KEYCORP /NEW/
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
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Business outlook
We tightened our full-year 2026 outlook for net interest income, average loans, and average commercial loans to reflect stronger-than-expected commercial loan growth through the first nine months of the year, continued client acquisition and relationship expansion, and healthy commercial loan pipelines. Our full-year outlook for net charge-offs to average loans was updated to reflect improving credit trends in our portfolio to date. Our outlook also assumes a stable competitive deposit environment, continued benefit from fixed-rate asset repricing and swap maturities, and disciplined deposit and balance sheet management. Actual results may differ from this outlook due to changes in interest rates, deposit pricing, client activity, credit performance, capital markets activity, and broader macroeconomic conditions. Consistent with the forward guidance we provided on October 20, 2026, we expect these current year results, that is, full year 2026 vs. full year 2025:
| Category | 2025 Baseline | FY2026 (vs FY 2025)(a) |
|---|---|---|
| Revenue (TE)(b) | $7,513 Million | up ~8% |
| Net interest income (TE) (b) | $4,671 Million | up ~10% (previously up 9 - 11%) |
| Net interest margin | 4Q exit rate: ~3.00%(c) | |
| Noninterest income | $2,842 Million | up 4 - 5% |
| Noninterest income on an adjusted basis(b)(d) | $2,495 Million | up 6 - 7% |
| Adjusted noninterest expense(b) | $4,729 Million | up ~4% |
| Average loans | $105.7 Billion | up ~5% (previously up 4 - 5%) |
| Average Commercial Loans | $74.5 Billion | up ~10% (previously up 8 - 10%) |
| Net charge-offs to average loans | 37 - 39 bps (previously 40 - 45 bps) | |
| Effective tax rate | ~22% | |
| Tax-equivalent Effective Rate(e) | ~23% |
(a) Ranges are shown on an operating basis.
(b) Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly related GAAP financial measures due to the difficulty in forecasting when future amounts may occur. Such unavailable information could be significant for future results.
(c) Average earning assets growing $1,5Bn - $2Bn from 3Q26(previously shown as 4Q exit rate: 3.00 - 3.05% and average earning assets growing $1Bn - $2Bn from 2Q26).
(d) Excluding commercial mortgage servicing fees, operating lease income and other leasing gains, other income, and net securities gains (losses).
(e) Reflects the estimated full year taxable-equivalent adjustment.
We have established the following medium-term targets reflecting expected run rates by the end of 2027:
| Return on tangible common equity(a) | 15.0%+ | Net Interest Margin | 3.25%+ |
|---|
(a) Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly related GAAP financial measures due to the difficulty in forecasting when future amounts may occur. Such unavailable information could be significant for future results.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.