Short answer
KeyCorp (KEY) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $1.7B (+6.5% year over year) and net income of $1.8B.
- Top risk flagged: 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
FY2025 key financial metrics · XBRL
- Revenue
- $1.7B
- +6.5% YoY
- Net income
- $1.8B
- +1236.0% YoY
- EPS (diluted)
- $1.52
- +575.0% YoY
- ROE
- 9.0%
- +9.9 pp YoY
- Operating cash flow
- $2.2B
- +232.5% YoY
Source: XBRL data from the KeyCorp (KEY) FY2025 10-K on SEC EDGAR. USD.
KeyCorp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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