1% YoY
Net income (TTM)
$2.03B
+1,053% YoY
Cash
$1.71B
−3.1% YoY
Total debt
$14.6B
+21.4% YoY
Valuation
At current price- Market Cap
- $22.5B
- P/E
- 11.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.9×
- Price / Book
- 1.1×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $7.82B
- Revenue Growth YoY
- 51.1%
- Revenue CAGR 3Y
- 1.1%
- Revenue CAGR 5Y
- 2.3%
- EPS Growth YoY
- n/m. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- 1,053%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 26.0%
- FCF Margin
- 15.3%
- Return on Equity
- 10.3%
Earnings
Trailing 12 months- Net Income
- $2.03B
- EPS (diluted)
- $1.71
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $1.71B
- Total Debt
- $14.6B
- Net Debt
- $12.9B
- Total Assets
- $191B
- Total Liabilities
- $172B
- Shareholders' Equity
- $19.8B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.31B
- Capital Expenditure
- $112M
- Free Cash Flow
- $1.20B
Dividends and risk
Last 12 months- Dividend Yield
- 3.9%
- Dividend / Share
- $0.82
- Beta (5Y)
- 1.08
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 51.1% over the last year, to $7.82B.
Note
Net margin of 26.0% over the last 12 months.
Strength
Turns 15.3% of revenue into free cash flow.
Strength
Share count is down 2.7% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 23, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K45Some concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 21, 2025 · Read the filing on EDGAR
- Key swung to a $304 million loss for common shareholders from an $824 million profit, after $1.8 billion of losses from selling low-yielding securities.
- Scotiabank invested about $2.8 billion for a 14.9% stake and two board seats, lifting the main capital ratio to 11.92% from 10.02%.
- Net revenue fell about 28%, mostly from the securities losses; investment banking fees rose 26.9% while average loans fell $10.3 billion.
- For 2025, management expects net interest income up about 20%, fee income up 5% or more, and costs up 3% to 5%.
Business momentum
Sharp deterioration
“Net income (loss) attributable to Key common shareholders (GAAP) $ (304) $ 824 $ 1,799”
Outlook
Positive
“We achieved meaningful positive operating leverage in the second half of the year and look to continue to deliver earnings growth and operating leverage in 2025.”
Financial stress
Low
“At December 31, 2024, KeyCorp held $5.2 billion in cash and short-term investments, which we projected to be sufficient to meet our projected obligations”
Tone against the previous report
More positive
Red flags
- Medium
Other
“The sales resulted in a total pre-tax loss of $1.8 billion.”
- Minor
Other
“At December 31, 2024, KeyBank had no regulatory capacity to pay any dividends to KeyCorp without prior regulatory approval.”
Positives
Scotiabank's investment strengthened capital
“Scotiabank agreed to make a strategic minority investment in KeyCorp of approximately $2.8 billion”
Strong growth in investment banking fees
“For 2024, investment banking and debt placement fees increased $146 million, or 26.9%, from the prior year reflective of growth across all products excluding commercial mortgage activity.”
Securities sale swapped low-yielding holdings for higher-yielding ones, supporting future earnings
“Our 2024 financial results were generally positive and reflected the impact of large securities repositioning trades that enhanced our future earnings trajectory.”
Concerns
Loans keep shrinking on weak borrower demand
“The $10.3 billion decrease reflected continued tepid client loan demand.”
Loan losses nearly doubled, and nonperforming assets rose $181 million
“Over the past 12 months, net loan charge-offs increased $196 million, with the most significant amounts coming from charge-offs of commercial and industrial loans from consumer goods related exposures.”
Customers moving to higher-cost deposits reduced net interest income
“The decline in net interest income (TE) and the net interest margin reflects higher deposit costs, partly due to a shift in funding mix from noninterest-bearing deposits to higher cost deposits in 2024”
New risks since the previous report
Scotiabank's large stake and board seats could give it influence that conflicts with other shareholders
“Scotiabank may be able to influence our policies and operations and impact matters requiring shareholder approval”
Criminals using generative AI for more sophisticated cyberattacks and scams
“including the use of generative artificial intelligence to conduct more sophisticated social engineering attacks”
Political backlash against diversity and environmental policies could hurt reputation and business
“We could be exposed to reputational, financial, and legal risk as a result of anti-ESG and anti-DEI sentiment”
Tariffs and trade policy could worsen economic conditions and hurt results
“exacerbated by policies enacted by the U.S. government, including the imposition of tariffs or other trade policies”
Biggest risks named
- Interest rate moves and deposit costs squeezing net interest income
- Heavy exposure to commercial loans, about 69% of the portfolio
- Falling commercial real estate values, especially office and multifamily
- Economic downturn raising loan defaults and credit losses
- Tougher capital and liquidity rules, and reliance on KeyBank dividends
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −2.7 | |
| New risks | −2 | |
| Score | 45 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 23, 2026 | Pro | |||
| 10-K | Feb 21, 2025 | 45 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 22, 2024 | 34 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Feb 22, 2023 | 40 | Weakening | None | |
| 10-K | Feb 22, 2022 | 75 | Strong improvement | None | |
| 10-K | Feb 22, 2021 | 58 | Mixed | None | |
| 10-K | Feb 26, 2020 | 51 | Weakening | 1 medium | |
| 10-K | Feb 25, 2019 | 74 | Strong improvement | None | |
| 10-K | Feb 26, 2018 | 78 | Strong improvement | None | |
| 10-K | Feb 28, 2017 | 59 | Mixed | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 4, 2026. View filings on SEC EDGAR