KEY
Updated: 25/09/2026, 12:53:39
KeyCorp functions as the parent entity for KeyBank National Association, delivering a wide array of banking services to retail and business clients across the United States. Its operations are distinctly segmented into a Consumer Bank and a Commercial Bank. Targeting both individual consumers and small to medium-sized businesses, the corporation extends a comprehensive suite of services. These offerings include various deposit accounts, investment solutions, personal financial planning and wellness programs, student loan refinancing, mortgage and home equity products, general lending, credit card services, treasury management, business advisory, wealth and asset management, and trust-related services. Moreover, the company furnishes middle-market clients with a robust selection of sophisticated banking and capital market products. These encompass syndicated lending, debt and equity capital market offerings, commercial payment solutions, equipment financing, commercial real estate mortgage banking, derivatives, foreign exchange services, financial advisory, and public finance. Its commercial mortgage portfolio encompasses loans across diverse sectors, including consumer, energy, healthcare, industrial, public sector, real estate, and technology. Additionally, KeyCorp engages in community development financing, securities underwriting, brokerage, and investment banking services. As of December 31, 2021, its operational reach extended across 15 states, supported by an extensive network of approximately 999 physical branches and 1,317 automated teller machines (ATMs). Beyond its physical footprint, the company offers online and mobile banking capabilities, alongside a dedicated telephone banking call center and other offices. Established in 1849, KeyCorp maintains its corporate headquarters in Cleveland, Ohio.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$1.7B
FY 2025 · Reported
Net income
$1.8B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
BHC with ~$184.4B total assets at 12/31/2025; parent of KeyBank N.A.; Consumer Bank and Commercial Bank segments
“KeyCorp, organized in 1958 under the laws of the State of Ohio, is headquartered in Cleveland, Ohio. We are a BHC under the BHCA and one of the nation's largest bank-based financial services companies, with consolidated total assets of approximately $184.4 billion at December 31, 2025.”
Consumer Bank segment
Consumer Bank serves individuals and small businesses across 15-state footprint and digital brand with deposits, lending, student loan refinancing, mortgage/home equity, credit card, wealth management
“The Consumer Bank serves individuals and small businesses throughout our 15-state branch footprint and through our digital brand by offering a variety of deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgage and home equity, credit card, treasury services, and business advisory services.”
Commercial Bank segment (Commercial and Institutional)
Commercial Bank = Commercial (middle market, 15-state footprint) + Institutional (national large corporate/institutional) with sector teams in Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, Technology
“The industry coverage and product teams have established expertise in the following sectors: Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, and Technology.”
Reported business segments
Two business segments: Consumer Bank and Commercial Bank
“Business Segment Results 59 Consumer Bank 59 Commercial Bank 60”
Investment management client base
Investment management clients include corporate/public retirement plans, foundations, endowments, high-net-worth individuals, multi-employer trust funds
“we provide investment management services to clients that include large corporate and public retirement plans, foundations and endowments, high-net-worth individuals, and multi-employer trust funds”
Branch and ATM network
940 full-service retail branches and 1,120 ATMs in 15 states as of Dec 31, 2025, plus digital and telephone banking
“these services were provided across the country through KeyBank's 940 full-service retail banking branches and a network of 1,120 ATMs in 15 states”
Commercial real estate lending and servicing
Significant national CRE lender and third-party master/special servicer of commercial mortgage loans
“It is also a significant, national, commercial real estate lender and third-party master and special servicer of commercial mortgage loans.”
KBCM capital markets platform
KBCM platform provides syndicated finance, debt/equity underwriting, sales and trading, derivatives, FX, M&A advisory, public finance
“The operating segment includes the KBCM platform which provides a broad suite of capital markets products and services including syndicated finance, debt and equity underwriting, fixed income and equity sales and trading, derivatives, foreign exchange, mergers & acquisition and other advisory, and public finance.”
Nonbank subsidiary services
Nonbank subsidiaries provide community development financing, underwriting, investment banking, brokerage, merchant services
“These services include community development financing, securities underwriting, investment banking and capital markets products, and brokerage. We also provide merchant services to businesses.”
Net interest income drivers 2025
NII (TE) $4.7B in 2025, +$861M vs 2024; NIM 2.69%, +53 bps, driven by lower deposit costs, securities repositioning (~$10.0B sold), and mix shift to C&I loans
“Net interest income (TE) for 2025 was $4.7 billion, and the net interest margin was 2.69%. Compared to 2024, net interest income (TE) increased $861 million, and the net interest margin increased by 53 basis points.”
Average loan composition 2025 vs 2024 vs 2023
2025 avg loans: total commercial $74,540M (C&I $55,877M), total consumer $31,120M; total $105,660M vs $107,724M (2024) and $118,004M (2023)
“Total commercial loans74,540 4,428 5.94 74,160 4,583 6.18 81,805 4,676 5.72”
Domestic revenue concentration
Majority of revenues derived in the US from US-domiciled customers; foreign revenue immaterial
“We derive the majority of our revenues within the United States from customers domiciled in the United States. Revenue from foreign countries and external customers domiciled in foreign countries was immaterial to our consolidated financial statements.”
Competitive landscape
Competes with banks, credit unions, private credit funds, fintechs, broker-dealers, insurers, asset managers and other institutions
“Key competes with other providers of financial services, such as BHCs, commercial banks, savings associations, credit unions, mortgage banking companies, finance companies, mutual funds, insurance companies, investment management firms, private credit funds, investment banking firms, broker-dealers, financial technology companies”
Relationship-based business model strategy
Committed to relationship-based business model, growing franchise, disciplined capital management across five stated strategic priorities
“We remain committed to enhancing long-term shareholder value by continuing to execute our relationship-based business model, growing our franchise, and being disciplined with respect to capital management.”
Human capital as top strategic priority
Engaging a high-performing workforce is a top strategic priority
“Engaging a high performing and collaborative workforce is a top strategic priority for Key.”
FY2026 guidance (Jan 20, 2026)
FY2026 vs FY2025: Revenue (TE) $7,513M up ~7%; NII (TE) $4,671M up 8-10%; NIM 4Q exit 3.00-3.05%; avg loans $105.7B up 1-2%; NCOs 40-45 bps; ETR ~22%
“Consistent with the forward guidance we provided on January 20, 2026, we expect these results for full year 2026 versus full year 2025.”
2025 results vs targets
Met or exceeded all 2025 financial targets; record full year revenue; CET1 11.78% and Tier 1 13.46% at Dec 31, 2025
“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.”
Stress capital buffer requirement
KeyCorp's updated stress capital buffer is 3.2%, effective October 1, 2025 through September 30, 2026
“KeyCorp’s updated stress capital buffer is 3.2% (based on the results of KeyCorp’s 2024 supervisory stress test and adjusted for KeyCorp’s planned common stock dividends as set forth in KeyCorp’s 2025 capital plan).”
Category IV banking organization status
Category IV BHC; biennial stress test (not tested in 2025); not subject to LCR or NSFR
“KeyCorp and KeyBank are not subject to an LCR requirement or an NSFR requirement under these rules because KeyCorp and KeyBank are Category IV banking organizations”
Concentrated commercial credit exposure
As of December 31, 2025, approximately 72% of the loan portfolio consisted of C&I loans, CRE loans, and commercial leases
“As of December 31, 2025, approximately 72% of our loan portfolio consisted of commercial and industrial loans, commercial real estate loans, including commercial mortgage and construction loans, and commercial leases.”
Interest rate risk
Interest rate risk could adversely affect net interest income
“We are subject to interest rate risk, which could adversely affect net interest income.”
Cyberattack and third-party technology risk
Cyberattack/technology failure risk including third-party service providers and their downstream vendors
“We and third parties on which we rely (including their downstream service providers) may experience a cyberattack, technology failure, information system or security breach or interruption.”
Deposit retention and funding cost risk
Loss of deposits could force replacement with more expensive wholesale funding, compressing NIM/NII and harming liquidity
“To the extent that KeyBank is unable to retain deposits, funding costs may increase as such deposits are replaced with more expensive wholesale funding.”
Operational risk from human error, fraud, and process failures
Operational risk includes fraud, human error, vendor nonperformance, and cyber/computer malfunctions
“Operational risk includes the risk of fraud by employees or others outside of Key, clerical and recordkeeping errors, nonperformance by vendors, threats from cyber activity, and computer/telecommunications malfunctions.”
Cyberattack and information security breach risk
Cyberattacks, technology failures, and breaches at Key or third parties could cause legal liability, remediation costs, regulatory action, or reputational harm; cyber insurance may be insufficient
“several financial institutions, including Key, have experienced significant distributed denial-of-service attacks, some of which involved sophisticated and targeted attacks intended to disrupt, disable, or degrade services, or sabotage systems or data.”
Third-party vendor and outsourcing dependency
Reliance on third-party vendors and downstream providers for significant operational services, including loan processing; limited control over their cybersecurity and viability
“Third parties perform significant operational services on our business, and many of our third party vendors outsource aspects of their operations and contractual obligations to downstream service providers.”
Scotiabank significant equity interest and board influence
Scotiabank holds ~14.9% of common shares and can designate up to two directors under the August 12, 2024 Investment Agreement; two Scotiabank-appointed directors currently serve
“Scotiabank holds approximately 14.9% of our issued and outstanding common shares. Pursuant to the Investment Agreement, dated August 12, 2024, between us and Scotiabank (the “Investment Agreement”), Scotiabank is entitled to designate up to two directors to our Board of Directors”
Dependence on subsidiary dividends
KeyCorp relies on dividends by subsidiaries for most of its funds
“We rely on dividends by our subsidiaries for most of our funds.”
Scotiabank equity stake and board influence
Scotiabank holds a significant equity interest and may designate up to two directors to KeyCorp's Board
“Scotiabank holds a significant equity interest in our business and may exercise influence over us, including through its ability to designate up to two directors to our Board of Directors.”
Commercial real estate market deterioration risk
Most real estate clients focused on multifamily; MSA concentrations <4%; no NYC rent-controlled exposure
“Key's risk to any specific market is limited, with all metropolitan statistical area concentrations less than 4%. Further, Key has limited its exposure to rent-controlled properties across the country, with no exposure to rent-controlled properties in New York City.”
Technology lowering barriers to entry
Technology lowered entry barriers enabling nonbank competition; bank M&A concentration adds competitive pressure on core products
“The financial services industry has become more competitive as technology advances have lowered barriers to entry, enabling more companies, including nonbank companies, to provide financial services.”
AI-related risk
Development and use of AI, including through third parties, exposes KeyCorp to inherent risks
“Our development and use of AI, including through third parties, exposes us to inherent risks that may adversely impact KeyCorp.”
Goodwill impairment risk
Impairment of goodwill could require charges to earnings
“Impairment of goodwill could require charges to earnings, which could result in a negative impact on our results of operations.”
Financial system interconnectivity risk
Interdependence of financial entities and technology systems creates contagion risk from third-party cyber/technology failures
“A technology failure, cyberattack or other security breach that significantly compromises the systems of one or more financial parties or service providers in the financial system could have a material impact on counterparties or market participants, including us.”
Card transaction processing liability for merchant data breaches
Key may be responsible for losses/penalties if merchant customers suffer card data breaches under payment network agreements
“Under these agreements, we may be responsible for certain losses and penalties if one of our merchant customers suffers a data breach.”
AI-driven escalation of cyber threats
Generative AI has increased sophistication of cyberattacks, including social engineering
“such technologies have resulted in a substantial increase in the volume and sophistication of cyberattacks against financial and other institutions, including the use of generative AI to conduct more sophisticated social engineering attacks.”
Macroeconomic asset-price risk drivers
Listed asset-price risks include tariffs, supply chain disruption from Russia-Ukraine and Israel-Hamas wars, China recession risk, and immigration-driven labor constraints
“Supply chain issues such as closed factories and disrupted port activity, as well as the impact of the Russia-Ukraine war and the Israel-Hamas war on global transportation and the availability of materials”
Credit rating impact on liquidity
Credit ratings affect KeyCorp's liquidity position
“Our credit ratings affect our liquidity position.”
Reputational risk
Reputational damage could hurt customer attraction/retention, credit ratings, and capital markets access
“Damage to our reputation could also adversely impact our credit ratings and access to capital markets.”
Acquisition and strategic partnership risk
M&A of fintech firms, investment banks, branches, or other banks may dilute tangible book value and net income per share
“Acquisitions may involve the payment of a premium over book and market values. Therefore, some dilution of our tangible book value and net income per common share could occur in connection with any future transaction.”
LIHTC construction lending
Most construction loans support affordable housing under the LIHTC program
“A relatively small portion of our commercial real estate loans are construction loans, with most of these loans utilized to support the construction of affordable housing under the Low-Income Housing Tax Credit (LIHTC) program.”
Multifamily oversupply concern
Oversupply of multifamily housing in certain urban markets has resulted in higher vacancy rates and pressure on borrowers
“oversupply of multifamily housing is a concern in certain urban markets. This oversupply has resulted in higher vacancy rates and put pressure on some borrowers to achieve underwritten rents.”
Changing accounting standards risk
FASB accounting standard changes could materially affect reported results
“The FASB periodically changes the financial accounting and”
Compensation-related retention and regulatory scrutiny risk
Performance-linked compensation may lose value if targets are missed; regulatory scrutiny of pay practices could disadvantage Key versus non-financial competitors
“our pay practices are subject to scrutiny by our regulators who may identify deficiencies in the structure of, or issue additional guidance on our compensation practices, causing us to make changes that may affect our ability to offer competitive pay”
Corporate responsibility and sustainability reputational risk
Differing ESG views create reputational and litigation/regulatory risk whether Key does more or less on sustainability
“Companies in our industry are also targeted for engaging or not engaging in business with specific customers or with customers in particular industries.”
Depositor retention drives funding costs; deposit outflows would require more expensive wholesale funding, compressing net interest margin and income.
“Any adverse movement in deposits and associated higher funding costs could reduce our net interest margin and net interest income and otherwise materially and adversely affect our liquidity, financial condition, and results of operations.”
Key's heavy reliance on information systems and third parties makes cyberattack/technology failure a core operational risk with potential legal, regulatory, and financial consequences.
“We rely heavily on communications, information systems (both internal and provided by third parties), and the internet to conduct our business.”
Profitability depends on U.S. economic conditions; worsening U.S. economy or recessionary conditions could negatively affect business and capital markets access.
“A worsening of the U.S. economy and volatile or recessionary conditions in the U.S. or abroad could negatively affect our business or our access to capital markets.”
Net interest income and margin are directly sensitive to interest rate fluctuations; 2025 NIM expansion partially offset by lower rates on variable-rate earning assets.
“interest rate fluctuations and competitive conditions within the marketplace”
Scotiabank holds ~14.9% of Key's common shares and designates up to two directors, potentially influencing policies, shareholder matters, and M&A, and may deter takeovers.
“As a result of the amount of common shares that are currently held by Scotiabank, together with its director designation rights, Scotiabank may be able to influence our policies and operations and impact matters requiring shareholder approval.”
NIM expansion of 53 bps to 2.69% in 2025 driven by lower deposit costs and reinvestment of maturing low-yield assets into higher-yielding investments; medium-term NIM target 3.25%+.
“These increases primarily reflect lower interest-bearing deposit costs, the reinvestment of proceeds from maturing low-yielding investment securities, fixed-rate loans, and swaps into higher-yielding investments”
Majority of revenues generated in the US from US-domiciled customers; foreign revenue immaterial.
“We derive the majority of our revenues within the United States from customers domiciled in the United States.”
Interest rate risk can adversely affect net interest income; rate environment affects CRE market and borrower refinancing capacity.
“We are subject to interest rate risk, which could adversely affect net interest income.”
Key depends on vendors and their downstream service providers for significant operational functions including loan processing, and cannot fully control or monitor their cybersecurity and viability.
“We depend on third party service providers and their downstream service providers to implement adequate controls and safeguards to protect against and report cyber incidents.”
Largest loan category at $55,877M average in 2025 and driver of commercial loan mix shift; FY2026 guidance expects average commercial loans up ~5%.
“Commercial and industrial (d) $55,877 $3,347 5.99 %$53,951 $3,378 6.26 %$59,379 $3,444 5.80 %”
Approximately 72% of loans are commercial (C&I, CRE, leases); CRE borrowers concentrated in multifamily create earnings sensitivity to real estate fundamentals.
“A large portion of our clients are active in real estate, with most focused on the multifamily space, which has been the best performing real estate sector over the cycle.”
KeyCorp's 3.2% stress capital buffer constrains capital distributions; failure to meet it limits dividends and discretionary bonuses.
“A firm will be subject to limitations on capital distributions and discretionary bonus payments if it does not satisfy all minimum capital requirements and its stress capital buffer requirement.”
Banking regulators focus on bank models and compensation practices; model failure or pay-practice deficiencies could result in increased regulatory scrutiny or enforcement action.
“The failure or inadequacy of a model may result in increased regulatory scrutiny on us or may result in an enforcement action or proceeding against us by one of our regulators.”
Deposit growth of $3.1 billion in 2025 reflected consumer deposit growth, improving funding mix as wholesale borrowings declined.
“Average deposits totaled $149.3 billion for 2025, an increase of $3.1 billion compared to 2024, reflecting growth in consumer deposits.”
Multifamily oversupply in certain urban markets pressures borrower rents, cash flows, and debt service, affecting loan performance.
“oversupply of multifamily housing is a concern in certain urban markets. This oversupply has resulted in higher vacancy rates and put pressure on some borrowers to achieve underwritten rents.”
AI both escalates cyber threat sophistication (generative AI social engineering) and is used in Key's own models, introducing complexity such as algorithmic bias and interpretation difficulty.
“the increasing use of third-party financial data aggregators and emerging technologies, including the use of AI, introduces new information security risks and exposure for us”
Scotiabank holds a significant equity interest and board designation rights, creating strategic influence risk over KeyCorp.
“Scotiabank holds a significant equity interest in our business and may exercise influence over us, including through its ability to designate up to two directors to our Board of Directors.”
Some competitors enjoy fewer regulatory constraints and lower cost structures; regulatory/technology change could increase competition.
“some of our competitors enjoy fewer regulatory constraints and may have lower cost structures”
Technology advances lowered barriers to entry, enabling nonbank/fintech companies to compete in financial services.
“technology advances have lowered barriers to entry, enabling more companies, including nonbank companies, to provide financial services”
Key provides card transaction processing services to merchant customers and may bear losses and penalties from merchant data breaches under payment network agreements.
“Key also provides card transaction processing services to some merchant customers under agreements we have with payment networks.”
Record $70.0 billion AUM driven by mass affluent segment sales production; frontline banker staff expanded in wealth management.
“a record high, reflecting the continued strong sales production in our mass affluent segment”
Key relies on employees to design, manage, and operate systems and controls; turnover or labor shortages exacerbate operational and human error risks.
“These concerns may be further exacerbated by employee turnover or labor shortages.”
Successful competition depends on the ability to invest in technology and infrastructure and attract/retain talent.
“Successfully competing in our markets also depends on our ability to invest in technology and infrastructure, execute transactions reliably and effectively, maintain and enhance our reputation, and attract, retain, and motivate talented employees”
Compensation investments made in response to market trends, competitive pressures, and a dynamic talent market; 95% of employees earn $20+/hour.
“In recent years, we have made other compensation adjustments in response to market trends, competitive pressures, and a dynamic market for talent.”
War impacts global transportation and materials availability, cited as a risk to stable asset prices and loan collateral values.
“the impact of the Russia-Ukraine war and the Israel-Hamas war on global transportation and the availability of materials”
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