01—Abstract
Summary
Summary of the 10-K filed February 23, 2026. Cited figures are marked; the original filing is the authoritative source.
KeyCorp reported record full-year 2025 revenue, with net interest income and fee revenue both growing faster than projected, as stated in its 10-K filed February 23, 2026.
Net income attributable to Key common shareholders was $1.69 billiona ($1.53 per common share), compared with a loss of $304 million in 2024, which had included an $1.8 billion securities repositioning loss. Total noninterest income rose to $2.84 billion from $809 million, and net interest income (taxable-equivalent) reached $4.67 billion, up $861 million, with the net interest margin at 2.69%, up 53 basis points. Credit quality remained stable: net charge-offs were 41 basis points for the year, and nonperforming loans fell to $615 million from $758 million.
The provision for credit losses rose to $471 millionb from $335 million, driven by reserve builds tied to economic uncertainty and loan growth. Average loans declined to $105.7 billion as consumer loans ran off, while commercial loans grew 6.4% at year end to $76.5 billion. Total assets were $184.4 billion at December 31, 2025.
Capital ratios were strong, with a Common Equity Tier 1 ratio of 11.78% and a Tier 1 risk-based ratio of 13.46%. The board authorized a $1.0 billionc share repurchase program in March 2025, and repurchases began in the fourth quarter, totaling $200 million. Quarterly dividends were held at $0.205 per share.
Scotiabank holds approximately 14.9%d of common shares and may designate up to two directors. Management's 2026 outlook calls for revenue up about 7% and net interest income up 8 to 10%.
02—Key points
Key Highlights
- Record 2025 revenue: taxable-equivalent revenue of $7.51 billion versus $4.62 billion in 2024, with management stating it met or exceeded all financial targets set at the start of the year.
- Net income attributable to Key common shareholders of $1.69 billion, or $1.53 per share, versus a loss of $304 million in 2024 that included an $1.8 billion securities repositioning loss.
- Net interest margin of 2.69% for 2025, up 53 basis points, with net interest income (TE) up $861 million to $4.67 billion on lower deposit costs.
- Noninterest income of $2.84 billion, up from $809 million; investment banking and debt placement fees rose 13.5% to $780 million.
- Credit quality stable: net charge-offs of 41 basis points, nonperforming loans down to $615 million from $758 million, though the provision rose to $471 million.
- Capital strong: CET1 ratio of 11.78% and Tier 1 risk-based ratio of 13.46%; $1.0 billion repurchase authorization with $200 million repurchased in Q4 2025.
- Scotiabank owns approximately 14.9% of common shares and may designate up to two board directors; 2026 guidance calls for revenue up about 7% and net interest income up 8 to 10%.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 23, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $7.51B$4.62B | +62.7% |
| Operating Income | $1.83B-$163.00M | +1221.5% |
| Net Income | $1.83B-$161.00M | +1236.0% |
| EPS (Basic) | $1.53$-0.32 | +578.1% |
| EPS (Diluted) | $1.52$-0.32 | +575.0% |
| Shares Outstanding (Basic) | 1.10B949.56M | +15.7% |
| Shares Outstanding (Diluted) | 1.11B949.56M | +16.7% |
05—Questions
Frequently Asked Questions
How profitable was KeyCorp in 2025 compared with 2024?
Net income attributable to Key common shareholders was $1.69 billion ($1.53 per share) in 2025, compared with a loss of $304 million in 2024. The 2024 result included an approximately $1.8 billion loss from a securities portfolio repositioning. Income tax expense was $476 million in 2025, against a benefit of $143 million in 2024.
What drove the improvement in net interest income?
Net interest income (TE) rose $861 million to $4.67 billion, and the net interest margin increased 53 basis points to 2.69%. The filing attributes this mainly to lower interest-bearing deposit costs, reinvestment of low-yielding securities into higher-yielding investments, and a shift toward higher-yielding commercial and industrial loans. Lower interest rates on variable-rate earning assets partly offset these gains.
How is the loan portfolio and credit risk trending?
Total loans were $106.5 billion at year end, up from $104.3 billion, with commercial loans up 6.4% to $76.5 billion and consumer loans down 7.2% to $30.0 billion. Commercial real estate was 15.6% of total loans, and office exposure was 4% of commercial real estate. Net charge-offs were 41 basis points, unchanged from 2024. The allowance for loan and lease losses rose 1.3% to $1.43 billion.
What are KeyCorp's capital return plans and capital position?
The board authorized up to $1.0 billion in share repurchases in March 2025. KeyCorp repurchased $200 million of common shares in Q4 2025, including $17 million from Scotiabank under a true-up agreement. Quarterly dividends were $0.205 per share, or $0.82 for 2025. The CET1 ratio was 11.78% and the total risk-based capital ratio was 15.70%, both above regulatory requirements.
What is the outlook for 2026 and what risks does management highlight?
Management expects full-year 2026 revenue (TE) up about 7%, net interest income (TE) up 8 to 10%, and adjusted noninterest expense up 3 to 4%, with net charge-offs of 40 to 45 basis points. Medium-term targets by end-2027 include return on tangible common equity of 15.0% or more and a net interest margin of 3.25% or more. Key risks include commercial real estate fundamentals, interest rate exposure, reliance on dividends from KeyBank, cybersecurity, and the evolving regulatory environment.
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