Stocks KEY Financial statements
Financial statementsKEYCORP /NEW/ financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data KEYCORP /NEW/ files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,024 | 6,308 | 6,455 | 6,400 | 6,715 | 7,292 | 7,272 | 6,413 | 4,619 | 7,513 |
| Selling and marketing | 101 | 120 | 102 | 96 | 97 | 126 | 123 | 109 | 94 | 95 |
| Interest expense | 400 | 613 | 969 | 1,326 | 651 | 296 | 885 | 4,014 | ||
| Interest income | 16 | 17 | 21 | 13 | 6 | 7 | 22 | 73 | 62 | 33 |
| Pre-tax income | 968 | 1,928 | 2,203 | 2,022 | 1,556 | 3,254 | 2,333 | 1,160 | -306 | 2,304 |
| Income tax | 179 | 637 | 344 | 314 | 227 | 642 | 422 | 196 | -143 | 476 |
| Income from continuing operations | 790 | 1,289 | 1,859 | 1,708 | 1,329 | 2,612 | 1,911 | 964 | -163 | 1,828 |
| Net income to minority interests | -1 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net income | 791 | 1,296 | 1,866 | 1,717 | 1,343 | 2,625 | 1,917 | 967 | -161 | 1,829 |
| EPS, basic | 0.81 | 1.14 | 1.73 | 1.63 | 1.28 | 2.65 | 1.94 | 0.89 | -0.32 | 1.53 |
| EPS, diluted | 0.80 | 1.13 | 1.71 | 1.62 | 1.27 | 2.63 | 1.93 | 0.88 | -0.32 | 1.52 |
| Shares, basic (weighted) | 928 | 1,072 | 1,041 | 992 | 968 | 947 | 924 | 927 | 950 | 1,099 |
| Shares, diluted (weighted) | 939 | 1,089 | 1,055 | 1,002 | 975 | 957 | 933 | 933 | 950 | 1,108 |
| Dividend per share | 0.33 | 0.38 | 0.57 | 0.71 | 0.74 | 0.75 | 0.79 | 0.82 | 0.82 | 0.82 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 677 | 671 | 678 | 732 | 1,091 | 913 | 887 | 941 | 1,743 | 1,287 |
| Short-term investments | 2,775 | 4,447 | 2,562 | 1,272 | 16,194 | 11,010 | 2,432 | 10,817 | 17,504 | 10,163 |
| Property, plant and equipment | 978 | 930 | 882 | 814 | 753 | 681 | 636 | 661 | 614 | 628 |
| Lease right-of-use assets | 654 | 630 | 595 | 525 | 479 | 453 | 444 | |||
| Goodwill | 2,446 | 2,538 | 2,516 | 2,664 | 2,664 | 2,693 | 2,752 | 2,752 | 2,752 | 2,752 |
| Intangible assets | 384 | 416 | 316 | 253 | 188 | 130 | 94 | 55 | 27 | 8 |
| Total assets | 136,453 | 137,698 | 139,613 | 144,988 | 170,336 | 186,346 | 189,813 | 188,281 | 187,168 | 184,381 |
| Total liabilities | 121,213 | 122,673 | 124,017 | 127,950 | 152,355 | 168,923 | 176,359 | 173,644 | 168,992 | 164,000 |
| Total debt | 12,384 | 14,333 | 13,732 | 12,448 | 13,709 | 12,042 | 19,307 | 19,554 | 12,105 | 9,917 |
| Paid-in capital | 6,385 | 6,335 | 6,331 | 6,295 | 6,281 | 6,278 | 6,286 | 6,281 | 6,038 | 6,035 |
| Retained earnings | 9,378 | 10,335 | 11,556 | 12,469 | 12,751 | 14,553 | 15,616 | 15,672 | 14,584 | 15,359 |
| Treasury stock | -2,904 | -3,150 | -4,181 | -4,909 | -4,946 | -5,979 | -5,910 | -5,844 | -2,733 | -2,810 |
| Other comprehensive income | -541 | -779 | -818 | 26 | 738 | -586 | -6,295 | -5,229 | -3,470 | -1,960 |
| Shareholders' equity | 15,240 | 15,023 | 15,595 | 17,038 | 17,981 | 17,423 | 13,454 | 14,637 | 18,176 | 20,381 |
| Minority interests | 0 | 2 | 1 | 0 | 0 | |||||
| Total equity | 15,240 | 15,025 | 15,596 | 17,038 | 17,981 | 17,423 | 13,454 | 14,637 | 18,176 | 20,381 |
| Total liabilities and equity | 136,453 | 137,698 | 139,613 | 144,988 | 170,336 | 186,346 | 189,813 | 188,281 | 187,168 | 184,381 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 790 | 1,298 | 1,866 | 1,717 | 1,343 | 2,625 | 1,917 | 967 | -161 | 1,829 |
| Depreciation and amortization | 123 | 138 | 131 | 118 | 115 | 107 | 96 | 89 | 91 | 87 |
| Stock-based compensation | 99 | 100 | 99 | 96 | 101 | 104 | 120 | 121 | 104 | 132 |
| Deferred income tax | 11 | 303 | 98 | 53 | -192 | 146 | -26 | -109 | -351 | 3 |
| Cash from operations | 1,689 | 1,815 | 2,506 | 2,906 | 1,673 | 1,153 | 4,469 | 2,903 | 664 | 2,208 |
| Capital expenditures | -145 | -112 | -99 | -85 | -63 | -66 | -96 | -142 | -65 | -107 |
| Acquisitions | -481 | -144 | 0 | -185 | 0 | -29 | -58 | 0 | 0 | |
| Purchases of investments | -5,718 | -3,002 | -4,594 | -5,714 | -15,619 | -28,190 | -4,473 | -2,160 | -21,078 | -7,813 |
| Sales and maturities of investments | 4,241 | 3,999 | 3,197 | 3,586 | 9,923 | 7,623 | 4,545 | 3,225 | 2,758 | 7,338 |
| Cash from investing | -6,457 | -2,239 | -2,482 | -4,918 | -24,721 | -15,068 | -10,934 | 1,417 | 2,497 | 3,219 |
| Debt issued | 2,827 | 2,852 | 2,306 | 2,129 | 3,607 | 1,203 | 16,596 | 5,240 | 1,646 | 1,556 |
| Debt repaid | -1,308 | -748 | -2,880 | -3,634 | -2,508 | -2,566 | -8,580 | -5,052 | -9,057 | -4,052 |
| Stock issued | 32 | 25 | 20 | 18 | 8 | 27 | 6 | 1 | 10 | 9 |
| Share buybacks | -140 | -664 | -1,098 | -835 | -134 | -585 | 0 | 0 | ||
| Dividends paid | -335 | -480 | -656 | -804 | -829 | -823 | -854 | -911 | -927 | -1,054 |
| Cash from financing | 4,838 | 418 | -17 | 2,066 | 23,407 | 13,737 | 6,439 | -4,266 | -2,359 | -5,883 |
| Net change in cash | 70 | -6 | 7 | 54 | 359 | -178 | -26 | 54 | 802 | -456 |
| Free cash flow | 1,544 | 1,703 | 2,407 | 2,821 | 1,610 | 1,087 | 4,373 | 2,761 | 599 | 2,101 |
| Interest paid | 429 | 598 | 892 | 1,251 | 731 | 363 | 601 | 3,109 | 4,160 | 3,710 |
| Income taxes paid | 144 | 6 | 12 | 18 | 241 | 277 | 292 | 156 | 68 | 71 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Pre-tax margin | 32.7% | Pre-tax income / revenue. |
| Net margin | 26.0% | Net income / revenue. |
| FCF margin | 15.3% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 16.8% | Cash from operations / revenue. |
| Effective tax rate | 20.6% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 10.3% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 1.1% | Net income / average total assets. |
| Stock-based pay / revenue | 1.7% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 1.4% | Capital expenditures / revenue. |
| D&A / revenue | 11.1% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 62.7% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 1.1% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 2.3% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income CAGR, 3y | -1.6% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 6.4% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS CAGR, 3y | -7.7% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 3.7% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 232.5% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -20.9% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 5.7% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 250.8% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -21.7% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 5.5% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 0.0% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 1.3% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 2.1% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 12.1% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 14.8% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 2.5% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | -1.5% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -1.0% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 1.6% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | 16.7% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 5.9% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 2.6% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Debt / equity | 0.55x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 5.7% | Total debt / total assets. |
| Liabilities / assets | 89.7% | Total liabilities / total assets. |
| Net debt | -$3.16B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Goodwill and intangibles / assets | 1.4% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $17.04B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.04x | Revenue / average total assets. |
| Fixed asset turnover | 12.6x | Revenue / average property, plant and equipment. |
| FCF conversion | 59.1% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 8.5% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $1.88 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $7.24 | Revenue / diluted weighted shares. |
| FCF per share | $1.11 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $1.21 | Cash from operations / diluted weighted shares. |
| Book value per share | $18.33 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $15.78 | Tangible book value / shares outstanding. |
| Cash per share | $13.08 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 51.4% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 87.0% | Dividends paid / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $21.99B | Share price x shares outstanding. |
| Enterprise value | $18.83B | Market cap + total debt - cash - short-term investments. |
| P/E | 10.8x | Market cap / net income. Only when net income is positive. |
| P/S | 2.81x | Market cap / revenue. |
| P/B | 1.11x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 1.29x | Market cap / tangible book value, when positive. |
| P/FCF | 18.3x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 16.8x | Market cap / cash from operations, when positive. |
| EV/Sales | 2.41x | Enterprise value / revenue. |
| EV/FCF | 15.7x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 5.5% | Free cash flow / market cap. |
| Earnings yield | 9.2% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 4.7% | Dividends paid over the period / market cap. |
| Shareholder yield | 4.7% | (Dividends paid + share buybacks) / market cap. |
What was KEYCORP /NEW/'s revenue in fiscal 2025?
KEYCORP /NEW/ reported revenue of $7.51B for fiscal 2025, 62.7% higher than the year before.
Was KEYCORP /NEW/ profitable in fiscal 2025?
Yes. Net income was $1.83B, a net margin of 24.3%.
How much free cash flow did KEYCORP /NEW/ generate in fiscal 2025?
Cash from operations of $2.21B minus capital expenditures of $107.0M left free cash flow of $2.10B.