Form 8-K
8-K — KEYCORP /NEW/
Accession: 0000091576-26-000013
Filed: 2026-04-16
Period: 2026-04-16
CIK: 0000091576
SIC: 6021 (NATIONAL COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — key-20260416.htm (Primary)
EX-99.1 (a1q26earningsrelease.htm)
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8-K
8-K (Primary)
Filename: key-20260416.htm · Sequence: 1
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 16, 2026
KeyCorp
(Exact name of registrant as specified in its charter)
Ohio
001-11302
34-6542451
State or other jurisdiction of incorporation or organization: Commission File Number I.R.S. Employer Identification Number:
127 Public Square,
Cleveland,
Ohio
44114-1306
Address of principal executive offices: Zip Code:
(216) 689-3000
Registrant’s telephone number, including area code:
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Shares, $1 par value
KEY
New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E)
KEY PrI
New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F)
KEY PrJ
New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G)
KEY PrK
New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Reset Perpetual Non-Cumulative Preferred Stock, Series H) KEY PrL
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 16, 2026, KeyCorp issued a press release announcing its financial results for the three-month periods ended March 31, 2026 (the “Press Release”), and posted on its website its first quarter 2026 Supplemental Information Package (the “Supplemental Information Package”). The Press Release and Supplemental Information Package are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively.
The information in the preceding paragraph, as well as Exhibit 99.1 and Exhibit 99.2 referenced therein, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”).
KeyCorp’s Consolidated Balance Sheets and Consolidated Statements of Income (collectively, the “Financial Statements”), included as part of the Press Release, are filed as Exhibit 99.3 to this report. Exhibit 99.3 is deemed “filed” for purposes of Section 18 of the Exchange Act and, therefore, may be incorporated by reference in filings under the Securities Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are furnished, or filed in the case of Exhibit 99.3, herewith:
99.1 Press Release, dated April 16, 2026, announcing financial results for the three-month period ended March 31, 2026
99.2 Supplemental Information Package reviewed during the conference call and webcast.
99.3 Financial Statements.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
KEYCORP
(Registrant)
Date: April 16, 2026 /s/ Stacy L. Gilbert
By: Stacy L. Gilbert
Chief Accounting Officer
EX-99.1
EX-99.1
Filename: a1q26earningsrelease.htm · Sequence: 2
Document
KEYCORP REPORTS FIRST QUARTER 2026 NET INCOME OF $486 MILLION,
OR $0.44 PER DILUTED COMMON SHARE INCREASING 33% YEAR-OVER-YEAR
Revenue of $1.95 billion, up 10% year-over-year, with noninterest income up 8%
Net interest income up 11% year-over-year and 1% quarter-over-quarter despite seasonality impact; net interest margin of 2.87% increased 5 bps sequentially
Period-end loans up $2.6 billion quarter-over-quarter, with commercial loans up $3.3 billion or 4%
Credit quality remains strong - nonperforming assets were 63 bps and net charge-offs were 38 bps
Common Equity Tier 1 ratio of 11.4%(a); repurchased $389 million of common shares during the quarter
CLEVELAND, April 16, 2026 - KeyCorp (NYSE: KEY) announced net income from continuing operations attributable to Key common shareholders of $486 million, or $0.44 per diluted common share, for the first quarter of 2026. For the fourth quarter of 2025, net income from continuing operations attributable to Key common shareholders was $474 million, or $0.43 per diluted common share, or adjusted net income of $458 million, or $0.41 per diluted common share.(b) The fourth quarter of 2025 included a $16 million after-tax benefit related to the updated FDIC special assessment.(c) For the first quarter of 2025, KeyCorp reported net income from continuing operations attributable to Key common shareholders of $370 million, or $0.33 per diluted common share.
Comments from Chairman and CEO, Chris Gorman
"Our strong first quarter performance demonstrates disciplined execution and significant momentum as we continue to deliver on our commitments. Revenue grew 10% year-over-year, growing at more than double the rate of expenses. We grew net interest income and net interest margin sequentially and year-over-year. Our priority fee-based businesses - investment banking, commercial payments, and wealth management - collectively grew 12% year-over-year. Return on tangible common equity exceeded 13%, reflecting significant progress toward achieving our goal of 15%+ return on tangible common equity by year-end 2027.
In addition to driving a greater return on capital, we remain committed to the return of capital. We repurchased almost $400 million of common shares in the first quarter. We are also encouraged by the recently updated Basel III proposal which, if implemented as currently proposed, would imply more than 100 basis point benefit to our marked CET1 ratio.
We are successfully navigating the dynamic macroeconomic environment and are prepared to manage through a broad range of potential scenarios. We are growing clients, loans, and pipelines. We continue to gain momentum in the marketplace, and are investing across the franchise in frontline bankers and technology that will drive additional organic growth and efficiency. We remain well positioned to drive strong revenue and earnings growth in 2026 through the continued delivery of our differentiated capabilities and exceptional service to our clients."
(a) March 31, 2026 ratio is estimated.
(b) The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures. The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
(c) See table on page 22 for more information on Selected Items Impact on Earnings.
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 2
Selected Financial Highlights
Dollars in millions, except per share data Change 1Q26 vs.
1Q26 4Q25 1Q25 4Q25 1Q25
Income (loss) from continuing operations attributable to Key common shareholders $ 486 $ 474 $ 370 2.5 % 31.4%
Income (loss) from continuing operations attributable to Key common shareholders per common share — assuming dilution
0.44 0.43 0.33 2.3 33.3
Book value at period end 16.13 16.27 14.89 (0.9) 8.3
Return on average tangible common equity from continuing operations (a)
13.02 % 12.43 % 11.24 % 59 bps 178 bps
Return on average total assets from continuing operations 1.14 1.08 .88 6 26
Common Equity Tier 1 ratio (b)
11.4 11.8 11.6 (40) (20)
Net interest margin (TE) from continuing operations 2.87 2.82 2.58 5 29
(a)The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to “tangible common equity.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
(b)March 31, 2026 ratio is estimated.
TE = Taxable Equivalent
INCOME STATEMENT HIGHLIGHTS
Revenue
Dollars in millions Change 1Q26 vs.
1Q26 4Q25 1Q25 4Q25 1Q25
Net interest income (TE) $ 1,230 $ 1,223 $ 1,105 0.6 % 11.3 %
Noninterest income 723 782 668 (7.5) 8.2
Total revenue (TE) $ 1,953 $ 2,005 $ 1,773 (2.6) % 10.2 %
TE = Taxable Equivalent
Taxable-equivalent net interest income was $1.23 billion for the first quarter of 2026 and the net interest margin was 2.87%. Compared to the first quarter of 2025, net interest income increased by $125 million, and the net interest margin increased by 29 basis points. These increases were driven by a reduction in deposit costs as a result of declining interest rates and proactive deposit beta management, the reinvestment of proceeds from maturing low-yielding investment securities and fixed-rate swaps into higher-yielding investments, and a shift in the balance sheet composition to a more favorable mix of higher-yielding commercial and industrial loans. These benefits were partially offset by the impact of lower interest rates on variable-rate earning assets.
Compared to the fourth quarter of 2025, taxable-equivalent net interest income increased by $7 million, and the net interest margin increased by 5 basis points. These increases reflect lower deposit costs and a shift in the balance sheet composition to a more favorable mix of higher-yielding commercial and industrial loans. These benefits were partially offset by the impact of lower interest rates on variable-rate earning assets, a decline in low-cost deposit balances from seasonal outflows, and two fewer days in the first quarter of 2026 compared to the fourth quarter of 2025.
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 3
Noninterest Income
Dollars in millions Change 1Q26 vs.
1Q26 4Q25 1Q25 4Q25 1Q25
Trust and investment services income $ 157 $ 156 $ 139 0.6 % 12.9 %
Investment banking and debt placement fees 197 243 175 (18.9) 12.6
Cards and payments income 86 84 82 2.4 4.9
Service charges on deposit accounts 77 78 69 (1.3) 11.6
Corporate services income 71 81 65 (12.3) 9.2
Commercial mortgage servicing fees 62 68 76 (8.8) (18.4)
Corporate-owned life insurance income 34 40 33 (15.0) 3.0
Consumer mortgage income 13 16 13 (18.8) —
Operating lease income and other leasing gains 8 9 9 (11.1) (11.1)
Other income 18 7 7 157.1 157.1
Total noninterest income $ 723 $ 782 $ 668 (7.5) % 8.2%
Compared to the first quarter of 2025, noninterest income increased by $55 million. The increase was primarily driven by a $22 million increase in investment banking and debt placement fees reflecting higher merger and acquisition advisory fees, commercial mortgage debt placement activity, and equity underwriting activity, as well as an $18 million increase in trust and investment services income. These were partially offset by a $14 million decrease in commercial mortgage servicing fees.
Compared to the fourth quarter of 2025, noninterest income decreased by $59 million. The decrease was driven by a $46 million decrease in investment banking and debt placement fees, a $10 million decrease in corporate services income, and a $6 million decrease in commercial mortgage servicing fees.
Noninterest Expense
Dollars in millions Change 1Q26 vs.
1Q26 4Q25 1Q25 4Q25 1Q25
Personnel expense $ 743 $ 790 $ 680 (5.9) % 9.3 %
Net occupancy 68 69 67 (1.4) 1.5
Computer processing 111 106 107 4.7 3.7
Business services and professional fees 36 61 40 (41.0) (10.0)
Equipment 19 22 20 (13.6) (5.0)
Operating lease expense 7 8 11 (12.5) (36.4)
Marketing 18 28 21 (35.7) (14.3)
Other expense 179 157 185 14.0 (3.2)
Total noninterest expense $ 1,181 $ 1,241 $ 1,131 (4.8) % 4.4 %
Compared to the first quarter of 2025, noninterest expense increased by $50 million. The increase was predominantly driven by a $63 million increase in personnel expense primarily related to continued investments in people, employee benefits, and incentive compensation associated with noninterest income growth.
Compared to the fourth quarter of 2025, noninterest expense decreased by $60 million. The decrease was predominantly driven by a $47 million decline in personnel expense, primarily related to incentive compensation. Business services and professional fees decreased by $25 million and marketing expense decreased by $10 million largely due to seasonality. These were partially offset by an increase in other expense related to a $21 million benefit associated with the updated FDIC special assessment in the prior quarter.
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 4
BALANCE SHEET HIGHLIGHTS
Average Loans
Dollars in millions Change 1Q26 vs.
1Q26 4Q25 1Q25 4Q25 1Q25
Commercial and industrial (a)
$ 59,149 $ 57,541 $ 53,746 2.8 % 10.1 %
Other commercial loans 18,918 18,497 18,619 2.3 1.6
Total consumer loans 29,670 30,278 31,989 (2.0) (7.2)
Total loans $ 107,737 $ 106,316 $ 104,354 1.3 % 3.2 %
(a)Commercial and industrial average loan balances include $205 million, $211 million, and $213 million of assets from commercial credit cards at March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
Average loans were $107.7 billion for the first quarter of 2026, an increase of $3.4 billion compared to the first quarter of 2025. Average commercial loans increased by $5.7 billion, primarily driven by a $5.4 billion increase in commercial and industrial loans. Average consumer loans declined by $2.3 billion, reflective of broad-based declines across all consumer loan categories.
Compared to the fourth quarter of 2025, average loans increased by $1.4 billion. Average commercial loans increased $2.0 billion, primarily driven by an increase in commercial and industrial loans. Average consumer loans declined by $608 million, reflective of the intentional run-off of low-yielding loans.
Average Deposits
Dollars in millions Change 1Q26 vs.
1Q26 4Q25 1Q25 4Q25 1Q25
Non-time deposits $ 135,522 $ 136,853 $ 131,917 (1.0) % 2.7 %
Time deposits 11,777 13,857 16,625 (15.0) (29.2)
Total deposits $ 147,299 $ 150,710 $ 148,542 (2.3) % (0.8) %
Cost of total deposits 1.65 % 1.81 % 2.06 % (16) bps (41) bps
Average deposits totaled $147.3 billion for the first quarter of 2026, a decrease of $1.2 billion compared to the year-ago quarter, driven by the intentional runoff of brokered CDs.
Compared to the fourth quarter of 2025, average deposits decreased by $3.4 billion. The decline was driven by seasonally lower deposit balances, as well as the intentional runoff of brokered CDs. The rate paid on interest-bearing deposits declined by 22 basis points, and the overall cost of deposits declined by 16 basis points to 1.65%.
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 5
ASSET QUALITY
Dollars in millions Change 1Q26 vs.
1Q26 4Q25 1Q25 4Q25 1Q25
Net loan charge-offs $ 101 $ 104 $ 110 (2.9) % (8.2) %
Net loan charge-offs to average total loans .38 % .39 % .43 % (1) bps (5) bps
Nonperforming loans at period end $ 682 $ 615 $ 686 10.9 % (0.6) %
Nonperforming loans to period-end portfolio loans .62 % .58 % .65 % 4 bps (3) bps
Nonperforming assets at period end $ 692 $ 627 $ 700 10.4 % (1.1) %
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets .63 % .59 % .67 % 4 bps (4) bps
Allowance for loan and lease losses $ 1,449 $ 1,427 $ 1,429 1.5 % 1.4 %
Allowance for credit losses 1,745 1,740 1,707 0.3 % 2.2 %
Allowance for credit losses to period-end loans 1.60 % 1.63 % 1.63 % (3) bps (3) bps
Provision for credit losses $ 106 $ 108 $ 118 (1.9) % (10.2) %
Allowance for loan and lease losses to nonperforming loans 212 % 232 % 208 % N/M N/M
Allowance for credit losses to nonperforming loans 256 283 249 N/M N/M
N/M = Not Meaningful
Net loan charge-offs for the first quarter of 2026 totaled $101 million, or 0.38% of average total loans. These results compare to $110 million, or 0.43%, for the first quarter of 2025 and $104 million, or 0.39%, for the fourth quarter of 2025.
Key’s allowance for credit losses was $1.7 billion, or 1.60% of total period-end loans at March 31, 2026, compared to 1.63% at March 31, 2025, and 1.63% at December 31, 2025. A reserve build of $5 million during the first quarter of 2026 was driven by increases in qualitative reserves due to elevated economic uncertainty, partially offset by continued improvement in the portfolio mix.
At March 31, 2026, Key’s nonperforming loans totaled $682 million, which represented 0.62% of period-end portfolio loans. These results compare to 0.65% at March 31, 2025, and 0.58% at December 31, 2025. Nonperforming assets at March 31, 2026, totaled $692 million, and represented 0.63% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.67% at March 31, 2025, and 0.59% at December 31, 2025.
CAPITAL
Key’s estimated risk-based capital ratios, included in the following table, continued to exceed all “well-capitalized” regulatory benchmarks at March 31, 2026.
Capital Ratios
3/31/2026 12/31/2025 3/31/2025
Common Equity Tier 1 (a)
11.4 % 11.8 % 11.6 %
Tier 1 risk-based capital (a)
13.0 13.5 13.3
Total risk-based capital (a)
15.2 15.7 15.7
Tangible common equity to tangible assets (b)
8.0 8.4 7.4
Leverage (a)
10.5 10.5 10.2
(a)March 31, 2026 ratio is estimated.
(b)The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to “tangible common equity.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
Key's regulatory capital position remained strong in the first quarter of 2026. As shown in the preceding table, at March 31, 2026, Key’s estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 11.4% and 13.0%, respectively.
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 6
Summary of Changes in Common Shares Outstanding
In thousands Change 1Q26 vs.
1Q26 4Q25 1Q25 4Q25 1Q25
Shares outstanding at beginning of period 1,102,401 1,112,952 1,106,786 (0.9) % (0.4) %
Share repurchases (17,969) (11,109) — 61.8 N/M
Shares issued under employee compensation plans (net of cancellations and returns) 2,861 558 5,200 N/M (45.0)
Shares outstanding at end of period 1,087,293 1,102,401 1,111,986 (1.4) % (2.2) %
N/M = Not Meaningful
During the first quarter of 2026, Key declared a dividend of $.205 per common share. The reduction in share count was driven by $389 million of common shares repurchased.
LINE OF BUSINESS RESULTS
The following table shows the contribution made by each major business segment to Key’s taxable-equivalent revenue from continuing operations and income (loss) from continuing operations attributable to Key for the periods presented. For more detailed financial information pertaining to each business segment, see the tables at the end of this release.
Major Business Segments
Dollars in millions Change 1Q26 vs.
1Q26 4Q25 1Q25 4Q25 1Q25
Revenue from continuing operations (TE)
Consumer Bank $ 978 $ 998 $ 932 (2.0) % 4.9 %
Commercial Bank 1,117 1,194 1,047 (6.4) 6.7
Other (a)
(142) (187) (206) 24.1 31.1
Total $ 1,953 $ 2,005 $ 1,773 (2.6) % 10.2 %
Income (loss) from continuing operations attributable to Key
Consumer Bank $ 173 $ 176 $ 163 (1.7) % 6.1 %
Commercial Bank 451 472 399 (4.4) 13.0
Other (a)
(102) (139) (156) 26.6 34.6
Total $ 522 $ 509 $ 406 2.6 % 28.6 %
(a)Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represent the unallocated portion of nonearning assets of corporate support functions. Other also includes the residual net impact of our internal funds transfer pricing methodology, which arise from centrally managed interest rate activities and asset-liability repricing difference. Corporate treasury includes realized gains and losses from transactions associated with Key's investment securities portfolio. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations.
TE = Taxable Equivalent
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 7
Consumer Bank
Dollars in millions Change 1Q26 vs.
1Q26 4Q25 1Q25 4Q25 1Q25
Summary of operations
Net interest income (TE) $ 738 $ 747 $ 706 (1.2) % 4.5 %
Noninterest income 240 251 226 (4.4) 6.2
Total revenue (TE) 978 998 932 (2.0) 4.9
Provision for credit losses 40 32 43 25.0 (7.0)
Noninterest expense 709 734 675 (3.4) 5.0
Income (loss) before income taxes (TE) 229 232 214 (1.3) 7.0
Allocated income taxes (benefit) and TE adjustments 56 56 51 — 9.8
Net income (loss) attributable to Key $ 173 $ 176 $ 163 (1.7) % 6.1 %
Average balances
Loans and leases $ 34,005 $ 34,683 $ 36,819 (2.0) % (7.6) %
Total assets 37,341 37,731 39,806 (1.0) (6.2)
Deposits 87,796 87,738 88,306 0.1 (0.6)
Assets under management at period end $ 69,756 $ 69,964 $ 61,053 (0.3) % 14.3 %
TE = Taxable Equivalent
Additional Consumer Bank Data
Dollars in millions Change 1Q26 vs.
1Q26 4Q25 1Q25 4Q25 1Q25
Noninterest income
Trust and investment services income $ 130 $ 128 $ 113 1.6 % 15.0 %
Service charges on deposit accounts 34 38 33 (10.5) 3.0
Cards and payments income 55 60 57 (8.3) (3.5)
Consumer mortgage income 13 16 13 (18.8) —
Other noninterest income 8 9 10 (11.1) (20.0)
Total noninterest income $ 240 $ 251 $ 226 (4.4) % 6.2 %
Average deposit balances
Money market deposits $ 35,920 $ 35,390 $ 33,533 1.5 % 7.1 %
Demand deposits 23,214 22,879 22,772 1.5 1.9
Savings deposits 4,199 4,177 4,392 0.5 (4.4)
Time deposits 10,610 11,059 13,318 (4.1) (20.3)
Noninterest-bearing deposits 13,853 14,233 14,291 (2.7) (3.1)
Total deposits $ 87,796 $ 87,738 $ 88,306 0.1 % (0.6) %
Other data
Branches 940 940 945
Automated teller machines 1,112 1,120 1,176
Consumer Bank Summary of Operations (1Q26 vs. 1Q25)
•Key's Consumer Bank recorded net income attributable to Key of $173 million for the first quarter of 2026, compared to $163 million for the year-ago quarter
•Taxable-equivalent net interest income increased by $32 million, or 4.5%, compared to the first quarter of 2025
•Average loans and leases decreased $2.8 billion, or 7.6%, from the first quarter of 2025, reflective of broad-based declines across all loan categories
•Average deposits decreased $510 million, or 0.6%, from the first quarter of 2025, driven by lower time deposits, partially offset by an increase in money market deposits
•Provision for credit losses decreased $3 million compared to the first quarter of 2025 driven by lower charge-offs
•Noninterest income increased $14 million from the year-ago quarter, primarily driven by higher trust and investment services income
•Noninterest expense increased $34 million from the year-ago quarter, primarily driven by higher support and overhead expense
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 8
Commercial Bank
Dollars in millions Change 1Q26 vs.
1Q26 4Q25 1Q25 4Q25 1Q25
Summary of operations
Net interest income (TE) $ 672 $ 696 $ 636 (3.4) % 5.7 %
Noninterest income 445 498 411 (10.6) 8.3
Total revenue (TE) 1,117 1,194 1047 (6.4) 6.7
Provision for credit losses 70 73 75 (4.1) (6.7)
Noninterest expense 474 515 464 (8.0) 2.2
Income (loss) before income taxes (TE) 573 606 508 (5.4) 12.8
Allocated income taxes and TE adjustments 122 134 109 (9.0) 11.9
Net income (loss) attributable to Key $ 451 $ 472 $ 399 (4.4) % 13.0 %
Average balances
Loans and leases $ 73,146 $ 71,107 $ 67,058 2.9 % 9.1 %
Loans held for sale 958 1,140 754 (16.0) 27.1
Total assets 82,585 80,689 76,946 2.3 7.3
Deposits 58,929 60,485 57,481 (2.6) 2.5
TE = Taxable Equivalent
Additional Commercial Bank Data
Dollars in millions Change 1Q26 vs.
1Q26 4Q25 1Q25 4Q25 1Q25
Noninterest income
Trust and investment services income $ 27 $ 28 $ 27 (3.6) % —
Investment banking and debt placement fees 198 244 175 (18.9) 13.1 %
Cards and payments income 27 22 21 22.7 28.6
Service charges on deposit accounts 43 40 36 7.5 19.4
Corporate services income 70 79 64 (11.4) 9.4
Commercial mortgage servicing fees 62 67 76 (7.5) (18.4)
Operating lease income and other leasing gains 8 9 8 (11.1) —
Other noninterest income 10 9 4 11.1 150.0
Total noninterest income $ 445 $ 498 $ 411 (10.6) % 8.3 %
Commercial Bank Summary of Operations (1Q26 vs. 1Q25)
•Key's Commercial Bank recorded net income attributable to Key of $451 million for the first quarter of 2026, compared to $399 million for the year-ago quarter
•Taxable-equivalent net interest income increased by $36 million, or 5.7%, compared to the first quarter of 2025
•Average loan and lease balances increased $6.1 billion, or 9.1%, compared to the first quarter of 2025, driven by an increase in commercial and industrial loans
•Average deposit balances increased $1.4 billion compared to the first quarter of 2025, driven by higher client deposits
•Provision for credit losses decreased $5 million compared to the first quarter of 2025, driven by more stable reserves, partially offset by higher net charge-offs
•Noninterest income increased $34 million compared to the first quarter of 2025, primarily driven by an increase in investment banking and debt placement fees and service charges on deposit accounts
•Noninterest expense increased $10 million compared to the first quarter of 2025, primarily driven by an increase in support and overhead expense
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 9
*******************************************
KeyCorp's roots trace back more than 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $189 billion at March 31, 2026.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 950 branches and approximately 1,100 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 10
CONTACTS:
ANALYSTS MEDIA
Brian Mauney Susan Donlan
216.689.0521 216.471.3133
Brian_Mauney@KeyBank.com Susan_E_Donlan@KeyBank.com
Hannah Lewallen Beth Strauss
216.471.4856 216.471.2787
Hannah_Lewallen@KeyBank.com Beth_A_Strauss@KeyBank.com
Johnny Li
216.689.4221
Johnny_Li@KeyBank.com
INVESTOR RELATIONS: KEY MEDIA NEWSROOM:
www.key.com/ir www.key.com/newsroom
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts. Forward-looking statements usually can be identified by the use of words such as “goal,” “objective,” “plan,” “expect,” “assume,” “anticipate,” “intend,” “project,” “believe,” “estimate,” or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results, or aspirations. Forward-looking statements, by their nature, are subject to assumptions, risks and uncertainties, many of which are outside of our control. Our actual results may differ materially from those set forth in our forward-looking statements. There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause Key's actual results to differ from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2025 and in KeyCorp's subsequent SEC filings, all of which have been or will be filed with the Securities and Exchange Commission (the “SEC”) and are or will be available on Key’s website (www.key.com/ir) and on the SEC’s website (www.sec.gov). These factors may include, among others, adverse changes in credit quality trends, declining asset prices, a worsening of the U.S. economy due to financial, political, or other shocks, the extensive regulation of the U.S. financial services industry, the soundness of other financial institutions, and the impact of changes in the interest rate environment. Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances.
A live Internet broadcast of KeyCorp’s conference call to discuss quarterly results and currently anticipated earnings trends and to answer analysts’ questions can be accessed through the Investor Relations section at https://www.key.com/ir at 10:00 a.m. ET, on April 16, 2026. A replay of the call will be available on our website through April 16, 2027.
For up-to-date company information, media contacts, and facts and figures about Key’s lines of business, visit our Media Newsroom at https://www.key.com/newsroom.
*****
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 11
KeyCorp
First Quarter 2026
Financial Supplement
Page
12
Basis of Presentation
13
Financial Highlights
14
GAAP to Non-GAAP Reconciliation
16
Consolidated Balance Sheets
17
Consolidated Statements of Income
18
Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
19
Noninterest Expense
19
Personnel Expense
19
Loan Composition
19
Loans Held for Sale Composition
20
Summary of Changes in Loans Held for Sale
20
Summary of Loan and Lease Loss Experience From Continuing Operations
21
Asset Quality Statistics From Continuing Operations
21
Summary of Nonperforming Assets and Past Due Loans From Continuing Operations
21
Summary of Changes in Nonperforming Loans From Continuing Operations
22
Line of Business Results
22
Selected Items Impact on Earnings
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 12
Basis of Presentation
Use of Non-GAAP Financial Measures
This document contains GAAP financial measures and non-GAAP financial measures where management
believes it to be helpful in understanding Key’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this document, the financial supplement, or conference call slides related to this document, all of which can be found on Key’s website (www.key.com/ir).
Forward-Looking Non-GAAP Financial Measures
From time to time Key may discuss forward-looking non-GAAP financial measures. Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because Key is unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant for future results.
Annualized Data
Certain returns, yields, performance ratios, or quarterly growth rates are presented on an “annualized”
basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts.
Taxable Equivalent
The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at the federal statutory rate. This adjustment puts all earning assets, most notably tax-exempt loans, and certain lease assets, on a common basis that facilitates comparison of results to peers.
Earnings Per Share Equivalent
Certain income or expense items may be expressed on a per common share basis. This is done for analytical and decision-making purposes to better discern underlying trends in total consolidated earnings per share performance excluding the impact of such items. When the impact of certain income or expense items is disclosed separately, the after-tax amount is computed using the marginal tax rate, unless otherwise specified, with this then being the amount used to calculate the earnings per share equivalent.
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 13
Financial Highlights
(Dollars in millions, except per share amounts)
Three months ended
3/31/2026 12/31/2025 3/31/2025
Summary of operations
Net interest income (TE) $ 1,230 $ 1,223 $ 1,105
Noninterest income 723 782 668
Total revenue (TE)
1,953 2,005 1,773
Provision for credit losses 106 108 118
Noninterest expense 1,181 1,241 1,131
Income (loss) from continuing operations attributable to Key 522 509 406
Income (loss) from discontinued operations, net of taxes — 1 (1)
Net income (loss) attributable to Key 522 510 405
Income (loss) from continuing operations attributable to Key common shareholders 486 474 370
Income (loss) from discontinued operations, net of taxes — 1 (1)
Net income (loss) attributable to Key common shareholders 486 475 369
Per common share
Income (loss) from continuing operations attributable to Key common shareholders $ 0.45 $ 0.43 $ 0.34
Income (loss) from discontinued operations, net of taxes — — —
Net income (loss) attributable to Key common shareholders (a)
0.45 0.43 0.34
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution 0.44 0.43 0.33
Income (loss) from discontinued operations, net of taxes — assuming dilution — — —
Net income (loss) attributable to Key common shareholders — assuming dilution (a)
0.44 0.43 0.33
Cash dividends declared 0.205 0.205 0.205
Book value at period end 16.13 16.27 14.89
Tangible book value at period end 13.60 13.77 12.40
Market price at period end 20.05 20.64 15.99
Performance ratios
From continuing operations:
Return on average total assets 1.14 % 1.08 % .88 %
Return on average common equity 11.02 10.51 9.30
Return on average tangible common equity (b)
13.02 12.43 11.24
Net interest margin (TE) 2.87 2.82 2.58
Cash efficiency ratio (b)
60.4 61.6 63.5
From consolidated operations:
Return on average total assets 1.14 % 1.08 % .88 %
Return on average common equity 11.02 10.54 9.28
Return on average tangible common equity (b)
13.02 12.46 11.21
Net interest margin (TE) 2.87 2.81 2.58
Loan to deposit (c)
74.6 72.5 70.2
Capital ratios at period end
Key shareholders’ equity to assets 10.6 % 11.1 % 10.1 %
Key common shareholders’ equity to assets 9.3 9.7 8.8
Tangible common equity to tangible assets (b)
8.0 8.4 7.4
Common Equity Tier 1 (d)
11.4 11.8 11.6
Tier 1 risk-based capital (d)
13.0 13.5 13.3
Total risk-based capital (d)
15.2 15.7 15.7
Leverage (d)
10.5 10.5 10.2
Asset quality — from continuing operations
Net loan charge-offs
$ 101 $ 104 $ 110
Net loan charge-offs to average loans
.38 % .39 % .43 %
Allowance for loan and lease losses
$ 1,449 $ 1,427 $ 1,429
Allowance for credit losses
1,745 1,740 1,707
Allowance for loan and lease losses to period-end loans
1.33 % 1.34 % 1.36 %
Allowance for credit losses to period-end loans
1.60 1.63 1.63
Allowance for loan and lease losses to nonperforming loans 212 232 208
Allowance for credit losses to nonperforming loans 256 283 249
Nonperforming loans at period-end $ 682 $ 615 $ 686
Nonperforming assets at period-end 692 627 700
Nonperforming loans to period-end portfolio loans .62 % .58 % .65 %
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets .63 .59 .67
Trust assets
Assets under management $ 69,756 $ 69,964 $ 61,053
Other data
Average full-time equivalent employees
17,469 17,396 16,989
Branches
940 940 945
Taxable-equivalent adjustment
$ 8 $ 8 $ 9
(a)Earnings per share may not foot due to rounding.
(b)The table entitled “GAAP to Non-GAAP Reconciliations” starting on page 14 of this supplement presents the computations of certain financial measures related to “tangible common equity” and “cash efficiency.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
(c)Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits.
(d)March 31, 2026, ratio is estimated.
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 14
GAAP to Non-GAAP Reconciliations
(Dollars in millions)
The table below presents certain non-GAAP financial measures defined and described below.
The tangible common equity ratio and the return on average tangible common equity ratio have been a focus for some investors, and management believes these ratios may assist investors in analyzing Key’s capital position without regard to the effects of intangible assets and preferred stock. Adjusted return on average tangible common equity excludes significant or unusual items that management does not consider indicative of ongoing financial performance. Management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.
The table also shows the computation for pre-provision net revenue and adjusted pre-provision net revenue, which are not formally defined by GAAP. Management believes that eliminating the effects of the provision for credit losses makes it easier to analyze the results by presenting them on a more comparable basis. Further, management believes that adjusting pre-provision net revenue for significant or unusual items that management does not consider indicative of ongoing financial performance provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.
The cash efficiency ratio is a ratio of two non-GAAP performance measures. As such, there is no directly comparable GAAP performance measure. The cash efficiency ratio performance measure removes the impact of Key’s intangible asset amortization from the calculation. Management believes this ratio provides greater consistency and comparability between Key’s results and those of its peer banks. Additionally, this ratio is used by analysts and investors as they develop earnings forecasts and peer bank analysis. The adjusted cash efficiency ratio excludes significant or unusual items that management does not consider indicative of ongoing financial performance
Adjusted taxable-equivalent revenue or adjusted revenue is a non-GAAP measure in that it adjusts revenue for certain tax-exempt instruments and selected items. The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable instruments. Additionally, management believes adjusting for the selected items provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of the financial impacts related to those selected items.
Adjusted noninterest income and adjusted noninterest expense are non-GAAP measures in that they exclude significant or unusual items that management does not consider indicative of ongoing financial performance. Management believes these measures provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.
Adjusted income (loss) available from continuing operations attributable to Key common shareholders (or “adjusted net income”) and diluted earnings per share - adjusted (or "adjusted earnings per share") are non-GAAP in that these measures exclude significant or unusual items, net of tax, that management does not consider indicative of ongoing financial performance . Management believes these measures provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods.
Adjusted operating leverage and fee-based adjusted operating leverage are non-GAAP performance measures that utilize revenue on a tax-equivalent basis and adjust revenue and expense for significant and unusual items. Management utilizes these measurements in analyzing performance and believes that adjusting for significant and unusual items provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods.
Marked CET1 ratio is a non-GAAP measure and is calculated based on Common Equity Tier 1 capital, inclusive of the AOCI impact from securities and pension. The marked CET1 ratio differs from the defined CET1 regulatory capital ratio by including the impact of AFS and pension accumulated other comprehensive income (loss) (AOCI) amounts in the calculation of the capital ratio. These ratios are not defined in GAAP or federal banking regulations. As a result, these non-regulatory capital ratios disclosed may be considered non-GAAP financial measures.
Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although these non-GAAP financial measures are frequently used by investors to evaluate a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP.
Three months ended
3/31/2026 12/31/2025 3/31/2025
Net interest income (GAAP) $ 1,222 $ 1,215 $ 1,096
Add: Taxable-equivalent adjustment 8 8 9
Net interest income TE (non-GAAP) (A) $ 1,230 $ 1,223 $ 1,105
Net income (loss) attributable to Key common shareholders (GAAP) (B) $ 486 $ 475 $ 369
Average Key shareholders' equity (GAAP) $ 20,392 $ 20,388 $ 18,632
Less: Average intangible assets 2,758 2,762 2,777
Average preferred stock 2,500 2,500 2,500
Average tangible common equity (non-GAAP) (C) $ 15,134 $ 15,126 $ 13,355
Key shareholders' equity (GAAP) $ 19,987 $ 20,381 $ 19,003
Less: Intangible assets 2,757 2,760 2,774
Preferred stock (a)
2,446 2,446 2,446
Tangible common equity (non-GAAP) (D) $ 14,784 $ 15,175 $ 13,783
Total assets (GAAP) $ 188,663 $ 184,381 $ 188,691
Less: Intangible assets 2,757 2,760 2,774
Tangible assets (non-GAAP) (E) $ 185,906 $ 181,621 $ 185,917
Tangible common equity to tangible assets ratio (non-GAAP) (D/E) 7.95 % 8.36 % 7.41 %
Return on average tangible common equity consolidated (non-GAAP) (B/C) 13.02 % 12.46 % 11.21 %
Common equity tier 1 (F) $ 17,038 $ 17,195 $ 16,549
Add: AFS and Pension AOCI (loss) (2,152) (2,028) (2,601)
Marked common equity tier 1 (non-GAAP) (G) (b)
$ 14,886 $ 15,167 $ 13,948
Risk-weighted assets (H) (c)
$ 149,465 $ 145,933 $ 142,478
Common equity tier 1 ratio (F/H) (c)
11.40 % 11.78 % 11.62 %
Marked CET1 ratio (non-GAAP) (G/H) (b)(c)
9.96 % 10.39 % 9.79 %
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 15
GAAP to Non-GAAP Reconciliations (continued)
(Dollars in millions)
Three months ended
3/31/2026 12/31/2025 3/31/2025
Income (loss) from continuing operations attributable to Key common shareholders (GAAP) (I) $ 486 $ 474 $ 370
Plus: Selected items (net of tax) (d)
— (16) —
Net income (loss) from continuing operations attributable to Key common shareholders, excluding selected items (non-GAAP) (J) $ 486 $ 458 $ 370
Return on average tangible common equity from continuing operations (non-GAAP) (I/C) 13.02 % 12.43 % 11.24 %
Adjusted return on average tangible common equity from continuing operations excluding selected items (non-GAAP) (J/C) 13.02 % 12.01 % 11.24 %
Noninterest income (GAAP) (K) $ 723 $ 782 $ 668
Plus: Selected items (d)
— — —
Adjusted noninterest income (non-GAAP) (L) $ 723 $ 782 $ 668
Noninterest expense (GAAP) (M) $ 1,181 $ 1,241 $ 1,131
Less: Intangible asset amortization 2 5 5
Noninterest expense less intangible asset amortization (non-GAAP) (N) $ 1,179 $ 1,236 $ 1,126
Plus: Selected items (d) (O)
— 21 —
Adjusted noninterest expense less intangible asset amortization (non-GAAP) (P) $ 1,179 $ 1,257 $ 1,126
Adjusted noninterest expense (non-GAAP) (M+O) $ 1,181 $ 1,262 $ 1,131
Total taxable-equivalent revenue (non-GAAP) (A+K) = (Q) $ 1,953 $ 2,005 $ 1,773
Total adjusted taxable-equivalent revenue (non-GAAP) (A+L) 1,953 2,005 1,773
Cash efficiency ratio (non-GAAP) (N/Q) 60.37 % 61.65 % 63.51 %
Adjusted cash efficiency ratio (non-GAAP) (P/Q) 60.37 % 62.69 % 63.51 %
Pre-provision net revenue from continuing operations (non-GAAP) (A+K-M) $ 772 $ 764 $ 642
Plus: Selected items (d)
— (21) —
Adjusted pre-provison net revenue from continuing operations (non-GAAP) $ 772 $ 743 $ 642
Diluted EPS from continuing operations attributable to Key common shareholders (GAAP) $ 0.44 $ 0.43 $ 0.33
Plus: EPS impact of selected items (d)
— (0.01) —
Diluted EPS from continuing operations attributable to Key common shareholders - adjusted (non-GAAP) (e)
$ 0.44 $ 0.41 $ 0.33
Adjusted operating leverage and fee based adjusted operating leverage
Adjusted noninterest income YoY Growth (R) 8.23 % 8.31 % 3.25 %
Adjusted taxable-equivalent revenue YoY Growth (S) 10.15 % 12.45 % 15.66 %
Adjusted noninterest expense YoY Growth (T) 4.42 % 3.27 % 31.51 %
Adjusted operating leverage (S - T) 5.73 % 9.18 % (15.86) %
Adjusted fee-based operating leverage (R - T) 3.81 % 5.04 % (28.27) %
(a)Net of capital surplus.
(b)Under the current applicable regulatory capital rules, Key has made the AOCI opt out election, which enables us to exclude components of AOCI from regulatory capital, notably the AOCI relative to securities and pension.
(c)Amounts and ratios as of March 31, 2026 are estimated.
(d)Additional detail provided in Selected Items table on page 22.
(e)Earnings per share may not foot due to rounding.
GAAP = U.S. generally accepted accounting principles; TE = Taxable Equivalent
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 16
Consolidated Balance Sheets
(Dollars in millions)
3/31/2026 12/31/2025 3/31/2025
Assets
Loans $ 109,190 $ 106,541 $ 104,809
Loans held for sale 876 1,077 811
Securities available for sale 38,918 39,596 40,751
Held-to-maturity securities 9,116 8,622 7,160
Trading account assets 783 1,061 1,296
Short-term investments 11,782 10,163 15,349
Other investments 1,204 949 1,050
Total earning assets 171,869 168,009 171,226
Allowance for loan and lease losses (1,449) (1,427) (1,429)
Cash and due from banks 1,130 1,287 1,909
Premises and equipment 618 628 602
Goodwill 2,752 2,752 2,752
Other intangible assets 5 8 22
Corporate-owned life insurance 4,439 4,432 4,404
Accrued income and other assets 9,100 8,481 8,958
Discontinued assets 199 211 247
Total assets $ 188,663 $ 184,381 $ 188,691
Liabilities
Deposits in domestic offices:
Interest-bearing deposits $ 120,220 $ 121,100 $ 122,283
Noninterest-bearing deposits 27,595 27,613 28,454
Total deposits 147,815 148,713 150,737
Federal funds purchased and securities sold under repurchase agreements 34 13 22
Bank notes and other short-term borrowings 6,149 1,071 2,328
Accrued expense and other liabilities 3,801 4,286 4,209
Long-term debt 10,877 9,917 12,392
Total liabilities 168,676 164,000 169,688
Equity
Preferred stock 2,500 2,500 2,500
Common shares 1,257 1,257 1,257
Capital surplus 5,981 6,035 5,946
Retained earnings 15,622 15,359 14,724
Treasury stock, at cost (3,152) (2,810) (2,637)
Accumulated other comprehensive income (loss) (2,221) (1,960) (2,787)
Key shareholders’ equity 19,987 20,381 19,003
Total liabilities and equity $ 188,663 $ 184,381 $ 188,691
Common shares outstanding (000) 1,087,293 1,102,401 1,111,986
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 17
Consolidated Statements of Income
(Dollars in millions, except per share amounts)
Three months ended
3/31/2026 12/31/2025 3/31/2025
Interest income
Loans $ 1,416 $ 1,439 $ 1,401
Loans held for sale 14 18 14
Securities available for sale 370 388 392
Held-to-maturity securities 86 76 63
Trading account assets 11 12 17
Short-term investments 103 137 174
Other investments 5 8 9
Total interest income 2,005 2,078 2,070
Interest expense
Deposits 598 688 753
Federal funds purchased and securities sold under repurchase agreements 14 4 1
Bank notes and other short-term borrowings 20 9 27
Long-term debt 151 162 193
Total interest expense 783 863 974
Net interest income 1,222 1,215 1,096
Provision for credit losses 106 108 118
Net interest income after provision for credit losses 1,116 1,107 978
Noninterest income
Trust and investment services income 157 156 139
Investment banking and debt placement fees 197 243 175
Cards and payments income 86 84 82
Service charges on deposit accounts 77 78 69
Corporate services income 71 81 65
Commercial mortgage servicing fees 62 68 76
Corporate-owned life insurance income 34 40 33
Consumer mortgage income 13 16 13
Operating lease income and other leasing gains 8 9 9
Other income 18 7 7
Total noninterest income 723 782 668
Noninterest expense
Personnel 743 790 680
Net occupancy 68 69 67
Computer processing 111 106 107
Business services and professional fees 36 61 40
Equipment 19 22 20
Operating lease expense 7 8 11
Marketing 18 28 21
Other expense 179 157 185
Total noninterest expense 1,181 1,241 1,131
Income (loss) from continuing operations before income taxes 658 648 515
Income taxes (benefit) 136 139 109
Income (loss) from continuing operations 522 509 406
Income (loss) from discontinued operations, net of taxes — 1 (1)
Net income (loss) $ 522 $ 510 $ 405
Income (loss) from continuing operations attributable to Key common shareholders $ 486 $ 474 $ 370
Net income (loss) attributable to Key common shareholders 486 475 369
Per common share
Income (loss) from continuing operations attributable to Key common shareholders $ 0.45 $ 0.43 $ 0.34
Income (loss) from discontinued operations, net of taxes — — —
Net income (loss) attributable to Key common shareholders (a)
0.45 0.43 0.34
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders $ 0.44 $ 0.43 $ 0.33
Income (loss) from discontinued operations, net of taxes — — —
Net income (loss) attributable to Key common shareholders (a)
0.44 0.43 0.33
Cash dividends declared per common share $ 0.205 $ 0.205 $ 0.205
Weighted-average common shares outstanding (000) 1,084,277 1,095,171 1,096,654
Effect of common share options and other stock awards(b)
10,091 11,152 9,486
Weighted-average common shares and potential common shares outstanding (000) (c)
1,094,368 1,106,323 1,106,140
(a)Earnings per share may not foot due to rounding.
(b)For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
(c)Assumes conversion of common share options and other stock awards, as applicable.
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 18
Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
First Quarter 2026 Fourth Quarter 2025 First Quarter 2025
Average Yield/ Average Yield/ Average Yield/
Balance
Interest (a)
Rate (a)
Balance
Interest (a)
Rate (a)
Balance
Interest (a)
Rate (a)
Assets
Loans: (b), (c)
Commercial and industrial (d)
$ 59,149 $ 843 5.76 % $ 57,541 $ 851 5.88 % $ 53,746 $ 800 6.04 %
Real estate — commercial mortgage 13,902 198 5.76 13,356 198 5.91 13,061 192 5.96
Real estate — construction 2,803 45 6.50 2,839 48 6.71 2,905 49 6.87
Commercial lease financing 2,213 21 3.81 2,302 21 3.73 2,653 23 3.52
Total commercial loans 78,067 1,107 5.73 76,038 1,118 5.84 72,365 1,064 5.96
Real estate — residential mortgage 18,593 155 3.34 18,853 157 3.33 19,737 165 3.33
Home equity loans 5,609 74 5.35 5,780 80 5.47 6,248 86 5.60
Other consumer loans 4,558 58 5.16 4,715 61 5.15 5,087 63 5.01
Credit cards 910 30 13.24 930 31 13.24 917 32 14.04
Total consumer loans 29,670 317 4.30 30,278 329 4.33 31,989 346 4.35
Total loans 107,737 1,424 5.35 106,316 1,447 5.41 104,354 1,410 5.47
Loans held for sale 1,092 14 4.99 1,234 18 5.84 815 14 6.70
Securities available for sale (b), (e)
39,403 370 3.59 39,785 388 3.67 39,321 392 3.70
Held-to-maturity securities (b)
8,795 86 3.91 8,056 76 3.78 7,274 63 3.46
Trading account assets 865 11 4.96 961 12 4.79 1,296 17 5.20
Short-term investments 11,134 103 3.74 13,603 137 4.01 15,211 174 4.63
Other investments (e)
1,075 5 1.97 935 8 3.09 935 9 3.73
Total earning assets 170,101 2,013 4.71 170,890 2,086 4.79 169,206 2,079 4.86
Allowance for loan and lease losses (1,419) (1,435) (1,401)
Accrued income and other assets 17,567 17,562 18,285
Discontinued assets 204 215 254
Total assets $ 186,453 $ 187,232 $ 186,344
Liabilities
Money market deposits $ 42,732 $ 223 2.12 % $ 42,442 $ 246 2.30 % $ 42,007 $ 275 2.65 %
Demand deposits 61,478 279 1.84 61,541 319 2.06 57,460 310 2.19
Savings deposits 4,378 1 .04 4,358 1 .05 4,610 1 .06
Time deposits 11,777 95 3.26 13,857 122 3.48 16,625 167 4.09
Total interest-bearing deposits 120,365 598 2.01 122,198 688 2.23 120,702 753 2.53
Federal funds purchased and securities sold under repurchase agreements 1,539 14 3.69 413 4 3.80 100 1 3.94
Bank notes and other short-term borrowings 2,585 20 3.20 1,072 9 3.23 2,273 27 4.74
Long-term debt (f)
10,186 151 5.96 10,274 162 6.27 11,779 193 6.61
Total interest-bearing liabilities 134,675 783 2.35 133,957 863 2.56 134,854 974 2.92
Noninterest-bearing deposits 26,934 28,512 27,840
Accrued expense and other liabilities 4,248 4,160 4,764
Discontinued liabilities (f)
204 215 254
Total liabilities $ 166,061 $ 166,844 $ 167,712
Equity
Total equity $ 20,392 $ 20,388 $ 18,632
Total liabilities and equity $ 186,453 $ 187,232 $ 186,344
Interest rate spread (TE) 2.36 % 2.23 % 1.94 %
Net interest income (TE) and net interest margin (TE) $ 1,230 2.87 % $ 1,223 2.82 % $ 1,105 2.58 %
TE adjustment (b)
8 8 9
Net interest income, GAAP basis $ 1,222 $ 1,215 $ 1,096
(a)Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (f) below, calculated using a matched funds transfer pricing methodology.
(b)Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 21% for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025.
(c)For purposes of these computations, nonaccrual loans are included in average loan balances.
(d)Commercial and industrial average balances include $205 million, $211 million, and $213 million of assets from commercial credit cards for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
(e)Yield presented is calculated on the basis of amortized cost excluding fair value hedge basis adjustments. The average amortized cost for securities available for sale was $41.5 billion, $42.1 billion, and $42.7 billion for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively. Yield based on the fair value of securities available for sale was 3.75%, 3.90%, and 3.99% for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
(f)A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying Key’s matched funds transfer pricing methodology to discontinued operations.
TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles.
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 19
Noninterest Expense
(Dollars in millions)
Three months ended
3/31/2026 12/31/2025 3/31/2025
Personnel (a)
$ 743 $ 790 $ 680
Net occupancy 68 69 67
Computer processing 111 106 107
Business services and professional fees 36 61 40
Equipment 19 22 20
Operating lease expense 7 8 11
Marketing 18 28 21
Other expense 179 157 185
Total noninterest expense $ 1,181 $ 1,241 $ 1,131
Average full-time equivalent employees (b)
17,469 17,396 16,989
(a)Additional detail provided in Personnel Expense table below.
(b)The number of average full-time equivalent employees has not been adjusted for discontinued operations.
Personnel Expense
(Dollars in millions)
Three months ended
3/31/2026 12/31/2025 3/31/2025
Salaries and contract labor $ 439 $ 446 $ 405
Incentive and stock-based compensation 172 205 158
Employee benefits 127 131 109
Severance 5 8 8
Total personnel expense $ 743 $ 790 $ 680
Loan Composition
(Dollars in millions)
Change 3/31/2026 vs.
3/31/2026 12/31/2025 3/31/2025 12/31/2025 3/31/2025
Commercial and industrial (a), (b)
$ 60,651 $ 57,688 $ 54,378 5.1 % 11.5 %
Commercial real estate:
Commercial mortgage 14,144 13,707 13,239 3.2 6.8
Construction 2,801 2,844 2,929 (1.5) (4.4)
Total commercial real estate loans 16,945 16,551 16,168 2.4 4.8
Commercial lease financing (b)
2,200 2,270 2,576 (3.1) (14.6)
Total commercial loans 79,796 76,509 73,122 4.3 9.1
Real estate — residential mortgage 18,483 18,732 19,622 (1.3) (5.8)
Home equity loans 5,528 5,703 6,154 (3.1) (10.2)
Other consumer loans 4,477 4,644 5,000 (3.6) (10.5)
Credit cards 906 953 911 (4.9) (.5)
Total consumer loans 29,394 30,032 31,687 (2.1) (7.2)
Total loans (c), (d)
$ 109,190 $ 106,541 $ 104,809 2.5 % 4.2 %
(a)Loan balances include $207 million, $205 million, and $218 million of commercial credit card balances at March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
(b)Commercial and industrial includes receivables held as collateral for a secured borrowing of $192 million at March 31, 2025. Principal reductions are based on the cash payments received from these related receivables.
(c)Total loans exclude loans of $194 million at March 31, 2026, $205 million at December 31, 2025, and $243 million at March 31, 2025, related to the discontinued operations of the education lending business.
(d)Accrued interest of $443 million, $459 million, and $448 million at March 31, 2026, December 31, 2025, and March 31, 2025, respectively, presented in "other assets" on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
Loans Held for Sale Composition
(Dollars in millions)
Change 3/31/2026 vs.
3/31/2026 12/31/2025 3/31/2025 12/31/2025 3/31/2025
Commercial and industrial $ 139 $ 167 $ 252 (16.8) % (44.8) %
Real estate — commercial mortgage 637 761 473 (16.3) 34.7
Real estate — residential mortgage 100 149 86 (32.9) 16.3
Total loans held for sale $ 876 $ 1,077 $ 811 (18.7) % 8.0 %
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 20
Summary of Changes in Loans Held for Sale
(Dollars in millions)
1Q26 4Q25 3Q25 2Q25 1Q25
Balance at beginning of period $ 1,077 $ 998 $ 530 $ 811 $ 797
New originations 2,034 3,356 3,471 1,806 1,840
Transfers from (to) held to maturity, net (13) (35) — (71) 6
Loan sales (2,201) (3,232) (2,956) (2,012) (1,695)
Loan draws (payments), net (25) (10) (42) (1) (138)
Valuation and other adjustments 4 — (5) (3) 1
Balance at end of period $ 876 $ 1,077 $ 998 $ 530 $ 811
Summary of Loan and Lease Loss Experience From Continuing Operations
(Dollars in millions)
Three months ended
3/31/2026 12/31/2025 3/31/2025
Average loans outstanding $ 107,737 $ 106,316 $ 104,354
Allowance for loan and lease losses at the beginning of the period $ 1,427 $ 1,444 $ 1,409
Loans charged off:
Commercial and industrial 90 69 62
Real estate — commercial mortgage 1 25 36
Real estate — construction — — —
Total commercial real estate loans 1 25 36
Commercial lease financing — 4 —
Total commercial loans 91 98 98
Real estate — residential mortgage — 1 1
Home equity loans 1 1 1
Other consumer loans 15 14 14
Credit cards 10 10 12
Total consumer loans 26 26 28
Total loans charged off 117 124 126
Recoveries:
Commercial and industrial 10 7 10
Real estate — commercial mortgage — 6 —
Real estate — construction — — —
Total commercial real estate loans — 6 —
Commercial lease financing — — —
Total commercial loans 10 13 10
Real estate — residential mortgage 1 1 1
Home equity loans 1 1 1
Other consumer loans 2 2 2
Credit cards 2 3 2
Total consumer loans 6 7 6
Total recoveries 16 20 16
Net loan charge-offs (101) (104) (110)
Provision (credit) for loan and lease losses 123 87 130
Allowance for loan and lease losses at end of period $ 1,449 $ 1,427 $ 1,429
Liability for credit losses on lending-related commitments at beginning of period $ 313 $ 292 $ 290
Provision (credit) for losses on lending-related commitments (17) 21 (12)
Liability for credit losses on lending-related commitments at end of period (a)
$ 296 $ 313 $ 278
Total allowance for credit losses at end of period $ 1,745 $ 1,740 $ 1,707
Net loan charge-offs to average total loans .38 % .39 % .43 %
Allowance for loan and lease losses to period-end loans 1.33 1.34 1.36
Allowance for credit losses to period-end loans 1.60 1.63 1.63
Allowance for loan and lease losses to nonperforming loans 212 232 208
Allowance for credit losses to nonperforming loans 256 283 249
Discontinued operations — education lending business:
Loans charged off $ 1 $ 1 $ 1
Recoveries — — —
Net loan charge-offs $ (1) $ (1) $ (1)
(a)Included in "Accrued expense and other liabilities" on the balance sheet.
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 21
Asset Quality Statistics From Continuing Operations
(Dollars in millions)
1Q26 4Q25 3Q25 2Q25 1Q25
Net loan charge-offs $ 101 $ 104 $ 114 $ 102 $ 110
Net loan charge-offs to average total loans .38 % .39 % .42 % .39 % .43 %
Allowance for loan and lease losses $ 1,449 $ 1,427 $ 1,444 $ 1,446 $ 1,429
Allowance for credit losses (a)
1,745 1,740 1,736 1,743 1,707
Allowance for loan and lease losses to period-end loans 1.33 % 1.34 % 1.36 % 1.36 % 1.36 %
Allowance for credit losses to period-end loans 1.60 1.63 1.64 1.64 1.63
Allowance for loan and lease losses to nonperforming loans 212 232 219 208 208
Allowance for credit losses to nonperforming loans 256 283 264 250 249
Nonperforming loans at period end $ 682 $ 615 $ 658 $ 696 $ 686
Nonperforming assets at period end 692 627 668 707 700
Nonperforming loans to period-end portfolio loans .62 % .58 % .62 % .65 % .65 %
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets
.63 .59 .63 .66 .67
(a)Includes the allowance for loan and lease losses plus the liability for credit losses on lending-related commitments.
Summary of Nonperforming Assets and Past Due Loans From Continuing Operations
(Dollars in millions)
3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025
Commercial and industrial $ 284 $ 256 $ 253 $ 280 $ 288
Real estate — commercial mortgage 190 157 214 226 206
Real estate — construction — — — — —
Total commercial real estate loans 190 157 214 226 206
Commercial lease financing 6 7 — — —
Total commercial loans 480 420 467 506 494
Real estate — residential mortgage 115 104 98 95 94
Home equity loans 76 80 82 84 87
Other Consumer loans 4 4 4 4 4
Credit cards 7 7 7 7 7
Total consumer loans 202 195 191 190 192
Total nonperforming loans (a)
682 615 658 696 686
OREO 10 9 10 11 14
Nonperforming loans held for sale — 3 — — —
Total nonperforming assets $ 692 $ 627 $ 668 $ 707 $ 700
Accruing loans past due 90 days or more $ 153 $ 99 $ 110 $ 74 $ 86
Accruing loans past due 30 through 89 days 137 220 254 266 281
Nonperforming assets from discontinued operations — education lending business 2 2 2 2 1
Nonperforming loans to period-end portfolio loans .62 % .58 % .62 % .65 % .65 %
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets
.63 .59 .63 .66 .67
Summary of Changes in Nonperforming Loans From Continuing Operations
(Dollars in millions)
1Q26 4Q25 3Q25 2Q25 1Q25
Balance at beginning of period $ 615 $ 658 $ 696 $ 686 $ 758
Loans placed on nonaccrual status 253 248 210 233 170
Charge-offs (117) (124) (140) (127) (126)
Loans sold (2) (7) (13) — —
Payments (37) (124) (68) (74) (57)
Transfers to OREO (1) (1) (1) (1) (2)
Loans returned to accrual status (29) (35) (26) (21) (57)
Balance at end of period $ 682 $ 615 $ 658 $ 696 $ 686
KeyCorp Reports First Quarter 2026 Results
April 16, 2026
Page 22
Line of Business Results
(Dollars in millions)
Change 1Q26 vs.
1Q26 4Q25 3Q25 2Q25 1Q25 4Q25 1Q25
Consumer Bank
Summary of operations
Total revenue (TE) $ 978 $ 998 $ 992 $ 967 $ 932 (2.0) % 4.9 %
Provision for credit losses 40 32 40 55 43 25.0 (7.0)
Noninterest expense 709 734 693 694 675 (3.4) 5.0
Net income (loss) attributable to Key 173 176 196 165 163 (1.7) 6.1
Average loans and leases 34,005 34,683 35,363 36,137 36,819 (2.0) (7.6)
Average deposits 87,796 87,738 87,692 88,002 88,306 .1 (.6)
Net loan charge-offs 40 49 49 40 52 (18.4) (23.1)
Net loan charge-offs to average total loans .48 % .56 % .55 % .44 % .57 % (14.3) (15.8)
Nonperforming assets at period end $ 270 $ 262 $ 266 $ 269 $ 278 3.1 (2.9)
Return on average allocated equity 24.76 % 24.24 % 26.03 % 21.91 % 21.28 % 2.1 16.4
Commercial Bank
Summary of operations
Total revenue (TE) $ 1,117 $ 1,194 $ 1,114 $ 1074 $ 1047 (6.4) % 6.7 %
Provision for credit losses 70 73 68 84 75 (4.1) N/M
Noninterest expense 474 515 485 451 464 (8.0) 2.2
Net income (loss) attributable to Key 451 472 440 423 399 (4.4) 13.0
Average loans and leases 73,146 71,107 70,328 69,089 67,058 2.9 9.1
Average loans held for sale 958 1,140 1,224 707 754 (16.0) 27.1
Average deposits 58,929 60,485 58,523 55,927 57,481 (2.6) 2.5
Net loan charge-offs 64 53 64 62 57 20.8 12.3
Net loan charge-offs to average total loans .35 % .30 % .36 % .36 % .34 % 16.7 2.9
Nonperforming assets at period end $ 422 $ 365 $ 402 $ 438 $ 422 15.6 —
Return on average allocated equity 18.10 % 18.80 % 17.83 % 17.55 % 17.16 % (3.7) 5.5
TE = Taxable Equivalent; N/M = Not Meaningful
Selected Items Impact on Earnings
(Dollars in millions, except per share amounts)
Pretax(a)
After-tax at marginal rate(a)
Quarter to date results Amount Net Income
EPS(b), (d)
Three months ended March 31, 2026
No items $ — $ — $ —
Three months ended December 31, 2025
FDIC special assessment (other expense)(c)
21 16 0.01
Three months ended September 30, 2025
FDIC special assessment (other expense)(c)
5 4 —
Three months ended June 30, 2025
No items — — —
Three months ended March 31, 2025
No items — — —
(a)Favorable (unfavorable) impact.
(b)Impact to EPS reflected on a fully diluted basis.
(c)In November 2023, the FDIC issued a final rule implementing a special assessment on insured depository institutions to recover the loss to the FDIC’s deposit insurance fund (DIF) associated with protecting uninsured depositors following the 2023 closures of Silicon Valley Bank and Signature Bank. KeyCorp recorded the initial loss estimate related to the special assessment during the fourth quarter of 2023. Amounts reflected in this table represent adjustments from initial estimates based on quarterly invoices received from the FDIC.
(d)Earnings per share may not foot due to rounding.
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KeyCorp First Quarter 2026 Earnings Review April 16, 2026 Chris Gorman Chairman and Chief Executive Officer Clark Khayat Chief Financial Officer
10.0% Marked CET1 ratio(3),(4) 1Q26 Results +12% Collective growth of priority fee-based businesses YoY(1) ~$70Bn Assets under management(2), up 11% YoY Differentiated Fee Businesses +3% Commercial client growth YoY Client and Prospect Momentum Commitment to Return of Capital Risk Management Excellence 63 bps NPAs / loans + OREO 38 bps NCOs / average loans 2 (1) Priority fee-based businesses include Wealth, Investment Banking, and Commercial Payments; (2) As of 3/31/2026; (3) 3/31/2026 ratio is estimated; (4) Non-GAAP measure: see appendix for reconciliation $1.3Bn Planned share repurchases in 2026, ($389MM repurchased in 1Q26) +2% Net new relationship household growth YoY
Financial Review
▪ EPS of $0.44, up 33% YoY ▪ Revenue(1),(2) up 10% YoY – Net interest income(1),(2) up 11% YoY and 1% QoQ – NIM(1) of 2.87%, up 5 bps QoQ – Noninterest income up 8% YoY, driven by strong growth across priority fee-based businesses ▪ Noninterest expenses up 4% YoY ▪ NCOs of 38 bps decreased 5 bps YoY and 1 bp QoQ – Loan loss provision of $106MM; ACL build of $5MM ▪ CET1 ratio at 11.4%(3) – Marked CET1 ratio of 10.0%(2),(3), down 43 bps QoQ – 100+ bps anticipated benefit to marked CET1 ratio under the proposed Basel III revised standardized approach(4) ▪ ROTCE(2) of 13%, up 179 bps YoY ▪ Tangible book value per common share increased 10% YoY ▪ Repurchased $389MM of common stock Adjusted Noninterest Expense $1,262(2) 1Q26 Highlights $ in millions, excluding per share metrics From continuing operations, unless otherwise noted Reported QoQ Δ YoY Δ EPS $0.44 7% 33% Net interest income(1),(2) $1,230 1% 11% Noninterest income $723 (8)% 8% Revenue(1),(2) $1,953 (3)% 10% Noninterest expense $1,181 (6)% 4% Provision for credit losses $106 (2)% (10)% CET1(3) 11.4% (38) bps (22) bps Cash efficiency ratio(2) 60.4% (128) bps (314) bps ROTCE(2) 13.0% 59 bps 179 bps Tangible book value per common share $13.60 (1)% 10% 4 (1) Taxable equivalent basis; (2) Non-GAAP measure: see appendix for reconciliation; (3) 3/31/2026 ratio is estimated; (4) Preliminary estimate based on 12/31/2025 risk weighted assets; (5) Reflects comparison of adjusted metrics. non-GAAP measure: see appendix for reconciliation and slide 20 for breakout of "Selected Items Impact on Earnings" (5) (5)
$106.5 $3.0 $0.4 $(0.1) $(0.2) $(0.4) $109.2 12/31/25 C&I CRE Comm'l lease Residential mortgage Other consumer 3/31/26 ▪ ~69% variable rate, or 33% after adjusting for loans swapped to a fixed rate; loan yields would have been 5.48% excluding the impact from hedges(3) ▪ ~91% of commercial loans are made to clients who do additional business with Key(4) ▪ ~55% of the C&I portfolio is investment grade; Consumer book has a 767 weighted average FICO at origination ▪ C&I line utilization: 31.5% (up ~100 bps from 4Q25) ▪ Average loans up $1.4Bn (+1.3%) – Increase in average commercial loans (+2.7%), driven by an increase in C&I loans (+2.8%) and CRE loans (+3.1%) – Partially offset by a decline in total consumer loans (-2.0%), reflective of broad-based declines across all consumer loan categories vs. Prior Quarter Portfolio Highlights Note: Graphs may not foot due to rounding (1) CRE includes real estate – commercial mortgage and real estate – construction; (2) Other Consumer includes home equity loans, credit cards, and other consumer loans; (3) Non-GAAP measure: see appendix for reconciliation; (4) Defined as capital markets, payments or deposits Average Loans Consumer Commercial Loan Yield $ in billions QoQ Ending Balances by Type 5 $104.4 $105.7 $106.2 $106.3 $107.7 $72.4 $74.3 $75.4 $76.0 $78.1 $32.0 $31.4 $30.8 $30.3 $29.7 5.47% 5.51% 5.51% 5.41% 5.35% 1Q25 2Q25 3Q25 4Q25 1Q26 12/ / 5 (2) consumer CRE(1) /31/26
NDFI = Non-depository financial institutions (1) As the 1Q26 call report has not been filed, total NDFI balances are estimated; (2) Includes primarily REITs, real estate operating companies, and real estate funds $7.7 $0.6 $0.8 $0.9 $0.9 Unitranche funds Other private credit 6 Real estate lenders Specialty Finance Lending (SFL) Equipment finance co's $ in billions; preliminary data as of 1Q26 Types of Private Credit Loans Subset Call Report Reconciliation(1) Loans to NDFI Including Private Credit ~91% Investm nt Grade $20.8 $(8.1) $(1.1) $(0.7) $10.9 Total NDFI (regulatory definition) Institutional Real Estate Insurance Other Private credit loans Roughly half are non-RE private equity subscription lines • 98% Investment Grade • First loss cushions typically 30 – 50% • Underwritten to the counterparty, with strict collateral eligibility criteria • Structural protections if collateral and liquidity performance deteriorates • Diversified by industry, sector, and clients (2)) • 100% senior secured loans • Substantial equity in addition to conservative advance rates
▪ Average deposits decreased 2.3% – Client deposits down 1.2%, driven by seasonally lower commercial deposits – Brokered CDs declined by $1.6Bn – Consumer deposits were stable ▪ Total deposit costs declined by 16 bps, with total interest- bearing deposit costs declining 22 bps – Cumulative down interest-bearing deposit beta: ~56%(3) 38% 16%7% 30% 8% 0% 42% 29% 18% 8% 3% vs. Prior Quarter Deposit Franchise Highlights ▪ Client deposits up 1% year-over-year ▪ NIB deposits were 18% of total deposits, or 24% including hybrids ▪ Commercial deposit balances driven by relationship clients – 81% from clients with a core operating account – 96% from clients with an operating account ▪ Loan-to-deposit ratio: 75%(4) 1Q26 Product Mix Time deposits Savings Noninterest- bearing IB demand 1Q26 Interest-Bearing Mix Consumer ex term products <1% MMDA Managed commercial Indexed commercial Wealth Average Deposits Consumer Other(1) Commercial Total deposit cost Consumer term products(2) Note: Graphs may not foot due to rounding (1) Other includes treasury brokered deposits and other deposits; (2) Includes MMDA promos and retail CDs; (3) Cumulative beta indexed to 3Q24; (4) Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits 24% including hybrid accounts Treasury / other 7 $148.5 $147.4 $150.4 $150.7 $147.3 $88.3 $88.0 $87.7 $87.7 $87.8 $57.5 $55.9 $58.5 $60.5 $58.9 2.06% 1.99% 1.97% 1.81% 1.65% 1Q25 2Q25 3Q25 4Q25 1Q26 $ in billions
$1,223 $12 $11 $9 $(10) $(16) $1,230 Commercial loan growth Swaps Rate impacts & deposit cost management Deposit decline Day count $1,105 $1,150 $1,193 $1,223 $1,230 2.58% 2.66% 2.75% 2.82% 2.87% Net interest income Net interest margin 1Q25 2Q25 3Q25 4Q25 1Q26 Note: NII and NIM walks may not foot due to rounding (1) Net interest income and net interest margin on a taxable equivalent basis, and non-GAAP measure: see appendix for reconciliation Net Interest Income / Net Interest Margin +1% +11% NII Walk(1) NIM Walk(1) 8 2.82% 3 bps 3 bps 2 bps (2) bps 2.87% Commercial loan growth Swaps Rate impacts & deposit cost management Deposit decline $ in millions; from continuing operations 4Q25 1Q26 4Q25 1Q26 (1))(1)
$668 $782 $723 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 QoQ YoY Investment banking & debt placement $175 $243 $197 (19)% 13% Trust & investment services $139 $156 $157 1% 13% Cards & payments $82 $84 $86 2% 5% Service charges on deposits $69 $78 $77 (1)% 12% Corporate services $65 $81 $71 (12)% 9% Commercial mortgage servicing $76 $68 $62 (9)% (18)% Other(1) $62 $72 $73 1% 18% (1) Other includes Corporate-owned life insurance income, Consumer mortgage income, Operating lease income and other leasing gains, Net securities gains (losses), and Other income Noninterest Income Noninterest Income Detail % change vs. Prior Year 9 $ in millions; illustrative, not drawn to scale +8% ▪ Noninterest income up $55MM (+8%) – Investment banking & debt placement fees up $22MM (+13%), reflecting higher merger and acquisition advisory fees, commercial mortgage debt placement activity, and equity issuance activity ▪ Record 1st quarter for investment banking & debt placement fees – Trust & investment services fees up +13%, reflecting higher market levels and positive net flows – Service charges on deposits increased +12%, reflecting continued momentum in commercial payments – Corporate services fees up +9%, reflecting higher loan commitment fees and client FX activity – Commercial mortgage servicing fees down 18% reflecting lower special servicing and as certain clients hold escrow deposits to pay for services in lieu of fees
$1,131 $1,241 $1,181 $680 $790 $743 $451 $472 $438 1Q25 4Q25 1Q26 ▪ Noninterest Expense up $50MM (+4%) – Higher personnel expense primarily related to continued investments in people, incentive compensation associated with strong noninterest income growth, and higher benefits expenses – Lower non-personnel expense reflects decreases in regulatory-related costs and operational losses (3)% Personnel Non-personnel (2) YoY +9% +4% QoQ (7)% (6)% (5)% $ in millions Noninterest Expense vs. Prior Quarter % change vs. Prior Year (1) See slide 20 for breakout of "Selected Items Impact on Earnings"; (2) Excludes selected items, non-GAAP measure: see appendix for reconciliation and see slide 20 for breakout of "Selected Items Impact on Earnings" 10 $(21)(1) 1Q26 Notable Expenses ▪ Pull forward of $25MM charitable contribution originally planned in back half of the year Reported total ▪ Noninterest Expense down $60MM (-5%) – Decrease in personnel expense primarily related to incentive compensation – Non-personnel decrease reflects seasonally lower professional fees and marketing expenses, partially offset by the FDIC special assessment benefit in the prior quarter and higher charitable contributions in 1Q26 1Q26 Notable Expenses: $25MM charitable contribution pulled forward, originally planned in back half of the year (6)% Adjusted(2)
0.27% 0.25% 0.24% 0.21% 0.13% 0.08% 0.07% 0.10% 0.09% 0.14% 30-89 days delinquent 90+ days delinquent 1Q25 2Q25 3Q25 4Q25 1Q26 $6,265 $6,062 $5,871 $5,373 $5,370 6.0% 5.7% 5.5% 5.0% 4.9% Criticized outstandings Criticized outstandings to period-end total loans 1Q25 2Q25 3Q25 4Q25 1Q26 $700 $707 $668 $627 $692 0.67% 0.66% 0.63% 0.59% 0.63% NPAs NPA ratio 1Q25 2Q25 3Q25 4Q25 1Q26 (1) Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets; (2) Loan and lease outstandings $ in millions Net Charge-Offs (NCOs) & Provision for Credit Losses Delinquencies to Period-End Total Loans Criticized Outstandings(2) to Period-End Total Loans $ in millions; from continuing operations Nonperforming Assets (NPAs) Ratio(1) $ in millions Credit Quality From continuing operations 11 $110 $102 $114 $104 $101$118 $138 $107 $108 $106 0.43% 0.39% 0.42% 0.39% 0.38% NCOs Provision for credit losses NCOs to average loans 1Q25 2Q25 3Q25 4Q25 1Q26 (1)
▪ Repurchased $389MM of common shares at an average price of $21.47 per share in the first quarter ▪ Intend to repurchase $300MM+ of common shares per quarter for the remainder of 2026(2) – Expect to repurchase at least $1.3Bn in 2026(2) (1) 3/31/2026 ratio is estimated; (2) Represents a forward-looking statement: refer to slide 21, "Forward-Looking Statements and Additional Information," for more information; (3) Non-GAAP measure: see appendix for reconciliation 9.8% 10.0% 10.3% 10.4% 10.0% 1Q25 2Q25 3Q25 4Q25 1Q26 11.6% 11.7% 11.8% 11.8% 11.4% 1Q25 2Q25 3Q25 4Q25 1Q26 7.4% 7.8% 8.1% 8.4% 8.0% 1Q25 2Q25 3Q25 4Q25 1Q26 Marked Common Equity Tier 1 Ratio(1),(3) Common Equity Tier 1 Ratio(1) Tangible Common Equity Ratio(3) Capital Share Repurchase Activity ~(20)bps ~60bps ~20bps 12
$ in millions, unless otherwise stated FY2026 (vs. FY2025) Ranges are shown on an operating basis Revenue(1),(2) (FY25 baseline: $7,513) up ~7% Net interest income(1),(2) (FY25 baseline: $4,671) up 9 – 10% (previously up 8 – 10%) Net interest margin 4Q exit rate: ~3.05% (previously 3.00 – 3.05%) Average earning assets stable to 1Q26 Noninterest income (FY25 baseline: $2,842) up 3 – 4% Noninterest income on an adjusted basis(1) (FY25 baseline: $2,495)(3) up 5 – 6%(3) Adjusted noninterest expense(1) (FY25 baseline: $4,729)(4) up 3 – 4% Average loans (FY25 baseline: $105.7Bn) up 2 – 4% (previously up 1 – 2%) Average commercial loans (FY25 baseline: $74.5Bn) up 6 – 8% (previously up ~5%) NCOs to average loans 40 – 45 bps Tax rate GAAP tax rate: ~22% Tax-equivalent effective rate(5): ~23% 2026 Outlook 13 (1) Represents a forward-looking non-GAAP measure: refer to slide 21, "Forward-Looking Statements and Additional Information", for more information; (2) Taxable equivalent basis; (3) Excluding Commercial mortgage servicing fees, Operating lease income, Other leasing gains, Other income and net securities gains (losses); (4) Non-GAAP measure: adjusted noninterest expense for 2025 excludes a $26MM benefit from the FDIC special assessment. See slide 20 for breakout of "Selected Items Impact on Earnings"; (5) Reflects the estimated full year taxable-equivalent adjustment 4Q27 Targets(1) 3.25%+ / 15%+ NIM and ROTCE 16 – 19% ROTCE 9.5 – 10% Marked CET1 Long-Term Targets(1)
Appendix
(1) Reflects maturities and weighted-average rate for the remaining quarters in the year; (2) Yield is calculated on an amortized cost basis; (3) Based on 3/31/2026 period-end balances; chart may not foot due to rounding Loan Composition(3) $ in billions Average Total Investment Securities Fixed-Rate Asset Repricing Tailwinds – 2Q26 to 2027 Balance Sheet Management Detail 15 $46.6 $47.8 $47.5 $47.8 $48.2 $7.3 $7.0 $7.2 $8.1 $8.8 $39.3 $40.7 $40.3 $39.8 $39.4 3.64% 3.71% 3.75% 3.69% 3.64% Average HTM securities Average AFS securities Average yield 1Q25 2Q25 3Q25 4Q25 1Q26 3M SOFR 11% Other 1% (2) $ in billions 2Q26 3Q26 4Q26 2026(1) 2027 Projected receive-fixed swaps maturities $2.2 $2.2 $1.9 $6.3 $10.7 Weighted-average rate received (%) 2.95% 2.82% 2.73% 2.84% 3.01% Projected fixed-rate loans cash flows / maturities $1.7 $1.7 $1.6 $5.0 $6.6 Weighted-average rate received (%) 4.08% 4.20% 4.27% 4.18% 4.51% Memo: Projected residential mortgages $0.6 $0.6 $0.5 $1.6 $1.9 Memo: Weighted-average rate received (%) 3.45% 3.47% 3.48% 3.47% 3.56% Projected fixed-rate investment securities cash flows / maturities $2.4 $2.3 $2.1 6.7 $8.4 Weighted-average rate received (%) 4.00% 4.11% 4.13% 4.08% 3.98% Memo: Projected fixed-rate MBS cash flows / maturities $1.6 $1.5 $1.3 $4.4 $5.4 Memo: Weighted-average rate received (%) 3.72% 3.80% 3.90% 3.80% 3.77% 1M SOFR 22% O/N SOFR 27%Fixed 31% Prime 7%
Hedging Strategy Opportunity 16 ending balances, $ in billions 3.4% 3.4% 3.4% 3.5% 3.5% 3.7% 2Q26 3Q26 4Q26 YE26 YE27 $2.2 $2.2 $1.9 $6.3 $10.7 3.0% 2.8% 2.7% 2.8% 3.0% W.A. receive- fixed rate Maturing swaps ($Bn) W.A. receive-fixed rate Receive-fixed asset swaps(1) (1) Portfolio as of 3/31/2026; (2) AFS securities swapped to floating rate 3/31/2026 Debt hedges $9.4 Securities hedges(2) $10.6 Floor spreads $0.5 Other Hedge Positions ▪ Executed $3.0Bn of spot-starting receive-fixed swaps in 1Q26 with a W.A. receive rate of 3.4% and average maturity of 2.8 years 1Q26 ALM Hedge Actions ▪ There were no forward-starting cash flow hedges as of 1Q26 Forward Starting Swaps as of 3/31
270% 160% —% 60% 67% —% —% C&I CRE Comm'l lease Resi mtg Home equity Credit cards Other consumer $1,707 $1,743 $1,736 $1,740 $1,745 1.63% 1.64% 1.64% 1.63% 1.60% ACL ACL to period-end loans 1Q25 2Q25 3Q25 4Q25 1Q26 5.77% 9.01% 5.16% 0.64% 1.47% 1.89% 0.32% C&I CRE Comm'l lease Resi mtg Home equity Credit cards Other consumer 0.55% 0.02% 0.01% — 3.77% 1.16% (0.02)% C&I CRE Comm'l lease Resi mtg Home equity Credit cards Other consumer Credit Quality by Portfolio (3) (4) N/M = Not Meaningful Note: All metrics are as of 3/31/2026 unless otherwise noted; (1) Net loan charge-off amounts are annualized in calculation; (2) Ratios calculated using unrounded figures and therefore may not foot to calculation using rounded figures presented in chart; (3) Commercial and industrial average balances include $205 million of assets from commercial credit cards; (4) Loan balances include $207 million of commercial credit card balances at 3/31/2026 NCOs to Average Loans (%)(1),(2) ↓ 42 bps QoQ 17 Allowance for Credit Losses (ACL) Allowance to NPLs (%)(2) Criticized Outstandings to Period-End Loans (%)(2) N/M N/MN/M N/M
GAAP to Non-GAAP Reconciliation $ in millions 3/31/2026 12/31/2025 3/31/2025 Net interest income (GAAP) $ 1,222 $ 1,215 $ 1,096 Add: Taxable-equivalent adjustment 8 8 9 Net interest income TE (non-GAAP) (A) $ 1,230 $ 1,223 $ 1,105 Net income (loss) attributable to Key common shareholders (GAAP) (B) $ 486 $ 475 $ 369 Average Key shareholders' equity (GAAP) $ 20,392 $ 20,388 $ 18,632 Less: Average intangible assets 2,758 2,762 2,777 Average preferred stock 2,500 2,500 2,500 Average tangible common equity (non-GAAP) (C) $ 15,134 $ 15,126 $ 13,355 Key shareholders' equity (GAAP) $ 19,987 $ 20,381 $ 19,003 Less: Intangible assets 2,757 2,760 2,774 Preferred stock (1) 2,446 2,446 2,446 Tangible common equity (non-GAAP) (D) $ 14,784 $ 15,175 $ 13,783 Total assets (GAAP) $ 188,663 $ 184,381 $ 188,691 Less: Intangible assets 2,757 2,760 2,774 Tangible assets (non-GAAP) (E) $ 185,906 $ 181,621 $ 185,917 Tangible common equity to tangible assets ratio (non-GAAP) (D/E) 7.95 % 8.36 % 7.41 % Return on average tangible common equity consolidated (non-GAAP) (B/C) 13.02 % 12.46 % 11.21 % Common equity tier 1 (F) $ 17,038 $ 17,195 $ 16,549 Add: AFS and Pension AOCI (loss) (2,152) (2,028) (2,601) Marked common equity tier 1 (non-GAAP) (G) (2) $ 14,886 $ 15,167 $ 13,948 Risk-weighted assets (H) (3) $149,465 $145,933 $142,478 Common equity tier 1 ratio (F/H) (3) 11.40 % 11.78 % 11.62 % Marked CET1 ratio (non-GAAP) (G/H) (2),(3) 9.96 % 10.39 % 9.79 % Income (loss) from continuing operations attributable to Key common shareholders (GAAP) (I) $ 486 $ 474 $ 370 Plus: Selected items (net of tax)(4) — (16) — Net income (loss) from continuing operations attributable to Key common shareholders, excluding selected items (non-GAAP) (J) $ 486 $ 458 $ 370 Return on average tangible common equity from continuing operations (non-GAAP) (I/C) 13.02 % 12.43 % 11.24 % Adjusted return on average tangible common equity from continuing operations excluding selected items (non-GAAP) (J/C) 13.02 % 12.01 % 11.24 % Noninterest income (GAAP) (K) $ 723 $ 782 $ 668 Plus: Selected items(4) — — — Adjusted noninterest income (non-GAAP) (L) $ 723 $ 782 $ 668 Noninterest expense (GAAP) (M) $ 1,181 $ 1,241 $ 1,131 Less: Intangible asset amortization 2 5 5 Noninterest expense less intangible asset amortization (non-GAAP) (N) $ 1,179 $ 1,236 $ 1,126 Plus: Selected items(4) (O) — 21 — Adjusted noninterest expense less intangible asset amortization (non-GAAP) (P) $ 1,179 $ 1,257 $ 1,126 Adjusted noninterest expense (non-GAAP) (M+O) $ 1,181 $ 1,262 $ 1,131 Total taxable-equivalent revenue (non-GAAP) (A+K) = (Q) $ 1,953 $ 2,005 $ 1,773 Total adjusted taxable-equivalent revenue (non-GAAP) (A+L) 1,953 2,005 1,773 Cash efficiency ratio (non-GAAP) (N/Q) 60.37 % 61.65 % 63.51 % Adjusted cash efficiency ratio (non-GAAP) (P/Q) 60.37 % 62.69 % 63.51 % Pre-provision net revenue from continuing operations (non-GAAP) (A+K-M) $ 772 $ 764 $ 642 Plus: Selected items(4) — (21) — Adjusted pre-provison net revenue from continuing operations (non-GAAP) $ 772 $ 743 $ 642 Diluted EPS from continuing operations attributable to Key common shareholders (GAAP) $0.44 $0.43 $0.33 Plus: EPS impact of selected items (4) — (0.01) — Diluted EPS from continuing operations attributable to Key common shareholders - adjusted (non-GAAP) (5) $ 0.44 $ 0.41 $ 0.33 Adjusted noninterest income YoY Growth (R) 8.23 % 8.31 % 3.25 % Adjusted taxable-equivalent revenue YoY Growth (S) 10.15 % 12.45 % 15.66 % Adjusted noninterest expense YoY Growth (T) 4.42 % 3.27 % 31.51 % Adjusted operating leverage (S - T) 5.73 % 9.18 % (15.86) % Adjusted fee-based operating leverage (R - T) 3.81 % 5.04 % (28.27) % (1) Net of capital surplus; (2) Under the current applicable regulatory capital rules, Key has made the AOCI opt out election, which enables us to exclude components of AOCI from regulatory capital, notably the AOCI relative to securities and pension. Marked CET1 ratio is a non-GAAP measure and is calculated based on Common Equity Tier 1 capital, inclusive of the AOCI impact from securities and pension, divided by risk weighted assets; (3) Amounts and ratios as of March 31, 2026 are estimated; (4) See slide 20 for breakout of "Selected Items Impact on Earnings"; (5) Earnings per share may not foot due to rounding 18
CET1 – AOCI impact(1) ($ in millions) 1Q26 4Q25 3Q25 2Q25 1Q25 Common equity tier 1 (A) $ 17,038 $ 17,195 $ 17,051 $ 16,774 $ 16,549 Add: AFS and pension accumulated other comprehensive income (loss) (2,152) (2,027) (2,176) (2,476) (2,601) Marked common equity tier 1 (B) $ 14,886 $ 15,168 $ 14,875 $ 14,298 $ 13,948 Risk weighted assets (C) $ 149,466 $ 145,934 $ 144,428 $ 143,427 $ 142,478 Common equity tier 1 ratio (A/C) 11.4 % 11.8 % 11.8 % 11.7 % 11.6 % Marked CET1 ratio (B/C) 10.0 % 10.4 % 10.3 % 10.0 % 9.8 % (1) Under the current applicable regulatory capital rules, Key has made the AOCI opt out election, which enables us to exclude components of AOCI from regulatory capital, notably the AOCI relative to securities and pension. Marked CET1 ratio is a non-GAAP measure and is calculated based on Common Equity Tier 1 capital, inclusive of the AOCI impact from securities and pension, divided by risk weighted assets. We believe this non-GAAP measure provides useful information in light of the potential for change in the regulatory capital framework; (2) Loan Yields Excluding Impact from Hedges is a non-GAAP metric and is calculated by excluding losses realized on derivatives which hedge the interest rate risk of our loans. We believe this metric is meaningful as it provides information on loan yields excluding the impacts of hedge-related interest rate risk management programs Loan yields excluding impact from hedges(2) 1Q26 4Q25 3Q25 2Q25 1Q25 Loan yield 5.33 % 5.41 % 5.52 % 5.50 % 5.46 % Subtract: loan yield impact of realized hedge gains/(losses) (0.15) % (0.28) % (0.36) % (0.34) % (0.37) % Loan yield excluding impact from hedges 5.48 % 5.69 % 5.88 % 5.84 % 5.83 % 19 GAAP to Non-GAAP Reconciliation
(1) Favorable (unfavorable) impact; (2) Impact to EPS reflected on a fully diluted basis; (3) In November 2023, the FDIC issued a final rule implementing a special assessment on insured depository institutions to recover the loss to the FDIC’s deposit insurance fund (DIF) associated with protecting uninsured depositors following the 2023 closures of Silicon Valley Bank and Signature Bank. KeyCorp recorded the initial loss estimate related to the special assessment during the fourth quarter of 2023. Amounts reflected in this table represent adjustments from initial estimates based on quarterly invoices received from the FDIC; (4) Earnings per share may not foot due to rounding Selected Items Impact on Earnings $ in millions, except per share amounts Pretax(1) After-tax at marginal rate(1) Quarter to date results Amount Net Income EPS(2)(4) Three months ended March 31, 2026 No items $ — $ — $ — Three months ended December 31, 2025 FDIC special assessment (other expense)(3) 21 16 0.01 Three months ended September 30, 2025 FDIC special assessment (other expense)(3) 5 4 — Three months ended June 30, 2025 No items — — — Three months ended March 31, 2025 No items — — — 20 Selected Items Impact on Earnings
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, KeyCorp’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are typically identified by words such as “believe,” “seek,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “plan,” “predict,” “project,” “forecast,” “guidance,” “goal,” “objective,” “prospects,” “possible,” “potential,” “strategy,” “opportunities,” or “trends,” by future conditional verbs such as “assume,” “will,” “would,” “should,” “could” or “may”, or by variations of such words or by similar expressions. These forward-looking statements are based on assumptions that involve risks and uncertainties, which are subject to change based on various important factors (some of which are beyond KeyCorp’s control). Actual results may differ materially from current projections. Actual outcomes may differ materially from those expressed or implied as a result of the factors described under “Forward-looking Statements” and “Risk Factors” in KeyCorp’s Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent filings of KeyCorp with the Securities and Exchange Commission (the “SEC”). Such forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. For additional information regarding KeyCorp, please refer to our SEC filings available at www.key.com/ir. Non-GAAP Measures. This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Key’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the appendix to this presentation, the financial supplement, or the press release related to this presentation, all of which can be found on Key’s website (www.key.com/ir). Forward-Looking Non-GAAP Measures. From time to time we may discuss forward-looking non-GAAP financial measures. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant for future results. Annualized Data. Certain returns, yields, performance ratios, or quarterly growth rates are presented on an “annualized” basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. Taxable Equivalent. Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at the federal statutory rate. This adjustment puts all earning assets, most notably tax-exempt municipal securities, and certain lease assets, on a common basis that facilitates comparison of results to results of peers. Earnings Per Share Equivalent. Certain income or expense items may be expressed on a per common share basis. This is done for analytical and decision-making purposes to better discern underlying trends in total consolidated earnings per share performance excluding the impact of such items. When the impact of certain income or expense items is disclosed separately, the after-tax amount is computed using the marginal tax rate, unless otherwise specified, with this then being the amount used to calculate the earnings per share equivalent. GAAP: Generally Accepted Accounting Principles Forward-looking Statements and Additional Information 21
EX-99.3
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Exhibit 99.3
Consolidated Balance Sheets
(dollars in millions)
3/31/2026 12/31/2025 3/31/2025
Assets
Loans $ 109,190 $ 106,541 $ 104,809
Loans held for sale 876 1,077 811
Securities available for sale 38,918 39,596 40,751
Held-to-maturity securities 9,116 8,622 7,160
Trading account assets 783 1,061 1,296
Short-term investments 11,782 10,163 15,349
Other investments 1,204 949 1,050
Total earning assets 171,869 168,009 171,226
Allowance for loan and lease losses (1,449) (1,427) (1,429)
Cash and due from banks 1,130 1,287 1,909
Premises and equipment 618 628 602
Goodwill 2,752 2,752 2,752
Other intangible assets 5 8 22
Corporate-owned life insurance 4,439 4,432 4,404
Accrued income and other assets 9,100 8,481 8,958
Discontinued assets 199 211 247
Total assets $ 188,663 $ 184,381 $ 188,691
Liabilities
Deposits in domestic offices:
Interest-bearing deposits 120,220 121,100 122,283
Noninterest-bearing deposits 27,595 27,613 28,454
Total deposits 147,815 148,713 150,737
Federal funds purchased and securities sold under repurchase agreements 34 13 22
Bank notes and other short-term borrowings 6,149 1,071 2,328
Accrued expense and other liabilities 3,801 4,286 4,209
Long-term debt 10,877 9,917 12,392
Total liabilities 168,676 164,000 169,688
Equity
Preferred stock 2,500 2,500 2,500
Common shares 1,257 1,257 1,257
Capital surplus 5,981 6,035 5,946
Retained earnings 15,622 15,359 14,724
Treasury stock, at cost (3,152) (2,810) (2,637)
Accumulated other comprehensive income (loss) (2,221) (1,960) (2,787)
Total equity 19,987 20,381 19,003
Total liabilities and equity $ 188,663 $ 184,381 $ 188,691
Common shares outstanding (000) 1,087,293 1,102,401 1,111,986
Consolidated Statements of Income
(dollars in millions, except per share amounts)
Three months ended
3/31/2026 12/31/2025 3/31/2025
Interest income
Loans $ 1,416 $ 1,439 $ 1,401
Loans held for sale 14 18 14
Securities available for sale 370 388 392
Held-to-maturity securities 86 76 63
Trading account assets 11 12 17
Short-term investments 103 137 174
Other investments 5 8 9
Total interest income 2,005 2,078 2,070
Interest expense
Deposits 598 688 753
Federal funds purchased and securities sold under repurchase agreements 14 4 1
Bank notes and other short-term borrowings 20 9 27
Long-term debt 151 162 193
Total interest expense 783 863 974
Net interest income 1,222 1,215 1,096
Provision for credit losses 106 108 118
Net interest income after provision for credit losses 1,116 1,107 978
Noninterest income
Trust and investment services income 157 156 139
Investment banking and debt placement fees 197 243 175
Service charges on deposit accounts 77 78 69
Operating lease income and other leasing gains 8 9 9
Corporate services income 71 81 65
Cards and payments income 86 84 82
Corporate-owned life insurance income 34 40 33
Consumer mortgage income 13 16 13
Commercial mortgage servicing fees 62 68 76
Other income 18 7 7
Net securities gains (losses) — — —
Total noninterest income 723 782 668
Noninterest expense
Personnel 743 790 680
Net occupancy 68 69 67
Computer processing 111 106 107
Business services and professional fees 36 61 40
Equipment 19 22 20
Operating lease expense 7 8 11
Marketing 18 28 21
Intangible asset amortization — — —
Other expense 179 157 185
Total noninterest expense 1,181 1,241 1,131
Income (loss) from continuing operations before income taxes 658 648 515
Income taxes 136 139 109
Income (loss) from continuing operations 522 509 406
Income (loss) from discontinued operations, net of taxes — 1 (1)
Net income (loss) 522 510 405
Less: Net income (loss) attributable to noncontrolling interests — — —
Net income (loss) attributable to Key $ 522 $ 510 $ 405
Income (loss) from continuing operations attributable to Key common shareholders $ 486 $ 474 $ 370
Net income (loss) attributable to Key common shareholders 486 475 369
Per common share
Income (loss) from continuing operations attributable to Key common shareholders $ .45 $ .43 $ .34
Income (loss) from discontinued operations, net of taxes — — —
Net income (loss) attributable to Key common shareholders (a)
.45 .43 .34
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders $ .44 $ .43 $ .33
Income (loss) from discontinued operations, net of taxes — — —
Net income (loss) attributable to Key common shareholders (a)
.44 .43 $ .33
Cash dividends declared per common share $ .205 $ .205 $ .205
Weighted-average common shares outstanding (000) 1,084,277 1,095,171 1,096,654
Effect of common share options and other stock awards (b)
10,091 11,152 9,486
Weighted-average common shares and potential common shares outstanding (000) (c)
1,094,368 1,106,323 1,106,140
(a)Earnings per share may not foot due to rounding.
(b)For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
(c)Assumes conversion of common share options and other stock awards and/or convertible preferred stock, as applicable.
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Cover Page
Apr. 16, 2026
Entity Information [Line Items]
Document Type
8-K
Document Period End Date
Apr. 16, 2026
Entity Registrant Name
KeyCorp
Entity Incorporation, State or Country Code
OH
Entity File Number
001-11302
Entity Tax Identification Number
34-6542451
Entity Address, Address Line One
127 Public Square,
Entity Address, City or Town
Cleveland,
Entity Address, State or Province
OH
Entity Address, Postal Zip Code
44114-1306
City Area Code
216
Local Phone Number
689-3000
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Entity Emerging Growth Company
false
Amendment Flag
false
Entity Central Index Key
0000091576
Document Information [Line Items]
Document Type
8-K
Common Stock
Entity Information [Line Items]
Title of 12(b) Security
Common Shares, $1 par value
Trading Symbol
KEY
Security Exchange Name
NYSE
Series E Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security
Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E)
Trading Symbol
KEY PrI
Security Exchange Name
NYSE
Series F Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F)
Trading Symbol
KEY PrJ
Security Exchange Name
NYSE
Series G Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G)
Trading Symbol
KEY PrK
Security Exchange Name
NYSE
Series H Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Reset Perpetual Non-Cumulative Preferred Stock, Series H)
Trading Symbol
KEY PrL
Security Exchange Name
NYSE
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