Filing Flows › Keycorp (KEY) › Q4 2025
Keycorp (KEY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 23, 2026
Keycorp (KEY) reported revenue of $2.0B for the fourth quarter 2025 (Q4 2025), +132% from a year earlier and +6% from the quarter before. Operating margin was 32.3%, net earnings $510M (25.4% of revenue).
Keycorp, Q4 2025: revenue $2.0B (+132% year over year), operating margin 32.3%, net earnings $510M, operating cash flow $718M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | +6% | +132% |
| Operating profit | $648M | +8% | — |
| Net earnings | $510M | +4% | — |
| Operating cash flow | $718M | +81% | -58% |
| Free cash flow | $673M | +83% | -61% |
What changed
Revenue was $2.0B in Q4 2025, up 132% year over year and up 6% from the previous quarter. Investment banking and debt placement fees was the largest line at 8% of revenue.
Operating profit was $0.65B, a 32.3% margin (up 80.1 points year over year). Total costs grew 6% against revenue growth of 132%. Net earnings were $0.51B. The effective tax rate was 21.5%.
Operating cash flow was $0.72B (down 58% year over year), 141% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.11B. Capital expenditures of $0.04B left free cash flow of $0.67B.
Questions
What was Keycorp's revenue in the fourth quarter 2025?
Keycorp (KEY) reported revenue of $2.0B for the fourth quarter 2025 (Q4 2025), +132% from a year earlier and +6% from the quarter before.
Was Keycorp profitable in the fourth quarter 2025?
Operating profit was $648M (32.3% of revenue) and net earnings $510M.
Source: Keycorp 10-K on SEC EDGAR.