KEYCORP /NEW/KEY
KEYCORP /NEW/ Segments Disclosure
23. Business Segment Reporting
The following is a description of the segments and their primary businesses at December 31, 2025.
Consumer Bank
The Consumer Bank serves individuals and small businesses throughout our 15-state branch footprint as well as healthcare professionals nationally through our digital channel by offering a variety of deposit and investment products, personal finance and financial wellness services, lending, mortgage and home equity, student loan refinancing, credit card, treasury services, and business advisory services. In addition, wealth management and investment services are offered to assist institutional, non-profit, and high-net-worth clients with their banking, trust, portfolio management, charitable giving, and related needs.
Commercial Bank
The Commercial Bank is an aggregation of our Institutional and Commercial operating segments. The Commercial operating segment is a full-service corporate bank focused principally on serving the borrowing, cash management, and capital markets needs of middle market clients within Key’s 15-state branch footprint. The Institutional operating segment operates nationally, providing lending, equipment financing, and banking products and services to large corporate and institutional clients. The industry coverage and product teams have established expertise in the following sectors: Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, and Technology. It is also a significant, national, commercial real estate lender and third-party master and special servicer of commercial mortgage loans. The operating segment also includes the KBCM platform which provides a broad suite of capital markets products and services including syndicated finance, debt and equity underwriting, fixed income and equity sales and trading, derivatives, foreign exchange, mergers & acquisition and other advisory, and public finance.
Other
Other includes various corporate treasury activities such as management of our investment securities portfolio, long-term debt, short-term liquidity and funding activities, and balance sheet risk management, our principal investing unit, and various exit portfolios as well as reconciling items, which primarily represent the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also include intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations.
The table on the following page shows selected financial data for our reportable business segments for the years ended December 31, 2025, 2024, and 2023. The information was derived from the internal financial reporting system that we use to monitor and manage our financial performance. GAAP guides financial accounting, but there is no authoritative guidance for “management accounting” — the way we use our judgment and experience to make reporting decisions. Consequently, the line of business results we report may not be comparable to line of business results presented by other companies. The information from our internal financial reporting system is utilized by Key’s Chief Operating Decision Maker (“CODM”) in assessing performance of the business segments. Key’s CODM is composed of its Chief Executive Officer and Chief Financial Officer.
The selected financial data is based on internal accounting policies designed to compile results on a consistent basis and in a manner that reflects the underlying economics of the businesses. In accordance with our policies:
•Net income (loss) is the primary measure of segment profit or loss utilized by the CODM in determining segment performance and resource allocation. It is compared to both budgeted and comparative historical amounts. Drivers of any significant variations from budgeted and comparative historical amounts are assessed to determine specific areas of focus for the business as needed.
•Net interest income (TE) is determined by assigning a standard cost for funds used or a standard credit for funds provided based on their assumed maturity, prepayment, and/or repricing characteristics.
•The consolidated provision for credit losses is allocated among the lines of business primarily based on their actual net loan charge-offs, adjusted periodically for loan growth and changes in risk profile. The amount of the consolidated provision is based on the methodology that we use to estimate our consolidated ALLL. This methodology is described in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Allowance for Loan and Lease Losses.”
•Other direct noninterest expense represents other noninterest expenses such as business and professional fees, marketing, equipment, and other expenses that are incurred by each segment directly.
•Support and overhead consists of indirect expenses, such as computer servicing costs and corporate overhead, and is allocated based on assumptions regarding the extent that each line of business actually uses the services.
Developing and applying the methodologies that we use to allocate items among our lines of business is a dynamic process. Accordingly, financial results may be revised periodically to reflect enhanced alignment of expense base allocation drivers, changes in the risk profile of a particular business, or changes in our organizational structure.
Year ended December 31, | Consumer Bank | Commercial Bank | |||||||||||||||||||||
| Dollars in millions | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||
SUMMARY OF OPERATIONS | |||||||||||||||||||||||
Net interest income (TE) | $ | 2,709 | $ | 2,246 | $ | 2,221 | $ | 2,294 | $ | 1,805 | $ | 1,866 | |||||||||||
Noninterest income | 957 | 924 | 937 | 1,745 | 1,629 | 1,429 | |||||||||||||||||
Total revenue (TE) (a) | 3,666 | 3,170 | 3,158 | 4,039 | 3,434 | 3,295 | |||||||||||||||||
Provision for credit losses | 169 | 126 | 111 | 299 | 227 | 379 | |||||||||||||||||
| Personnel expense | 904 | 850 | 833 | 779 | 729 | 697 | |||||||||||||||||
| Other direct noninterest expense | 561 | 600 | 690 | 288 | 347 | 436 | |||||||||||||||||
| Support and overhead | 1,337 | 1,264 | 1,256 | 838 | 758 | 673 | |||||||||||||||||
Allocated income taxes (benefit) and TE adjustments | 168 | 79 | 64 | 388 | 282 | 227 | |||||||||||||||||
Income (loss) from continuing operations | 527 | 251 | 204 | 1,447 | 1,091 | 883 | |||||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | — | — | — | — | |||||||||||||||||
Net income (loss) | $ | 527 | $ | 251 | $ | 204 | $ | 1,447 | $ | 1,091 | $ | 883 | |||||||||||
AVERAGE BALANCES (b) | |||||||||||||||||||||||
Loans and leases | $ | 35,744 | $ | 38,744 | $ | 41,777 | $ | 69,407 | $ | 68,498 | $ | 75,782 | |||||||||||
Total assets (a) | 38,760 | 41,613 | 44,593 | 78,833 | 77,782 | 85,542 | |||||||||||||||||
Deposits | 87,932 | 85,851 | 82,793 | 58,070 | 58,025 | 55,045 | |||||||||||||||||
OTHER FINANCIAL DATA | |||||||||||||||||||||||
Expenditures for additions to long-lived assets (a), (b) | $ | 71 | $ | 75 | $ | 72 | $ | 4 | $ | — | $ | 3 | |||||||||||
| Year ended December 31, | Other | Key | |||||||||||||||||||||
| Dollars in millions | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||
| SUMMARY OF OPERATIONS | |||||||||||||||||||||||
| Net interest income (TE) | $ | (332) | $ | (241) | $ | (144) | $ | 4,671 | $ | 3,810 | $ | 3,943 | |||||||||||
| Noninterest income | 140 | (1,744) | 104 | 2,842 | 809 | 2,470 | |||||||||||||||||
Total revenue (TE) (a) | (192) | (1,985) | (40) | 7,513 | 4,619 | 6,413 | |||||||||||||||||
| Provision for credit losses | 3 | (18) | (1) | 471 | 335 | 489 | |||||||||||||||||
| Personnel expense | 1,234 | 1,135 | 1,130 | 2,917 | 2,714 | 2,660 | |||||||||||||||||
| Other direct noninterest expense | 937 | 884 | 948 | 1,786 | 1,831 | 2,074 | |||||||||||||||||
| Support and overhead | (2,175) | (2,022) | (1,929) | — | — | — | |||||||||||||||||
| Allocated income taxes (benefit) and TE adjustments | (45) | (459) | (65) | 511 | (98) | 226 | |||||||||||||||||
| Income (loss) from continuing operations | (146) | (1,505) | (123) | 1,828 | (163) | 964 | |||||||||||||||||
| Income (loss) from discontinued operations, net of taxes | 1 | 2 | 3 | 1 | 2 | 3 | |||||||||||||||||
| Net income (loss) | $ | (145) | $ | (1,503) | $ | (120) | $ | 1,829 | $ | (161) | $ | 967 | |||||||||||
AVERAGE BALANCES (b) | |||||||||||||||||||||||
| Loans and leases | $ | 509 | $ | 482 | $ | 445 | $ | 105,660 | $ | 107,724 | $ | 118,004 | |||||||||||
Total assets (a) | 69,171 | 67,420 | 61,492 | 186,764 | 186,815 | 191,627 | |||||||||||||||||
| Deposits | 3,274 | 2,279 | 6,221 | 149,276 | 146,155 | 144,059 | |||||||||||||||||
| OTHER FINANCIAL DATA | |||||||||||||||||||||||
Expenditures for additions to long-lived assets (a), (b) | $ | 69 | $ | 115 | $ | 118 | $ | 144 | $ | 190 | $ | 193 | |||||||||||
(a)Substantially all revenue generated by our reportable business segments is derived from clients that reside in the United States. Substantially all long-lived assets, including premises and equipment, capitalized software, and goodwill held by our reportable business segments, are located in the United States.
(b)From continuing operations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 26, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.