The raised loan growth guidance and improved NCO outlook signal accelerating organic momentum and credit normalization. Watch the Q4 2026 NIM exit rate (~3.00% guided) and the marked CET1 ratio (9.0%) for capital return sustainability.
Price Chart
Executive Summary
KeyCorp reported Q3 2026 EPS of $0.51, a 1.9% beat vs consensus of $0.50, on record revenue of $2.04B (+8% YoY). Net interest margin expanded 20 bps YoY to 2.95%, credit quality improved (NCOs fell to 32 bps), and the company generated a 15.1% ROTCE, exceeding its 2027 target. Guidance was raised for average loan growth (now ~5% vs prior 4-5%) and NCOs narrowed to 37-39 bps, reinforcing the positive momentum.
Key Financial Metrics
Key Facts
- EPS $0.51 vs consensus $0.50 (1.9% beat); diluted EPS up 24% YoY
- Record total revenue of $2.04B, up 8% YoY and 4% sequentially
- Net interest margin (TE) expanded 20 bps YoY to 2.95%
- Net charge-offs fell to 32 bps from 42 bps in both prior quarter and year-ago
- ROTCE of 15.1% exceeded the 15%+ long-term target
- FY2026 loan growth guidance raised to ~5% (from 4-5%); NCOs guidance narrowed to 37-39 bps (from 40-45 bps)
- Repurchased $320M of common shares in Q3; $1.3B planned for full year 2026
Financial Impact
EPS beat of ~$0.01 vs consensus on record revenue; NIM expansion and improving credit quality are the key drivers
Risk Factors
- Marked CET1 ratio declined to 9.0% from 9.8% QoQ due to AOCI losses from higher rates
- Noninterest expense grew 6% YoY, outpacing revenue growth on a GAAP basis
- Consumer loan portfolio continues to run off (-7.5% YoY), pressuring overall loan mix
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000091576-26-000020 |
| Document: a3q26erex993.htm | 0000091576-26-000020 |
| Document: key-20261020.htm | 0000091576-26-000020 |
| Document: a3q26earningspresentatio.htm | 0000091576-26-000020 |
| Document: 0000091576-26-000020-index-headers.html | 0000091576-26-000020 |
| Document: 0000091576-26-000020-index.html | 0000091576-26-000020 |
| Document: 0000091576-26-000020.txt | 0000091576-26-000020 |
| 8-K Data (Synthetic) | 0000091576-26-000020 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 424B5 | $21.13 | awaiting T+60 | — | $21.07 (−0.27%) |
Oct 20, 2026 7d ago | 8-K | $20.81 | awaiting T+60 | — | $21.07 (+1.27%) |
Oct 16, 2026 10d ago | Institutional Cluster | $19.99 | awaiting T+60 | — | $21.07 (−5.42%) |
Oct 5, 2026 22d ago | Press Release | $20.18 | awaiting T+60 | — | $21.07 (+4.43%) |
Sep 25, 2026 4w ago | 8-K | $20.40 | awaiting T+60 | — | $21.07 (+3.30%) |
Sep 14, 2026 6w ago | 8-K | $21.93 | awaiting T+60 | — | $21.07 (−3.91%) |
Aug 4, 2026 12w ago | Press Release | $23.10 | awaiting T+60 | — | $21.07 (−8.77%) |
Jul 31, 2026 12w ago | Press Release | $22.81 | awaiting T+60 | — | $21.07 (−7.61%) |
Jul 21, 2026 14w ago | 8-K | $22.95 $19.91 | ▼ −13.25% | ▼ −17.22% | $21.07 (−8.18%) |
Jun 25, 2026 17w ago | EFFECT | $23.41 $20.81 | ▲ +11.11% | ▲ +14.96% | $21.07 (+9.98%) |
US Market Status
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