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KeyCorp
KeyCorp (KEY) investor relations material
KeyCorp Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Jan, 2026
Executive summary
Fourth quarter 2025 earnings per share were $0.43, with net income of $474 million and adjusted EPS of $0.41; full-year record revenue increased 16% year-over-year, with net interest income and fee revenue both surpassing projections.
Tangible book value per share grew 3% sequentially and 18% year-over-year.
Asset quality improved, with net charge-offs, NPAs, criticized loans, and delinquencies all declining sequentially.
$200 million of common stock was repurchased in Q4 2025, double the original commitment, and total shareholder return for 2025 was 26%, ranking #2 among peers.
Board changes include the nomination of two new directors, a transition in the lead independent director role, and retirements.
Financial highlights
Adjusted Q4 2025 EPS was $0.41; tax-equivalent net interest income rose 15% year-over-year, and net interest margin reached 2.82%, up 7 bps sequentially.
Non-interest income increased 8% year-over-year, with broad-based growth in fee-based businesses; noninterest income for Q4 2025 was $782 million, up 11.4% sequentially.
Tangible book value per share rose 18% year-over-year.
Full-year expenses grew 4.6%, generating 1,200 basis points of operating leverage and 44% PP&R growth.
Commercial & industrial (C&I) loans grew 9% year-over-year; client deposits increased 2%.
Outlook and guidance
Revenue expected to rise 7-10% in 2026, with net interest income up 3-10% and non-interest income up 3-6%.
Net interest margin expected to exit 2026 at 3.00-3.05%.
Expenses projected to grow 3-4%, about half the rate of revenue growth, implying 300-400 basis points of positive operating leverage.
Average loans expected to grow 1-2%, with commercial loans up about 5%.
Targeting a 15%+ return on tangible common equity by year-end 2027, with a long-term target of 16-19%.
What drives 2026 capital return increase?
Is IB fee growth sustainable in 2026?
Impact of loan portfolio mix shift on NIM?
AI's impact on loan underwriting and processing
How will CET1 ratio be managed to target by 2026?
Why is middle market M&A expected to improve?
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Next KeyCorp earnings date
Q1 202616 Apr, 2026
KeyCorp
Next KeyCorp earnings date
Q1 202616 Apr, 2026
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Frequently asked questions
Founded in 1825, KeyCorp is one of the oldest and stand-alone U.S. financial services companies, with bank subsidiaries operating under the brand names KeyBank, First Niagara Bank, and Adams National Bank. KeyCorp provides deposit, lending, cash management and investment services to individuals and institutions. It operates through two segments: Retail & Commercial Banking and Equipment Leasing & Finance. It offers a range of deposit products including checking accounts (located primarily in retail branches) and time deposits; loan products include commercial mortgages, commercial loans for real estate development and secured business funding solutions tailored to short-term liquidity needs.
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