# KEYCORP /NEW/ (KEY) Informational only - not investment advice. CIK: 0000091576 SIC: 6021 National Commercial Banks SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6021 National Commercial Banks](/industry/6021/) Latest 10-K filed: 2026-02-23 SEC page: https://www.sec.gov/edgar/browse/?CIK=91576 Filing source: https://www.sec.gov/Archives/edgar/data/91576/000162828026010546/key-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-23 · accession 0001628280-26-010546 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000091576.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 7,513,000,000 USD | 2025 | verified | | Net income | 1,829,000,000 USD | 2025 | verified | | Assets | 184,381,000,000 USD | 2025 | verified | | Free cash flow | 2,101,000,000 USD | 2025 | computed | | Net margin | 24.34% | 2025 | computed | | Revenue YoY | +62.65% | 2025 | computed | | ROE | 8.97% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [Regional banks](/compare/regional-banks/) · SIC 6021 National Commercial Banks No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including KEY - Regional banks: [peer review](/compare/regional-banks/) · [market-risk page](/compare/regional-banks/risk/) ### Peer percentile fingerprint | Ratio | KEY | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 24.3% | 22.9% | 64 | 76 | | Revenue growth | 62.7% | 5.2% | 100 | 76 | | FCF margin | 28.0% | 22.0% | 73 | 65 | | ROE | 9.0% | 9.9% | 33 | 76 | | ROA | 1.0% | 1.1% | 41 | 76 | | Liabilities / equity | 8.05 | 8.12 | 49 | 76 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6021 National Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 7513000000 | USD | 2025 | 2026-02-23 | | Net income | 1829000000 | USD | 2025 | 2026-02-23 | | Assets | 184381000000 | USD | 2025 | 2026-02-23 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000091576.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 5,024,000,000 | 6,308,000,000 | 6,455,000,000 | 6,400,000,000 | 6,715,000,000 | 7,292,000,000 | 7,272,000,000 | 6,413,000,000 | 4,619,000,000 | 7,513,000,000 | | Net income | 791,000,000 | 1,296,000,000 | 1,866,000,000 | 1,717,000,000 | 1,343,000,000 | 2,625,000,000 | 1,917,000,000 | 967,000,000 | -161,000,000 | 1,829,000,000 | | Diluted EPS | 0.80 | 1.13 | 1.71 | 1.62 | 1.27 | 2.63 | 1.93 | 0.88 | -0.32 | 1.52 | | Operating cash flow | 1,689,000,000 | 1,815,000,000 | 2,506,000,000 | 2,906,000,000 | 1,673,000,000 | 1,153,000,000 | 4,469,000,000 | 2,903,000,000 | 664,000,000 | 2,208,000,000 | | Capital expenditures | 145,000,000 | 112,000,000 | 99,000,000 | 85,000,000 | 63,000,000 | 66,000,000 | 96,000,000 | 142,000,000 | 65,000,000 | 107,000,000 | | Dividends paid | 335,000,000 | 480,000,000 | 656,000,000 | 804,000,000 | 829,000,000 | 823,000,000 | 854,000,000 | 911,000,000 | 927,000,000 | 1,054,000,000 | | Assets | 136,453,000,000 | 137,698,000,000 | 139,613,000,000 | 144,988,000,000 | 170,336,000,000 | 186,346,000,000 | 189,813,000,000 | 188,281,000,000 | 187,168,000,000 | 184,381,000,000 | | Liabilities | 121,213,000,000 | 122,673,000,000 | 124,017,000,000 | 127,950,000,000 | 152,355,000,000 | 168,923,000,000 | 176,359,000,000 | 173,644,000,000 | 168,992,000,000 | 164,000,000,000 | | Stockholders' equity | 15,240,000,000 | 15,023,000,000 | 15,595,000,000 | 17,038,000,000 | 17,981,000,000 | 17,423,000,000 | 13,454,000,000 | 14,637,000,000 | 18,176,000,000 | 20,381,000,000 | | Free cash flow | 1,544,000,000 | 1,703,000,000 | 2,407,000,000 | 2,821,000,000 | 1,610,000,000 | 1,087,000,000 | 4,373,000,000 | 2,761,000,000 | 599,000,000 | 2,101,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 15.74% | 20.55% | 28.91% | 26.83% | 20.00% | 36.00% | 26.36% | 15.08% | -3.49% | 24.34% | | Return on equity | 5.19% | 8.63% | 11.97% | 10.08% | 7.47% | 15.07% | 14.25% | 6.61% | -0.89% | 8.97% | | Return on assets | 0.58% | 0.94% | 1.34% | 1.18% | 0.79% | 1.41% | 1.01% | 0.51% | -0.09% | 0.99% | | Liabilities / equity | 7.95 | 8.17 | 7.95 | 7.51 | 8.47 | 9.70 | 13.11 | 11.86 | 9.30 | 8.05 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000091576.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.55 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.30 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.27 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 1,566,000,000 | 303,000,000 | 0.29 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 1,538,000,000 | 65,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 1,533,000,000 | 219,000,000 | 0.20 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 1,526,000,000 | 274,000,000 | 0.25 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 695,000,000 | -410,000,000 | -0.47 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 865,000,000 | -244,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 1,773,000,000 | 405,000,000 | 0.33 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 1,840,000,000 | 425,000,000 | 0.35 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 1,895,000,000 | 489,000,000 | 0.41 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 2,005,000,000 | 510,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 1,953,000,000 | 522,000,000 | 0.44 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 1,964,000,000 | 509,000,000 | 0.44 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from KEY's latest 10-K: [/company/KEY/business/](/company/KEY/business/). ## Risk Factors Verbatim Item 1A Risk Factors from KEY's latest 10-K: [/company/KEY/risk-factors/](/company/KEY/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/91576/000162828026052671/key-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-04 Report date: 2026-06-30 Item 2.    Management’s Discussion & Analysis of Financial Condition & Results of Operations Introduction This section reviews the financial condition and results of operations of KeyCorp and its subsidiaries for the quarterly periods ended June 30, 2026, and June 30, 2025. Some tables may include additional periods to comply with disclosure requirements or to illustrate trends in greater depth. When you read this discussion, you should also refer to the consolidated financial statements and related notes in this report. The page locations of specific sections and notes that we refer to are presented in the Table of Contents. References to our “2025 Form 10-K” refer to our Form 10-K for the year ended December 31, 2025, which has been filed with the SEC and is available on its website (www.sec.gov) and on our website (www.key.com/ir). Terminology Throughout this discussion, references to “Key,” “we,” “our,” “us,” and similar terms refer to the consolidated entity consisting of KeyCorp and its subsidiaries. “KeyCorp” refers solely to the parent holding company, and “KeyBank” refers solely to KeyCorp’s subsidiary bank, KeyBank National Association. “KeyBank (consolidated)” refers to the consolidated entity consisting of KeyBank and its subsidiaries. We want to explain some industry-specific terms at the outset so you can better understand the discussion that follows. •We use the phrase continuing operations in this document to mean all of our businesses other than our government-guaranteed and private education lending business, which are accounted for as discontinued operations. •We engage in capital markets activities primarily through business conducted by our Commercial Bank segment. These activities encompass a variety of products and services. Among other things, we trade securities as a dealer, enter into derivative contracts (both to accommodate clients’ financing needs and to mitigate certain risks), and conduct transactions in foreign currencies (to accommodate clients’ needs). •For regulatory purposes, capital is divided into Common Equity Tier 1 capital, Tier 1 capital, and Tier 2 capital. These components of regulatory capital serve as bases for several measures of capital adequacy, which is an important indicator of financial stability and condition. The “Capital” section of this report under the heading “Capital adequacy” provides more information on total capital, Tier 1 capital, and the Regulatory Capital Rules, including Common Equity Tier 1, and describes how these measures are calculated. 4 Table of contents The acronyms and abbreviations identified below are used in the Management’s Discussion & Analysis of Financial Condition & Results of Operations as well as in the Notes to Consolidated Financial Statements (Unaudited). You may find it helpful to refer back to this page as you read this report. [[GREPCENT_TABLE]] [["ABO: Accumulated benefit obligation.ALCO: Asset/Liability Management Committee.ALLL: Allowance for loan and lease losses.A/LM: Asset/liability management.AML: Anti-money laundering.AOCI: Accumulated other comprehensive income (loss).ASC: Accounting Standards Codification.ASU: Accounting Standards Update.ATMs: Automated teller machines.BSA: Bank Secrecy Act.BHCA: Bank Holding Company Act of 1956, as amended.BHCs: Bank holding companies.Board: KeyCorp Board of Directors.CAPM: Capital Asset Pricing Model.CCAR: Comprehensive Capital Analysis and Review.CECL: Current Expected Credit Losses.CFPB: Consumer Financial Protection Bureau, also known as the Bureau of Consumer Financial Protection.CFTC: Commodities Futures Trading Commission.CMBS: Commercial mortgage-backed securities.CMO: Collateralized mortgage obligation.Common Shares: KeyCorp common shares, $1 par value.DCF: Discounted cash flow.DIF: Deposit Insurance Fund of the FDIC.Dodd-Frank Act: Dodd-Frank Wall Street Reform andConsumer Protection Act of 2010.EAD: Exposure at default.EBITDA: Earnings before interest, taxes, depreciation, andamortization.EPS: Earnings per share.ERBA: Expanded risk-based approach.ERISA: Employee Retirement Income Security Act of 1974.ERM: Enterprise risk management.EVE: Economic value of equity.FASB: Financial Accounting Standards Board.FDIA: Federal Deposit Insurance Act, as amended.FDIC: Federal Deposit Insurance Corporation.Federal Reserve: Board of Governors of the Federal ReserveSystem.FHLB: Federal Home Loan Bank of Cincinnati.FHLMC: Federal Home Loan Mortgage Corporation.FICO: Fair Isaac Corporation.FINRA: Financial Industry Regulatory Authority.FNMA: Federal National Mortgage Association.FSOC: Financial Stability Oversight Council.FTP: Funds transfer pricing.","FVA: Fair value of employee benefit plan assets.GAAP: U.S. generally accepted accounting principles.GNMA: Government National Mortgage Association.IDI: Insured depository institution.IRS: Internal Revenue Service.ISDA: International Swaps and Derivatives Association.KBCM: KeyBanc Capital Markets, Inc.KCC: Key Capital Corporation.KCDC: Key Community Development Corporation.KCIC: Key Community Investment Capital LLC.LCR: Liquidity coverage ratio.LGD: Loss given default.LIHTC: Low-income housing tax credit.LTV: Loan-to-value.Moody\u2019s: Moody\u2019s Investor Services, Inc.MTRM: Market & Treasury Risk Management.N/A: Not applicable.NAV: Net asset value.NFA: National Futures Association.N/M: Not meaningful.NMTC: New market tax credit.NYSE: New York Stock Exchange.OBBBA: One Big Beautiful Bill Act.OCC: Office of the Comptroller of the Currency.OCI: Other comprehensive income (loss).OREO: Other real estate owned.PBO: Projected benefit obligation.PCCR: Purchased credit card relationship.PCD: Purchased credit deteriorated.PD: Probability of default.RMBS: Residential mortgage-backed securities.S&P: Standard and Poor\u2019s Ratings Services, a Division of The McGraw-Hill Companies, Inc.SEC: U.S. Securities & Exchange Commission.Scotiabank: The Bank of Nova ScotiaSIFIs: Systemically important financial institutions, including large, interconnected BHCs and nonbank financial companies designated by FSOC for supervision by the Federal Reserve.SOFR: Secured Overnight Financing Rate.TE: Taxable-equivalent.TROC: Treasury Risk Oversight Committee.U.S. Treasury: United States Department of the Treasury.VaR: Value at risk.VEBA: Voluntary Employee Beneficiary Association.VIE: Variable interest entity."]] [[/GREPCENT_TABLE]] Forward-looking Statements From time to time, we have made or will make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts. Forward-looking statements usually can be identified by the use of words such as “goal,” “objective,” “plan,” “expect,” “assume,” “anticipate,” “intend,” “project,” “believe,” “estimate,” “will,” “would,” “should,” “could,” or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results or aspirations. Our disclosures in this report contain forward-looking statements. We may also make forward-looking statements in other documents filed with or furnished to the SEC. In addition, we may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, many of which are outside of our control. Our actual results may differ materially from those set forth in our forward-looking statements. There is no assurance that any list of risks and uncertainties or risk factors is complete. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this report 5 Table of contents can or will be achieved. Factors that could cause our actual results to differ from those described in forward-looking statements include, but are not limited to: •the extensive regulation of the U.S. financial services industry; •complex and evolving laws and regulations regarding privacy and cybersecurity; •operational or risk management failures by us or critical third parties; •breaches of security or failures of our technology systems due to technological or other factors and cybersecurity threats; •an ineffective risk management framework; •negative outcomes from claims, litigation, arbitration, investigations, or governmental proceedings; •failure or circumvention of our controls and procedures; •our exposure to a wide range of climate-related physical risks across different geographical areas; •evolving capital and liquidity standards under applicable regulatory rules; •disruption of the U.S. and global financial system and markets, including the impact of inflation, tariffs or other trade policies, political instability, a prolonged shutdown of the U.S. government, a potential global economic downturn or recession, and extended military conflicts; •unanticipated changes in our liquidity position, including but not limited to, changes in our access to or the cost of funding and our ability to secure alternative funding sources; •our ability to receive dividends from our subsidiaries, including KeyBank; •downgrades in our credit ratings or those of KeyBank; •a worsening of the U.S. economy due to financial, political or other shocks; •our ability to anticipate interest rate changes and manage interest rate risk; •deterioration of economic conditions in the geographic regions where we operate; •the soundness of other financial institutions, including instability in the financial industry; •our concentrated credit exposure in commercial and industrial loans; •deterioration of commercial real estate market fundamentals; •defaults by our loan clients or counterparties; •adverse changes in credit quality trends; •declining asset prices; •deterioration of asset quality and an increase in credit losses; •geopolitical destabilization, including ongoing military conflicts; •labor shortages, increases in unemployment rates, and supply chain constraints; •our ability to develop and effectively use the quantitative models we rely upon in our business planning; •our ability to timely and effectively implement our strategic initiatives; •damage to our reputation; •increased competitive pressure; •our ability to adapt our products and services to industry standards and consumer preferences; •our ability to attract and retain talented executives and employees; •unanticipated adverse effects of strategic partnerships or acquisitions and dispositions of assets or businesses; •the potential impact of Scotiabank’s significant equity interest in our business; •inaccurate assumptions or estimates underlying our consolidated financial statements; •changes in accounting policies, standards, and interpretations; and •impairment of goodwill. Any forward-looking statements made by us or on our behalf speak only as of the date they are made, and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances, except as required by applicable securities laws. Before making an investment decision, you should carefully consider all risks and uncertainties disclosed in our 2025 Form 10-K, in Part II, Item 1A. "Risk Factors" of this report, and in any subsequent reports filed with the SEC by Key, as well as our registration statements under the Securities Act of 1933, as amended, all of which are or will upon filing be accessible on the SEC’s website at www.sec.gov and on our website at www.key.com/ir. 6 Table of contents Executive Overview Key reported $472 million in net income from continuing operations attributable to Key common shareholders, or diluted earnings per share of $0.44, in the second quarter of 2026. Our actions and results during the second quarter of 2026 support our corporate [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/91576/000162828026010546/key-20251231.htm Complete FY 2025 MD&A: /company/KEY/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-23 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [["","Page Number"],["Introduction","51"],["Corporate strategy","51"],["Executive overview","52"],["Results of Operations","53"],["Earnings overview","53"],["Net interest income","53"],["Provision for credit losses","56"],["Noninterest income","56"],["Noninterest expense","58"],["Income taxes","59"],["Business Segment Results","59"],["Consumer Bank","59"],["Commercial Bank","60"],["Financial Condition","62"],["Loans and loans held for sale","62"],["Securities","68"],["Deposits and other sources of funds","70"],["Capital","71"],["Off-Balance Sheet Arrangements and Aggregate Contractual Obligations","73"],["Off-balance sheet arrangements","73"],["Guarantees","74"],["Risk Management","74"],["Overview","74"],["Market risk management","76"],["Liquidity risk management","82"],["Credit risk management","85"],["Operational and compliance risk management","89"],["GAAP to Non-GAAP Reconciliations","90"],["Critical Accounting Policies and Estimates","91"],["Allowance for loan and lease losses","92"],["Valuation methodologies","93"],["Accounting and reporting developments","96"]] [[/GREPCENT_TABLE]] 50 Table of contents Introduction This section reviews the financial condition and results of operations of KeyCorp and its subsidiaries for 2025 and 2024. Some tables may include additional periods to comply with disclosure requirements or to illustrate trends in greater depth. When you read this discussion, you should also refer to the consolidated financial statements and related notes in this report. The page locations of specific sections and notes that we refer to are presented in the Table of Contents. To review our financial condition and results of operations for 2023 and a comparison between the 2023 and 2024 results, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Form 10-K filed with the SEC on February 21, 2025, which discussion is incorporated herein by reference. Corporate strategy We remain committed to enhancing long-term shareholder value by continuing to execute our relationship-based business model, growing our franchise, and being disciplined with respect to capital management. We intend to pursue this commitment by growing profitably; acquiring and expanding targeted client relationships; effectively managing risk and rewards; maintaining financial strength; and engaging, retaining, and inspiring our high-performing and talented workforce and fostering a culture that is fair and inclusive for all. These strategic priorities for enhancing long-term shareholder value are described in more detail below. •Grow profitably — We intend to continue to focus on generating positive operating leverage by growing revenue and creating a more efficient operating environment. We expect our relationship business model to keep generating organic growth as it helps us expand engagement with existing clients and attract new customers. We plan to leverage our continuous improvement culture to maintain an efficient cost structure that is aligned, sustainable, and consistent with the current operating environment and that supports our relationship business model. •Acquire and expand targeted client relationships — We seek to be client-centric in our actions and have taken purposeful steps to enhance our ability to acquire and expand targeted relationships. We seek to provide solutions to serve our clients' needs. We focus on markets and clients where we can be the most relevant. In aligning our businesses and investments against these targeted client segments, we are able to make a meaningful positive impact for our clients. •Effectively manage risk and rewards — Our risk management activities are focused on ensuring we properly identify, measure, and manage risks across the entire company to maintain safety and soundness and maximize profitability. •Maintain financial strength — With the foundation of a strong balance sheet, we intend to remain focused on sustaining strong reserves, liquidity, and capital. We plan to work closely with our Board and regulators to manage capital to support our clients’ needs and drive long-term shareholder value. Our capital position remains strong, and we are well-positioned relative to our capital priorities. •Engage a high-performing and talented workforce — Every day our employees provide our clients with great ideas, extraordinary service, and smart solutions. We intend to continue to engage our high-performing and talented workforce to create an environment where everyone can make a difference, own their careers, be respected, and feel a sense of pride. 51 Table of contents Executive overview Our results for 2025 saw us meet or exceed all of our financial targets communicated at the beginning of the year. We delivered full year record revenue with both net interest income and fee revenue growing greater than projected. As a result, we generated significant positive operating leverage. At December 31, 2025, our Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 11.78% and 13.46%, respectively. We are well positioned as we enter 2026. In addition to the items described above, the following actions and results during 2025 also supported our overall corporate strategy. •We added nearly 10% to our frontline banker staff across wealth management, commercial payments, middle market, and investment banking. •We invested an additional $100 million in technology focused on customer-facing capabilities that make it easier for our clients to bank at Key. •We ended the year with $70.0 billion in assets under management, a record high, reflecting the continued strong sales production in our mass affluent segment. •We continued to maintain our strong risk discipline. Full year net charge-offs were 41 basis points. Additionally, all leading indicators: non-performing assets, criticized loans, and delinquencies moved in a favorable direction. •We remained committed to our strategy to engage a high-performing and talented workforce and fostering an inclusive environment for all. We continue to be recognized by multiple organizations for our dedication to creating an environment where all employees are treated with respect and empowered to bring their authentic selves to work. Business Outlook Consistent with the forward guidance we provided on January 20, 2026, we expect these results for full year 2026 versus full year 2025. [[GREPCENT_TABLE]] [["Category","","2025 Baseline","","","","FY2026 (vs FY 2025)(a)"],["Revenue (TE)(b)","","$7,513 Million","","","","up ~7%"],["Net interest income (TE) (b)","","$4,671 Million","","","","up 8 to 10%"],["Net interest margin","","2.82%","","","","4Q exit rate: 3.00 - 3.05%(c)"],["Noninterest income","","$2,842 Million","","","","up 3 - 4%"],["Noninterest income on an adjusted basis(b)(d)","","$2,495 Million","","","","up 5 - 6%"],["Adjusted noninterest expense(b)","","$4,729 Million","","","","up 3 to 4%"],["Average loans","","$105.7 Billion","","","","up 1 - 2%"],["Average Commercial Loans","","$74.5 Billion","","","","up ~5%"],["Net charge-offs to average loans","","","","","","40 to 45 basis points"],["Effective tax rate","","","","","","~22%"],["Tax-equivalent Effective Rate(e)","","","","","","~23%"]] [[/GREPCENT_TABLE]] (a)    Ranges are shown on an operating basis. (b)    Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly related GAAP financial measures due to the difficulty in forecasting when future amounts may occur. Such unavailable information could be significant for future results. (c)    On ~$170 billion of average earning assets (d)    Excluding commercial mortgage servicing fees, operating lease income and other leasing gains, other income, and net securities gains (losses) (e)    Reflects the estimated full year taxable-equivalent adjustment. We have also established the following medium-term targets reflecting expected run rates by the end of 2027: [[GREPCENT_TABLE]] [["Return on tangible common equity(a)","15.0%+","Net Interest Margin","3.25%+"]] [[/GREPCENT_TABLE]] (a)    Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly related GAAP financial measures due to the difficulty in forecasting when future amounts may occur. Such unavailable information could be significant for future results. 52 Table of contents Results of Operations Earnings Overview The following chart provides a reconciliation of net income (loss) from continuing operations attributable to Key common shareholders for the year ended December 31, 2024, to the year ended December 31, 2025 (dollars in millions): Net interest income One of our principal sources of revenue is net interest income. Net interest income is the difference between interest income received on earning assets (such as loans and securities) and loan-related fee income, and interest expense paid on deposits and borrowings. There are several factors that affect net interest income, including: •the volume, pricing, mix, and maturity of earning assets and interest-bearing liabilities; •the volume and value of net free funds, such as noninterest-bearing deposits and equity capital; •the use of derivative instruments to manage interest rate risk; •interest rate fluctuations and competitive conditions within the marketplace; •asset quality; and •fair value accounting of acquired earning assets and interest-bearing liabilities. To make it easier to compare both the results across several periods and the yields on various types of earning assets (some taxable, some not), we present net interest income in this discussion on a “TE basis” (i.e., as if all income were taxable and at the same rate). For example, $100 of tax-exempt income would be presented as $126, an amount that, if taxed at the statutory federal income tax rate of 21%, would yield $100. 53 Table of contents Net interest income (TE) for 2025 was $4.7 billion, and the net interest margin was 2.69%. Compared to 2024, net interest income (TE) increased $861 million, and the net interest margin increased by 53 basis points. These increases primarily reflect lower interest-bearing deposit costs, the reinvestment of proceeds from maturing low-yielding investment securities, fixed-rate loans, and swaps into higher-yielding investments, and the repositioning of the available-for-sale portfolio during the second half of 2024, which involved the sale and reinvestment of approximately $10.0 billion of lower-yielding mortgaged-backed securities into higher-yielding investments. Additionally, the balance sheet composition shifted to reflect a more favorable mix of higher-yielding commercial and industrial loans, and an improved funding mix as lower-cost deposits increased while wholesale borrowings declined. These benefits were partially offset by the impact of lower interest rates on variable-rate earning assets. Average loans totaled $105.7 billion for 2025, compared to $107.7 billion in 2024. The $2.1 billion decrease was driven by the intentional run-off of low-yielding consumer loans, which decreased $2.4 billion. Average commercial loans increased $380 million, primarily driven by a mix shift to commercial and industrial loans. Average deposits totaled $149.3 billion for 2025, an increase of $3.1 billion compared to 2024, reflecting growth in consumer deposits. Figure 1 shows the various components of our balance sheet that affect interest income and expense and their respective yields or rates over the past three years. This figure also presents a reconciliation of TE net interest income to net interest income reported in accordance with GAAP for each of those years. The net interest margin, which is an indicator of the profitability of our earning assets less the c [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/KEY/mda/fy2025/ All MD&A years: /company/KEY/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/KEY/mda/fy2024/): filed 2025-02-21; accession 0000091576-25-000038 (https://www.sec.gov/Archives/edgar/data/91576/000009157625000038/key-20241231.htm) - [FY 2023 MD&A](/company/KEY/mda/fy2023/): filed 2024-02-22; accession 0000091576-24-000040 (https://www.sec.gov/Archives/edgar/data/91576/000009157624000040/key-20231231.htm) - [FY 2022 MD&A](/company/KEY/mda/fy2022/): filed 2023-02-22; accession 0000091576-23-000026 (https://www.sec.gov/Archives/edgar/data/91576/000009157623000026/key-20221231.htm) - [FY 2021 MD&A](/company/KEY/mda/fy2021/): filed 2022-02-22; accession 0000091576-22-000029 (https://www.sec.gov/Archives/edgar/data/91576/000009157622000029/key-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6021 National Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/KEY.md · JSON record: /company/KEY.json · verified financials: /company/KEY/financials.json / /company/KEY/financials.csv · machine TOC for the whole site: /llms.txt