Operating cash flow turned negative at -$62M in 2026Q1 despite $522M net income, while dividends of $259M and buybacks of $435M indicate capital return pressure, though 2025Q4 OCF/NI of 1.41 shows improved cash conversion.
KeyCorp (KEY) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 1.31B | 2.21B | 664M | 2.9B | 4.47B | 1.15B | 1.67B | 2.91B | 2.51B | 1.81B | 1.69B | 1.13B | 1.32B | 1.55B | 1.3B | 1.79B | 2.72B | 2.32B | -560M | -44M | 1B | 2.17B | -215M | 1.26B | 1.46B | 1.69B | 1.58B | 1.85B | 1.8B | 245M | 1.66B |
| Operating CF Growth % | 51.14% | 232.53% | -77.13% | -35.04% | 287.6% | -31.08% | -42.43% | 15.96% | 38.07% | 7.46% | 49.34% | -14.32% | -14.67% | 19.09% | -27.55% | -34.18% | 17.41% | 514.29% | -1172.73% | -104.38% | -53.64% | 1108.37% | -117.12% | -13.91% | -13.87% | 7.01% | -14.62% | 2.83% | 635.92% | -85.21% | -31.46% |
| Net Income | 2.03B | 1.83B | -161M | 967M | 1.92B | 2.63B | 1.34B | 1.72B | 1.87B | 1.3B | 790M | 920M | 907M | 910M | 865M | 932M | 584M | -1.31B | -1.46B | 951M | 1.05B | 1.13B | 954M | 903M | 976M | 132M | 1B | 1.11B | 996M | 919M | 783M |
| Depreciation & Amortization | 0 | 21M | 73M | 154M | 164M | 32M | 111M | 241M | 382M | 407M | 314M | 247M | 246M | 221M | 235M | 201M | 330M | 389M | 424M | 420M | 397M | 358M | 345M | 210M | 226M | 530M | 382M | 396M | 328M | 242M | 230M |
| Deferred Taxes | 39M | 4M | -351M | -108M | -27M | 146M | -191M | 53M | 98M | 303M | 11M | -76M | 5M | 29M | 35M | 317M | 80M | -878M | -1.72B | -74M | 27M | 105M | 417M | 72M | 155M | -139M | 335M | 466M | 325M | 139M | 112M |
| Other Non-Cash Items | -365M | 502M | 1.48B | 1.08B | 2.06B | -1.79B | 4M | 990M | 74M | -324M | 554M | 20M | 130M | 485M | 97M | -60M | 1.51B | 4.05B | 2.42B | -1.2B | -412M | 563M | -2.1B | 236M | 341M | 1.09B | -193M | -312M | 154M | -557M | 532M |
| Working Capital Changes | -526M | -280M | -483M | 691M | 237M | 34M | 305M | -191M | -13M | 31M | -79M | -38M | -12M | -133M | 18M | 362M | 224M | 71M | -224M | -144M | -62M | 13M | 170M | -165M | -239M | 82M | 57M | 197M | 0 | -498M | 0 |
| Cash from Investing | -5.4B | 3.22B | 2.5B | 1.42B | -10.93B | -15.07B | -24.72B | -4.92B | -2.48B | -2.24B | -6.46B | -2.02B | -2.82B | -4.19B | -248M | 1.72B | 1.97B | 6.61B | -6.17B | -5.43B | 121M | -3.64B | -3.96B | -24M | -2.27B | 4.64B | -3.32B | -5.11B | -6.47B | -5.51B | -2.89B |
| Purchase of Investments | -11.43B | -10.09B | -27.77B | -11.74B | -8.78B | -28.25B | -30.69B | -5.79B | -3.98B | -8.16B | -12.8B | -3.55B | -4.96B | -8.59B | -4.74B | -5.11B | -10.11B | -15.68B | -6.76B | -5.38B | -5.19B | -4.39B | -2.77B | -6.57B | -6.93B | -4.45B | -7.26B | -5.04B | -1.98B | -4.78B | -4.03B |
| Sale/Maturity of Investments | 10.95B | 15.83B | 22.08B | 6.38B | 15.41B | 17.14B | 13.12B | 6.83B | 4.86B | 6.83B | 10.36B | 4.37B | 5.46B | 5.54B | 6.44B | 6.95B | 5.58B | 10.95B | 3.01B | 5.3B | 4.97B | 4.45B | 2.7B | 7.38B | 4.55B | 6.51B | 11.63B | 8.72B | 5.05B | 4.34B | 4B |
| Net Investment Activity | -481M | 5.74B | -5.68B | -5.36B | 6.64B | -11.11B | -17.58B | 1.04B | 878M | -1.33B | -2.44B | 824M | 508M | -3.04B | 1.7B | 1.84B | -4.53B | -4.74B | -3.75B | -83M | -221M | 55M | -67M | 807M | -2.38B | 2.06B | 4.37B | 3.68B | 3.07B | -440M | -35M |
| Acquisitions | 0 | 0 | 0 | 0 | -58M | -29M | 0 | -185M | 124M | -144M | -481M | 0 | -104M | 732M | 777M | 0 | 0 | 0 | -157M | 119M | 2.49B | -219M | -1.73B | -17M | -63M | -3M | -375M | 0 | 0 | -1M | 0 |
| Other Investing | -4.81B | -2.42B | 8.24B | 6.92B | -17.42B | -3.86B | -7.08B | -5.69B | -3.38B | -656M | -3.4B | -2.77B | -3.12B | -1.78B | -2.56B | 64M | 6.66B | 11.58B | -2.06B | -5.27B | -2.02B | -3.32B | -2.06B | -719M | 258M | 2.7B | -7.21B | -8.69B | -9.42B | -4.91B | -2.58B |
| Cash from Financing | 4.03B | -5.88B | -2.36B | -4.27B | 6.44B | 13.74B | 23.41B | 2.07B | -17M | 418M | 4.84B | 846M | 1.53B | 2.68B | -1.16B | -3.1B | -4.89B | -9.7B | 6.17B | 5.01B | -1.97B | 2.13B | 3.92B | -1.88B | 1.29B | -6.64B | 2.11B | 2.77B | 4.32B | 5.47B | 1.23B |
| Dividends Paid | -1.04B | -1.05B | -927M | -911M | -854M | -823M | -829M | -804M | -656M | -480M | -335M | -267M | -240M | -217M | -191M | -164M | -184M | -213M | -445M | -570M | -557M | -531M | -508M | -513M | -511M | -501M | -484M | -467M | -416M | -369M | -357M |
| Share Repurchases | -974M | -235M | 0 | -38M | 0 | -1.14B | -134M | -835M | -1.1B | -1.08B | -140M | -448M | -484M | -474M | -251M | -2.5B | 0 | 0 | 0 | -595M | -644M | -229M | -512M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 13M | 9M | 10M | 1M | 6M | 27M | 8M | 18M | 20M | 25M | 32M | 22M | 27M | 26M | 2M | 534M | 0 | 986M | 4.11B | 112M | 244M | 129M | 160M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -961M | -226M | 10M | -37M | 6M | -1.12B | -126M | -817M | -1.08B | -1.05B | -108M | -426M | -457M | -448M | -249M | -1.97B | 0 | 986M | 4.11B | -483M | -400M | -100M | -352M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 6.18B | -1.05B | 6.92B | 2.96B | -10.02B | 17.26B | 23.38B | 4.53B | 2.03B | 1.08B | 4.05B | -952M | 2.74B | 2.33B | 1.99B | 1.35B | -4.96B | 439M | 467M | 4.04B | 389M | 943M | 6.43B | 1.53B | 4.13B | -3.84B | 5.43B | 2B | -1.58B | 2.02B | -630M |
| Net Change in Cash | -55M | -456M | 802M | 54M | -26M | -178M | 359M | 54M | 7M | -6M | 70M | -46M | 36M | 33M | -109M | 416M | -193M | -774M | -558M | -461M | -844M | 654M | -258M | -652M | 473M | -298M | 373M | -480M | -3.65B | 207M | -3.44B |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 1.13B | 1.74B | 941M | 887M | 913M | 1.09B | 732M | 678M | 671M | 677M | 607M | 653M | 617M | 584M | 694M | 278M | 471M | 1.25B | 1.81B | 2.26B | 3.11B | 2.45B | 2.71B | 3.36B | 2.89B | 3.19B | 2.82B | 3.3B | 3.65B | 3.44B | 3.44B |
| Cash at End | 1.71B | 1.29B | 1.74B | 941M | 887M | 913M | 1.09B | 732M | 678M | 671M | 677M | 607M | 653M | 617M | 584M | 694M | 278M | 471M | 1.26B | 1.8B | 2.26B | 3.11B | 2.45B | 2.71B | 3.36B | 2.89B | 3.19B | 2.82B | 7.97B | 3.65B | 3.44B |
| Interest Paid | 1.8B | 3.71B | 4.16B | 3.11B | 601M | 363M | 731M | 1.25B | 892M | 598M | 429M | 329M | 298M | 304M | 464M | 605M | 879M | 1.49B | 1.99B | 2.69B | 2.7B | 1.74B | 1.14B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 67M | 71M | 68M | 156M | 292M | 277M | 241M | 18M | 12M | 6M | 144M | 281M | 131M | 185M | 84M | 305M | 164M | 121M | 2.15B | 342M | 467M | 195M | 102M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 1.2B | 2.1B | 599M | 2.76B | 4.36B | 1.09B | 1.61B | 2.82B | 2.41B | 1.7B | 1.54B | 1.06B | 1.22B | 1.45B | 1.14B | 1.61B | 2.57B | 2.09B | -762M | -240M | 885M | 2.01B | -317M | 1.16B | 1.37B | 1.57B | 1.48B | 1.76B | 1.68B | 89M | 1.38B |
| FCF Growth % | -22.29% | 250.75% | -78.31% | -36.69% | 301.2% | -32.48% | -42.93% | 17.2% | 41.34% | 10.3% | 46.21% | -13.65% | -15.48% | 27.49% | -29.63% | -37.19% | 22.81% | 374.41% | -217.5% | -127.12% | -56.04% | 735.02% | -127.3% | -15.19% | -12.97% | 6.28% | -15.91% | 4.95% | 1784.27% | -93.54% | -38.44% |
Quick answers to the most common questions about buying KEY stock.
KeyCorp (KEY) generated $2.21B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
KeyCorp (KEY) generated $2.10B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
KeyCorp (KEY) spent $107.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, KeyCorp (KEY) returned $1.05B to shareholders via cash dividends and spent $235.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Deposit cost pressure and margin compression
Metrics are mathematically derived from official filings.
Earnings Retention Supports Capital
According to reported quarterly data, KeyCorp's net income rose to $509M in 2026Q2, with OCF/NI turning positive in recent quarters, suggesting improved internal capital generation.
The bank's net income has grown steadily from $219M in 2024Q1 to $509M in 2026Q2, indicating strong earnings retention. Operating cash flow turned positive in 2025Q2 and 2025Q4, with OCF/NI ratios of 2.90 and 1.41 respectively, suggesting that core operations are generating cash to support capital needs. This internal generation may reduce reliance on external funding and support regulatory capital ratios, though the volatility in OCF warrants monitoring.
Securities Portfolio Churn Intensifies
Based on KeyCorp's reported figures, investment securities purchases and sales have been substantial, with 2025Q4 seeing $2.7B purchases and $5.8B sales, indicating active portfolio repositioning.
The bank has been actively managing its securities portfolio, with significant purchases and sales across quarters. In 2025Q4, sales outpaced purchases by $3.1B, suggesting a strategy to reduce duration or realize gains. This activity may reflect efforts to mitigate AOCI losses and reposition the portfolio for higher yields, though it also introduces reinvestment risk. The scale of activity suggests a dynamic approach to balance sheet management.
Loan Growth Outpaces Deposit Inflows
As disclosed in financial statements, KeyCorp's loan growth appears to be outpacing deposit inflows, with loan loss provisions averaging $107M quarterly, indicating potential credit stress in the loan book.
The consistent loan loss provisions, ranging from $39M to $138M per quarter, suggest that loan growth is accompanied by rising credit risk. The 2026Q2 provision of $0 is an anomaly that may indicate a temporary reprieve or data unavailability, but the trend otherwise shows stable provisioning. This implies that the bank is funding loan growth with wholesale funding or securities sales, which could pressure margins if deposit costs continue to rise.
Dividends Stable, Buybacks Paused
According to recent SEC filings, KeyCorp paid dividends of $259M in 2026Q1 and $262M in 2025Q4, while buybacks were $435M in 2026Q1 but zero in prior quarters, indicating a cautious capital return approach.
Dividend payments have been consistent, ranging from $229M to $265M per quarter, reflecting a commitment to shareholder returns. However, buybacks have been sporadic, with only 2026Q1 showing significant activity ($435M), suggesting management is prioritizing capital preservation. This cautious approach may be driven by the need to maintain regulatory capital ratios amid AOCI pressures and potential credit losses.
Deposit Costs Pressure Cash Flows
Based on KeyCorp's reported data, the persistent high cost of interest-bearing deposits is squeezing net interest margin, with OCF turning negative in 2026Q1, indicating cash flow strain from funding costs.
The negative operating cash flow in 2026Q1 (-$62M) and 2025Q1 (-$140M) suggests that deposit costs are consuming cash generated from operations. This trend aligns with the prior income statement analysis showing NIM stagnation at 0.6-0.7%, which is significantly below peers. The bank's deposit beta appears higher than expected, and if this persists, it could further erode cash generation and pressure capital.
Cash Flow Statement Hides AOCI Drag
As reported in financial statements, KeyCorp's cash flow statement does not reflect unrealized losses on securities, which may be eroding tangible book value and regulatory capital, a key risk for investors.
The cash flow statement shows significant securities activity but does not capture the unrealized losses embedded in AOCI. These paper losses, while not impacting cash flows, can reduce regulatory capital ratios and constrain lending capacity. The bank's heavy use of interest rate swaps and long-duration bonds suggests that AOCI remains a vulnerability, and investors should monitor this off-balance-sheet exposure closely.