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Keycorp (KEY) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Keycorp (KEY) Q3 2026 earnings results →

Q3 2026 Revenue up 8% year over year to $2.1B · 28¢ of every $1 of revenue kept as net profit · operating margin 36.0%

Keycorp made $2.1B in Q3 2026 (+8% Y/Y): Other revenues $1.5B, Investment banking and debt placement fees $172M, Trust and investment services income $159M. Operating margin 36.0%, net earnings $579M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$2.1B
Year over year+8%
Operating margin36.0%
Net earnings$579M
Operating cash flow$722M

Drawing the Sankey…

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Keycorp Q3 2026 revenue breakdown: Sankey diagram of revenue (Other revenues, Investment banking and debt placement fees, Trust and investment services income, Cards and payments income), costs, profit and cash flow
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What changed this quarter

Revenue was $2.1B in Q3 2026, up 8% year over year and up 4% from the previous quarter. Investment banking and debt placement fees was the largest line at 8% of revenue. Investment banking and debt placement fees added $0.04B year over year (up 33%), 27% of the total change.

Operating profit was $0.74B, a 36.0% margin (up 4.2 points year over year). Of the extra revenue versus Q3 2025, 87% reached operating profit, above the 32% margin then. Total costs grew 2% against revenue growth of 8%. Net earnings were $0.58B, up 18% year over year. The effective tax rate was 21.5%.

Operating cash flow was $0.72B (up 82% year over year), 125% of net earnings. Non-cash charges added back $0.04B of share-based compensation. Working capital and other items added $0.11B. Capital expenditures of $0.04B left free cash flow of $0.68B.

Quarterly history

Keycorp revenue by quarterKeycorp revenue by quarter$1.8BQ1 2025$1.8BQ2 2025$1.9BQ3 2025$2.0BQ4 2025$2.0BQ1 2026$2.0BQ2 2026$2.1BQ3 2026
Keycorp net earnings by quarterKeycorp net earnings by quarter$405MQ1 2025$425MQ2 2025$489MQ3 2025$510MQ4 2025$522MQ1 2026$509MQ2 2026$579MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 3, 2026$2.1B+8%36.0%$579M$722M
Q2 202610-QAug 4, 2026$2.0B+7%32.9%$509M$259M
Q1 202610-QMay 5, 2026$2.0B+10%33.7%$522M−$62.0M
Q4 202510-KFeb 23, 2026$2.0B+132%32.3%$510M$718M
Q3 202510-QNov 4, 2025$1.9B+173%31.8%$489M$396M
Q2 202510-QAug 5, 2025$1.8B+21%29.4%$425M$1.2B
Q1 202510-QMay 6, 2025$1.8B+16%29.0%$405M−$140M

Charts

Keycorp: revenue growth, year over year and quarter over quarterKeycorp: revenue growth, year over year and quarter over quarterY/YQ/Q+16%Q1 2025+21%+4%Q2 2025+173%+3%Q3 2025+132%+6%Q4 2025+10%-3%Q1 2026+7%+1%Q2 2026+8%+4%Q3 2026
Latest (Q3 2026): Y/Y +8%, Q/Q +4%.
Keycorp: where the cash came from (+) and went (−), TTM to Q3 2026Keycorp: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$6.9BNet borrowing (+) / repaid (−)$4.8BOperating cash flow$1.6BOther financing$1.2BDividends−$1.0BCash drawn (+) / kept (−)$398MCapital spending−$121MShares issued$14.0MAsset & business sales$4.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Keycorp: profit against cash, quarter by quarterKeycorp: profit against cash, quarter by quarterNet incomeOperating cash flow−$244M$1.7BQ4 2024$405M−$140MQ1 2025$425M$1.2BQ2 2025$489M$396MQ3 2025$510M$718MQ4 2025$522M−$62.0MQ1 2026$509M$259MQ2 2026$579M$722MQ3 2026
Latest (Q3 2026): Net income $579M, Operating cash flow $722M.
Keycorp: diluted shares by fiscal yearKeycorp: diluted shares by fiscal year975MFY2020957MFY2021933MFY2022933MFY2023950MFY20241.11BFY2025
+13.7% since FY2020: more shares outstanding (issuance, stock pay).
Keycorp: long-term debt falling due (FY2025)Keycorp: long-term debt falling due (FY2025)$1.1B2026$2.0B2027$1.2B2028$1.2B2029$15.0M2030$4.3BLater
Cash $1.3B, short-term investments $10.2B, long-term debt $9.9B at 2025-12-31.
Keycorp in its industry: growth against margin (68 companies, SIC 6021)Keycorp in its industry: growth against margin (68 companies, SIC 6021)revenue growth, year over year →↑ operating marginmedian +8%median 37%JPMBACCWFCCOFUSBPNCTFCHBANPNFPHSBC USA IncZIONUMBFWebster Financial CorpONBCFRVLYBOKFBANCFNBFHNFULTWSFSFFBCWSBCCBUPRKTRMKWAFDFRMENBTBCASHBANFOCFCNWBITBBKNICHOPEFCFDCOMNBHCBHRBAMTBWBHCCHCOALRSHAFCNEWTCACCBNKBFCFMCBWABCSHBIPFISCAREBCALSFSTMRBKFDBCFNLCFUNCLCNBATLOCFBKASRVNKSHKEY (+8%, 36%)
National Commercial Banks; dot size is quarterly revenue; dashed lines are the industry's medians.

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Keycorp

KeyCorp, organized in 1958 under the laws of the State of Ohio, is headquartered in Cleveland, Ohio. We are a BHC under the BHCA and one of the nation’s largest bank-based financial services companies, with consolidated total assets of approximately $184.4 billion at December 31, 2025. KeyCorp is the parent holding company for KeyBank National Association, its principal subsidiary, through which most of our banking services are provided. Through KeyBank and certain other subsidiaries, we provide a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients through two major business segments: Consumer Bank and Commercial Bank.

In its own words, from its 10-K, filed Feb 23, 2026.

Keycorp against its National Commercial Banks peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +8%. Operating margin: 36.0% against the peers' median 32.5%.

CompanyQuarterRevenueY/YOp. margin
KEY KeycorpQ3 2026$2.1B+8%36.0%
JPM JPMorgan ChaseQ3 2026$50.2B+8%40.1%
BAC Bank of AmericaQ3 2026$30.0B+3%29.9%
C CitigroupQ3 2026$23.8B+8%30.6%
WFC Wells FargoQ3 2026$21.9B+2%32.5%
COF Capital One FinancialQ3 2026$16.3B+6%28.0%
USB US BancorpQ3 2026$8.0B+9%35.1%
PNC PNC Financial Services GroupQ3 2026$6.6B+11%40.0%
TFC Truist FinancialQ3 2026$3.7B-28%23.9%

Source: Keycorp 10-Q on SEC EDGAR · CIK 91576 · National Commercial Banks

Guidance and outlook

Keycorp: what its forward-looking statements are about (10-Q filed 2026-11-03)Keycorp: what its forward-looking statements are about (10-Q filed 2026-11-03)Other14The economy8Financing5Supply chain3Deals2Costs2Demand1
35 statements; tone -0.29 (−1 all cautious, +1 all confident); 3 hedged.
Keycorp: outlook statements against the filing beforeKeycorp: outlook statements against the filing beforeConfident5Cautious15

13F: who owns KEY and who is buying

Largest holders of KEY (13F)Largest holders of KEY (13F)Bank of Nova Scotia$3.6BVanguard Group$2.6BBlackRock$2.0BVanguard Capital Management LLC$1.5BVanguard Portfolio Management LLC$1.2BState Street$1.2BFMR LLC$1.2BGeode Capital Management, LLC$588MInvesco$482MPrice T Rowe Associates$414M
Funds' net buying of KEY by quarter (13F)Funds' net buying of KEY by quarter (13F)−$235M2024-09−$167M2024-12$423M2025-03$300M2025-06$160M2025-09−$184M2025-12−$636M2026-03−$116M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on KEY

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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