KEY FY 2025 Earnings Report — KeyCorp Revenue & Financial Results | Market Cap Arena

FY 2025 Earnings

Reported February 23, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$11.2B	—	$9.1B	—	23.6%
Op. Income	$2.3B	—	-$306M	—	852.9%
Gross Margin	62.3%	—	44.8%	—	17.5pp
Net Margin	16.3%	—	-1.8%	—	18.1pp
EPS (Diluted)	$1.52	—	$-0.32	—	575.0%
Free Cash Flow	$2.1B	—	$599M	—	250.8%

Revenue Flow

Item	Amount
REVENUE	$11.2B
Cost of Revenue	$4.2B
GROSS PROFIT	$7.0B
R&D Expenses	$0
Selling & Marketing	$89M
General & Administrative	$3.2B
SG&A Expenses	$3.3B
Other Expenses	$1.4B
Operating Expenses	$4.7B
Cost & Expenses	$8.9B
OPERATING INCOME	$2.3B
Interest Income	$8.4B
Interest Expense	$3.8B
Other Income/Expenses	$0
INCOME BEFORE TAX	$2.3B
Income Tax Expense	$475M
Net Income from Continuing Ops	$1.8B
Net Income from Discontinued Ops	$1M
Other Adjustments	$0
NET INCOME	$1.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.7B
D&A	$18M
EBIT	$2.3B
EBITDA	$2.3B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$11.2B
Cost of Revenue	$4.2B
GROSS PROFIT	$7.0B
R&D Expenses	$0
Selling & Marketing	$89M
General & Administrative	$3.2B
SG&A Expenses	$3.3B
Other Expenses	$1.4B
Operating Expenses	$4.7B
Cost & Expenses	$8.9B
OPERATING INCOME	$2.3B
Interest Income	$8.4B
Interest Expense	$3.8B
Other Income/Expenses	$0
INCOME BEFORE TAX	$2.3B
Income Tax Expense	$475M
Net Income from Continuing Ops	$1.8B
Net Income from Discontinued Ops	$1M
Other Adjustments	$0
NET INCOME	$1.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.7B
D&A	$18M
EBIT	$2.3B
EBITDA	$2.3B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$1.8B
Depreciation & Amortization	$21M
Stock-Based Compensation	$132M
Deferred Income Tax	$4M
Other Non-Cash Items	$502M
Change in Working Capital	-$280M
OPERATING CASH FLOW	$2.2B
Capital Expenditure	-$107M
Acquisitions (Net)	$0
Purchases of Investments	-$10.1B
Sales/Maturities of Investments	$15.8B
Other Investing Activities	-$2.4B
NET CASH FROM INVESTING	$3.2B
Net Debt Issuance	-$3.6B
Common Stock Repurchased	-$235M
Common Dividends Paid	-$1.1B
Other Financing Activities	-$1.0B
NET CASH FROM FINANCING	-$5.9B
FREE CASH FLOW	$2.1B
Net Change in Cash	-$456M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.3B
Short-Term Investments	$10.2B
Net Receivables	$105.1B
Inventory	$0
Other Current Assets	$2.1B
TOTAL CURRENT ASSETS	$118.7B
PP&E (Net)	$628M
Goodwill	$2.8B
Intangible Assets	$8M
Long-Term Investments	$49.2B
Tax Assets	$0
Other Non-Current Assets	$13.1B
TOTAL NON-CURRENT ASSETS	$65.7B
TOTAL ASSETS	$184.4B
Account Payables	$148.7B
Short-Term Debt	$1.1B
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$154.1B
Long-Term Debt	$9.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$9.9B
TOTAL LIABILITIES	$164.0B
Common Stock	$1.3B
Additional Paid-In Capital	$6.0B
Retained Earnings	$15.4B
Treasury Stock	-$2.8B
Accum. Other Comp. Income	-$2.0B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$20.4B
Minority Interest	$0
TOTAL EQUITY	$20.4B
TOTAL LIABILITIES & EQUITY	$184.4B
Total Debt	$11.0B
Net Debt	$9.7B