Doing some research...
Over the five-year period, KeyCorp’s income statement shows an overall contraction in key profitability metrics after an initial period of growth. Revenue increased from USD 6,715 million in 2020 to a peak of USD 7,292 million in 2021, reflecting roughly an 8.5% growth, before remaining almost flat in 2022 at USD 7,272 million. However, revenues experienced a pronounced decline in subsequent years, falling to USD 6,413 million in 2023 and then contracting by over 28% to USD 4,619 million in 2024. Similarly, gross profit rose from USD 2,606 million in 2020 to a high near USD 2,863 million in 2021, but thereafter it deteriorated sharply—from USD 1,679 million in 2023 to a dramatic drop to USD 74 million in 2024. Operating and net income metrics mirrored these trends. Operating income more than doubled from USD 1,556 million in 2020 to USD 3,254 million in 2021 before falling significantly, ending at a negative USD 306 million in 2024, marking a critical swing of over 20% compared to previous years. Net income, while robust at USD 2,625 million in 2021, also receded after peaking—dropping to USD 967 million in 2023 and turning negative to –USD 161 million in 2024. These downturns suggest potential operational issues or adverse market conditions, particularly in the later period. Overall, while the early years reflect solid performance and growth within the financial services industry, the drastic declines in 2023 and 2024 raise concerns about KeyCorp’s financial sustainability and operational resilience, warranting deeper investigation into the underlying drivers of these swings.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.