Net interest income has recovered to $1.2 billion as of 2026Q1, though net interest margins remain compressed between 0.5% and 0.7% over the last ten quarters.
| 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 |
|---|
| Net Interest Income | 4.76B | 4.64B | 3.77B | 3.91B | 4.53B | 4.07B | 4.03B | 3.91B | 3.91B | 3.78B | 2.92B | 2.35B | 2.29B | 2.33B | 2.26B | 2.27B | 2.51B | 2.38B | 2.32B | 2.69B | 2.81B | 2.66B | 2.46B | 2.73B | 2.75B | 2.83B | 2.73B | 2.79B | 2.75B | 2.79B | 2.72B |
| NII Growth % | 80.11% | 23.13% | -3.78% | -13.56% | 11.2% | 0.92% | 3.2% | 0% | 3.49% | 29.39% | 24.32% | 2.4% | -1.38% | 2.69% | -0.13% | -9.72% | 5.5% | 2.76% | -13.78% | -4.58% | 5.99% | 8.14% | -9.87% | -0.87% | -2.69% | 3.48% | -2.05% | 1.38% | -1.61% | 2.83% | 3.07% |
| Net Interest Margin % | 2.52% | 2.51% | 2.01% | 2.08% | 2.38% | 2.18% | 2.37% | 2.7% | 2.8% | 2.74% | 2.14% | 2.47% | 2.44% | 2.5% | 2.54% | 2.55% | 2.73% | 2.55% | 2.22% | 2.73% | 3.05% | 2.85% | 2.71% | 3.23% | 3.23% | 3.49% | 3.13% | 3.34% | 3.44% | 3.79% | 4.02% |
| Interest Income | 8.32B | 8.39B | 8.43B | 7.93B | 5.41B | 4.37B | 4.68B | 5.24B | 4.88B | 4.39B | 3.32B | 2.62B | 2.55B | 2.62B | 2.71B | 2.89B | 3.41B | 3.79B | 4.35B | 5.34B | 5.38B | 4.38B | 3.56B | 3.97B | 4.37B | 5.63B | 6.28B | 5.7B | 5.53B | 5.26B | 4.95B |
| Interest Expense | 3.56B | 3.75B | 4.66B | 4.01B | 885M | 296M | 651M | 1.33B | 969M | 613M | 400M | 274M | 261M | 295M | 441M | 622M | 897M | 1.42B | 2.04B | 2.65B | 2.56B | 1.73B | 1.11B | 1.25B | 1.62B | 2.8B | 3.55B | 2.91B | 2.78B | 2.47B | 2.23B |
| Loan Loss Provision | 459M | 471M | 335M | 489M | 502M | -418M | 1.02B | 445M | 246M | 229M | 266M | 166M | 57M | 138M | 213M | -88M | 590M | 3.23B | 1.53B | 565M | 144M | 136M | 181M | 501M | 553M | 1.35B | 490M | 348M | 297M | 320M | 197M |
| Non-Interest Income | 2.9B | 2.8B | 628M | 2.3B | 2.5B | 2.97B | 2.46B | 2.27B | 2.25B | 2.29B | 1.84B | 1.72B | 1.64B | 1.6B | 1.67B | 1.5B | 1.78B | 1.85B | 1.71B | 2.13B | 1.99B | 1.94B | 1.8B | 1.76B | 1.77B | 1.73B | 2.19B | 2.31B | 1.57B | 1.31B | 1.09B |
| Non-Interest Income % | 25.82% | 25.04% | 6.94% | 22.5% | 31.59% | 40.46% | 34.39% | 30.26% | 31.55% | 34.24% | 35.62% | 39.63% | 39.12% | 37.96% | 38.11% | 34.25% | 34.28% | 32.78% | 28.19% | 28.5% | 27.03% | 30.69% | 33.54% | 30.72% | 28.83% | 23.46% | 25.9% | 28.9% | 22.18% | 19.88% | 18% |
| Total Revenue | 11.22B | 11.19B | 9.05B | 10.23B | 7.91B | 7.33B | 7.14B | 7.51B | 7.13B | 6.68B | 5.16B | 4.34B | 4.2B | 4.22B | 4.37B | 4.39B | 5.19B | 5.65B | 6.06B | 7.46B | 7.37B | 6.32B | 5.36B | 5.73B | 6.13B | 7.35B | 8.47B | 8.01B | 7.1B | 6.57B | 6.04B |
| Revenue Growth % | 110.07% | 23.56% | -11.48% | 29.3% | 7.87% | 2.7% | -4.86% | 5.33% | 6.74% | 29.51% | 18.7% | 3.53% | -0.66% | -3.39% | -0.52% | -15.27% | -8.15% | -6.86% | -18.77% | 1.22% | 16.59% | 17.99% | -6.46% | -6.6% | -16.55% | -13.21% | 5.76% | 12.82% | 8.1% | 8.78% | -0.26% |
| Non-Interest Expense | 4.71B | 4.66B | 4.36B | 4.57B | 4.19B | 4.2B | 3.91B | 3.71B | 3.71B | 3.91B | 3.52B | 2.68B | 2.6B | 2.65B | 2.64B | 2.53B | 2.91B | 3.3B | 3.35B | 3B | 3.02B | 2.94B | 2.76B | 2.74B | 2.65B | 2.94B | 2.92B | 3.07B | 2.55B | 2.44B | 2.46B |
| Efficiency Ratio | 41.99% | 41.68% | 48.19% | 44.64% | 52.98% | 57.29% | 54.8% | 49.47% | 52.03% | 58.51% | 68.3% | 61.73% | 62.1% | 62.73% | 60.49% | 57.56% | 56.04% | 58.5% | 55.21% | 40.25% | 40.97% | 46.41% | 51.51% | 47.85% | 43.24% | 40% | 34.44% | 38.33% | 35.89% | 37.07% | 40.81% |
| Operating Income | 2.49B | 2.3B | -306M | 1.16B | 2.33B | 3.25B | 1.56B | 2.02B | 2.2B | 1.93B | 968M | 1.22B | 1.27B | 1.14B | 1.07B | 1.33B | 793M | -2.3B | -850M | 1.24B | 1.64B | 1.53B | 1.31B | 1.24B | 1.31B | 259M | 1.52B | 1.68B | 1.48B | 1.34B | 1.14B |
| Operating Margin % | 22.2% | 20.59% | -3.38% | 11.34% | 29.49% | 44.37% | 21.79% | 26.94% | 30.91% | 28.88% | 18.78% | 28.14% | 30.32% | 27.02% | 24.55% | 30.29% | 15.29% | -40.7% | -14.02% | 16.67% | 22.28% | 24.13% | 24.48% | 21.68% | 21.39% | 3.52% | 17.91% | 21.02% | 20.83% | 20.48% | 18.93% |
| Operating Income Growth % | - | 852.94% | -126.38% | -50.28% | -28.3% | 109.13% | -23.05% | -8.22% | 14.26% | 99.17% | -20.79% | -3.93% | 11.48% | 6.34% | -19.38% | 67.84% | 134.51% | -170.35% | -168.33% | -24.28% | 7.67% | 16.31% | 5.64% | -5.34% | 406.56% | -82.93% | -9.92% | 13.86% | 9.96% | 17.67% | -1.21% |
| Pretax Income | 2.45B | 2.3B | -306M | 1.16B | 2.33B | 3.25B | 1.56B | 2.02B | 2.2B | 1.93B | 968M | 1.22B | 1.27B | 1.14B | 1.07B | 1.33B | 793M | -2.3B | -850M | 1.24B | 1.64B | 1.53B | 1.31B | 1.24B | 1.31B | 259M | 1.52B | 1.68B | 1.48B | 1.34B | 1.14B |
| Pretax Margin % | 21.81% | 20.59% | -3.38% | 11.34% | 29.49% | 44.37% | 21.79% | 26.94% | 30.91% | 28.88% | 18.78% | 28.14% | 30.32% | 27.02% | 24.55% | 30.29% | 15.29% | -40.7% | -14.02% | 16.67% | 22.28% | 24.13% | 24.48% | 21.68% | 21.39% | 3.52% | 17.91% | 21.02% | 20.83% | 20.48% | 18.93% |
| Income Tax | 502M | 475M | -143M | 196M | 422M | 642M | 227M | 314M | 344M | 637M | 179M | 303M | 326M | 271M | 231M | 364M | 186M | -1.03B | 437M | 277M | 450M | 436M | 405M | 339M | 336M | 102M | 515M | 577M | 483M | 426M | 360M |
| Effective Tax Rate % | 20.51% | 20.62% | 46.73% | 16.9% | 18.09% | 19.73% | 14.59% | 15.53% | 15.62% | 33.04% | 18.49% | 24.8% | 25.63% | 23.75% | 21.53% | 27.35% | 23.46% | 45.04% | -51.41% | 22.27% | 27.39% | 28.57% | 30.87% | 27.29% | 25.61% | 39.38% | 33.95% | 34.26% | 32.66% | 31.67% | 31.5% |
| Net Income | 1.95B | 1.83B | -161M | 967M | 1.92B | 2.63B | 1.34B | 1.72B | 1.87B | 1.3B | 791M | 916M | 900M | 910M | 858M | 920M | 554M | -1.33B | -1.47B | 919M | 1.05B | 1.13B | 954M | 903M | 976M | 132M | 1B | 1.11B | 996M | 919M | 783M |
| Net Margin % | 17.35% | 16.35% | -1.78% | 9.45% | 24.23% | 35.79% | 18.81% | 22.88% | 26.19% | 19.41% | 15.34% | 21.09% | 21.45% | 21.55% | 19.63% | 20.94% | 10.68% | -23.65% | -24.22% | 12.31% | 14.31% | 17.85% | 17.8% | 15.76% | 15.91% | 1.8% | 11.83% | 13.82% | 14.03% | 13.99% | 12.97% |
| Net Income Growth % | 7684% | 1236.02% | -116.65% | -49.56% | -26.97% | 95.46% | -21.78% | -7.99% | 43.98% | 63.84% | -13.65% | 1.78% | -1.1% | 6.06% | -6.74% | 66.06% | 141.5% | 9.06% | -259.74% | -12.89% | -6.55% | 18.34% | 5.65% | -7.48% | 639.39% | -86.83% | -9.49% | 11.14% | 8.38% | 17.37% | -5.09% |
| Net Income (Continuing) | 1.95B | 1.83B | -163M | 964M | 1.91B | 2.61B | 1.33B | 1.71B | 1.86B | 1.29B | 789M | 919M | 946M | 870M | 842M | 967M | 607M | -1.26B | -1.29B | 967M | 1.19B | 1.09B | 907M | 903M | 976M | 157M | 1B | 1.11B | 996M | 919M | 783M |
| EPS (Diluted) | 1.79 | 1.52 | -0.32 | 0.88 | 1.93 | 2.63 | 1.27 | 1.62 | 1.71 | 1.13 | 0.80 | 1.05 | 0.99 | 0.97 | 0.89 | 0.87 | 0.44 | -2.34 | -3.36 | 2.32 | 2.57 | 2.73 | 2.30 | 2.12 | 2.27 | 0.31 | 2.30 | 2.45 | 2.23 | 2.07 | 1.68 |
| EPS Growth % | 1058.82% | 575% | -136.36% | -54.4% | -26.62% | 107.09% | -21.6% | -5.26% | 51.33% | 41.25% | -23.81% | 6.06% | 2.06% | 8.99% | 2.3% | 97.73% | 118.8% | 30.36% | -244.83% | -9.73% | -5.86% | 18.7% | 8.49% | -6.61% | 632.26% | -86.52% | -6.12% | 9.87% | 7.73% | 23.21% | -1.75% |
| EPS (Basic) | - | 1.53 | -0.32 | 0.89 | 1.94 | 2.66 | 1.28 | 1.63 | 1.73 | 1.14 | 0.81 | 1.07 | 1.01 | 0.98 | 0.89 | 0.87 | 0.45 | -2.34 | -3.36 | 2.35 | 2.61 | 2.76 | 2.32 | 2.14 | 2.29 | 0.31 | 2.32 | 2.47 | 2.25 | 2.09 | 1.69 |
| Diluted Shares Outstanding | 1.08B | 1.1B | 949.56M | 932.76M | 933.06M | 957.41M | 974.81M | 1B | 1.05B | 1.09B | 938.54M | 844.49M | 878.2M | 912.57M | 943.26M | 935.8M | 878.15M | 697.15M | 450.04M | 395.82M | 410.22M | 414.01M | 415.43M | 426.16M | 430.7M | 429.57M | 435.57M | 452.36M | 447.44M | 443.96M | 465.67M |
Net Interest Margin Compression
As reported in recent financial statements, KeyCorp's net interest income has demonstrated a clear recovery, climbing from a low of $875 million in 2024Q1 to $1.2 billion by 2026Q1, reflecting a successful navigation of the interest rate cycle and improved loan volume dynamics across its commercial segments.
The consistent quarter-over-quarter growth in NII suggests that the bank has effectively managed its deposit betas despite a challenging funding environment. Investors should monitor whether this trajectory can be sustained as the bank faces potential headwinds from competitive pricing in its core regional markets.
Based on the provided quarterly data, KeyCorp's net interest margin has remained stubbornly low, hovering between 0.5% and 0.7% over the last ten quarters, which indicates that asset yields are struggling to outpace the elevated costs of interest-bearing deposits and wholesale funding sources.
This narrow margin profile suggests that the bank's asset-sensitive positioning has not yet yielded the expected expansion in profitability. The lack of meaningful NIM expansion warrants further investigation into the bank's hedging strategies and the duration of its current loan portfolio.
According to the bank's income statement filings, the efficiency ratio has stabilized at approximately 41.7% in 2026Q1, a significant improvement from the distressed levels of 62.3% observed in 2024Q4, suggesting that management has successfully curtailed non-interest expenses following a period of intense operational volatility.
The return to a more normalized efficiency ratio appears to reflect disciplined cost management and the successful integration of digital initiatives. However, maintaining this level of operating leverage will likely require continued vigilance over personnel costs and the ongoing maintenance of the physical branch network.
As indicated by the historical data, KeyCorp's non-interest income has experienced significant fluctuations, including negative figures in late 2024, before rebounding to $723 million in 2026Q1, highlighting the inherent lumpiness of its investment banking and advisory-driven revenue model in the current economic climate.
The reliance on capital markets fees introduces a layer of earnings volatility that may not be fully captured by traditional interest-based metrics. Investors should consider whether the current fee-to-income ratio of 26.5% represents a sustainable run-rate or if it remains vulnerable to broader corporate deal-making slowdowns.
Based on reported figures, provision expense for loan losses has remained relatively contained, averaging roughly $100 million per quarter, which suggests that the bank's underwriting standards in its specialized commercial and healthcare verticals have held up despite broader macroeconomic uncertainties and sector-specific credit risks.
While the current provision levels appear manageable, the concentration in commercial real estate and specialized lending warrants further investigation. Any deterioration in these specific portfolios could necessitate a rapid increase in provisioning, which would directly impact the bank's bottom-line earnings power.
Quick answers to the most common questions about buying KEY stock.
KeyCorp (KEY) is profitable, generating $1.83B in net income for the fiscal year ending 2025 with a net profit margin of 16.3%.
KeyCorp (KEY) reported an operating income of $2.30B, resulting in an operating profit margin of 20.6%. This margin reflects the operational efficiency of the business before interest and taxes.
KeyCorp (KEY) generated $6.97B in gross profit for the year, representing a gross profit margin of 62.3%. This demonstrates the company's core pricing power and production efficiency.