KEYCORP /NEW/
For the period ended Dec 31, 2025. Filed Feb 23, 2026.
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FY2025 · Filed Feb 23, 2026
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Executive overview
Our results for 2025 saw us meet or exceed all of our financial targets communicated at the beginning of the year. We delivered full year record revenue with both net interest income and fee revenue growing greater than projected. As a result, we generated significant positive operating leverage. At December 31, 2025, our Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 11.78% and 13.46%, respectively. We are well positioned as we enter 2026.
In addition to the items described above, the following actions and results during 2025 also supported our overall corporate strategy.
We added nearly 10% to our frontline banker staff across wealth management, commercial payments, middle market, and investment banking.
We invested an additional $100 million in technology focused on customer-facing capabilities that make it easier for our clients to bank at Key.
We ended the year with $70.0 billion in assets under management, a record high, reflecting the continued strong sales production in our mass affluent segment.
We continued to maintain our strong risk discipline. Full year net charge-offs were 41 basis points. Additionally, all leading indicators: non-performing assets, criticized loans, and delinquencies moved in a favorable direction.
We remained committed to our strategy to engage a high-performing and talented workforce and fostering an inclusive environment for all. We continue to be recognized by multiple organizations for our dedication to creating an environment where all employees are treated with respect and empowered to bring their authentic selves to work.
Business Outlook
Consistent with the forward guidance we provided on January 20, 2026, we expect these results for full year 2026 versus full year 2025.
| Category | 2025 Baseline | FY2026 (vs FY 2025)(a) |
|---|---|---|
| Revenue (TE)(b) | $7,513 Million | up ~7% |
| Net interest income (TE) (b) | $4,671 Million | up 8 to 10% |
| Net interest margin | 2.82% | 4Q exit rate: 3.00 - 3.05%(c) |
| Noninterest income | $2,842 Million | up 3 - 4% |
| Noninterest income on an adjusted basis(b)(d) | $2,495 Million | up 5 - 6% |
| Adjusted noninterest expense(b) | $4,729 Million | up 3 to 4% |
| Average loans | $105.7 Billion | up 1 - 2% |
| Average Commercial Loans | $74.5 Billion | up ~5% |
| Net charge-offs to average loans | 40 to 45 basis points | |
| Effective tax rate | ~22% | |
| Tax-equivalent Effective Rate(e) | ~23% |
(a) Ranges are shown on an operating basis.
(b) Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly related GAAP financial measures due to the difficulty in forecasting when future amounts may occur. Such unavailable information could be significant for future results.
(c) On ~$170 billion of average earning assets
(d) Excluding commercial mortgage servicing fees, operating lease income and other leasing gains, other income, and net securities gains (losses)
(e) Reflects the estimated full year taxable-equivalent adjustment.
We have also established the following medium-term targets reflecting expected run rates by the end of 2027:
| Return on tangible common equity(a) | 15.0%+ | Net Interest Margin | 3.25%+ |
|---|
(a) Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly related GAAP financial measures due to the difficulty in forecasting when future amounts may occur. Such unavailable information could be significant for future results.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.