KeyCorp (KEY) Q4 2025 Earnings
Reported Jan 20, 2026 at 6:30 AM ET · SEC Source
Q4 25 EPS
$0.43
BEAT +11.46%
Est. $0.39
Q4 25 Revenue
$2.01B
BEAT +1.82%
Est. $1.97B
vs S&P Since Q4 25
-0.1%
TRAILING MARKET
KEY +10.9% vs S&P +10.9%
Full Year 2025 Results
FY 25 EPS
$1.52
BEAT +2.91%
Est. $1.48
FY 25 Revenue
$7.51B
BEAT +0.47%
Est. $7.48B
Market Reaction
Did KEY Beat Earnings? Q4 2025 Results
KeyCorp closed out fiscal 2025 on a strong note, posting fourth-quarter earnings per share of $0.43 against a consensus estimate of $0.38, a beat of 13.16%, while revenue climbed 7.0% year-over-year to $2.00 billion. The standout driver behind the qu… Read more KeyCorp closed out fiscal 2025 on a strong note, posting fourth-quarter earnings per share of $0.43 against a consensus estimate of $0.38, a beat of 13.16%, while revenue climbed 7.0% year-over-year to $2.00 billion. The standout driver behind the quarter's performance was a sharp recovery in net interest income, which rose 15% year-over-year on a taxable-equivalent basis to $1.22 billion as lower deposit costs, a better funding mix, and the reinvestment of maturing low-yielding assets pushed net interest margin up 41 basis points to 2.82%. Investment banking and debt placement fees added further momentum, reaching $243.00 million, up 10% year-over-year and 32% sequentially on stronger M&A advisory and commercial debt placement activity. The company also repurchased $200.00 million in common stock during the quarter, roughly double its initial target, helping lift tangible book value per share 18% year-over-year to $13.77, and shares touched a 52-week high of $22.07 in the wake of the results. Looking ahead, management guided for approximately 7% revenue growth and $1.20 billion or more in share repurchases in 2026.
Key Takeaways
- • Lower deposit costs drove net interest margin expansion of 41 bps year-over-year to 2.82%
- • Reinvestment of maturing low-yielding investment securities and swaps into higher-yielding assets
- • Balance sheet composition shift toward higher-yielding commercial and industrial loans
- • Investment banking and debt placement fees up 10% YoY driven by higher M&A advisory and debt placement activity
- • Trust and investment services income up 10% YoY on higher market levels and positive net flows
- • Corporate services income up 17% YoY on higher client FX and derivatives fees
- • Improved funding mix as lower-cost deposits increased while wholesale borrowings declined
- • Approximately 1,200 bps of adjusted operating leverage generated in full year 2025
KEY YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
KEY Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strong fourth quarter and full-year results demonstrate the consistent and significant progress we are making on our path to achieving sustainable mid-to-high teens returns on tangible common equity. Fourth quarter revenue exceeded $2 billion, and full year revenue was a record, up 16% year-over-year. Full year results met or exceeded each of the financial targets we communicated at the beginning of the year.”
— Chris Gorman, Q4 2025 Earnings Press Release
KEY Earnings Trends
KEY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
KEY EPS Trend
Earnings per share: estimate vs actual
KEY Revenue Trend
Quarterly revenue: estimate vs actual
KEY Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.41 | $0.44 | +8.03% | $1.95B | +0.75% |
| Q4 25 BEAT FY | $0.39 | $0.43 | +11.46% | $2.01B | +1.82% |
| FY Full Year | $1.48 | $1.52 | +2.91% | $7.51B | +0.47% |
| Q3 25 BEAT | $0.38 | $0.41 | +7.61% | $1.90B | +0.54% |
| Q2 25 BEAT | $0.34 | $0.35 | +2.25% | $1.83B | +1.55% |