At a glance
KeyCorp is worth $22.93B, about 14 times its fiscal 2025 earnings. Revenue grew 62.7% to $7.51B in fiscal 2025, with 24.3% kept as profit; over 5 years it has grown 2.3% a year. It pays a 3.89% dividend yield, and returned $5.15B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +27.3% over the past year with dividends reinvested and +3.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.8% in the 2020 crash (S&P 500: 33.7%) and 40.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 40 months after the lows.
The business in plain English
KeyCorp is a bank holding company (a company that owns a bank) based in Cleveland, Ohio. Its main subsidiary, KeyBank National Association, provides most of its services. As of December 31, 2025, Key had about $184.4 billion in total assets, 940 branches and 1,120 ATMs in 15 states, plus online and mobile banking. Nearly all revenue comes from US customers.
Most of Key's money comes from net interest income: the gap between the interest it earns on loans and securities and the interest it pays on deposits and borrowings. That came to $4.6 billion of its $7.5 billion revenue in 2025. Noninterest income, such as fees from investment banking, trust and wealth management, commercial mortgage servicing and merchant services, added $2.8 billion.
Key has two segments. The Commercial Bank brought in about $4.0 billion, or roughly 54% of 2025 revenue. It serves middle-market (mid-sized) companies in Key's 15 states and large corporate and institutional clients nationally. It is a significant national commercial real estate lender and services commercial mortgages for others, and its KBCM platform underwrites stocks and bonds and gives merger advice. The Consumer Bank, about $3.7 billion or roughly 49%, serves individuals and small businesses with deposits, mortgages, credit cards, student loan refinancing and wealth management. The shares top 100% because some items sit outside both.
Price history
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KEY +27.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Commercial Bank | $4.04B | 53.8% |
| Consumer Bank | $3.67B | 48.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.96B, up 6.7% from a year earlier, and net income was $509.0M (+19.8%).
- For fiscal 2025, revenue was $7.51B (+62.7% year over year; +2.3% a year from FY2020 to FY2025) with a 24.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.3% watch |
|---|---|
| Return on equity | 9% watch |
| Net income / revenue | 24.3% watch |
| Deposits | $153.09B |
| Loans | $108.98B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.71B | $1.34B | — |
| FY2021 | $7.29B | $2.63B | — |
| FY2022 | $7.27B | $1.92B | — |
| FY2023 | $6.41B | $967.0M | — |
| FY2024 | $4.62B | $-161.0M | — |
| FY2025 | $7.51B | $1.83B | — |
Valuation snapshot
| Market value | $22.93B |
|---|---|
| P/E ratio | 14.1 |
| Dividend yield | 3.89% |
Rank among 1514 US companies
Market value at each year end
KeyCorp’s market value went from $19.74B at the end of 2016 to $22.93B on Nov 2, 2026, up 16%; since the end of 2025 it is up 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $22.93B | +1.7% |
| 2025 | $22.56B | +32.8% |
| 2024 | $16.99B | +26.0% |
| 2023 | $13.48B | -17.0% |
| 2022 | $16.25B | -24.5% |
| 2021 | $21.54B | +34.4% |
| 2020 | $16.02B | -19.6% |
| 2019 | $19.94B | +30.4% |
| 2018 | $15.29B | -29.5% |
| 2017 | $21.69B | +9.9% |
| 2016 | $19.74B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| KEY price data to Nov 2, 2026 | +7.3% | +27.3% | +31.4% | +3.2% | +9.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.3% |
| 2025 | +26.4% |
| 2024 | +25.5% |
| 2023 | -11.4% |
| 2022 | -21.6% |
| 2021 | +46.0% |
| 2020 | -14.4% |
| 2019 | +42.8% |
| 2018 | -24.6% |
| 2017 | +12.9% |
| 2016 | +42.4% |
| 2015 | -1.4% |
| 2014 | +5.7% |
| 2013 | +62.7% |
| 2012 | +11.9% |
| 2011 | -11.9% |
| 2010 | +60.3% |
| 2009 | -34.0% |
| 2008 | -61.6% |
| 2007 | -35.5% |
| 2006 | +19.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 80.5% over that stretch · deepest drop along the way 82.9%, back to its old high 146.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 56.1% over that stretch · deepest drop along the way 58.8%, back to its old high 10.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.9% over that stretch · deepest drop along the way 40.6%, back to its old high 39.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 3 sales ($1.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 28, 2026 | Andrew J III Paine Head of Institutional Bank | sell | $830K |
| Jul 22, 2026 | Mohit Ramani Chief Risk Officer | sell | $569K |
| Jun 3, 2026 | Elizabeth R. Gile Director | sell | $500K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.9% | Mar 31, 2025 |
| Vanguard Capital Management | 7.04% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 2.1% | Dec 31, 2025 |
ETFs with the most weight in KEY
| IAT iShares U.S. Regional Banks ETF | 3.13% |
| XVOL Acruence Active Hedge U.S. Equity ETF | 2.9% |
| KBWB Invesco KBW Bank ETF | 2.89% |
| XUDV Franklin U.S. Dividend Multiplier Index ETF | 1.74% |
| DVY iShares Select Dividend ETF | 1.42% |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 1.29% |
| SPHB Invesco S&P 500® High Beta ETF | 0.77% |
| LCTU BlackRock U.S. Carbon Transition Readiness ETF | 0.62% |
What could go wrong
- Heavy tilt toward business loans. As of December 31, 2025, about 72% of Key's loan portfolio was commercial and industrial (business) loans, commercial real estate loans and commercial leases. Losses among business borrowers would weigh heavily on results.
- Commercial real estate exposure. Key is a significant national commercial real estate lender and a servicer of commercial mortgages. If that property market weakens, borrowers may struggle to repay and loan losses could rise.
- Scotiabank's influence as a major shareholder. Scotiabank holds a significant equity stake in Key and can designate up to two directors to its board. Key warns that Scotiabank may exercise influence over the company as a result.
- Tied to economies in 15 states. Key's branches sit in 15 states, and much of its business depends on the health of those regional economies and certain industries. A downturn there could cut loan demand and raise defaults.
- Interest rate swings hit lending profits. Net interest income, the gap between what Key earns on loans and pays on deposits, was $4.6 billion of its $7.5 billion 2025 revenue. Moves in interest rates can narrow that gap.
- Deposit losses could raise funding costs. Key held $153.1 billion of customer deposits as of June 30, 2026. Losing deposits, or customers shifting to higher-paying accounts, could raise costs and strain liquidity (its access to ready cash).
Recent events
- Other company announcement
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Other company announcement
- Investor presentation or announcement
- Executive or board change; Shareholder vote results; Other company announcement
- Quarterly results released
For income and retirement investors
KeyCorp pays a dividend but has no active streak of increases. Dividends per share rose from $0.74 in 2020 to $0.82 in 2023, then held at $0.82 through 2025: about 2.1% yearly growth. Key kept paying in 2024 even with a net loss. In 2025, dividends took about 58% of earnings, and the yield was 3.94% as of October 28, 2026. Buybacks have been modest: $585 million in 2021 and none in 2022 or 2023. The share count rose 14.6% from October 2021 to July 2026, so each share owns a smaller slice of profits.
The stock has fallen hard in downturns. It dropped 82.9% from October 2007 to February 2009 and took about 12 years to regain that peak, in May 2021. It fell 58.8% in the 2020 COVID crash, recovering in about 11 months, and 40.6% in the 2022 bear market, not recovering until February 2026. A single stock like KeyCorp carries more risk than a diversified fund.
Questions investors ask
How does KeyCorp make money?
Mostly from interest. In 2025, $4.6 billion of KeyCorp's $7.5 billion revenue was net interest income: the gap between the interest it collects on loans and securities and the interest it pays on deposits and borrowings. Another $2.8 billion came from noninterest income, such as investment banking, trust and wealth management, and commercial mortgage servicing. The Commercial Bank segment produced about 54% of revenue and the Consumer Bank about 49%, with some items booked outside both.
Does KeyCorp raise its dividend every year?
No. KeyCorp's dividend per share rose from $0.74 in 2020 to $0.75 in 2021, $0.79 in 2022 and $0.82 in 2023. It then stayed at $0.82 in 2024 and 2025. That works out to about 2.1% growth a year from 2020 to 2025, and the company has no active streak of increases. It kept paying in 2024 despite a net loss of $0.32 per share.
What is KeyCorp's dividend yield?
KeyCorp's dividend yield was 3.94% as of October 28, 2026. A yield is the yearly dividend divided by the share price, so it rises when the price falls. Dividends used about 58% of 2025 earnings. In 2024, when Key reported a net loss, they were more than earnings. On October 28, 2026, the stock's price-to-earnings ratio was about 13.9 based on 2025 earnings, and its market value was about $22.6 billion.
How has KeyCorp stock performed over the long term?
Unevenly. As of October 28, 2026, the stock returned 25.6% over one year, about 3% a year over five years and about 8.7% a year over ten years. Calendar years have swung widely. It lost 61.6% in 2008 and gained 60.3% in 2010. It fell 21.6% in 2022 and 11.4% in 2023, then rose 25.5% in 2024 and 26.4% in 2025. Its deepest decline in about 21 years of price history was 87.1%.
Does Scotiabank own part of KeyCorp?
Yes. KeyCorp's 10-K for 2025 says Scotiabank holds a significant equity interest and can designate up to two directors to Key's board. Key lists this as a risk because Scotiabank may exercise influence over the company. Other large holders, based on their ownership filings, include BlackRock with 7.9% as of March 31, 2025, Vanguard Capital Management with 7.04% as of March 31, 2026, and T. Rowe Price Associates with 2.1% as of December 31, 2025.