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KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits and investment products; personal finance and financial wellness, lending, student loan refinancing, mortgage and home equity, credit card, treasury, and business advisory; commercial leasing, investment management, consumer finance; and wealth management and investment services for institutional, non-profit, and high-net-worth clients. It also provides lending, cash management, equipment financing, and commercial mortgage loans; and capital market products and services, such as syndicated finance, debt and equity underwriting, fixed income and equity sales and trading, derivatives, foreign exchange, mergers and acquisition, other advisory services, and public finance to large corporate and institutional clients. In addition, the company offers personal and institutional trust custody services, personal financial and planning services, access to mutual funds, treasury services, and international banking services. Further, it provides community development financing, securities underwriting, brokerage, and investment banking services, as well as merchant services. The company was founded in 1849 and is headquartered in Cleveland, Ohio.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $7.3B | - | $1.8B | $2.1B | 10.2% | 65.7% | -1236.0% |
| 2024 | $4.4B | - | $-161M | $599M | -1.0% | -29.3% | -116.6% |
| 2023 | $6.2B | - | $967M | $2.8B | 8.0% | -11.5% | -49.6% |
| 2022 | $7.0B | - | $1.9B | $4.4B | 17.5% | - | - |
| 2021 | - | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 7,026 | 6,215 | 4,396 | 7,285 |
| Operating Revenue | - | 7,026 | 6,215 | 4,396 | 7,285 |
| Selling General And Administration | 2,813 | - | - | - | - |
| Interest Income | - | 5,412 | 7,927 | 8,427 | 8,386 |
| Interest Expense | - | 885 | 4,014 | 4,662 | 3,750 |
| Net Interest Income | - | 4,527 | 3,913 | 3,765 | 4,636 |
| Pretax Income | - | 2,333 | 1,160 | -306 | 2,304 |
| Tax Provision | - | 422 | 196 | -143 | 476 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.54 | -74.02 | -4.83 | 1.03 |
| Net Income Continuous Operations | - | 1,911 | 964 | -163 | 1,828 |
| Net Income From Continuing And Discontinued Operation | - | 1,917 | 967 | -161 | 1,829 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,911 | 964 | -163 | 1,828 |
| Net Income | - | 1,917 | 967 | -161 | 1,829 |
| Net Income Common Stockholders | - | 1,799 | 824 | -304 | 1,686 |
| Net Income Including Noncontrolling Interests | - | 1,917 | 967 | -161 | 1,829 |
| Normalized Income | - | 1,913.46 | 1,327.98 | -144.83 | 1,824.04 |
| Diluted NI Availto Com Stockholders | - | 1,799 | 824 | -304 | 1,686 |
| Basic Average Shares | - | 924.36 | 927.22 | 949.56 | 1,098.56 |
| Diluted Average Shares | - | 933.06 | 932.76 | 949.56 | 1,107.99 |
| Reconciled Depreciation | - | 164 | 154 | 73 | 21 |
| Total Unusual Items | - | -3 | -438 | -23 | 5 |
| Total Unusual Items Excluding Goodwill | - | -3 | -438 | -23 | 5 |
| Preferred Stock Dividends | - | 118 | 143 | 143 | 143 |
| Minority Interests | 0 | 0 | 0 | - | - |
| Net Income Discontinuous Operations | - | 6 | 3 | 2 | 1 |
| Special Income Charges | - | -3 | -438 | -23 | 5 |
| Other Special Charges | - | -7 | 226 | 21 | -26 |
| Restructuring And Mergern Acquisition | - | 10 | 212 | 2 | 21 |
| Gain On Sale Of Security | - | 9 | -11 | -1,856 | -6 |
| Depreciation Amortization Depletion Income Statement | 58 | - | - | - | - |
| Depreciation And Amortization In Income Statement | 58 | - | - | - | - |
| General And Administrative Expense | - | 2,657 | 2,656 | 2,775 | 2,934 |
| Salaries And Wages | - | 2,556 | 2,579 | 2,712 | 2,896 |
| Rent Expense Supplemental | - | 101 | 77 | 63 | 38 |
| Selling And Marketing Expense | - | 123 | 109 | 94 | 95 |
| Rent And Landing Fees | - | 101 | 77 | 63 | 38 |
| Amortization | 58 | - | - | - | - |
| Amortization Of Intangibles Income Statement | 58 | - | - | - | - |
| Occupancy And Equipment | - | 387 | 355 | 346 | 353 |
| Other Non Interest Expense | - | 1,021 | 1,008 | 1,129 | 1,133 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| KeyCorpthis co. | KEY | $23.5B | 12.85 | 1.31 | 10.2% | - |
| Cincinnati Financial Corporation | CINF | $24.9B | 10.39 | 1.56 | 15.0% | - |
| W. R. Berkley Corporation | WRB | $24.7B | 13.87 | 2.54 | 18.3% | - |
| Willis Towers Watson Public Limited Company | WTW | $24.4B | 15.22 | 3.06 | 20.1% | 10.72 |
| Regions Financial Corporation | RF | $24.3B | 11.25 |
| - |
| - |
| - |
| 1.37 |
| 12.2% |
| - |
| Synchrony Financial | SYF | $23.8B | 6.86 | 1.42 | 20.7% | - |
| T. Rowe Price Group, Inc. | TROW | $22.9B | 11.25 | 2.11 | 18.8% | 6.48 |
| Principal Financial Group, Inc. | PFG | $22.4B | 18.87 | 1.88 | 10.0% | - |
| Loews Corporation | L | $21.6B | 12.96 | 1.16 | 8.9% | - |
| Peer Median | - | 12.11 | 1.72 | 16.7% | 8.60 | |