Filing Flows › Keycorp (KEY) › Q1 2025
Keycorp (KEY) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Keycorp (KEY) reported revenue of $1.8B for the first quarter 2025 (Q1 2025), +16% from a year earlier and +105% from the quarter before. Operating margin was 29.0%, net earnings $405M (22.8% of revenue).
Keycorp, Q1 2025: revenue $1.8B (+16% year over year), operating margin 29.0%, net earnings $405M, operating cash flow −$140M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | +105% | +16% |
| Operating profit | $515M | — | +85% |
| Net earnings | $405M | — | +85% |
| Operating cash flow | −$140M | — | — |
What changed
Revenue was $1.8B in Q1 2025, up 16% year over year and up 105% from the previous quarter. Trust and investment services income was the largest line at 7% of revenue. Trust and investment services income added $0.01B year over year (up 5%), 2% of the total change. Other noninterest income declined 33%.
Operating profit was $0.52B, a 29.0% margin (up 10.9 points year over year). Of the extra revenue versus a year earlier, 99% reached operating profit, above the 18% margin then. Total costs grew 0% against revenue growth of 16%. The fastest-growing cost line was Sales & marketing (+11%). Net earnings were $0.41B, up 85% year over year. The effective tax rate was 21.2%.
Operating cash flow was −$0.14B. Non-cash charges added back $3.0M of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.58B. Capital expenditures of $0.01B exceeded it, leaving free cash flow of −$0.15B.
Questions
What was Keycorp's revenue in the first quarter 2025?
Keycorp (KEY) reported revenue of $1.8B for the first quarter 2025 (Q1 2025), +16% from a year earlier and +105% from the quarter before.
Was Keycorp profitable in the first quarter 2025?
Operating profit was $515M (29.0% of revenue) and net earnings $405M.
Source: Keycorp 10-Q on SEC EDGAR.