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Keycorp (KEY) FY2025 results: revenue $7.5 billion, up 63.5% on the year

Keycorp (KEY) reported revenue of $7.5 billion for fiscal 2025, the year ended 31 December 2025, up 63.5% on the year before. Net income was $1.8 billion, and diluted earnings per share $1.52. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2026.

Revenue
$7.5 billion
+63.5% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$1.8 billion
FY2018FY2025
Diluted EPS
$1.52
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Net income and EPS rose: Income from continuing operations to common shareholders was $474 million, or $.43 per diluted share, against $454 million or $.41 in the third quarter.
  • Full year revenue set a record: Full year revenue reached $7.5 billion, up 16% year-over-year on an adjusted basis. Full year pre-provision net revenue rose 44% on the same adjusted basis.
  • Commercial Bank earnings rose: Commercial Bank net income was $410 million, up from $367 million in the third quarter. Revenue rose 9.4% sequentially.
  • Investment banking fees rose on M&A: Investment banking and debt placement fees rose $59 million from the third quarter, reflecting higher merger and acquisition advisory fees and commercial debt placement fees.
  • Margin rose on lower deposit costs: Net interest margin rose 7 basis points quarter-over-quarter. The company attributed this to lower deposit costs, an improved funding mix and a shift to higher-yielding commercial and industrial loans.
Read the Q4 FY2025 earnings call summary

From this 10-K

KeyCorp was organised in Ohio in 1958 and is run from Cleveland. It is the parent of KeyBank National Association, through which most of the banking happens. The company describes itself as one of the nation's largest bank-based financial services companies. At the end of 2025 it reached customers through 940 full-service retail branches and 1,120 cash machines across 15 states, plus further offices, online and mobile banking, and a telephone banking call centre. It reports in two segments: Consumer Bank and Commercial Bank.

Keycorp, the 10-K for 2025

KeyCorp was organised in Ohio in 1958 and is run from Cleveland. It is the parent of KeyBank National Association, through which most of the banking happens. The company describes itself as one of the nation's largest bank-based financial services companies. At the end of 2025 it reached customers through 940 full-service retail branches and 1,120 cash machines across 15 states, plus further offices, online and mobile banking, and a telephone banking call centre. It reports in two segments: Consumer Bank and Commercial Bank.

The two segments

The Consumer Bank serves individuals and small businesses across the 15-state branch footprint and through the company's digital brand, selling deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgage and home equity, credit cards, treasury services and business advisory. Wealth management and investment services sit alongside, aimed at non-profit and high net worth clients for banking, trust, portfolio management and charitable giving.

The Commercial Bank is two operating segments under one heading. Commercial is a full-service commercial banking platform aimed at the borrowing, cash management and capital markets needs of middle market clients inside the same 15-state footprint. Institutional operates nationally rather than in that footprint, providing lending, equipment financing and banking products to large corporate and institutional clients.

What it sells

Retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking, to individuals, companies and institutions.

Beyond taking deposits and making loans

The bank and its trust company subsidiary sell personal and institutional trust custody, personal financial and planning services, access to mutual funds, treasury services and international banking. Through the bank, the trust company and registered investment adviser subsidiaries, the group provides investment management to large corporate and public retirement plans, foundations and endowments, high net worth individuals, and the multi-employer trust funds set up to pay pensions and other benefits.

A further set of services sits in non-bank subsidiaries, and these are sold both inside and outside the group's primary banking markets: community development financing, securities underwriting, investment banking and capital markets products, and brokerage. It also sells merchant services to businesses.

A point the filing makes about the holding company

KeyCorp states plainly that it is a legal entity separate and distinct from its banks and other subsidiaries, and that the right of KeyCorp, its security holders and its creditors to share in any distribution of those subsidiaries' assets or earnings ranks behind the claims of the subsidiaries' own creditors. That is the standard structure of a bank holding company, and it is the reason the parent and the bank are not interchangeable when things go wrong.

From KeyCorp's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 23 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue7,4784,5746,383+63.5%
Interest expensen/an/a4,014
Pre-tax income2,304-3061,160
Income tax476-143196
Effective tax rate20.7%n/a16.9%
Net income1,829-161967
Net margin24.5%-3.5%15.1%
Diluted EPS$1.52-$0.32$0.88
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow2,2086642,903+232.5%
Capital expenditure10765.0142+64.6%
Free cash flow2,1015992,761+250.8%
Cash from investing3,2192,4971,417+28.9%
Cash from financing-5,883-2,359-4,266
Depreciation and amortisation87.091.089.0-4.4%
Share-based compensation132104121+26.9%
Buybacksn/an/a0.0
Dividends paid1,054927911+13.7%
Dividend per share$0.82$0.82$0.820.0%
Diluted shares, weighted1,108m950m933m+16.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity20,38118,17614,637+12.1%
Deposits148,713149,760145,587-0.7%
Repurchase agreements13.014.038.0-7.1%
Debt11,00114,24922,645-22.8%
Other liabilities4,2734,9695,374-14.0%
Total liabilities and equity184,381187,168188,281-1.5%
Goodwill2,7522,7522,7520.0%
Intangible assets8.027.055.0-70.4%
Investments10,16317,50410,817-41.9%
Loans105,114102,851111,098+2.2%
Securities borrowedn/a0.00.0
Trading assets1,0611,2831,142-17.3%
Cash and equivalents1,2871,743941-26.2%
Other assets63,99661,00861,476+4.9%
Total assets184,381187,168188,281-1.5%

10-K for the year ended 31 December 2025, filed 23 February 2026: the filing.