KeyCorp

KEY · NYSE · Financials · Financials, fiscal 2016 to 2025

KEY · Last close · October 26, 2026

$21.21

KeyCorp's revenue rose 62.6% to $7.5 billion in fiscal 2025. Net income was $1.8 billion. Its return on equity was 9.5%, up from −1.0% a year earlier. Its efficiency ratio was 62.6%, down from 98.4% a year earlier. It paid out $1.1 billion in dividends and buybacks. The diluted share count rose 16.7%.

KeyCorp Latest fiscal year ended December 31, 2025 10-K filed February 23, 2026 · 0001628280-26-010546 Updated October 9, 2026

Revenue

$7.5B

62.6%

Net income

$1.8B

Return on equity

9.5%

10.5 pts

Return on tangible equity

12.0%

14.8 pts

Efficiency ratio

62.6%

35.8 pts

Market cap

$22.9B

Oct 26 close

P/E

12.3x

On $1.72 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Loans in 2020 and 2021 come from KeyCorp's loans net of the allowance for losses under another label its filings used in those years.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 7.4% a year and net income 9.8% a year, as new shares raised the share count by 18% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Value KeyCorp yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from KeyCorp's earnings per share of $1.72 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.2×, the middle of KeyCorp's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Regions Financial, Huntington Bancshares, Citizens Financial Group, Fifth Third Bancorp.

Earnings growth in the years ahead (% a year) Starts at KeyCorp's revenue growth over the last 3 years, 1.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $21.21
Value at this multiple, against the last close: —
KeyCorp's P/E at the last close: 12.3×

Company	Last close	Earnings per share	P/E today
Fifth Third BancorpFITB	$53.10	$2.93	18.1×
Citizens Financial GroupCFG	$65.37	$4.60	14.2×
KeyCorpKEY	$21.21	$1.72	12.3×
Huntington BancsharesHBAN	$15.73	$1.30	12.1×
Regions FinancialRF	$28.61	$2.45	11.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	100,793	118,057	111,098	102,851	105,114
Deposits	152,572	142,595	145,587	149,760	148,713
Loans to deposits	66.1%	82.8%	76.3%	68.7%	70.7%
Provision for credit losses	−418	502	489	335	471
Provision to average loans	−0.4%	0.5%	0.4%	0.3%	0.5%
Total assets	186,346	189,813	188,281	187,168	184,381
Shareholders' equity	17,423	13,454	14,637	18,176	20,381

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought KeyCorp shares on the open market, and 5 insiders sold $5.2 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 22, 2026	Mohit RamaniChief Risk Officer	Sold	25,000	$22.74	$568,500	Form 4
Jun 3, 2026	Elizabeth R. GileDirector	Sold	23,946	$20.88	$499,992	Form 4
May 8, 2026	Angela G MagoChief Human Resources Officer	Sold	22,826	$21.66	$494,411	Form 4
Feb 6, 2026	Andrew J Paine IIIHead of Institutional Bank	Sold	65,961	$23.23	$1.5 million	Form 4
Jan 29, 2026	Angela G MagoChief Human Resources Officer	Sold	62,850	$21.55	$1.4 million	Form 4
Jan 22, 2026	Trina M EvansDirector, Corporate Center	Sold	32,695	$21.74	$710,789	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put KeyCorp side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
KeyCorp	FY25	62.6%	24.3%	9.5%	12.0%	62.6%
Regions Financial	FY25	6.2%	28.6%	11.7%	16.4%	57.3%	Compare
Huntington Bancshares	FY25	10.6%	27.1%	10.0%	15.0%	61.4%	Compare
Citizens Financial Group	FY25	5.6%	22.2%	7.2%	11.3%	64.4%	Compare
Fifth Third Bancorp	FY25	6.3%	28.0%	12.2%	17.3%	57.0%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	5,024	6,308	6,455	6,400	6,715	7,292	7,272	6,413	4,619	7,513
Revenue growth	18.1%	25.6%	2.3%	−0.8%	4.9%	8.6%	−0.3%	−11.8%	−28.0%	62.6%
Net interest income	2,919	3,777	3,909	3,909	4,034	4,071	4,527	3,913	3,765	4,636
Noninterest income	2,071	2,478	2,515	2,459	2,652	3,194	2,718	2,470	809	2,842
Noninterest expense	3,756	4,098	3,975	3,901	4,109	4,429	4,410	4,734	4,545	4,703
Provision for credit losses	266	229	246	445	1,021	−418	502	489	335	471
Net income	791	1,296	1,866	1,717	1,343	2,625	1,917	967	−161	1,829
Diluted EPS (US$)	0.80	1.13	1.71	1.62	1.27	2.63	1.93	0.88	−0.32	1.52
Diluted shares (millions)	938	1,089	1,055	1,002	975	957	933	933	950	1,108
Payouts
Dividends paid	335	480	656	804	829	823	854	911	927	1,054
Share buybacks	140	664	1,098	835	134	585	0	0	0	0
Balance sheet at fiscal year end
Loans, net	85,180	85,528	88,669	93,746	99,559	100,793	118,057	111,098	102,851	105,114
Deposits	104,087	105,235	107,309	111,870	135,282	152,572	142,595	145,587	149,760	148,713
Total assets	136,453	137,698	139,613	144,988	170,336	186,346	189,813	188,281	187,168	184,381
Shareholders' equity	15,240	15,023	15,595	17,038	17,981	17,423	13,454	14,637	18,176	20,381
Ratios
Return on equity	6.1%	8.6%	12.2%	10.5%	7.7%	14.8%	12.4%	6.9%	−1.0%	9.5%
Return on tangible common equity	7.5%	11.2%	16.1%	13.8%	9.7%	19.4%	17.3%	9.4%	−2.7%	12.0%
Return on assets	0.7%	0.9%	1.4%	1.2%	0.8%	1.5%	1.0%	0.5%	−0.1%	1.0%
Efficiency ratio	74.8%	65.0%	61.6%	61.0%	61.2%	60.7%	60.6%	73.8%	98.4%	62.6%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: KeyCorp's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with KeyCorp.