KEYCORP /NEW/

Listed Company

KEY-PLCIK 0000091576NYSELarge AcceleratedNational Commercial BanksOhioFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$1.83B

Total Assets

$184.38B

Equity

$20.38B

Shares Out

1.09B

Op. Cash Flow

$2.21B

Business

KEYCORP /NEW/ is a bank holding company that provides a broad range of banking and financial services primarily through its principal subsidiary, KeyBank. It offers retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking and capital markets products and services. Its operations are organized into two main business segments: Consumer Bank and Commercial Bank (including Commercial and Institutional operating segments and the KBCM capital markets platform). Services are delivered through a 15-state branch and ATM network, national digital channels (including Laurel Road), and national institutional and capital markets distribution.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans	5,749	6,026	6,219	4,241	3,532
Loans held for sale	61	60	61	56	50
Securities available for sale	1,599	1,142	793	752	546
Held-to-maturity securities	264	284	312	213	185
Trading account assets	56	61	55	31	19
Short-term investments	624	792	414	97	28
Other investments	33	62	73	22	7
Total interest income	8,386	8,427	7,927	5,412	4,367
Deposits	2,919	3,307	2,322	279	67
Federal funds purchased and securities sold under repurchase agreements	13	4	79	41	0
Bank notes and other short-term borrowings	84	164	308	90	8
Long-term debt	734	1,187	1,305	475	221
Total interest expense	3,750	4,662	4,014	885	—
NET INTEREST INCOME	4,636	3,765	3,913	4,527	4,071
Provision for credit losses	471	335	489	502	−418
Net interest income after provision for credit losses	4,165	3,430	3,424	4,025	4,489
Trust and investment services income	591	557	516	526	530
Investment banking and debt placement fees	780	688	542	638	937
Cards and payments income	337	331	340	341	415
Service charges on deposit accounts	295	261	270	350	337
Corporate services income	294	275	302	372	288
Commercial mortgage servicing fees	287	258	190	167	160
Corporate-owned life insurance income	140	138	132	132	128
Consumer mortgage income	58	58	51	58	131
Operating lease income and other leasing gains	43	76	92	103	148
Other income	23	23	46	22	120
Net securities gains (losses)	−6	−1,856	−11	9	7
Total noninterest income	2,842	809	2,470	2,718	3,194
Personnel	2,917	2,714	2,660	2,566	2,561
Net occupancy	270	266	267	295	300
Computer processing	425	414	368	314	284
Business services and professional fees	193	174	168	212	227
Equipment	83	80	88	92	100
Operating lease expense	38	63	77	101	126
Marketing	95	94	109	123	126
Other expense	682	740	997	707	705
Total noninterest expense	4,703	4,545	4,734	4,410	4,429
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	2,304	−306	1,160	2,333	3,254
Income taxes	476	−143	196	422	642
INCOME (LOSS) FROM CONTINUING OPERATIONS	1,828	−163	964	1,911	—
Income (loss) from discontinued operations	1	2	3	6	—
NET INCOME (LOSS)	1,829	−161	967	1,917	2,625
Income (loss) from continuing operations attributable to Key common shareholders	1,685	−306	821	1,793	2,506
Net income (loss) attributable to Key common shareholders	1,686	−304	824	1,799	2,519
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share)	1.53	−0.32	0.88	1.94	2.64
Income (loss) from discontinued operations, net of taxes (in dollars per share)	0	0	0	0.01	0.01
Net income (loss) attributable to Key common shareholders (in dollars per share)	1.53	−0.32	0.89	1.94	2.65
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share)	1.52	−0.32	0.88	1.92	2.62
Income (loss) from discontinued operations, net of taxes (in dollars per share)	0	0	0	0.01	0.01
Net income (loss) attributable to Key common shareholders (in dollars per share)	1.52	−0.32	0.88	1.93	2.63
Weighted-average Common Shares outstanding (in shares)	1,099	950	927	924	947
Effect of Common Share options and other stock awards (in shares)	9	0	6	9	10
Weighted-average Common Shares and potential Common Shares outstanding (in shares)	1,108	950	933	933	957

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	1,287	1,743	941	887	913
Short-term investments	10,163	17,504	10,817	2,432	11,010
Trading account assets	1,061	1,283	1,142	829	701
Securities available for sale	39,596	37,707	37,185	39,117	45,364
Held-to-maturity securities (fair value: $8,313 and $6,837)	8,622	7,395	8,575	8,710	7,539
Other investments	949	1,041	1,244	1,308	639
Loans, net of unearned income of $303 and $311	106,541	104,260	112,606	119,394	101,854
Allowance for loan and lease losses	−1,427	−1,409	−1,508	−1,337	−1,061
Net loans	105,114	102,851	111,098	118,057	—
Loans held for sale	1,077	797	483	963	2,729
Premises and equipment	628	614	661	636	681
Goodwill	2,752	2,752	2,752	2,752	2,693
Other intangible assets	8	27	55	94	130
Corporate-owned life insurance	4,432	4,394	4,383	4,369	4,327
Accrued income and other assets	8,481	8,797	8,601	9,223	8,265
Discontinued assets	211	263	344	436	562
Total assets	184,381	187,168	188,281	189,813	186,346
Interest-bearing deposits	121,100	120,132	—	—	—
Noninterest-bearing deposits	27,613	29,628	—	—	—
Total deposits	148,713	149,760	145,587	142,595	152,572
Federal funds purchased and securities sold under repurchase agreements	13	14	38	4,077	173
Bank notes and other short-term borrowings	1,071	2,130	3,053	5,386	588
Accrued expense and other liabilities	4,286	4,983	5,412	4,994	3,548
Long-term debt	9,917	12,105	19,554	19,307	12,042
Total liabilities	164,000	168,992	173,644	176,359	168,923
Preferred stock	2,500	2,500	2,500	2,500	1,900
Common Shares, $1 par value; authorized 2,100,000,000 shares; issued 1,256,702,081 shares at December 31, 2025 and 2024	1,257	1,257	1,257	1,257	1,257
Capital surplus	6,035	6,038	6,281	6,286	6,278
Retained earnings	15,359	14,584	15,672	15,616	14,553
Treasury stock, at cost (154,301,387 and 149,915,630 shares)	−2,810	−2,733	−5,844	−5,910	—
Accumulated other comprehensive income (loss)	−1,960	−3,470	−5,229	−6,295	−586
Total equity	20,381	18,176	14,637	13,454	17,423
Total liabilities and equity	184,381	187,168	188,281	189,813	186,346

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, amortization, and accretion, net	21	73	154	164	32
Increase in cash surrender value of corporate-owned life insurance	−123	−118	−110	−113	−113
Stock-based compensation expense	132	104	121	120	104
Deferred income taxes (benefit)	4	−351	−108	−27	146
Proceeds from sales of loans held for sale	10,042	8,174	8,859	12,496	16,114
Originations of loans held for sale, net of repayments	−10,280	−8,490	−8,434	−10,684	−16,497
Net losses (gains) from sale of loans held for sale	−147	−120	−135	−151	−282
Net losses (gains) on leased equipment	0	−9	−9	7	−12
Net losses (gains) on sales of fixed assets	0	−7	18	−7	18
Trading account assets	222	−141	−313	−128	34
Accrued income and other assets	221	−270	554	−1,044	—
Accrued expense and other liabilities	−723	−72	450	1,409	—
Other operating activities, net	533	−139	389	17	−615
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	2,208	664	2,903	4,469	1,153
Net decrease (increase) in short-term investments, excluding acquisitions	7,341	−6,687	−8,385	8,578	5,184
Purchases of securities available for sale	−7,813	−21,078	−2,160	−4,473	−28,190
Proceeds from sales of securities available for sale	5	17,932	1,752	0	1,375
Proceeds from prepayments and maturities of securities available for sale	7,338	2,758	3,225	4,545	7,623
Purchases of held-to-maturity securities	−2,273	0	−1,194	−3,670	−3
Proceeds from prepayments and maturities of held-to-maturity securities	1,054	1,190	1,343	2,291	2,889
Net decrease (increase) in other investments	92	202	58	17	41
Net decrease (increase) in loans, excluding acquisitions, sales, and transfers	−2,664	7,920	6,668	−17,649	−4,276
Proceeds from sales of portfolio loans	156	194	151	157	337
Proceeds from corporate-owned life insurance	86	107	96	72	72
Purchases of premises, equipment, and software	−107	−65	−142	−96	−66
Proceeds from sales of premises and equipment	4	24	5	16	4
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	3,219	2,497	1,417	−10,934	−15,068
Net increase (decrease) in deposits	−1,047	4,173	2,992	−9,977	17,290
Net increase (decrease) in short-term borrowings	−1,060	−947	−6,372	8,702	—
Net proceeds from issuance of long-term debt	1,556	1,646	5,240	16,596	1,203
Payments on long-term debt	−4,052	−9,057	−5,052	−8,580	−2,566
Repurchases of long-term debt	0	0	−92	0	0
Open market common share repurchases	−200	0	−38	0	−559
Employee equity compensation program Common Share repurchases	−35	−28	−34	−44	−32
Net proceeds from reissuance of Common Shares	9	10	1	6	27
Net proceeds from Scotiabank investment	0	2,771	0	0	—
Cash dividends paid	−1,054	−927	−911	−854	−823
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	−5,883	−2,359	−4,266	6,439	13,737
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS	−456	802	54	−26	−178
Interest paid	3,710	4,160	3,109	601	363
Income taxes paid	71	68	156	292	277
Reduction of secured borrowing and related collateral	2	4	6	9	9
Loans transferred to portfolio from held for sale	106	124	208	105	87
Loans transferred to held for sale from portfolio	6	3	19	0	3,403
Loans transferred to other real estate owned	5	6	7	6	4

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