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Keycorp (MX:KEY1)
:KEY1
Mexico Market
EarningsQ2 2026 Earnings Report

KeyCorp (KEY1) Q2 2026 Earnings Report

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MX:KEY1 Q2 2026 EPS Results

Actual EPS$7.96
Consensus EPS$7.64
Beat/MissBeat by +$0.33
One Year Ago EPS$6.33

MX:KEY1 Q2 2026 Revenue Results

Actual Revenue$49.35B
Expected Revenue$35.65B
Beat/MissBeat by +$13.69B
YoY Revenue Growth-2.19%

Earnings Announcement Details

QuarterQ2 2026
Date07/21/2026
TimeBefore Open
Conference CallTuesday, July 21, 2026
MX:KEY1 Upcoming Earnings
KeyCorp's next earnings date is estimated for October 20, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:KEY1 Q2 2026 Earnings Call
0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026
Earnings Call Date:Jul 21, 2026|
% Change Since:
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Earnings Call Sentiment|Positive
The call emphasized strong core operating performance: double-digit EPS growth, raised guidance for loans and NII, robust loan growth concentrated in higher-credit-quality commercial clients, record wealth AUM, meaningful fee momentum in payments and wealth, and continued capital returns (share repurchases). Offsetting these positives were a smaller-than-expected NIM improvement driven by timing and mix effects, modestly higher NPAs tied to a few idiosyncratic credits, and some volatility in investment banking fees and servicing income. Management provided clear explanations for the shortfalls, raised full-year targets, and reiterated multi-year ROTCE targets, suggesting confidence in execution despite near-term headwinds.
Company Guidance
Key raised 2026 guidance across several metrics: revenue is now expected to grow 7–8% and tax‑equivalent net interest income 9–11%, with net interest margin targeted to exit 2026 at 3.00–3.05% (management on track to meet or exceed 3%); average earning assets are expected to increase $1–2 billion from Q2, average loans to rise 4–5% (commercial loans 8–10%), and average client deposits to grow >2% through year‑end. Management cites >$9 billion of low‑yield fixed‑asset repricing in H2 (≈1.25% pickup) and expects revenue to grow ~2x expenses (full‑year expense growth guide 3–4%), while Q2 net charge‑offs were 42 bps with a full‑year NCO outlook of 40–45 bps; Q2 nonperforming assets annualized 74 bps. Capital and other targets include CET1 11.2% (marked CET1 9.8%), at least $1.3 billion of share repurchases (Q2 repurchases >$340M), commercial mortgage servicing fees ~$50–60M/quarter, tangible book value per share +6% YoY, and a path to >15% ROTCE by end‑2027 (16–19% long‑term).
Strong EPS and Revenue Growth
Reported Q2 EPS of $0.44, up 26% year-over-year; revenue grew 7% YoY and pre-provision net revenue grew 9% YoY.
Net Interest Income and NIM Momentum
Taxable-equivalent net interest income increased 9% YoY (2% sequentially). Net interest margin expanded sequentially to 2.89% and management is on track to meet or exceed a 3.0% exit NIM by year-end (guidance 3.00%–3.05%).
Robust Commercial Loan Growth
Period-end C&I loans increased $2.1 billion (3% sequentially). Average loans rose $2.3 billion sequentially. Full-year guidance increased: average loans now expected to rise 4%–5% and commercial loans 8%–10% for 2026.
Deposit Franchise Stability and Lower Deposit Costs
Average noninterest-bearing deposits increased 2.3% sequentially; total deposits closed at $153 billion (temporarily elevated ~$4 billion). Total deposit costs declined 2 basis points to 1.63% and cumulative interest-bearing deposit beta held at 56%.
Record Wealth Assets & Mass Affluent Traction
Wealth AUM reached a record $74 billion. Since launching the mass-affluent strategy in 2023, added 59,000 households, over $4 billion of AUM, and nearly $8 billion of total client assets; management notes <10% penetration of current mass-affluent households (significant opportunity).
Fee Businesses Gaining Traction
Investment banking and debt placement fees were $169 million in Q2; first-half IB fees were $366 million, up 4% YoY. Commercial payments gross fees increased 12% YoY; trust and investment services income grew 9% YoY; service charges and corporate services fees each rose 5% YoY. Management expects 3Q IB fees up 20%+ QoQ and mid-single-digit IB fee growth for the year.
Capital Deployment and Share Repurchases
Repurchased more than $340 million of common stock in the quarter and remains on pace to repurchase at least $1.3 billion for the full year. CET1 ratio of 11.2% (marked CET1 9.8%) and reaffirmed capital targets and disciplined capital priorities.
Improving Guidance and Operating Leverage
Raised 2026 guidance: revenue growth now 7%–8% (up from ~7%); full-year net interest income now expected to rise 9%–11% (vs. 9%–10% prior). Management expects revenues to grow ~2x expenses in 2026 (positive operating leverage) and reiterated target to exceed 15% ROTCE by end of 2027.

MX:KEY1 Earnings History

Report Date
Fiscal Quarter
Forecast / EPS
Last Year's EPS
EPS YoY Change
Press Release
Oct 20, 2026
2026 (Q3)
8.36 / -
7.419―
2026 (Q2)
7.64 / 7.96
6.33325.71% (+1.63)
2026 (Q1)
7.49 / 7.96
5.97133.33% (+1.99)
2025 (Q4)
7.00 / 7.78
6.87613.16% (+0.90)
2025 (Q3)
6.89 / 7.42
5.42936.67% (+1.99)
2025 (Q2)
6.26 / 6.33
4.52440.00% (+1.81)
2025 (Q1)
5.75 / 5.97
3.98150.00% (+1.99)
2024 (Q4)
5.95 / 6.88
4.52452.00% (+2.35)
2024 (Q3)
5.07 / 5.43
5.2483.45% (+0.18)
2024 (Q2)
4.43 / 4.52
4.886-7.41% (-0.36)
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed