KeyCorp (KEY) FY2025 10-K Annual Report
KeyCorp (KEY) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 23, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
KeyCorp FY2025 10-K Analysis
Business Overview
- • Diversified bank-based financial services via Consumer Bank and Commercial Bank segments; $184.4B total assets at Dec 31, 2025
- • Voluntary employee turnover fell to 12.7% in 2025 vs 13.2% in 2024 and 5-year average of 15.3%; workforce of 17,883
- • CET1 ratio of 11.78% vs regulatory minimum of 7.70%, with stress capital buffer set at 3.20% effective Oct 1, 2025
- • CFPB dismantlement efforts by current administration a key regulatory wildcard; Key actively monitoring multiple active court cases
- • OCC proposed raising Heightened Standards threshold to $700B assets (Dec 2025), which would exempt KeyBank from current governance mandates
Management Discussion & Analysis
- • Revenue (TE) $7,513M in 2025; NII (TE) up $861M YoY to $4,671M; net interest margin 2.69% vs 2.16% in 2024
- • Return on avg tangible common equity 11.85% vs -3.03% in 2024; effective tax rate 20.7% vs 46.6% in 2024
- • Best segment: Commercial Bank net income $1,447M, up 32.6% YoY; Consumer Bank net income $527M, up 110.0% YoY
- • Capital allocation: $0.82/share annual dividend; $1.0B buyback authorized, 11.1M shares repurchased in Q4 2025; CET1 ratio 11.78%
- • 2026 guidance: revenue (TE) up ~7% to ~$8.0B; NII up 8-10%; medium-term target ROTCE 15%+ and NIM 3.25%+ by end of 2027
Risk Factors
- • Commercial loan concentration: ~72% of loan portfolio in C&I, CRE, and commercial leases as of Dec 31, 2025 — elevated loss risk if market deteriorates
- • Scotiabank holds ~14.9% of KeyCorp common shares with rights to designate up to two Board directors, creating governance influence and takeover deterrence risk
- • Tariffs, Russia-Ukraine/Israel-Hamas wars, and potential China recession cited as concrete threats to collateral values and borrower supply chains
- • Cybersecurity exposure amplified by third-party downstream vendors; Key unable to monitor or control their safeguards, and past DDoS/breach incidents already occurred
- • Category IV bank ($100B–$250B assets) currently exempt from certain capital/liquidity standards under Dodd-Frank, but regulatory tailoring may tighten, raising compliance costs
KeyCorp FY2025 Key Financial MetricsXBRL
Revenue
$1.7B
▲ +6.5% YoY
Net Income
$1.8B
▲ +1236.0% YoY
Net Margin
104.6%
▲ +11437bp YoY
ROE
9.0%
▲ +986bp YoY
Total Assets
$184.4B
▼ -1.5% YoY
EPS (Diluted)
$1.52
▲ +575.0% YoY
Operating Cash Flow
$2.2B
▲ +232.5% YoY
Source: XBRL data from KeyCorp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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