KEYHIGH SIGNALFINANCIAL10-K

KeyCorp reported substantially higher revenue and a significant increase in credit loss provisions, while reducing total debt and growing stockholders' equity.

The dramatic revenue expansion coupled with meaningfully higher credit loss provisions suggests either a major business transformation or acquisition activity that has fundamentally altered the company's scale and risk profile. The substantial increase in provisions indicates management expects notably higher credit losses, which could signal deteriorating loan quality or a more challenging operating environment ahead.

Comparing 2026-02-23 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

KeyCorp's financial profile shows substantial growth with revenue expanding meaningfully while credit loss provisions increased significantly, suggesting rapid business expansion accompanied by heightened credit risk concerns. The balance sheet reflects a more conservative capital structure with reduced total debt levels and growing stockholders' equity, indicating stronger capitalization. The combination of dramatic revenue growth with substantially higher loss provisions suggests the company is navigating a period of significant business transformation while preparing for potential credit headwinds.

FINANCIAL STATEMENT CHANGES
Provision for Credit Losses
P&L
+79%
$248.0M→$444.0M

Credit loss provisions surged 79% — management flagging significant deterioration in loan quality ahead.

Revenue
P&L
+62.7%
$4.6B→$7.5B

Strong top-line growth of 62.7% — accelerating demand or successful expansion into new markets.

Total Debt
Balance Sheet
-18.1%
$12.1B→$9.9B

Debt reduced 18.1% — deleveraging strengthens balance sheet and reduces financial risk.

Dividends Paid
Cash Flow
+13.7%
$927.0M→$1.1B

Dividend payments increased 13.7% — management confidence in sustained cash generation.

Stockholders Equity
Balance Sheet
+12.1%
$18.2B→$20.4B

Equity base grew 12.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-23
PRIOR — 2025-02-21
ADDED
As of February 19, 2026, there were 1,089,647,432 Common Shares outstanding.
and global financial system and markets, including the impact of inflation, tariffs or other trade policies, political instability, a prolonged shutdown of the U.S.
As of December 31, 2025, 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, as well as additional offices, online and mobile banking capabilities, and a telephone banking call center.
The Commercial operating segment is a full-service, commercial banking platform that focuses primarily on serving the borrowing, cash management, and capital markets needs of middle market clients within Key s 15-state branch footprint.
We also make available a summary of filings made with the SEC of statements of beneficial ownership of our equity securities filed by our directors and officers and persons who own more than 10% of a registered class of our equity securities under Section 16 of the Exchange Act.
As of December 31, 2025, 95% of employees earned $20 or more per hour.
Key s Workforce Key had an average of 17,226 full time equivalent employees in 2025 .
As of December 31, 2025, a total of 17,883 full-time and part-time employees worked in the following regions, which are generally aligned to the regions Key uses for its retail branch banking network: Region Employee Count East 12,534 West 2,927 All Other 2,422 We invest significant time and resources in creating an attractive work environment and competitive total rewards package that attracts and retains top talent.
She previously served as Assistant Corporate Controller and Senior Director of External Reporting and Accounting Policy from April 2021 to August 2023.
Kidik has been the Chief Auditor and an executive officer of KeyCorp since July 2022.
REMOVED
As of February 19, 2025, there were 1,105,119,318 Common Shares outstanding.
As of December 31, 2024, these services were provided across the country through KeyBank s 944 full-service retail banking branches and a network of 1,182 ATMs in 15 states, as well as additional offices, online and mobile banking capabilities, including our national digital brand, Laurel Road, and a telephone banking call center.
The Institutional operating segment operates nationally in providing lending, equipment financing, and banking products and services to large corporate and institutional clients.
We also make available a summary of filings made with the SEC of statements of beneficial ownership of our equity securities filed by our directors and officers under Section 16 of the Exchange Act.
We have steadily increased our starting minimum wage since 2015, and as of December 31, 2024, 93% of employees earned $20 or more per hour.
Key s Workforce Key had an average of 16,753 full time equivalent employees in 2024 .
As of December 31, 2024, a total of 17,406 full-time and part-time employees worked in the following regions, which are generally aligned to the regions Key uses for its retail branch banking network: Region Employee Count East 12,399 West 2,834 All Other 2,173 We invest significant time and resources in creating an attractive work environment and competitive total rewards package that attracts and retains top talent.
On January 23, 2025, Mohit (Mo) Ramani became Chief Risk Officer.
Benhart was Chief Risk Officer and an executive officer of KeyCorp and had served in such capacity since January 1, 2024.
Prior to that time, he served as Deputy Chief Risk Officer and Head of Enterprise Risk Management from August 2023 to December 2023 and Chief Enterprise Risk Officer from July 2022 to August 2023.
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