Condensed Financial Information of the Parent Company

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of the Parent Company

24. Condensed Financial Information of the Parent Company

CONDENSED BALANCE SHEETS

December 31, Dollars in millions	2025		2024
ASSETS
Cash and due from banks	$	4,868	$	5,149
Short-term investments	28		26
Other investments	119		96
Loans to:
Banks	300		300
Nonbank subsidiaries	—		—
Total loans	300		300
Investment in subsidiaries:
Banks	19,075		16,770
Nonbank subsidiaries	914		888
Total investment in subsidiaries	19,989		17,658
Accrued income and other assets	756		777
Total assets	$	26,060	$	24,006
LIABILITIES
Accrued expense and other liabilities	$	573	$	536
Long-term debt due to:
Subsidiaries	447		444
Unaffiliated companies (a)	4,659		4,850
Total long-term debt	5,106		5,294
Total liabilities	5,679		5,830
SHAREHOLDERS’ EQUITY (b)	20,381		18,176
Total liabilities and shareholders’ equity	$	26,060	$	24,006

(a)See Note 17 (“Borrowings”) for information regarding contractual rates and maturity dates of debt that is held by the parent company.

(b)See Key’s Consolidated Statements of Changes in Equity.

CONDENSED STATEMENTS OF INCOME

Year ended December 31,
Dollars in millions	2025		2024		2023
INCOME
Dividends from subsidiaries:
Bank subsidiaries	$	1,375	$	750	$	675
Nonbank subsidiaries	—		—		—
Interest income from subsidiaries	16		20		15
Other income	16		14		24
Total income	1,407		784		714
EXPENSE
Interest on long-term debt with subsidiary trusts	30		33		33
Interest on other borrowed funds	317		341		273
Personnel and other expense	84		77		111
Total expense	431		451		417
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries	976		333		297
Income tax (expense) benefit	80		94		95
Income (loss) before equity in net income (loss) less dividends from subsidiaries	1,056		427		392
Equity in net income (loss) less dividends from subsidiaries	773		(588)		575
NET INCOME (LOSS)	$	1,829	$	(161)	$	967
Total other comprehensive income (loss), net of tax (a)	1,510		1,759		1,066
Comprehensive income (loss)	$	3,339	$	1,598	$	2,033

(a) See Key’s Consolidated Statements of Comprehensive Income.

CONDENSED STATEMENTS OF CASH FLOWS

Year ended December 31,
Dollars in millions	2025		2024		2023
OPERATING ACTIVITIES
Net income (loss) attributable to Key	$	1,829	$	(161)	$	967
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in net (income) loss less dividends from subsidiaries	(773)		588		(575)
Other operating activities, net	329		(752)		172
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	1,385		(325)		564
INVESTING ACTIVITIES
Net (increase) decrease in securities available for sale and in short-term and other investments	(26)		(19)		(14)
Advances to subsidiaries	—		(250)		—
Sale or repayments of advances to subsidiaries	—		200		16
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(26)		(69)		2
FINANCING ACTIVITIES
Net proceeds (payments) from issuance of long-term debt	(350)		1,000		—
Repurchase of Treasury Shares	(236)		(28)		(73)
Net proceeds from Scotiabank investment	—		2,771		—
Cash dividends paid	(1,054)		(927)		(912)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(1,640)		2,816		(985)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS	(281)		2,422		(419)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR	5,149		2,727		3,146
CASH AND DUE FROM BANKS AT END OF YEAR	$	4,868	$	5,149	$	2,727

KeyCorp paid interest on borrowed funds totaling $244 million in 2025, $215 million in 2024, and $171 million in 2023.