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KEYCORP /NEW/

For the period ended Dec 31, 2025. Filed Feb 23, 2026.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 23, 2026

KEY$21.34-0.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

GAAP to Non-GAAP Reconciliations

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not

audited. Although these non-GAAP financial measures are frequently used by investors to evaluate a company,

they have limitations as analytical tools, and should not be considered in isolation, nor as a substitute for analyses

of results as reported under GAAP.

The tangible common equity ratio and the return on tangible common equity ratio have been a focus for some investors, and management believes that these ratios may assist investors in analyzing Key’s capital position without regard to the effects of intangible assets and preferred stock. Since analysts and banking regulators may assess our capital adequacy using tangible common equity, we believe it is useful to enable investors to assess our capital adequacy on these same bases.

Year ended December 31,
Dollars in millions · 2025 · 2024 · 2023
Tangible common equity to tangible assets at period end
Key shareholders’ equity (GAAP)$20,381$18,176$14,637
Less:Intangible assets2,7602,7792,806
Preferred Stock (a)2,4462,4462,446
Tangible common equity (non-GAAP)$15,175$12,951$9,385
Total assets (GAAP)$184,381$187,168$188,281
Less:Intangible assets2,7602,7792,806
Tangible assets (non-GAAP)$181,621$184,389$185,475
Tangible common equity to tangible assets ratio (non-GAAP)8.36%7.02%5.06%
Average tangible common equity
Average Key shareholders’ equity (GAAP)$19,493$15,408$13,881
Less:Intangible assets (average)2,7692,7932,826
Preferred Stock (average)2,5002,5002,500
Average tangible common equity (non-GAAP)$14,224$10,115$8,555
Return on average tangible common equity from continuing operations
Net income (loss) from continuing operations attributable to Key common shareholders (GAAP)$1,685$(306)$821
Average tangible common equity (non-GAAP)14,22410,1158,555
Return on average tangible common equity from continuing operations (non-GAAP)11.85%(3.03)%9.60%
Return on average tangible common equity consolidated
Net income (loss) attributable to Key common shareholders (GAAP)$1,686$(304)$824
Average tangible common equity (non-GAAP)14,22410,1158,555
Return on average tangible common equity consolidated (non-GAAP)11.85%(3.01)%9.63%
Pre-provision net revenue
Net interest income (GAAP)$4,636$3,765$3,913
Plus:Taxable-equivalent adjustment354530
Noninterest income2,8428092,470
Less:Noninterest expense4,7034,5454,734
Pre-provision net revenue from continuing operations (non-GAAP)$2,810$74$1,679

(a)Net of capital surplus.

Adjusted noninterest expense and adjusted noninterest income are non-GAAP measures in that they are adjusted to exclude the impact of significant or unusual items. Management believes adjusting for significant or unusual items provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of the financial impacts related to those selected items.

Year ended December 31,
Dollars in millions202520242023
Adjusted noninterest expense
Noninterest expense (GAAP)$4,703$4,545$4,734
Adjustments:
Efficiency related expenses——(131)
Pension settlement (other expense)——(18)
FDIC special assessment (other expense)26(25)(190)
Adjusted noninterest expense (non-GAAP)$4,729$4,520$4,395
Adjusted noninterest income
Noninterest income (GAAP)$2,842$809$2,470
Adjustments:
Loss on sale of securities for securities repositioning—1,833—
Scotiabank investment agreement valuation (other income)—3—
Adjusted noninterest income (non-GAAP)$2,842$2,645$2,470
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.