EarningsQ2 2026 Earnings Report
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
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
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
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
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