KEYCORP /NEW/
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
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Business outlook
Consistent with the forward guidance we provided on October 16, 2025, we expect these current year results, that is, full year 2025 vs. full year 2024:
| Category | 2024 Baseline | FY2025 (vs FY 2024)(a) |
|---|---|---|
| Average loans | $107.7 Billion | down 1% to 3% |
| Ending loans | $104.3 Billion | up ~2% vs YE 2024 |
| PE Commercial Loans | $71.9 Billion | up ~5% |
| Net interest income (TE)(c) | $3,810 Million | up 22%(b) (previously up 20% - 22%) |
| Net Interest Margin | 2.75% - 2.80% in 4Q25 (previously ~2.75%) | |
| Adjusted noninterest income(c) | $2,645 Million | up 5 -6% (previously up 5%+) |
| Adjusted noninterest expense(c) | $4,520 Million | up ~4% (previously up 3% to 5%) |
| Net charge-offs to average loans | 41 bps | 40 to 45 basis points (FY2025) |
| Effective tax rate | ~21% (previously ~21% to 22%) | |
| Tax-equivalent Effective Rate(d) | ~22% (previously ~23% to 24%) |
(a) Ranges are shown on an operating basis.
(b) Additional Guidance: Net interest income (TE): 13%+ 4Q25 vs 4Q24 (previously 11%+).
(c) Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly related GAAP financial measures because Key is unable to provide without unreasonable effort a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant for future results.
(d) Reflects the estimated full year taxable-equivalent adjustment.
Driven by balance sheet growth and optimization, continued momentum across priority based fee businesses, and ongoing expense discipline we have established the following medium-term targets reflecting expected run rates by the end of 2027:
| Return on tangible common equity(c) | 15.0%+ | Net Interest Margin | 3.25%+ |
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.