KeyCorp (KEY) 10-K Summary — Year Ended Dec 31, 2023
KeyCorp is a large bank-based financial services company operating through Consumer and Commercial Bank segments. In the reported year, revenue declined, net income was positive, and operating cash flow was substantial.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
KeyCorp is a large bank-based financial services company operating through Consumer and Commercial Bank segments. In the reported year, revenue declined, net income was positive, and operating cash flow was substantial.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$1.4B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$967M
Net income reported for the year.
Operating cash flow
$2.9B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $7.3B | n/a |
| Dec 31, 2022 | $1.6B | -78.1% |
| Dec 31, 2023 | $1.4B | -10.0% |
Business overview
KeyCorp is a bank holding company headquartered in Ohio, with KeyBank National Association as its principal subsidiary. It provides retail and commercial banking, investment management, and other financial services through two segments: Consumer Bank and Commercial Bank. Services are delivered via branches, ATMs, online and mobile banking, including the Laurel Road digital bank.
Financial performance
Revenue for the year decreased compared to the prior year. Net income was reported at a positive level. Operating cash flow was also positive.
Material risks
Key risks include concentrated credit exposure in commercial and industrial loans, deterioration of commercial real estate markets, and potential defaults by clients. Other risks involve adverse credit quality trends, cybersecurity threats, regulatory changes, and operational failures. The company also faces risks from natural disasters, climate change, and evolving capital standards.
Liquidity and capital
The filing does not discuss specific capital allocation themes. The company's operating cash flow indicates liquidity, but no explicit capital deployment strategy is described.
What to watch
Monitor credit quality trends, particularly in the commercial real estate and commercial and industrial loan portfolios.