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Keycorp cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$684M in Q3 2026 · $1.5B over twelve months

Operating cash flow$722M
Capital spending−$38.0M
Free cash flow+$684M
Cash / net income1.2×

Analysis

In Q3 2026, Keycorp generated $722M of operating cash flow and spent $38.0M on capital projects, leaving free cash flow of $684M. That is $317M more than in Q3 2025 ($367M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.6B; the largest uses were other investing ($6.9B), dividends ($1.0B), capital spending ($121M); besides operations, cash came from net borrowing (+) / repaid (−) ($4.8B), other financing ($1.2B); the cash balance fell by $398M.

Operating cash flow was $722M against net income of $579M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$945M, other operating capital −$171M, stock-based pay +$36.0M.

Free cash flow

Keycorp: free cash flow by quarterKeycorp: free cash flow by quarter$1.7BQ4 2024−$150MQ1 2025$1.2BQ2 2025$367MQ3 2025$673MQ4 2025−$74.0MQ1 2026$233MQ2 2026$684MQ3 2026
Operating cash flow less capital spending.
Keycorp: operating cash flow against capital spendingKeycorp: operating cash flow against capital spendingOperating cash flowCapital spending$1.7B$23.0MQ4 2024−$140M$10.0MQ1 2025$1.2B$23.0MQ2 2025$396M$29.0MQ3 2025$718M$45.0MQ4 2025−$62.0M$12.0MQ1 2026$259M$26.0MQ2 2026$722M$38.0MQ3 2026
Latest (Q3 2026): Operating cash flow $722M, Capital spending $38.0M.

Capital allocation, year by year

Keycorp: where the cash came from (up) and went (down), by fiscal yearKeycorp: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.2BFY2021: Net borrowing −$1.8BFY2021: Shares issued $54.0MFY2021: Asset sales $4.0MFY2021: Capital spending −$66.0MFY2021: Acquisitions −$29.0MFY2021: Buybacks −$585MFY2021: Dividends −$823M$1.2BFY2021FY2022: Operating cash flow $4.5BFY2022: Net borrowing $25.4BFY2022: Shares issued $602MFY2022: Asset sales $16.0MFY2022: Capital spending −$96.0MFY2022: Acquisitions −$58.0MFY2022: Dividends −$854M$30.5BFY2022FY2023: Operating cash flow $2.9BFY2023: Net borrowing −$12.6BFY2023: Shares issued $2.0MFY2023: Asset sales $5.0MFY2023: Capital spending −$142MFY2023: Dividends −$911M$2.9BFY2023FY2024: Operating cash flow $664MFY2024: Net borrowing −$8.4BFY2024: Shares issued $2.8BFY2024: Asset sales $24.0MFY2024: Capital spending −$65.0MFY2024: Dividends −$927M$3.5BFY2024FY2025: Operating cash flow $2.2BFY2025: Net borrowing −$3.6BFY2025: Shares issued $17.0MFY2025: Asset sales $4.0MFY2025: Capital spending −$107MFY2025: Dividends −$1.1B$2.2BFY2025
Over these 5 years operating cash flow totalled $11.4B; the largest uses were net borrowing ($26.3B) and dividends ($4.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$14.5B
Debt$11.5B
Net cash$3.0B
Due within a year$1.1B

Keycorp funds itself: free cash flow was $1.5B over the last twelve months, and $14.5B of cash and investments stands against $11.5B of debt ($1.1B due within a year, 13.1× covered by cash).

Keycorp: debt maturities by year (FY2025)Keycorp: debt maturities by year (FY2025)$1.1BYear 1$2.0BYear 2$1.2BYear 3$1.2BYear 4$15.0MYear 5$4.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $14.5B of cash and investments now.

Where the cash came from and went

Keycorp: sources (+) and uses (−) of cash, Q3 2026Keycorp: sources (+) and uses (−) of cash, Q3 2026Other investing−$2.8BNet borrowing (+) / repaid (−)$2.3BOperating cash flow$722MDividends−$252MCash drawn (+) / kept (−)$171MOther financing−$120MCapital spending−$38.0MShares issued$3.0M
Keycorp: sources (+) and uses (−) of cash, TTM to Q3 2026Keycorp: sources (+) and uses (−) of cash, 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 profit to cash

Keycorp: net income to operating cash flow, Q3 2026Keycorp: net income to operating cash flow, Q3 2026Net income$579MDepreciation & amortization−$10.0MStock-based pay$36.0MAccrued liabilities$945MOther operating capital−$171MOperating cash flow$722M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$722M−$38.0M−$252M$2.3B$3.0M$171M$684M
Q2 2026$259M−$26.0M−$258M−$2.3B$2.0M−$581M$233M
Q1 2026−$62.0M−$12.0M−$259M$6.1B$5.0M$157M−$74.0M
Q4 2025$718M−$45.0M−$262M−$1.3B$4.0M$651M$673M
Q3 2025$396M−$29.0M−$264M−$2.6B$2.0M−$172M$367M
Q2 2025$1.2B−$23.0M−$263M−$11.0M$1.0M$143M$1.2B
Q1 2025−$140M−$10.0M−$265M$338M$2.0M−$166M−$150M
Q4 2024$1.7B−$23.0M−$238M−$3.6B$2.0B−$467M$1.7B

Keycorp: income statement and cash flow

Keycorp, Q3 2026: revenue $2.1B (+8% year over year), operating margin 36.0%. The chart follows the revenue to costs, profit and cash.

Keycorp: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.