A stable topical alcohol-free aerosol foam containing one or more keratolytic agents is provided. The foam-forming formulation is an oil-in-water emulsion which contains one or more hydrofluoroalkane (HFA) propellants and one or more keratolytic agents. The keratolytic agent may be present in either phase of the emulsion or dispersed in the emulsion. The oil phase may consist at least in part of the HFA propellant. The foam is stable on the skin for at least 5 minutes at body temperature and disappears into the skin upon rubbing or after prolonged standing. The formulations may not contain additional co-solvents or non-HFA co-propellants. The formulations demonstrate reduced intensity of the odor and/or color associated with the keratolytic agent(s) as compared to conventional formulations containing keratolytic agents.