KEY

MKT CAP:$23B

KeyCorp

Market Cap

$23B

Financial Services·Banks - Regional·🇺🇸 United States·NYSE

Financials·Banks - Regional·🇺🇸·NYSE

Stock Price

$22.01+$1.03 (+4.91%)

Apr 23, 2026

Company Details

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 com...

CEO

Christopher Marrott Gorman

IPO Date

Nov 5, 1987

Website

www.key.com

Key Metrics TTM

Revenue

$10.5B

+15.1% YoY

Net Income

$1.4B

EPS (Diluted)

$1.19

Free Cash Flow

$2.1B

Revenue / Share

$9.68

Gross Margin

51.1%

Operating Margin

17.1%

Net Margin

13.6%

FCF Margin

20.0%

P/S

2.2x

P/E

16.5x

Earnings Reports

Q1 2026

Apr 16, 2026

NEW

$2.0B-25.7%EPS $0.00

FY 2025

Feb 23, 2026

$11.2B+23.6%EPS $1.52

Q4 2025

Feb 23, 2026

$2.9B+52.6%EPS $0.43

Q3 2025

Nov 4, 2025

$2.8B+51.9%EPS $0.41

Q2 2025

Aug 5, 2025

$2.8B+4.4%EPS $0.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$1.8B	$1.7B	$662M
Q3 22	$2.1B	$1.7B	$664M
Q4 22	$2.3B	$1.6B	$470M
Q1 23	$2.4B	$1.5B	$392M
Q2 23	$2.6B	$1.4B	$344M
Q3 23	$2.6B	$1.4B	$367M
Q4 23	$2.6B	$1.4B	$57M
Q1 24	$2.6B	$1.4B	$278M
Q2 24	$2.7B	$1.4B	$335M
Q3 24	$1.9B	$547M	-$506M
Q4 24	$1.9B	$754M	-$413M
Q1 25	$2.7B	$1.6B	$515M
Q2 25	$2.8B	$1.7B	$539M
Q3 25	$2.8B	$1.8B	$602M
Q4 25	$2.9B	$1.9B	$648M
Q1 26	$2.0B	$0	$8M

Valuation

Quarter	P/S	P/E
Q2 22	2.2x	7.2x
Q3 22	2.0x	7.1x
Q4 22	2.1x	8.8x
Q1 23	1.3x	6.4x
Q2 23	0.9x	5.8x
Q3 23	1.0x	7.5x
Q4 23	1.3x	14.1x
Q1 24	1.4x	16.5x
Q2 24	1.3x	15.7x
Q3 24	1.7x	111.7x
Q4 24	1.9x	—
Q1 25	1.9x	703.6x
Q2 25	2.1x	109.0x
Q3 25	2.0x	19.3x
Q4 25	2.1x	12.6x
Q1 26	2.0x	14.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$881M	$863M
Q2 22	-$78M	-$114M
Q3 22	$2.1B	$2.1B
Q4 22	$1.6B	$1.6B
Q1 23	$718M	$694M
Q2 23	$582M	$532M
Q3 23	$566M	$541M
Q4 23	$1.0B	$994M
Q1 24	$359M	$347M
Q2 24	-$217M	-$230M
Q3 24	-$1.2B	-$1.2B
Q4 24	$1.7B	$1.7B
Q1 25	-$140M	-$150M
Q2 25	$1.2B	$1.2B
Q3 25	$396M	$367M
Q4 25	$718M	$673M

Capital Expenditures

Quarter	CapEx
Q1 22	$18M
Q2 22	$36M
Q3 22	$19M
Q4 22	$35M
Q1 23	$24M
Q2 23	$50M
Q3 23	$25M
Q4 23	$43M
Q1 24	$12M
Q2 24	$13M
Q3 24	$17M
Q4 24	$23M
Q1 25	$10M
Q2 25	$23M
Q3 25	$29M
Q4 25	$45M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+2.2%	+33.2%
Q3 22	+13.8%	+38.8%
Q4 22	+18.6%	+56.2%
Q1 23	+40.2%	+71.1%
Q2 23	+41.0%	+91.4%
Q3 23	+27.3%	+61.1%
Q4 23	+13.5%	+39.5%
Q1 24	+10.5%	+18.3%
Q2 24	+3.9%	+4.9%
Q3 24	-29.6%	+3.9%
Q4 24	-28.4%	-10.6%
Q1 25	+2.3%	-7.5%
Q2 25	+4.4%	-3.6%
Q3 25	+51.9%	-5.9%
Q4 25	+52.6%	-3.3%
Q1 26	-25.7%	-8.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$29M	1.7%
Q2 22	$30M	1.6%
Q3 22	$30M	1.4%
Q4 22	$31M	1.3%
Q1 23	$34M	1.4%
Q2 23	$29M	1.1%
Q3 23	$27M	1.0%
Q4 23	$31M	1.2%
Q1 24	$26M	1.0%
Q2 24	$27M	1.0%
Q3 24	$23M	1.2%
Q4 24	$28M	1.5%
Q1 25	$30M	1.1%
Q2 25	$33M	1.2%
Q3 25	$36M	1.3%
Q4 25	$33M	1.2%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$634M	$34M
Q3 22	$679M	$30M
Q4 22	$686M	$31M
Q1 23	$721M	$21M
Q2 23	$643M	$29M
Q3 23	$681M	$28M
Q4 23	$611M	$31M
Q1 24	$691M	$19M
Q2 24	$653M	$21M
Q3 24	$684M	$21M
Q4 24	$747M	$33M
Q1 25	$691M	$21M
Q2 25	$843M	$24M
Q3 25	$871M	$22M
Q4 25	$790M	$22M
Q1 26	$36M	$18M

Revenue Segments

Quarter	Net Interest Income	Total Non Interest Income
Q1 23	$1.8B	$608M
Q2 23	$2.0B	$609M
Q3 23	$2.0B	$643M
Q4 23	$2.0B	$610M
Q1 24	$2.0B	$647M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$678M	$2.7B	$3.4B
Q3 22	$717M	$5.5B	$6.2B
Q4 22	$887M	$41.5B	$42.4B
Q1 23	$784M	$10.3B	$11.1B
Q2 23	$758M	$12.3B	$13.0B
Q3 23	$766M	$14.0B	$14.8B
Q4 23	$941M	$48.0B	$48.9B
Q1 24	$1.2B	$21.4B	$22.6B
Q2 24	$1.3B	$22.3B	$23.6B
Q3 24	$1.3B	$25.6B	$26.8B
Q4 24	$1.7B	$20.8B	$22.5B
Q1 25	$1.9B	$18.4B	$20.3B
Q2 25	$1.8B	$19.9B	$21.6B
Q3 25	$1.9B	$14.3B	$16.2B
Q4 25	$1.3B	$10.2B	$11.4B
Q1 26	$1.1B	$38.9B	$40.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	932M	-0.2%	-3.7%
Q3 22	932M	+0.1%	-2.1%
Q4 22	934M	+0.1%	-0.1%
Q1 23	934M	+0.0%	+0.0%
Q2 23	930M	-0.4%	-0.1%
Q3 23	932M	+0.1%	-0.1%
Q4 23	934M	+0.2%	+0.0%
Q1 24	937M	+0.3%	+0.3%
Q2 24	938M	+0.2%	+0.9%
Q3 24	949M	+1.1%	+1.8%
Q4 24	987M	+4.0%	+5.7%
Q1 25	1.11B	+12.1%	+18.0%
Q2 25	1.10B	-0.6%	+17.2%
Q3 25	1.10B	+0.1%	+16.0%
Q4 25	1.10B	-0.5%	+11.0%
Q1 26	1.08B	-1.0%	-2.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$103.6K	18K
Q3 22	$117.8K	18K
Q4 22	$122.0K	19K
Q1 23	$126.4K	19K
Q2 23	$136.5K	19K
Q3 23	$140.2K	19K
Q4 23	$150.9K	17K
Q1 24	$152.2K	17K
Q2 24	$154.5K	17K
Q3 24	$107.6K	17K
Q4 24	$111.9K	17K
Q1 25	$161.0K	17K
Q2 25	$167.0K	17K
Q3 25	$169.1K	17K
Q4 25	$170.7K	17K
Q1 26	$119.7K	17K

Revenue / Employee