KeyCorp (KEY) 10-K Summary — Year Ended Dec 31, 2024
KeyCorp is a large bank-based financial services company headquartered in Ohio, operating through KeyBank and other subsidiaries. The company reported a net loss for the year, though revenue increased compared to the prior period.
Key takeaway
Year ended Dec 31, 2024 · FY2025 10-K
KeyCorp is a large bank-based financial services company headquartered in Ohio, operating through KeyBank and other subsidiaries. The company reported a net loss for the year, though revenue increased compared to the prior period.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$1.6B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
-$161M
Net income reported for the year.
Operating cash flow
$664M
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% |
| Dec 31, 2024 | $1.6B | +14.5% |
Business overview
KeyCorp provides retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing, and investment banking services. It operates through two major segments: Consumer Bank and Commercial Bank, with nearly a thousand full-service branches and a national digital brand. The company serves individual, corporate, and institutional clients across the country.
Financial performance
Revenue increased compared to the prior year, but the company reported a net loss for the period. Operating cash flow was positive, indicating some underlying cash generation despite the bottom-line loss.
Material risks
KeyCorp faces risks from extensive financial services regulation, evolving privacy and cybersecurity laws, and potential operational failures by itself or third parties. Other material risks include technology system breaches, an ineffective risk management framework, and negative outcomes from litigation or governmental proceedings. The company also cites exposure to climate-related physical risks and potential disruptions in the U.S. financial system.
Liquidity and capital
The company's liquidity and capital allocation are influenced by its ability to receive dividends from subsidiaries, access to funding sources, and compliance with evolving capital and liquidity standards. No specific capital allocation actions are detailed in the provided context.
What to watch
Monitor whether the company returns to profitability and how it manages credit losses and regulatory capital requirements in the next filing.