KeyCorp Q3 taxable-equivalent net interest income up $115M

Full-year 2026 taxable-equivalent revenue is projected up ~8%, while taxable-equivalent net interest income is expected to rise ~10% from 2025.

Available on EDGAR 11/03/2026 - 04:45 PM EST Accepted by SEC EDGAR 11/03/2026 - 04:45 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

KeyCorp (KEY) reported $537 million in net income from continuing operations attributable to common shareholders for the third quarter of 2026, or diluted EPS of $0.51. Taxable-equivalent net interest income was $1.31 billion, up $115 million year over year, and net interest margin was 2.95%, up 20 basis points. Lower deposit costs, reinvestment of maturing securities and swaps, balance-sheet growth and a shift toward higher-yielding commercial and industrial loans contributed; lower rates on repricing assets partly offset those factors.

KeyCorp’s full-year 2026 outlook calls for taxable-equivalent revenue up ~8% and taxable-equivalent net interest income up ~10% from 2025, average loans up ~5%, average commercial loans up ~10%, and net charge-offs to average loans of 37–39 basis points. It repurchased $320 million of common shares in the third quarter and remained on pace for $1.3 billion of share repurchases in 2026. The company closed its acquisition of Clearwater UK, which is expected to expand its international middle-market M&A advisory capabilities.

KeyCorp’s estimated Common Equity Tier 1 ratio was 11.08% at September 30, 2026. In May 2026, its board authorized up to $3.0 billion of common-share repurchases, replacing a prior $1.0 billion authorization.

1 point · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 0 points

How the balance works

Positive

• Moderate pointThird-quarter taxable-equivalent net interest income rose $115 million year over year.

Negative

• None.

Filing Explained

KeyCorp disclosed available contingent liquidity at September 30, 2026; its 2027 stress-test opt-in decision is due January 5, 2027.

KeyCorp’s Form 10-Q updates its interim condition: the filing reports available contingent liquidity at September 30, 2026 and December 31, 2025. The reported resources include unpledged securities, Federal Reserve balances and unused secured borrowing capacity, so the amount represents funding capacity from multiple sources, not cash alone.

The filing says the Federal Reserve adopted stress-capital-buffer rules on September 30, 2026. For firms tested in two consecutive years, the revised approach generally averages the stress-capital-decline component across those tests and combines it with the current year’s dividend component; averaging begins after the 2028 test.

KeyCorp is not required to take the 2027 stress test, but may opt in by January 5, 2027. If it opts in, its new buffer effective January 1, 2028 will use 2027 test results plus an updated dividend component; without opting in, the new buffer is expected to equal the current buffer adjusted for that component.

Key Figures

Net income from continuing operations attributable to Key common shareholders: $537 million Diluted earnings per share: $0.51 Taxable-equivalent net interest income: $1.31 billion +5 more

8 metrics

Net income from continuing operations attributable to Key common shareholders $537 million Third quarter of 2026

Diluted earnings per share $0.51 Third quarter of 2026

Taxable-equivalent net interest income $1.31 billion Third quarter of 2026; up $115 million year over year

Net interest margin 2.95% Third quarter of 2026; up 20 basis points year over year

Common-share repurchases $320 million Third quarter of 2026

Taxable-equivalent revenue outlook Up ~8% Full-year 2026 versus 2025

Net charge-offs to average loans 32 basis points Third quarter of 2026

Common Equity Tier 1 ratio 11.08% Estimated at September 30, 2026

Key Terms

TE basis, Net interest margin, Common Equity Tier 1 capital, Value at Risk

4 terms

TE basis financial

"“TE basis” (i.e., as if all income were taxable and at the same rate)"

Net interest margin financial

"The net interest margin, which is an indicator of the profitability of the earning assets portfolio"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

Common Equity Tier 1 capital financial

"Common Equity Tier 1 capital, Tier 1 capital, and Tier 2 capital"

Core capital a bank holds consisting mainly of common shares and retained profits that can absorb losses without forcing the bank to sell assets or seek emergency help; items that can’t reliably cover losses are excluded. Think of it as the bank’s shock-absorbing cushion: a higher common equity tier 1 (CET1) level and ratio means regulators and investors view the bank as better able to survive bad loans or market shocks, so it signals lower risk to shareholders and creditors.

Value at Risk financial

"VaR is the estimate of the maximum amount of loss on an instrument or portfolio"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did KEY earn in the third quarter of 2026?

KeyCorp reported $537 million in net income from continuing operations attributable to common shareholders for the third quarter of 2026, or diluted EPS of $0.51.

How did KEY’s net interest income change in the third quarter?

Third-quarter taxable-equivalent net interest income was $1.31 billion, up $115 million year over year. Net interest margin was 2.95%, up 20 basis points. KeyCorp attributed the increase to lower deposit costs, reinvestment of maturing securities and fixed-rate swaps, balance-sheet growth and a shift toward higher-yielding commercial and industrial loans, partly offset by lower rates on repricing assets.

What is KEY’s full-year 2026 outlook?

KeyCorp’s outlook calls for taxable-equivalent revenue up ~8% and taxable-equivalent net interest income up ~10% from 2025. It also projects average loans up ~5%, average commercial loans up ~10%, and net charge-offs to average loans of 37–39 basis points. The ranges are shown on an operating basis.

How large is KEY’s current share repurchase authorization?

In May 2026, KeyCorp’s board authorized repurchases of up to $3.0 billion of common shares. The authorization replaced the company’s existing $1.0 billion share repurchase authorization.

AI-generated analysis. How Rhea-AI works. Not financial advice.

10-Q Quarterly Reports: What Changes Quarter to Quarter →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

0000091576--12-312026Q3FALSE0.0250.0250.0250.0250.04xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purekey:loankey:state00000915762026-01-012026-09-300000091576us-gaap:CommonStockMember2026-01-012026-09-300000091576us-gaap:SeriesEPreferredStockMember2026-01-012026-09-300000091576us-gaap:SeriesFPreferredStockMember2026-01-012026-09-300000091576us-gaap:SeriesGPreferredStockMember2026-01-012026-09-300000091576us-gaap:SeriesHPreferredStockMember2026-01-012026-09-3000000915762026-10-3000000915762026-09-3000000915762025-12-310000091576us-gaap:ResidentialMortgageMember2026-09-300000091576us-gaap:ResidentialMortgageMember2025-12-3100000915762026-07-012026-09-3000000915762025-07-012025-09-3000000915762025-01-012025-09-300000091576us-gaap:PreferredStockMember2025-12-310000091576us-gaap:CommonStockMember2025-12-310000091576us-gaap:AdditionalPaidInCapitalMember2025-12-310000091576us-gaap:RetainedEarningsMember2025-12-310000091576us-gaap:TreasuryStockCommonMember2025-12-310000091576us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310000091576us-gaap:RetainedEarningsMember2026-01-012026-09-300000091576us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-09-300000091576us-gaap:AdditionalPaidInCapitalMember2026-01-012026-09-300000091576us-gaap:SeriesDPreferredStockMember2026-01-012026-09-300000091576us-gaap:SeriesDPreferredStockMemberus-gaap:RetainedEarningsMember2026-01-012026-09-300000091576us-gaap:SeriesEPreferredStockMemberus-gaap:RetainedEarningsMember2026-01-012026-09-300000091576us-gaap:SeriesFPreferredStockMemberus-gaap:RetainedEarningsMember2026-01-012026-09-300000091576us-gaap:SeriesGPreferredStockMemberus-gaap:RetainedEarningsMember2026-01-012026-09-300000091576us-gaap:SeriesHPreferredStockMemberus-gaap:RetainedEarningsMember2026-01-012026-09-300000091576us-gaap:SeriesDPreferredStockMemberus-gaap:PreferredStockMember2026-01-012026-09-300000091576us-gaap:SeriesDPreferredStockMemberus-gaap:AdditionalPaidInCapitalMember2026-01-012026-09-300000091576us-gaap:CommonStockMember2026-01-012026-09-300000091576us-gaap:TreasuryStockCommonMember2026-01-012026-09-300000091576us-gaap:PreferredStockMember2026-09-300000091576us-gaap:CommonStockMember2026-09-300000091576us-gaap:AdditionalPaidInCapitalMember2026-09-300000091576us-gaap:RetainedEarningsMember2026-09-300000091576us-gaap:TreasuryStockCommonMember2026-09-300000091576us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-09-300000091576us-gaap:PreferredStockMember2026-06-300000091576us-gaap:CommonStockMember2026-06-300000091576us-gaap:AdditionalPaidInCapitalMember2026-06-300000091576us-gaap:RetainedEarningsMember2026-06-300000091576us-gaap:TreasuryStockCommonMember2026-06-300000091576us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-06-3000000915762026-06-300000091576us-gaap:RetainedEarningsMember2026-07-012026-09-300000091576us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-07-012026-09-300000091576us-gaap:SeriesDPreferredStockMember2026-07-012026-09-300000091576us-gaap:SeriesDPreferredStockMemberus-gaap:RetainedEarningsMember2026-07-012026-09-300000091576us-gaap:SeriesEPreferredStockMember2026-07-012026-09-300000091576us-gaap:SeriesEPreferredStockMemberus-gaap:RetainedEarningsMember2026-07-012026-09-300000091576us-gaap:SeriesFPreferredStockMember2026-07-012026-09-300000091576us-gaap:SeriesFPreferredStockMemberus-gaap:RetainedEarningsMember2026-07-012026-09-300000091576us-gaap:SeriesGPreferredStockMember2026-07-012026-09-300000091576us-gaap:SeriesGPreferredStockMemberus-gaap:RetainedEarningsMember2026-07-012026-09-300000091576us-gaap:SeriesHPreferredStockMember2026-07-012026-09-300000091576us-gaap:SeriesHPreferredStockMemberus-gaap:RetainedEarningsMember2026-07-012026-09-300000091576us-gaap:SeriesDPreferredStockMemberus-gaap:PreferredStockMember2026-07-012026-09-300000091576us-gaap:SeriesDPreferredStockMemberus-gaap:AdditionalPaidInCapitalMember2026-07-012026-09-300000091576us-gaap:CommonStockMember2026-07-012026-09-300000091576us-gaap:TreasuryStockCommonMember2026-07-012026-09-300000091576us-gaap:AdditionalPaidInCapitalMember2026-07-012026-09-300000091576us-gaap:PreferredStockMember2024-12-310000091576us-gaap:CommonStockMember2024-12-310000091576us-gaap:AdditionalPaidInCapitalMember2024-12-310000091576us-gaap:RetainedEarningsMember2024-12-310000091576us-gaap:TreasuryStockCommonMember2024-12-310000091576us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-3100000915762024-12-310000091576us-gaap:RetainedEarningsMember2025-01-012025-09-300000091576us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-09-300000091576us-gaap:AdditionalPaidInCapitalMember2025-01-012025-09-300000091576us-gaap:SeriesDPreferredStockMember2025-01-012025-09-300000091576us-gaap:SeriesDPreferredStockMemberus-gaap:RetainedEarningsMember2025-01-012025-09-300000091576us-gaap:SeriesEPreferredStockMember2025-01-012025-09-300000091576us-gaap:SeriesEPreferredStockMemberus-gaap:RetainedEarningsMember2025-01-012025-09-300000091576us-gaap:SeriesFPreferredStockMember2025-01-012025-09-300000091576us-gaap:SeriesFPreferredStockMemberus-gaap:RetainedEarningsMember2025-01-012025-09-300000091576us-gaap:SeriesGPreferredStockMember2025-01-012025-09-300000091576us-gaap:SeriesGPreferredStockMemberus-gaap:RetainedEarningsMember2025-01-012025-09-300000091576us-gaap:SeriesHPreferredStockMember2025-01-012025-09-300000091576us-gaap:SeriesHPreferredStockMemberus-gaap:RetainedEarningsMember2025-01-012025-09-300000091576us-gaap:CommonStockMember2025-01-012025-09-300000091576us-gaap:TreasuryStockCommonMember2025-01-012025-09-300000091576us-gaap:PreferredStockMember2025-09-300000091576us-gaap:CommonStockMember2025-09-300000091576us-gaap:AdditionalPaidInCapitalMember2025-09-300000091576us-gaap:RetainedEarningsMember2025-09-300000091576us-gaap:TreasuryStockCommonMember2025-09-300000091576us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-3000000915762025-09-300000091576us-gaap:PreferredStockMember2025-06-300000091576us-gaap:CommonStockMember2025-06-300000091576us-gaap:AdditionalPaidInCapitalMember2025-06-300000091576us-gaap:RetainedEarningsMember2025-06-300000091576us-gaap:TreasuryStockCommonMember2025-06-300000091576us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-3000000915762025-06-300000091576us-gaap:RetainedEarningsMember2025-07-012025-09-300000091576us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300000091576us-gaap:SeriesDPreferredStockMember2025-07-012025-09-300000091576us-gaap:SeriesDPreferredStockMemberus-gaap:RetainedEarningsMember2025-07-012025-09-300000091576us-gaap:SeriesEPreferredStockMember2025-07-012025-09-300000091576us-gaap:SeriesEPreferredStockMemberus-gaap:RetainedEarningsMember2025-07-012025-09-300000091576us-gaap:SeriesFPreferredStockMember2025-07-012025-09-300000091576us-gaap:SeriesFPreferredStockMemberus-gaap:RetainedEarningsMember2025-07-012025-09-300000091576us-gaap:SeriesGPreferredStockMember2025-07-012025-09-300000091576us-gaap:SeriesGPreferredStockMemberus-gaap:RetainedEarningsMember2025-07-012025-09-300000091576us-gaap:SeriesHPreferredStockMember2025-07-012025-09-300000091576us-gaap:SeriesHPreferredStockMemberus-gaap:RetainedEarningsMember2025-07-012025-09-300000091576us-gaap:CommonStockMember2025-07-012025-09-300000091576us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300000091576us-gaap:TreasuryStockCommonMember2025-07-012025-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576us-gaap:CommercialPortfolioSegmentMember2026-09-300000091576us-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576key:ResidentialLoansMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576key:ResidentialLoansMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:CreditCardReceivablesMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576us-gaap:SegmentDiscontinuedOperationsMemberkey:EducationLendingMember2026-09-300000091576us-gaap:SegmentDiscontinuedOperationsMemberkey:EducationLendingMember2025-12-310000091576us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:AssetPledgedAsCollateralMember2026-09-300000091576us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:AssetPledgedAsCollateralMember2025-12-310000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2026-06-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2026-06-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2026-06-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2026-06-300000091576us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2026-06-300000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:CommercialPortfolioSegmentMember2026-06-300000091576us-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2026-06-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2026-06-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2026-06-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576key:ConsumerCreditCardMemberus-gaap:ConsumerPortfolioSegmentMember2026-06-300000091576key:ConsumerCreditCardMemberus-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576key:ConsumerCreditCardMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:ConsumerPortfolioSegmentMember2026-06-300000091576us-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:SegmentDiscontinuedOperationsMember2026-06-300000091576us-gaap:SegmentDiscontinuedOperationsMember2026-07-012026-09-300000091576us-gaap:SegmentDiscontinuedOperationsMember2026-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2025-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2025-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-09-300000091576us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000091576us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2025-09-300000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2025-09-300000091576us-gaap:CommercialPortfolioSegmentMember2025-06-300000091576us-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:CommercialPortfolioSegmentMember2025-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2025-06-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2025-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2025-06-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2025-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2025-06-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2025-09-300000091576key:ConsumerCreditCardMemberus-gaap:ConsumerPortfolioSegmentMember2025-06-300000091576key:ConsumerCreditCardMemberus-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000091576key:ConsumerCreditCardMemberus-gaap:ConsumerPortfolioSegmentMember2025-09-300000091576us-gaap:ConsumerPortfolioSegmentMember2025-06-300000091576us-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:ConsumerPortfolioSegmentMember2025-09-300000091576us-gaap:SegmentDiscontinuedOperationsMember2025-06-300000091576us-gaap:SegmentDiscontinuedOperationsMember2025-07-012025-09-300000091576us-gaap:SegmentDiscontinuedOperationsMember2025-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576key:ConsumerCreditCardMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576key:ConsumerCreditCardMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:SegmentDiscontinuedOperationsMember2025-12-310000091576us-gaap:SegmentDiscontinuedOperationsMember2026-01-012026-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000091576us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-09-300000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:CommercialPortfolioSegmentMember2024-12-310000091576us-gaap:CommercialPortfolioSegmentMember2025-01-012025-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2024-12-310000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-12-310000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2024-12-310000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576key:ConsumerCreditCardMemberus-gaap:ConsumerPortfolioSegmentMember2024-12-310000091576key:ConsumerCreditCardMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ConsumerPortfolioSegmentMember2024-12-310000091576us-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:SegmentDiscontinuedOperationsMember2024-12-310000091576us-gaap:SegmentDiscontinuedOperationsMember2025-01-012025-09-300000091576us-gaap:SegmentContinuingOperationsMemberus-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:SegmentContinuingOperationsMemberus-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576key:CommercialAndIndustrialMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialAndIndustrialMemberkey:CriticizedAccruingMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialAndIndustrialMemberkey:CriticizedNonaccruingMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberkey:CriticizedAccruingMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberkey:CriticizedNonaccruingMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576us-gaap:ConstructionLoansMemberkey:CriticizedAccruingMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576us-gaap:ConstructionLoansMemberkey:CriticizedNonaccruingMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialLeaseFinancingMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialLeaseFinancingMemberkey:CriticizedAccruingMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialLeaseFinancingMemberkey:CriticizedNonaccruingMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialAndIndustrialMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialAndIndustrialMemberkey:CriticizedAccruingMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialAndIndustrialMemberkey:CriticizedNonaccruingMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-12-310000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialRealEstateCommercialMortgageMemberkey:CriticizedAccruingMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialRealEstateCommercialMortgageMemberkey:CriticizedNonaccruingMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-12-310000091576us-gaap:ConstructionLoansMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576us-gaap:ConstructionLoansMemberkey:CriticizedAccruingMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576us-gaap:ConstructionLoansMemberkey:CriticizedNonaccruingMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-12-310000091576key:CommercialLeaseFinancingMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialLeaseFinancingMemberkey:CriticizedAccruingMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialLeaseFinancingMemberkey:CriticizedNonaccruingMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-12-310000091576us-gaap:CommercialPortfolioSegmentMember2025-01-012025-12-310000091576key:RealEstateResidentialMortgageMemberkey:FICOScoreGreaterThan750Memberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576key:RealEstateResidentialMortgageMemberkey:FICOScore660to749Memberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576key:RealEstateResidentialMortgageMemberkey:FICOScoreLessthan660Memberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576key:RealEstateResidentialMortgageMemberkey:FICOScoreNoScoreMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:HomeEquityLoanMemberkey:FICOScoreGreaterThan750Memberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:HomeEquityLoanMemberkey:FICOScore660to749Memberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:HomeEquityLoanMemberkey:FICOScoreLessthan660Memberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:HomeEquityLoanMemberkey:FICOScoreNoScoreMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576key:OtherConsumerLoansMemberkey:FICOScoreGreaterThan750Memberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576key:OtherConsumerLoansMemberkey:FICOScore660to749Memberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576key:OtherConsumerLoansMemberkey:FICOScoreLessthan660Memberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576key:OtherConsumerLoansMemberkey:FICOScoreNoScoreMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:CreditCardReceivablesMemberkey:FICOScoreGreaterThan750Memberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:CreditCardReceivablesMemberkey:FICOScore660to749Memberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:CreditCardReceivablesMemberkey:FICOScoreLessthan660Memberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:CreditCardReceivablesMemberkey:FICOScoreNoScoreMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576key:RealEstateResidentialMortgageMemberkey:FICOScoreGreaterThan750Memberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576key:RealEstateResidentialMortgageMemberkey:FICOScore660to749Memberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576key:RealEstateResidentialMortgageMemberkey:FICOScoreLessthan660Memberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576key:RealEstateResidentialMortgageMemberkey:FICOScoreNoScoreMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-12-310000091576us-gaap:HomeEquityLoanMemberkey:FICOScoreGreaterThan750Memberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:HomeEquityLoanMemberkey:FICOScore660to749Memberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:HomeEquityLoanMemberkey:FICOScoreLessthan660Memberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:HomeEquityLoanMemberkey:FICOScoreNoScoreMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-12-310000091576key:OtherConsumerLoansMemberkey:FICOScoreGreaterThan750Memberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576key:OtherConsumerLoansMemberkey:FICOScore660to749Memberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576key:OtherConsumerLoansMemberkey:FICOScoreLessthan660Memberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576key:OtherConsumerLoansMemberkey:FICOScoreNoScoreMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-12-310000091576us-gaap:CreditCardReceivablesMemberkey:FICOScoreGreaterThan750Memberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:CreditCardReceivablesMemberkey:FICOScore660to749Memberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:CreditCardReceivablesMemberkey:FICOScoreLessthan660Memberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:CreditCardReceivablesMemberkey:FICOScoreNoScoreMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-12-310000091576us-gaap:ConsumerPortfolioSegmentMember2025-01-012025-12-310000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000091576us-gaap:NonperformingFinancingReceivableMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000091576us-gaap:NonperformingFinancingReceivableMemberkey:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000091576us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-09-300000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-09-300000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-09-300000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000091576us-gaap:NonperformingFinancingReceivableMemberkey:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-09-300000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-09-300000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-09-300000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000091576us-gaap:NonperformingFinancingReceivableMemberkey:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-09-300000091576us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000091576us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-09-300000091576us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-09-300000091576us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000091576us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2026-09-300000091576us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000091576us-gaap:NonperformingFinancingReceivableMemberkey:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000091576us-gaap:NonperformingFinancingReceivableMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000091576us-gaap:NonperformingFinancingReceivableMemberkey:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000091576us-gaap:NonperformingFinancingReceivableMemberus-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-09-300000091576us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000091576us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-09-300000091576us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-09-300000091576us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000091576us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000091576us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-09-300000091576us-gaap:FinancialAssetNotPastDueMember2026-09-300000091576us-gaap:FinancingReceivables30To59DaysPastDueMember2026-09-300000091576us-gaap:FinancingReceivables60To89DaysPastDueMember2026-09-300000091576us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000091576us-gaap:NonperformingFinancingReceivableMember2026-09-300000091576us-gaap:FinancialAssetPastDueMember2026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000091576us-gaap:NonperformingFinancingReceivableMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000091576us-gaap:NonperformingFinancingReceivableMemberkey:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000091576us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000091576us-gaap:NonperformingFinancingReceivableMemberkey:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000091576us-gaap:NonperformingFinancingReceivableMemberkey:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576key:CommercialLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000091576us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000091576us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000091576us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000091576us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000091576us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310000091576us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000091576us-gaap:NonperformingFinancingReceivableMemberkey:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000091576us-gaap:NonperformingFinancingReceivableMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000091576us-gaap:NonperformingFinancingReceivableMemberkey:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000091576us-gaap:NonperformingFinancingReceivableMemberus-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000091576us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000091576us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000091576us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000091576us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000091576us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2025-12-310000091576us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000091576us-gaap:FinancialAssetNotPastDueMember2025-12-310000091576us-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000091576us-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000091576us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000091576us-gaap:NonperformingFinancingReceivableMember2025-12-310000091576us-gaap:FinancialAssetPastDueMember2025-12-310000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000091576key:RealEstateResidentialMortgageMemberus-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000091576key:RealEstateResidentialMortgageAndHomeEquityLoansMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576key:RealEstateResidentialMortgageAndHomeEquityLoansMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576key:TrialModificationPlansMember2026-01-012026-09-300000091576key:TrialModificationPlansMember2025-01-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ExtendedMaturityMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576key:OtherLoanModificationMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576key:CombinationLoanModificationMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ExtendedMaturityMemberkey:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576key:OtherLoanModificationMemberkey:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576key:CombinationLoanModificationMemberkey:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576key:OtherLoanModificationMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576key:CombinationLoanModificationMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:CommercialRealEstateLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ExtendedMaturityMemberkey:CommercialRealEstateLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576key:OtherLoanModificationMemberkey:CommercialRealEstateLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576key:CombinationLoanModificationMemberkey:CommercialRealEstateLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576key:OtherLoanModificationMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576key:CombinationLoanModificationMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ExtendedMaturityMemberkey:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576key:OtherLoanModificationMemberkey:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576key:CombinationLoanModificationMemberkey:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576key:OtherLoanModificationMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576key:CombinationLoanModificationMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ExtendedMaturityMemberkey:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576key:OtherLoanModificationMemberkey:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576key:CombinationLoanModificationMemberkey:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576key:OtherLoanModificationMemberus-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576key:CombinationLoanModificationMemberus-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576key:OtherLoanModificationMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576key:CombinationLoanModificationMemberus-gaap:ConsumerPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ContractualInterestRateReductionMember2026-01-012026-09-300000091576us-gaap:ExtendedMaturityMember2026-01-012026-09-300000091576key:OtherLoanModificationMember2026-01-012026-09-300000091576key:CombinationLoanModificationMember2026-01-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ExtendedMaturityMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576key:OtherLoanModificationMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576key:CombinationLoanModificationMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ExtendedMaturityMemberkey:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576key:OtherLoanModificationMemberkey:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576key:CombinationLoanModificationMemberkey:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576key:OtherLoanModificationMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576key:CombinationLoanModificationMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:CommercialRealEstateLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ExtendedMaturityMemberkey:CommercialRealEstateLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576key:OtherLoanModificationMemberkey:CommercialRealEstateLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576key:CombinationLoanModificationMemberkey:CommercialRealEstateLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-09-300000091576key:OtherLoanModificationMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-09-300000091576key:CombinationLoanModificationMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ExtendedMaturityMemberkey:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576key:OtherLoanModificationMemberkey:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576key:CombinationLoanModificationMemberkey:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576key:OtherLoanModificationMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576key:CombinationLoanModificationMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ExtendedMaturityMemberkey:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576key:OtherLoanModificationMemberkey:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576key:CombinationLoanModificationMemberkey:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576key:OtherLoanModificationMemberus-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576key:CombinationLoanModificationMemberus-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576key:OtherLoanModificationMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576key:CombinationLoanModificationMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000091576us-gaap:ContractualInterestRateReductionMember2025-01-012025-09-300000091576us-gaap:ExtendedMaturityMember2025-01-012025-09-300000091576key:OtherLoanModificationMember2025-01-012025-09-300000091576key:CombinationLoanModificationMember2025-01-012025-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-07-012026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-07-012025-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:ExtendedMaturityMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576key:OtherLoanModificationMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576key:CombinationLoanModificationMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576key:OtherLoanModificationMemberus-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576key:CombinationLoanModificationMemberus-gaap:CommercialPortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576key:OtherLoanModificationMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576key:CombinationLoanModificationMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576key:OtherLoanModificationMemberus-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576key:CombinationLoanModificationMemberus-gaap:ConsumerPortfolioSegmentMember2026-07-012026-09-300000091576us-gaap:ContractualInterestRateReductionMember2026-07-012026-09-300000091576us-gaap:ExtendedMaturityMember2026-07-012026-09-300000091576key:OtherLoanModificationMember2026-07-012026-09-300000091576key:CombinationLoanModificationMember2026-07-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:ExtendedMaturityMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000091576key:OtherLoanModificationMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000091576key:CombinationLoanModificationMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000091576key:OtherLoanModificationMemberus-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000091576key:CombinationLoanModificationMemberus-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000091576key:OtherLoanModificationMemberus-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000091576key:CombinationLoanModificationMemberus-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000091576key:OtherLoanModificationMemberus-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000091576key:CombinationLoanModificationMemberus-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000091576us-gaap:ContractualInterestRateReductionMember2025-07-012025-09-300000091576us-gaap:ExtendedMaturityMember2025-07-012025-09-300000091576key:OtherLoanModificationMember2025-07-012025-09-300000091576key:CombinationLoanModificationMember2025-07-012025-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ExtendedMaturityMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576key:OtherLoanModificationMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576key:CombinationLoanModificationMemberkey:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ExtendedMaturityMemberkey:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576key:OtherLoanModificationMemberkey:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576key:CombinationLoanModificationMemberkey:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-09-300000091576us-gaap:ContractualInterestRateReductionMemberkey:CommercialAndIndustrialMember2025-01-012025-09-300000091576us-gaap:ExtendedMaturityMemberkey:CommercialAndIndustrialMember2025-01-012025-09-300000091576key:OtherLoanModificationMemberkey:CommercialAndIndustrialMember2025-01-012025-09-300000091576key:CombinationLoanModificationMemberkey:CommercialAndIndustrialMember2025-01-012025-09-300000091576key:CommercialAndIndustrialMember2025-01-012025-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2026-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2026-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2026-09-300000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2026-09-300000091576us-gaap:CommercialPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2026-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2026-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2026-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2026-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2026-09-300000091576us-gaap:ConsumerPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2026-09-300000091576key:FinancialAsset30To89DaysPastDueMember2026-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2025-09-300000091576key:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2025-09-300000091576key:CommercialRealEstateCommercialMortgageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2025-09-300000091576us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2025-09-300000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000091576key:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-09-300000091576us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000091576us-gaap:CommercialPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2025-09-300000091576us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2025-09-300000091576key:RealEstateResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2025-09-300000091576us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2025-09-300000091576key:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2025-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000091576us-gaap:CreditCardReceivablesMemberus-gaap:ConsumerPortfolioSegmentMember2025-09-300000091576us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000091576us-gaap:ConsumerPortfolioSegmentMemberkey:FinancialAsset30To89DaysPastDueMember2025-09-300000091576us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000091576us-gaap:FinancialAssetNotPastDueMember2025-09-300000091576key:FinancialAsset30To89DaysPastDueMember2025-09-300000091576us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000091576us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576us-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576us-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesOtherMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:PrincipalIndirectInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:PrincipalIndirectInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:PrincipalIndirectInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:PrincipalIndirectInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:PrincipalIndirectInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:PrincipalIndirectInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:PrincipalIndirectInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:PrincipalIndirectInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576key:PrincipalInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576key:PrincipalInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576key:PrincipalInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576key:PrincipalInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576key:PrincipalInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576key:PrincipalInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576key:PrincipalInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576key:PrincipalInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576key:EquityInvestmentsDirectMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576key:EquityInvestmentsDirectMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576key:EquityInvestmentsDirectMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576key:EquityInvestmentsDirectMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576key:EquityInvestmentsDirectMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576key:EquityInvestmentsDirectMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576key:EquityInvestmentsDirectMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576key:EquityInvestmentsDirectMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576key:EquityInvestmentsDirectNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576key:EquityInvestmentsDirectNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576key:EquityInvestmentsDirectNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576key:EquityInvestmentsDirectNAVMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576key:EquityInvestmentsDirectNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576key:EquityInvestmentsDirectNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576key:EquityInvestmentsDirectNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576key:EquityInvestmentsDirectNAVMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576key:EquityInvestmentsIndirectNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576key:EquityInvestmentsIndirectNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576key:EquityInvestmentsIndirectNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576key:EquityInvestmentsIndirectNAVMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576key:EquityInvestmentsIndirectNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576key:EquityInvestmentsIndirectNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576key:EquityInvestmentsIndirectNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576key:EquityInvestmentsIndirectNAVMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576key:EquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576key:EquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576key:EquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576key:EquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576key:EquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576key:EquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576key:EquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576key:EquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576us-gaap:OtherCreditDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:OtherCreditDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:OtherCreditDerivativesMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:OtherCreditDerivativesMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576us-gaap:OtherCreditDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:OtherCreditDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:OtherCreditDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:OtherCreditDerivativesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortMember2026-09-300000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortMember2025-12-310000091576us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2026-09-300000091576us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000091576us-gaap:OtherCreditDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576key:PrincipalInvestmentsMember2026-09-300000091576us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-310000091576us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2026-09-300000091576us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:FairValueMeasurementsNonrecurringMember2026-09-300000091576us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:FairValueMeasurementsNonrecurringMember2025-12-310000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2026-09-300000091576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-12-310000091576us-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2026-09-300000091576us-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2026-09-300000091576us-gaap:MeasurementInputComparabilityAdjustmentMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2026-09-300000091576us-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-12-310000091576us-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-12-310000091576us-gaap:MeasurementInputComparabilityAdjustmentMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-12-310000091576us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310000091576us-gaap:InterestRateContractMemberus-gaap:MeasurementInputDefaultRateMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:MeasurementInputDefaultRateMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:MeasurementInputDefaultRateMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:MeasurementInputDefaultRateMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310000091576us-gaap:InterestRateContractMemberus-gaap:MeasurementInputDefaultRateMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310000091576us-gaap:InterestRateContractMemberus-gaap:MeasurementInputDefaultRateMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310000091576us-gaap:InterestRateContractMemberkey:MeasurementInputLossGivenDefaultMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300000091576us-gaap:InterestRateContractMemberkey:MeasurementInputLossGivenDefaultMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300000091576us-gaap:InterestRateContractMemberkey:MeasurementInputLossGivenDefaultMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-09-300000091576us-gaap:InterestRateContractMemberkey:MeasurementInputLossGivenDefaultMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310000091576us-gaap:InterestRateContractMemberkey:MeasurementInputLossGivenDefaultMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310000091576us-gaap:InterestRateContractMemberkey:MeasurementInputLossGivenDefaultMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310000091576us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberkey:ValuationFairValueOfUnderlyingCollateralMember2026-09-300000091576us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberkey:ValuationFairValueOfUnderlyingCollateralMember2025-12-310000091576key:MeasurementInputCreditAndLiquidityDiscountMembersrt:MinimumMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberkey:ValuationFairValueOfUnderlyingCollateralMember2026-09-300000091576key:MeasurementInputCreditAndLiquidityDiscountMembersrt:MaximumMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberkey:ValuationFairValueOfUnderlyingCollateralMember2026-09-300000091576key:MeasurementInputCreditAndLiquidityDiscountMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberkey:ValuationFairValueOfUnderlyingCollateralMember2026-09-300000091576key:MeasurementInputCreditAndLiquidityDiscountMembersrt:MinimumMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberkey:ValuationFairValueOfUnderlyingCollateralMember2025-12-310000091576key:MeasurementInputCreditAndLiquidityDiscountMembersrt:MaximumMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberkey:ValuationFairValueOfUnderlyingCollateralMember2025-12-310000091576key:MeasurementInputCreditAndLiquidityDiscountMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberkey:ValuationFairValueOfUnderlyingCollateralMember2025-12-310000091576us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberkey:ValuationAppraisedValueMember2026-09-300000091576us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberkey:ValuationAppraisedValueMember2025-12-310000091576us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-09-300000091576us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2026-09-300000091576us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2026-09-300000091576us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2026-09-300000091576us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-09-300000091576us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310000091576us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2025-12-310000091576us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2025-12-310000091576us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2025-12-310000091576us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310000091576us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SegmentDiscontinuedOperationsMemberkey:EducationLendingMember2026-09-300000091576us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SegmentDiscontinuedOperationsMemberkey:EducationLendingMember2026-09-300000091576us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SegmentDiscontinuedOperationsMemberkey:EducationLendingMember2025-12-310000091576us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SegmentDiscontinuedOperationsMemberkey:EducationLendingMember2025-12-310000091576us-gaap:USTreasuryAndGovernmentMember2026-09-300000091576us-gaap:USTreasuryAndGovernmentMember2025-12-310000091576us-gaap:CollateralizedMortgageObligationsMember2026-09-300000091576us-gaap:CollateralizedMortgageObligationsMember2025-12-310000091576us-gaap:ResidentialMortgageBackedSecuritiesMember2026-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMember2025-12-310000091576us-gaap:CommercialMortgageBackedSecuritiesMember2026-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMember2025-12-310000091576us-gaap:AssetBackedSecuritiesMember2026-09-300000091576us-gaap:AssetBackedSecuritiesMember2025-12-310000091576us-gaap:OtherDebtSecuritiesMember2026-09-300000091576us-gaap:OtherDebtSecuritiesMember2025-12-310000091576us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2026-09-300000091576us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2025-12-310000091576us-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2026-09-300000091576us-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2025-12-310000091576us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2026-09-300000091576us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2025-12-310000091576us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2026-09-300000091576us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2025-12-310000091576us-gaap:NondesignatedMemberus-gaap:CreditRiskContractMember2026-09-300000091576us-gaap:NondesignatedMemberus-gaap:CreditRiskContractMember2025-12-310000091576us-gaap:NondesignatedMemberus-gaap:OtherCreditDerivativesMember2026-09-300000091576us-gaap:NondesignatedMemberus-gaap:OtherCreditDerivativesMember2025-12-310000091576us-gaap:NondesignatedMember2026-09-300000091576us-gaap:NondesignatedMember2025-12-310000091576key:DerivativeFinancialInstrumentsAssetsLiabilitiesNetMember2026-09-300000091576key:DerivativeFinancialInstrumentsAssetsLiabilitiesNetMember2025-12-310000091576key:CounterpartyAndCashCollateralNettingMember2026-09-300000091576key:CounterpartyAndCashCollateralNettingMember2025-12-310000091576us-gaap:LongTermDebtus-gaap:InterestRateContractMember2026-09-300000091576us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LongTermDebtus-gaap:InterestRateContractMember2026-09-300000091576us-gaap:NondesignatedMemberus-gaap:LongTermDebtus-gaap:InterestRateContractMember2026-09-300000091576us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterestus-gaap:InterestRateContractMember2026-09-300000091576us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterestus-gaap:InterestRateContractMember2026-09-300000091576us-gaap:NondesignatedMemberus-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterestus-gaap:InterestRateContractMember2026-09-300000091576us-gaap:LongTermDebtus-gaap:InterestRateContractMember2025-12-310000091576us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LongTermDebtus-gaap:InterestRateContractMember2025-12-310000091576us-gaap:NondesignatedMemberus-gaap:LongTermDebtus-gaap:InterestRateContractMember2025-12-310000091576us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterestus-gaap:InterestRateContractMember2025-12-310000091576us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterestus-gaap:InterestRateContractMember2025-12-310000091576us-gaap:NondesignatedMemberus-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterestus-gaap:InterestRateContractMember2025-12-310000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseLongTermDebt2026-07-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio2026-07-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestIncomeDebtSecuritiesAvailableForSaleOperating2026-07-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions2026-07-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseLongTermDebt2026-07-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio2026-07-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestIncomeDebtSecuritiesAvailableForSaleOperating2026-07-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions2026-07-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseLongTermDebt2025-07-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio2025-07-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestIncomeDebtSecuritiesAvailableForSaleOperating2025-07-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions2025-07-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseLongTermDebt2025-07-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio2025-07-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestIncomeDebtSecuritiesAvailableForSaleOperating2025-07-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions2025-07-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseLongTermDebt2026-01-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio2026-01-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestAndDividendIncomeSecuritiesHeldToMaturity2026-01-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions2026-01-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseLongTermDebt2026-01-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio2026-01-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestAndDividendIncomeSecuritiesHeldToMaturity2026-01-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions2026-01-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseLongTermDebt2025-01-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio2025-01-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InterestIncomeDebtSecuritiesAvailableForSaleOperating2025-01-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions2025-01-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseLongTermDebt2025-01-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio2025-01-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestIncomeDebtSecuritiesAvailableForSaleOperating2025-01-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions2025-01-012025-09-300000091576us-gaap:InterestRateContractMemberkey:BankingServicesIncome2026-07-012026-09-300000091576us-gaap:InterestRateContractMemberkey:ConsumerMortgageIncome2026-07-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:NoninterestIncomeOther2026-07-012026-09-300000091576us-gaap:InterestRateContractMember2026-07-012026-09-300000091576us-gaap:InterestRateContractMemberkey:BankingServicesIncome2025-07-012025-09-300000091576us-gaap:InterestRateContractMemberkey:ConsumerMortgageIncome2025-07-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:NoninterestIncomeOther2025-07-012025-09-300000091576us-gaap:InterestRateContractMember2025-07-012025-09-300000091576us-gaap:ForeignExchangeContractMemberkey:BankingServicesIncome2026-07-012026-09-300000091576us-gaap:ForeignExchangeContractMemberkey:ConsumerMortgageIncome2026-07-012026-09-300000091576us-gaap:ForeignExchangeContractMemberus-gaap:NoninterestIncomeOther2026-07-012026-09-300000091576us-gaap:ForeignExchangeContractMember2026-07-012026-09-300000091576us-gaap:ForeignExchangeContractMemberkey:BankingServicesIncome2025-07-012025-09-300000091576us-gaap:ForeignExchangeContractMemberkey:ConsumerMortgageIncome2025-07-012025-09-300000091576us-gaap:ForeignExchangeContractMemberus-gaap:NoninterestIncomeOther2025-07-012025-09-300000091576us-gaap:ForeignExchangeContractMember2025-07-012025-09-300000091576us-gaap:CommodityContractMemberkey:BankingServicesIncome2026-07-012026-09-300000091576us-gaap:CommodityContractMemberkey:ConsumerMortgageIncome2026-07-012026-09-300000091576us-gaap:CommodityContractMemberus-gaap:NoninterestIncomeOther2026-07-012026-09-300000091576us-gaap:CommodityContractMember2026-07-012026-09-300000091576us-gaap:CommodityContractMemberkey:BankingServicesIncome2025-07-012025-09-300000091576us-gaap:CommodityContractMemberkey:ConsumerMortgageIncome2025-07-012025-09-300000091576us-gaap:CommodityContractMemberus-gaap:NoninterestIncomeOther2025-07-012025-09-300000091576us-gaap:CommodityContractMember2025-07-012025-09-300000091576us-gaap:CreditRiskContractMemberkey:BankingServicesIncome2026-07-012026-09-300000091576us-gaap:CreditRiskContractMemberkey:ConsumerMortgageIncome2026-07-012026-09-300000091576us-gaap:CreditRiskContractMemberus-gaap:NoninterestIncomeOther2026-07-012026-09-300000091576us-gaap:CreditRiskContractMember2026-07-012026-09-300000091576us-gaap:CreditRiskContractMemberkey:BankingServicesIncome2025-07-012025-09-300000091576us-gaap:CreditRiskContractMemberkey:ConsumerMortgageIncome2025-07-012025-09-300000091576us-gaap:CreditRiskContractMemberus-gaap:NoninterestIncomeOther2025-07-012025-09-300000091576us-gaap:CreditRiskContractMember2025-07-012025-09-300000091576us-gaap:OtherCreditDerivativesMemberkey:BankingServicesIncome2026-07-012026-09-300000091576us-gaap:OtherCreditDerivativesMemberkey:ConsumerMortgageIncome2026-07-012026-09-300000091576us-gaap:OtherCreditDerivativesMemberus-gaap:NoninterestIncomeOther2026-07-012026-09-300000091576us-gaap:OtherCreditDerivativesMember2026-07-012026-09-300000091576us-gaap:OtherCreditDerivativesMemberkey:BankingServicesIncome2025-07-012025-09-300000091576us-gaap:OtherCreditDerivativesMemberkey:ConsumerMortgageIncome2025-07-012025-09-300000091576us-gaap:OtherCreditDerivativesMemberus-gaap:NoninterestIncomeOther2025-07-012025-09-300000091576us-gaap:OtherCreditDerivativesMember2025-07-012025-09-300000091576key:BankingServicesIncome2026-07-012026-09-300000091576key:ConsumerMortgageIncome2026-07-012026-09-300000091576us-gaap:NoninterestIncomeOther2026-07-012026-09-300000091576key:BankingServicesIncome2025-07-012025-09-300000091576key:ConsumerMortgageIncome2025-07-012025-09-300000091576us-gaap:NoninterestIncomeOther2025-07-012025-09-300000091576us-gaap:InterestRateContractMemberkey:BankingServicesIncome2026-01-012026-09-300000091576us-gaap:InterestRateContractMemberkey:ConsumerMortgageIncome2026-01-012026-09-300000091576us-gaap:InterestRateContractMemberus-gaap:NoninterestIncomeOther2026-01-012026-09-300000091576us-gaap:InterestRateContractMember2026-01-012026-09-300000091576us-gaap:InterestRateContractMemberkey:BankingServicesIncome2025-01-012025-09-300000091576us-gaap:InterestRateContractMemberkey:ConsumerMortgageIncome2025-01-012025-09-300000091576us-gaap:InterestRateContractMemberus-gaap:NoninterestIncomeOther2025-01-012025-09-300000091576us-gaap:InterestRateContractMember2025-01-012025-09-300000091576us-gaap:ForeignExchangeContractMemberkey:BankingServicesIncome2026-01-012026-09-300000091576us-gaap:ForeignExchangeContractMemberkey:ConsumerMortgageIncome2026-01-012026-09-300000091576us-gaap:ForeignExchangeContractMemberus-gaap:NoninterestIncomeOther2026-01-012026-09-300000091576us-gaap:ForeignExchangeContractMember2026-01-012026-09-300000091576us-gaap:ForeignExchangeContractMemberkey:BankingServicesIncome2025-01-012025-09-300000091576us-gaap:ForeignExchangeContractMemberkey:ConsumerMortgageIncome2025-01-012025-09-300000091576us-gaap:ForeignExchangeContractMemberus-gaap:NoninterestIncomeOther2025-01-012025-09-300000091576us-gaap:ForeignExchangeContractMember2025-01-012025-09-300000091576us-gaap:CommodityContractMemberkey:BankingServicesIncome2026-01-012026-09-300000091576us-gaap:CommodityContractMemberkey:ConsumerMortgageIncome2026-01-012026-09-300000091576us-gaap:CommodityContractMemberus-gaap:NoninterestIncomeOther2026-01-012026-09-300000091576us-gaap:CommodityContractMember2026-01-012026-09-300000091576us-gaap:CommodityContractMemberkey:BankingServicesIncome2025-01-012025-09-300000091576us-gaap:CommodityContractMemberkey:ConsumerMortgageIncome2025-01-012025-09-300000091576us-gaap:CommodityContractMemberus-gaap:NoninterestIncomeOther2025-01-012025-09-300000091576us-gaap:CommodityContractMember2025-01-012025-09-300000091576us-gaap:CreditRiskContractMemberkey:BankingServicesIncome2026-01-012026-09-300000091576us-gaap:CreditRiskContractMemberkey:ConsumerMortgageIncome2026-01-012026-09-300000091576us-gaap:CreditRiskContractMemberus-gaap:NoninterestIncomeOther2026-01-012026-09-300000091576us-gaap:CreditRiskContractMember2026-01-012026-09-300000091576us-gaap:CreditRiskContractMemberkey:BankingServicesIncome2025-01-012025-09-300000091576us-gaap:CreditRiskContractMemberkey:ConsumerMortgageIncome2025-01-012025-09-300000091576us-gaap:CreditRiskContractMemberus-gaap:NoninterestIncomeOther2025-01-012025-09-300000091576us-gaap:CreditRiskContractMember2025-01-012025-09-300000091576us-gaap:OtherCreditDerivativesMemberkey:BankingServicesIncome2026-01-012026-09-300000091576us-gaap:OtherCreditDerivativesMemberkey:ConsumerMortgageIncome2026-01-012026-09-300000091576us-gaap:OtherCreditDerivativesMemberus-gaap:NoninterestIncomeOther2026-01-012026-09-300000091576us-gaap:OtherCreditDerivativesMember2026-01-012026-09-300000091576us-gaap:OtherCreditDerivativesMemberkey:BankingServicesIncome2025-01-012025-09-300000091576us-gaap:OtherCreditDerivativesMemberkey:ConsumerMortgageIncome2025-01-012025-09-300000091576us-gaap:OtherCreditDerivativesMemberus-gaap:NoninterestIncomeOther2025-01-012025-09-300000091576us-gaap:OtherCreditDerivativesMember2025-01-012025-09-300000091576key:BankingServicesIncome2026-01-012026-09-300000091576key:ConsumerMortgageIncome2026-01-012026-09-300000091576us-gaap:NoninterestIncomeOther2026-01-012026-09-300000091576key:BankingServicesIncome2025-01-012025-09-300000091576key:ConsumerMortgageIncome2025-01-012025-09-300000091576us-gaap:NoninterestIncomeOther2025-01-012025-09-300000091576us-gaap:InterestRateContractMember2026-09-300000091576us-gaap:InterestRateContractMember2025-12-310000091576us-gaap:ForeignExchangeContractMember2026-09-300000091576us-gaap:ForeignExchangeContractMember2025-12-310000091576us-gaap:CommodityContractMember2026-09-300000091576us-gaap:CommodityContractMember2025-12-310000091576us-gaap:OtherCreditDerivativesMember2026-09-300000091576us-gaap:OtherCreditDerivativesMember2025-12-310000091576us-gaap:OtherCreditDerivativesMember2026-09-300000091576us-gaap:OtherCreditDerivativesMember2026-01-012026-09-300000091576us-gaap:OtherCreditDerivativesMember2025-12-310000091576us-gaap:OtherCreditDerivativesMember2025-01-012025-12-310000091576us-gaap:CommercialMortgageBackedSecuritiesMember2026-06-300000091576us-gaap:CommercialMortgageBackedSecuritiesMember2025-06-300000091576us-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000091576us-gaap:CommercialMortgageBackedSecuritiesMember2026-07-012026-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMember2025-07-012025-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMember2026-01-012026-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMember2025-01-012025-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMember2025-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMembersrt:MinimumMember2026-01-012026-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMembersrt:MaximumMember2026-01-012026-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMember2026-01-012026-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMembersrt:MinimumMember2025-01-012025-12-310000091576us-gaap:CommercialMortgageBackedSecuritiesMembersrt:MaximumMember2025-01-012025-12-310000091576us-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMember2025-01-012025-12-310000091576us-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMember2026-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMember2025-12-310000091576key:OriginatedMortgageServicingRightsMember2026-09-300000091576key:OriginatedMortgageServicingRightsMember2026-01-012026-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMember2026-01-012026-09-300000091576us-gaap:CommercialMortgageBackedSecuritiesMember2025-01-012025-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMember2026-06-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMember2025-06-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000091576us-gaap:ResidentialMortgageBackedSecuritiesMember2026-07-012026-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMember2025-07-012025-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMember2026-01-012026-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMember2025-01-012025-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMember2025-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMembersrt:MinimumMember2026-01-012026-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMembersrt:MaximumMember2026-01-012026-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMembersrt:WeightedAverageMember2026-01-012026-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMembersrt:MinimumMember2025-01-012025-12-310000091576us-gaap:ResidentialMortgageBackedSecuritiesMembersrt:MaximumMember2025-01-012025-12-310000091576us-gaap:ResidentialMortgageBackedSecuritiesMembersrt:WeightedAverageMember2025-01-012025-12-310000091576us-gaap:ResidentialMortgageBackedSecuritiesMembersrt:WeightedAverageMember2026-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMembersrt:WeightedAverageMember2025-12-310000091576us-gaap:ResidentialMortgageBackedSecuritiesMember2026-01-012026-09-300000091576us-gaap:ResidentialMortgageBackedSecuritiesMember2025-01-012025-09-300000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:LIHTCMember2026-09-300000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:LIHTCMember2025-12-310000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:NMTCMember2026-09-300000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:NMTCMember2025-12-310000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:InvestmentsMember2026-01-012026-09-300000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:InvestmentsMember2025-01-012025-09-300000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:PrincipalIndirectInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-09-300000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:PrincipalIndirectInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:PrincipalIndirectInvestmentsMember2026-09-300000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberkey:PrincipalIndirectInvestmentsMember2025-12-310000091576us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMember2025-12-310000091576us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMember2026-09-300000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-09-300000091576us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-12-310000091576us-gaap:OtherAssets2026-09-300000091576us-gaap:OtherAssets2025-12-310000091576key:KeyCorpMember2026-09-300000091576key:FirstNiagaraBankN.A.Member2026-09-300000091576key:ClearwaterCorporateFinanceLLPMember2026-08-030000091576key:GovernmentGuaranteedAndPrivateEducationLendingBusinessMemberkey:GovernmentGuaranteedLoansMemberus-gaap:SegmentDiscontinuedOperationsMember2026-09-300000091576key:GovernmentGuaranteedAndPrivateEducationLendingBusinessMemberkey:GovernmentGuaranteedLoansMemberus-gaap:SegmentDiscontinuedOperationsMember2025-12-310000091576srt:ParentCompanyMemberus-gaap:SeniorNotesMemberkey:SeniorNotesDue20272037Membersrt:MinimumMember2026-09-300000091576srt:ParentCompanyMemberus-gaap:SeniorNotesMemberkey:SeniorNotesDue20272037Membersrt:MaximumMember2026-09-300000091576srt:ParentCompanyMemberus-gaap:SeniorNotesMemberkey:SeniorNotesDue20272037Member2026-09-300000091576srt:ParentCompanyMemberus-gaap:SeniorNotesMemberkey:SeniorNotesDue20272037Member2025-12-310000091576srt:ParentCompanyMemberus-gaap:SubordinatedDebtMemberkey:JuniorSubordinatedDebenturesDue20282037Membersrt:MinimumMember2026-09-300000091576srt:ParentCompanyMemberus-gaap:SubordinatedDebtMemberkey:JuniorSubordinatedDebenturesDue20282037Membersrt:MaximumMember2026-09-300000091576srt:ParentCompanyMemberus-gaap:SubordinatedDebtMemberkey:JuniorSubordinatedDebenturesDue20282037Member2026-09-300000091576srt:ParentCompanyMemberus-gaap:SubordinatedDebtMemberkey:JuniorSubordinatedDebenturesDue20282037Member2025-12-310000091576srt:ParentCompanyMember2026-09-300000091576srt:ParentCompanyMember2025-12-310000091576srt:SubsidiariesMemberus-gaap:SeniorNotesMemberkey:SeniorNotesDue20272039Membersrt:MinimumMember2026-09-300000091576srt:SubsidiariesMemberus-gaap:SeniorNotesMemberkey:SeniorNotesDue20272039Membersrt:MaximumMember2026-09-300000091576srt:SubsidiariesMemberus-gaap:SeniorNotesMemberkey:SeniorNotesDue20272039Member2026-09-300000091576srt:SubsidiariesMemberus-gaap:SeniorNotesMemberkey:SeniorNotesDue20272039Member2025-12-310000091576srt:SubsidiariesMemberus-gaap:SubordinatedDebtMemberkey:SubordinatedNotesDue20262032Membersrt:MinimumMember2026-09-300000091576srt:SubsidiariesMemberus-gaap:SubordinatedDebtMemberkey:SubordinatedNotesDue20262032Membersrt:MaximumMember2026-09-300000091576srt:SubsidiariesMemberus-gaap:SubordinatedDebtMemberkey:SubordinatedNotesDue20262032Member2026-09-300000091576srt:SubsidiariesMemberus-gaap:SubordinatedDebtMemberkey:SubordinatedNotesDue20262032Member2025-12-310000091576srt:SubsidiariesMemberus-gaap:FederalHomeLoanBankAdvancesMembersrt:MinimumMember2026-09-300000091576srt:SubsidiariesMemberus-gaap:FederalHomeLoanBankAdvancesMembersrt:MaximumMember2026-09-300000091576srt:SubsidiariesMemberus-gaap:FederalHomeLoanBankAdvancesMember2026-09-300000091576srt:SubsidiariesMemberus-gaap:FederalHomeLoanBankAdvancesMember2025-12-310000091576srt:SubsidiariesMemberkey:SecuredBorrowingMember2026-09-300000091576srt:SubsidiariesMemberkey:SecuredBorrowingMember2025-12-310000091576srt:SubsidiariesMember2026-09-300000091576srt:SubsidiariesMember2025-12-310000091576us-gaap:FinancialStandbyLetterOfCreditMember2026-09-300000091576key:UnderwritingAndServicingProgramMember2026-09-300000091576key:ResidentialMortgageReserveMember2026-09-300000091576key:WrittenPutOptionsGuaranteesMember2026-09-300000091576us-gaap:RiskLevelLowMembersrt:MinimumMember2026-01-012026-09-300000091576us-gaap:RiskLevelLowMembersrt:MaximumMember2026-01-012026-09-300000091576us-gaap:RiskLevelMediumMembersrt:MinimumMember2026-01-012026-09-300000091576us-gaap:RiskLevelMediumMembersrt:MaximumMember2026-01-012026-09-300000091576us-gaap:RiskLevelHighMembersrt:MinimumMember2026-01-012026-09-300000091576us-gaap:FinancialStandbyLetterOfCreditMember2026-01-012026-09-300000091576srt:MinimumMemberus-gaap:FinancialStandbyLetterOfCreditMember2026-01-012026-09-300000091576srt:MaximumMemberus-gaap:FinancialStandbyLetterOfCreditMember2026-01-012026-09-300000091576key:UnderwritingAndServicingProgramMember2026-01-012026-09-300000091576key:WrittenPutOptionsGuaranteesMember2026-01-012026-09-300000091576us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-06-300000091576us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-06-300000091576us-gaap:AccumulatedTranslationAdjustmentMember2026-06-300000091576us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-06-300000091576us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-07-012026-09-300000091576us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-07-012026-09-300000091576us-gaap:AccumulatedTranslationAdjustmentMember2026-07-012026-09-300000091576us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-07-012026-09-300000091576us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-09-300000091576us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-09-300000091576us-gaap:AccumulatedTranslationAdjustmentMember2026-09-300000091576us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-09-300000091576us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-06-300000091576us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-300000091576us-gaap:AccumulatedTranslationAdjustmentMember2025-06-300000091576us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-06-300000091576us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-07-012025-09-300000091576us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-07-012025-09-300000091576us-gaap:AccumulatedTranslationAdjustmentMember2025-07-012025-09-300000091576us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-07-012025-09-300000091576us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-09-300000091576us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-09-300000091576us-gaap:AccumulatedTranslationAdjustmentMember2025-09-300000091576us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-09-300000091576us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-12-310000091576us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-12-310000091576us-gaap:AccumulatedTranslationAdjustmentMember2025-12-310000091576us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310000091576us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-01-012026-09-300000091576us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-01-012026-09-300000091576us-gaap:AccumulatedTranslationAdjustmentMember2026-01-012026-09-300000091576us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-01-012026-09-300000091576us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-12-310000091576us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000091576us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310000091576us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310000091576us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-09-300000091576us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-09-300000091576us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-09-300000091576us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-07-012026-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-07-012025-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberkey:AccumulatedDefinedBenefitPlansAdjustmentNetActuarialGainLossAttributableToParentMember2026-07-012026-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberkey:AccumulatedDefinedBenefitPlansAdjustmentNetActuarialGainLossAttributableToParentMember2025-07-012025-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2026-07-012026-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-07-012025-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-07-012026-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-07-012025-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-01-012026-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberkey:AccumulatedDefinedBenefitPlansAdjustmentNetActuarialGainLossAttributableToParentMember2026-01-012026-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberkey:AccumulatedDefinedBenefitPlansAdjustmentNetActuarialGainLossAttributableToParentMember2025-01-012025-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2026-01-012026-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-01-012025-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-01-012026-09-300000091576us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-09-300000091576key:A2026ShareRepurchaseProgramMember2026-05-130000091576key:A2025ShareRepurchaseProgramMember2026-05-130000091576key:ScotiabankInvestmentAgreementMember2026-07-012026-09-300000091576us-gaap:SeriesEPreferredStockMember2026-09-300000091576us-gaap:SeriesFPreferredStockMember2026-09-300000091576us-gaap:SeriesGPreferredStockMember2026-09-300000091576us-gaap:SeriesHPreferredStockMember2026-09-300000091576us-gaap:SeriesDPreferredStockMember2026-09-150000091576key:DepositorySharesSeriesDMember2026-09-152026-09-150000091576key:ConsumerBankMember2026-09-300000091576key:CommercialBankMember2026-09-300000091576key:ConsumerBankMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000091576key:ConsumerBankMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000091576key:CommercialBankMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000091576key:CommercialBankMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000091576key:CorporateAndReconcilingItemsMember2026-07-012026-09-300000091576key:CorporateAndReconcilingItemsMember2025-07-012025-09-300000091576key:ConsumerBankMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000091576key:ConsumerBankMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000091576key:CommercialBankMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000091576key:CommercialBankMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000091576key:CorporateAndReconcilingItemsMember2026-01-012026-09-300000091576key:CorporateAndReconcilingItemsMember2025-01-012025-09-300000091576key:CommunityBankingMemberkey:TrustAndInvestmentServicesMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000091576key:CorporateBankingMemberkey:TrustAndInvestmentServicesMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000091576key:TrustAndInvestmentServicesMember2026-07-012026-09-300000091576key:CommunityBankingMemberkey:TrustAndInvestmentServicesMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000091576key:CorporateBankingMemberkey:TrustAndInvestmentServicesMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000091576key:TrustAndInvestmentServicesMember2025-07-012025-09-300000091576key:CommunityBankingMemberkey:InvestmentBankingAndDebtPlacementMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000091576key:CorporateBankingMemberkey:InvestmentBankingAndDebtPlacementMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000091576key:InvestmentBankingAndDebtPlacementMember2026-07-012026-09-300000091576key:CommunityBankingMemberkey:InvestmentBankingAndDebtPlacementMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000091576key:CorporateBankingMemberkey:InvestmentBankingAndDebtPlacementMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000091576key:InvestmentBankingAndDebtPlacementMember2025-07-012025-09-300000091576key:CommunityBankingMemberkey:ServiceChargesOnDepositAccountsMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000091576key:CorporateBankingMemberkey:ServiceChargesOnDepositAccountsMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000091576key:ServiceChargesOnDepositAccountsMember2026-07-012026-09-300000091576key:CommunityBankingMemberkey:ServiceChargesOnDepositAccountsMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000091576key:CorporateBankingMemberkey:ServiceChargesOnDepositAccountsMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000091576key:ServiceChargesOnDepositAccountsMember2025-07-012025-09-300000091576key:CommunityBankingMemberkey:CardsAndPaymentsMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000091576key:CorporateBankingMemberkey:CardsAndPaymentsMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000091576key:CardsAndPaymentsMember2026-07-012026-09-300000091576key:CommunityBankingMemberkey:CardsAndPaymentsMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000091576key:CorporateBankingMemberkey:CardsAndPaymentsMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000091576key:CardsAndPaymentsMember2025-07-012025-09-300000091576key:CommunityBankingMemberkey:OtherNoninterestIncomeMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000091576key:CorporateBankingMemberkey:OtherNoninterestIncomeMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000091576key:OtherNoninterestIncomeMember2026-07-012026-09-300000091576key:CommunityBankingMemberkey:OtherNoninterestIncomeMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000091576key:CorporateBankingMemberkey:OtherNoninterestIncomeMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000091576key:OtherNoninterestIncomeMember2025-07-012025-09-300000091576key:CommunityBankingMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000091576key:CorporateBankingMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300000091576key:CommunityBankingMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000091576key:CorporateBankingMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300000091576key:CommunityBankingMemberkey:TrustAndInvestmentServicesMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000091576key:CorporateBankingMemberkey:TrustAndInvestmentServicesMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000091576key:TrustAndInvestmentServicesMember2026-01-012026-09-300000091576key:CommunityBankingMemberkey:TrustAndInvestmentServicesMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000091576key:CorporateBankingMemberkey:TrustAndInvestmentServicesMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000091576key:TrustAndInvestmentServicesMember2025-01-012025-09-300000091576key:CommunityBankingMemberkey:InvestmentBankingAndDebtPlacementMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000091576key:CorporateBankingMemberkey:InvestmentBankingAndDebtPlacementMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000091576key:InvestmentBankingAndDebtPlacementMember2026-01-012026-09-300000091576key:CommunityBankingMemberkey:InvestmentBankingAndDebtPlacementMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000091576key:CorporateBankingMemberkey:InvestmentBankingAndDebtPlacementMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000091576key:InvestmentBankingAndDebtPlacementMember2025-01-012025-09-300000091576key:CommunityBankingMemberkey:ServiceChargesOnDepositAccountsMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000091576key:CorporateBankingMemberkey:ServiceChargesOnDepositAccountsMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000091576key:ServiceChargesOnDepositAccountsMember2026-01-012026-09-300000091576key:CommunityBankingMemberkey:ServiceChargesOnDepositAccountsMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000091576key:CorporateBankingMemberkey:ServiceChargesOnDepositAccountsMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000091576key:ServiceChargesOnDepositAccountsMember2025-01-012025-09-300000091576key:CommunityBankingMemberkey:CardsAndPaymentsMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000091576key:CorporateBankingMemberkey:CardsAndPaymentsMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000091576key:CardsAndPaymentsMember2026-01-012026-09-300000091576key:CommunityBankingMemberkey:CardsAndPaymentsMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000091576key:CorporateBankingMemberkey:CardsAndPaymentsMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000091576key:CardsAndPaymentsMember2025-01-012025-09-300000091576key:CommunityBankingMemberkey:OtherNoninterestIncomeMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000091576key:CorporateBankingMemberkey:OtherNoninterestIncomeMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000091576key:OtherNoninterestIncomeMember2026-01-012026-09-300000091576key:CommunityBankingMemberkey:OtherNoninterestIncomeMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000091576key:CorporateBankingMemberkey:OtherNoninterestIncomeMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000091576key:OtherNoninterestIncomeMember2025-01-012025-09-300000091576key:CommunityBankingMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000091576key:CorporateBankingMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300000091576key:CommunityBankingMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300000091576key:CorporateBankingMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-30

Table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-11302

KeyCorp

Exact name of registrant as specified in its charter:

Ohio			34-6542451
State or other jurisdiction of incorporation or organization:			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:

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			KEY PrI			New York Stock Exchange
Perpetual Non-Cumulative Preferred Stock, Series E)
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-			KEY PrJ			New York Stock Exchange
Cumulative Preferred Stock, Series F)
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-			KEY PrK			New York Stock Exchange
Cumulative Preferred Stock, Series G)
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Reset Perpetual Non-			KEY PrL			New York Stock Exchange
Cumulative Preferred Stock, Series H)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Shares with a par value of $1 each			1,055,979,769 shares
Title of class			Outstanding at October 30, 2026

1

Table of contents

KEYCORP

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

						Page Number
Item 1.			Financial Statements			46
			Consolidated Balance Sheets			46
			Consolidated Statements of Income			47
			Consolidated Statements of Comprehensive Income			48
			Consolidated Statements of Changes in Equity			49
			Consolidated Statements of Cash Flows			50
			Notes to Consolidated Financial Statements (Unaudited)			51
			Note 1.    Basis of Presentation and Accounting Policies			51
			Note 2.    Earnings Per Common Share			51
			Note 3.    Loan Portfolio			52
			Note 4.    Asset Quality			52
			Note 5.    Fair Value Measurements			65
			Note 6.    Securities			68
			Note 7.    Derivatives and Hedging Activities			70
			Note 8.    Mortgage Servicing Assets			75
			Note 9.    Leases			77
			Note 10.  Variable Interest Entities			78
			Note 11.  Income Taxes			79
			Note 12.  Acquisitions & Discontinued Operations			80
			Note 13.  Borrowings			80
			Note 14.  Contingent Liabilities and Guarantees			81
			Note 15.  Accumulated Other Comprehensive Income			83
			Note 16.  Shareholders’ Equity			84
			Note 17.  Business Segment Reporting			85
			Note 18. Revenue from Contracts with Customers			87
			Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)			88

2

Table of contents

Item 2.			Management’s Discussion & Analysis of Financial Condition & Results of Operations			4
			Introduction			4
			Terminology			4
			Forward-looking statements			5
			Executive overview			7
			Business outlook			7
			Demographics			8
			Supervision and regulation			8
			Results of Operations			11
			Earnings overview			11
			Net interest income			11
			Provision for credit losses			16
			Noninterest income			16
			Noninterest expense			18
			Income taxes			18
			Business Segment Results			20
			Consumer Bank			20
			Commercial Bank			21
			Financial Condition			22
			Loans and loans held for sale			22
			Securities			26
			Deposits and other sources of funds			28
			Capital			29
			Risk Management			32
			Overview			32
			Market risk management			32
			Liquidity risk management			36
			Credit risk management			38
			Operational and compliance risk management			42
			GAAP to Non-GAAP Reconciliations			43
			Critical Accounting Policies and Estimates			44
			Accounting and Reporting Developments			45
Item 3.			Quantitative and Qualitative Disclosure about Market Risk			89
Item 4.			Controls and Procedures			89

			PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			89
Item 1A.			Risk Factors			89
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			90
Item 5.			Other Information			90
Item 6.			Exhibits			91
			Signature			92

3

Table of contents

PART I. FINANCIAL INFORMATION

Item 2.    Management’s Discussion & Analysis of Financial Condition & Results of Operations

Introduction

This section reviews the financial condition and results of operations of KeyCorp and its subsidiaries for the quarterly periods ended September 30, 2026, and September 30, 2025. Some tables may include additional periods to comply with disclosure requirements or to illustrate trends in greater depth. When you read this discussion, you should also refer to the consolidated financial statements and related notes in this report. The page locations of specific sections and notes that we refer to are presented in the Table of Contents.

References to our “2025 Form 10-K” refer to our Form 10-K for the year ended December 31, 2025, which has been filed with the SEC and is available on its website (www.sec.gov) and on our website (www.key.com/ir).

Terminology

Throughout this discussion, references to “Key,” “we,” “our,” “us,” and similar terms refer to the consolidated entity consisting of KeyCorp and its subsidiaries. “KeyCorp” refers solely to the parent holding company, and “KeyBank” refers solely to KeyCorp’s subsidiary bank, KeyBank National Association. “KeyBank (consolidated)” refers to the consolidated entity consisting of KeyBank and its subsidiaries.

We want to explain some industry-specific terms at the outset so you can better understand the discussion that follows.

•We use the phrase continuing operations in this document to mean all of our businesses other than our government-guaranteed and private education lending business, which are accounted for as discontinued operations.

•We engage in capital markets activities primarily through business conducted by our Commercial Bank segment. These activities encompass a variety of products and services. Among other things, we trade securities as a dealer, enter into derivative contracts (both to accommodate clients’ financing needs and to mitigate certain risks), and conduct transactions in foreign currencies (to accommodate clients’ needs).

•For regulatory purposes, capital is divided into Common Equity Tier 1 capital, Tier 1 capital, and Tier 2 capital. These components of regulatory capital serve as bases for several measures of capital adequacy, which is an important indicator of financial stability and condition. The “Capital” section of this report under the heading “Capital adequacy” provides more information on total capital, Tier 1 capital, and the Regulatory Capital Rules, including Common Equity Tier 1, and describes how these measures are calculated.

4

Table of contents

The acronyms and abbreviations identified below are used in the Management’s Discussion & Analysis of Financial Condition & Results of Operations as well as in the Notes to Consolidated Financial Statements (Unaudited). You may find it helpful to refer back to this page as you read this report.

ABO: Accumulated benefit obligation. ALCO: Asset/Liability Management Committee. ALLL: Allowance for loan and lease losses. A/LM: Asset/liability management. AML: Anti-money laundering. AOCI: Accumulated other comprehensive income (loss). ASC: Accounting Standards Codification. ASU: Accounting Standards Update. ATMs: Automated teller machines. BSA: Bank Secrecy Act. BHCA: Bank Holding Company Act of 1956, as amended. BHCs: Bank holding companies. Board: KeyCorp Board of Directors. CAPM: Capital Asset Pricing Model. CCAR: Comprehensive Capital Analysis and Review. CECL: Current Expected Credit Losses. CFPB: Consumer Financial Protection Bureau, also known as the Bureau of Consumer Financial Protection. CFTC: Commodity Futures Trading Commission. CMBS: Commercial mortgage-backed securities. CMO: Collateralized mortgage obligation. Common Shares: KeyCorp common shares, $1 par value. DCF: Discounted cash flow. DIF: Deposit Insurance Fund of the FDIC. Dodd-Frank Act: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. EAD: Exposure at default. EBITDA: Earnings before interest, taxes, depreciation, and amortization. EPS: Earnings per share. ERBA: Expanded risk-based approach. ERISA: Employee Retirement Income Security Act of 1974. ERM: Enterprise risk management. EVE: Economic value of equity. FASB: Financial Accounting Standards Board. FDIA: Federal Deposit Insurance Act, as amended. FDIC: Federal Deposit Insurance Corporation. Federal Reserve: Board of Governors of the Federal Reserve System. FHLB: Federal Home Loan Bank of Cincinnati. FHLMC: Federal Home Loan Mortgage Corporation. FICO: Fair Isaac Corporation. FINRA: Financial Industry Regulatory Authority. FNMA: Federal National Mortgage Association. FSOC: Financial Stability Oversight Council. FTP: Funds transfer pricing. FVA: Fair value of employee benefit plan assets. GAAP: U.S. generally accepted accounting principles. GNMA: Government National Mortgage Association. IDI: Insured depository institution. IRS: Internal Revenue Service. ISDA: International Swaps and Derivatives Association. KBCM: KeyBanc Capital Markets, Inc. KCC: Key Capital Corporation. KCDC: Key Community Development Corporation. KCIC: Key Community Investment Capital LLC. LCR: Liquidity coverage ratio. LGD: Loss given default. LIHTC: Low-income housing tax credit. LTV: Loan-to-value. Moody’s: Moody’s Investor Services, Inc. MTRM: Market & Treasury Risk Management. N/A: Not applicable. NAV: Net asset value. NFA: National Futures Association. N/M: Not meaningful. NMTC: New market tax credit. NYSE: New York Stock Exchange. OBBBA: One Big Beautiful Bill Act. OCC: Office of the Comptroller of the Currency. OCI: Other comprehensive income (loss). OREO: Other real estate owned. PBO: Projected benefit obligation. PCCR: Purchased credit card relationship. PCD: Purchased credit deteriorated. PD: Probability of default. RMBS: Residential mortgage-backed securities. S&P: Standard and Poor’s Ratings Services, a Division of The McGraw-Hill Companies, Inc. SEC: U.S. Securities & Exchange Commission. Scotiabank: The Bank of Nova Scotia SIFIs: Systemically important financial institutions, including large, interconnected BHCs and nonbank financial companies designated by FSOC for supervision by the Federal Reserve. SOFR: Secured Overnight Financing Rate. TE: Taxable-equivalent. TROC: Treasury Risk Oversight Committee. U.S. Treasury: United States Department of the Treasury. VaR: Value at risk. VEBA: Voluntary Employee Beneficiary Association. VIE: Variable interest entity.

Forward-looking Statements

From time to time, we have made or will make 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,” “will,” “would,” “should,” “could,” or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results or aspirations. Our disclosures in this report contain forward-looking statements. We may also make forward-looking statements in other documents filed with or furnished to the SEC. In addition, we may make forward-looking statements orally to analysts, investors, representatives of the media and others.

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. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this report

5

Table of contents

can or will be achieved. Factors that could cause our actual results to differ from those described in forward-looking statements include, but are not limited to:

•the extensive regulation of the U.S. financial services industry;

•complex and evolving laws and regulations regarding privacy and cybersecurity;

•operational or risk management failures by us or critical third parties;

•breaches of security or failures of our technology systems due to technological or other factors and cybersecurity threats;

•an ineffective risk management framework;

•negative outcomes from claims, litigation, arbitration, investigations, or governmental proceedings;

•failure or circumvention of our controls and procedures;

•our exposure to a wide range of climate-related physical risks across different geographical areas;

•evolving capital and liquidity standards under applicable regulatory rules;

•disruption of the U.S. and global financial system and markets, including the impact of inflation, tariffs or other trade policies, political instability, a prolonged shutdown of the U.S. government, a potential global economic downturn or recession, and extended military conflicts;

•unanticipated changes in our liquidity position, including but not limited to, changes in our access to or the cost of funding and our ability to secure alternative funding sources;

•our ability to receive dividends from our subsidiaries, including KeyBank;

•downgrades in our credit ratings or those of KeyBank;

•a worsening of the U.S. economy due to financial, political or other shocks;

•our ability to anticipate interest rate changes and manage interest rate risk;

•deterioration of economic conditions in the geographic regions where we operate;

•the soundness of other financial institutions, including instability in the financial industry;

•our concentrated credit exposure in commercial and industrial loans;

•deterioration of commercial real estate market fundamentals;

•defaults by our loan clients or counterparties;

•adverse changes in credit quality trends;

•declining asset prices;

•deterioration of asset quality and an increase in credit losses;

•geopolitical destabilization, including ongoing military conflicts;

•labor shortages, increases in unemployment rates, and supply chain constraints;

•our ability to develop and effectively use the quantitative models we rely upon in our business planning;

•our ability to timely and effectively implement our strategic initiatives;

•damage to our reputation;

•increased competitive pressure;

•our ability to adapt our products and services to industry standards and consumer preferences;

•our ability to attract and retain talented executives and employees;

•unanticipated adverse effects of strategic partnerships or acquisitions and dispositions of assets or businesses;

•the potential impact of Scotiabank’s significant equity interest in our business;

•inaccurate assumptions or estimates underlying our consolidated financial statements;

•changes in accounting policies, standards, and interpretations; and

•impairment of goodwill.

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, except as required by applicable securities laws. Before making an investment decision, you should carefully consider all risks and uncertainties disclosed in our 2025 Form 10-K, in Part II, Item 1A. "Risk Factors" of this report, and in any subsequent reports filed with the SEC by Key, as well as our registration statements under the Securities Act of 1933, as amended, all of which are or will upon filing be accessible on the SEC’s website at www.sec.gov and on our website at www.key.com/ir.

6

Table of contents

Executive Overview

Key reported $537 million in net income from continuing operations attributable to Key common shareholders, or diluted earnings per share of $0.51, in the third quarter of 2026.

Our actions and results during the third quarter of 2026 support our corporate strategy described in the “Introduction” section under the “Corporate strategy” heading on page 51 of our 2025 Form 10-K.

•Relationship households increased approximately 2% and commercial clients increased approximately 3% year-over-year, reflecting continued client acquisition and relationship deepening.

•Our priority fee-based businesses — investment banking, commercial payments, and wealth management – continued to contribute to revenue diversification, collectively growing approximately 12% in the third quarter 2026 compared with the prior-year period.

•We closed on our acquisition of Clearwater UK, which is expected to expand our middle-market mergers and acquisitions (“M&A”) advisory capabilities internationally and further support our priority fee-based business growth strategy.

•Our Assets Under Management were $74.5 billion for the third quarter of 2026, up 9.7% year-over-year, reflecting favorable market impacts as well as continued momentum in our wealth management business.

•Our continuous focus on disciplined client selection, prudent underwriting standards and deep domain expertise in helping clients navigate the uncertain environment was evident this quarter. Net charge-offs were 32 basis points in the third quarter.

•We continued to deploy capital in a disciplined manner to support organic client growth, invest in the franchise, and return capital to shareholders. During the third quarter, we repurchased $320 million of common shares and remain on pace to complete $1.3 billion of share repurchases in 2026, while maintaining a strong capital position with a CET1 ratio of 11.1%(a), which positions us to continue to support existing and prospective clients.

(a) September 30, 2026 capital ratios are estimates

Business outlook

We tightened our full-year 2026 outlook for net interest income, average loans, and average commercial loans to reflect stronger-than-expected commercial loan growth through the first nine months of the year, continued client acquisition and relationship expansion, and healthy commercial loan pipelines. Our full-year outlook for net charge-offs to average loans was updated to reflect improving credit trends in our portfolio to date. Our outlook also assumes a stable competitive deposit environment, continued benefit from fixed-rate asset repricing and swap maturities, and disciplined deposit and balance sheet management. Actual results may differ from this outlook due to changes in interest rates, deposit pricing, client activity, credit performance, capital markets activity, and broader macroeconomic conditions. Consistent with the forward guidance we provided on October 20, 2026, we expect these current year results, that is, full year 2026 vs. full year 2025:

Category

2025 Baseline

FY2026 (vs FY 2025)(a)

Revenue (TE)(b)

$7,513 Million

up ~8%

Net interest income (TE) (b)

$4,671 Million

up ~10% (previously up 9 - 11%)

Net interest margin

4Q exit rate: ~3.00%(c)

Noninterest income

$2,842 Million

up 4 - 5%

Noninterest income on an adjusted basis(b)(d)

$2,495 Million

up 6 - 7%

Adjusted noninterest expense(b)

$4,729 Million

up ~4%

Average loans

$105.7 Billion

up ~5% (previously up 4 - 5%)

Average Commercial Loans

$74.5 Billion

up ~10% (previously up 8 - 10%)

Net charge-offs to average loans

37 - 39 bps (previously 40 - 45 bps)

Effective tax rate

~22%

Tax-equivalent Effective Rate(e)

~23%

(a)    Ranges are shown on an operating basis.

(b)    Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly related GAAP financial measures due to the difficulty in forecasting when future amounts may occur. Such unavailable information could be significant for future results.

(c)    Average earning assets growing $1,5Bn - $2Bn from 3Q26 (previously shown as 4Q exit rate: 3.00 - 3.05% and average earning assets growing $1Bn - $2Bn from 2Q26).

(d)    Excluding commercial mortgage servicing fees, operating lease income and other leasing gains, other income, and net securities gains (losses).

(e)    Reflects the estimated full year taxable-equivalent adjustment.

7

Table of contents

We have established the following medium-term targets reflecting expected run rates by the end of 2027:

Return on tangible common equity(a) 15.0%+ Net Interest Margin 3.25%+

(a)    Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly related GAAP financial measures due to the difficulty in forecasting when future amounts may occur. Such unavailable information could be significant for future results.

Demographics

Our management structure and basis of presentation is divided into two business segments, Consumer Bank and Commercial Bank. Note 17 (“Business Segment Reporting”) describes the products and services offered by each of these business segments and provides more detailed financial information pertaining to the segments.

The Consumer Bank serves individuals and small businesses throughout our 15-state branch footprint and through our digital brand by offering a variety of deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgage and home equity, credit card, treasury services, and business advisory services. In addition, wealth management and investment services are offered to assist non-profit and high-net-worth clients with their banking, trust, portfolio management, charitable giving, and related needs.

The Commercial Bank consists of the Commercial and Institutional operating segments. The Commercial operating segment is a full-service, commercial banking platform that focuses primarily on serving the borrowing, cash management, and capital markets needs of middle market clients within Key’s 15-state branch footprint. The Institutional operating segment operates nationally in providing lending, equipment financing, and banking products and services to large corporate and institutional clients. The industry coverage and product teams have established expertise in the following sectors: Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, and Technology. It is also a significant, national, commercial real estate lender and third-party master and special servicer of commercial mortgage loans. The operating segment includes the KBCM platform which provides a broad suite of capital markets products and services including syndicated finance, debt and equity underwriting, fixed income and equity sales and trading, derivatives, foreign exchange, mergers & acquisition and other advisory, and public finance.

Supervision and regulation

The following discussion provides a summary of recent regulatory developments and should be read in conjunction with the disclosure included in our 2025 Form 10-K under the heading “Supervision and Regulation” in Item 1. Business and under the heading “V. Compliance Risk” in Item 1A. Risk Factors as well as the disclosure included in Part II, Item 1A. "Risk Factors" of this report.

Regulatory capital requirements

KeyCorp and KeyBank are subject to regulatory capital requirements that are based largely on the Basel III international capital framework (“Basel III”). The Basel III capital framework and the U.S. implementation of the Basel III capital framework (“Regulatory Capital Rules”) are discussed in more detail in Item 1. Business of our 2025 Form 10-K under the heading “Supervision and Regulation — Regulatory Capital and Liquidity Requirements.”

Under the Regulatory Capital Rules, standardized approach banking organizations, such as KeyCorp and KeyBank, are required to meet the minimum capital and leverage ratios set forth in Figure 1 below. At September 30, 2026, KeyCorp’s ratios under the fully phased-in Regulatory Capital Rules were as set forth in Figure 1.

Figure 1. Minimum Capital Ratios and KeyCorp Ratios Under the Regulatory Capital Rules

Ratios (including stress capital buffer)			Regulatory Minimum Requirement			Stress Capital Buffer (b)			Regulatory Minimum Stress Capital Buffer			KeyCorp September 30, 2026 (c)
Common Equity Tier 1			4.50		%	3.20		%	7.70		%	11.08		%
Tier 1 Capital			6.00			3.20			9.20			12.33
Total Capital			8.00			3.20			11.20			14.34
Leverage (a)			4.00			N/A			4.00			9.92

(a)As a Category IV banking organization, KeyCorp is not subject to the 3% supplementary leverage ratio requirement.

(b)Stress capital buffer must consist of Common Equity Tier 1 capital. As a Category IV banking organization, KeyCorp is not subject to the countercyclical capital buffer of up to 2.5% imposed upon an advanced approaches banking organization or a Category III banking organization under the Regulatory Capital Rules. KeyCorp’s buffer is 3.20% as of October 1, 2025.

(c)September 30, 2026 capital ratios are estimates.

8

Table of contents

Revised prompt corrective action framework

The federal Prompt Corrective Action (“PCA”) framework under the FDIA groups FDIC-insured depository institutions into one of five prompt corrective action capital categories: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized,” and “critically undercapitalized.” In addition to implementing the Basel III capital framework in the United States, the Regulatory Capital Rules also revised the PCA capital category threshold ratios applicable to FDIC-insured depository institutions such as KeyBank. The revised PCA framework table in Figure 2 identifies the capital category threshold ratios for a “well capitalized” and an “adequately capitalized” institution under the PCA framework.

Figure 2. "Well Capitalized" and "Adequately Capitalized" Capital Category Ratios under Revised Prompt Corrective Action Framework

Prompt Corrective Action						Capital Category
Ratio						Well Capitalized (a)			Adequately Capitalized
Common Equity Tier 1 Risk-Based						6.50		%	4.50		%
Tier 1 Risk-Based						8.00			6.00
Total Risk-Based						10.00			8.00
Tier 1 Leverage (b)						5.00			4.00

(a)A “well capitalized” institution also must not be subject to any written agreement, order, or directive to meet and maintain a specific capital level for any capital measure.

(b)As a Category IV national bank, KeyBank is not subject to the 3% supplementary leverage ratio requirement.

As of September 30, 2026, KeyBank (consolidated) satisfied the risk-based and leverage capital requirements necessary to be considered “well capitalized” for purposes of the revised PCA framework. However, investors should not regard this determination as a representation of the overall financial condition or prospects of KeyBank because the PCA framework is intended to serve a limited supervisory function. Moreover, it is important to note that the PCA framework does not apply to BHCs, like KeyCorp.

Stress Testing and Stress Capital Buffer

On September 30, 2026, the Federal Reserve adopted two final rules related to supervisory stress testing and stress capital buffer (“SCB”) requirements. One of the final rules codifies a process under which the Federal Reserve will annually disclose and seek public comment on the models and scenarios used in the supervisory stress test. The other final rule (the “SCB Averaging Rule”) is intended to reduce year-over-year volatility in capital requirements by revising the Federal Reserve’s approach to calculating SCBs for certain firms.

Under the Federal Reserve’s previous rules, and subject to a floor of 2.5%, the SCB of a firm subject to an annual supervisory stress test was calculated as the sum of the difference between the firm's starting and minimum projected CET1 capital ratio under the severely adverse scenario in the supervisory stress test (the “stress capital decline component”) plus four quarters of planned common stock dividends as a percentage of risk-weighted assets (the “dividend add-on component”). Under the SCB Averaging Rule, the Federal Reserve will generally calculate the stress capital decline component for a firm that is subject to the Federal Reserve’s supervisory stress test in two consecutive years by taking the average of the firm’s stress capital decline component over those two years. That average stress capital decline will then be added to the dividend add-on component from the current year to produce the firm’s final SCB, subject to a floor of 2.5%.

The SCB Averaging Rule also includes other changes to the Federal Reserve’s rules relating to SCBs, including a change that will make new SCBs effective January 1 of the year following the year in which the SCB was calculated, rather than October 1 of the year in which the SCB was calculated. The change to SCB effective dates will be effective for the 2027 supervisory stress test, but the Federal Reserve will not begin to implement SCB averaging until after the 2028 supervisory stress test. Accordingly, beginning January 1, 2029, the SCB assigned to a firm that was subject to both the 2027 and 2028 supervisory stress test will be calculated using the averaging approach described above. A firm that was subject to the 2028 supervisory stress test but not the 2027 supervisory stress test will be assigned an SCB calculated using only the results of the 2028 supervisory stress test.

As a Category IV banking organization, KeyCorp is not required to participate in the 2027 supervisory stress test, but may elect by January 5, 2027, to opt in to the 2027 test. If KeyCorp opts in to the 2027 test, it will receive a new SCB, effective January 1, 2028, equal to KeyCorp’s stress capital decline component calculated based on the results of the 2027 stress test, plus an updated dividend add-on component. If KeyCorp does not opt in to the 2027

9

Table of contents

test, KeyCorp’s new SCB, effective January 1, 2028, is expected to be equal to KeyCorp’s current SCB, as adjusted to reflect an updated dividend add-on component.

Community Reinvestment Act

Rules adopted by the federal banking regulators under the Community Reinvestment Act (“CRA”) require depository institutions to help meet the credit needs of the communities that they serve, including low- and moderate-income neighborhoods. In October 2023 the federal banking agencies adopted a final rule to substantially revise their regulations implementing the CRA. Various trade associations filed a lawsuit in the United States District Court for the Northern District of Texas against the rule, and in March 2024 the court in that case issued a preliminary injunction. The decision was appealed to the United States Court of Appeals for the Fifth Circuit, but the appeal was subsequently stayed after the federal banking agencies indicated that they intended to issue a proposal to rescind the 2023 rule and to generally reinstate the CRA framework that was in place prior to the issuance of that rule (the “rescission proposal”). The rescission proposal was issued on July 16, 2025.

On July 31, 2026, the FDIC and OCC withdrew the rescission proposal and instead proposed changes that, while reinstating the general framework of CRA rules that was in place prior to 2023 rule, would also make certain substantive changes to those rules. For example, the proposal would modify the criteria that would need to be satisfied for a bank to receive CRA credit for certain activities. The proposal would also change the thresholds for the application of certain CRA requirements to certain banks, but would not change the applicability of the CRA rules to KeyBank.

10

Table of contents

Results of Operations

Earnings overview

The following chart provides a reconciliation of net income (loss) from continuing operations attributable to Key common shareholders for the three months ended September 30, 2025, to the three months ended September 30, 2026 (dollars in millions):

Net interest income

One of our principal sources of revenue is net interest income. Net interest income is the difference between interest income received on earning assets (such as loans and securities) and loan-related fee income, and interest expense paid on deposits and borrowings. There are several factors that affect net interest income, including:

•the volume, pricing, mix, and maturity of earning assets and interest-bearing liabilities;

•the volume and value of net free funds, such as noninterest-bearing deposits and equity capital;

•the use of derivative instruments to manage interest rate risk;

•interest rate fluctuations and competitive conditions within the marketplace;

•asset quality; and

•fair value accounting of acquired earning assets and interest-bearing liabilities.

To make it easier to compare both the results across several periods and the yields on various types of earning assets (some taxable, some not), we present net interest income in this discussion on a “TE basis” (i.e., as if all income were taxable and at the same rate). For example, $100 of tax-exempt income would be presented as $126, an amount that, if taxed at the statutory federal income tax rate of 21%, would yield $100.

11

Table of contents

Net interest income (TE) was $1.31 billion for the third quarter of 2026 and the net interest margin was 2.95%. Compared to the third quarter of 2025, net interest income (TE) increased $115 million and net interest margin increased by 20 basis points. These increases reflected 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, an expanding balance sheet, and a continued strategic shift towards higher-yielding commercial and industrial loans. These benefits were partially offset by the impact of lower interest rates on repricing earning assets.

For the nine months ended September 30, 2026, net interest income (TE) was $3.8 billion and the net interest margin was 2.91%. Compared to the same period in 2025, net interest income (TE) increased $348 million and net interest margin increased by 25 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 strategic shift in the balance sheet composition to higher-yielding commercial and industrial loans. These increases were partially offset by the impact of lower interest rates on repricing earning assets.

Average loans were $111.6 billion for the third quarter of 2026, an increase of $5.4 billion compared to the third quarter of 2025. Average commercial loans increased by $7.7 billion, primarily due to an increase in commercial and industrial loans. Average consumer loans declined by $2.3 billion, reflecting continued run-off across all consumer loan categories.

Average deposits totaled $151.2 billion for the third quarter of 2026, an increase of $801 million compared to the year-ago quarter, reflecting growth in demand deposits and money market deposits, partially offset by a decline in time deposits. The rate paid on interest-bearing deposits decreased 39 basis points to 2.04%, while the overall cost of deposits declined 31 basis points to 1.66%.

Figure 3 shows the various components of our balance sheet that affect interest income and expense and their respective yields or rates for the current period and comparative year-ago period. This figure also presents a reconciliation of TE net interest income to net interest income reported in accordance with GAAP for each of those

12

Table of contents

quarters. The net interest margin, which is an indicator of the profitability of the earning assets portfolio less the cost of funding, is calculated by dividing annualized TE net interest income by average earning assets.

13

Table of contents

Figure 3. Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates and Components of Net Interest Income Changes from Continuing Operations(g)

			Three months ended September 30, 2026												Three months ended September 30, 2025												Change in Net interest income due to
Dollars in millions			Average Balance			Interest (a)			Yield/ Rate (a)						Average Balance			Interest (a)			Yield/ Rate (a)						Volume			Yield/Rate			Total
ASSETS
Loans (b), (c)
Commercial and industrial (d)			$	64,421		$	942		5.82		%				$	56,571		$	858		6.02		%				$	116		$	(32)		$	84
Real estate — commercial mortgage			13,781			201			5.80						13,697			208			6.02						1			(8)			(7)
Real estate — construction			2,938			48			6.49						2,744			48			6.96						3			(3)			—
Commercial lease financing			1,937			19			3.87						2,385			22			3.62						(4)			1			(3)
Total commercial loans			83,077			1,210			5.79						75,397			1,136			5.98						116			(42)			74
Real estate — residential mortgage			17,988			152			3.37						19,140			160			3.34						(10)			2			(8)
Home equity loans			5,330			72			5.37						5,934			84			5.65						(8)			(4)			(12)
Other consumer loans			4,278			56			5.20						4,825			63			5.17						(7)			—			(7)
Credit cards			912			29			12.94						931			32			13.50						(1)			(2)			(3)
Total consumer loans			28,508			309			4.33						30,830			339			4.38						(26)			(4)			(30)
Total loans			111,585			1,519			5.42						106,227			1,475			5.51						90			(46)			44
Loans held for sale			1,523			22			5.70						1,291			18			5.81						3			1			4
Securities available for sale (b), (e)			37,960			373			3.64						40,310			408			3.77						(23)			(12)			(35)
Held-to-maturity securities (b)			9,488			98			4.13						7,168			64			3.59						23			11			34
Trading account assets			795			12			5.78						922			11			4.61						(2)			3			1
Short-term investments			11,198			107			3.80						13,463			156			4.60						(24)			(25)			(49)
Other investments			1,216			10			3.33						966			8			3.29						2			—			2
Total earning assets			173,765			2,141			4.82						170,347			2,140			4.92						69			(68)			1
Allowance for loan and lease losses			(1,441)												(1,443)
Accrued income and other assets			18,295												18,234
Discontinued assets			182												227
Total assets			$	190,801											$	187,365
LIABILITIES
Money market deposits			$	43,996		$	241		2.17		%				$	41,953		$	265		2.51		%				$	12		$	(36)		$	(24)
Demand deposits			62,773			293			1.85						60,597			346			2.26						12			(65)			(53)
Savings deposits			4,348			1			0.06						4,478			1			0.05						—			—			—
Time deposits			12,050			99			3.28						15,239			136			3.54						(27)			(10)			(37)
Total interest-bearing deposits			123,167			634			2.04						122,267			748			2.43						(3)			(111)			(114)
Federal funds purchased and securities sold under repurchase agreements			1,275			11			3.74						368			4			4.32						8			(1)			7
Bank notes and other short-term borrowings			3,233			25			3.10						1,372			14			3.91						15			(4)			11
Long-term debt (f)			11,198			163			5.77						11,071			181			6.53						2			(20)			(18)
Total interest-bearing liabilities			138,873			833			2.38						135,078			947			2.78						22			(136)			(114)
Noninterest-bearing deposits			28,008												28,107
Accrued expense and other liabilities			4,431												4,289
Discontinued liabilities (f)			182												227
Total liabilities			171,494												167,701
EQUITY
Key shareholders’ equity			19,307												19,664
Total liabilities and equity			$	190,801											$	187,365
Interest rate spread (TE)									2.44		%										2.14		%
Net interest income (TE) and net interest margin (TE)						$	1,308		2.95		%							$	1,193		2.75		%				$	47		$	68		115
TE adjustment (b)						8												9
Net interest income, GAAP basis						$	1,300											$	1,184

(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 September 30, 2026, and September 30, 2025.

(c)For purposes of these computations, nonaccrual loans are included in average loan balances.

(d)Commercial and industrial average balances include $204 million and $214 million of assets from commercial credit cards for the three months ended September 30, 2026, and September 30, 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 $40.8 billion and $43.1 billion for the three months ended September 30, 2026 and September 30, 2025, respectively. Yield based on the fair value of securities available for sale was 3.93% and 4.05% for the three months ended September 30, 2026 and September 30, 2025, respectively.

(f)A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying our matched funds transfer pricing methodology to discontinued operations.

(g)Average balances presented are based on daily average balances over the respective stated period.

14

Table of contents

Figure 3. Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates and Components of Net Interest Income Changes from Continuing Operations(g)

			Nine months ended September 30, 2026												Nine months ended September 30, 2025												Change in Net interest income due to
Dollars in millions			Average Balance			Interest (a)			Yield/ Rate (a)						Average Balance			Interest (a)			Yield/ Rate (a)						Volume			Yield/Rate			Total
ASSETS
Loans (b), (c)
Commercial and industrial (d)			$	61,921		$	2,681		5.78		%				$	55,317		$	2,496		6.03		%				$	289		$	(104)		$	185
Real estate — commercial mortgage			13,864			596			5.75						13,359			600			6.00						22			(26)			(4)
Real estate — construction			2,853			139			6.51						2,840			147			6.92						1			(9)			(8)
Commercial lease financing			2,088			60			3.82						2,520			68			3.58						(12)			4			(8)
Total commercial loans			80,726			3,476			5.75						74,036			3,311			5.98						300			(135)			165
Real estate — residential mortgage			18,293			460			3.36						19,439			487			3.34						(29)			2			(27)
Home equity loans			5,468			219			5.35						6,090			256			5.63						(25)			(12)			(37)
Other consumer loans			4,415			171			5.18						4,951			189			5.09						(21)			3			(18)
Credit cards			910			88			12.95						923			94			13.66						(1)			(5)			(6)
Total consumer loans			29,086			938			4.31						31,403			1,026			4.36						(76)			(12)			(88)
Total loans			109,812			4,414			5.37						105,439			4,337			5.50						224			(147)			77
Loans held for sale			1,235			51			5.48						960			43			6.03						12			(4)			8
Securities available for sale (b), (e)			38,622			1,110			3.60						40,118			1,211			3.74						(44)			(57)			(101)
Held-to-maturity securities (b)			9,239			279			4.03						7,160			188			3.50						60			31			91
Trading account assets			818			33			5.34						1,158			44			5.08						(14)			3			(11)
Short-term investments			11,013			311			3.78						14,048			487			4.63						(95)			(81)			(176)
Other investments			1,169			23			2.68						972			25			3.47						5			(7)			(2)
Total earning assets			171,908			6,221			4.76						169,855			6,335			4.89						148			(262)			(114)
Allowance for loan and lease losses			(1,434)												(1,423)
Accrued income and other assets			17,931												18,247
Discontinued assets			192												240
Total assets			$	188,597											$	186,919
LIABILITIES
Money market deposits			$	43,195		$	689		2.13		%				$	42,182		$	816		2.59		%				$	19		$	(146)		$	(127)
Demand deposits			61,759			852			1.85						58,416			965			2.21						53			(166)			(113)
Savings deposits			4,377			3			.05						4,572			3			.06						—			—			—
Time deposits			11,860			288			3.25						15,816			447			3.78						(102)			(57)			(159)
Total interest-bearing deposits			121,191			1,832			2.02						120,986			2,231			2.47						(30)			(369)			(399)
Federal funds purchased and securities sold under repurchase agreements			1,604			44			3.71						295			9			4.26						36			(1)			35
Bank notes and other short-term borrowings			3,335			80			3.22						2,308			75			4.35						28			(23)			5
Long-term debt (f)			10,697			469			5.85						11,643			572			6.57						(44)			(59)			(103)
Total interest-bearing liabilities			136,827			2,425			2.37						135,232			2,887			2.85						(10)			(452)			(462)
Noninterest-bearing deposits			27,506												27,807
Accrued expense and other liabilities			4,194												4,447
Discontinued liabilities (f)			192												240
Total liabilities			168,719												167,726
EQUITY
Key shareholders’ equity			19,878												19,193
Total liabilities and equity			$	188,597											$	186,919
Interest rate spread (TE)									2.40		%										2.04		%
Net interest income (TE) and net interest margin (TE)						$	3,796		2.91		%							$	3,448		2.66		%				$	158		$	190		$	348
TE adjustment (b)						24												27
Net interest income, GAAP basis						$	3,772											$	3,421

(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 nine months ended September 30, 2026, and September 30, 2025, respectively.

(c)For purposes of these computations, nonaccrual loans are included in average loan balances.

(d)Commercial and industrial average balances include $206 million and $215 million of assets from commercial credit cards for the nine months ended September 30, 2026, and September 30, 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 $41.1 billion and $43.2 billion for the nine months ended September 30, 2026, and September 30, 2025, respectively. Yield based on the fair value of securities available for sale was 3.83% and 4.02% for the nine months ended September 30, 2026, and September 30, 2025, respectively.

(f)A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying our matched funds transfer pricing methodology to discontinued operations.

(g)Average balances presented are based on daily average balances over the respective stated period.

15

Table of contents

Provision for credit losses

    

Key’s provision for credit losses was $61 million for the three months ended September 30, 2026, compared to $107 million for the three months ended September 30, 2025. The provision for credit losses was $259 million for the nine months ended September 30, 2026, compared to $363 million for the nine months ended September 30, 2025. The decrease compared to the prior year periods was primarily driven by reserve releases in 2026, reflective of favorable portfolio trends and a more stable economic outlook, in addition to lower net loan charge-offs. The provision for credit losses in the third quarter of 2026 reflected net loan charge-offs of $89 million and a net reserve release of $28 million, as the impact of an improved commercial portfolio mix continues to offset the effects of loan growth, credit migration, and economic uncertainty.

Noninterest income

As shown in Figure 4, noninterest income was $744 million for the third quarter of 2026, compared to $702 million for the year-ago quarter. Noninterest income was $2.2 billion for the nine months ended September 30, 2026, compared to $2.1 billion for the nine months ended September 30, 2025.

The following discussion explains the composition of certain elements of our noninterest income and the factors that caused those elements to change.

Figure 4. Noninterest Income

			Three Months Ended September 30,						Percent Change						Nine Months Ended September 30,						Percent Change
Dollars in millions			2026			2025									2026			2025
Investment banking and debt placement fees			$	214		$	184		16.3		%				$	580		$	537		8.1		%
Trust and investment services income			165			150			10.0						481			435			10.6
Cards and payments income			93			86			8.1						273			253			7.9
Service charges on deposit accounts			79			75			5.3						233			217			7.4
Corporate services income			72			72			—						223			213			4.7
Commercial mortgage servicing fees			53			73			(27.4)						164			219			(25.1)
Corporate-owned life insurance income			35			35			—						102			100			2.0
Consumer mortgage income			14			14			—						44			42			4.8
Operating lease income and other leasing gains			9			11			(18.2)						27			34			(20.6)
Other income			9			8			12.5						42			16			162.5
Net securities gains (losses)			1			(6)			(116.7)						4			(6)			(166.7)
Total noninterest income			$	744		$	702		6.0		%				$	2,173		$	2,060		5.5		%

N/M = Not Meaningful

Investment banking and debt placement fees

Investment banking and debt placement fees consist of syndication fees, debt and equity securities underwriting fees, merger and acquisition and financial advisory fees, gains on sales of commercial mortgages, and agency origination fees. For the three months ended September 30, 2026, investment banking and debt placement fees were up $30 million, or 16.3%, compared to the same period a year ago mainly due to increased merger and acquisition advisory fees, and loan syndication fees, partially offset by lower commercial mortgage fees. For the nine months ended September 30, 2026, investment banking and debt placement fees increased $43 million, or 8.1%, driven by year-to-date growth in merger and acquisition advisory fees and syndication fees.

16

Table of contents

Trust and investment services income 

Trust and investment services income consists of brokerage commissions, trust and asset management fees, and insurance income. The assets under management or administration that primarily generate certain trust and asset management fees are shown in Figure 5. For the three months ended September 30, 2026, trust and investment services income was up $15 million, or 10.0%, compared to the same period one year ago. For the nine months ended September 30, 2026, trust and investment services income was up $46 million, or 10.6%, compared to the same period one year ago. These increases were primarily attributable to higher investment management brokerage income, reflecting higher assets under management and favorable market performance.

A significant portion of our trust and investment services income depends on the value and mix of assets under management. As shown in Figure 5, at September 30, 2026, our bank, trust, and registered investment advisory subsidiaries had assets under management of $74.5 billion, up 9.7% compared to September 30, 2025. The increase was driven by constructive market performance.

Figure 5. Assets Under Management or Administration

Dollars in millions			September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Discretionary assets under management by investment type:
Equity			$	40,789		$	40,763		$	37,071		$	37,433		$	37,919
Fixed income			16,428			16,514			16,100			15,500			15,183
Money market			6,025			6,099			7,180			8,144			6,595
Total discretionary assets under management			63,242			63,376			60,351			61,077			59,697
Non-discretionary assets under administration			11,211			10,828			9,405			8,887			8,158
Total			$	74,453		$	74,204		$	69,756		$	69,964		$	67,855

Cards and payments income

Cards and payments income, which consists of debit card, prepaid card, consumer and commercial credit card, and merchant services income, increased $7 million or 8.1% for the three months ended September 30, 2026, compared to the same period one year ago. For the nine months ended September 30, 2026, cards and payments income increased $20 million, or 7.9%, from the same period a year ago. The increases were driven by higher commercial payments activity, including growth in merchant services, embedded banking, purchase card volume, and prepaid card-related fees, as well as higher consumer debit and credit card spend volumes. These increases were partially offset by lower interchange fees in certain consumer card categories and higher rewards costs.

Service charges on deposit accounts

Service charges on deposit accounts increased $4 million, or 5.3%, for the three months ended September 30, 2026, compared to the same period one year ago. For the nine months ended September 30, 2026, service charges on deposit accounts increased by $16 million, or 7.4%, from the same period one year ago. The increases were primarily driven by higher account analysis fees, reflecting growth in fee-equivalent revenue, partially offset by higher deposit premiums and lower consumer overdraft-related fees.

Other noninterest income

Other noninterest income includes operating lease income and other leasing gains, corporate services income,

corporate-owned life insurance income, consumer mortgage income, commercial mortgage servicing fees, net securities gains (losses), and other income. Net other noninterest income for the three months ended September 30, 2026, decreased $14 million, or 6.8%, from the year-ago quarter. This net change resulted from lower commercial mortgage servicing fees. For the nine months ended September 30, 2026, net other noninterest income decreased $12 million, or 1.9%, from the same period a year ago, driven by lower commercial mortgage servicing fees, and lower operating lease income due to portfolio runoff, partially offset by higher corporate services income reflective of growth in loan commitment fees, foreign exchange trading gains, and non-yield loan fees.

17

Table of contents

Noninterest expense

As shown in Figure 6, noninterest expense was $1.2 billion for the third quarter of 2026, compared to $1.2 billion for the third quarter of 2025. Noninterest expense was $3.6 billion for the nine months ended September 30, 2026, compared to $3.5 billion for the nine months ended September 30, 2025.

The following discussion explains the composition of certain elements of our noninterest expense and the factors that caused those elements to change.

Figure 6. Noninterest Expense

			Three Months Ended September 30,						Percent Change						Nine Months Ended September 30,						Percent Change
Dollars in millions			2026			2025									2026			2025
Personnel			$	815		$	742		9.8		%				$	2,344		$	2,127		10.2		%
Computer processing			116			105			10.5						335			319			5.0
Net occupancy			67			65			3.1						203			201			1.0
Business services and professional fees			46			44			4.5						128			132			(3.0)
Marketing			23			22			4.5						63			67			(6.0)
Equipment			21			20			5.0						62			61			1.6
Operating lease expense			6			9			(33.3)						20			30			(33.3)
Other expense			151			170			(11.2)						488			525			(7.0)
Total noninterest expense			$	1,245		$	1,177		5.8		%				$	3,643		$	3,462		5.2		%

Personnel

Personnel expense, the largest category of our noninterest expense, increased by $73 million, or 9.8%, for the three months ended September 30, 2026, compared to the same period one year ago. For the nine months ended September 30, 2026, personnel expense was up $217 million, or 10.2%, compared to the same period one year ago. The increases were driven by higher salaries, incentive and stock-based compensation reflective of current year merit increases, higher headcount and growth in the fee businesses.

Figure 7. Personnel Expense

Dollars in millions			Three Months Ended September 30,						Percent Change						Nine Months Ended September 30,						Percent Change
			2026			2025									2026			2025
Salaries and contract labor			$	463		$	437		5.9		%				$	1,350		$	1,269		6.4		%
Incentive and stock-based compensation (a)			212			190			11.6						578			516			12.0
Employee benefits			137			112			22.3						404			329			22.8
Severance			3			3			—						12			13			(7.7)
Total personnel expense			$	815		$	742		9.8		%				$	2,344		$	2,127		10.2		%

(a)Excludes directors’ stock-based compensation of $1 million and $2 million for the three months ended September 30, 2026, and September 30, 2025, respectively, and $3 million and $2 million for the nine months ended September 30, 2026 and September 30, 2025, respectively, reported as “other expense” in Figure 6.

Nonpersonnel expense

Other nonpersonnel expense includes net occupancy, computer processing, business services and professional fees, equipment, operating lease expense, marketing, and other miscellaneous expense categories. Other nonpersonnel expense for the three months ended September 30, 2026, decreased $5 million, or 1.1%, from the year-ago quarter. For the nine months ended September 30, 2026, other nonpersonnel expense decreased $36 million, or 2.7%, from the nine months ended September 30, 2025. The decreases were driven by lower business services and professional fees, operating lease expense, marketing expense, and other miscellaneous expense categories, partially offset by increases in computer processing and equipment. Lower professional fees reflected reduced consulting and legal services in several areas, while lower operating lease expense reflected continued runoff of the operating lease portfolio.

Income taxes

We recorded tax expense of $159 million for the third quarter of 2026 and tax expense of $112 million for the third quarter of 2025. We recorded tax expense of $434 million for the nine months ended September 30, 2026, compared to $337 million for the nine months ended September 30, 2025.

18

Table of contents

Our federal tax expense and effective tax rate differ from the amounts that would be calculated using the federal statutory tax rate, primarily due to investments in tax-advantaged assets, such as corporate-owned life insurance, tax credits associated with low-income housing investments, and periodic adjustments to our tax reserves.

Additional information pertaining to how our tax expense (benefit) and the resulting effective tax rates were derived is included in Note 13 (“Income Taxes”) beginning on page 153 of our 2025 Form 10-K.

19

Table of contents

Business Segment Results

This section summarizes the financial performance of our two major business segments (operating segments): Consumer Bank and Commercial Bank. Note 17 (“Business Segment Reporting”) describes the products and services offered by each of these business segments and provides more detailed financial information pertaining to the segments. For more information on the segment imperatives and market and business overview, see “Business Segment Results” beginning on page 59 of our 2025 Form 10-K. Dollars in the charts are presented in millions.

Consumer Bank

Summary of operations

			Three Months Ended September 30,									Percent
Dollars in millions			2026			2025						Change
Summary of operations
Net interest income (TE)			$	793		$	748					6.0		%
Noninterest income			256			243						5.3
Total revenue (TE)			1,049			991						5.9
Provision for credit losses			55			40						37.5
Noninterest expense			716			677						5.8
Income (loss) before income taxes (TE)			278			274						1.5
Allocated income taxes (benefit) and TE adjustments			67			66						1.5
Net income (loss) attributable to Key			$	211		$	208					1.4		%
Average loans and leases
Real estate — residential mortgage			$	17,984		$	19,137					(6.0)		%
Home equity loans			5,307			5,911						(10.2)
Other consumer loans			4,294			4,828						(11.1)
Credit cards			912			931						(2.0)
Commercial loans			4,099			4,570						(10.3)
Total loans and leases			$	32,596		$	35,377					(7.9)		%
Average deposits
Money market deposits			$	36,874		$	35,278					4.5		%
Demand deposits			22,540			22,607						(.3)
Savings deposits			4,143			4,291						(3.4)
Time deposits			9,539			11,110						(14.1)
Noninterest-bearing deposits			14,271			14,432						(1.1)
Total deposits			$	87,367		$	87,718					(.4)		%
Credit-related statistics
Nonperforming assets at period end			$	248		$	266
Net loan charge-offs			47			49
Net loan charge-offs to average total loans			0.57		%	0.55		%

•Net income attributable to Key of $211 million for the third quarter of 2026, compared to $208 million for the year-ago quarter

•Taxable-equivalent net interest income attributable to the Consumer Bank increased $45 million, or 6.0%, compared to the third quarter of 2025

•Average loans and leases decreased $2.8 billion, or 7.9%, from the third quarter of 2025, reflective of the continued run-off across all consumer loan categories

•Average deposits decreased $351 million, or 0.4%, from the third quarter of 2025, driven by lower time deposits, partially offset by an increase in money market deposits

•Provision for credit losses increased $15 million compared to the third quarter of 2025, primarily reflecting a reserve build as a result of economic conditions

•Noninterest income increased $13 million, or 5.3%, from the third quarter of 2025, primarily driven by higher trust and investment services income

•Noninterest expense increased $39 million, or 5.8%, from the third quarter of 2025, driven by an increase in personnel expense

20

Table of contents

Commercial Bank

Summary of operations

			Three Months Ended September 30,									Percent
Dollars in millions			2026			2025						Change
Summary of operations
Net interest income (TE)			$	748		$	686					9.0		%
Noninterest income			453			429						5.6
Total revenue (TE)			1,201			1,115						7.7
Provision for credit losses			8			68						(88.2)
Noninterest expense			529			486						8.8
Income (loss) before income taxes (TE)			664			561						18.4
Allocated income taxes (benefit) and TE adjustments			148			121						22.3
Net income (loss) attributable to Key			$	516		$	440					17.3		%
Average loans and leases
Commercial and industrial			$	61,135		$	52,878					15.6		%
Real estate — commercial mortgage			12,652			12,429						1.8
Real estate — construction			2,832			2,643						7.2
Commercial lease financing			1,929			2,371						(18.6)
Other loans			8			7						14.3
Total loans and leases			$	78,556		$	70,328					11.7		%
Average deposits
Money market deposits			$	7,121		$	6,624					7.5		%
Demand deposits			39,811			38,189						4.2
Other deposits			457			507						(9.9)
Noninterest-bearing deposits			13,329			13,204						.9
Total deposits			$	60,718		$	58,524					3.7		%
Credit-related statistics
Nonperforming assets at period end			$	379		$	402
Net loan charge-offs			42			64
Net loan charge-offs to average total loans			0.21		%	0.36		%

•Net income attributable to Key of $516 million for the third quarter of 2026, compared to $440 million for the year-ago quarter

•Taxable-equivalent net interest income attributable to the Commercial Bank increased $62 million or 9.0%, compared to the third quarter of 2025

•Average loan and lease balances increased $8.2 billion, or 11.7%, compared to the third quarter of 2025, driven by an increase in commercial and industrial loans

•Average deposit balances increased $2.2 billion, or 3.7%, compared to the third quarter of 2025, reflecting higher client deposit balances

•Provision for credit losses decreased $60 million compared to the third quarter of 2025, driven by a reserve release reflective of portfolio changes and lower net charge-offs

•Noninterest income increased $24 million, or 5.6%, from the third quarter of 2025, primarily driven by higher investment banking and debt placement fees, and service charges on deposit accounts

•Noninterest expense increased $43 million, or 8.8%, compared to the third quarter of 2025, driven by an increase in personnel expense

21

Table of contents

Financial Condition

Loans and loans held for sale

Figure 8. Composition of Loans at September 30, 2026

						September 30, 2026												December 31, 2025
Dollars in millions						Amount						Percent   of Total						Amount						Percent   of Total
COMMERCIAL
Commercial and industrial (a)						$	66,073					58.5		%				$	57,688					54.1		%
Commercial real estate:
Commercial mortgage						13,816						12.2						13,707						12.9
Construction						2,919						2.6						2,844						2.7
Total commercial real estate loans						16,735						14.8						16,551						15.6
Commercial lease financing						1,914						1.7						2,270						2.1
Total commercial loans						84,722						75.0						76,509						71.8
CONSUMER
Real estate — residential mortgage						17,868						15.8						18,732						17.6
Home equity loans						5,266						4.7						5,703						5.3
Other consumer loans						4,213						3.7						4,644						4.4
Credit cards						924						0.8						953						0.9
Total consumer loans						28,271						25.0						30,032						28.2
Total loans (b)						$	112,993					100.0		%				$	106,541					100.0		%

(a)Loan balances include $203 million and $205 million of commercial credit card balances at September 30, 2026, and December 31, 2025, respectively.

(b)Total loans exclude loans of $171 million at September 30, 2026, and $205 million at December 31, 2025, related to the discontinued operations of the education lending business.

At September 30, 2026, total loans outstanding from continuing operations were $113.0 billion, compared to $106.5 billion at December 31, 2025. For more information on balance sheet carrying value, see Note 1 (“Summary of Significant Accounting Policies”) under the headings “Loans” and “Loans Held for Sale” on page 108 of our 2025 Form 10-K.

Commercial loan portfolio

Commercial loans outstanding were $84.7 billion at September 30, 2026, an increase of $8.2 billion, or 10.7%, compared to December 31, 2025, primarily driven by growth in the commercial and industrial loan portfolios.

22

Table of contents

Figure 9 provides our commercial loan portfolios by industry classification at September 30, 2026, and December 31, 2025.

Figure 9. Commercial Loans by Industry

September 30, 2026			Commercial and industrial						Commercial real estate						Commercial lease financing						Total commercial loans						Percent of total
Dollars in millions
Industry classification:
Agriculture			$	947					$	116					$	73					$	1,136					1.3		%
Automotive			2,444						645						3						3,092						3.6
Business services			3,656						203						98						3,957						4.7
Commercial real estate			9,995						12,118						1						22,114						26.1
Construction materials and contractors			2,697						247						127						3,071						3.6
Consumer goods			3,632						589						138						4,359						5.1
Consumer services			4,597						738						223						5,558						6.6
Equipment			1,669						149						35						1,853						2.2
Finance			14,522						148						134						14,804						17.5
Healthcare			2,787						1,317						87						4,191						4.9
Materials and extraction			2,282						242						85						2,609						3.1
Oil and gas			2,246						56						11						2,313						2.7
Public exposure			1,605						3						248						1,856						2.2
Technology			1,643						15						52						1,710						2.0
Transportation			1,107						116						264						1,487						1.8
Utilities			10,019						—						329						10,348						12.3
Other			225						33						6						264						0.3
Total			$	66,073					$	16,735					$	1,914					$	84,722					100.0		%
December 31, 2025			Commercial and industrial						Commercial real estate						Commercial lease financing						Total commercial loans						Percent of total
Dollars in millions
Industry classification:
Agriculture			$	908					$	110					$	76					$	1,094					1.4		%
Automotive			2,475						610						—						3,085						4.0
Business services			3,228						227						85						3,540						4.6
Commercial real estate			8,124						12,045						1						20,170						26.4
Construction materials and contractors			1,978						238						153						2,369						3.1
Consumer goods			3,541						547						213						4,301						5.6
Consumer services			4,081						799						251						5,131						6.7
Equipment			1,586						153						45						1,784						2.3
Finance			12,165						96						167						12,428						16.3
Healthcare			2,714						1,334						133						4,181						5.5
Materials and extraction			2,105						177						104						2,386						3.1
Oil and gas			2,051						28						13						2,092						2.7
Public exposure			1,654						7						306						1,967						2.6
Technology			1,009						17						82						1,108						1.5
Transportation			1,022						121						276						1,419						1.9
Utilities			8,686						—						358						9,044						11.8
Other			361						42						7						410						0.5
Total			$	57,688					$	16,551					$	2,270					$	76,509					100.0		%

Commercial and industrial. Commercial and industrial loans are the largest component of our loan portfolio, representing 58% of our total loan portfolio at September 30, 2026, and 54% at December 31, 2025. This portfolio is approximately 94% variable rate and consists of loans originated primarily to large corporate, middle market, and small business clients.

Commercial and industrial loans totaled $66.1 billion at September 30, 2026, an increase of $8.4 billion, or 14.5%, compared to December 31, 2025. The increase was broad-based across multiple industry categories.

Commercial real estate loans. Our commercial real estate portfolio includes project loans primarily focused in market-rate and affordable multi-family housing loans, owner-occupied commercial and industrial operating company buildings, and community center grocer-anchored retail centers. These three commercial real estate segments make up 70% of our commercial real estate portfolio. Our non-owner-occupied portfolio is focused on operators of commercial real estate who not only utilize our loan products, but also utilize our broader industry-focused products and services and provide consistent pipelines into our agency, CMBS, and other long-term market take out products. This focus ensures our relationship clients foster and build portfolios with stable, recurring cash flows, with adequate, balanced cash reserves to support our balance sheet exposures through the economic cycle.

At September 30, 2026, commercial real estate loans totaled $16.7 billion, which includes $13.8 billion of mortgage loans and $2.9 billion of construction loans. Compared to December 31, 2025, this portfolio increased $184 million, or 1.1%. Nonowner-occupied properties, generally properties for which at least 50% of the debt service is provided

23

Table of contents

by rental income from nonaffiliated third parties, represented 80% of total commercial real estate loans outstanding at September 30, 2026.

Our overall construction loans constitute 17% of commercial real estate loans as of September 30, 2026 and December 31, 2025, respectively. Construction loans provide a stream of funding for properties not fully leased at origination to support debt service payments over the term of the contract or project. As of September 30, 2026, 73% of our construction portfolio are multi-family project loans. Our office exposure only represents 4% of commercial real estate loans at period end.

As shown in Figure 10, our commercial real estate loan portfolio includes various property types and geographic locations of the underlying collateral. These loans include commercial mortgage and construction loans in both Consumer Bank and Commercial Bank.

Figure 10. Commercial Real Estate Loans

			Geographic Region																					Total			Percent of Total			Construction			Commercial Mortgage
Dollars in millions			West			Southwest			Central			Midwest			Southeast			Northeast			National
September 30, 2026
Nonowner-occupied:
Data Center			$	—		$	—		$	261		$	—		$	90		$	—		$	567		$	918		5.5		%	$	439		$	479
Diversified			1			—			—			29			—			6			209			245			1.5			—			245
Industrial			32			1			79			132			152			168			270			834			5.0			74			760
Land & Residential			9			5			3			3			3			6			—			29			0.2			25			4
Lodging			2			—			—			4			27			86			66			185			1.1			—			185
Medical Office			13			2			30			1			—			68			—			114			0.7			18			96
Multifamily			1,162			333			1,320			1,330			1,594			1,239			380			7,358			44.0			2,124			5,234
Office			71			—			88			57			47			201			114			578			3.5			—			578
Retail			99			40			132			204			122			169			247			1,013			6.1			22			991
Self Storage			26			—			13			—			39			16			104			198			1.2			3			195
Senior Housing			105			92			19			49			60			48			159			532			3.2			28			504
Skilled Nursing			—			—			—			—			133			239			433			805			4.8			—			805
Student Housing			62			6			13			47			—			—			—			128			0.8			—			128
Other			16			—			118			45			69			24			172			444			2.7			—			444
Total nonowner-occupied			1,598			479			2,076			1,901			2,336			2,270			2,721			13,381			80.0			2,733			10,648
Owner-occupied			1,087			—			336			590			156			996			189			3,354			20.0			186			3,168
Total			$	2,685		$	479		$	2,412		$	2,491		$	2,492		$	3,266		$	2,910		$	16,735		100.0		%	$	2,919		$	13,816
Nonperforming loans			$	6		$	—		$	15		$	47		$	70		$	15		$	—		$	153		N/M			$	—		$	153
Accruing loans past due 90 days or more			3			—			—			1			—			2			—			6			N/M			—			6
Accruing loans past due 30 through 89 days			4			—			1			—			5			6			—			16			N/M			1			15

			Geographic Region																					Total			Percent of Total			Construction			Commercial Mortgage
Dollars in millions			West			Southwest			Central			Midwest			Southeast			Northeast			National
December 31, 2025
Nonowner-occupied:
Data Center			$	—		$	—		$	—		$	—		$	24		$	—		$	671		$	695		4.2		%	$	272		$	423
Diversified			1			—			—			29			—			10			176			216			1.3			—			216
Industrial			37			1			77			154			262			166			211			908			5.5			72			836
Land & Residential			9			6			13			3			6			19			—			56			0.3			38			18
Lodging			1			—			8			4			33			40			60			146			0.9			—			146
Medical Office			35			—			31			1			20			63			43			193			1.2			9			184
Multifamily			1,303			356			1,328			1,201			1,762			1,228			404			7,582			45.8			2,150			5,432
Office			79			1			90			70			84			200			114			638			3.9			—			638
Retail			90			40			91			226			87			185			230			949			5.7			20			929
Self Storage			36			—			15			6			50			16			157			280			1.7			20			260
Senior Housing			90			95			35			103			181			81			192			777			4.7			94			683
Skilled Nursing			—			—			—			—			181			220			242			643			3.9			—			643
Student Housing			73			6			13			46			—			—			—			138			0.8			—			138
Other			5			8			12			27			47			31			129			259			1.6			—			259
Total nonowner-occupied			1,759			513			1,713			1,870			2,737			2,259			2,629			13,480			81.4			2,675			10,805
Owner-occupied			1,026			—			316			519			124			929			157			3,071			18.6			169			2,902
Total			$	2,785		$	513		$	2,029		$	2,389		$	2,861		$	3,188		$	2,786		$	16,551		100.0		%	$	2,844		$	13,707
Nonperforming loans			$	8		$	—		$	25		$	68		$	48		$	7		$	1		$	157		N/M			$	—		$	157
Accruing loans past due 90 days or more			—			—			2			1			26			5			—			34			N/M			1			33
Accruing loans past due 30 through 89 days			1			—			1			1			56			8			—			67			N/M			—			67

24

Table of contents

West –			Alaska, California, Hawaii, Idaho, Montana, Oregon, Washington, and Wyoming
Southwest –			Arizona, Nevada, and New Mexico
Central –			Arkansas, Colorado, Oklahoma, Texas, and Utah
Midwest –			Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin
Southeast –			Alabama, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, Washington D.C., and West Virginia
Northeast –			Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont
National –			Accounts in three or more regions

N/M = not meaningful

Consumer loan portfolio

Consumer loans outstanding as of September 30, 2026, totaled $28.3 billion, a decrease of $1.8 billion, or 5.9%, from December 31, 2025. The decrease was driven by declines across all consumer loan categories reflective of the intentional run-off of low-yielding loans.

The residential mortgage portfolio is comprised of loans originated by our Consumer Bank and is the largest segment of our consumer loan portfolio as of September 30, 2026, representing 63% of consumer loans outstanding. This is followed by our home equity portfolio representing 19% of consumer loans outstanding at September 30, 2026. 

We held the first lien position for approximately 62% of the home equity portfolio at September 30, 2026 and December 31, 2025, respectively. For loans with real estate collateral, we track borrower performance monthly. Regardless of the lien position, credit metrics are refreshed quarterly, including recent FICO scores as well as updated loan-to-value ratios. This information is used in establishing the ALLL. Our methodology is described in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Allowance for Loan and Lease Losses” of our 2025 Form 10-K.

Figure 11 presents our consumer loans by geography.

Figure 11. Consumer Loans by State

Dollars in millions			Real estate — residential mortgage			Home equity loans			Other consumer loans			Credit cards			Total
September 30, 2026
Washington			$	3,736		$	807		$	189		$	83		$	4,815
Ohio			2,578			639			54			186			3,457
Colorado			2,682			223			107			29			3,041
New York			563			1,487			666			319			3,035
California			1,993			14			359			3			2,369
Oregon			1,112			453			79			40			1,684
Pennsylvania			350			363			271			61			1,045
Utah			737			202			50			16			1,005
Florida			643			36			311			12			1,002
Connecticut			580			183			93			28			884
Other			2,894			859			2,034			147			5,934
Total			$	17,868		$	5,266		$	4,213		$	924		$	28,271
December 31, 2025
Washington			$	4,030		$	844		$	202		$	85		$	5,161
Ohio			2,613			758			66			195			3,632
New York			626			1,587			702			326			3,241
Colorado			2,769			236			118			29			3,152
California			2,056			13			399			3			2,471
Oregon			1,145			487			85			41			1,758
Pennsylvania			378			395			296			62			1,131
Florida			675			36			343			13			1,067
Utah			759			215			53			17			1,044
Connecticut			618			200			100			29			947
Other			3,063			932			2,280			153			6,428
Total			$	18,732		$	5,703		$	4,644		$	953		$	30,032

25

Table of contents

Figure 12 summarizes our loan sales for the nine months ended September 30, 2026, and all of 2025.

Figure 12. Loans Sold (Including Loans Held for Sale)

Dollars in millions			Commercial			Commercial Real Estate			Commercial Lease Financing			Residential Real Estate									Total
2026
Third quarter			$	82		$	1,979		$	35		$	536								$	2,632
Second quarter			77			1,342			42			333									1,794
First quarter			36			1,667			122			411									2,236
Total			$	195		$	4,988		$	199		$	1,280								$	6,662
2025
Fourth quarter			$	81		$	2,804		$	50		$	331								$	3,266
Third quarter			79			2,513			61			359									3,012
Second quarter			239			1,465			—			338									2,042
First quarter			89			1,355			27			260									1,731
Total			$	488		$	8,137		$	138		$	1,288								$	10,051

Figure 13 shows loans that are either administered or serviced by us, but not recorded on the balance sheet; this includes loans that were sold.

Figure 13. Loans Administered or Serviced

Dollars in millions			September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Commercial real estate loans			$	588,198		$	588,546		$	580,860		$	566,567		$	569,430
Residential mortgage			11,660			11,459			11,488			11,419			11,440
Education loans			128			136			143			152			161
Commercial lease financing			1,528			1,542			1,639			1,719			1,815
Commercial loans			556			570			572			576			585
Consumer direct			213			227			242			258			273
Consumer indirect			17			31			53			83			122
Total			$	602,300		$	602,511		$	594,997		$	580,774		$	583,826

In the event of default by a borrower, we are subject to recourse with respect to approximately $8.1 billion of the $602.3 billion of loans administered or serviced at September 30, 2026. These are primarily associated with commercial real estate loans administered or serviced. Additional information about this recourse arrangement is included in Note 14 (“Contingent Liabilities and Guarantees”) under the heading “Recourse agreement with FNMA.”

We derive income from several sources when retaining the right to administer or service loans that are sold. We earn noninterest income (recorded as “Consumer mortgage income” and “Commercial mortgage servicing fees”) from fees for servicing or administering loans. This fee income is reduced by the amortization of related servicing assets. In addition, we earn interest income from investing funds generated by escrow deposits collected in connection with the servicing loans. Additional information about our mortgage servicing assets is included in Note 8 (“Mortgage Servicing Assets”).

Securities

We manage our securities portfolio according to the following priorities: 1) store of liquidity, 2) interest rate risk management tool, and 3) source of earnings. In keeping with the first priority, the portfolio provides securities to meet our pledging requirements. Our securities portfolio totaled $45.9 billion at September 30, 2026, compared to $48.2 billion at December 31, 2025. Available-for-sale securities were $36.3 billion at September 30, 2026, compared to $39.6 billion at December 31, 2025. Held-to-maturity securities were $9.6 billion at September 30, 2026, and $8.6 billion at December 31, 2025. In October 2026, we transferred approximately $2.0 billion of mortgage-back securities from available-for-sale classification to held-to-maturity. At the date of transfer, the securities had approximately $44 million of pretax unrealized losses, which remained in accumulated other comprehensive income and will be amortized over the remaining lives of the securities as an adjustment to yield.

26

Table of contents

Securities available for sale

The majority of our securities available-for-sale portfolio consists of federal agency mortgage-backed securities and CMOs. CMOs are debt securities secured by a pool of mortgages or mortgage-backed securities.

Figure 14 shows the composition, yields, and remaining maturities of our securities available for sale. For more information about these securities, including gross unrealized gains and losses by type of security and securities pledged, see Note 6 (“Securities”).

Figure 14. Securities Available for Sale

Dollars in millions			U.S. Treasury, Agencies, and Corporations						Agency Residential Collateralized Mortgage Obligations(a)			Agency Residential Mortgage-backed Securities(a)			Agency Commercial Mortgage-backed Securities(a)						Total			Weighted-Average Yield(c)
September 30, 2026
Remaining maturity:
One year or less			$	3,231					$	3		$	114		$	236					$	3,584		4.12		%
After one through five years			2,956						752			3,320			904						7,932			3.32
After five through ten years			39						6,276			11,758			2,081						20,154			3.73
After ten years			65						386			3,840			350						4,641			4.10
Fair value			$	6,291					$	7,417		$	19,032		$	3,571					$	36,311
Amortized cost(b)			$	6,363					$	9,448		$	20,530		$	4,082					$	40,423		3.73		%
Weighted-average yield(c)			4.04		%				1.94		%	4.61		%	2.90		%				3.73		%	—
Weighted-average maturity			1.2 years						7.9 years			10.0 years			6.4 years						7.8 years			—
December 31, 2025
Fair value			$	7,886					$	8,565		$	19,195		$	3,950					$	39,596
Amortized cost			7,842						10,269			19,451			4,284						41,846			3.67		%

(a)Maturity is based upon expected average lives rather than contractual terms.

(b)Excluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $(178) million and $99 million as of September 30, 2026 and December 31, 2025, respectively. The securities being hedged are primarily U.S. Treasuries, Agency RMBS, and Agency CMBS.

(c)Weighted-average yields are calculated based on amortized cost. Such yields have been adjusted to a TE basis using the statutory federal income tax rate in effect that calendar year.

Held-to-maturity securities

The majority of our held-to-maturity portfolio consists of Federal agency CMOs and mortgage-backed securities. This portfolio is also comprised of asset-backed securities and foreign bonds. Figure 15 shows the composition, yields, and remaining maturities of these securities.

27

Table of contents

Figure 15. Held-to-Maturity Securities

Dollars in millions			Agency Residential Collateralized Mortgage Obligations (a)			Agency Residential Mortgage-backed Securities(a)			Agency Commercial Mortgage-backed Securities(a)			Asset-backed securities			Other Securities			Total			Weighted-Average Yield(b)
September 30, 2026
Remaining maturity:
One year or less			$	13		$	—		$	357		$	2		$	9		$	381		2.96		%
After one through five years			945			663			382			2			12			2,004			3.87
After five through ten years			2,626			3,523			180			—			—			6,329			4.50
After ten years			50			61			787			—			—			898			3.30
Amortized cost			$	3,634		$	4,247		$	1,706		$	4		$	21		$	9,612		4.20		%
Fair value			$	3,291		$	3,972		$	1,509		$	3		$	20		$	8,795
Weighted-average yield(b)			3.84		%	4.98		%	3.02		%	0.82		%	4.47		%	4.20		%	—
Weighted-average maturity			6.6 years			6.1 years			9.6 years			2.3 years			1.0 years			6.9 years			—
December 31, 2025
Amortized cost			$	4,026		$	2,374		$	2,121		$	77		$	24		$	8,622		3.87		%
Fair value			3,858			2,373			1,983			75			24			8,313

(a)Maturity is based upon expected average lives rather than contractual terms.

(b)Weighted-average yields are calculated based on amortized cost. Such yields have been adjusted to a TE basis using the statutory federal income tax rate in effect that calendar year.

Deposits and other sources of funds

Figure 16. Breakdown of Deposits at September 30, 2026

The following table presents the breakdown of our deposits by product for the noted periods.

Dollars in billions			September 30, 2026			December 31, 2025
Money market deposits			$	44.8		$	42.7
Demand deposits			65.1			61.3
Savings deposits			4.3			4.4
Time deposits			11.3			12.7
Noninterest bearing deposits			28.2			27.6
Total			$	153.8		$	148.7

Our highly diversified deposit base is our primary source of funding. At September 30, 2026, our deposits totaled $153.8 billion, an increase of $5.1 billion, compared to December 31, 2025.

28

Table of contents

Uninsured deposits totaled $70.5 billion and $66.2 billion at September 30, 2026 and December 31, 2025, respectively. Uninsured deposits are defined as the portion of deposit accounts in U.S. offices that exceed the FDIC insurance limit or similar state deposit insurance regimes and amounts in any other uninsured investment or deposit accounts that are classified as deposits and not subject to any federal or state deposit insurance regimes.

Figure 17 presents estimated uninsured deposits for the noted periods which reflect amounts disclosed in KeyBank’s Call Report adjusted for intercompany deposits, which are not customer facing and are eliminated in consolidation, and accrued interest.

Figure 17. Estimated Uninsured Deposits

Dollars in billions			September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Uninsured deposits(a)			$	70.5		$	68.8		$	66.5		$	66.2		$	66.5
Total deposits			153.8			153.1			147.8			148.7			150.8
Uninsured % of Deposits			46		%	45		%	45		%	45		%	44		%
(a) Intercompany deposits and accrued interest excluded from uninsured deposits			$	12.6		$	13.3		$	12.9		$	12.8		$	13.2

As of September 30, 2026, approximately $12.6 billion of uninsured deposits were collateralized by government-backed securities compared to $12.0 billion as of December 31, 2025.

Wholesale funds, consisting of short-term borrowings and long-term debt, totaled $16.7 billion at September 30, 2026, compared to $11.0 billion at December 31, 2025. The change primarily reflects increases in bank notes and short-term borrowings, as well as issuances of long-term debt during 2026. Wholesale funding supplements client deposit funding and may rise or fall with seasonal or other funding needs. For more information regarding our wholesale funds, see Part I, Item 2. Management’s Discussion & Analysis of Financial Condition & Results of Operations under the heading “Risk Management - Liquidity risk management” of this report.

Capital

Our capital management objective is to maintain capital levels consistent with our risk appetite and of a sufficient amount to operate and support our clients under a wide range of economic conditions. Our current capital levels position us well to execute against our capital priorities including supporting organic growth, investing in our business, and providing an attractive return to our investors through dividends and share repurchases.

The following sections discuss certain ways we have deployed our capital. For further information, see the Consolidated Statements of Changes in Equity and Note 16 (“Shareholders' Equity”).

(a) Excludes shares repurchased related to equity compensation programs and share repurchase excise tax.

29

Table of contents

Dividends

Consistent with our capital plan, we paid a quarterly dividend of $.205 per Common Share for the third quarter of 2026. Further information regarding the capital planning process and CCAR is included under the heading “Capital planning, stress testing, and stress capital buffer” beginning on page 14 in the “Supervision and Regulation” section of our 2025 Form 10-K.

Common shares outstanding

Our Common Shares are traded on the NYSE under the symbol KEY with 24,679 holders of record at September 30, 2026. Our book value per Common Share was $15.01 based on 1.1 billion shares outstanding at September 30, 2026, compared to $16.27 per Common Share based on 1.1 billion shares outstanding at December 31, 2025. At September 30, 2026, our tangible book value per Common Share was $12.35, compared to $13.77 per Common Share at December 31, 2025.

Figure 18 shows activities that caused the change in outstanding Common Shares over the past five quarters.

Figure 18. Changes in Common Shares Outstanding

			2026																		2025
In thousands			Third			Second			First												Fourth			Third
Shares outstanding at beginning of period			1,072,035			1,087,293			1,102,401												1,112,952			1,112,453
Share repurchases			(14,184)			(15,531)			(17,969)												(11,109)			—
Shares issued under employee compensation plans (net of cancellations and returns)			325			273			2,861												558			499
Shares outstanding at end of period			1,058,176			1,072,035			1,087,293												1,102,401			1,112,952

In May, 2026, the Board of Directors authorized a new share repurchase program pursuant to which KeyCorp may purchase up to $3.0 billion of KeyCorp common shares. The new repurchase authorization replaces KeyCorp's existing $1.0 billion share repurchase authorization. Information on repurchases of Common Shares by KeyCorp is included in Part II, Item 2. “Unregistered Sales of Equity Securities and Use of Proceeds” of this report.

As shown in Figure 18 above, Common Shares outstanding decreased by 14 million shares during the third quarter of 2026, primarily attributed to shares repurchased in the open market partially offset by shares issued under employee compensation plans. Open market share repurchases, inclusive of shares repurchased from Scotiabank, totaled approximately $320 million in the third quarter of 2026.

At September 30, 2026, we had 198.5 million treasury shares, compared to 154.3 million treasury shares at December 31, 2025. The increase in treasury shares was primarily attributable to open market share repurchases. From time to time, we may reissue treasury shares in connection with stock-based compensation awards or for other corporate purposes.

Capital adequacy

Capital adequacy is an important indicator of financial stability and performance. All of our capital ratios remained in excess of regulatory requirements at September 30, 2026. Our capital and liquidity levels are intended to position us to weather an adverse operating environment while continuing to serve our clients’ needs, as well as to meet the Regulatory Capital Rules described in Item 1. Business of our 2025 Form 10-K under the heading “Supervision and Regulation.” Our shareholders’ equity to assets ratio was 9.2% and 11.1% at September 30, 2026, and December 31, 2025, respectively. Our tangible common equity to tangible assets ratio was 6.9% and 8.4% at September 30, 2026, and December 31, 2025, respectively. See the section entitled “GAAP to Non-GAAP Reconciliations,” which presents the computations of certain financial measures related to “tangible common equity.” The minimum capital and leverage ratios under the Regulatory Capital Rules together with the ratios of KeyCorp at September 30, 2026, are set forth in the “Supervision and regulation — Regulatory capital requirements” section in Part I, Item 2 of this report.

Figure 19 represents the details of our regulatory capital positions at September 30, 2026, and December 31, 2025, under the Regulatory Capital Rules. Information regarding the regulatory capital ratios of KeyCorp’s banking subsidiaries is presented annually, with the most recent information included in Note 21 (“Shareholders' Equity”) beginning on page 169 of our 2025 Form 10-K.

30

Table of contents

Figure 19. Capital Components and Risk-Weighted Assets

			Dollars in millions			September 30, 2026			December 31, 2025
COMMON EQUITY TIER 1
Key shareholders’ equity (GAAP)						$	17,809		$	20,381
Less:			Preferred Stock (a)			1,927			2,446
			Common Equity Tier 1 capital before adjustments and deductions			15,882			17,935
Less:			Goodwill, net of deferred taxes			2,595			2,556
			Intangible assets, net of deferred taxes			11			7
			Deferred tax assets			102			136
			Net unrealized gains (losses) on available-for-sale securities, net of deferred taxes			(2,990)			(1,789)
			Accumulated gains (losses) on cash flow hedges, net of deferred taxes			(640)			68
			Amounts in AOCI attributed to pension and postretirement benefit costs, net of deferred taxes			(233)			(238)
			Total Common Equity Tier 1 capital			$	17,037		$	17,195
TIER 1 CAPITAL
Common Equity Tier 1						$	17,037		$	17,195
Additional Tier 1 capital instruments and related surplus						1,927			2,446
Less:			Deductions			2			—
			Total Tier 1 capital			$	18,962		$	19,641
TIER 2 CAPITAL
Tier 2 capital instruments and related surplus						$	1,387		$	1,522
Allowance for losses on loans and liability for losses on lending-related commitments (b)						1,697			1,747
Less:			Deductions			—			—
			Total Tier 2 capital			3,084			3,269
			Total risk-based capital			$	22,046		$	22,910
RISK-WEIGHTED ASSETS (d)						$	153,761		$	145,933
AVERAGE QUARTERLY TOTAL ASSETS						$	191,172		$	187,035
CAPITAL RATIOS (d)
Tier 1 risk-based capital						12.33		%	13.46		%
Total risk-based capital						14.34		%	15.70		%
Leverage (c)						9.92		%	10.50		%
Common Equity Tier 1						11.08		%	11.78		%

(a)Net of capital surplus.

(b)The ALLL included in Tier 2 capital is limited by regulation to 1.25% of the institution’s standardized total risk-weighted assets (excluding its standardized market risk-weighted assets). The ALLL includes $9 million and $11 million of allowance classified as “discontinued assets” on the balance sheet at September 30, 2026, and December 31, 2025, respectively.

(c)This ratio is Tier 1 capital divided by average quarterly total assets as defined by the Federal Reserve less: (i) goodwill, (ii) the disallowed intangible and deferred tax assets, and (iii) other deductions from assets for leverage capital purposes.

(d)September 30, 2026 capital ratios and risk weighted assets are estimates.

31

Table of contents

Risk Management

Overview

Like all financial services companies, we engage in business activities that come with related risks. The most significant risks we face are credit, compliance, operational, liquidity, market, strategic, model, and technology risks. We manage such risks across the entire enterprise to maintain safety and soundness and maximize profitable growth. Certain of these risks are defined and discussed in greater detail in the remainder of this section. Our definition, philosophy, and approach to risk management have not materially changed from the discussion presented under the heading “Risk Management” beginning on page 74 of our 2025 Form 10-K.

Market risk management

Market risk is the risk that movements in market risk factors, including interest rates, foreign exchange rates, equity prices, commodity prices, credit spreads, and volatilities, will reduce Key’s income and the value of its portfolios. These factors influence prospective yields, values, or prices associated with the instrument. We are exposed to market risk both in our trading and nontrading activities, which include asset and liability management activities. Information regarding our fair value policies, procedures, and methodologies is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Fair Value Measurements” on page 111 of our 2025 Form 10-K and Note 5 (“Fair Value Measurements”) in this report.

Trading market risk

Key incurs market risk as a result of trading activities that are used in support of client facilitation and hedging activities, principally within our investment banking and capital markets businesses. Key has exposures to a wide range of risk factors including interest rates, equity prices, foreign exchange rates, credit spreads, and commodity prices, as well as the associated implied volatilities and spreads. Our primary market risk exposures are a result of trading and hedging activities in the derivative and fixed income markets, including securitization exposures. At September 30, 2026, we did not have any re-securitization positions. We maintain modest trading inventories to facilitate customer flow, make markets in securities, and hedge certain risks including but not limited to credit spread risk and interest rate risk. The risks associated with these activities are mitigated in accordance with the Market Risk policies. The majority of our positions are traded in active markets.

Market risk management is an integral part of Key’s risk culture. The Joint KeyCorp and KeyBank National Association Risk Committee (“Board Risk Committee”) provides oversight of trading market risks. The ALCO and the Market Risk Committee regularly review and discuss market risk exposures and results of monitoring activities. Market risk policies and procedures have been defined and take into account our tolerance for risk and consideration for the business environment. The Market Risk Committee approves market risk policies and recommends our significant market risk policy to the ALCO and the Board Risk Committee for approval. For more information regarding monitoring of trading positions and the activities related to Market Risk Rule compliance, see “Market Risk Management” beginning on page 77 of our 2025 Form 10-K.

VaR and stressed VaR. VaR is the estimate of the maximum amount of loss on an instrument or portfolio due to adverse market conditions during a given time interval within a stated confidence level. Stressed VaR is used to assess extreme conditions on market risk within our trading portfolios. MTRM calculates VaR and stressed VaR at various confidence levels daily, and the results are closely monitored. VaR and stressed VaR results are also provided to our regulators and utilized in regulatory capital calculations. For more information regarding our VaR model, its governance, and assumptions, see “Market Risk Management” on page 77 of our 2025 Form 10-K.

MTRM backtests the VaR model on a daily basis to evaluate its predictive power. The test compares VaR model results at the 99% confidence level to daily held profit and loss. Backtesting exceptions occur when daily held profit and loss exceeds VaR. There were five backtesting exceptions for KeyCorp during the past 250 trading days ended September 30, 2026, generally caused by interest rate volatility. All KeyCorp backtesting exceptions are thoroughly reviewed in the context of VaR model use and performance.

The aggregate VaR at the 99% confidence level with a one day holding period for all covered positions was less than $1 million at September 30, 2026, and $1.3 million at September 30, 2025. Figure 20 summarizes our VaR at the 99% confidence level with a one day holding period for significant portfolios of covered positions for the three months ended September 30, 2026, and September 30, 2025.

32

Table of contents

Figure 20. VaR for Significant Portfolios of Covered Positions

			2026															2025
			Three months ended September 30,															Three months ended September 30,
Dollars in millions			High			Low			Mean			September 30,						High			Low			Mean			September 30,
Trading account assets:
Fixed income			$	0.5		$	0.2		$	0.3		$	0.2					$	2.2		$	0.3		$	1.2		$	1.1
Derivatives:
Interest rate			$	0.2		$	0.1		$	0.1		$	0.1					$	0.2		$	0.1		$	0.1		$	0.1

Stressed VaR is calculated by running the portfolios through a predetermined stress period which is approved by the Market Risk Committee and is calculated at the 99% confidence level using the same model and assumptions used for general VaR. The aggregate stressed VaR for all covered positions was $1.0 million at September 30, 2026, and $1.7 million at September 30, 2025. Figure 21 summarizes our stressed VaR at the 99% confidence level with a one-day holding period for significant portfolios of covered positions for the three months ended September 30, 2026, and September 30, 2025. Changes in VaR are dependent on portfolio composition, inventory levels, and other market factors.

Figure 21. Stressed VaR for Significant Portfolios of Covered Positions

			2026															2025
			Three months ended September 30,															Three months ended September 30,
Dollars in millions			High			Low			Mean			September 30,						High			Low			Mean			September 30,
Trading account assets:
Fixed income			$	1.6		$	0.3		$	1.0		$	0.7					$	4.4		$	1.2		$	2.1		$	1.3
Derivatives:
Interest rate			$	0.5		$	0.1		$	0.2		$	0.1					$	0.3		$	0.1		$	0.2		$	0.2

Market risk is a component of our internal capital adequacy assessment. Our risk-weighted assets include a market risk-equivalent asset amount, which consists of a VaR component, stressed VaR component, a de minimis exposure amount, and a specific risk add-on including the securitization positions. The aggregate market value of the securitization positions as defined by the Market Risk Rule was $5 million at September 30, 2026. Specific risk is the price risk of individual financial instruments, which is not accounted for by changes in broad market risk factors and is measured through a standardized approach. Market risk weighted assets, including the specific risk calculations, are run quarterly by MTRM in accordance with the Market Risk Rule.

Nontrading market risk

Most of our nontrading market risk is derived from interest rate fluctuations and its impacts on our traditional loan and deposit products, as well as investments, hedging relationships, long-term debt, and certain short-term borrowings. Interest rate risk, which is inherent in the banking industry, is measured by the potential for fluctuations in net interest income and the EVE. Such fluctuations may result from changes in interest rates and differences in the repricing and maturity characteristics of interest-earning assets and interest-bearing liabilities. We manage the exposure to changes in net interest income and the EVE in accordance with our risk appetite and in accordance with the Board-approved ERM policy.

Interest rate risk positions are influenced by a number of factors, including the balance sheet positioning that arises out of customer preferences for loan and deposit products, economic conditions, the competitive environment within our markets, changes in market interest rates that affect client activity, and our hedging, investing, funding, and capital positions. The primary components of interest rate risk exposure consist of reprice risk, yield curve risk, basis risk, and option risk.

•“Reprice risk” is the exposure to changes in the level of interest rates and occurs when the volume of interest-bearing liabilities and the volume of interest-earning assets they fund (e.g., deposits used to fund loans) do not mature or reprice at the same time.

•“Yield curve risk” is the exposure to nonparallel changes in the slope of the yield curve (where the yield curve depicts the relationship between the yield on a particular type of security and its term to maturity) and occurs when interest-bearing liabilities and the interest-earning assets that they fund do not price or reprice to the same term point on the yield curve.

•“Option risk” is the exposure to a customer or counterparty’s ability to take advantage of the interest rate environment and terminate or reprice one of our assets, liabilities, or off-balance sheet instruments prior to

33

Table of contents

contractual maturity. Option risk occurs when exposures to customer and counterparty early withdrawals or prepayments are not mitigated with an offsetting position or appropriate compensation.

•“Basis risk” is the exposure to asymmetrical changes in interest rate indexes and occurs when floating-rate assets and floating-rate liabilities reprice at the same time, but in response to different market factors or indexes.

The management of nontrading market risk is centralized within Corporate Treasury. The Risk Committee of our Board provides oversight of nontrading market risk. The ERM Committee, the ALCO, and the Treasury Risk Oversight Committee (“TROC”) review reports on the interest rate risk exposures described above. In addition, the ALCO and the TROC review reports on stress tests and sensitivity analyses related to interest rate risk. These committees review and monitor strategies to manage nontrading market risk and oversee compliance with established tolerance ranges. The A/LM policy provides the framework for the oversight and management of interest rate risk and is administered by the ALCO. The MTRM, as the second line of defense, provides additional oversight.

Net interest income simulation analysis. The primary tool we use to measure our interest rate risk is simulation analysis. For purposes of this analysis, we estimate our net interest income based on the current and projected composition of our on- and off-balance sheet positions, accounting for recent and anticipated trends in customer activity. The analysis also incorporates assumptions for the current and projected interest rate environments and balance sheet growth projections based on a most likely macroeconomic outlook. The modeling incorporates investment portfolio and swap portfolio balances consistent with management's desired interest rate risk positioning. The simulation model estimates the amount of net interest income at risk by simulating the change in net interest income that would occur if rates were to gradually diverge from market expectations over the next 12 months (subject to a floor on market interest rates at zero).

Figure 22 presents the results of the simulation analysis at September 30, 2026, and September 30, 2025. At September 30, 2026, our simulated exposure to changes in interest rates remained neutral. The exposure to declining rates has changed from (0.40)% as of September 30, 2025 to (0.21)% as of September 30, 2026, while the exposure to rising rates has changed from 0.44% as of September 30, 2025 to 0.43% as of September 30, 2026.

We are actively managing the balance sheet to maintain desired IRR positioning in the current environment. Tolerance levels for risk management require the development of remediation plans to maintain residual risk within tolerance if simulation modeling demonstrates that a gradual, parallel 200 basis point increase or 200 basis point decrease in interest rates over the next 12 months would reduce net interest income over the same period by more than 5.0%. Current modeled exposure is within Board-approved tolerances.

Figure 22. Simulated Change in Net Interest Income

			September 30, 2026						September 30, 2025
Basis point change assumption			-200			+200			-200			+200
Tolerance level			(5.00)		%	(5.00)		%	(5.00)		%	(5.00)		%
Interest rate risk assessment			(0.21)		%	0.43		%	(0.40)		%	0.44		%

Simulation analyses produce an estimate of interest rate exposure based on assumption inputs within the model. Assumptions are tailored to the specific interest rate environment and validated on a regular basis. However, actual results may differ from those derived in simulation analyses due to unanticipated changes to the balance sheet composition, consumer behavior, product pricing, market interest rates, changes in management’s desired interest rate risk positioning, investment, funding and hedging activities, or repercussions from exogenous events.

Regular sensitivity analyses are performed on the model inputs that could materially change the resulting risk assessments. Assessments are performed using different yield curve shapes, including steepenings or flattenings of the curve, immediate changes in market interest rates, and changes in the relationship of money market interest rates. Assessments are also performed on changes to the following assumptions: loan and deposit balances, the pricing of deposits without contractual maturities, changes in lending spreads, prepayments on loans and securities, investment, funding and hedging activities, and liquidity and capital management strategies.

The results of additional assessments indicate that net interest income could increase or decrease from the base simulation results presented in Figure 22. Net interest income is highly dependent on the timing, magnitude, frequency, and path of interest rate changes and the associated assumptions for deposit repricing relationships,

34

Table of contents

lending spreads, and the balance behavior of transaction accounts. If fixed-rate assets increase by $1 billion, or fixed-rate liabilities decrease by $1 billion, then the potential benefit to declining rates would increase by approximately 21 basis points. A five percentage point increase or decrease in the interest-bearing deposit beta assumption changes the current simulation results by approximately 99 basis points.

The current interest rate risk position could fluctuate to higher or lower levels of risk depending on the competitive environment and client behavior that may affect the actual volume, mix, maturity, and repricing characteristics of loan and deposit flows. Corporate Treasury’s discretionary activities related to funding, investing, and hedging may also change as a result of changes in customer business flows or changes in management’s desired interest rate risk positioning. As changes occur to both the configuration of the balance sheet and the outlook for the economy, management proactively evaluates hedging opportunities that may change the interest rate risk profile.

Simulations are also conducted that measure the effect of changes in market interest rates in the second and third years of a three-year horizon. These simulations are conducted in a similar manner to those based on a 12-month horizon. To capture longer-term exposures, changes in the EVE are calculated as discussed in the following section.

Economic value of equity modeling. EVE complements net interest income simulation analysis as it estimates risk exposure beyond 12-, 24-, and 36-month horizons. EVE modeling measures the extent to which the economic values of assets, liabilities, and off-balance sheet instruments may change in response to fluctuations in interest rates. EVE is calculated by subjecting the balance sheet to an immediate increase or decrease in interest rates, measuring the resulting change in the values of assets, liabilities, and off-balance sheet instruments, and comparing those amounts with the base case of the current interest rate environment. EVE policy limits are measured against a +/-200 basis point scenario subject to a floor on market interest rates at zero. This analysis is highly dependent upon assumptions applied to assets and liabilities with non-contractual maturities. Those assumptions are based on historical behaviors, as well as forward expectations. Remediation plans are similarly developed if the analysis indicates that the EVE will decrease by 15% or more in response to an instantaneous increase or decrease in interest rates. The position is within these guidelines as of September 30, 2026.

Management of interest rate exposure. The results of the various interest rate risk analyses are used to formulate A/LM strategies to achieve the desired risk profile while managing to objectives for capital adequacy and liquidity risk exposures. Specifically, risk positions are managed by purchasing or selling securities, issuing term debt with floating or fixed interest rates, and using derivatives. Interest rate swaps and options are predominantly used, which modify the interest rate characteristics of certain assets and liabilities.

Figure 23 shows all swap positions held for A/LM purposes. These positions are used to convert the contractual interest rate index of agreed-upon amounts of assets and liabilities (i.e., notional amounts) to another interest rate index. For example, fixed-rate debt is converted to a floating rate through a “receive fixed/pay variable” interest rate swap. The volume, maturity, and mix of portfolio swaps change frequently to reflect broader A/LM objectives and the balance sheet positions to be hedged. For more information about how interest rate swaps are used to manage the risk profile, see Note 7 (“Derivatives and Hedging Activities”).

Figure 23. Portfolio Swaps by Interest Rate Risk Management Strategy

			September 30, 2026
												Weighted-Average												December 31, 2025
Dollars in millions			Notional Amount			Fair Value(a)						Maturity (Years)			Receive Rate			Pay Rate						Notional Amount			Fair Value(a)
Receive fixed/pay variable — conventional loans			$	40,500		$	(608)					1.5			3.5		%	3.9		%				$	37,050		$	66
Receive fixed/pay variable — conventional debt			8,921			(539)						4.1			2.9			3.9						8,722			(198)
Receive fixed/pay variable — forward loans			10,000			(228)						4.2			4.0			3.9						2,200			40
Pay fixed/receive variable — conventional debt			50			1						1.8			4.2			3.6						50			—
Pay fixed/receive variable — securities			9,181			177						2.4			3.9			4.0						10,194			(100)
Total portfolio swaps			$	68,652		$	(1,197)					2.4			3.5		%	3.9		%				$	58,216		$	(192)
Floors — forward purchased			$	—		$	—					—			—		%	—		%				$	3,250		$	—
Floors — forward sold			—			—						—			—			—						3,250			—
Total floors			$	—		$	—					—			—		%	—		%				$	6,500		$	—

(a)Excludes accrued interest of $234 million at September 30, 2026, and accrued interest of $173 million at December 31, 2025.

35

Table of contents

Liquidity risk management

Liquidity risk, which is inherent in the banking industry, is measured by our ability to accommodate liability maturities and deposit withdrawals, meet contractual obligations, and fund new business opportunities at a reasonable cost, in a timely manner, and without adverse consequences. Liquidity management involves maintaining sufficient and diverse sources of funding to accommodate planned, as well as unanticipated, changes in cash flows of assets and liabilities under both normal and adverse conditions.

Governance structure

We manage liquidity for all of our affiliates on a consolidated basis. This approach considers the funding sources available to each entity, as well as each entity’s capacity to manage through adverse conditions.

The management of consolidated liquidity risk is centralized within Corporate Treasury. Oversight and governance is provided by the Board, the ALCO, the TROC, and the Chief Risk Officer. The Asset Liability Management Policy provides the framework for the oversight and management of liquidity risk and is administered by the ALCO. The Corporate Treasury Oversight group within the MTRM, as the second line of defense, provides additional oversight. Our current liquidity risk management practices are in compliance with the Federal Reserve Board’s Enhanced Prudential Standards.

These committees mentioned above regularly review liquidity and funding summaries, liquidity trends, peer comparisons, variance analyses, liquidity projections, internal liquidity stress tests, and goal tracking reports. The reviews generate a discussion of positions, trends, and directives on liquidity risk and shape a number of our decisions. When liquidity pressure is elevated, positions are monitored more closely and reporting is more frequent. To ensure that emerging issues are identified, we monitor an extensive set of systemic and idiosyncratic early warning indicators daily.

Factors affecting liquidity

Our liquidity could be adversely affected by both direct and indirect events. An example of a direct event would be a downgrade in our credit ratings by a rating agency. Examples of indirect events (events unrelated to us) that could impair our access to liquidity would be an act of terrorism or war, natural disasters, global pandemics, disruptive political events, or the default or bankruptcy of a major corporation, mutual fund, or hedge fund. Similarly, market speculation, or rumors about us or the banking industry in general, may adversely affect the cost and availability of normal funding sources. For a discussion of certain risks which may impact our liquidity, see Part I, Item 1A. "Risk Factors" on pages 25-43 of our 2025 Form 10-K. For more information on recent liquidity activity, see the header "Our liquidity position and recent activity" in this report below.

Our credit ratings and rating agency outlooks at September 30, 2026, are shown in Figure 24. While we believe these credit ratings, under normal conditions in the capital markets, will enable KeyCorp or KeyBank to issue fixed income securities to investors, downgrades in our credit ratings could increase our cost of funds, trigger additional collateral or funding requirements, and decrease the number of investors and counterparties willing to lend to us.

Figure 24. Credit Ratings

September 30, 2026

Outlook

Short-Term Borrowings

Long-Term Deposits (a)

Senior Long-Term Debt

Subordinated Long-Term Debt

Capital Securities

Preferred Stock

KEYCORP

Standard & Poor’s

Positive

A-2

N/A

BBB

BBB-

BB

BB

Moody’s

Stable

P-2

N/A

Baa1

Baa1

Baa2

Baa3

Fitch Ratings, Inc.

Stable

F1

N/A

A-

N/A

BB+

BB+

DBRS, Inc.

Stable

R-1 (low)

N/A

A (low)

BBB (high)

BBB (high)

BBB (low)

KEYBANK

Standard & Poor’s

Positive

A-2

N/A

BBB+

BBB

N/A

N/A

Moody’s

Stable

P-2

P-1/A1

A3

A3

N/A

N/A

Fitch Ratings, Inc.

Stable

F1

F1/A+

A-

BBB+

N/A

N/A

DBRS, Inc.

Stable

R-1 (low)

A

A

A (low)

N/A

N/A

(a)P-1 rating assigned by Moody’s is specific to KeyBank’s short-term bank deposit ratings. F1 assigned by Fitch Ratings, Inc. is specific to KeyBank’s short-term deposit ratings.

36

Table of contents

Managing liquidity risk

Most of our liquidity risk is derived from our business model, which involves taking in deposits, many of which can be withdrawn at any time, and lending them out in the form of illiquid loan assets. The assessments of liquidity risk are measured under the assumption of normal operating conditions as well as under stressed environments. We manage these exposures in accordance with our risk appetite, and within Board-approved policy limits.

We regularly monitor our liquidity position and funding sources and measure our capacity to obtain funds in a variety of hypothetical scenarios in an effort to maintain an appropriate mix of available and affordable funding. In the normal course of business, we perform a monthly internal liquidity stress test at the consolidated KeyCorp level. From time to time, we may conduct internal liquidity stress tests more frequently, and use assumptions to reflect the changed market environment. Internal liquidity stress tests analyze potential liquidity scenarios under various funding constraints and time periods. Ultimately, they determine the periodic effects that major direct and indirect events would have on our access to funding markets and our ability to fund our normal operations. To compensate for the effect of these assumed liquidity pressures, we consider alternative sources of liquidity and maturities over different time periods to project how funding needs would be managed.

Our primary source of funding for KeyBank are customer deposits resulting in a consolidated loan-to-deposit ratio of 74% as of September 30, 2026. If the cash flows needed to support operating and investing activities are not satisfied by deposit balances, we rely on wholesale funding or on-balance sheet liquid reserves. Additionally, excess cash generated by operating, investing, and deposit-gathering activities may be used to repay outstanding debt or invest in liquid assets.

We maintain a Contingency Funding Plan that outlines the process for addressing a liquidity crisis. As part of the plan, we maintain on-balance sheet liquid reserves referred to as our liquid asset portfolio, which consists of high quality liquid assets. During a stress period, that reserve could be used as a source of funding to provide time to develop and execute a longer-term strategy. Figure 25 shows our available contingent liquidity at September 30, 2026, and December 31, 2025.

Figure 25. Available Contingent Liquidity

Dollars in billions			September 30, 2026			December 31, 2025
Available contingent liquidity:
Unpledged securities			$	27.5		$	29.4
Net balances of federal funds sold and balances in our Federal Reserve account			12.7			9.3
Unused secured borrowing capacity at the Federal Reserve Bank of Cleveland			38.9			39.5
Unused secured borrowing capacity at the FHLB			11.8			18.9
Total			$	90.9		$	97.0

Liquidity programs

We have several liquidity programs, which are described in “Liquidity Risk Management” beginning on page 82 of our 2025 Form 10-K, that are designed to enable KeyCorp and KeyBank to raise funds in the public and private debt markets. The proceeds from most of these programs can be used for general corporate purposes, including acquisitions. These liquidity programs are reviewed from time to time by the Board and are renewed and replaced, as necessary. There are no restrictive financial covenants in any of these programs.

Liquidity for KeyCorp

The primary sources of liquidity for KeyCorp are dividends from KeyBank and the proceeds from the issuance of debt and capital securities. KeyCorp has sufficient liquidity when it can service its debt; support customary corporate operations and activities (including acquisitions); support occasional guarantees of subsidiaries’ obligations in transactions with third parties at a reasonable cost, in a timely manner, and without adverse consequences; and fund capital distributions in the form of dividends and share buybacks.

We use a parent cash coverage months metric as the primary measure to assess parent company liquidity. The parent cash coverage months metric measures the number of months into the future where projected obligations can be met with the current quantity of liquidity. We generally issue term debt to supplement dividends from KeyBank to manage our liquidity position at or above our targeted levels. The parent company generally maintains cash and short-term investments in an amount sufficient to meet projected debt maturities and dividends for the

37

Table of contents

next 24 months. At September 30, 2026, KeyCorp held $4.6 billion in cash and short-term investments, which we projected to be sufficient to meet our projected obligations, including the repayment of our maturing debt obligations for the periods prescribed by our risk tolerance.

Typically, KeyCorp meets its liquidity requirements through regular dividends from KeyBank, supplemented with the proceeds from term debt issuances. Federal banking law limits the amount of capital distributions that a bank can make to its holding company without prior regulatory approval. A national bank’s dividend-paying capacity is affected by several factors, including net profits (as defined by statute) for the two previous calendar years and for the current year, up to the date of dividend declaration. During the third quarter of 2026, KeyBank paid $650 million in cash dividends to KeyCorp. As of September 30, 2026, KeyBank had regulatory capacity to pay $807 million in dividends to KeyCorp without prior regulatory approval.

Effective June 10, 2026, a new Medium-Term Note (“MTN”) Program was established, which has $15.0 billion available for issuance as of September 30, 2026. On November 2, 2026, under the MTN Program, KeyCorp issued $1.0 billion of 5.889% Fixed-to-Floating Rate Senior Term Notes, Series U, due November 2, 2032.

There were no bank note issuances during the third quarter. At September 30, 2026, there is $20.0 billion available for issuance under the KeyBank Bank Note Program.

Our liquidity position and recent activity

Our liquid asset portfolio, which includes overnight and short-term investments, as well as unencumbered, high quality liquid securities held as protection against a range of potential liquidity stress scenarios, continues to exceed the amount that we estimate would be necessary to manage through an adverse liquidity event by providing sufficient time to develop and execute a longer-term solution.

From time to time, KeyCorp or KeyBank may seek to retire, repurchase, or exchange outstanding debt, capital securities, preferred shares, or common shares through cash purchase, privately negotiated transactions or other means. Additional information on repurchases of Common Shares by KeyCorp is included in Part II, Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities beginning on page 48 of our 2025 Form 10-K and Part II, Item 2 of this report. In addition, during the third quarter of

2026, KeyCorp redeemed all of the depositary shares representing ownership interests in the Series D preferred

stock, as further described in Note 16 (“Shareholders’ Equity”). Such transactions depend on prevailing market conditions, our liquidity and capital requirements, contractual restrictions, regulatory requirements, and other factors. The amounts involved may be material, individually or collectively.

The Consolidated Statements of Cash Flows summarize our sources and uses of cash by type of activity for the nine-month periods ended September 30, 2026, and September 30, 2025.

For more information regarding liquidity governance structure, management of liquidity risk at KeyBank and KeyCorp, long-term liquidity strategies, and other liquidity programs, see “Liquidity Risk Management” beginning on page 82 of our 2025 Form 10-K as well as the disclosure included in Part II, Item 1A. “Risk Factors” of this report.

Credit risk management

Credit risk is the risk of loss arising from an obligor’s inability or failure to meet contractual payment or performance terms. Like other financial services institutions, we make loans, extend credit, distribute credit risk, purchase securities, provide financial and payments products, and enter into financial derivative contracts, all of which have related credit risk.

Credit policy, approval, and evaluation

We manage credit risk exposure through a multifaceted program. The Credit Risk Committee recommends Significant Level 1 credit policies to the Board Risk Committee for approval. These policies are communicated throughout the organization to foster a consistent approach to granting credit.

Our credit risk management team and certain individuals within our lines of business, to whom credit risk management has delegated limited credit authority, are responsible for credit approval. Individuals with assigned credit authority are authorized to grant exceptions to credit policies. It is not unusual to make exceptions to

38

Table of contents

established policies when mitigating circumstances dictate, however, a corporate level tolerance has been established to keep exceptions at an acceptable level based upon portfolio and economic considerations.

Our credit risk management team uses risk models to evaluate consumer loans. These models, known as scorecards, forecast the probability of serious delinquency and default for an applicant. The scorecards are embedded in the application processing system, which allows for real-time scoring and automated decisions for many of our products. We periodically validate the loan scoring processes.

We maintain an active concentration management program to mitigate concentration risk in our credit portfolios. For individual obligors, we employ a sliding scale of exposure, known as hold limits, which is dictated by the type of loan and strength of the borrower.

Allowance for loan and lease losses

We estimate the appropriate level of the ALLL on at least a quarterly basis. The methodology used is described in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Allowance for Loan and Lease Losses” beginning on page 109 of our 2025 Form 10-K. Briefly, the ALLL estimate uses various models and estimation techniques based on our historical loss experience, current borrower characteristics, current economic conditions, reasonable and supportable forecasts, and other relevant factors. The ALLL at September 30, 2026, represents our best estimate of the lifetime expected credit losses inherent in the loan portfolio at that date.

As shown in Figure 26, our ALLL from continuing operations decreased by $29 million, or 2.0%, from December 31, 2025. The decrease in the ALLL from continuing operations primarily reflects continued improvement in the commercial portfolio mix, partially offset by increased economic uncertainty and downside risks related to inflation, energy price volatility, and higher-for-longer interest rates. The commercial ALLL decreased by $23 million, or 2.1%, from December 31, 2025, through September 30, 2026. Our consumer ALLL decreased $6 million, or 1.7%, from December 31, 2025, through September 30, 2026. Refer to Note 4 (“Asset Quality”) within this report for further discussion of changes in the ALLL.

Net loan charge-offs 

Figure 27 shows the trend in our net loan charge-offs by loan type, while the composition of loan charge-offs and recoveries by type of loan is presented in Figure 29. Figure 28 shows the ratios of net charge-offs by loan category as a percentage of the respective average loan balance.

Net loan charge-offs for the three months ended September 30, 2026, decreased $25 million compared to the year-ago quarter.

Figure 26. Allocation of the Allowance for Loan and Lease Losses

			September 30, 2026												December 31, 2025
Dollars in millions			Amount			Percent of Allowance to Total Allowance			Percent of Loan Type to Total Loans						Amount			Percent of Allowance to Total Allowance			Percent of Loan Type to Total Loans
Commercial and industrial			$	788		56.4		%	58.5		%				$	745		52.2		%	54.1		%
Commercial real estate:
Commercial mortgage			212			15.2			12.2						252			17.6			12.9
Construction			33			2.4			2.6						55			3.9			2.7
Total commercial real estate loans			245			17.6			14.8						307			21.5			15.6
Commercial lease financing			22			1.6			1.7						26			1.8			2.1
Total commercial loans			1,055			75.6			75.0						1,078			75.5			71.8
Real estate — residential mortgage			81			5.8			15.8						66			4.6			17.6
Home equity loans			42			3.0			4.7						52			3.7			5.3
Other consumer loans			146			10.4			3.7						149			10.5			4.4
Credit cards			74			5.2			0.8						82			5.7			0.9
Total consumer loans			343			24.4			25.0						349			24.5			28.2
Total ALLL — continuing operations (a)			$	1,398		100.0		%	100.0		%				$	1,427		100.0		%	100.0		%

(a)Excludes allocations of the ALLL related to the discontinued operations of the education lending business in the amount of $9 million at September 30, 2026, and $11 million at December 31, 2025.

39

Table of contents

Figure 27. Net Loan Charge-offs (Recoveries) from Continuing Operations

			2026												2025
Dollars in millions			Third			Second									First						Fourth			Third
Commercial and industrial			$	63		$	75								$	80					$	62		$	66
Commercial real estate:
Commercial mortgage			4			19									1						19			27
Construction			1			—									—						—			—
Total commercial real estate loans			5			19									1						19			27
Commercial lease financing			—			1									—						4			—
Total commercial loans			68			95									81						85			93
Real estate — residential mortgage			—			—									(1)						—			(1)
Home equity loans			—			—									—						—			—
Other consumer loans			13			11									13						12			13
Credit cards			8			9									8						7			9
Total consumer loans			21			20									20						19			21
Total net loan charge-offs			$	89		$	115								$	101					$	104		$	114

Figure 28. Net Loan Charge-offs (Recoveries) to Average Loans from Continuing Operations

			2026												2025
Dollars in millions			Third			Second						First						Fourth			Third
Commercial and industrial			0.39		%	0.48		%				0.55		%				0.43		%	0.46		%
Commercial real estate:
Commercial mortgage			0.10			0.55						0.03						0.56			0.78
Construction			0.11			—						—						—			0.04
Total commercial real estate loans			0.10			0.46						0.02						0.46			0.66
Commercial lease financing			—			0.05						0.01						0.73			0.03
Total commercial loans			0.32			0.46						0.42						0.44			0.49
Real estate — residential mortgage			—			(0.01)						(0.02)						(0.01)			(0.01)
Home equity loans			(0.03)			0.02						—						0.05			(0.04)
Other consumer loans			1.26			1.02						1.16						0.96			0.98
Credit cards			3.60			3.98						3.77						3.44			4.00
Total consumer loans			0.30			0.27						0.28						0.26			0.26
Total net loan charge-offs to average loans			0.32		%	0.42		%				0.38		%				0.39		%	0.42		%

40

Table of contents

Figure 29. Summary of Loan and Lease Loss Experience from Continuing Operations

			Three months ended September 30,									Nine months ended September 30,
Dollars in millions			2026			2025						2026			2025
Average loans outstanding			$	111,585		$	106,227					$	109,812		$	105,439
Allowance for loan and lease losses at beginning of period			$	1,445		$	1,446					$	1,427		$	1,409
Loans charged off:
Commercial and industrial			$	81		$	87					$	255		$	243
Commercial real estate:
Commercial mortgage			11			27						32			69
Construction			1			—						1			—
Total commercial real estate loans(a)			12			27						33			69
Commercial lease financing			—			—						1			2
Total commercial loans			93			114						289			314
Real estate — residential mortgage			1			—						2			1
Home equity loans			1			—						2			1
Other consumer loans			16			15						45			42
Credit cards			10			11						31			35
Total consumer loans			28			26						80			79
Total loans charged off			121			140						369			393
Recoveries:
Commercial and industrial			18			21						37			50
Commercial real estate:
Commercial mortgage			7			—						8			1
Construction			—			—						—			—
Total commercial real estate loans(a)			7			—						8			1
Commercial lease financing			—			—						—			—
Total commercial loans			25			21						45			51
Real estate — residential mortgage			1			1						3			3
Home equity loans			1			—						2			2
Other consumer loans			3			2						8			6
Credit cards			2			2						6			5
Total consumer loans			7			5						19			16
Total recoveries			32			26						64			67
Net loan charge-offs			(89)			(114)						(305)			(326)
Provision (credit) for loan and lease losses			42			112						276			361
Allowance for loan and lease losses at end of period			$	1,398		$	1,444					$	1,398		$	1,444
Liability for credit losses on lending-related commitments at beginning of period			$	277		$	297					$	313		$	290
Provision (credit) for losses on lending-related commitments			19			(5)						(17)			2
Other			—			—						—			—
Liability for credit losses on lending-related commitments at end of period(b)			$	296		$	292					$	296		$	292
Total allowance for credit losses at end of period			$	1,694		$	1,736					$	1,694		$	1,736
Net loan charge-offs to average total loans			0.32		%	0.42		%				0.37		%	0.41		%
Allowance for loan and lease losses to period-end loans			1.24			1.36						1.24			1.36
Allowance for credit losses to period-end loans			1.50			1.64						1.50			1.64
Allowance for loan and lease losses to nonperforming loans			226.2			219.5						226.2			219.5
Allowance for credit losses to nonperforming loans			274.1			263.8						274.1			263.8
Discontinued operations — education lending business:
Loans charged off			$	1		$	1					$	2		$	2
Recoveries			1			1						1			1
Net loan charge-offs			$	—		$	—					$	(1)		$	(1)

(a)See Figure 10 and the accompanying discussion in the “Loans and loans held for sale” section for more information related to our commercial real estate loan portfolio.

(b)Included in "Accrued expense and other liabilities" on the balance sheet.

41

Table of contents

Nonperforming assets

Figure 30 shows the composition of our nonperforming assets. As shown in Figure 30, nonperforming assets at September 30, 2026 were unchanged compared to December 31, 2025.

See Note 1 (“Summary of Significant Accounting Policies”) of our 2025 Form 10-K under the headings “Nonperforming Loans,” “Impaired Loans,” and “Allowance for Loan and Lease Losses” for a summary of our nonaccrual and charge-off policies.

Figure 30. Summary of Nonperforming Assets and Past Due Loans from Continuing Operations

Dollars in millions			September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Commercial and industrial			$	274		$	358		$	284		$	256		$	253
Commercial real estate:
Commercial mortgage			154			256			190			157			214
Construction			—			—			—			—			—
Total commercial real estate loans(a)			154			256			190			157			214
Commercial lease financing			5			6			6			7			—
Total commercial loans(b)			433			620			480			420			467
Real estate — residential mortgage			98			100			115			104			98
Home equity loans			77			79			76			80			82
Other consumer loans			4			4			4			4			4
Credit cards			6			6			7			7			7
Total consumer loans			185			189			202			195			191
Total nonperforming loans			618			809			682			615			658
OREO			9			9			10			9			10
Nonperforming loans held for sale			—			—			—			3			—
Other nonperforming assets			—			—			—			—			—
Total nonperforming assets			$	627		$	818		$	692		$	627		$	668
Accruing loans past due 90 days or more			$	79		$	85		$	153		$	99		$	110
Accruing loans past due 30 through 89 days			153			138			137			220			254
Nonperforming assets from discontinued operations — education lending business			1			1			2			2			2
Nonperforming loans to period-end portfolio loans			0.55		%	0.73		%	0.62		%	0.58		%	0.62		%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets			0.55			0.74			0.63			0.59			0.63

(a)See Figure 10 and the accompanying discussion in the “Loans and loans held for sale” section for more information related to our commercial real estate loan portfolio.

(b)See Figure 9 and the accompanying discussion in the “Loans and loans held for sale” section for more information related to our commercial loan portfolio.

Figure 31 shows the activity that caused the change in our nonperforming loan balance during each of the last five quarters.

Figure 31. Summary of Changes in Nonperforming Loans from Continuing Operations

			2026												2025
Dollars in millions			Third			Second			First						Fourth			Third
Balance at beginning of period			$	809		$	682		$	615					$	658		$	696
Loans placed on nonaccrual status			165			365			253						248			210
Charge-offs			(121)			(131)			(117)						(124)			(140)
Loans sold			(28)			(33)			(2)						(7)			(13)
Payments			(190)			(38)			(37)						(124)			(68)
Transfers to OREO			(1)			(1)			(1)						(1)			(1)
Loans returned to accrual status			(16)			(35)			(29)						(35)			(26)
Balance at end of period			$	618		$	809		$	682					$	615		$	658

Operational and compliance risk management

Like all businesses, we are subject to operational risk, which is the risk of loss resulting from human error or malfeasance, inadequate or failed internal processes and systems, and external events. These events include, among other things, threats to our cybersecurity, as we are reliant upon information systems and the internet to conduct our business activities. Operational risk intersects with compliance risk, which is the risk of loss from violations of, or noncompliance with, laws, rules and regulations, prescribed practices, and ethical standards. Under the Dodd-Frank Act, large financial companies like Key are subject to heightened prudential standards and regulation. This heightened level of regulation has increased our operational risk. While operational and compliance risk are separate risk disciplines in KeyCorp’s ERM framework, losses and/or additional regulatory compliance costs are included in operational loss reporting and could take the form of explicit charges, increased operational costs, or harm to our reputation.

42

Table of contents

We seek to mitigate operational risk through identification and measurement of risk, alignment of business strategies with risk appetite and tolerance, and a system of internal controls and reporting. We continuously strive to strengthen our system of internal controls to improve the oversight of our operational risk and to ensure compliance with laws, rules, and regulations. For example, an operational event database tracks the amounts and sources of operational risk and losses. This tracking mechanism helps to identify weaknesses and to highlight the need to take corrective action. We also rely upon software programs designed to assist in assessing operational risk and monitoring our control processes. This technology has enhanced the reporting of the effectiveness of our controls to senior management and the Board.

The Operational Risk Management Program provides the framework for the structure, governance, roles, and responsibilities, as well as the content, to manage operational risk for Key. The Compliance Risk Management Program serves the same function in managing compliance risk for Key. The Operational Risk Committee and the Compliance Risk Committee support the ERM Committee by identifying early warning events and trends, escalating emerging risks, and discussing forward-looking assessments. Both the Operational Risk Committee and the Compliance Risk Committee include attendees from each of the Three Lines of Defense. Primary responsibility for managing and monitoring internal control mechanisms lies with the managers of our various lines of business. The Operational Risk Committee and Compliance Risk Committee are senior management committees that oversee our level of operational and compliance risk and direct and support our operational and compliance infrastructure and related activities. These committees and the Operational Risk Management and Compliance Risk Management functions are an integral part of our ERM Program. Our Internal Audit function regularly assesses the overall effectiveness of our Operational Risk Management and Compliance Risk Management Programs and our system of internal controls. Internal Audit reports the results of reviews on internal controls and systems to senior management and the Audit Committee and updates the Risk Committee, as appropriate, on matters related to the oversight of these controls.

Cybersecurity

For information on our cybersecurity risk management and governance practices, please see Item 1C. Cybersecurity beginning on page 44 of our 2025 Form 10-K.

GAAP to Non-GAAP Reconciliations

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, nor as a substitute for analyses

of results as reported under GAAP.

The tangible common equity ratio and the return on tangible common equity ratio have been a focus for some investors, and management believes that these ratios may assist investors in analyzing Key’s capital position without regard to the effects of intangible assets and preferred stock. Since analysts and banking regulators may assess our capital adequacy using tangible common equity, we believe it is useful to enable investors to assess our capital adequacy on these same bases.

43

Table of contents

						Three months ended																		Nine months ended
Dollars in millions						9/30/2026			6/30/2026			3/31/2026			12/31/2025			9/30/2025						9/30/2026			9/30/2025
Net interest income (GAAP)						$	1,300		$	1,250		$	1,222		$	1,215		$	1,184					$	3,772		$	3,421
Add:			Taxable-equivalent adjustment			8			8			8			8			9						24			27
			Noninterest income (GAAP)			744			706			723			782			702						2,173			2,060
Less:			Noninterest expense (GAAP)			1,245			1,217			1,181			1,241			1,177						3,643			3,462
Pre-provision net revenue from continuing operations (non-GAAP)						$	807		$	747		$	772		$	764		$	718					$	2,326		$	2,046
Net income (loss) attributable to Key common shareholders (GAAP)						$	537		$	473		$	486		$	475		$	453					$	1,496		$	1,211
Average Key shareholders’ equity (GAAP)						$	19,307		$	19,947		$	20,392		$	20,388		$	19,664					$	19,878		$	19,193
Less:			Intangible assets (average)			2,796			2,756			2,758			2,762			2,767						2,770			2,772
			Preferred stock (average)			2,409			2,500			2,500			2,500			2,500						2,469			2,500
			Average tangible common equity (non-GAAP) (A)			$	14,102		$	14,691		$	15,134		$	15,126		$	14,397					$	14,639		$	13,921
Key shareholders’ equity (GAAP)						$	17,809		$	19,798		$	19,987		$	20,381		$	20,102
Less:			Intangible assets			2,814			2,755			2,757			2,760			2,765
			Preferred stock (a)			1,927			2,446			2,446			2,446			2,446
			Tangible common equity (non-GAAP) (B)			$	13,068		$	14,597		$	14,784		$	15,175		$	14,891
Total assets (GAAP)						$	193,102		$	191,317		$	188,663		$	184,381		$	187,409
Less:			Intangible assets			2,814			2,755			2,757			2,760			2,765
			Tangible assets (non-GAAP) (C)			$	190,288		$	188,562		$	185,906		$	181,621		$	184,644
Tangible common equity to tangible assets ratio (non-GAAP) (B/C)						6.9		%	7.7		%	8.0		%	8.4		%	8.1		%
Income (loss) from continuing operations attributable to Key common shareholders (GAAP) (D)						$	537		$	472		$	486		$	474		$	454					$	1,495		$	1,211
Return on average tangible common equity from continuing operations (non-GAAP) (D/A)						15.1		%	12.9		%	13.0		%	12.4		%	12.5		%				13.7		%	11.6		%

(a)Net of capital surplus.

Adjusted noninterest expense is a non-GAAP measure in that it is adjusted to exclude the impact of significant or unusual items. Management believes adjusting for significant or unusual 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.

						Three months ended																		Nine months ended
Dollars in millions						9/30/2026			6/30/2026			3/31/2026			12/31/2025			9/30/2025						9/30/2026			9/30/2025
Adjusted noninterest expense
Noninterest expense (GAAP)						$	1,245		$	1,217		$	1,181		$	1,241		$	1,177					$	3,643		$	3,462
Adjustments:
			FDIC special assessment (other expense)			—			—			—			21			5						—			5
Adjusted noninterest expense (non-GAAP)						$	1,245		$	1,217		$	1,181		$	1,262		$	1,182					$	3,643		$	3,467

Critical Accounting Policies and Estimates

Our business is dynamic and complex. Consequently, we must exercise judgment in choosing and applying accounting policies and methodologies. These choices are critical – not only are they necessary to comply with GAAP, they also reflect our view of the appropriate way to record and report our overall financial performance. All accounting policies are important, and all policies described in Note 1 (“Summary of Significant Accounting Policies”) beginning on page 91 of our 2025 Form 10-K should be reviewed for a greater understanding of how we record and report our financial performance. Note 1 (“Basis of Presentation and Accounting Policies”) of this report should also be reviewed for more information on accounting standards that have been adopted during the period.

In our opinion, some accounting policies are more likely than others to have a critical effect on our financial results and to expose those results to potentially greater volatility. These policies apply to areas of relatively greater business importance, or require us to exercise judgment and to make assumptions and estimates that affect amounts reported in the financial statements. Because these assumptions and estimates are based on current circumstances, they may prove to be inaccurate, or we may find it necessary to change them. We rely heavily on the use of judgment, assumptions, and estimates to make a number of core decisions, including accounting for the ALLL and assets and liabilities that involve valuation methodologies. In addition, we may employ outside valuation experts to assist us in determining fair values of certain assets and liabilities. A brief discussion of each of these areas appears on pages 91 through 95 of our 2025 Form 10-K. During the three and nine months ended September 30, 2026, we did not significantly alter the manner in which we applied our critical accounting policies or developed related assumptions and estimates, except as noted below.

44

Table of contents

During the period ended September 30, 2026, Key refined its estimation approach for incorporating economic and forecast uncertainty within its allowance for credit losses. Since CECL adoption in 2020, the quantitative estimate was based on a single reasonable and supportable economic forecast, while uncertainty in the economic outlook and alternative scenarios were considered in the development of the qualitative reserve. In the current period, Key refined this approach by incorporating three probability-weighted economic scenarios directly within the quantitative framework. Refer to Note 4 (“Asset Quality”) for additional information.

Accounting and Reporting Developments

Accounting Guidance Pending Adoption at September 30, 2026

Standard			Required Adoption			Description			Effect on Financial Statements or Other Significant Matters
ASU 2024-03 and ASU 2025-01 Income Statement— Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220-40)			January 1, 2027 Early adoption is permitted.			The guidance requires public companies disclose additional information about certain types of costs and expenses. The guidance could be applied on a prospective or retrospective basis.			The guidance is not expected to have a material impact on Key’s disclosures.
ASU 2025-08 Financial Instruments—Credit Losses (Topic 326): Purchased Loans			January 1, 2027 Early adoption is permitted.			This guidance expands the types of acquired financial assets that must use the gross‑up approach under ASC 326. Certain non‑PCD loans considered “seasoned” are now accounted for using the gross‑up approach at acquisition. All non‑PCD loans acquired in a business combination are considered “seasoned” and other acquired loans are considered “seasoned” if they were purchased at least 90 days after origination and the acquirer did not originate the loans. This guidance must be applied prospectively to loans that are acquired on or after the initial application date.			Adoption of this ASU will impact our financial condition and results of operations on a prospective basis only when loans are acquired.
ASU 2025-06 - Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40)			January 1, 2028 Early adoption permitted.			The guidance revises the accounting for internal-use software by replacing prescriptive development stage guidance with a principle-based capitalization threshold. Entities are required to begin capitalizing costs when management commits funding and it is probable the software will be completed and used as intended. This guidance may be applied on a prospective, retrospective or modified retrospective basis.			Key is currently evaluating the impact of this guidance on its financial condition and results of operations.

45

Table of contents

Item 1. Financial Statements

Consolidated Balance Sheets

Dollars in millions, except per share data			September 30, 2026			December 31, 2025
			(Unaudited)
ASSETS
Cash and due from banks			$	1,540		$	1,287
Short-term investments			12,973			10,163
Trading account assets			925			1,061
Securities available for sale			36,311			39,596
Held-to-maturity securities (fair value: $8,795 and $8,313)			9,612			8,622
Other investments			1,281			949
Loans, net of unearned income of $265 and $303			112,993			106,541
Less: Allowance for loan and lease losses			(1,398)			(1,427)
Net loans			111,595			105,114
Loans held for sale (a)			1,159			1,077
Premises and equipment			636			628
Goodwill			2,803			2,752
Other intangible assets			11			8
Corporate-owned life insurance			4,461			4,432
Accrued income and other assets			9,617			8,481
Discontinued assets			178			211
Total assets			$	193,102		$	184,381
LIABILITIES
Deposits in domestic offices:
Interest-bearing deposits			$	125,594		$	121,100
Noninterest-bearing deposits			28,220			27,613
Total deposits			153,814			148,713
Federal funds purchased and securities sold under repurchase agreements			49			13
Bank notes and other short-term borrowings			5,185			1,071
Accrued expense and other liabilities			4,772			4,286
Long-term debt			11,473			9,917
Total liabilities			175,293			164,000
EQUITY
Preferred stock			1,975			2,500
Common Shares, $1 par value; authorized 2,100,000,000 shares; issued 1,256,716,004 & 1,256,702,081 shares at September 30, 2026 and December 31, 2025			1,257			1,257
Capital surplus			6,057			6,035
Retained earnings			16,194			15,359
Treasury stock, at cost (198,540,161 and 154,301,387 shares)			(3,809)			(2,810)
Accumulated other comprehensive income (loss)			(3,865)			(1,960)
Total equity			17,809			20,381
Total liabilities and equity			$	193,102		$	184,381

(a)Total loans held for sale include real estate — residential mortgage loans held for sale at fair value of $64 million at September 30, 2026, and $149 million at December 31, 2025.

See Notes to Consolidated Financial Statements (Unaudited).

46

Table of contents

Consolidated Statements of Income

Dollars in millions, except per share amounts			Three months ended September 30,									Nine months ended September 30,
(Unaudited)			2026			2025						2026			2025
INTEREST INCOME
Loans			$	1,511		$	1,466					$	4,390		$	4,310
Loans held for sale			22			18						51			43
Securities available for sale			373			408						1,110			1,211
Held-to-maturity securities			98			64						279			188
Trading account assets			12			11						33			44
Short-term investments			107			156						311			487
Other investments			10			8						23			25
Total interest income			2,133			2,131						6,197			6,308
INTEREST EXPENSE
Deposits			634			748						1,832			2,231
Federal funds purchased and securities sold under repurchase agreements			11			4						44			9
Bank notes and other short-term borrowings			25			14						80			75
Long-term debt			163			181						469			572
Total interest expense			833			947						2,425			2,887
NET INTEREST INCOME			1,300			1,184						3,772			3,421
Provision for credit losses			61			107						259			363
Net interest income after provision for credit losses			1,239			1,077						3,513			3,058
NONINTEREST INCOME
Investment banking and debt placement fees			214			184						580			537
Trust and investment services income			165			150						481			435
Cards and payments income			93			86						273			253
Service charges on deposit accounts			79			75						233			217
Corporate services income			72			72						223			213
Commercial mortgage servicing fees			53			73						164			219
Corporate-owned life insurance income			35			35						102			100
Consumer mortgage income			14			14						44			42
Operating lease income and other leasing gains			9			11						27			34
Other income			9			8						42			16
Net securities gains (losses)			1			(6)						4			(6)
Total noninterest income			744			702						2,173			2,060
NONINTEREST EXPENSE
Personnel			815			742						2,344			2,127
Computer processing			116			105						335			319
Net occupancy			67			65						203			201
Business services and professional fees			46			44						128			132
Marketing			23			22						63			67
Equipment			21			20						62			61
Operating lease expense			6			9						20			30
Other expense			151			170						488			525
Total noninterest expense			1,245			1,177						3,643			3,462
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			738			602						2,043			1,656
Income taxes			159			112						434			337
INCOME (LOSS) FROM CONTINUING OPERATIONS			579			490						1,609			1,319
Income (loss) from discontinued operations			—			(1)						1			—
NET INCOME (LOSS)			$	579		$	489					$	1,610		$	1,319
Income (loss) from continuing operations attributable to Key common shareholders			$	537		$	454					$	1,495		$	1,211
Net income (loss) attributable to Key common shareholders			537			453						1,496			1,211
Per Common Share:
Income (loss) from continuing operations attributable to Key common shareholders			$	.51		$	.41					$	1.39		$	1.10
Income (loss) from discontinued operations, net of taxes			—			—						—			—
Net income (loss) attributable to Key common shareholders (a)			.51			.41						1.39			1.10
Per Common Share — assuming dilution:
Income (loss) from continuing operations attributable to Key common shareholders			$	.51		$	.41					$	1.39		$	1.09
Income (loss) from discontinued operations, net of taxes			—			—						—			—
Net income (loss) attributable to Key common shareholders (a)			.51			.41						1.39			1.09
Weighted-average Common Shares outstanding (000)			1,054,951			1,100,830						1,070,808			1,099,520
Effect of Common Share options and other stock awards			9,315			9,845						9,395			8,864
Weighted-average Common Shares and potential Common Shares outstanding (000) (b)			1,064,266			1,110,675						1,080,203			1,108,384

(a)EPS may not foot due to rounding.

(b)Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.

See Notes to Consolidated Financial Statements (Unaudited).

47

Table of contents

Consolidated Statements of Comprehensive Income

Dollars in millions			Three months ended September 30,									Nine months ended September 30,
(Unaudited)			2026			2025						2026			2025
Net income (loss)			$	579		$	489					$	1,610		$	1,319
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available for sale, net of income taxes of $379, $(97), $451, and $(281)			(1,188)			301						(1,411)			877
Net unrealized gains (losses) on derivative financial instruments, net of income taxes of $103, $(15), $159, and $(120)			(324)			50						(498)			376
Foreign currency translation adjustments, net of income taxes of $0, $0, $0, and $0			(1)			—						(1)			—
Net pension and postretirement benefit costs, net of income taxes of $(1), $0, $(2), and $(21)			2			1						5			68
Total other comprehensive income (loss), net of tax			(1,511)			352						(1,905)			1,321
Comprehensive income (loss) attributable to Key			$	(932)		$	841					$	(295)		$	2,640

See Notes to Consolidated Financial Statements (Unaudited).

48

Table of contents

Consolidated Statements of Changes in Equity

			Key Shareholders’ Equity
Dollars in millions, except per share amounts (Unaudited)			Preferred Shares Outstanding (000)			Common Shares Outstanding (000)			Preferred Stock			Common Shares			Capital Surplus			Retained Earnings			Treasury Stock, at Cost			Accumulated Other Comprehensive Income (Loss)						Total Shareholders’ Equity
BALANCE AT DECEMBER 31, 2025			1,996			1,102,401			$	2,500		$	1,257		$	6,035		$	15,359		$	(2,810)		$	(1,960)					$	20,381
Net income (loss)																		1,610												1,610
Other comprehensive income (loss)																								(1,905)						(1,905)
Deferred compensation															(1)															(1)
Cash dividends declared
Common Shares ($.615 per share)																		(661)												(661)
Series D Preferred Stock ($37.50 per depositary share)																		(20)												(20)
Series E Preferred Stock ($1.148 per depositary share)																		(23)												(23)
Series F Preferred Stock ($1.059 per depositary share)																		(18)												(18)
Series G Preferred Stock ($1.055 per depositary share)																		(19)												(19)
Series H Preferred Stock ($1.163 per depositary share)																		(28)												(28)
Series D Preferred Stock redemption			(21)						(525)						6			(6)												(525)
Common Share repurchases (a)						(47,684)									—						(1,047)									(1,047)
Excise tax on share repurchases						—									—						(9)									(9)
Employee equity compensation program Common Share repurchases						(2,171)									—						(47)									(47)
Common Shares reissued (returned) for stock options and other employee benefit plans						5,630						—			17						104									121
BALANCE AT SEPTEMBER 30, 2026			1,975			1,058,176			$	1,975		$	1,257		$	6,057		$	16,194		$	(3,809)		$	(3,865)					$	17,809
BALANCE AT JUNE 30, 2026			1,996			1,072,035			$	2,500		$	1,257		$	6,014		$	15,873		$	(3,492)		$	(2,354)					$	19,798
Net income (loss)																		579												579
Other comprehensive income (loss)																								(1,511)						(1,511)
Deferred compensation															—															—
Cash dividends declared
Common Shares ($.205 per share)																		(216)												(216)
Series D Preferred Stock ($12.50 per depositary share)																		(7)												(7)
Series E Preferred Stock ($.382813 per depositary share)																		(8)												(8)
Series F Preferred Stock ($.353125 per depositary share)																		(6)												(6)
Series G Preferred Stock ($.351563 per depositary share)																		(6)												(6)
Series H Preferred Stock ($.387500 per depositary share)																		(9)												(9)
Series D Preferred Stock redemption			(21)						(525)						6			(6)												(525)
Common Share repurchases (a)						(14,184)									—						(320)									(320)
Excise tax on share repurchases						—									—						(3)									(3)
Employee equity compensation program Common Share repurchases						(1)									—						—									—
Common Shares reissued (returned) for stock options and other employee benefit plans						326						—			37						6									43
BALANCE AT SEPTEMBER 30, 2026			1,975			1,058,176			$	1,975		$	1,257		$	6,057		$	16,194		$	(3,809)		$	(3,865)					$	17,809

(a) Includes open market repurchases and shares purchased pursuant to the share repurchase agreement with Scotiabank.

See Notes to Consolidated Financial Statements (Unaudited).

			Key Shareholders’ Equity
Dollars in millions, except per share amounts (Unaudited)			Preferred Shares Outstanding (000)			Common Shares Outstanding (000)			Preferred Stock			Common Shares			Capital Surplus			Retained Earnings			Treasury Stock, at Cost			Accumulated Other Comprehensive Income (Loss)						Total Shareholders’ Equity
BALANCE AT DECEMBER 31, 2024			1,996			1,106,786			$	2,500		$	1,257		$	6,038		$	14,584		$	(2,733)		$	(3,470)					$	18,176
Net income (loss)																		1,319												1,319
Other comprehensive income (loss)																								1,321						1,321
Deferred compensation															(1)															(1)
Cash dividends declared
Common Shares ($.410 per share)																		(684)												(684)
Series D Preferred Stock ($25.00 per depositary share)																		(20)												(20)
Series E Preferred Stock ($.766 per depositary share)																		(23)												(23)
Series F Preferred Stock ($.706 per depositary share)																		(18)												(18)
Series G Preferred Stock ($.703 per depositary share)																		(19)												(19)
Series H Preferred Stock ($.775 per depositary share)																		(28)												(28)
Employee equity compensation program Common Share repurchases						(1,963)									—						(35)									(35)
Common Shares reissued (returned) for stock options and other employee benefit plans						8,129									(35)						149									114
BALANCE AT SEPTEMBER 30, 2025			1,996			1,112,952			$	2,500		$	1,257		$	6,002		$	15,111		$	(2,619)		$	(2,149)					$	20,102
BALANCE AT JUNE 30, 2025			1,996			1,112,453			$	2,500		$	1,257		$	5,971		$	14,886		$	(2,629)		$	(2,501)					$	19,484
Net income (loss)																		489												489
Other comprehensive income (loss)																								352						352
Cash dividends declared
Common Shares ($.205 per share)																		(228)												(228)
Series D Preferred Stock ($12.50 per depositary share)																		(7)												(7)
Series E Preferred Stock ($.382813 per depositary share)																		(8)												(8)
Series F Preferred Stock ($.353125 per depositary share)																		(6)												(6)
Series G Preferred Stock ($.351563 per depositary share)																		(6)												(6)
Series H Preferred Stock ($.387500 per depositary share)																		(9)												(9)
Employee equity compensation program Common Share repurchases						(1)									—						—									—
Common Shares reissued (returned) for stock options and other employee benefit plans						500									31						10									41
BALANCE AT SEPTEMBER 30, 2025			1,996			1,112,952			$	2,500		$	1,257		$	6,002		$	15,111		$	(2,619)		$	(2,149)					$	20,102

See Notes to Consolidated Financial Statements (Unaudited).

49

Table of contents

Consolidated Statements of Cash Flows

Dollars in millions			Nine months ended September 30,
(Unaudited)			2026			2025
OPERATING ACTIVITIES
Net income (loss)			$	1,610		$	1,319
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for credit losses			259			363
Depreciation, amortization, and accretion, net			(20)			18
Increase in cash surrender value of corporate-owned life insurance			(91)			(90)
Stock-based compensation expense			100			99
Deferred income taxes (benefit)			68			(15)
Proceeds from sales of loans held for sale			6,589			6,756
Originations of loans held for sale, net of repayments			(6,523)			(6,935)
Net losses (gains) on sales of loans held for sale			(90)			(93)
Net losses (gains) on leased equipment			(3)			—
Net securities and other investments losses (gains)			(4)			6
Net change in:
Trading account assets			136			311
Accrued income and other assets			(1,203)			(77)
Accrued expense and other liabilities			416			(694)
Other operating activities, net			(325)			522
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES			919			1,490
INVESTING ACTIVITIES
Net cash paid on acquisitions			(61)			—
Net decrease (increase) in short-term investments, excluding acquisitions			(2,810)			4,170
Purchases of securities available for sale			(4,085)			(6,517)
Proceeds from sales of securities available for sale			650			5
Proceeds from prepayments and maturities of securities available for sale			4,943			4,976
Proceeds from prepayments and maturities of held-to-maturity securities			1,135			759
Purchases of held-to-maturity securities			(2,120)			(868)
Net decrease (increase) in other investments			(330)			120
Net decrease (increase) in loans, excluding acquisitions, sales and transfers			(6,893)			(1,950)
Proceeds from sales of portfolio loans			163			122
Proceeds from corporate-owned life insurance			62			56
Purchases of premises, equipment, and software			(76)			(62)
Proceeds from sales of premises and equipment			3			3
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES			(9,419)			814
FINANCING ACTIVITIES
Net increase (decrease) in deposits			5,101			1,005
Net increase (decrease) in short-term borrowings			4,150			(795)
Net proceeds from issuance of long-term debt			3,179			1,484
Payments on long-term debt			(1,299)			(2,981)
Redemption of preferred shares			(525)			—
Common Share repurchases (a)			(1,047)			—
Employee equity compensation program Common Share repurchases			(47)			(35)
Net proceeds from reissuance of Common Shares			10			5
Cash dividends paid			(769)			(792)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			8,753			(2,109)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS			253			195
CASH AND DUE FROM BANKS AT BEGINNING OF PERIOD			1,287			1,743
CASH AND DUE FROM BANKS AT END OF PERIOD			$	1,540		$	1,938
Additional disclosures relative to cash flows:
Interest paid			$	2,320		$	2,839
Income taxes paid (refunded)			173			28
Noncash items:
Reduction of secured borrowing and related collateral			$	1		$	1
Loans transferred to portfolio from held for sale			13			71
Loans transferred to held for sale from portfolio			67			6
Loans transferred to OREO			4			3

(a) Includes open market repurchases and shares purchased pursuant to the share repurchase agreement with Scotiabank.

See Notes to Consolidated Financial Statements (Unaudited).

50

Table of contents

Notes to Consolidated Financial Statements (Unaudited)

1. Basis of Presentation and Accounting Policies

The consolidated financial statements include the accounts of KeyCorp and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

The consolidated financial statements include any voting rights entities in which we have a controlling financial interest. In accordance with the applicable accounting guidance for consolidations, we consolidate a VIE if we have: (i) a variable interest in the entity; (ii) the power to direct activities of the VIE that most significantly affect the entity’s economic performance; and (iii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE (i.e., we are considered to be the primary beneficiary). Variable interests can include equity interests, subordinated debt, derivative contracts, leases, service agreements, guarantees, standby letters of credit, loan commitments, and other contracts, agreements, and financial instruments. See Note 10 (“Variable Interest Entities”) for information on our involvement with VIEs.

We use the equity method to account for unconsolidated investments in voting rights entities or VIEs if we have significant influence over the entity’s operating and financing decisions (usually defined as a voting or economic interest of 20% to 50%, but not controlling). Unconsolidated investments in voting rights entities or VIEs in which we have a voting or economic interest of less than 20% or for which we do not have significant influence are carried at the cost measurement alternative or at fair value. Investments held by our registered broker-dealer and investment company subsidiaries (principal investing entities and Real Estate Capital line of business) are carried at fair value.

The unaudited consolidated interim financial statements reflect all adjustments of a normal recurring nature and disclosures that are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full year. The interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our 2025 Form 10-K.

In preparing these financial statements, subsequent events were evaluated through the time the financial statements were issued. Financial statements are considered issued when they are widely distributed to all shareholders and other financial statement users or filed with the SEC.

Accounting Guidance Adopted as of September 30, 2026

Standard			Required Adoption			Description			Effect on Financial Statements or Other Significant Matters
ASU 2025-09 Derivatives and Hedging (Topic 815) Hedge Accounting Improvements			January 1, 2027 Early adoption is permitted.			The accounting update expands cash flow hedge accounting by allowing the grouping of forecasted transactions with similar risk exposures. It introduces a model that allows entities to hedge forecasted interest payments on certain variable rate debt using simplified assumptions. The guidance also broadens hedge accounting for nonfinancial forecasted transactions, permitting eligible components of spot and forward purchases or sales to be designated as hedged risks. The amendments update hedge accounting for net written options to better reflect changes in interest rate markets proceeding the discontinuation of LIBOR. Further, this new guidance improves accounting for dual hedge strategies involving foreign currency debt by eliminating recognition mismatches and better reflecting the economics of combined interest rate and foreign exchange risk management. The guidance should be applied on a prospective basis.			We early adopted this guidance on September 30, 2026 and applied the amended guidance to our qualifying commercial loan cash flow hedge relationships existing as of the adoption date. The adoption did not have a material impact on our financial condition or results of operations.

2. Earnings Per Common Share

Basic earnings per share is the amount of earnings (losses), adjusted for dividends declared on our preferred stock, available to each Common Share outstanding during the reporting periods. Diluted earnings per share is the amount of earnings (losses) available to each Common Share outstanding during the reporting periods adjusted to include the effects of potentially dilutive Common Shares. Potentially dilutive Common Shares include stock options and

51

Table of contents

other stock-based awards. Potentially dilutive Common Shares are excluded from the computation of diluted earnings per share in the periods where the effect would be antidilutive.

Our basic and diluted earnings per Common Share are calculated as follows:

			Three months ended September 30,									Nine months ended September 30,
Dollars in millions, except per share amounts			2026			2025						2026			2025
EARNINGS
Income (loss) from continuing operations			$	579		$	490					$	1,609		$	1,319
Less: Dividends on Preferred Stock (a)			42			36						114			108
Income (loss) from continuing operations attributable to Key common shareholders			537			454						1,495			1,211
Income (loss) from discontinued operations, net of taxes			—			(1)						1			—
Net income (loss) attributable to Key common shareholders			$	537		$	453					$	1,496		$	1,211
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)			1,054,951			1,100,830						1,070,808			1,099,520
Effect of Common Share options and other stock awards			9,315			9,845						9,395			8,864
Weighted-average Common Shares and potential Common Shares outstanding (000)(b)			1,064,266			1,110,675						1,080,203			1,108,384
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders			$	.51		$	.41					$	1.39		$	1.10
Income (loss) from discontinued operations, net of taxes			—			—						—			—
Net income (loss) attributable to Key common shareholders (c)			.51			.41						1.39			1.10
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution			$	.51		$	.41					$	1.39		$	1.09
Income (loss) from discontinued operations, net of taxes — assuming dilution			—			—						—			—
Net income (loss) attributable to Key common shareholders—assuming dilution(b)			.51			.41						1.39			1.09

(a)Includes a $6 million deemed dividend associated with the redemption of Series D Preferred Stock for the three and nine months ended September 30, 2026.

(b)Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.

(c)EPS may not foot due to rounding.

3. Loan Portfolio

Loan Portfolio by Portfolio Segment and Class of Financing Receivable (a)

Dollars in millions			September 30, 2026			December 31, 2025
Commercial and industrial (b)			$	66,073		$	57,688
Commercial real estate:
Commercial mortgage			13,816			13,707
Construction			2,919			2,844
Total commercial real estate loans			16,735			16,551
Commercial lease financing			1,914			2,270
Total commercial loans			84,722			76,509
Real estate — residential mortgage			17,868			18,732
Home equity loans			5,266			5,703
Total residential loans			23,134			24,435
Other consumer loans			4,213			4,644
Credit cards			924			953
Total consumer loans			28,271			30,032
Total loans (c)			$	112,993		$	106,541

(a)Accrued interest of $464 million and $459 million at September 30, 2026, and December 31, 2025, respectively, presented in "Accrued income and other assets" on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.

(b)Loan balances include $203 million and $205 million of commercial credit card balances at September 30, 2026, and December 31, 2025, respectively.

(c)Total loans exclude loans of $171 million at September 30, 2026, and $205 million at December 31, 2025, related to the discontinued operations of the education lending business. These amounts are included within “Discontinued assets” on the Consolidated Balance Sheet.

We have access to secured borrowings from the Federal Reserve and advances from the FHLB. As of both September 30, 2026 and December 31, 2025, loans and leases totaling $71.0 billion, were pledged to the FRB and FHLB for access to these contingent funding sources.

4. Asset Quality

ALLL

The ALLL at September 30, 2026, represents our current estimate of lifetime credit losses inherent in the loan portfolio at that date. The changes in the ALLL by loan category for the periods indicated are as follows:

52

Table of contents

Three months ended September 30, 2026:

Dollars in millions			June 30, 2026			Provision						Charge-offs			Recoveries			September 30, 2026
Commercial and Industrial			$	805		$	46					$	(81)		$	18		$	788
Commercial real estate:
Real estate — commercial mortgage			242			(26)						(11)			7			212
Real estate — construction			37			(3)						(1)			—			33
Total commercial real estate loans			279			(29)						(12)			7			245
Commercial lease financing			23			(1)						—			—			22
Total commercial loans			1,107			16						(93)			25			1,055
Real estate — residential mortgage			67			14						(1)			1			81
Home equity loans			48			(6)						(1)			1			42
Other consumer loans			142			17						(16)			3			146
Credit cards			81			1						(10)			2			74
Total consumer loans			338			26						(28)			7			343
Total ALLL — continuing operations			1,445			42			(a)			(121)			32			1,398
Discontinued operations			9			—						(1)			1			9
Total ALLL — including discontinued operations			$	1,454		$	42					$	(122)		$	33		$	1,407

(a)Excludes a provision related to reserves on lending-related commitments of $19 million.

Three months ended September 30, 2025:

Dollars in millions			June 30, 2025			Provision						Charge-offs			Recoveries			September 30, 2025
Commercial and Industrial			$	678		$	119					$	(87)		$	21		$	731
Commercial real estate:
Real estate — commercial mortgage			319			(15)						(27)			—			277
Real estate — construction			57			(7)						—			—			50
Total commercial real estate loans			376			(22)						(27)			—			327
Commercial lease financing			32			(7)						—			—			25
Total commercial loans			1,086			90						(114)			21			1,083
Real estate — residential mortgage			68			(1)						—			1			68
Home equity loans			69			(1)						—			—			68
Other consumer loans			141			15						(15)			2			143
Credit cards			82			9						(11)			2			82
Total consumer loans			360			22						(26)			5			361
Total ALLL — continuing operations			1,446			112			(a)			(140)			26			1,444
Discontinued operations			12			—						(1)			1			12
Total ALLL — including discontinued operations			$	1,458		$	112					$	(141)		$	27		$	1,456

(a)Excludes a credit related to reserves on lending-related commitments of $5 million.

53

Table of contents

Nine months ended September 30, 2026:

Dollars in millions			December 31, 2025			Provision						Charge-offs			Recoveries			September 30, 2026
Commercial and Industrial			$	745		$	261					$	(255)		$	37		$	788
Commercial real estate:
Real estate — commercial mortgage			252			(16)						(32)			8			212
Real estate — construction			55			(21)						(1)			—			33
Total commercial real estate loans			307			(37)						(33)			8			245
Commercial lease financing			26			(3)						(1)			—			22
Total commercial loans			1,078			221						(289)			45			1,055
Real estate — residential mortgage			66			14						(2)			3			81
Home equity loans			52			(10)						(2)			2			42
Other consumer loans			149			34						(45)			8			146
Credit cards			82			17						(31)			6			74
Total consumer loans			349			55						(80)			19			343
Total ALLL — continuing operations			1,427			276			(a)			(369)			64			1,398
Discontinued operations			11			(1)						(2)			1			9
Total ALLL — including discontinued operations			$	1,438		$	275					$	(371)		$	65		$	1,407

(a)Excludes a credit related to reserves on lending-related commitments of $17 million.

Nine months ended September 30, 2025:

Dollars in millions			December 31, 2024			Provision						Charge-offs			Recoveries			September 30, 2025
Commercial and Industrial			$	639		$	285					$	(243)		$	50		$	731
Commercial real estate:
Real estate — commercial mortgage			320			25						(69)			1			277
Real estate — construction			51			(1)						—			—			50
Total commercial real estate loans			371			24						(69)			1			327
Commercial lease financing			27			—						(2)			—			25
Total commercial loans			1,037			309						(314)			51			1,083
Real estate — residential mortgage			90			(24)						(1)			3			68
Home equity loans			70			(3)						(1)			2			68
Other consumer loans			136			43						(42)			6			143
Credit cards			76			36						(35)			5			82
Total consumer loans			372			52						(79)			16			361
Total ALLL — continuing operations			1,409			361			(a)			(393)			67			1,444
Discontinued operations			13			—						(2)			1			12
Total ALLL — including discontinued operations			$	1,422		$	361					$	(395)		$	68		$	1,456

(a)Excludes a provision related to reserves on lending-related commitments of $2 million.

As described in Note 1 ("Summary of Significant Accounting Policies"), under the heading “Allowance for Loan and Lease Losses” beginning on page 109 of our 2025 Form 10-K, we estimate the ALLL using relevant available information, from internal and external sources, relating to past events, current economic and portfolio conditions, and reasonable and supportable forecasts. In our estimation of expected credit losses, we use a two-year reasonable and supportable period across all products. Following this two-year period in which supportable forecasts can be generated, for all modeled loan portfolios, we revert expected credit losses to a level that is consistent with our historical information by reverting the macroeconomic variables (model inputs) to their long run average. We revert to historical loss rates for less complex estimation methods for smaller portfolios. A 20-year fixed length look back period is used to calculate the long run average of the macroeconomic variables. A four-quarter reversion period is used where the macroeconomic variables linearly revert to their long run average following the two-year reasonable and supportable period.

We develop our reasonable and supportable forecasts using relevant data including, but not limited to, changes in economic output, unemployment rates, property values, and other factors associated with the credit losses on financial assets. Some macroeconomic variables apply to all portfolio segments, while others are more portfolio specific. The following table discloses key macroeconomic variables for each loan portfolio.

54

Table of contents

Segment			Portfolio			Key Macroeconomic Variables (a)
Commercial			Commercial and industrial			BBB corporate bond rate (spread), fixed investment, business bankruptcies, GDP, industrial production, unemployment rate, and Producer Price Index
			Commercial real estate			Property & real estate price indices, unemployment rate, and SOFR
			Commercial lease financing			BBB corporate bond rate (spread), GDP, and unemployment rate
Consumer			Real estate — residential mortgage			GDP, home price index, unemployment rate, 30 year mortgage rate, and U.S. household income
			Home equity			Home price index, unemployment rate, and 30 year mortgage rate
			Other consumer			Unemployment rate, prime rate, and U.S. household income
			Credit cards			Unemployment rate, credit card charge-off rate, and credit card interest rate
			Discontinued operations			Unemployment rate

(a)Variables include all transformations and interactions with other risk drivers. Additionally, variables may have varying impacts at different points in the economic cycle.

In addition to macroeconomic drivers, portfolio attributes such as remaining term, outstanding balance, risk ratings, utilization, FICO, LTV, and delinquency also drive ALLL changes. Our ALLL models were designed to capture the correlation between economic and portfolio changes. As such, evaluating shifts in individual portfolio attributes and macroeconomic variables in isolation may not be indicative of past or future performance.

During the period ended September 30, 2026, Key refined its estimation approach for incorporating economic and forecast uncertainty within its allowance for credit losses. Since CECL adoption in 2020, the quantitative estimate was based on a single reasonable and supportable economic forecast, while uncertainty in the economic outlook and alternative scenarios were considered in the development of the qualitative reserve. In the current period, Key refined this approach by incorporating three probability-weighted economic scenarios directly within the quantitative framework. This enhancement was applied prospectively in the current period. The increase in quantitative model reserves associated with a weighted scenario approach was offset by a release of qualitative reserves where economic uncertainty and alternate scenarios were previously considered. At September 30, 2026, the net impact of this change did not have a material impact on the allowance.

Economic Outlook

As of September 30, 2026, the economy continues to be resilient, but the outlook is mixed. Economic growth has slowed, but there is continued labor-market resilience. Consumer confidence weakened and inflation remains above target. The Federal Reserve’s September rate increase, elevated energy costs, and geopolitical tensions increase pressure and create downside risks to the U.S. economy.

Consistent with the refinement described above, in estimating expected credit losses as of September 30, 2026, Management used three probability-weighted economic scenarios within the quantitative ALLL framework. This probability-weighted approach reflects Management's view of a range of potential economic outcomes. These forecasts, sourced from Moody’s Analytics, are weighted 60% baseline, 20% upside and 20% downside. The baseline scenario reflects slow growth over the next two years, but no recession. U.S. GDP is expected to grow at an annual rate of 2.1% for 2027. The expected National Unemployment Rate is forecasted at 4.6% over 2027. The upside scenario reflects stronger economic performance and easing geopolitical pressures, while the downside scenario incorporates higher energy prices, persistent inflation, escalating trade tensions, and recessionary conditions.

			Macroeconomic Assumptions as of September 30, 2026
			Baseline Scenario												Upside Scenario												Downside Scenario
			2026			2027			2028						2026			2027			2028						2026			2027			2028
U.S. Real GDP (Annualized Growth Rate %)			2.2		%	2.1		%	2.1		%				2.3		%	3.1		%	2.7		%				1.8		%	(1.5)		%	1.2		%
U.S. Unemployment Rate			4.3		%	4.6		%	4.6		%				4.1		%	3.7		%	3.9		%				4.7		%	7.9		%	7.8		%

Evolving market conditions and emerging risks which are not fully captured by the quantitative models and scenario weights, are addressed through the qualitative reserve component.

As a result of the current economic uncertainty, our future loss estimates may vary considerably from our September 30, 2026 assumptions.

55

Table of contents

Commercial Loan Portfolio

The ALLL from continuing operations for the commercial segment decreased $52 million, or 4.7%, from June 30, 2026. The decrease was primarily driven by continued improvement in the composition and strong performance of the commercial loan portfolio, including the runoff of higher-reserved exposures, new originations with stronger risk characteristics, and favorable trends in individually evaluated credits. While reserve levels declined during the quarter, the allowance continues to reflect a range of potential economic outcomes and captures uncertainty in the macroeconomic environment, including elevated inflation, energy costs and higher-for-longer interest rates.

Consumer Loan Portfolio

The ALLL from continuing operations for the consumer segment increased by $5 million, or 1.5%,from June 30, 2026. The modest reserve increase reflects economic risks around the interest rate environment. These reserve increases are partly offset by loan runoff impacts, paired with continued strong credit performance.

Credit Risk Profile

The prevalent risk characteristic for both commercial and consumer loans is the risk of loss arising from an obligor’s inability or failure to meet contractual payment or performance terms. Evaluation of this risk is stratified and monitored by the loan risk rating grades assigned for the commercial loan portfolios and the refreshed FICO score assigned for the consumer loan portfolios. The internal risk grades assigned to loans follow our definitions of Pass and Criticized, which are consistent with published definitions of regulatory risk classifications. Loans with a pass rating represent those loans not classified on our rating scale for credits, as minimal credit risk has been identified. Criticized loans are those loans that either have a potential weakness deserving management's close attention or have a well-defined weakness that may put full collection of contractual cash flows at risk. Borrower FICO scores provide information about the credit quality of our consumer loan portfolio as they provide an indication as to the likelihood that a debtor will repay its debts. The scores are obtained from a nationally recognized consumer rating agency and are presented in the tables below at the dates indicated.

Most extensions of credit are subject to loan grading or scoring. Loan grades are assigned at the time of origination, verified by credit risk management, and periodically re-evaluated thereafter. This risk rating methodology blends our judgment with quantitative modeling. Commercial loans generally are assigned two internal risk ratings. The first rating reflects the probability that the borrower will default on an obligation; the second rating reflects expected recovery rates on the credit facility. Default probability is determined based on, among other factors, the financial strength of the borrower, an assessment of the borrower’s management, the borrower’s competitive position within its industry sector, and our view of industry risk in the context of the general economic outlook. Types of exposure, transaction structure, and collateral, including credit risk mitigants, affect the expected recovery assessment.

56

Table of contents

Commercial Credit Exposure

Credit Risk Profile by Creditworthiness Category and Vintage (a)(b)

As of September 30, 2026			Term Loans																		Revolving Loans Amortized Cost Basis			Revolving Loans Converted to Term Loans Amortized Cost Basis
			Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions			2026			2025			2024			2023			2022			Prior									Total
Commercial and Industrial
Risk Rating:
Pass			$	8,613		$	9,892		$	5,001		$	1,646		$	3,731		$	4,993		$	28,062		$	437		$	62,375
Criticized (Accruing)			15			400			169			206			446			624			1,553			11			3,424
Criticized (Nonaccruing)			—			8			6			15			18			58			169			—			274
Total commercial and industrial			8,628			10,300			5,176			1,867			4,195			5,675			29,784			448			66,073
Annual gross write-offs			—			2			3			12			32			30			176			—			255
Real estate — commercial mortgage
Risk Rating:
Pass			1,973			2,766			688			413			1,286			3,535			1,713			76			12,450
Criticized (Accruing)			19			145			109			101			331			469			37			1			1,212
Criticized (Nonaccruing)			—			1			—			—			97			51			5			—			154
Total real estate — commercial mortgage			1,992			2,912			797			514			1,714			4,055			1,755			77			13,816
Annual gross write-offs			—			—			9			—			13			10			—			—			32
Real estate — construction
Risk Rating:
Pass			94			903			689			424			172			62			356			—			2,700
Criticized (Accruing)			—			37			2			34			1			142			—			3			219
Criticized (Nonaccruing)			—			—			—			—			—			—			—			—			—
Total real estate — construction			94			940			691			458			173			204			356			3			2,919
Annual gross write-offs			—			—			—			1			—			—			—			—			1
Commercial lease financing
Risk Rating:
Pass			249			228			176			225			332			651			—			—			1,861
Criticized (Accruing)			1			4			—			12			17			14			—			—			48
Criticized (Nonaccruing)			—			—			—			4			1			—			—			—			5
Total commercial lease financing			250			232			176			241			350			665						—			1,914
Annual gross write-offs			—			—			—			—			—			1			—			—			1
Total commercial loans			$	10,964		$	14,384		$	6,840		$	3,080		$	6,432		$	10,599		$	31,895		$	528		$	84,722
Total commercial loan annual gross write-offs			$	—		$	2		$	12		$	13		$	45		$	41		$	176		$	—		$	289

As of December 31, 2025			Term Loans																		Revolving Loans Amortized Cost Basis			Revolving Loans Converted to Term Loans Amortized Cost Basis
			Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions			2025			2024			2023			2022			2021			Prior									Total
Commercial and Industrial
Risk Rating:
Pass			$	9,473		$	5,864		$	2,263		$	5,313		$	2,648		$	4,115		$	24,267		$	174		$	54,117
Criticized (Accruing)			139			218			171			463			259			493			1,535			37			3,315
Criticized (Nonaccruing)			1			14			18			54			21			33			115			—			256
Total commercial and industrial			9,613			6,096			2,452			5,830			2,928			4,641			25,917			211			57,688
Annual gross write-offs			13			27			22			27			8			28			187			—			312
Real estate — commercial mortgage
Risk Rating:
Pass			3,246			826			651			1,911			1,519			2,997			1,366			29			12,545
Criticized (Accruing)			8			99			60			326			237			246			20			9			1,005
Criticized (Nonaccruing)			—			16			3			95			31			9			3			—			157
Total real estate — commercial mortgage			3,254			941			714			2,332			1,787			3,252			1,389			38			13,707
Annual gross write-offs			19			14			1			18			29			10			3			—			94
Real estate — construction
Risk Rating:
Pass			468			565			771			262			130			72			296			2			2,566
Criticized (Accruing)			—			—			20			95			36			127			—			—			278
Criticized (Nonaccruing)			—			—			—			—			—			—			—			—			—
Total real estate — construction			468			565			791			357			166			199			296			2			2,844
Annual gross write-offs			—			—			—			—			—			—			—			—			—
Commercial lease financing
Risk Rating:
Pass			322			228			293			433			249			609			—			—			2,134
Criticized (Accruing)			5			4			26			55			18			21			—			—			129
Criticized (Nonaccruing)			—			—			5			2			—			—			—			—			7
Total commercial lease financing			327			232			324			490			267			630			—			—			2,270
Annual gross write-offs			—			—			3			1			—			2			—			—			6
Total commercial loans			$	13,662		$	7,834		$	4,281		$	9,009		$	5,148		$	8,722		$	27,602		$	251		$	76,509
Total commercial loan annual gross write-offs			$	32		$	41		$	26		$	46		$	37		$	40		$	190		$	—		$	412

(a)Accrued interest of $355 million and $338 million as of September 30, 2026, and December 31, 2025, respectively, presented in “Accrued income and other assets” on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in these tables.

(b)Gross write-off information is presented on a year-to-date basis for the nine months ended September 30, 2026 and the twelve months ended December 31, 2025.

57

Table of contents

Consumer Credit Exposure

Credit Risk Profile by FICO Score and Vintage (a)(b)

As of September 30, 2026			Term Loans																		Revolving Loans Amortized Cost Basis			Revolving Loans Converted to Term Loans Amortized Cost Basis
			Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions			2026			2025			2024			2023			2022			Prior									Total
Real estate — residential mortgage
FICO Score:
750 and above			$	315		$	314		$	155		$	511		$	4,908		$	9,256		$	—		$	—		$	15,459
660 to 749			70			51			31			98			558			1,176			—			—			1,984
Less than 660			1			6			15			28			111			248			—			—			409
No Score			2			2			2			—			1			7			2			—			16
Total real estate — residential mortgage			388			373			203			637			5,578			10,687			2			—			17,868
Annual gross write-offs			—			—			—			—			—			1			1			—			2
Home equity loans
FICO Score:
750 and above			16			36			21			18			103			1,652			1,727			142			3,715
660 to 749			5			16			11			11			34			356			651			45			1,129
Less than 660			—			2			3			5			14			135			240			17			416
No Score			—			1			—			—			—			1			4			—			6
Total home equity loans			21			55			35			34			151			2,144			2,622			204			5,266
Annual gross write-offs			—			—			—			—			—			1			1			—			2
Other consumer loans
FICO Score:
750 and above			108			129			54			80			875			1,399			78			—			2,723
660 to 749			69			84			35			53			182			340			160			—			923
Less than 660			8			19			9			19			48			87			49			—			239
No Score			1			2			3			5			6			7			304			—			328
Total consumer direct loans			186			234			101			157			1,111			1,833			591			—			4,213
Annual gross write-offs			—			4			3			4			8			17			9			—			45
Credit cards
FICO Score:
750 and above			—			—			—			—			—			—			466			—			466
660 to 749			—			—			—			—			—			—			355			—			355
Less than 660			—			—			—			—			—			—			102			—			102
No Score			—			—			—			—			—			—			1			—			1
Total credit cards			—			—			—			—			—			—			924			—			924
Annual gross write-offs			—			—			—			—			—			—			31			—			31
Total consumer loans			$	595		$	662		$	339		$	828		$	6,840		$	14,664		$	4,139		$	204		$	28,271
Total consumer loan annual gross write-offs			$	—		$	4		$	3		$	4		$	8		$	19		$	42		$	—		$	80

58

Table of contents

As of December 31, 2025			Term Loans																		Revolving Loans Amortized Cost Basis			Revolving Loans Converted to Term Loans Amortized Cost Basis
			Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions			2025			2024			2023			2022			2021			Prior									Total
Real estate — residential mortgage
FICO Score:
750 and above			$	358		$	224		$	607		$	5,342		$	6,738		$	3,403		$	—		$	—		$	16,672
660 to 749			69			36			86			504			582			420			—			—			1,697
Less than 660			2			11			23			87			73			149			—			—			345
No Score			2			2			2			1			—			9			2			—			18
Total real estate — residential mortgage			431			273			718			5,934			7,393			3,981			2			—			18,732
Annual gross write-offs			—			—			—			—			—			2			—			—			2
Home equity loans
FICO Score:
750 and above			43			26			23			117			676			1,164			1,749			179			3,977
660 to 749			18			13			13			41			149			258			718			58			1,268
Less than 660			2			3			5			15			44			109			253			21			452
No Score			—			—			—			—			—			1			5			—			6
Total home equity loans			63			42			41			173			869			1,532			2,725			258			5,703
Annual gross write-offs			—			—			—			—			—			—			2			—			2
Other consumer loans
FICO Score:
750 and above			175			73			104			986			1,032			595			81			—			3,046
660 to 749			112			48			74			220			218			179			172			—			1,023
Less than 660			17			12			21			54			52			46			54			—			256
No Score			12			8			5			10			13			6			265			—			319
Total consumer direct loans			316			141			204			1,270			1,315			826			572			—			4,644
Annual gross write-offs			4			5			7			9			9			7			15			—			56
Credit cards
FICO Score:
750 and above			—			—			—			—			—			—			479			—			479
660 to 749			—			—			—			—			—			—			364			—			364
Less than 660			—			—			—			—			—			—			108			—			108
No Score			—			—			—			—			—			—			2			—			2
Total credit cards			—			—			—			—			—			—			953			—			953
Annual gross write-offs			—			—			—			—			—			—			45			—			45
Total consumer loans			$	810		$	456		$	963		$	7,377		$	9,577		$	6,339		$	4,252		$	258		$	30,032
Total consumer annual gross write-offs			$	4		$	5		$	7		$	9		$	9		$	9		$	62		$	—		$	105

(a)Accrued interest of $109 million and $121 million as of September 30, 2026, and December 31, 2025, respectively, presented in “Accrued income and other assets” on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in this table.

(b)Gross write-off information is presented on a year-to-date basis for the nine months ended September 30, 2026 and the twelve months ended December 31, 2025.

Nonperforming and Past Due Loans

Our policies for determining past due loans, placing loans on nonaccrual, applying payments on nonaccrual loans, and resuming accrual of interest for our commercial and consumer loan portfolios are disclosed in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Nonperforming Loans” beginning on page 108 of our 2025 Form 10-K.

59

Table of contents

The following aging analysis of past due and current loans as of September 30, 2026, and December 31, 2025, provides further information regarding Key’s credit exposure.

Aging Analysis of Loan Portfolio(a)

As of September 30, 2026			Current (b)(c)			30-59 Days Past Due (b)			60-89 Days Past Due (b)			90 and Greater Days Past Due (b)			Non-performing Loans			Total Past Due and Non-performing Loans (b)			Total Loans (d)
Dollars in millions
LOAN TYPE
Commercial and industrial			$	65,706		$	44		$	16		$	33		$	274		$	367		$	66,073
Commercial real estate:
Commercial mortgage			13,641			14			1			6			154			175			13,816
Construction			2,918			1			—			—			—			1			2,919
Total commercial real estate loans			16,559			15			1			6			154			176			16,735
Commercial lease financing			1,903			4			1			1			5			11			1,914
Total commercial loans			$	84,168		$	63		$	18		$	40		$	433		$	554		$	84,722
Real estate — residential mortgage			$	17,743		$	12		$	5		$	10		$	98		$	125		$	17,868
Home equity loans			5,164			18			5			2			77			102			5,266
Other consumer loans			4,167			15			9			18			4			46			4,213
Credit cards			901			5			3			9			6			23			924
Total consumer loans			$	27,975		$	50		$	22		$	39		$	185		$	296		$	28,271
Total loans			$	112,143		$	113		$	40		$	79		$	618		$	850		$	112,993

(a)Amounts in table represent amortized cost and exclude loans held for sale.

(b)Accrued interest of $464 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.

(c)Includes balances of $54 million in Commercial mortgage and $7 million in Real estate - residential mortgage associated with loans sold to GNMA that are 90 days or more past due where Key has the right but not the obligation to repurchase and whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veteran Affairs.

(d)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

As of December 31, 2025			Current (b)(c)			30-59 Days Past Due (b)			60-89 Days Past Due (b)			90 and Greater Days Past Due (b)			Non-performing Loans			Total Past Due and Non-performing Loans (b)						Total Loans (d)
Dollars in millions
LOAN TYPE
Commercial and industrial			$	57,336		$	38		$	17		$	41		$	256		$	352					$	57,688
Commercial real estate:
Commercial mortgage			13,450			47			20			33			157			257						13,707
Construction			2,843			—			—			1			—			1						2,844
Total commercial real estate loans			16,293			47			20			34			157			258						16,551
Commercial lease financing			2,260			3			—			—			7			10						2,270
Total commercial loans			$	75,889		$	88		$	37		$	75		$	420		$	620					$	76,509
Real estate — residential mortgage			$	18,593		$	21		$	14		$	—		$	104		$	139					$	18,732
Home equity loans			5,593			18			7			5			80			110						5,703
Other consumer loans			4,606			15			10			9			4			38						4,644
Credit cards			926			6			4			10			7			27						953
Total consumer loans			$	29,718		$	60		$	35		$	24		$	195		$	314					$	30,032
Total loans			$	105,607		$	148		$	72		$	99		$	615		$	934					$	106,541

(a)Amounts in table represent amortized cost and exclude loans held for sale.

(b)Accrued interest of $459 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.

(c)Includes balances of $66 million in Commercial mortgage and $6 million in Real estate - residential mortgage associated with loans sold to GNMA that are 90 days or more past due where Key has the right but not the obligation to repurchase and whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veteran Affairs.

(d)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

At September 30, 2026, the carrying amount of our commercial nonperforming loans outstanding represented 68% of their original contractual amount owed, total nonperforming loans outstanding represented 75% of their original contractual amount owed, and nonperforming assets in total were carried at 75% of their original contractual amount owed.

Nonperforming loans reduced expected interest income by $11 million and $37 million for the three and nine months ended September 30, 2026, respectively, and $12 million and $39 million for the three and nine months ended September 30, 2025, respectively.

The amortized cost basis of nonperforming loans on nonaccrual status for which there is no related allowance for credit losses was $447 million at September 30, 2026 and $386 million at December 31, 2025.

60

Table of contents

Collateral-dependent Financial Assets

We classify financial assets as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of the collateral. Our commercial loans have collateral that includes cash, accounts receivable, inventory, commercial machinery, commercial properties, commercial real estate construction projects, enterprise value, and stock or ownership interests in the borrowing entity. When appropriate we also consider the enterprise value of the borrower as a repayment source for collateral-dependent loans. Our consumer loans have collateral that includes residential real estate, automobiles, boats, and RVs.

At both September 30, 2026 and September 30, 2025, the recorded investment of consumer residential mortgage and home equity loans in the process of foreclosure was $66 million.

There were no significant changes in the extent to which collateral secures our collateral-dependent financial assets during the three and nine months ended September 30, 2026.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The ALLL for loans modified for borrowers experiencing financial difficulty is determined based on Key’s ALLL policy as described within Note 1 (“Summary of Significant Accounting Policies”) beginning on page 109 of our 2025 Form 10-K.

Modifications for Borrowers Experiencing Financial Difficulty

Our strategy in working with commercial borrowers is to allow them time to improve their financial position through loan modification. Commercial borrowers that are rated substandard or worse in accordance with the regulatory definition, or that cannot otherwise restructure at market terms and conditions, are considered to be experiencing financial difficulty. A modification of a loan is subject to the normal underwriting standards and processes for other similar credit extensions, both new and existing. The modified loan is evaluated to determine if it is a new loan or a continuation of the prior loan.

Consumer loans in which a borrower requires a modification as a result of negative changes to their financial condition or to avoid default, generally indicate the borrower is experiencing financial difficulty. The primary modifications made to consumer loans are amortization, maturity date and interest rate changes. Consumer borrowers identified as experiencing financial difficulty are generally unable to refinance their loans through our normal origination channel or through other independent sources.

The following tables show the amortized cost basis at the end of the noted reporting periods of the loans modified to borrowers experiencing financial difficulty within the past 12 months of the noted periods. The tables do not include those modifications that only resulted in an insignificant payment delay. The tables do not include consumer loans that are still within a trial modification period. Trial modifications may be done for consumer borrowers where a trial payment plan period is offered in advance of a permanent loan modification. As of September 30, 2026, there were 116 loans totaling $22 million in a trial modification period. As of September 30, 2025, there were 103 loans totaling $16 million in a trial modification period.

Commitments outstanding to lend additional funds to borrowers experiencing financial difficulty whose loans were modified were $94 million and $100 million at September 30, 2026 and September 30, 2025, respectively.

61

Table of contents

As of September 30, 2026			Interest Rate Reduction			Term Extension			Other			Combination (a)			Total
Dollars in millions			Amortized Cost Basis						Amortized Cost Basis						Amortized Cost Basis						Amortized Cost Basis						Amortized Cost Basis			% of Total Loan Type
LOAN TYPE
Commercial and Industrial			$	—					$	255					$	26					$	79					$	360		0.54		%
Commercial real estate:
Commercial mortgage			—						114						5						1						120			0.87
Construction			—						22						—						—						22			0.75
Total commercial real estate loans			—						136						5						1						142			0.85
Total commercial loans			$	—					$	391					$	31					$	80					$	502		0.59		%
Real estate — residential mortgage			$	4					$	1					$	—					$	5					$	10		0.06		%
Home equity loans			4						1						1						3						9			0.17
Other consumer loans			—						2						—						2						4			0.09
Credit cards			—						—						—						3						3			0.32
Total consumer loans			$	8					$	4					$	1					$	13					$	26		0.09		%
Total loans			$	8					$	395					$	32					$	93					$	528		0.47		%

As of September 30, 2025			Interest Rate Reduction			Term Extension			Other			Combination (a)			Total
Dollars in millions			Amortized Cost Basis						Amortized Cost Basis						Amortized Cost Basis						Amortized Cost Basis						Amortized Cost Basis			% of Total Loan Type
LOAN TYPE
Commercial and Industrial			$	2					$	76					$	22					$	16					$	116		0.20		%
Commercial real estate:
Commercial mortgage			—						194						2						52						248			1.85
Construction			—						34						—						—						34			1.21
Total commercial real estate loans			—						228						2						52						282			1.74
Total commercial loans			$	2					$	304					$	24					$	68					$	398		0.53		%
Real estate — residential mortgage			$	2					$	1					$	—					$	10					$	13		0.07		%
Home equity loans			4						1						1						5						11			0.19
Other consumer loans			—						3						—						3						6			0.13
Credit cards			—						—						—						3						3			0.32
Total consumer loans			$	6					$	5					$	1					$	21					$	33		0.11		%
Total loans			$	8					$	309					$	25					$	89					$	431		0.41		%

(a)Combination modifications consist primarily of loans modified with both an interest rate reduction and a term extension.

Financial Effects of Modifications to Borrowers Experiencing Financial Difficulty

The following table summarizes the financial impacts of loan modifications made to specific loans for the noted periods. For the three and nine months ended September 30, 2026, the weighted-average interest rate change for commercial and industrial loans was comprised solely of modifications of commercial credit card balances.

Three months ended September 30, 2026			Weighted-average Interest Rate Change			Weighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial			(24.72)		%	0.85
Commercial mortgage			—		%	2.25
Construction			—		%	1.00
Real estate — residential mortgage			(2.51)		%	3.14
Home equity loans			(1.96)		%	1.98
Other consumer loans			(8.89)		%	0.71
Credit cards			(20.82)		%	0.25

62

Table of contents

Three months ended September 30, 2025			Weighted-average Interest Rate Change			Weighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial			(0.43)		%	0.41
Commercial mortgage			—		%	0.45
Construction			—		%	0.35
Real estate — residential mortgage			(1.63)		%	7.00
Home equity loans			(2.85)		%	7.69
Other consumer loans			(3.59)		%	1.52
Credit cards			(1.16)		%	0.25

Nine months ended September 30, 2026			Weighted-average Interest Rate Change			Weighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial			(21.79)		%	1.25
Commercial mortgage			—		%	1.61
Construction			—		%	1.00
Real estate — residential mortgage			(2.38)		%	7.15
Home equity loans			(3.25)		%	7.18
Other consumer loans			(8.28)		%	0.84
Credit cards			(20.60)		%	0.75

Nine months ended September 30, 2025			Weighted-average Interest Rate Change			Weighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial			(0.43)		%	0.83
Commercial mortgage			—		%	1.09
Construction			—		%	0.02
Real estate — residential mortgage			(1.80)		%	5.87
Home equity loans			(2.82)		%	5.95
Other consumer loans			(3.77)		%	1.04
Credit cards			(8.46)		%	0.75

Amortized Cost Basis of Modified Loans That Subsequently Defaulted

Key considers modifications to borrowers experiencing financial difficulty that subsequently become 90 days or more past due under modified terms as subsequently defaulted. The following table presents the amortized cost of modified loans to borrowers experiencing financial difficulty that were within 12 months of their modification and subsequently defaulted within the noted periods.

Three months ended September 30, 2026
Dollars in millions			Interest Rate Reduction			Term Extension			Other			Combination			Total
LOAN TYPE
Commercial and Industrial			$	—		$	1		$	—		$	—		$	1
Total commercial loans			—			1			—			—			1
Home equity loans			1			—			—			—			1
Total consumer loans			1			—			—			—			1
Total loans			$	1		$	1		$	—		$	—		$	2

Three months ended September 30, 2025
Dollars in millions			Interest Rate Reduction			Term Extension			Other			Combination			Total
LOAN TYPE
Commercial and Industrial			$	—		$	—		$	—		$	—		$	—
Total commercial loans			—			—			—			—			—
Credit cards			—			—			—			1			1
Total consumer loans			—			—			—			1			1
Total loans			$	—		$	—		$	—		$	1		$	1

63

Table of contents

Nine months ended September 30, 2026
Dollars in millions			Interest Rate Reduction			Term Extension			Other			Combination			Total
LOAN TYPE
Commercial and Industrial			$	—		$	2		$	—		$	—		$	2
Commercial real estate
Commercial mortgage			—			36			2			—			38
Total commercial real estate loans			—			36			2			—			38
Total commercial loans			—			38			2			—			40
Home equity loans			1			—			—			1			2
Total consumer loans			1			—			—			1			2
Total loans			$	1		$	38		$	2		$	1		$	42

Nine months ended September 30, 2025
Dollars in millions			Interest Rate Reduction			Term Extension			Other			Combination			Total
LOAN TYPE
Commercial and Industrial			$	—		$	2		$	7		$	—		$	9
Commercial real estate
Commercial mortgage			—			19			—			—			19
Total commercial real estate loans			—			19			—			—			19
Total commercial loans			—			21			7			—			28
Real estate — residential mortgage			—			—			—			1			1
Credit cards			—			—			—			2			2
Total consumer loans			—			—			—			3			3
Total loans			$	—		$	21		$	7		$	3		$	31

Key closely monitors the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the amortized cost as of September 30, 2026, of loans modified during the 12 months then ended, by aging.

As of September 30, 2026			Current			30-89 Days  Past Due						90 and Greater Days Past Due			Total
Dollars in millions
LOAN TYPE
Commercial and Industrial			$	344		$	10					$	6		$	360
Commercial real estate
Commercial mortgage			79			—						41			120
Construction			22			—						—			22
Total commercial real estate loans			101			—						41			142
Total commercial loans			$	445		$	10					$	47		$	502
Real estate — residential mortgage			$	10		$	—					$	—		$	10
Home equity loans			7			1						1			9
Other consumer loans			4			—						—			4
Credit cards			3			—						—			3
Total consumer loans			$	24		$	1					$	1		$	26
Total loans			$	469		$	11					$	48		$	528

The following table presents the amortized cost as of September 30, 2025, of loans modified during the twelve months then ended, by aging.

64

Table of contents

As of September 30, 2025			Current			30-89 Days  Past Due						90 and Greater Days Past Due			Total
Dollars in millions
LOAN TYPE
Commercial and Industrial			$	102		$	4					$	10		$	116
Commercial real estate
Commercial mortgage			244			2						2			248
Construction			34			—						—			34
Total commercial real estate loans			278			2						2			282
Total commercial loans			$	380		$	6					$	12		$	398
Real estate — residential mortgage			$	12		$	1					$	—		$	13
Home equity loans			9			1						1			11
Other consumer loans			6			—						—			6
Credit cards			3			—						—			3
Total consumer loans			$	30		$	2					$	1		$	33
Total loans			$	410		$	8					$	13		$	431

Liability for Credit Losses on Lending-related Commitments

The liability for credit losses on lending-related commitments is included in “accrued expense and other liabilities” on the balance sheet. This includes credit risk for recourse associated with loans sold under the Fannie Mae Delegated Underwriting and Servicing program and credit losses inherent in unfunded lending-related commitments, such as letters of credit and unfunded loan commitments, and certain financial guarantees.

Changes in the liability for credit losses on lending-related commitments are summarized as follows:

			Three months ended September 30,									Nine months ended September 30,
Dollars in millions			2026			2025						2026			2025
Balance at beginning of period			$	277		$	297					$	313		$	290
Provision (credit) for losses on lending-related commitments			19			(5)						(17)			2
Balance at end of period			$	296		$	292					$	296		$	292

5. Fair Value Measurements

In accordance with GAAP, Key measures certain assets and liabilities at fair value. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market of the asset or liability. Additional information regarding our accounting policies for determining fair value is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Fair Value Measurements” beginning on page 111 of our 2025 Form 10-K and Note 5 (“Fair Value Measurements”) beginning on page 131 of our 2025 Form 10-K.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Certain assets and liabilities are measured at fair value on a recurring basis in accordance with GAAP. For more information on the valuation techniques used to measure classes of assets and liabilities reported at fair value on a recurring basis as well as the classification of each in the valuation hierarchy, refer to Note 5 (“Fair Value Measurements”) in our 2025 Form 10-K. The following tables present these assets and liabilities at September 30, 2026, and December 31, 2025.

65

Table of contents

			September 30, 2026												December 31, 2025
			Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Dollars in millions
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations			$	—		$	518		$	—		$	518		$	—		$	674		$	—		$	674
States and political subdivisions			—			8			—			8			—			60			—			60
Other mortgage-backed securities			—			353			—			353			—			316			—			316
Other securities			1			42			—			43			—			6			—			6
Total trading account securities			1			921			—			922			—			1,056			—			1,056
Commercial loans			—			3			—			3			—			5			—			5
Total trading account assets			1			924			—			925			—			1,061			—			1,061
Securities available for sale:
U.S. Treasury, agencies and corporations			—			6,291			—			6,291			—			7,886			—			7,886
Agency residential collateralized mortgage obligations			—			7,417			—			7,417			—			8,565			—			8,565
Agency residential mortgage-backed securities			—			19,032			—			19,032			—			19,195			—			19,195
Agency commercial mortgage-backed securities			—			3,571			—			3,571			—			3,950			—			3,950
Other securities			—			—			—			—			—			—			—			—
Total securities available for sale			—			36,311			—			36,311			—			39,596			—			39,596
Other investments:
Principal investments:
Indirect (measured at NAV) (a)			—			—			—			7			—			—			—			9
Total principal investments			—			—			—			7			—			—			—			9
Equity investments:
Direct			—			4			2			6			—			—			3			3
Direct (measured at NAV) (a)			—			—			—			83			—			—			—			71
Indirect (measured at NAV) (a)			—			—			—			3			—			—			—			3
Total equity investments			—			4			2			92			—			—			3			77
Total other investments			—			4			2			99			—			—			3			86
Loans, net of unearned income (residential)			—			—			11			11			—			—			11			11
Loans held for sale (residential)			—			64			—			64			—			149			—			149
Derivative assets:
Interest rate			—			132			(5)			127			—			135			(3)			132
Foreign exchange			62			31			—			93			39			44			—			83
Commodity			—			470			—			470			—			249			—			249
Other			—			51			—			51			—			7			1			8
Derivative assets			62			684			(5)			741			39			435			(2)			472
Netting adjustments (b)			—			—			—			(399)			—			—			—			(297)
Total derivative assets			62			684			(5)			342			39			435			(2)			175
Total assets on a recurring basis at fair value			$	63		$	37,987		$	8		$	37,752		$	39		$	41,241		$	12		$	41,078
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions			$	653		$	282		$	—		$	935		$	412		$	409		$	—		$	821
Derivative liabilities:
Interest rate			—			1,135			—			1,135			—			577			—			577
Foreign exchange			58			31			—			89			36			44			—			80
Commodity			—			458			—			458			—			237			—			237
Credit			—			7			—			7			—			8			—			8
Other			—			70			3			73			—			25			—			25
Derivative liabilities			58			1,701			3			1,762			36			891			—			927
Netting adjustments (b)			—			—			—			(484)			—			—			—			(274)
Total derivative liabilities			58			1,701			3			1,278			36			891			—			653
Total liabilities on a recurring basis at fair value			$	711		$	1,983		$	3		$	2,213		$	448		$	1,300		$	—		$	1,474

(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(b)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.

The fair value and related unfunded commitments of our indirect principal investments and direct equity investments measured at net asset value as a practical expedient at September 30, 2026, was $7 million and $49 million, respectively.

Changes in Level 3 Fair Value Measurements

The change in the fair values of our Level 3 financial instruments measured at fair value on a recurring basis for the three and nine months ended September 30, 2026, and September 30, 2025 was not material.

66

Table of contents

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis in accordance with GAAP. The adjustments to fair value generally result from the application of accounting guidance that requires assets and liabilities to be recorded at the lower of cost or fair value, or assessed for impairment. For more information on the valuation techniques used to measure classes of assets and liabilities measured at fair value on a nonrecurring basis, refer to Note 5 (“Fair Value Measurements”) in our 2025 Form 10-K. There were no liabilities measured at fair value on a nonrecurring basis at September 30, 2026, and December 31, 2025.

The following table presents our assets measured at fair value on a nonrecurring basis at September 30, 2026, and December 31, 2025:

			September 30, 2026															December 31, 2025
Dollars in millions			Level 1			Level 2			Level 3			Total						Level 1			Level 2			Level 3			Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans			$	—		$	—		$	77		$	77					$	—		$	—		$	56		$	56
Accrued income and other assets			—			—			16			16						—			—			32			32
Total assets on a nonrecurring basis at fair value			$	—		$	—		$	93		$	93					$	—		$	—		$	88		$	88

We have other investments in equity securities that do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share. We have elected to measure these securities at cost less impairment plus or minus adjustments due to observable orderly transactions. Impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. At each reporting period, we assess if these investments continue to qualify for this measurement alternative. At September 30, 2026, and December 31, 2025, the carrying amount of equity investments under this method was $524 million and $467 million, respectively. We had no adjustments or impairments for the nine months ended September 30, 2026.

Quantitative Information about Level 3 Fair Value Measurements

The range and weighted-average of the significant unobservable inputs used to measure the fair value of our material Level 3 recurring and nonrecurring assets at September 30, 2026, and December 31, 2025, along with the valuation techniques used, are shown in the following table:

			Level 3 Asset (Liability)						Valuation  Technique			Significant Unobservable Input			Range (Weighted-Average) (a), (b)
Dollars in millions			September 30, 2026			December 31, 2025									September 30, 2026			December 31, 2025
Recurring
Loans, net of unearned income (residential)			$	11		$	11		Market comparable pricing			Comparability factor			74.40 - 95.00% (84.13%)			74.30-99.00% (84.99%)
Derivative instruments:
Interest rate			(5)			(3)			Discounted cash flows			Probability of default			.02 - 100% (11.60%)			.02 - 100% (4.40%)
												Loss given default			0 - 1 (.338)			0 - 1 (.485)
Insignificant level 3 assets, net of liabilities(c)			(1)			4
Nonrecurring
Collateral-dependent loans			77			56			Fair value of collateral			Credit and liquidity discount			0 - 80.00% (18.00%)			0 - 100.00% (40.00%)
OREO and other Level 3 assets			10			8			Appraised value			Appraised value			N/M			N/M

(a)The weighted average of significant unobservable inputs is calculated using a weighting relative to fair value.

(b)For significant unobservable inputs with no range, a single figure is reported to denote the single quantitative factor used.

(c)Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain equity investments and certain financial derivative assets and liabilities.

67

Table of contents

Fair Value Disclosures of Financial Instruments

The levels in the fair value hierarchy ascribed to our financial instruments and the related carrying amounts at September 30, 2026, and December 31, 2025, are shown in the following tables. Assets and liabilities are further arranged by measurement category.

			September 30, 2026
			Carrying Amount			Fair Value
Dollars in millions						Level 1			Level 2			Level 3									Total
FINANCIAL ASSETS
Cash and short-term investments (a)			$	14,513		$	14,513		$	—		$	—								$	14,513
Held-to-maturity securities (b)			9,612			—			8,795			—									8,795
Other investments (c)			1,185			—			4			1,181									1,185
Loans, net of unearned income (d)			111,584			—			—			107,432									107,432
Loans held for sale (c)			1,095			—			—			1,095									1,095
FINANCIAL LIABILITIES
Time deposits (e)			$	11,329		$	—		$	11,418		$	—								$	11,418
Short-term borrowings (a)			4,299			—			4,299			—									4,299
Long-term debt (e)			11,473			8,743			2,457			—									11,200
Deposits with no stated maturity (a)			142,485			—			142,485			—									142,485

			December 31, 2025
			Carrying Amount			Fair Value
Dollars in millions						Level 1			Level 2			Level 3									Total
FINANCIAL ASSETS
Cash and short-term investments (a)			$	11,450		$	11,450		$	—		$	—								$	11,450
Held-to-maturity securities (b)			8,622			—			8,313			—									8,313
Other investments (c)			863			—			—			863									863
Loans, net of unearned income (d)			105,103			—			—			101,946									101,946
Loans held for sale (c)			928			—			—			928									928
FINANCIAL LIABILITIES
Time deposits (e)			$	12,680		$	—		$	12,731		$	—								$	12,731
Short-term borrowings (a)			263			—			263			—									263
Long-term debt (e)			9,917			9,318			$	729		—									10,047
Deposits with no stated maturity (a)			136,033			—			136,033			—									136,033

Valuation Methods and Assumptions

(a)Fair value equals or approximates carrying amount. The fair value of deposits with no stated maturity does not take into consideration the value ascribed to core deposit intangibles.

(b)Fair values of held-to-maturity securities are determined by using models that are based on security-specific details, as well as relevant industry and economic factors. The most significant of these inputs are quoted market prices, interest rate spreads on relevant benchmark securities, and certain prepayment assumptions. We review the valuations derived from the models to ensure that they are reasonable and consistent with the values placed on similar securities traded in the secondary markets.

(c)Information pertaining to our methodology for measuring the fair values of these assets and liabilities is included in the sections entitled “Qualitative Disclosures of Valuation Techniques” and “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” within our 2025 Form 10-K Note 5 (“Fair Value Measurements”).

(d)The fair value of loans is based on the present value of the expected cash flows. The projected cash flows are based on the contractual terms of the loans, adjusted for prepayments and use of a discount rate based on the relative risk of the cash flows, taking into account the loan type, maturity of the loan, liquidity risk, servicing costs, and a required return on debt and capital. In addition, an incremental liquidity discount is applied to certain loans, using historical sales of loans during periods of similar economic conditions as a benchmark. The fair value of loans includes lease financing receivables at their aggregate carrying amount, which is equivalent to their fair value.

(e)Fair values of time deposits and long-term debt are based on discounted cash flows utilizing relevant market inputs.

Discontinued assets — education lending business. Our discontinued assets include government-guaranteed and private education loans originated through our education lending business that was discontinued in September 2009. This portfolio consists of loans recorded at carrying value with appropriate valuation reserves. All of these loans were excluded from the table above as follows:

•Loans at carrying value, net of allowance, of $171 million ($132 million at fair value) at September 30, 2026, and $205 million ($155 million at fair value) at December 31, 2025.

These assets are classified as Level 3 because we rely on unobservable inputs when determining fair value since observable market data is not available.

6. Securities

The amortized cost, unrealized gains and losses, and approximate fair value of our securities available for sale and held-to-maturity securities are presented in the following tables. Gross unrealized gains and losses represent the difference between the amortized cost and the fair value of securities on the balance sheet as of the dates indicated. Accordingly, the amount of these gains and losses may change in the future as market conditions change.

68

Table of contents

			September 30, 2026															December 31, 2025
Dollars in millions			Amortized Cost (a)(b)			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value						Amortized Cost (a)(b)			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations			$	6,363		$	1		$	73		$	6,291					$	7,842		$	61		$	17		$	7,886
Agency residential collateralized mortgage obligations			9,448			—			2,031			7,417						10,269			4			1,708			8,565
Agency residential mortgage-backed securities			20,530			—			1,498			19,032						19,451			201			457			19,195
Agency commercial mortgage-backed securities			4,082			—			511			3,571						4,284			1			335			3,950
Total securities available for sale			$	40,423		$	1		$	4,113		$	36,311					$	41,846		$	267		$	2,517		$	39,596
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations			$	3,634		$	1		$	344		$	3,291					$	4,026		$	8		$	176		$	3,858
Agency residential mortgage-backed securities			4,247			—			275			3,972						2,374			12			13			2,373
Agency commercial mortgage-backed securities			1,706			—			197			1,509						2,121			1			139			1,983
Asset-backed securities (c)			4			—			1			3						77			—			2			75
Other securities			21			—			1			20						24			—			—			24
Total held-to-maturity securities			$	9,612		$	1		818			$	8,795					$	8,622		$	21		$	330		$	8,313

(a)Amortized cost amounts exclude accrued interest receivable which is recorded within “Accrued income and other assets” on the balance sheet. At September 30, 2026, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $114 million and $32 million, respectively. At December 31, 2025, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $121 million and $26 million, respectively.

(b)Excluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $(178) million and $99 million as of September 30, 2026 and December 31, 2025, respectively. The securities being hedged are primarily U.S. Treasuries, Agency RMBS, and Agency CMBS.

(c)Amortized cost includes $74 million of securities as of December 31, 2025 related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans.

The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of September 30, 2026, and December 31, 2025.

			Duration of Unrealized Loss Position
			Less than 12 Months									12 Months or Longer									Total
Dollars in millions			Fair Value			Gross Unrealized Losses						Fair Value			Gross Unrealized Losses						Fair Value			Gross Unrealized Losses
September 30, 2026
Securities available for sale:
U.S. Treasury, agencies, and corporations			$	4,241		$	45					$	515		$	28					$	4,756		$	73
Agency residential collateralized mortgage obligations			531			4						6,695			2,027						7,226			2,031
Agency residential mortgage-backed securities			15,512			882						3,519			616						19,031			1,498
Agency commercial mortgage-backed securities			244			9						3,327			502						3,571			511
Held-to-maturity securities:
Agency residential collateralized mortgage obligations			559			27						2,651			317						3,210			344
Agency residential mortgage-backed securities			3,863			256						108			19						3,971			275
Agency commercial mortgage-backed securities			64			3						1,445			194						1,509			197
Asset-backed securities			—			—						3			1						3			1
Other securities			17			—						3			1						20			1
Total securities in an unrealized loss position			$	25,031		$	1,226					$	18,266		$	3,705					$	43,297		$	4,931
December 31, 2025
Securities available for sale:
U.S. Treasury, agencies, and corporations			$	—		$	—					$	525		$	17					$	525		$	17
Agency residential collateralized mortgage obligations			—			—						7,677			1,708						7,677			1,708
Agency residential mortgage-backed securities			1,226			7						5,583			450						6,809			457
Agency commercial mortgage-backed securities			7			—						3,777			335						3,784			335
Held-to-maturity securities:
Agency residential collateralized mortgage obligations			240			2						3,023			174						3,263			176
Agency residential mortgage-backed securities			526			2						125			11						651			13
Agency commercial mortgage-backed securities			—			—						1,914			139						1,914			139
Asset-backed securities			—			—						75			2						75			2
Other securities			5			—						6			—						11			—
Total securities in an unrealized loss position			$	2,004		$	11					$	22,705		$	2,836					$	24,709		$	2,847

Based on our evaluation at September 30, 2026, an allowance for credit losses has not been recorded nor have unrealized losses been recognized into income. The issuers of the securities are of high credit quality and have a history of no credit losses, management does not intend to sell, and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely attributed to changes in interest rates and other market conditions. The security issuers continue to make timely principal and interest payments.

69

Table of contents

For the three months ended September 30, 2026, and the three months ended September 30, 2025, we recognized no gross realized gains or losses from the sale of securities available for sale.

For the nine months ended September 30, 2026, and the nine months ended September 30, 2025, we recognized no gross realized gains or losses from the sale of securities available for sale.

At September 30, 2026 and December 31, 2025, securities available for sale and held-to-maturity securities totaling $18.2 billion and $18.7 billion, respectively, were pledged to secure securities sold under repurchase agreements, to secure public and trust deposits, to facilitate access to secured funding, and for other purposes required or permitted by law.

The following table shows our securities by remaining maturity at September 30, 2026. CMOs, other mortgage-backed securities, and asset-backed securities in the available for sale portfolio and held-to-maturity portfolio are presented based on their expected average lives. The remaining securities, in both the available-for-sale and held-to-maturity portfolios, are presented based on their remaining contractual maturity. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.

September 30, 2026			Securities Available for Sale									Held to Maturity Securities
Dollars in millions			Amortized Cost			Fair Value						Amortized Cost			Fair Value
Due in one year or less			$	3,603		$	3,584					$	381		$	374
Due after one through five years			8,533			7,932						2,004			1,880
Due after five through ten years			23,017			20,154						6,329			5,814
Due after ten years			5,270			4,641						898			727
Total			$	40,423		$	36,311					$	9,612		$	8,795

7. Derivatives and Hedging Activities

We are a party to various derivative instruments, mainly through our subsidiary, KeyBank. The primary derivatives that we use are interest rate swaps, caps, floors, forwards, and futures; foreign exchange contracts; commodity derivatives; and credit derivatives. Generally, these instruments help us manage exposure to interest rate risk, mitigate the credit risk inherent in our loan portfolio, hedge against changes in foreign currency exchange rates, and facilitate client financing and hedging needs.

Additional information regarding our accounting policies for derivatives is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging” beginning on page 113 of our 2025 Form 10-K. Our derivative strategies and related risk management objectives are described in Note 7 (“Derivatives and Hedging Activities”) beginning on page 139 of our 2025 Form 10-K.

Fair Values, Volume of Activity, and Gain/Loss Information Related to Derivative Instruments

The following table summarizes the fair values of our derivative instruments on a gross and net basis as of September 30, 2026, and December 31, 2025. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Securities collateral related to legally enforceable master netting agreements is not offset on the balance sheet. Our derivative instruments are included in “accrued income and other assets” or “accrued expenses and other liabilities” on the Consolidated Balance Sheets, as follows:

70

Table of contents

			September 30, 2026												December 31, 2025
						Fair Value(a)												Fair Value(a)
Dollars in millions			Notional Amount			Derivative Assets			Derivative Liabilities						Notional Amount			Derivative Assets			Derivative Liabilities
Derivatives designated as hedging instruments:
Interest rate			$	68,694		$	(8)		$	4					$	64,228		$	(13)		$	4
Derivatives not designated as hedging instruments:
Interest rate			72,541			135			1,131						74,994			145			573
Foreign exchange			6,751			93			89						5,767			83			80
Commodity			5,940			470			458						5,553			249			237
Credit			71			—			7						107			—			8
Other (b)			5,064			51			73						4,217			8			25
Total derivatives not designated as hedging instruments:			90,367			749			1,758						90,638			485			923
Total derivatives			159,061			741			1,762						154,866			472			927
Netting adjustments (c)			—			(399)			(484)						—			(297)			(274)
Net derivatives in the balance sheet			159,061			342			1,278						154,866			175			653
Other collateral (d)			—			(2)			(5)						—			(22)			(1)
Net derivative amounts			$	159,061		$	340		$	1,273					$	154,866		$	153		$	652

(a)We take into account bilateral collateral and master netting agreements that allow us to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related cash collateral when recognizing derivative assets and liabilities. As a result, we could have derivative contracts with negative fair values included in derivative assets and contracts with positive fair values included in derivative liabilities.

(b)Other derivatives include interest rate lock commitments related to our residential and commercial banking activities, forward sale commitments related to our residential mortgage banking activities, forward purchase and sales contracts consisting of contractual commitments associated with “to be announced” securities and when-issued securities, and other customized derivative contracts.

(c)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. As of September 30, 2026, excess collateral that has not been offset against net derivative instrument positions totaled $168 million of cash collateral and $243 million of securities collateral posted as well as $4 million of cash collateral held. As of December 31, 2025, excess collateral that has not been offset against net derivative instrument positions totaled $165 million of cash collateral and $218 million of securities collateral posted as well as $3 million of cash collateral and $78 million of securities collateral held.

(d)Other collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consists of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above.

Fair value hedges. During the nine months ended September 30, 2026, we did not exclude any portion of fair value hedging instruments from the assessment of hedge effectiveness.

The following tables summarize the amounts that were recorded on the balance sheet as of September 30, 2026, and December 31, 2025, related to cumulative basis adjustments for fair value hedges.

			September 30, 2026
Dollars in millions			Balance sheet line item in which the hedge item is included			Carrying amount of hedged item (a)			Hedge accounting basis adjustment - active hedges			Hedge accounting basis adjustment - discontinued hedges
Interest rate contracts			Long-term debt			$	8,365		$	(538)		$	(3)
Interest rate contracts			Securities Available for Sale(b)			12,785			25			13
			December 31, 2025
			Balance sheet line item in which the hedge item is included			Carrying amount of hedged item (a)			Hedge accounting basis adjustment - active hedges			Hedge accounting basis adjustment - discontinued hedges
Interest rate contracts			Long-term debt			$	8,504		$	(199)		$	(3)
Interest rate contracts			Securities Available for Sale(b)			12,843			(100)			14

(a)The carrying amount represents the portion of the asset or liability designated as the hedged item.

(b)Certain amounts are designated as fair value hedges under the portfolio layer method. The carrying amount represents the amortized costs basis of the prepayable financial assets used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the relationship. At September 30, 2026, and December 31, 2025, the amortized costs of the closed portfolios in these hedging relationships was $8.1 billion and $6.7 billion, respectively, of which $5.8 billion and $4.9 billion, respectively, were designated in a portfolio layer hedging relationship. At September 30, 2026, the cumulative basis adjustments associated with these amounts totaled $46 million, which is comprised of $33 million in active hedging relationships and $13 million for discontinued hedging relationships. At December 31, 2025, the cumulative basis adjustments associated with these amounts totaled $(35) million, which is comprised of $(50) million in active hedging relationships and $14 million for discontinued hedging relationships.

Cash flow hedges. During the nine-month period ended September 30, 2026, we did not exclude any portion of cash flow hedging instruments from the assessment of hedge effectiveness.

Considering the interest rates, yield curves, and notional amounts as of September 30, 2026, we expect to reclassify an estimated $230 million of after-tax net losses on derivative instruments designated as cash flow hedges from AOCI to income during the next 12 months. In addition, we expect to reclassify $3 million of net losses related to terminated cash flow hedges from AOCI to income during the next 12 months. These reclassified amounts could differ from actual amounts recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to September 30, 2026. As of September 30, 2026, the maximum length of time over which we hedge forecasted transactions is 4.55 years.

71

Table of contents

The following tables summarize the effect of fair value and cash flow hedge accounting on the income statement for the three- and nine-month periods ended September 30, 2026, and September 30, 2025.

			Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Dollars in millions			Interest expense – long-term debt			Interest income – loans						Interest Income - securities			Investment banking and debt placement fees
Three months ended September 30, 2026
Total amounts presented in the consolidated statement of income			$	(163)		$	1,511					$	373		$	214
Net gains (losses) on fair value hedging relationships
Interest rate contracts
Recognized on hedged items			$	246		$	—					$	(152)		$	—
Recognized on derivatives designated as hedging instruments			(267)			—						146			—
Net income (expense) recognized on fair value hedges			$	(21)		$	—					$	(6)		$	—
Net gain (loss) on cash flow hedging relationships
Interest rate contracts
Realized gains (losses) (pre-tax) reclassified from AOCI into net income			$	(1)		$	(31)					$	—		$	1
Net income (expense) recognized on cash flow hedges			$	(1)		$	(31)					$	—		$	1
Three months ended September 30, 2025
Total amounts presented in the consolidated statement of income			$	(181)		$	1,466					$	408		$	184
Net gains (losses) on fair value hedging relationships
Interest rate contracts
Recognized on hedged items			$	(42)		$	—					$	3		$	—
Recognized on derivatives designated as hedging instruments			(2)			—						4			—
Net income (expense) recognized on fair value hedges			$	(44)		$	—					$	7		$	—
Net gain (loss) on cash flow hedging relationships
Interest rate contracts
Realized gains (losses) (pre-tax) reclassified from AOCI into net income			$	—		$	(98)					$	—		$	—
Net income (expense) recognized on cash flow hedges			$	—		$	(98)					$	—		$	—

			Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Dollars in millions			Interest expense – long-term debt			Interest income – loans			Interest Income - securities			Investment banking and debt placement fees
Nine Months Ended September 30, 2026
Total amounts presented in the consolidated statement of income			$	(469)		$	4,390		$	1,110		$	580
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items			$	339		$	—		$	(277)		$	—
Recognized on derivatives designated as hedging instruments			(402)			—			251			—
Net income (expense) recognized on fair value hedges			$	(63)		$	—		$	(26)		$	—
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts			$	(2)		$	(95)		$	—		$	2
Net income (expense) recognized on cash flow hedges			$	(2)		$	(95)		$	—		$	2

Nine Months Ended September 30, 2025
Total amounts presented in the consolidated statement of income			$	(572)		$	4,310		$	1,211		$	537
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items			$	(294)		$	—		$	118		$	—
Recognized on derivatives designated as hedging instruments			157			—			(98)			—
Net income (expense) recognized on fair value hedges			$	(137)		$	—		$	20		$	—
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts			$	(2)		$	(281)		$	—		$	—
Net income (expense) recognized on cash flow hedges			$	(2)		$	(281)		$	—		$	—

72

Table of contents

The following table summarizes the pre-tax effect of our cash flow hedges for the three- and nine-month periods ended September 30, 2026, and September 30, 2025.

Three months ended, Dollars in millions			September 30, 2026			September 30, 2025
Net Gains (Losses) Recognized in OCI
Interest income — Loans			$	(613)		$	(30)
Investment banking and debt placement fees			2			—
Total			$	(611)		$	(30)
Net Gains (Losses) Reclassified From AOCI Into Income
Interest income — Loans			$	(31)		$	(98)
Interest expense — Long-term debt			(1)			—
Investment banking and debt placement fees			1			—
Total			$	(31)		$	(98)

Nine months ended, Dollars in millions			September 30, 2026			September 30, 2025
Net Gains (Losses) Recognized in OCI
Interest income — Loans			$	(1,033)		$	333
Interest expense — Long-term debt			1			(1)
Investment banking and debt placement fees			3			—
Total			$	(1,029)		$	332
Net Gains (Losses) Reclassified From AOCI Into Income
Interest income — Loans			$	(95)		$	(281)
Interest expense — Long-term debt			(2)			(2)
Investment banking and debt placement fees			2			—
Total			$	(95)		$	(283)

Nonhedging instruments. The following table summarizes the pre-tax net gains (losses) on our derivatives that are not designated as hedging instruments for the three- and nine-month periods ended September 30, 2026, and September 30, 2025, and where they are recorded on the income statement.

			Three months ended September 30, 2026															Three months ended September 30, 2025
Dollars in millions			Corporate services income			Consumer mortgage income			Other income						Total						Corporate services income			Consumer mortgage income			Other income						Total
NET GAINS (LOSSES)
Interest rate			$	7		$	—		$	—					$	7					$	15		$	—		$	—					$	15
Foreign exchange			13			—			—						13						8			—			—						8
Commodity			1			—			—						1						1			—			—						1
Credit			1			—			(10)						(9)						—			—			(14)						(14)
Other			—			4			(60)						(56)						—			(1)			2						1
Total net gains (losses)			$	22		$	4		$	(70)					$	(44)					$	24		$	(1)		$	(12)					$	11

			Nine months ended September 30, 2026															Nine months ended September 30, 2025
Dollars in millions			Corporate services income			Consumer mortgage income			Other income						Total						Corporate services income			Consumer mortgage income			Other income						Total
NET GAINS (LOSSES)
Interest rate			$	28		$	—		$	—					$	28					$	36		$	—		$	6					$	42
Foreign exchange			38			—			—						38						35			—			—						35
Commodity			4			—			—						4						5			—			—						5
Credit			1			—			(28)						(27)						—			—			(33)						(33)
Other			—			4			7						11						—			(1)			(7)						(8)
Total net gains (losses)			$	71		$	4		$	(21)					$	54					$	76		$	(1)		$	(34)					$	41

Counterparty Credit Risk

We hold collateral in the form of cash and highly rated securities issued by the U.S. Treasury, government-sponsored enterprises, or GNMA. Cash collateral of $151 million was netted against derivative assets on the balance sheet at September 30, 2026, compared to $103 million of cash collateral netted against derivative assets at December 31, 2025. The cash collateral netted against derivative liabilities totaled $236 million at September 30,

73

Table of contents

2026, and $80 million at December 31, 2025. Our means of mitigating and managing exposure to credit risk on derivative contracts is described in Note 7 (“Derivatives and Hedging Activities”) beginning on page 139 of our 2025 Form 10-K under the heading “Counterparty Credit Risk.”

The following table summarizes the fair value of our derivative assets by type at the dates indicated. These assets represent our net exposure to potential loss after taking into account the effects of bilateral collateral and master netting agreements and other means used to mitigate risk.

Dollars in millions			September 30, 2026			December 31, 2025
Interest rate			$	49		$	82
Foreign exchange			55			39
Commodity			338			149
Other			51			8
Derivative assets before collateral			493			278
Plus(Less): Related collateral			(151)			(103)
Total derivative assets			$	342		$	175

Credit Derivatives

We are a buyer and, under limited circumstances, may be a seller of credit protection through the credit derivative market. We purchase credit derivatives to manage the credit risk associated with specific commercial lending and swap obligations as well as exposures to debt securities. Our credit derivative portfolio was in a net liability position as of September 30, 2026 and December 31, 2025. Our credit derivative portfolio consists of traded credit default swap indices and risk participation agreements. Additional descriptions of our credit derivatives are provided in Note 7 (“Derivatives and Hedging Activities”) beginning on page 139 of our 2025 Form 10-K under the heading “Credit Derivatives.”

The following table provides information on the types of credit derivatives sold by us and held on the balance sheet at September 30, 2026, and December 31, 2025. The notional amount represents the amount that the seller could

be required to pay. The payment/performance risk shown in the table represents a weighted average of the default

probabilities for all reference entities in the respective portfolios. These default probabilities are implied from observed credit indices in the credit default swap market, which are mapped to reference entities based on Key’s internal risk rating.

			September 30, 2026												December 31, 2025
Dollars in millions			Notional Amount			Average Term (Years)			Payment / Performance Risk						Notional Amount			Average Term (Years)			Payment / Performance Risk
Other			$	1		2.55			1.62		%				$	9		3.62			1.76		%
Total credit derivatives sold			$	1		—			—						$	9		—			—

Credit Risk Contingent Features

We have entered into certain derivative contracts that require us to post collateral to the counterparties when these contracts are in a net liability position. The amount of collateral to be posted is based on the amount of the net liability and thresholds generally related to our long-term senior unsecured credit ratings with Moody’s and S&P. Collateral requirements also are based on minimum transfer amounts, which are specific to each Credit Support Annex (a component of the ISDA Master Agreement) that we have signed with the counterparties. In a limited number of instances, counterparties have the right to terminate their ISDA Master Agreements with us if our ratings fall below a certain level, usually investment-grade level (i.e., “Baa3” for Moody’s and “BBB-” for S&P). At September 30, 2026, KeyBank’s rating was “A3” with Moody’s and “BBB+” with S&P, and KeyCorp’s rating was “Baa1” with Moody’s and “BBB” with S&P. Refer to the table below for the aggregate fair value of all derivative contracts with credit risk contingent features held by KeyBank that were in a net liability position.

Dollars in millions			September 30, 2026						December 31, 2025
Net derivative liabilities with credit-risk contingent features			$	(108)					$	(49)
Collateral posted			98						49

As of September 30, 2026, and December 31, 2025, the fair value of additional collateral that could be required to be posted as a result of the credit risk related contingent features being triggered was immaterial to Key’s

74

Table of contents

consolidated financial statements. At September 30, 2026, and December 31, 2025, only KeyBank held derivative contracts with credit risk contingent features.

8. Mortgage Servicing Assets

We originate and periodically sell commercial and residential mortgage loans but continue to service those loans for the buyers. We also may purchase the right to service commercial mortgage loans from other lenders. We record a servicing asset if we purchase or retain the right to service loans in exchange for servicing fees that exceed the going market servicing rate and are considered more than adequate compensation for servicing. Additional information pertaining to the accounting for mortgage and other servicing assets is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Servicing Assets” beginning on page 114 of our 2025 Form 10-K.

Commercial

Changes in the carrying amount of commercial mortgage servicing assets are summarized as follows:

			Three months ended September 30,									Nine months ended September 30,
Dollars in millions			2026			2025						2026			2025
Balance at beginning of period			$	552		$	587					$	577		$	609
Servicing retained from loan sales			15			23						49			55
Purchases			3			2						7			10
Amortization			(30)			(32)						(93)			(94)
Balance at end of period			$	540		$	580					$	540		$	580
Fair value at end of period			$	774		$	759					$	774		$	759

The fair value of commercial mortgage servicing assets is determined by calculating the present value of future cash flows associated with servicing the loans. This calculation uses a number of assumptions that are based on current market conditions. The sensitivity, range, and weighted average of the significant unobservable inputs used to determine the fair value of our commercial mortgage servicing assets at September 30, 2026, and December 31, 2025, along with the valuation techniques, are shown in the following table:

						September 30, 2026												December 31, 2025
			Significant Unobservable Input			Range						Weighted Average						Range						Weighted Average
															Escrow earn rate												4.64		%	4.81		%	4.80		%				3.94		%	4.09		%	4.08		%
			Effect on fair value from 10% adverse change									$	(33)											$	(29)
			Effect on fair value from 20% adverse change									(66)												(57)
			Residual cash flows discount rate			7.04		%	10.66		%	10.38		%				6.96		%	10.84		%	10.58		%
			Effect on fair value from 10% adverse change									$	(18)											$	(19)
			Effect on fair value from 20% adverse change									(36)												(36)
			Expected defaults			1.00		%	1.50		%	1.04		%				1.00		%	2.00		%	1.01		%
			Effect on fair value from 10% adverse change									$	(2)											$	(2)
			Effect on fair value from 20% adverse change									(3)												(3)
			Loan assumption rate			8.00		%	45.00		%	9.71		%				8.00		%	45.00		%	10.05		%
			Effect on fair value from 10% adverse change									$	(7)											$	(6)
			Effect on fair value from 20% adverse change									(15)												(13)

If these economic assumptions change or prove incorrect, the fair value of commercial mortgage servicing assets may also change. Expected credit losses, escrow earn rates, and discount rates are critical to the valuation of commercial mortgage servicing assets. Estimates of these assumptions are based on how a market participant would view the respective rates and reflect historical data associated with the commercial mortgage loans, industry trends, and other considerations. Actual rates may differ from those estimated due to changes in a variety of economic factors. A decrease in the value assigned to the escrow earn rates would cause a decrease in the fair value of our commercial mortgage servicing assets. An increase in the assumed default rates of commercial mortgage loans or an increase in the assigned discount rates would cause a decrease in the fair value of our commercial mortgage servicing assets. Prepayment activity on commercial serviced loans does not significantly impact the valuation of our commercial mortgage servicing assets. Unlike residential mortgages, commercial mortgages experience significantly lower prepayments due to certain contractual restrictions affecting the borrower’s ability to prepay the mortgage.

75

Table of contents

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the

effect of an adverse variation in a particular assumption on the fair value is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change.

Assumptions and information for originated commercial mortgage servicing right additions for the nine-month period ended September 30, 2026 are shown in the following table:

Dollars in millions			September 30, 2026
Unpaid principal balance of loans sold during the period			$	5,045
Pretax gains related to the sale of mortgage loans			72
Weighted average servicing fee rate			0.15		%
Weighted average assumptions:
Escrow earn rate assumption			4.26		%
Discount rate assumption			9.55		%
Default rate assumption			1.04		%
Prepayment rate assumption			12.37		%

The amortization of commercial servicing assets is determined in proportion to, and over the period of, the estimated net servicing income. The amortization of commercial servicing assets for each period, as shown in the table at the beginning of this note, is recorded as a reduction to contractual fee income. The contractual fee income from servicing commercial mortgage loans totaled $257 million for the nine-month period ended September 30, 2026, and $307 million for the nine-month period ended September 30, 2025. This fee income was offset by $93 million of amortization for the nine-month period ended September 30, 2026, and $94 million for the nine-month period ended September 30, 2025. Both the contractual fee income and the amortization are recorded, net, in “commercial mortgage servicing fees” on the income statement.

Residential

Changes in the carrying amount of residential mortgage servicing assets are summarized as follows:

			Three months ended September 30,									Nine months ended September 30,
Dollars in millions			2026			2025						2026			2025
Balance at beginning of period			$	115		$	112					$	113		$	111
Servicing retained from loan sales			7			4						16			11
Amortization			(3)			(3)						(10)			(9)
Temporary (impairments) recoveries			—			(1)						—			(1)
Balance at end of period			$	119		$	112					$	119		$	112
Fair value at end of period			$	152		$	136					$	152		$	136

The fair value of mortgage servicing assets is determined by calculating the present value of future cash flows associated with servicing the loans. This calculation uses a number of assumptions that are based on current market conditions. The sensitivity, range, and weighted-average of the significant unobservable inputs used to fair value our mortgage servicing assets at September 30, 2026, and December 31, 2025, along with the valuation techniques, are shown in the following table:

						September 30, 2026												December 31, 2025
			Significant Unobservable Input			Range						Weighted Average						Range						Weighted Average
															Prepayment speed												4.60		%	26.30		%	7.23		%				6.01		%	33.07		%	8.33		%
			Effect on Fair Value of a 10% adverse change									$	(4)											$	(4)
			Effect on Fair Value of a 20% adverse change									(8)												(8)
			Discount rate			6.50		%	15.50		%	6.63		%				6.50		%	8.75		%	6.62		%
			Effect on Fair Value of a 10% adverse change									$	(4)											$	(4)
			Effect on Fair Value of a 20% adverse change									(7)												(7)
			Servicing cost			$	70.00		$	4,332		$	75.86					$	70.00		$	4,332		$	76.47

76

Table of contents

If these economic assumptions change or prove incorrect, the fair value of residential mortgage servicing assets may also change. Prepayment speed, discount rates, and servicing cost are critical to the valuation of residential mortgage servicing assets. Estimates of these assumptions are based on how a market participant would view the respective rates and reflect historical data associated with the residential mortgage loans, industry trends, and other considerations. Actual rates may differ from those estimated due to changes in a variety of economic factors. An

increase in the prepayment speed would cause a decrease in the fair value of our residential mortgage servicing

assets. An increase in the assigned discount rates and servicing cost assumptions would cause a decrease in the

fair value of our residential mortgage servicing assets.

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the

effect of an adverse variation in a particular assumption on the fair value is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change.

The amortization of residential servicing assets for September 30, 2026, as shown in the table above, is recorded as a reduction to contractual fee income. The contractual fee income from servicing residential mortgage loans totaled $26 million for the nine-month period ended September 30, 2026, and $30 million for the nine-month period ended September 30, 2025. This fee income was offset by $10 million of amortization for the nine-month period ended September 30, 2026, and $9 million for the nine-month period ended September 30, 2025. Both the contractual fee income and the amortization are recorded, net, in “consumer mortgage income” on the income statement.

9. Leases

As a lessee, we enter into leases of land, buildings, and equipment. Our real estate leases primarily relate to bank branches and office space. The leases of equipment principally relate to technology assets for data processing and data storage. As a lessor, we primarily provide financing through our equipment leasing business. For more information on our leasing activity, see Note 9 (“Leases”) beginning on page 147 of our 2025 Form 10-K.

Lessor Equipment Leasing

Leases may have fixed or floating rate terms. Variable payments are based on an index or other specified rate and are included in rental payments. Certain leases contain an option to extend the lease term or the option to terminate at the discretion of the lessee. Under certain conditions, lease agreements may also contain the option for a lessee to purchase the underlying asset.

Interest income from sales-type and direct financing leases is recognized in "interest income — loans" on the Consolidated Statements of Income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the Consolidated Statements of Income. The components of equipment leasing income are summarized in the table below:

			Three months ended September 30,									Nine months ended September 30,
Dollars in millions			2026			2025						2026			2025
Sales-type and direct financing leases
Interest income on lease receivable			$	10		$	13					$	33		$	42
Interest income related to accretion of unguaranteed residual asset			1			1						5			5
Interest income on deferred fees and costs			6			6						17			16
Total sales-type and direct financing lease income			$	17		$	20					$	55		$	63
Operating leases
Operating lease income related to lease payments			$	7		$	11					$	24		$	34
Other operating leasing gains (losses)			2			—						3			—
Total operating lease income and other leasing gains			9			11						27			34
Total lease income			$	26		$	31					$	82		$	97

77

Table of contents

10. Variable Interest Entities

Our significant VIEs are summarized below. Additional information pertaining to the criteria used in determining if an entity is a VIE is included in Note 12 (“Variable Interest Entities”) beginning on page 151 of our 2025 Form 10-K.

LIHTC and NMTC investments. We had $2.3 billion and $2.4 billion of investments in LIHTC operating partnerships at September 30, 2026, and December 31, 2025, respectively. These investments are recorded in “accrued income and other assets” on our Consolidated Balance Sheets. We do not have any loss reserves recorded related to these investments because we believe the likelihood of any loss to be remote. For all legally binding, unfunded equity commitments, we increase our recognized investment and recognize a liability. As of September 30, 2026, and December 31, 2025, we had liabilities of $1.0 billion and $1.1 billion, respectively, related to investments in qualified affordable housing projects, which are recorded in “accrued expenses and other liabilities” on our Consolidated Balance Sheets. We continue to invest in these LIHTC operating partnerships.

The assets and liabilities presented in the table below convey the size of KCDC’s direct and indirect investments at September 30, 2026, and December 31, 2025. As these investments represent unconsolidated VIEs, the assets and liabilities of the investments themselves are not recorded on our Consolidated Balance Sheets. Additional information pertaining to our LIHTC investments is included in Note 12 (“Variable Interest Entities”) beginning on page 151 of our 2025 Form 10-K.

			Unconsolidated VIEs
Dollars in millions			Total Assets			Total Liabilities			Maximum Exposure to Loss
September 30, 2026
LIHTC investments			$	10,500		$	4,550		$	2,870
December 31, 2025
LIHTC investments			$	11,212		$	5,026		$	2,913

We had $17 million and $18 million in NMTC investments at September 30, 2026 and December 31, 2025, respectively. These investments are recorded in “accrued income and other assets” on our Consolidated Balance Sheets.

We amortize our LIHTC and NMTC investments over the period that we expect to receive the tax benefits. During the nine months ended September 30, 2026, we recognized $208 million of amortization, $200 million of tax credits and $50 million of other tax benefits associated with these investments within “income taxes” on our income statement. During the nine months ended September 30, 2025, we recognized $200 million of amortization, $195 million of tax credits and $49 million of other tax benefits associated with these investments within “income taxes” on our income statement.

Principal investments. Our maximum exposure to loss associated with indirect principal investments consists of the investments’ fair value plus any unfunded equity commitments. The fair value of our indirect principal investments totaled $7 million and $9 million at September 30, 2026 and December 31, 2025, respectively. These investments are recorded in “other investments” on our Consolidated Balance Sheets. The table below reflects the size of the private equity funds in which we were invested as well as our maximum exposure to loss in connection with these investments at September 30, 2026, and December 31, 2025.

			Unconsolidated VIEs
Dollars in millions			Total Assets			Total Liabilities			Maximum Exposure to Loss
September 30, 2026
Indirect investments			$	1,359		$	1		$	8
December 31, 2025
Indirect investments			$	1,858		$	3		$	10

Through our principal investing entities, we have formed and funded operating entities that provide management and other related services to our investment company funds, which directly invest in portfolio companies. These entities had no assets at September 30, 2026, and December 31, 2025, that can be used to settle the entities’ obligations. The entities had no liabilities at September 30, 2026, and December 31, 2025, and other equity investors have no recourse to our general credit.

78

Table of contents

Additional information on our indirect and direct principal investments is provided in Note 5 (“Fair Value Measurements”) beginning on page 131 and in Note 12 (“Variable Interest Entities”) beginning on page 151 of our 2025 Form 10-K.

Other unconsolidated VIEs. We are involved with other various entities in the normal course of business which we have determined to be VIEs. We have determined that we are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact their economic performance or hold a variable interest that could potentially be significant. The table below shows our assets and liabilities associated with these unconsolidated VIEs at September 30, 2026, and December 31, 2025. These assets are recorded in “accrued income and other assets,” “other investments,” “securities available for sale,” “held-to-maturity securities,” and “loans, net of unearned income” on our Consolidated Balance Sheets. Our maximum exposure to loss is equal to the value of the assets recorded. Additional information pertaining to our other unconsolidated VIEs is included in Note 12 (“Variable Interest Entities“) under the heading “Other unconsolidated VIEs” on page 152 of our 2025 Form 10-K.

			Other unconsolidated VIEs
Dollars in millions			Total Assets			Total Liabilities
September 30, 2026
Other unconsolidated VIEs			$	446		$	—
December 31, 2025
Other unconsolidated VIEs			$	508		$	—

11. Income Taxes

Income Tax Provision

In accordance with the applicable accounting guidance, the principal method established for computing the provision for income taxes in interim periods requires us to make our best estimate of the effective tax rate expected to be applicable for the full year. This estimated effective tax rate is then applied to interim consolidated pre-tax operating income to determine the interim provision for income taxes.

The effective tax rate, which is the provision for income taxes as a percentage of income before income taxes, was 21.5% for the third quarter of 2026 and 18.7% for the third quarter of 2025. The effective tax rates were less than our combined federal and state statutory tax rate of 24.2%, primarily due to income from investments in tax-advantaged assets such as corporate-owned life insurance, tax credits associated with low-income housing investments, and periodic adjustments to our tax reserves.

Deferred Taxes

We had a net deferred tax asset of $1.7 billion at September 30, 2026 compared to $1.2 billion at December 31, 2025, which are included in “accrued income and other assets” on the balance sheet. The deferred tax asset is primarily related to market fluctuations in the investment security portfolio accounted for in other comprehensive income.

To determine the amount of deferred tax assets that are more likely than not to be realized, and therefore recorded, we conduct a quarterly assessment of all available evidence. This evidence includes, but is not limited to, taxable income in prior periods, projected future taxable income, and projected future reversals of deferred tax items. These assessments involve a degree of subjectivity and may undergo change. Based on these criteria, we had a valuation allowance of $11 million at September 30, 2026, and $5 million at December 31, 2025. The valuation allowance is associated with federal and state capital loss carryforwards, and state net operating loss carryforwards.

Unrecognized Tax Benefits

At September 30, 2026, Key’s unrecognized tax benefits were $3 million. As permitted under the applicable accounting guidance for income taxes, it is our policy to recognize interest and penalties related to unrecognized tax benefits in “income tax expense.”

79

Table of contents

Pre-1988 Bank Reserves Acquired in a Business Combination

Retained earnings of KeyBank included approximately $92 million of allocated bad debt deductions for which no income taxes have been recorded. Under current federal law, these reserves are subject to recapture into taxable income if KeyBank, or any successor, fails to maintain its bank status under the Internal Revenue Code or makes non-dividend distributions or distributions greater than its accumulated earnings and profits. No deferred tax liability has been established as these events are not expected to occur in the foreseeable future.

12. Acquisitions & Discontinued Operations

Acquisitions

Clearwater Corporate Finance LLP. On April 22, 2026, KeyCorp announced a definitive agreement to acquire Clearwater Corporate Finance LLP (Clearwater UK), a leading UK-based middle market investment banking advisory firm. The acquisition closed on August 3, 2026 and based on the preliminary purchase price allocation, we recorded estimated goodwill of approximately $51 million and intangibles of approximately $10 million, which is subject to change as the valuation of acquired assets and assumed liabilities is finalized during the measurement period.

Discontinued Operations

Discontinued operations primarily includes our government-guaranteed and private education lending business. At September 30, 2026, and December 31, 2025, approximately $171 million and $205 million, respectively, of education loans are included in discontinued assets on the Consolidated Balance Sheets. Net interest income after provision for credit losses for this business is not material and is included in income (loss) from discontinued operations, net of taxes on the Consolidated Statements of Income.

13. Borrowings

The following table presents a summary of our short-term borrowings:

Dollars in millions			September 30, 2026			December 31, 2025
Securities sold under repurchase agreements			$	49		$	13
Other short-term borrowings			5,185			1,071

80

Table of contents

Long-term borrowings

The following table presents the contractual rates and maturity dates of our long-term debt as of September 30, 2026 and the carrying values as of September 30, 2026 and December 31, 2025. We use interest rate swaps and caps, which modify the repricing characteristics of certain long-term debt, to manage interest rate risk. For more information about such financial instruments, see Note 7 (“Derivatives and Hedging Activities”). 

			September 30, 2026						September 30, 2026			December 31, 2025
Dollars in millions			Stated Rate			Maturity			Carrying Value
Parent Company
Senior notes			2.25% - 6.40%			2027 - 2037			$	5,200		$	4,659
Junior subordinated debentures			4.73% - 7.75%			2028 - 2037			440			447
Total parent company									$	5,640		$	5,106
Subsidiaries
Senior notes			3.87% - 5.85%			2027 - 2039			$	2,167		$	2,229
Subordinated notes			3.90% - 6.95%			2028 - 2032			1,287			1,932
Federal Home Loan Bank advances			1.39% - 7.36%			2026 - 2042			2,301			560
Other long-term debt(a)									78			90
Total subsidiaries									$	5,833		$	4,811
Total long-term debt									$	11,473		$	9,917

(a)Includes debt associated with secured borrowings, investment fund financing, and capital lease obligations.

14. Contingent Liabilities and Guarantees

Legal Proceedings

Litigation. From time to time, in the ordinary course of business, we and our subsidiaries are subject to various litigation, investigations, and administrative proceedings. Private, civil litigation may range from individual actions involving a single plaintiff to putative or actual class action lawsuits with potentially thousands of class members, as well as arbitrations and mass arbitrations. Investigations may involve both formal and informal proceedings, by both government agencies and self-regulatory bodies. These matters may involve claims for substantial monetary or non-monetary relief. At times, these matters may present novel claims or legal theories. Due to the complex nature of these various other matters, it may be years before some matters are resolved. While it is impossible to ascertain the ultimate resolution or range of financial liability, based on information presently known to us, we do not believe there is any matter to which we are a party, or involving any of our properties, that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on our financial condition. We continually monitor and reassess the potential materiality of these litigation matters. We note, however, that in light of the inherent uncertainty in legal proceedings there can be no assurance that the ultimate resolution will not exceed established accruals. As a result, the outcome of a particular matter, or a combination of matters, may be material to our results of operations for a particular period, depending upon the size of the loss or our income for that particular period.

On at least a quarterly basis, we assess our liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that we will incur a loss and the amount of the loss can be reasonably estimated, we record a liability in our consolidated financial statements. These legal accruals may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of the loss is not estimable, we have not accrued a liability for said loss, consistent with applicable accounting guidance. Based on information currently available to us and advice of counsel, we believe that our established accruals are adequate and the liabilities arising from the legal proceedings will not have a material adverse effect on our consolidated financial condition.

Guarantees

We are a guarantor in various agreements with third parties. The following table shows the types of guarantees that we had outstanding at September 30, 2026. Information pertaining to the basis for determining the liabilities recorded in connection with these guarantees is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Contingencies and Guarantees” beginning on page 115 of our 2025 Form 10-K.

81

Table of contents

September 30, 2026			Maximum Potential Undiscounted Future Payments			Liability Recorded
Dollars in millions
Financial guarantees:
Standby letters of credit			$	6,915		$	74
Recourse agreement with FNMA			8,078			79
Residential mortgage reserve			3,491			7
Written options (a)			3,578			49
Total			$	22,062		$	209

(a)The maximum potential undiscounted future payments represent notional amounts of derivatives qualifying as guarantees.

We determine the payment/performance risk associated with each type of guarantee described below based on the probability that we could be required to make the maximum potential undiscounted future payments shown in the preceding table. We use a scale of low (0% to 30% probability of payment), moderate (greater than 30% to 70% probability of payment), or high (greater than 70% probability of payment) to assess the payment/performance risk, and have determined that the payment/performance risk associated with each type of guarantee outstanding at September 30, 2026, is low. Information pertaining to the nature of each of the guarantees listed below is included in Note 19 (“Commitments, Contingent Liabilities, and Guarantees”) under the heading “Guarantees” beginning on page 166 of our 2025 Form 10-K.

Standby letters of credit. At September 30, 2026, our standby letters of credit had a remaining weighted-average life of 2.1 years, with remaining actual lives ranging from less than 1 year to 11.3 years.

Recourse agreement with FNMA. At September 30, 2026, the outstanding commercial mortgage loans in this program had a weighted-average remaining term of 5.4 years, and the unpaid principal balance outstanding of loans sold by us as a participant was $24.6 billion. The maximum potential amount of undiscounted future payments that we could be required to make under this program, as shown in the preceding table, is equal to approximately 32.8% of the principal balance of loans outstanding at September 30, 2026. FNMA delegates responsibility for originating, underwriting, and servicing mortgages, and we assume a limited portion of the risk of loss during the remaining term on each commercial mortgage loan that we sell to FNMA. We maintain a reserve for such potential losses of $79 million that we believe approximates the fair value of our liability for the guarantee as described in Note 4 (“Asset Quality”).

Residential Mortgage Banking. At September 30, 2026, the unpaid principal balance outstanding of loans sold by us in this program was $11.6 billion. The maximum potential amount of undiscounted future payments that we could be required to make under this program, as shown in the preceding table, is equal to approximately 30% of the principal balance of loans outstanding at September 30, 2026. 

Our liability for estimated repurchase obligations on loans sold, which is included in “accrued expenses and other liabilities” on the Consolidated Balance Sheets, was $7 million at September 30, 2026. For more information on our residential mortgages, see Note 8 (“Mortgage Servicing Assets”).

Written options. In the ordinary course of business, we “write” put options for clients that wish to mitigate their exposure to changes in interest rates and commodity prices. At September 30, 2026, our written put options had an average life of 1.4 years. These written put options are accounted for as derivatives at fair value, as further discussed in Note 7 (“Derivatives and Hedging Activities”).

Written put options where the counterparty is a broker-dealer or bank are accounted for as derivatives at fair value but are not considered guarantees since these counterparties typically do not hold the underlying instruments. In addition, we are a purchaser and seller of credit derivatives, which are further discussed in Note 7 (“Derivatives and Hedging Activities”).

Other Off-Balance Sheet Risk

Other off-balance sheet risk stems from financial instruments that do not meet the definition of a guarantee as specified in the applicable accounting guidance, and from other relationships. Additional information pertaining to types of other off-balance sheet risk is included in Note 19 (“Commitments, Contingent Liabilities, and Guarantees”) under the heading “Other Off-Balance Sheet Risk” on page 167 of our 2025 Form 10-K.

82

Table of contents

15. Accumulated Other Comprehensive Income

Our changes in AOCI for the three and nine months ended September 30, 2026, and September 30, 2025, are as follows:

Dollars in millions			Unrealized gains (losses) on securities available for sale			Unrealized gains (losses) on derivative financial instruments			Foreign currency translation adjustment			Net pension and postretirement benefit costs			Total
Balance at June 30, 2026			$	(1,939)		$	(181)		$	—		$	(234)		$	(2,354)
Other comprehensive income (loss) before reclassification, net of income taxes			(1,188)			(347)			(1)			—			(1,536)
Amounts reclassified from AOCI, net of income taxes (a)			—			23			—			2			25
Net current-period other comprehensive income (loss), net of income taxes			(1,188)			(324)			(1)			2			(1,511)
Balance at September 30, 2026			$	(3,127)		$	(505)		$	(1)		$	(232)		$	(3,865)
Balance at June 30, 2025			$	(2,158)		$	(108)		$	—		$	(235)		$	(2,501)
Other comprehensive income (loss) before reclassification, net of income taxes			301			(24)			—			(1)			276
Amounts reclassified from AOCI, net of income taxes (a)			—			74			—			2			76
Net current-period other comprehensive income (loss), net of income taxes			301			50			—			1			352
Balance at September 30, 2025			$	(1,857)		$	(58)		$	—		$	(234)		$	(2,149)
Balance at December 31, 2025			$	(1,716)		$	(7)		$	—		$	(237)		$	(1,960)
Other comprehensive income (loss) before reclassification, net of income taxes			(1,411)			(570)			(1)			—			(1,982)
Amounts reclassified from AOCI, net of income taxes (a)			—			72			—			5			77
Net current-period other comprehensive income (loss), net of income taxes			(1,411)			(498)			(1)			5			(1,905)
Balance at September 30, 2026			$	(3,127)		$	(505)		$	(1)		$	(232)		$	(3,865)

Balance at December 31, 2024			$	(2,734)		$	(434)		$	—		$	(302)		$	(3,470)
Other comprehensive income (loss) before reclassification, net of income taxes			877			161			—			66			1,104
Amounts reclassified from AOCI, net of income taxes (a)			—			215			—			2			217
Net current-period other comprehensive income (loss), net of income taxes			877			376			—			68			1,321
Balance at September 30, 2025			$	(1,857)		$	(58)		$	—		$	(234)		$	(2,149)

(a)See table below for details about these reclassifications.

Our reclassifications out of AOCI for the three and nine months ended September 30, 2026, and September 30, 2025, are as follows:

			Three months ended September 30,						Affected Line Item in the Consolidated Statement of Income
Dollars in millions			2026			2025
Unrealized gains (losses) on derivative financial instruments
Interest rate			$	(31)		$	(98)		Interest income — Loans
Interest rate			(1)			—			Interest expense — Long-term debt
Interest rate			1			—			Investment banking and debt placement fees
			(31)			(98)			Income (loss) from continuing operations before income taxes
			(8)			(24)			Income taxes
			$	(23)		$	(74)		Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses			$	(3)		$	(2)		Other expense
Amortization of unrecognized prior service credit			—			—			Other expense
			(3)			(2)			Income (loss) from continuing operations before income taxes
			(1)			—			Income taxes
			$	(2)		$	(2)		Income (loss) from continuing operations

83

Table of contents

			Nine months ended September 30,						Affected Line Item in the Consolidated Statement of Income
Dollars in millions			2026			2025
Unrealized gains (losses) on derivative financial instruments
Interest rate			$	(95)		$	(281)		Interest income — Loans
Interest rate			(2)			(2)			Interest expense — Long-term debt
Interest rate			2			—			Investment banking and debt placement fees
			(95)			(283)			Income (loss) from continuing operations before income taxes
			(23)			(68)			Income taxes
			$	(72)		$	(215)		Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses			$	(8)		$	(5)		Other expense
Amortization of unrecognized prior service credit			1			1			Other expense
			(7)			(4)			Income (loss) from continuing operations before income taxes
			(2)			(2)			Income taxes
			$	(5)		$	(2)		Income (loss) from continuing operations

16. Shareholders' Equity

Comprehensive Capital Plan

On May 13, 2026, our Board of Directors authorized a new share repurchase program pursuant to which KeyCorp may purchase up to $3.0 billion of KeyCorp common shares, through open market purchases, privately negotiated transactions, or other means, including through Rule 10b5-1 plans and other programs, at the discretion of management and on terms that management deems to be advisable. The new repurchase authorization replaced KeyCorp’s previous $1.0 billion share repurchase authorization.

As contemplated by the Investment Agreement, dated as of August 12, 2024, between KeyCorp and Scotiabank, in February 2025, we entered into an agreement with Scotiabank to permit Scotiabank to participate, through a periodic “true-up” right, in any repurchase by KeyCorp of its common stock on a pro rata basis. During the third quarter of 2026, Key completed $320 million, or approximately 14 million shares, in share repurchases including $4 million, or approximately 177,000 shares, from Scotiabank pursuant to our repurchase agreement described above.

Consistent with our capital plan, the Board declared a quarterly dividend of $.205 per Common Share for the third quarter of 2026.

Preferred Stock

The following table summarizes our preferred stock at September 30, 2026.

Preferred stock series			Amount outstanding (in millions)			Book value (net of capital surplus)			Shares authorized and outstanding			Par value			Liquidation preference			Ownership interest per depositary share			Liquidation preference per depositary share			Third quarter 2026 dividends paid per depositary share
6.125% Fixed-to-Floating Rate Perpetual Noncumulative Series E			500			490			500,000			1			1,000			1/40th			25			.382813
5.650% Fixed Rate Perpetual Noncumulative Series F			425			412			425,000			1			1,000			1/40th			25			.353125
5.625% Fixed Rate Perpetual Non-Cumulative Series G			450			435			450,000			1			1,000			1/40th			25			.351563
6.200% Fixed Rate Reset Perpetual Non-Cumulative Series H			600			590			600,000			1			1,000			1/40th			25			.387500

On August 14, 2026, we provided notice of our intention to redeem all of the depositary shares each representing a 1/25th ownership interest in a share of our issued and outstanding Series D Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock (the “Series D Preferred Stock”) on September 15, 2026. On September 15, 2026, we redeemed the Series D Preferred Stock for cash at a redemption price of $25,312.50 per share ($1,012.50 per depositary share).

84

Table of contents

17. Business Segment Reporting

The following is a description of the segments and their primary businesses at September 30, 2026.

Consumer Bank

The Consumer Bank serves individuals and small businesses throughout our 15 state branch footprint as well as healthcare professionals nationally through our digital channel by offering a variety of deposit and investment products, personal finance and financial wellness services, lending, mortgage and home equity, student loan refinancing, credit card, treasury services, and business advisory services. In addition, wealth management and investment services are offered to assist institutional, non-profit, and high-net-worth clients with their banking, trust, portfolio management, charitable giving, and related needs.

Commercial Bank

The Commercial Bank is an aggregation of our Institutional and Commercial operating segments. The Commercial operating segment is a full-service corporate bank focused principally on serving the borrowing, cash management, and capital markets needs of middle market clients within Key’s 15 state branch footprint. The Institutional operating segment operates nationally, providing lending, equipment financing, and banking products and services to large corporate and institutional clients. The industry coverage and product teams have established expertise in the following sectors: Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, and Technology. It is also a significant, national, commercial real estate lender and third-party master and special servicer of commercial mortgage loans. The operating segment also includes the KBCM platform which provides a broad suite of capital markets products and services including syndicated finance, debt and equity underwriting, fixed income and equity sales and trading, derivatives, foreign exchange, mergers & acquisition and other advisory, and public finance.

Other

Other includes various corporate treasury activities such as management of our investment securities portfolio, long-term debt, short-term liquidity and funding activities, and balance sheet risk management, 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.

We use an internal FTP framework to measure the performance of our operating segments. Under this framework, business segments receive funding credits for liabilities generated and incur funding charges for assets held, based on market‑based funding assumptions, in order to isolate business operating performance from interest rate risk.

Interest rate risk is managed centrally. Because differences exist in the timing and repricing characteristics of assets and liabilities across the balance sheet, a residual impact from centrally managed interest rate risk is not allocated to the operating segments and is reflected within the Other segment.

Effective January 1, 2026, we revised our segment reporting presentation to reflect this residual impact within the Other segment. Previously, these residual amounts were included in net interest income for the Consumer and Commercial Bank segments. This change aligns segment reporting with how management evaluates performance and manages interest rate risk on a centralized basis and affects only the presentation of segment results. Prior period segment results have been recast to reflect this change in segment reporting presentation. There was no impact on the Company’s consolidated financial statements for any period presented.

Developing and applying the methodologies that we use to allocate items among our lines of business is a dynamic process. Accordingly, financial results may be revised periodically to reflect enhanced alignment of expense base allocation drivers, changes in the risk profile of a particular business, or changes in our organizational structure.

The table below shows selected financial data for our business segments for the three- and nine-month periods ended September 30, 2026, and September 30, 2025. Capital is assigned to each business segment based on a combination of regulatory and economic equity.

85

Table of contents

Three months ended September 30,			Consumer Bank									Commercial Bank									Other									Total Key
Dollars in millions			2026			2025						2026			2025						2026			2025						2026			2025
SUMMARY OF OPERATIONS
Net interest income (TE)			$	793		$	748					$	748		$	686					$	(233)		$	(241)					$	1,308		$	1,193
Noninterest income			256			243						453			429						35			30						744			702
Total revenue (TE) (a)			1,049			991						1,201			1,115						(198)			(211)						2,052			1,895
Provision for credit losses			55			40						8			68						(2)			(1)						61			107
Personnel expense			282			266						236			203						297			273						815			742
Other direct noninterest expense			148			149						78			74						204			212						430			435
Support and overhead			286			262						215			209						(501)			(471)						—			—
Income (loss) from continuing operations before income taxes (TE)			278			274						664			561						(196)			(224)						746			611
Allocated income taxes and TE adjustments			67			66						148			121						(48)			(66)						167			121
Income (loss) from continuing operations			211			208						516			440						(148)			(158)						579			490
Income (loss) from discontinued operations, net of taxes			—			—						—			—						—			(1)						—			(1)
Net income (loss)			$	211		$	208					$	516		$	440					$	(148)		$	(159)					$	579		$	489
AVERAGE BALANCES (b)
Loans and leases			$	32,596		$	35,377					$	78,556		$	70,328					$	433		$	522					$	111,585		$	106,227
Total assets (a)			35,952			38,421						89,221			79,859						65,446			68,858						190,619			187,138
Deposits			87,367			87,718						60,718			58,524						3,090			4,132						151,175			150,374

(a)Substantially all revenue generated by our major business segments is derived from clients that reside in the United States. Substantially all long-lived assets, including premises and equipment, capitalized software, and goodwill held by our major business segments, are located in the United States.

(b)From continuing operations.

Nine months ended September 30,			Consumer Bank									Commercial Bank									Other									Total Key
Dollars in millions			2026			2025						2026			2025						2026			2025						2026			2025
SUMMARY OF OPERATIONS
Net interest income (TE)			$	2,288		$	2,185					$	2,119		$	1,974					$	(611)		$	(711)					$	3,796		$	3,448
Noninterest income			748			703						1,309			1,264						116			93						2,173			2,060
Total revenue (TE) (a)			3,036			2,888						3,428			3,238						(495)			(618)						5,969			5,508
Provision for credit losses			121			137						144			227						(6)			(1)						259			363
Personnel expense			825			773						637			572						882			782						2,344			2,127
Other direct noninterest expense			441			457						218			221						640			657						1,299			1,335
Support and overhead			849			786						653			611						(1,502)			(1,397)						—			—
Income (loss) from continuing operations before income taxes (TE)			800			735						1,776			1,607						(509)			(659)						2,067			1,683
Allocated income taxes and TE adjustments			194			178						387			345						(123)			(159)						458			364
Income (loss) from continuing operations			606			557						1,389			1,262						(386)			(500)						1,609			1,319
Income (loss) from discontinued operations, net of taxes			—			—						—			—						1			—						1			—
Net income (loss)			606			557						1,389			1,262						(385)			(500)						1,610			1,319
AVERAGE BALANCES (b)
Loans and leases			$	33,293		$	36,101					$	75,980		$	68,835					$	539		$	503					$	109,812		$	105,439
Total assets (a)			36,675			39,148						85,838			78,444						65,892			69,087						188,405			186,679
Deposits			87,531			87,998						59,514			57,272						1,652			3,523						148,697			148,793

(a)Substantially all revenue generated by our major business segments is derived from clients that reside in the United States. Substantially all long-lived assets, including premises and equipment, capitalized software, and goodwill held by our major business segments, are located in the United States.

(b)From continuing operations.

86

Table of contents

18. Revenue from Contracts with Customers

The following table represents a disaggregation of revenue from contracts with customers, by business segment, for the three- and nine-month periods ended September 30, 2026, and September 30, 2025. The development and application of the methodologies that we use to allocate items among our business segments is a dynamic process. Accordingly, financial results may be revised periodically to reflect enhanced alignment of expense base allocations drivers, changes in the risk profile of a particular business, or changes in our organizational structure.

			Three months ended September 30, 2026												Three months ended September 30, 2025
Dollars in millions			Consumer Bank			Commercial Bank			Total Contract Revenue						Consumer Bank			Commercial Bank			Total Contract Revenue
NONINTEREST INCOME
Trust and investment services income			$	139		$	20		$	159					$	124		$	18		$	142
Investment banking and debt placement fees			—			172			172						—			129			129
Service charges on deposit accounts			34			45			79						36			38			74
Cards and payments income			44			49			93						45			41			86
Other noninterest income			3			—			3						2			—			2
Total revenue from contracts with customers			$	220		$	286		$	506					$	207		$	226		$	433
Other noninterest income (a)									$	203											$	239
Noninterest income from other segments(b)									35												30
Total noninterest income									$	744											$	702

(a)Noninterest income considered earned outside the scope of contracts with customers.

(b)Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. 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. Refer to Note 17 (“Business Segment Reporting”) for more information.

			Nine months ended September 30, 2026												Nine months ended September 30, 2025
Dollars in millions			Consumer Bank			Commercial Bank			Total Contract Revenue						Consumer Bank			Commercial Bank			Total Contract Revenue
NONINTEREST INCOME
Trust and investment services income			$	403		$	58		$	461					$	355		$	55		$	410
Investment banking and debt placement fees			—			447			447						—			387			387
Service charges on deposit accounts			101			132			233						105			112			217
Cards and payments income			129			139			268						131			121			252
Other noninterest income			8			—			8						6			—			6
Total revenue from contracts with customers			$	641		$	776		$	1,417					$	597		$	675		$	1,272
Other noninterest income (a)									$	640											$	695
Noninterest income from other segments(b)									116												93
Total noninterest income									$	2,173											$	2,060

(a)Noninterest income considered earned outside the scope of contracts with customers.

(b)Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. 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. Refer to Note 17 (“Business Segment Reporting”) for more information.

We had no material contract assets or contract liabilities as of September 30, 2026 and September 30, 2025.

87

Table of contents

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of KeyCorp

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of KeyCorp as of September 30, 2026, the related consolidated statements of income, comprehensive income, and changes in equity for the three- and nine-month periods ended September 30, 2026 and 2025, the consolidated statements of cash flows for the nine-month periods ended September 30, 2026 and 2025, and the related notes (collectively referred to as the “consolidated interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of KeyCorp as of December 31, 2025, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the year then ended, and the related notes (not presented herein); and in our report dated February 23, 2026, except for Note 23 and Note 25, as to which the date is June 3, 2026, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of KeyCorp's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to KeyCorp in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Cleveland, Ohio

November 3, 2026

88

Table of contents

Item 3.    Quantitative and Qualitative Disclosure about Market Risk

The information presented in the “Market risk management” section of the Management’s Discussion & Analysis of Financial Condition & Results of Operations is incorporated herein by reference.

Item 4.    Controls and Procedures

As of the end of the period covered by this report, KeyCorp carried out an evaluation, under the supervision and with the participation of KeyCorp’s management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of KeyCorp’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)), to ensure that information required to be disclosed by KeyCorp in reports that it files or submits under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to KeyCorp’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. Based upon that evaluation, KeyCorp’s Chief Executive Officer and Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were effective, in all material respects, as of the end of the period covered by this report. No changes were made to KeyCorp’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the last quarter that materially affected, or are reasonably likely to materially affect, KeyCorp’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.    Legal Proceedings

The information presented in the Legal Proceedings section of Note 14 (“Contingent Liabilities and Guarantees”) of the Notes to Consolidated Financial Statements (Unaudited) is incorporated herein by reference.

Item 1A.    Risk Factors

For a discussion of certain risk factors affecting us, see the section titled “Supervision and Regulation” in Part I, Item 1. Business, on pages 11-24 of our 2025 Form 10-K; Part I, Item 1A. Risk Factors, on pages 25-43 of our 2025 Form 10-K; the section titled “Supervision and regulation” in this report; and our disclosure regarding forward-looking statements in this report.

89

Table of contents

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

From time to time, KeyCorp or its principal subsidiary, KeyBank, may seek to retire, repurchase, or exchange outstanding debt of KeyCorp or KeyBank, and capital securities or preferred stock of KeyCorp, through cash purchase, privately negotiated transactions, or otherwise. Such transactions, if any, depend on prevailing market conditions, our liquidity and capital requirements, contractual restrictions, and other factors. The amounts involved may be material.

On May 13, 2026, our Board of Directors authorized a new share repurchase program pursuant to which KeyCorp may purchase up to $3.0 billion of KeyCorp common shares, through open market purchases, privately negotiated transactions, or other means, including through Rule 10b5-1 plans and other programs, at the discretion of management and on terms that management deems to be advisable. The new repurchase authorization replaced KeyCorp’s previous $1.0 billion share repurchase authorization. The timing and price of repurchases as well as the actual number of shares repurchased under the new program will depend on a variety of factors, including general market conditions, the stock price, regulatory requirements and limitations, corporate liquidity requirements and priorities, and other factors. Key has adopted a Rule 10b5-1 trading arrangement to facilitate repurchases of its common stock under its share repurchase authorization.

As contemplated by the Investment Agreement, dated as of August 12, 2024, between KeyCorp and Scotiabank, in February 2025, we entered into an agreement with Scotiabank to permit Scotiabank to participate, through a periodic “true-up” right, in any repurchase by KeyCorp of its common stock on a pro rata basis.

During the third quarter of 2026, Key completed $320 million, or approximately 14 million shares, in share repurchases under the share repurchase program including $4 million, or approximately 177,000 shares, from Scotiabank pursuant to our repurchase agreement described above.

The following table summarizes our repurchases of our Common Shares for the three months ended September 30, 2026. Refer to Note 16 (“Shareholders' Equity”) for more information regarding share repurchases made during the three and nine months ended September 30, 2026.

Calendar month			Total number of shares purchased (a)						Average price paid per share						Total number of shares purchased as part of publicly announced plans or programs						Dollar value of shares that may yet be purchased as part of publicly announced plans or programs
July 1 - 31			5,071,155						$	23.01					5,071,101						$	2,661,259,008
August 1 - 31			8,009,807						22.41						8,009,020						2,481,769,923
September 1 - 30			1,104,000						24.55						1,104,000						2,457,773,470
Total			14,184,962						$	22.57					14,184,121

(a)Includes Common Shares deemed surrendered by employees in connection with our stock compensation and benefit plans to satisfy tax obligations.

Item 5.    Other Information

No director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of KeyCorp adopted, modified,

or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (as such terms

are defined in Item 408 of Regulation S-K of the Exchange Act) during the quarter ended September 30, 2026,

except as may be noted below. We do not permit the use of Rule 10b5-1 trading arrangements by our directors or

executive officers.

Certain of our directors or officers have made elections to participate in, and are participating in, our KeyCorp

Second Amended and Restated Discounted Stock Purchase Plan, our Long-Term Incentive Deferral Plan, our

Directors’ Deferred Share Sub-Plan, and the Dividend Reinvestment Plan and dividend reinvestment features under

various compensation plans and arrangements, and previously made elections to participate in KeyCorp common

stock funds that are now frozen but were previously available as an investment option under our Deferred Savings

Plan and KeyCorp 401(k) plan. By participating in these plans or stock funds, the directors or officers have made,

and/or may from time to time make, elections involving transactions in KeyCorp Common Shares which may be

designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute

non-Rule 10b5-1 trading arrangements (as such term is defined in Item 408(c) of Regulation S-K of the Exchange

Act).

90

Table of contents

Item 6.    Exhibits

15			Acknowledgment of Independent Registered Public Accounting Firm.
22			Subsidiary Issuers of Guaranteed Securities, filed as Exhibit 22 to Form 10-K for the year ended December 31, 2025. ^
31.1			Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1			Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2			Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101			The following materials from KeyCorp’s Form 10-Q Report for the quarterly period ended September 30, 2026, formatted in inline XBRL: (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Income and Consolidated Statements of Comprehensive Income; (iii) the Consolidated Statements of Changes in Equity; (iv) the Consolidated Statements of Cash Flows; and (v) the Notes to Consolidated Financial Statements.
104			The cover page from KeyCorp’s Form 10-Q for the quarterly period ended September 30, 2026, formatted in inline XBRL (contained in Exhibit 101).

*			Furnished herewith.
^			Incorporated by reference. A copy of this Exhibit has been filed with the SEC. Exhibits that are not incorporated by reference are furnished or filed with this report. Shareholders may obtain a copy of any exhibit, upon payment of reproduction costs, by writing KeyCorp Investor Relations, 127 Public Square, Cleveland, OH 44114-1306.

Information Available on Website

KeyCorp makes available free of charge on its website, www.key.com, its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to these reports as soon as reasonably practicable after KeyCorp electronically files such material with, or furnishes it to, the SEC. We also make available a summary of filings made with the SEC of statements of beneficial ownership of our equity securities filed by our directors and officers and persons who own 10% or more of a registered class of our equity securities under Section 16 of the Exchange Act. Information contained on or accessible through our website or any other website referenced in this report is not part of this report.

91

Table of contents

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, thereunto duly authorized, on the date indicated.

			KEYCORP
			(Registrant)
November 3, 2026			/s/ Stacy L. Gilbert
			By:  Stacy L. Gilbert
			Chief Accounting Officer (Principal Accounting Officer)

92