KEYCORP /NEW/
For the period ended Dec 31, 2025. Filed Feb 23, 2026.
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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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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year ended December 31, | |||
|---|---|---|---|
| Dollars in millions | 2025 | 2024 | 2023 |
| OPERATING ACTIVITIES | |||
| Net income (loss) | $1,829 | $(161) | $967 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Provision for credit losses | 471 | 335 | 489 |
| Depreciation, amortization, and accretion, net | 21 | 73 | 154 |
| Increase in cash surrender value of corporate-owned life insurance | (123) | (118) | (110) |
| Stock-based compensation expense | 132 | 104 | 121 |
| Deferred income taxes (benefit) | 4 | (351) | (108) |
| Proceeds from sales of loans held for sale | 10,042 | 8,174 | 8,859 |
| Originations of loans held for sale, net of repayments | (10,280) | (8,490) | (8,434) |
| Net losses (gains) from sale of loans held for sale | (147) | (120) | (135) |
| Net losses (gains) on leased equipment | — | (9) | (9) |
| Net securities and other investments losses (gains) | 6 | 1,856 | 11 |
| Net losses (gains) on sales of fixed assets | — | (7) | 18 |
| Net change in: | |||
| Trading account assets | 222 | (141) | (313) |
| Accrued income and other assets | 221 | (270) | 554 |
| Accrued expense and other liabilities | (723) | (72) | 450 |
| Other operating activities, net | 533 | (139) | 389 |
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 2,208 | 664 | 2,903 |
| INVESTING ACTIVITIES | |||
| Net decrease (increase) in short-term investments, excluding acquisitions | 7,341 | (6,687) | (8,385) |
| Purchases of securities available for sale | (7,813) | (21,078) | (2,160) |
| Proceeds from sales of securities available for sale | 5 | 17,932 | 1,752 |
| Proceeds from prepayments and maturities of securities available for sale | 7,338 | 2,758 | 3,225 |
| Purchases of held-to-maturity securities | (2,273) | — | (1,194) |
| Proceeds from prepayments and maturities of held-to-maturity securities | 1,054 | 1,190 | 1,343 |
| Net decrease (increase) in other investments | 92 | 202 | 58 |
| Net decrease (increase) in loans, excluding acquisitions, sales, and transfers | (2,664) | 7,920 | 6,668 |
| Proceeds from sales of portfolio loans | 156 | 194 | 151 |
| Proceeds from corporate-owned life insurance | 86 | 107 | 96 |
| Purchases of premises, equipment, and software | (107) | (65) | (142) |
| Proceeds from sales of premises and equipment | 4 | 24 | 5 |
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 3,219 | 2,497 | 1,417 |
| FINANCING ACTIVITIES | |||
| Net increase (decrease) in deposits | (1,047) | 4,173 | 2,992 |
| Net increase (decrease) in short-term borrowings | (1,060) | (947) | (6,372) |
| Net proceeds from issuance of long-term debt | 1,556 | 1,646 | 5,240 |
| Payments on long-term debt | (4,052) | (9,057) | (5,052) |
| Repurchases of long-term debt | — | — | (92) |
| Open market common share repurchases | (200) | — | (38) |
| Employee equity compensation program Common Share repurchases | (35) | (28) | (34) |
| Net proceeds from reissuance of Common Shares | 9 | 10 | 1 |
| Net proceeds from Scotiabank investment | — | 2,771 | — |
| Cash dividends paid | (1,054) | (927) | (911) |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (5,883) | (2,359) | (4,266) |
| NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | (456) | 802 | 54 |
| CASH AND DUE FROM BANKS AT BEGINNING OF YEAR | 1,743 | 941 | 887 |
| CASH AND DUE FROM BANKS AT END OF YEAR | $1,287 | $1,743 | $941 |
| Additional disclosures relative to cash flows: | |||
| Interest paid | $3,710 | $4,160 | $3,109 |
| Income taxes paid (a) | 71 | 68 | 156 |
| Noncash items: | |||
| Reduction of secured borrowing and related collateral | $2 | $4 | $6 |
| Loans transferred to portfolio from held for sale | 106 | 124 | 208 |
| Loans transferred to held for sale from portfolio | 6 | 3 | 19 |
| Loans transferred to other real estate owned | 5 | 6 | 7 |
(a)Refer to Note 13 Income Taxes for additional details on income taxes paid by jurisdiction.
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