v3.26.1
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
20252024
ASSETS
Cash and due from banks$4,868 $5,149 
Short-term investments28 26 
Other investments119 96 
Loans to:
Banks300 300 
Nonbank subsidiaries— — 
Total loans300 300 
Investment in subsidiaries:
Banks19,075 16,770 
Nonbank subsidiaries914 888 
Total investment in subsidiaries19,989 17,658 
Accrued income and other assets756 777 
Total assets$26,060 $24,006 
LIABILITIES
Accrued expense and other liabilities$573 $536 
Long-term debt due to:
Subsidiaries447 444 
Unaffiliated companies (a)
4,659 4,850 
Total long-term debt5,106 5,294 
Total liabilities5,679 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 millions202520242023
INCOME
Dividends from subsidiaries:
Bank subsidiaries$1,375 $750 $675 
Nonbank subsidiaries— — — 
Interest income from subsidiaries16 20 15 
Other income16 14 24 
Total income1,407 784 714 
EXPENSE
Interest on long-term debt with subsidiary trusts30 33 33 
Interest on other borrowed funds317 341 273 
Personnel and other expense84 77 111 
Total expense431 451 417 
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries976 333 297 
Income tax (expense) benefit80 94 95 
Income (loss) before equity in net income (loss) less dividends from subsidiaries1,056 427 392 
Equity in net income (loss) less dividends from subsidiaries773 (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 millions202520242023
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, net329 (752)172 
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES1,385 (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 YEAR5,149 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.