KeyCorp · KEY-PI · FY2025 Q4 · Calendar Q1 2026

KeyCorp outlines 2026 growth plan amid credit and funding risks

KeyCorp's earnings support a constructive operating trajectory: commercial lending and fee-based businesses are expected to drive growth while technology investment supports efficiency. The thesis remains conditional on deposit costs, credit quality, and a sustained recovery in middle-market M&A activity.

Reported Before market openNYSEFinancial Services $20.08B market cap
75quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.43 Consensus $0.39
EPS surprise +11.1% Reported versus consensus
Reported revenue $2.00B Consensus $1.96B
Revenue surprise +2.2% Reported versus consensus

Market reaction

unavailable
Stock move — Event window
SPY move — Same window
Abnormal move — Stock minus SPY
Volume — Versus trailing sessions
Subsequent drift — Up to 20 sessions
Price and volume data were unavailable at publication time.

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Transcript intelligence

What changed

Management paired maintained 2026 guidance with an expanded capital-return plan, including at least $300 million of Q1 repurchases and $1.2 billion for the full year. The company also highlighted $1 billion of technology and AI spending, further cost savings, frontline-bank hiring, and a shift toward client deposits.

Guidance delta

Maintained: 2026 guidance calls for approximately 7% revenue growth, 8%-10% net-interest-income growth, 3%-4% expense growth, and 300-400 basis points of operating leverage.

Key takeaways

  • KeyCorp reported record Q4 and full-year 2025 results, with strong net-interest and fee-income growth.
  • Management expects 2026 growth from commercial lending, payments, investment banking, wealth management, and technology initiatives.
  • Credit metrics improved, but CRE, consumer runoff, funding costs, and macro uncertainty remain key watch items.
  • The bank plans accelerated share repurchases while targeting a lower CET1 range.

Management priorities

  • Expand middle-market lending, commercial payments, investment banking, and wealth management.
  • Increase technology and AI spending to $1 billion and pursue additional cost savings.
  • Hire frontline bankers to support fee growth and broaden commercial pipelines.
  • Shift funding from brokered CDs toward client deposits and reduce brokered CD balances near zero by mid-2026.
  • Return capital through planned share repurchases while managing CET1 toward a 9.5%-10% target.

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Earnings History

Estimate Beat Miss Match
KEY-PI EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 actual $0.23, None Q2 '24 actual $0.29, None Q2 '25 estimate $0.35 Q2 '25 actual $0.39, beat Q3 '25 estimate $0.38 Q3 '25 actual $0.44, beat Q4 '25 estimate $0.39 Q4 '25 actual $0.43, beat Q1 '26 estimate $0.41 Q1 '26 actual $0.44, beat Q2 '26 estimate $0.42 Q2 '26 actual $0.44, beat Q3 '26 estimate $0.46 Q3 '26 actual $0.51, beat Q4 '26 estimate $0.50 Q1 '27 estimate $0.50 Q2 '27 estimate $0.51 Q3 '27 estimate $0.56
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Analyst Consensus ?

ConsensusBuy39 ratings
Bullish2256.4%
Neutral1641.0%
Bearish12.6%

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
JP Morgan Neutral NeutralMaintainOct 4, 2023
Wolfe Research Peer Perform UnderperformUpgradeOct 3, 2023
Morgan Stanley Equal Weight Equal WeightMaintainSep 26, 2023
Piper Sandler Overweight NeutralUpgradeSep 14, 2023
Goldman Sachs Buy BuyMaintainJul 23, 2023
Citigroup Buy BuyMaintainJul 23, 2023
Argus Research Buy BuyMaintainJul 23, 2023
Wedbush Neutral NeutralMaintainJul 20, 2023
Wells Fargo Overweight OverweightMaintainJun 12, 2023
RBC Capital Outperform OutperformMaintainJun 12, 2023
Odeon Capital Buy HoldUpgradeMay 21, 2023
DA Davidson Buy BuyMaintainApr 20, 2023
Baird Outperform NeutralUpgradeMar 9, 2023
Keefe, Bruyette & Woods Market Perform Market PerformMaintainMar 7, 2023
Barclays Equal Weight UnderweightUpgradeJan 2, 2023
Deutsche Bank Hold HoldMaintainSep 11, 2022
Jefferies Hold HoldMaintainJul 10, 2022
Credit Suisse Outperform NeutralUpgradeFeb 7, 2022
B of A Securities Buy UnderperformUpgradeDec 14, 2021
Stephens & Co. Equal Weight Equal WeightMaintainOct 21, 2021
UBS Neutral BuyDowngradeMay 3, 2020
Nomura Neutral NeutralMaintainApr 6, 2020
BMO Capital Market Perform Market PerformMaintainJul 23, 2019
Standpoint Research Buy HoldUpgradeOct 11, 2018
Mizuho Overweight OverweightMaintainJul 23, 2018
Susquehanna Positive NeutralUpgradeApr 23, 2018
Bernstein Outperform Market PerformUpgradeSep 13, 2017
Rafferty Capital Buy HoldUpgradeOct 24, 2016
FBR Capital Outperform Market PerformUpgradeJul 10, 2016
Macquarie Outperform OutperformMaintainNov 1, 2015
Wunderlich Securities Buy BuyMaintainJul 16, 2015
SunTrust Robinson Humphrey Neutral NeutralMaintainJun 28, 2015
IBERIA Capital Partners Sector Perform OutperformDowngradeJul 17, 2014
Compass Point Buy BuyMaintainApr 20, 2014
BTIG Neutral BuyDowngradeMay 14, 2013
Stifel Sell HoldDowngradeFeb 10, 2013
Sterne Agee Neutral NeutralMaintainJan 27, 2013
CLSA Outperform SellUpgradeJan 22, 2013
Oppenheimer Outperform PerformUpgradeJan 8, 2013
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Company context

Snapshot as of publication

KeyCorp, established in Cleveland, Ohio, in 1849, functions as the parent entity for KeyBank National Association, delivering a comprehensive spectrum of retail and commercial banking services across the United States. The company operates through two main divisions: Consumer Bank and Commercial Bank. The Consumer Bank provides individuals and small to medium-sized businesses with a variety of deposit accounts, investment solutions, and personal finance offerings, including financial wellness tools, student loan refinancing, mortgages, home equity products, lending, and credit cards. It also offers treasury management, business advisory, wealth and asset management, investment consultation, cash management, portfolio management, and trust services.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-21. For educational purposes only; not investment advice.