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KeyCorp Q3 2026 revenue hits record $2.04B

Average deposits increased $3.6 billion sequentially, while average loans held for investment increased $1.5 billion.

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Rhea-AI Filing Summary

KeyCorp reported third-quarter 2026 net income from continuing operations attributable to Key common shareholders of $537 million, or $0.51 per diluted common share. Total revenue was $2.044 billion, up 8.4% year over year, and diluted EPS increased 24.4%; revenue was described as a record. Net interest margin was 2.95%, up 20 basis points year over year.

Taxable-equivalent net interest income was $1.308 billion. Investment banking and debt placement fees rose 16.3% from a year earlier, while noninterest expense increased 5.8% to $1.245 billion. Average deposits reached $151.175 billion, up $3.6 billion sequentially; average loans held for investment increased $1.5 billion. Net loan charge-offs were $89 million, compared with $114 million a year earlier, and nonperforming assets were $627 million versus $668 million.

Key repurchased $320 million of common shares and declared a $0.205-per-common-share dividend. Its estimated Common Equity Tier 1 ratio was 11.1% at September 30, 2026. Management said it was confident in achieving and sustaining return on tangible common equity of 15%+ by the end of 2027.

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Positive

  • Moderate pointThird-quarter revenue increased 8.4% year over year to $2.044 billion.
  • Moderate pointContinuing-operations common income increased 18.3% year over year to $537 million.

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Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Total revenue $2.044 billion Third quarter of 2026
Net income from continuing operations attributable to Key common shareholders $537 million Third quarter of 2026
Diluted EPS from continuing operations attributable to Key common shareholders $0.51 per diluted common share Third quarter of 2026
Net interest margin 2.95% Third quarter of 2026, taxable-equivalent
Return on average tangible common equity from continuing operations 15.11% Third quarter of 2026
Common Equity Tier 1 ratio 11.1% Estimated at September 30, 2026
Average deposits $151.175 billion Third quarter of 2026
Net loan charge-offs $89 million Third quarter of 2026
Net interest margin financial
"Net interest margin was 2.95%"
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 financial
"estimated Common Equity Tier 1 ratio"
Common Equity Tier 1 is the highest-quality capital a bank holds—mainly common shares and retained profits—that acts as the primary cushion against losses. Investors use the CET1 level and ratio to judge a bank’s financial strength and regulatory standing: a bigger cushion means the bank is better able to absorb shocks, sustain payouts and borrow cheaply, much like an emergency fund for a household.
Taxable-equivalent financial
"Taxable-equivalent net interest income"
An adjustment that converts income from a tax-advantaged investment into the equivalent yield it would need to produce if it were fully taxable, so different investments can be compared on the same after-tax footing. For investors this matters because it shows the true, comparable return after accounting for tax differences—like converting prices that include sales tax so you can directly compare what you actually pay and receive.
Nonperforming assets financial
"Nonperforming assets at period end"
Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.
Total revenue $2.044 billion Up 8.4% year over year
Net income from continuing operations attributable to Key common shareholders $537 million Up 18.3% year over year
Diluted EPS from continuing operations attributable to Key common shareholders $0.51 per diluted common share Up 24.4% year over year
Net interest margin 2.95% Up 20 basis points year over year
Guidance

Management said it was confident in achieving and sustaining return on tangible common equity of 15%+ by the end of 2027.

FAQ

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

What were KeyCorp’s third-quarter 2026 earnings?
KeyCorp reported $537 million in net income from continuing operations attributable to Key common shareholders and diluted EPS of $0.51 for the third quarter of 2026. Total revenue was $2.044 billion, up 8.4% year over year.

What drove KeyCorp’s year-over-year net interest income growth?
Taxable-equivalent net interest income rose $115 million year over year to $1.308 billion, while net interest margin increased 20 basis points to 2.95%. Key attributed the increases to lower deposit costs, reinvestment of proceeds from maturing low-yielding securities and fixed-rate swaps into higher-yielding investments, balance-sheet expansion, and a shift toward higher-yielding commercial and industrial loans; lower rates on repricing earning assets partly offset them.

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

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 

CURRENT REPORT
Pursuant to Section 13 or 15(d)
 of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 20, 2026
 
KeyCorp
keylogoa11.jpg
(Exact name of registrant as specified in its charter)
 
Ohio
001-11302
34-6542451
State or other jurisdiction of incorporation or organization:Commission File NumberI.R.S. Employer Identification Number:
127 Public Square,
Cleveland,
Ohio
44114-1306
Address of principal executive offices:Zip Code:

(216) 689-3000
Registrant’s telephone number, including area code:
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:


Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, $1 par value
KEY
New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E)
KEY PrI
New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F)
KEY PrJ
New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G)
KEY PrK
New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Reset Perpetual Non-Cumulative Preferred Stock, Series H)KEY PrL
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02     Results of Operations and Financial Condition.

    On October 20, 2026, KeyCorp issued a press release announcing its financial results for the three- and nine-month periods ended September 30, 2026 (the “Press Release”), and posted on its website its third quarter 2026 Supplemental Information Package (the “Supplemental Information Package”). The Press Release and Supplemental Information Package are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively.

The information in the preceding paragraph, as well as Exhibit 99.1 and Exhibit 99.2 referenced therein, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”).

    KeyCorp’s Consolidated Balance Sheets and Consolidated Statements of Income (collectively, the “Financial Statements”), included as part of the Press Release, are filed as Exhibit 99.3 to this report. Exhibit 99.3 is deemed “filed” for purposes of Section 18 of the Exchange Act and, therefore, may be incorporated by reference in filings under the Securities Act.



Item 9.01     Financial Statements and Exhibits.

(d)    Exhibits

The following exhibits are furnished, or filed in the case of Exhibit 99.3, herewith:

99.1    Press Release, dated October 20, 2026, announcing financial results for the three- and nine-month period ended September 30, 2026

99.2    Supplemental Information Package reviewed during the conference call and webcast.

99.3    Financial Statements.

104    Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
KEYCORP
(Registrant)
Date: October 20, 2026/s/ Stacy L. Gilbert
By: Stacy L. Gilbert
Chief Accounting Officer



keylogoicononlyrgba01.jpg

KEYCORP REPORTS THIRD QUARTER 2026 NET INCOME OF $537 MILLION,
OR $0.51 PER DILUTED COMMON SHARE; DILUTED EPS INCREASED 24% YEAR-OVER-YEAR


Record revenue of $2.04 billion, up 8% year-over-year and 4% sequentially

Net interest margin of 2.95%, up 20 basis points year-over-year and 6 basis points sequentially

Deposit growth outpaced loan growth - average deposits increased $3.6 billion sequentially while average loans held for investment increased $1.5 billion

Investment banking and debt placement fees up 27% sequentially

Common Equity Tier 1 ratio of 11.1%(a); repurchased $320 million of common shares during the quarter

Generated a return on tangible common equity(b) exceeding 15%


    CLEVELAND, October 20, 2026 - KeyCorp (NYSE: KEY) announced third quarter of 2026 net income from continuing operations attributable to Key common shareholders of $537 million, or $0.51 per diluted common share. For the second quarter of 2026, net income from continuing operations attributable to Key common shareholders was $472 million, or $0.44 per diluted common share. For the third quarter of 2025, KeyCorp reported net income from continuing operations attributable to Key common shareholders of $454 million, or $0.41 per diluted common share, or adjusted net income of $450 million, or $0.41 per diluted common share(b). The third quarter of 2025 included a $4 million after-tax benefit related to the updated FDIC special assessment(c).

Comments from Chairman and CEO, Chris Gorman
"Our third quarter results reflect the strength of Key's relationship-driven franchise, the disciplined execution of our strategy, and the momentum we are building across the business. We delivered record revenue and record pre-provision net revenue(b), while generating a return on tangible common equity exceeding 15%(b). These results reinforce our confidence in achieving and sustaining a return on tangible common equity of 15%+ by the end of 2027.

Our performance this quarter demonstrates the power of our balanced business model. Average deposit balances increased $3.6 billion sequentially, supporting continued net interest margin expansion. Our capital markets team delivered strong results with investment banking and debt placement fees increasing 27% sequentially. Concurrently, we maintained our disciplined approach to risk management, evidenced by broad-based improvement in credit quality metrics, including lower net charge-offs and nonperforming assets.

Client engagement remains strong, supported by a constructive economic environment and continued confidence among the businesses and communities we serve. We continue to see opportunities to deepen client relationships, capture additional share of wallet, and drive sustainable growth across the franchise. Key is well positioned to perform across a broad range of economic scenarios, supported by our solid capital levels, strong liquidity profile, and well-diversified business mix.

The ongoing investments we have made in teammates and technology are translating into stronger performance today while concurrently positioning us for greater value in the future. Looking ahead, we remain focused on executing with discipline, capturing the significant organic growth opportunities across our franchise, and delivering significant value for all our stakeholders."

(a)September 30, 2026 ratio is estimated.
(b)The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures. The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
(c)See table on page 24 for more information on Selected Items Impact on Earnings.


KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 2
Selected Financial Highlights
Dollars in millions, except per share dataChange 3Q26 vs.
3Q262Q263Q252Q263Q25
Income (loss) from continuing operations attributable to Key common shareholders$537 $472 $454 13.8 %18.3 %
Income (loss) from continuing operations attributable to Key common shareholders per common share — assuming dilution
0.51 0.44 0.41 15.9 24.4 
Book value at period end15.01 16.19 15.86 (7.3)(5.4)
Return on average tangible common equity from continuing operations (a)
15.11 %12.89 %12.51 %222 bps260 bps
Return on average total assets from continuing operations1.21 1.08 1.04 13 17 
Common Equity Tier 1 ratio (b)
11.1 11.2 11.8 (10)(70)
Net interest margin (TE) from continuing operations2.95 2.89 2.75 6 20 
(a)The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to “tangible common equity.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
(b)September 30, 2026 ratio is estimated.
TE = Taxable-equivalent

INCOME STATEMENT HIGHLIGHTS
Revenue
Dollars in millionsChange 3Q26 vs.
3Q262Q263Q252Q263Q25
Net interest income$1,300 $1,250 $1,184 4.0 %9.8 %
Noninterest income744 706 702 5.4 6.0 
Total revenue2,044 1,956 1,886 4.5 %8.4 %
Taxable-equivalent adjustment8 8 9 0.0 %(11.1)%
Total revenue (TE) (a)
$2,052 $1,964 $1,895 4.5 %8.3 %
Net interest income (TE) (a)
$1,308 $1,258 $1,193 4.0 %9.6 %
(a)     The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures. The table     
     reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
TE = Taxable-equivalent

Taxable-equivalent net interest income 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 increased by $115 million, and the net interest margin increased by 20 basis points. These increases reflect 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.

Compared to the second quarter of 2026, taxable-equivalent net interest income increased by $50 million, and the net interest margin increased by 6 basis points. These increases reflect growth in commercial and industrial loans and higher deposit balances, the reinvestment of proceeds from maturing low-yielding investment securities and fixed-rate swaps into higher-yielding investments, and the impact of higher interest rates on repricing earning assets. Additionally, net interest income benefited from one additional day in the third quarter of 2026 compared to the second quarter of 2026.


KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 3
Noninterest Income
Dollars in millionsChange 3Q26 vs.
3Q262Q263Q252Q263Q25
Investment banking and debt placement fees$214 $169 $184 26.6 %16.3 %
Trust and investment services income165 159 150 3.8 10.0 
Cards and payments income93 94 86 (1.1)8.1 
Service charges on deposit accounts79 77 75 2.6 5.3 
Corporate services income72 80 72 (10.0)— 
Commercial mortgage servicing fees53 49 73 8.2 (27.4)
Corporate-owned life insurance income35 33 35 6.1 — 
Consumer mortgage income14 17 14 (17.6)— 
Operating lease income and other leasing gains9 10 11 (10.0)(18.2)
Other income9 15 8 (40.0)12.5
Net securities gains (losses)1 3 (6)(66.7)N/M
Total noninterest income$744 $706 $702 5.4 %6.0 %
N/M = Not Meaningful

Compared to the third quarter of 2025, noninterest income increased by $42 million. The increase was driven by a $30 million increase in investment banking and debt placement fees, a $15 million increase in trust and investment services income, and a $7 million increase in cards and payments income. These were partially offset by a $20 million decrease in commercial mortgage servicing fees.

Compared to the second quarter of 2026, noninterest income increased by $38 million. The increase was driven by a $45 million increase in investment banking and debt placement fees, and a $6 million increase in trust and investment services income. These were partially offset by an $8 million decrease in corporate services income and a $6 million decrease in other income.

Noninterest Expense
Dollars in millionsChange 3Q26 vs.
3Q262Q263Q252Q263Q25
Personnel expense$815 $786 $742 3.7 %9.8 %
Computer processing116 108 105 7.4 10.5 
Net occupancy67 68 65 (1.5)3.1 
Business services and professional fees46 46 44 — 4.5 
Marketing23 22 22 4.5 4.5 
Equipment21 22 20 (4.5)5.0 
Operating lease expense6 7 9 (14.3)(33.3)
Other expense151 158 170 (4.4)(11.2)
Total noninterest expense$1,245 $1,217 $1,177 2.3 %5.8 %
    
Compared to the third quarter of 2025, noninterest expense increased by $68 million. The increase was predominantly driven by a $73 million increase in personnel expense primarily related to continued investments in people, employee benefits, and incentive compensation associated with noninterest income growth. These were partially offset by a $19 million decrease in other expense, despite a $5 million benefit associated with the updated FDIC special assessment in the third quarter of 2025.

    Compared to the second quarter of 2026, noninterest expense increased by $28 million. The increase was predominantly driven by a $29 million increase in personnel expense, primarily related to incentive compensation and continued investments in people. These were partially offset by a $7 million decrease in other expense.


KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 4

BALANCE SHEET HIGHLIGHTS
Average Loans
Dollars in millionsChange 3Q26 vs.
3Q262Q263Q252Q263Q25
Commercial and industrial (a)
$64,421 $62,134 $56,571 3.7 %13.9 %
Other commercial loans18,656 18,844 18,826 (1.0)(0.9)
Total consumer loans28,508 29,094 30,830 (2.0)(7.5)
Total loans$111,585 $110,072 $106,227 1.4 %5.0 %
(a)Commercial and industrial average loan balances include $204 million, $209 million, and $214 million of assets from commercial credit cards at September 30, 2026, June 30, 2026, and September 30, 2025, respectively.

Average loans held for investment 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, driven by an increase in commercial and industrial loans. Average consumer loans declined by $2.3 billion, reflecting continued run-off across all consumer loan categories.

Compared to the second quarter of 2026, average loans held for investment increased by $1.5 billion. Average commercial loans increased $2.1 billion, driven by an increase in commercial and industrial loans. Average consumer loans declined by $586 million, reflective of the intentional run-off of low-yielding loans.

Average Deposits
Dollars in millionsChange 3Q26 vs.
3Q262Q263Q252Q263Q25
Non-time deposits$139,125 $135,828 $135,135 2.4 %3.0 %
Time deposits12,050 11,749 15,239 2.6 (20.9)
Total deposits$151,175 $147,577 $150,374 2.4 %0.5 %
Cost of total deposits1.66 %1.63 %1.97 %3 bps(31) bps


    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%.

Compared to the second quarter of 2026, average deposits increased by $3.6 billion. The increase was primarily driven by growth in demand deposits and money market deposits, as well as an increase in noninterest-bearing deposits. The rate paid on interest-bearing deposits increased 3 basis points, and the overall cost of deposits increased 3 basis points.





KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 5
ASSET QUALITY
Dollars in millionsChange 3Q26 vs.
3Q262Q263Q252Q263Q25
Net loan charge-offs$89 $115 $114 (22.6)%(21.9)%
Net loan charge-offs to average total loans0.32 %0.42 %0.42 %(10) bps(10) bps
Nonperforming loans at period end$618 $809 $658 (23.6)%(6.1)%
Nonperforming loans to period-end portfolio loans0.55 %0.73 %0.62 %(18) bps(7) bps
Nonperforming assets at period end$627 $818 $668 (23.3)%(6.1)%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets0.55 %0.74 %0.63 %(19) bps(8) bps
Allowance for loan and lease losses$1,398 $1,445 $1,444 (3.3)%(3.2)%
Allowance for credit losses1,694 1,722 1,736 (1.6)%(2.4)%
Allowance for credit losses to period-end loans1.50 %1.56 %1.64 %(6) bps(14) bps
Provision for credit losses$61 $92 $107 (33.7)%(43.0)%
Allowance for loan and lease losses to nonperforming loans226 %179 %219 %N/MN/M
Allowance for credit losses to nonperforming loans274 213 264 N/MN/M
N/M = Not Meaningful

    Net loan charge-offs for the third quarter of 2026 totaled $89 million, or 0.32% of average total loans. These results compare to $114 million, or 0.42%, for the third quarter of 2025, and $115 million, or 0.42%, for the second quarter of 2026.

Key’s allowance for credit losses was $1.7 billion, or 1.50% of total period-end loans at September 30, 2026, compared to 1.64% at September 30, 2025, and 1.56% at June 30, 2026. Provision for credit losses were $61 million, compared to $107 million for the third quarter of 2025, and $92 million for the second quarter of 2026.

    At September 30, 2026, Key’s nonperforming loans totaled $618 million, which represented 0.55% of period-end portfolio loans. These results compare to 0.62% at September 30, 2025, and 0.73% at June 30, 2026. Nonperforming assets at September 30, 2026, totaled $627 million, and represented 0.55% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.63% at September 30, 2025, and 0.74% at June 30, 2026.

CAPITAL

Key’s estimated risk-based capital ratios, included in the following table, continued to exceed all “well-capitalized” regulatory benchmarks at September 30, 2026.
Capital Ratios
9/30/20266/30/20269/30/2025
Common Equity Tier 1 (a)
11.1 %11.2 %11.8 %
Tier 1 risk-based capital (a)
12.3 12.8 13.5 
Total risk-based capital (a)
14.3 14.9 15.8 
Tangible common equity to tangible assets (b)
6.9 7.7 8.1 
Leverage (a)
9.9 10.3 10.4 
(a)September 30, 2026 ratio is estimated.
(b)The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to “tangible common equity.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

Key's regulatory capital position remained strong in the third quarter of 2026. As shown in the preceding table, at September 30, 2026, Key’s estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 11.1% and 12.3%, respectively.



KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 6
Summary of Changes in Common Shares Outstanding
In thousandsChange 3Q26 vs.
3Q262Q263Q252Q263Q25
Shares outstanding at beginning of period1,072,035 1,087,293 1,112,453 (1.4)%(3.6)%
Share repurchases(14,184)(15,531)— (8.7)N/M
Shares issued/reissued under employee compensation plans (net of cancellations and returns)325 273 499 19.0 (34.9)
Shares outstanding at end of period1,058,176 1,072,035 1,112,952 (1.3)%(4.9)%
N/M = Not Meaningful

    During the third quarter of 2026, Key declared a dividend of $.205 per common share. Shares outstanding decreased 1.3% from the second quarter of 2026, driven by $320 million of common share repurchases.

LINE OF BUSINESS RESULTS

    The following table shows the contribution made by each major business segment to Key’s taxable-equivalent revenue from continuing operations and income (loss) from continuing operations attributable to Key for the periods presented. For more detailed financial information pertaining to each business segment, see the tables at the end of this release.

Major Business Segments
Dollars in millionsChange 3Q26 vs.
3Q262Q263Q252Q263Q25
Revenue from continuing operations (TE)
Consumer Bank$1,049 $1,010 $991 3.9 %5.9 %
Commercial Bank1,201 1,108 1,115 8.4 7.7 
Other (a)
(198)(154)(211)(28.6)6.2
Total$2,052 $1,964 $1,895 4.5 %8.3 %
Income (loss) from continuing operations attributable to Key
Consumer Bank$211 $210 $208 0.5 %1.4 %
Commercial Bank516 423 440 22.0 17.3 
Other (a)
(148)(125)(158)(18.4)6.3
Total$579 $508 $490 14.0 %18.2 %
(a)Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represent the unallocated portion of nonearning assets of corporate support functions. Other also includes the residual net impact of our internal funds transfer pricing methodology, which arise from centrally managed interest rate activities and asset-liability repricing differences. Corporate treasury includes realized gains and losses from transactions associated with Key's investment securities portfolio. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations.
TE = Taxable-equivalent


KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 7
Consumer Bank
Dollars in millionsChange 3Q26 vs.
3Q262Q263Q252Q263Q25
Summary of operations
Net interest income (TE)$793 $757 $748 4.8 %6.0 %
Noninterest income256 253 243 1.2 5.3 
Total revenue (TE)1,049 1,010 991 3.9 5.9 
Provision for credit losses55 26 40 111.5 37.5 
Noninterest expense716 707 677 1.3 5.8 
Income (loss) before income taxes (TE)278 277 274 0.4 1.5 
Allocated income taxes (benefit) and TE adjustments67 67 66 — 1.5 
Net income (loss) attributable to Key$211 $210 $208 0.5 %1.4 %
Average balances
Loans and leases$32,596 $33,287 $35,377 (2.1)%(7.9)%
Total assets35,952 36,690 38,421 (2.0)(6.4)
Deposits87,367 87,430 87,718 (0.1)(0.4)
Assets under management at period end$74,453 $74,204 $67,855 0.3 %9.7 %
TE = Taxable-equivalent
Additional Consumer Bank Data
Dollars in millionsChange 3Q26 vs.
3Q262Q263Q252Q263Q25
Noninterest income
Trust and investment services income$139 $135 $124 3.0 %12.1 %
Service charges on deposit accounts34 33 36 3.0 (5.6)
Cards and payments income60 60 60 — — 
Consumer mortgage income14 16 14 (12.5)— 
Other noninterest income9 9 9 — — 
Total noninterest income$256 $253 $243 1.2 %5.3 %
Average deposit balances
Money market deposits$36,874 $36,116 $35,278 2.1 %4.5 %
Demand deposits22,540 22,861 22,607 (1.4)(0.3)
Savings deposits4,143 4,238 4,291 (2.2)(3.4)
Time deposits9,539 10,102 11,110 (5.6)(14.1)
Noninterest-bearing deposits14,271 14,113 14,432 1.1 (1.1)
Total deposits$87,367 $87,430 $87,718 (0.1)%(0.4)%
Other data
Branches935 939 942 
Automated teller machines1,088 1,107 1,152 

Consumer Bank Summary of Operations (3Q26 vs. 3Q25)
•Key's Consumer Bank recorded 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 increased by $45 million, or 6.0%
•Average loans and leases decreased $2.8 billion, or 7.9%, reflective of the continued run-off across all consumer loan categories
•Average deposits decreased $351 million, or 0.4%, driven by lower time deposits, partially offset by an increase in money market deposits
•Provision for credit losses increased $15 million, primarily reflecting a reserve build as a result of economic conditions
•Noninterest income increased $13 million, primarily driven by higher trust and investment services income
•Noninterest expense increased $39 million, primarily driven by an increase in personnel expense



KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 8
Commercial Bank
Dollars in millionsChange 3Q26 vs.
3Q262Q263Q252Q263Q25
Summary of operations
Net interest income (TE)$748 $697 $686 7.3 %9.0 %
Noninterest income453 411 429 10.2 5.6 
Total revenue (TE)1,201 1,108 1,115 8.4 7.7 
Provision for credit losses8 67 68 (88.1)(88.2)
Noninterest expense529 504 486 5.0 8.8 
Income (loss) before income taxes (TE)664 537 561 23.6 18.4 
Allocated income taxes and TE adjustments148 114 121 29.8 22.3 
Net income (loss) attributable to Key$516 $423 $440 22.0 %17.3 %
Average balances
Loans and leases$78,556 $76,238 $70,328 3.0 %11.7 %
Loans held for sale1,425 936 1,224 52.2 16.4 
Total assets89,221 85,769 79,859 4.0 11.7 
Deposits60,718 58,895 58,524 3.1 3.7 
TE = Taxable-equivalent

Additional Commercial Bank Data
Dollars in millionsChange 3Q26 vs.
3Q262Q263Q252Q263Q25
Noninterest income
Investment banking and debt placement fees$214 $169 $184 26.6 %16.3 %
Trust and investment services income26 24 26 8.3 — 
Cards and payments income28 29 21 (3.4)33.3 
Service charges on deposit accounts45 44 38 2.3 18.4 
Corporate services income70 78 70 (10.3)— 
Commercial mortgage servicing fees52 49 73 6.1 (28.8)
Operating lease income and other leasing gains9 10 10 (10.0)(10.0)
Other noninterest income9 8 7 12.5 28.6
Total noninterest income$453 $411 $429 10.2 %5.6 %

Commercial Bank Summary of Operations (3Q26 vs. 3Q25)
•Key's Commercial Bank recorded net income attributable to Key of $516 million for the third quarter of 2026, compared to $440 million from the year-ago quarter
•Taxable-equivalent net interest income increased by $62 million, or 9.0%
•Average loan and lease balances increased $8.2 billion, or 11.7%, driven by an increase in commercial and industrial loans
•Average deposit balances increased $2.2 billion, reflecting higher client deposit balances
•Provision for credit losses decreased $60 million, driven by a reserve release reflective of portfolio changes and lower net charge-offs
•Noninterest income increased $24 million, primarily driven by higher investment banking and debt placement fees, and service charges on deposit accounts
•Noninterest expense increased $43 million, driven by an increase in personnel expense


KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 9

*******************************************

KeyCorp's roots trace back more than 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $193 billion at September 30, 2026.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 950 branches and approximately 1,100 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.


KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 10
CONTACTS:
ANALYSTSMEDIA
Troy GatesSusan Donlan
216.689.3244216.471.3133
Troy_Gates@KeyBank.comSusan_E_Donlan@KeyBank.com
Hannah LewallenBeth Strauss
216.471.4856216.471.2787
Hannah_Lewallen@KeyBank.comBeth_A_Strauss@KeyBank.com
Johnny Li
646.551.8917
Johnny_Li@KeyBank.com
INVESTOR RELATIONS:KEY MEDIA NEWSROOM:
www.key.com/irwww.key.com/newsroom
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts. Forward-looking statements usually can be identified by the use of words such as “goal,” “objective,” “plan,” “expect,” “assume,” “anticipate,” “intend,” “project,” “believe,” “estimate,” or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results, or aspirations. Forward-looking statements, by their nature, are subject to assumptions, risks and uncertainties, many of which are outside of our control. Our actual results may differ materially from those set forth in our forward-looking statements. There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause Key's actual results to differ from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2025 and in KeyCorp's subsequent SEC filings, all of which have been or will be filed with the Securities and Exchange Commission (the “SEC”) and are or will be available on Key’s website (www.key.com/ir) and on the SEC’s website (www.sec.gov). These factors may include, among others, adverse changes in credit quality trends, declining asset prices, a worsening of the U.S. economy due to financial, political, or other shocks, the extensive regulation of the U.S. financial services industry, the soundness of other financial institutions, and the impact of changes in the interest rate environment. Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances.

A live Internet broadcast of KeyCorp’s conference call to discuss quarterly results and currently anticipated earnings trends and to answer analysts’ questions can be accessed through the Investor Relations section at https://www.key.com/ir at 8:00 a.m. ET, on October 20, 2026. A replay of the call will be available on our website through October 20, 2027.
For up-to-date company information, media contacts, and facts and figures about Key’s lines of business, visit our Media Newsroom at https://www.key.com/newsroom.

*****



KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 11



KeyCorp
Third Quarter 2026
Financial Supplement


    
Page
12
Basis of Presentation
13
Financial Highlights
15
GAAP to Non-GAAP Reconciliation
17
Consolidated Balance Sheets
18
Consolidated Statements of Income
19
Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
21
Noninterest Expense
21
Personnel Expense
21
Loan Composition
21
Loans Held for Sale Composition
22
Summary of Changes in Loans Held for Sale
22
Summary of Loan and Lease Loss Experience From Continuing Operations
23
Asset Quality Statistics From Continuing Operations
23
Summary of Nonperforming Assets and Past Due Loans From Continuing Operations
23
Summary of Changes in Nonperforming Loans From Continuing Operations
24
Line of Business Results
24
Selected Items Impact on Earnings



KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 12
Basis of Presentation

Use of Non-GAAP Financial Measures
This document contains GAAP financial measures and non-GAAP financial measures where management
believes it to be helpful in understanding Key’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this document, the financial supplement, or conference call slides related to this document, all of which can be found on Key’s website (www.key.com/ir).

Forward-Looking Non-GAAP Financial Measures
From time to time Key may discuss forward-looking non-GAAP financial measures. Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because Key is unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant for future results.

Annualized Data
Certain returns, yields, performance ratios, or quarterly growth rates are presented on an “annualized”
basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts.

Taxable-Equivalent
The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at the federal statutory rate. This adjustment puts all earning assets, most notably tax-exempt loans, and certain lease assets, on a common basis that facilitates comparison of results to peers.

Earnings Per Share Equivalent
Certain income or expense items may be expressed on a per common share basis. This is done for analytical and decision-making purposes to better discern underlying trends in total consolidated earnings per share performance excluding the impact of such items. When the impact of certain income or expense items is disclosed separately, the after-tax amount is computed using the marginal tax rate, unless otherwise specified, with this then being the amount used to calculate the earnings per share equivalent.




KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 13
Financial Highlights
(Dollars in millions, except per share amounts)
Three months ended
9/30/20266/30/20269/30/2025
Summary of operations
Net interest income (TE)$1,308 $1,258 $1,193 
Noninterest income744 706 702 
Total revenue (TE)
2,052 1,964 1,895 
Provision for credit losses61 92 107 
Noninterest expense1,245 1,217 1,177 
Income (loss) from continuing operations attributable to Key579 508 490 
Income (loss) from discontinued operations, net of taxes— 1 (1)
Net income (loss) attributable to Key579 509 489 
Income (loss) from continuing operations attributable to Key common shareholders537 472 454 
Income (loss) from discontinued operations, net of taxes— 1 (1)
Net income (loss) attributable to Key common shareholders537 473 453 
Per common share
Income (loss) from continuing operations attributable to Key common shareholders$0.51 $0.44 $0.41 
Income (loss) from discontinued operations, net of taxes— — — 
Net income (loss) attributable to Key common shareholders (a)
0.51 0.44 0.41 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution0.51 0.44 0.41 
Income (loss) from discontinued operations, net of taxes — assuming dilution— — — 
Net income (loss) attributable to Key common shareholders — assuming dilution (a)
0.51 0.44 0.41 
Cash dividends declared0.205 0.205 0.205 
Book value at period end15.01 16.19 15.86 
Tangible book value at period end12.35 13.62 13.38 
Market price at period end20.07 23.05 18.69 
Performance ratios
From continuing operations:
Return on average total assets1.21 %1.08 %1.04 %
Return on average common equity12.61 10.85 10.49 
Return on average tangible common equity (b)
15.11 12.89 12.51 
Net interest margin (TE)2.95 2.89 2.75 
Cash efficiency ratio (b)
60.6 61.9 61.8 
From consolidated operations:
Return on average total assets1.20 %1.08 %1.04 %
Return on average common equity12.61 10.87 10.47 
Return on average tangible common equity (b)
15.11 12.91 12.48 
Net interest margin (TE)2.95 2.89 2.74 
Loan to deposit (c)
74.3 73.0 71.0 
Capital ratios at period end
Key shareholders’ equity to assets9.2 %10.3 %10.7 %
Key common shareholders’ equity to assets8.2 9.1 9.4 
Tangible common equity to tangible assets (b)
6.9 7.7 8.1 
Common Equity Tier 1 (d)
11.1 11.2 11.8 
Tier 1 risk-based capital (d)
12.3 12.8 13.5 
Total risk-based capital (d)
14.3 14.9 15.8 
Leverage (d)
9.9 10.3 10.4 
Asset quality — from continuing operations
Net loan charge-offs
$89 $115 $114 
Net loan charge-offs to average loans
0.32 %0.42 %0.42 %
Allowance for loan and lease losses
$1,398 $1,445 $1,444 
Allowance for credit losses
1,694 1,722 1,736 
Allowance for loan and lease losses to period-end loans
1.24 %1.31 %1.36 %
Allowance for credit losses to period-end loans
1.50 1.56 1.64 
Allowance for loan and lease losses to nonperforming loans226 179 219 
Allowance for credit losses to nonperforming loans274 213 264 
Nonperforming loans at period-end$618 $809 $658 
Nonperforming assets at period-end627 818 668 
Nonperforming loans to period-end portfolio loans0.55 %0.73 %0.62 %
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets0.55 0.74 0.63 
Trust assets
Assets under management$74,453 $74,204 $67,855 
Other data
Average full-time equivalent employees
17,700 17,517 17,414 
Branches
935 939 942 
Taxable-equivalent adjustment
$8 $8 $9 
(a)Earnings per share may not foot due to rounding.
(b)The table entitled “GAAP to Non-GAAP Reconciliations” starting on page 15 of this supplement presents the computations of certain financial measures related to “tangible common equity” and “cash efficiency.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
(c)Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits.
(d)September 30, 2026, ratio is estimated.


KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 14
Financial Highlights (continued)
(Dollars in millions, except per share amounts)
Nine months ended
9/30/20269/30/2025
Summary of operations
Net interest income (TE)$3,796 $3,448 
Noninterest income2,173 2,060 
Total revenue (TE)5,969 5,508 
Provision for credit losses259 363 
Noninterest expense3,643 3,462 
Income (loss) from continuing operations attributable to Key1,609 1,319 
Income (loss) from discontinued operations, net of taxes1 — 
Net income (loss) attributable to Key1,610 1,319 
Income (loss) from continuing operations attributable to Key common shareholders1,495 1,211 
Income (loss) from discontinued operations, net of taxes1 — 
Net income (loss) attributable to Key common shareholders1,496 1,211 
Per common share
Income (loss) from continuing operations attributable to Key common shareholders$1.39 $1.10 
Income (loss) from discontinued operations, net of taxes— — 
Net income (loss) attributable to Key common shareholders (a)
1.39 1.10 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution1.39 1.09 
Income (loss) from discontinued operations, net of taxes — assuming dilution— — 
Net income (loss) attributable to Key common shareholders — assuming dilution (a)
1.39 1.09 
Cash dividends paid0.62 0.62 
Performance ratios
From continuing operations:
Return on average total assets1.14 %0.94 %
Return on average common equity11.48 9.70 
Return on average tangible common equity (b)
13.65 11.63 
Net interest margin (TE)2.91 2.66 
Cash efficiency ratio (b)
60.9 62.6 
From consolidated operations:
Return on average total assets1.14 %0.94 %
Return on average common equity11.49 9.70 
Return on average tangible common equity (b)
13.66 11.63 
Net interest margin (TE)2.90 2.66 
Asset quality — from continuing operations
Net loan charge-offs$305 $326 
Net loan charge-offs to average total loans0.37 %0.41 %
Other data
Average full-time equivalent employees17,562 17,169 
Taxable-equivalent adjustment24 27 
(a)Earnings per share may not foot due to rounding.
(b)The following table entitled “GAAP to Non-GAAP Reconciliations” presents the computations of certain financial measures related to “tangible common equity” and “cash efficiency.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.



KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 15
GAAP to Non-GAAP Reconciliations
(Dollars in millions)
The table below presents certain non-GAAP financial measures defined and described below.

The tangible common equity ratio and the return on average tangible common equity ratio have been a focus for some investors, and management believes these ratios may assist investors in analyzing Key’s capital position without regard to the effects of intangible assets and preferred stock. Adjusted return on average tangible common equity excludes significant or unusual items that management does not consider indicative of ongoing financial performance. Management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.

The table also shows the computation for pre-provision net revenue and adjusted pre-provision net revenue, which are not formally defined by GAAP. Management believes that eliminating the effects of the provision for credit losses makes it easier to analyze the results by presenting them on a more comparable basis. Further, management believes that adjusting pre-provision net revenue for significant or unusual items that management does not consider indicative of ongoing financial performance provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.

The cash efficiency ratio is a ratio of two non-GAAP performance measures. As such, there is no directly comparable GAAP performance measure. The cash efficiency ratio performance measure removes the impact of Key’s intangible asset amortization from the calculation. Management believes this ratio provides greater consistency and comparability between Key’s results and those of its peer banks. Additionally, this ratio is used by analysts and investors as they develop earnings forecasts and peer bank analysis. The adjusted cash efficiency ratio excludes significant or unusual items that management does not consider indicative of ongoing financial performance

Adjusted taxable-equivalent revenue or adjusted revenue is a non-GAAP measure in that it adjusts revenue for certain tax-exempt instruments and selected items. The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable instruments. Additionally, management believes adjusting for the selected items provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of the financial impacts related to those selected items.

Adjusted noninterest income and adjusted noninterest expense are non-GAAP measures in that they exclude significant or unusual items that management does not consider indicative of ongoing financial performance. Management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods.

Adjusted income (loss) available from continuing operations attributable to Key common shareholders (or “adjusted net income”) and diluted earnings per share - adjusted (or "adjusted earnings per share") are non-GAAP in that these measures exclude significant or unusual items, net of tax, that management does not consider indicative of ongoing financial performance . Management believes these measures provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods.

Marked CET1 ratio is a non-GAAP measure and is calculated based on Common Equity Tier 1 capital, inclusive of the AOCI impact from securities and pension. The marked CET1 ratio differs from the defined CET1 regulatory capital ratio by including the impact of AFS and pension accumulated other comprehensive income (loss) (AOCI) amounts in the calculation of the capital ratio. These ratios are not defined in GAAP or federal banking regulations. As a result, these non-regulatory capital ratios disclosed may be considered non-GAAP financial measures. Management believes this measure provides useful information in light of the potential for change in the regulatory capital framework.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although these non-GAAP financial measures are frequently used by investors to evaluate a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP.
Three months endedNine months ended
9/30/20266/30/20269/30/20259/30/20269/30/2025
Net interest income (GAAP)$1,300 $1,250 $1,184 $3,772 $3,421 
Add: Taxable-equivalent adjustment8 8 9 24 27 
Net interest income TE (non-GAAP) (A)$1,308 $1,258 $1,193 $3,796 $3,448 
Net income (loss) attributable to Key common shareholders (GAAP) (B)$537 $473 $453 $1,496 $1,211 
Average Key shareholders' equity (GAAP)$19,307 $19,947 $19,664 $19,878 $19,193 
Less: Average intangible assets2,796 2,756 2,767 2,770 2,772 
          Average preferred stock2,409 2,500 2,500 2,469 2,500 
 Average tangible common equity (non-GAAP) (C)$14,102 $14,691 $14,397 $14,639 $13,921 
Key shareholders' equity (GAAP)$17,809 $19,798 $20,102 
Less: Intangible assets2,814 2,755 2,765 
             Preferred stock (a)
1,927 2,446 2,446 
Tangible common equity (non-GAAP) (D)$13,068 $14,597 $14,891 
Total assets (GAAP)$193,102 $191,317 $187,409 
Less: Intangible assets2,814 2,755 2,765 
 Tangible assets (non-GAAP) (E)$190,288 $188,562 $184,644 
Tangible common equity to tangible assets ratio (non-GAAP) (D/E)6.87 %7.74 %8.06 %
Return on average tangible common equity consolidated (non-GAAP) (B/C)15.11 %12.91 %12.48 %13.66 %11.63 %
Common equity tier 1 (F)$17,037 $17,016 $17,050 
Add: AFS and Pension AOCI (loss)(3,224)(2,154)(2,176)
Marked common equity tier 1 (non-GAAP) (G) (b)
$13,813 $14,862 $14,874 
Risk-weighted assets (H) (c)
$153,761 $152,068 $144,428 
Common equity tier 1 ratio (F/H) (c)
11.1 %11.2 %11.8 %
Marked CET1 ratio (non-GAAP) (G/H) (b)(c)
9.0 9.8 10.3 



KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 16
GAAP to Non-GAAP Reconciliations (continued)
(Dollars in millions)
Three months endedNine months ended
9/30/20266/30/20269/30/20259/30/20269/30/2025
Income (loss) from continuing operations attributable to Key common shareholders (GAAP) (I)$537 $472 $454 $1,495 $1,211 
Plus: Selected items (net of tax) (d)
— — (4)— (4)
Net income (loss) from continuing operations attributable to Key common shareholders, excluding selected items (non-GAAP) (J)$537 $472 $450 $1,495 $1,207 
Return on average tangible common equity from continuing operations (non-GAAP) (I/C)15.11 %12.89 %12.51 %13.65 %11.63 %
Adjusted return on average tangible common equity from continuing operations excluding selected items (non-GAAP) (J/C)15.11 12.89 12.40 13.65 11.59 
Noninterest income (GAAP) (K)$744 $706 $702 $2,173 $2,060 
Plus: Selected items (d)
— — — — — 
Adjusted noninterest income (non-GAAP) (L)$744 $706 $702 $2,173 $2,060 
Noninterest expense (GAAP) (M)$1,245 $1,217 $1,177 $3,643 $3,462 
Less: Intangible asset amortization2 2 5 6 15 
Noninterest expense less intangible asset amortization (non-GAAP) (N)$1,243 $1,215 $1,172 $3,637 $3,447 
Plus: Selected items (d) (O)
— — 5 — 5 
Adjusted noninterest expense less intangible asset amortization (non-GAAP) (P)$1,243 $1,215 $1,177 $3,637 $3,452 
Adjusted noninterest expense (non-GAAP) (M+O)$1,245 $1,217 $1,182 $3,643 $3,467 
Total taxable-equivalent revenue (non-GAAP) (A+K) = (Q)$2,052 $1,964 $1,895 $5,969 $5,508 
Total adjusted taxable-equivalent revenue (non-GAAP) (A+L)2,052 1,964 1,895 5,969 5,508 
Cash efficiency ratio (non-GAAP) (N/Q)60.58 %61.86 %61.85 %60.93 %62.58 %
Adjusted cash efficiency ratio (non-GAAP) (P/Q)60.58 61.86 62.11 60.93 62.67 
Pre-provision net revenue from continuing operations (non-GAAP) (A+K-M)$807 $747 $718 $2,326 $2,046 
Plus: Selected items (d)
— — (5)— (5)
Adjusted pre-provision net revenue from continuing operations (non-GAAP)$807 $747 $713 $2,326 $2,041 
Diluted EPS from continuing operations attributable to Key common shareholders (GAAP)$0.51 $0.44 $0.41 $1.39 $1.09 
Plus: EPS impact of selected items (d)
— — — — — 
Diluted EPS from continuing operations attributable to Key common shareholders - adjusted (non-GAAP) (e)
$0.51 $0.44 $0.41 $1.39 $1.09 
(a)Net of capital surplus.
(b)Under the current applicable regulatory capital rules, Key has made the AOCI opt out election, which enables us to exclude components of AOCI from regulatory capital, notably the AOCI relative to securities and pension.
(c)Amounts and ratios as of September 30, 2026 are estimated.
(d)Additional detail provided in Selected Items table on page 24.
(e)Earnings per share may not foot due to rounding.
GAAP = U.S. generally accepted accounting principles; TE = Taxable-equivalent




KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 17
Consolidated Balance Sheets
(Dollars in millions)
9/30/20266/30/20269/30/2025
Assets
Loans$112,993 $110,430 $105,902 
Loans held for sale1,159 1,198 998 
Securities available for sale36,311 38,459 40,456 
Held-to-maturity securities9,612 9,515 7,509 
Trading account assets925 936 972 
Short-term investments12,973 12,416 13,334 
Other investments1,281 1,230 921 
Total earning assets175,254 174,184 170,092 
Allowance for loan and lease losses(1,398)(1,445)(1,444)
Cash and due from banks1,540 1,711 1,938 
Premises and equipment636 620 606 
Goodwill2,803 2,752 2,752 
Other intangible assets11 3 13 
Corporate-owned life insurance4,461 4,456 4,428 
Accrued income and other assets9,617 8,848 8,803 
Discontinued assets178 188 221 
Total assets$193,102 $191,317 $187,409 
Liabilities
Deposits in domestic offices:
Interest-bearing deposits$125,594 $122,196 $122,425 
Noninterest-bearing deposits28,220 30,893 28,340 
Total deposits153,814 153,089 150,765 
Federal funds purchased and securities sold under repurchase agreements 49 5 10 
Bank notes and other short-term borrowings5,185 3,680 1,339 
Accrued expense and other liabilities4,772 3,778 4,276 
Long-term debt11,473 10,967 10,917 
Total liabilities175,293 171,519 167,307 
Equity
Preferred stock1,975 2,500 2,500 
Common shares1,257 1,257 1,257 
Capital surplus6,057 6,014 6,002 
Retained earnings16,194 15,873 15,111 
Treasury stock, at cost(3,809)(3,492)(2,619)
Accumulated other comprehensive income (loss)(3,865)(2,354)(2,149)
Key shareholders’ equity17,809 19,798 20,102 
Total liabilities and equity$193,102 $191,317 $187,409 
Common shares outstanding (000)1,058,176 1,072,035 1,112,952 
    





KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 18
Consolidated Statements of Income
(Dollars in millions, except per share amounts)
Three months ended
Nine months ended
9/30/20266/30/20269/30/20259/30/20269/30/2025
Interest income
Loans$1,511 $1,463 $1,466 $4,390 $4,310 
Loans held for sale22 15 18 51 43 
Securities available for sale373 367 408 1,110 1,211 
Held-to-maturity securities98 95 64 279 188 
Trading account assets12 10 11 33 44 
Short-term investments107 101 156 311 487 
Other investments10 8 8 23 25 
Total interest income2,133 2,059 2,131 6,197 6,308 
Interest expense
Deposits634 600 748 1,832 2,231 
Federal funds purchased and securities sold under repurchase agreements11 19 4 44 9 
Bank notes and other short-term borrowings25 35 14 80 75 
Long-term debt163 155 181 469 572 
Total interest expense833 809 947 2,425 2,887 
Net interest income1,300 1,250 1,184 3,772 3,421 
Provision for credit losses61 92 107 259 363 
Net interest income after provision for credit losses1,239 1,158 1,077 3,513 3,058 
Noninterest income
Investment banking and debt placement fees214 169 184 580 537 
Trust and investment services income165 159 150 481 435 
Cards and payments income93 94 86 273 253 
Service charges on deposit accounts79 77 75 233 217 
Corporate services income72 80 72 223 213 
Commercial mortgage servicing fees53 49 73 164 219 
Corporate-owned life insurance income35 33 35 102 100 
Consumer mortgage income14 17 14 44 42 
Operating lease income and other leasing gains9 10 11 27 34 
Other income9 15 8 42 16 
Net securities gains (losses)1 3 (6)4 (6)
Total noninterest income744 706 702 2,173 2,060 
Noninterest expense
Personnel815 786 742 2,344 2,127 
Computer processing116 108 105 335 319 
Net occupancy67 68 65 203 201 
Business services and professional fees46 46 44 128 132 
Marketing23 22 22 63 67 
Equipment21 22 20 62 61 
Operating lease expense6 7 9 20 30 
Other expense151 158 170 488 525 
Total noninterest expense1,245 1,217 1,177 3,643 3,462 
Income (loss) from continuing operations before income taxes738 647 602 2,043 1,656 
Income taxes (benefit)159 139 112 434 337 
Income (loss) from continuing operations579 508 490 1,609 1,319 
Income (loss) from discontinued operations, net of taxes— 1 (1)1 — 
Net income (loss)$579 $509 $489 $1,610 $1,319 
Income (loss) from continuing operations attributable to Key common shareholders$537 $472 $454 $1,495 $1,211 
Net income (loss) attributable to Key common shareholders537 473 453 1,496 1,211 
Per common share
Income (loss) from continuing operations attributable to Key common shareholders$0.51 $0.44 $0.41 $1.39 $1.10 
Income (loss) from discontinued operations, net of taxes— — — — — 
Net income (loss) attributable to Key common shareholders (a)
0.51 0.44 0.41 1.39 1.10 
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders$0.51 $0.44 $0.41 $1.39 $1.09 
Income (loss) from discontinued operations, net of taxes— — — — — 
Net income (loss) attributable to Key common shareholders (a)
0.51 0.44 0.41 1.39 1.09 
Cash dividends declared per common share$0.205 $0.205 $0.205 $0.615 $0.615 
Weighted-average common shares outstanding (000)1,054,951 1,071,229 1,100,830 1,070,808 1,099,520 
Effect of common share options and other stock awards9,315 8,779 9,845 9,395 8,864 
Weighted-average common shares and potential common shares outstanding (000) (b)
1,064,266 1,080,008 1,110,675 1,080,203 1,108,384 
(a)Earnings per share may not foot due to rounding.
(b)Assumes conversion of common share options and other stock awards, as applicable.



KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 19
Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
Third Quarter 2026Second Quarter 2026Third Quarter 2025
AverageYield/AverageYield/AverageYield/
Balance
Interest (a)
Rate (a)
Balance
Interest (a)
Rate (a)
Balance
Interest (a)
Rate (a)
Assets
Loans: (b), (c)
Commercial and industrial (d)
$64,421 $942 5.82 %$62,134 $896 5.78 %$56,571 $858 6.02 %
Real estate — commercial mortgage13,781 201 5.80 13,911 197 5.68 13,697 208 6.02 
Real estate — construction2,938 48 6.49 2,816 46 6.53 2,744 48 6.96 
Commercial lease financing1,937 19 3.87 2,117 20 3.77 2,385 22 3.62 
Total commercial loans83,077 1,210 5.79 80,978 1,159 5.73 75,397 1,136 5.98 
Real estate — residential mortgage17,988 152 3.37 18,305 153 3.35 19,140 160 3.34 
Home equity loans5,330 72 5.37 5,470 73 5.33 5,934 84 5.65 
Other consumer loans4,278 56 5.20 4,410 57 5.18 4,825 63 5.17 
Credit cards912 29 12.94 909 29 12.67 931 32 13.50 
Total consumer loans28,508 309 4.33 29,094 312 4.29 30,830 339 4.38 
Total loans111,585 1,519 5.42 110,072 1,471 5.35 106,227 1,475 5.51 
Loans held for sale1,523 22 5.70 1,085 15 5.68 1,291 18 5.81 
Securities available for sale (b), (e)
37,960 373 3.64 38,518 367 3.58 40,310 408 3.77 
Held-to-maturity securities (b)
9,488 98 4.13 9,425 95 4.05 7,168 64 3.59 
Trading account assets795 12 5.78 797 10 5.30 922 11 4.61 
Short-term investments11,198 107 3.80 10,705 101 3.79 13,463 156 4.60 
Other investments (e)
1,216 10 3.33 1,214 8 2.66 966 8 3.29 
Total earning assets173,765 2,141 4.82 171,816 2,067 4.75 170,347 2,140 4.92 
Allowance for loan and lease losses(1,441)(1,442)(1,443)
Accrued income and other assets18,295 17,926 18,234 
Discontinued assets182 192 227 
Total assets$190,801 $188,492 $187,365 
Liabilities
Money market deposits$43,996 $241 2.17 %$42,843 $225 2.11 %$41,953 $265 2.51 %
Demand deposits62,773 293 1.85 61,013 280 1.84 60,597 346 2.26 
Savings deposits4,348 1 0.06 4,406 1 0.04 4,478 1 0.05 
Time deposits12,050 99 3.28 11,749 94 3.21 15,239 136 3.54 
Total interest-bearing deposits123,167 634 2.04 120,011 600 2.01 122,267 748 2.43 
Federal funds purchased and securities sold under repurchase agreements1,275 11 3.74 2,002 19 3.71 368 4 4.32 
Bank notes and other short-term borrowings3,233 25 3.10 4,179 35 3.33 1,372 14 3.91 
Long-term debt (f)
11,198 163 5.77 10,694 155 5.84 11,071 181 6.53 
Total interest-bearing liabilities138,873 833 2.38 136,886 809 2.37 135,078 947 2.78 
Noninterest-bearing deposits28,008 27,566 28,107 
Accrued expense and other liabilities4,431 3,901 4,289 
Discontinued liabilities (f)
182 192 227 
Total liabilities$171,494 $168,545 $167,701 
Equity
Total equity$19,307 $19,947 $19,664 
Total liabilities and equity$190,801 $188,492 $187,365 
Interest rate spread (TE)2.44 %2.38 %2.14 %
Net interest income (TE) and net interest margin (TE)$1,308 2.95 %$1,258 2.89 %$1,193 2.75 %
TE adjustment (b)
889
Net interest income, GAAP basis$1,300 $1,250 $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, June 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, $209 million, and $214 million of assets from commercial credit cards for the three months ended September 30, 2026, June 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, $41.0 billion, and $43.1 billion for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively. Yield based on the fair value of securities available for sale was 3.93%, 3.81%, and 4.05% for the three months ended September 30, 2026, June 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 Key’s matched funds transfer pricing methodology to discontinued operations.
TE = Taxable-equivalent, GAAP = U.S. generally accepted accounting principles.


KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 20
Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
Nine months ended September 30, 2026Nine months ended September 30, 2025
AverageYield/AverageYield/
BalanceInterest (a)Rate (a)BalanceInterest (a)Rate (a)
Assets
Loans: (b), (c)
Commercial and industrial (d)
$61,921 $2,681 5.78 %$55,317 $2,496 6.03 %
Real estate — commercial mortgage13,864 5965.75 13,359 6006.00 
Real estate — construction2,853 139 6.51 2,840 147 6.92 
Commercial lease financing2,088 60 3.82 2,520 68 3.58 
Total commercial loans80,726 3,476 5.75 74,036 3,311 5.98 
Real estate — residential mortgage18,293 460 3.36 19,439 487 3.34 
Home equity loans5,468 219 5.35 6,090 256 5.63 
Other consumer loans4,415 171 5.18 4,951 189 5.09 
Credit cards910 88 12.95 923 94 13.66 
Total consumer loans29,086 938 4.31 31,403 1,026 4.36 
Total loans109,812 4,414 5.37 105,439 4,337 5.50 
Loans held for sale1,235 51 5.48 960 43 6.03 
Securities available for sale (b), (e)
38,622 1,110 3.60 40,118 1,211 3.74 
Held-to-maturity securities (b)
9,239 279 4.03 7,160 188 3.50 
Trading account assets818 33 5.34 1,158 44 5.08 
Short-term investments11,013 311 3.78 14,048 487 4.63 
Other investments (e)
1,169 23 2.68 972 25 3.47 
Total earning assets171,908 6,221 4.76 169,855 6,335 4.89 
Allowance for loan and lease losses(1,434)(1,423)
Accrued income and other assets17,931 18,247 
Discontinued assets192 240 
Total assets$188,597 $186,919 
Liabilities
Money market deposits$43,195 $689 2.13 %$42,182 $816 2.59 %
Other demand deposits61,759 852 1.85 58,416 965 2.21 
Savings deposits4,377 3 0.05 4,572 3 0.06 
Time deposits11,860 288 3.25 15,816 447 3.78 
Total interest-bearing deposits121,191 1,832 2.02 120,986 2,231 2.47 
Federal funds purchased and securities sold under repurchase agreements1,604 44 3.71 295 9 4.26 
Bank notes and other short-term borrowings3,335 80 3.22 2,308 75 4.35 
Long-term debt (f)
10,697 469 5.85 11,643 572 6.57 
Total interest-bearing liabilities136,827 2,425 2.37 135,232 2,887 2.85 
Noninterest-bearing deposits27,506 27,807 
Accrued expense and other liabilities4,194 4,447 
Discontinued liabilities (f)
192 240 
Total liabilities$168,719 $167,726 
Equity
Total 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 %
TE adjustment (b)
2427 
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 Key’s matched funds transfer pricing methodology to discontinued operations.
TE = Taxable-equivalent, GAAP = U.S. generally accepted accounting principles


KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 21
Noninterest Expense
(Dollars in millions)
Three months endedNine months ended
9/30/20266/30/20269/30/20259/30/20269/30/2025
Personnel (a)
$815 $786 $742 $2,344 $2,127 
Computer processing116 108 105 335 319 
Net occupancy67 68 65 203 201 
Business services and professional fees46 46 44 128 132 
Marketing23 22 22 63 67 
Equipment21 22 20 62 61 
Operating lease expense6 7 9 20 30 
Other expense151 158 170 488 525 
Total noninterest expense$1,245 $1,217 $1,177 $3,643 $3,462 
Average full-time equivalent employees (b)
17,700 17,517 17,414 17,562 17,169 
(a)Additional detail provided in Personnel Expense table below.
(b)The number of average full-time equivalent employees has not been adjusted for discontinued operations.

Personnel Expense
(Dollars in millions)
Three months endedNine months ended
9/30/20266/30/20269/30/20259/30/20269/30/2025
Salaries and contract labor$463 $448 $437 $1,350 $1,269 
Incentive and stock-based compensation212 194 190 578 516 
Employee benefits137 140 112 404 329 
Severance3 4 3 12 13 
Total personnel expense$815 $786 $742 $2,344 $2,127 

Loan Composition
(Dollars in millions)
Change 9/30/2026 vs.
9/30/20266/30/20269/30/20256/30/20269/30/2025
Commercial and industrial (a)
$66,073 $62,734 $56,791 5.3 %16.3 %
Commercial real estate:
Commercial mortgage13,816 13,941 13,378 (0.9)3.3 
Construction2,919 2,896 2,817 0.8 3.6 
Total commercial real estate loans16,735 16,837 16,195 (0.6)3.3 
Commercial lease financing1,914 1,997 2,333 (4.2)(18.0)
Total commercial loans84,722 81,568 75,319 3.9 12.5 
Real estate — residential mortgage17,868 18,178 19,008 (1.7)(6.0)
Home equity loans5,266 5,408 5,863 (2.6)(10.2)
Other consumer loans4,213 4,349 4,779 (3.1)(11.8)
Credit cards924 927 933 (0.3)(1.0)
Total consumer loans28,271 28,862 30,583 (2.0)(7.6)
Total loans (b), (c)
$112,993 $110,430 $105,902 2.3 %6.7 %
(a)Loan balances include $203 million, $208 million, and $212 million of commercial credit card balances at September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
(b)Total loans exclude loans of $171 million at September 30, 2026, $182 million at June 30, 2026, and $216 million at September 30, 2025, related to the discontinued operations of the education lending business.
(c)Accrued interest of $464 million, $453 million, and $472 million at September 30, 2026, June 30, 2026, and September 30, 2025, respectively, presented in "other assets" on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.

Loans Held for Sale Composition
(Dollars in millions)
Change 9/30/2026 vs.
9/30/20266/30/20269/30/20256/30/20269/30/2025
Commercial and industrial$586 $559 $130 4.8 %350.8 %
Real estate — commercial mortgage509 435 806 17.0 (36.8)
Real estate — residential mortgage64 204 62 (68.6)3.2 
Total loans held for sale$1,159 $1,198 $998 (3.3)%16.1 %


KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 22
Summary of Changes in Loans Held for Sale
(Dollars in millions)
3Q262Q261Q264Q253Q25
Balance at beginning of period$1,198 $876 $1,077 $998 $530 
New originations2,525 2,099 2,034 3,356 3,471 
Transfers from (to) held to maturity, net33 34 (13)(35)— 
Loan sales(2,577)(1,721)(2,201)(3,232)(2,956)
Loan draws (payments), net(22)(89)(25)(10)(42)
Valuation and other adjustments2 (1)4 — (5)
Balance at end of period$1,159 $1,198 $876 $1,077 $998 

Summary of Loan and Lease Loss Experience From Continuing Operations
(Dollars in millions)
Three months endedNine months ended
9/30/20266/30/20269/30/20259/30/20269/30/2025
Average loans outstanding$111,585 $110,072 $106,227 $109,812 $105,439 
Allowance for loan and lease losses at the beginning of the period$1,445 $1,449 $1,446 $1,427 $1,409 
Loans charged off:
Commercial and industrial81 84 87 255 243 
Real estate — commercial mortgage11 20 27 32 69 
Real estate — construction1 — — 1 — 
Total commercial real estate loans12 20 27 33 69 
Commercial lease financing— 1 — 1 2 
Total commercial loans93 105 114 289 314 
Real estate — residential mortgage1 1 — 2 1 
Home equity loans1 — — 2 1 
Other consumer loans16 14 15 45 42 
Credit cards10 11 11 31 35 
Total consumer loans28 26 26 80 79 
Total loans charged off121 131 140 369 393 
Recoveries:
Commercial and industrial18 9 21 37 50 
Real estate — commercial mortgage7 1 — 8 1 
Real estate — construction— — — — — 
Total commercial real estate loans7 1 — 8 1 
Commercial lease financing— — — — — 
Total commercial loans25 10 21 45 51 
Real estate — residential mortgage1 1 1 3 3 
Home equity loans1 — — 2 2 
Other consumer loans3 3 2 8 6 
Credit cards2 2 2 6 5 
Total consumer loans7 6 5 19 16 
Total recoveries32 16 26 64 67 
Net loan charge-offs(89)(115)(114)(305)(326)
Provision (credit) for loan and lease losses42 111 112 276 361 
Allowance for loan and lease losses at end of period$1,398 $1,445 $1,444 $1,398 $1,444 
Liability for credit losses on lending-related commitments at beginning of period$277 $296 $297 $313 $290 
Provision (credit) for losses on lending-related commitments19 (19)(5)(17)2 
Liability for credit losses on lending-related commitments at end of period (a)
$296 $277 $292 $296 $292 
Total allowance for credit losses at end of period$1,694 $1,722 $1,736 $1,694 $1,736 
Net loan charge-offs to average total loans0.32 %0.42 %0.42 %0.37 %0.41 %
Allowance for loan and lease losses to period-end loans1.24 1.31 1.36 1.24 1.36 
Allowance for credit losses to period-end loans1.50 1.56 1.64 1.50 1.64 
Allowance for loan and lease losses to nonperforming loans226 179 219 226 219 
Allowance for credit losses to nonperforming loans274 213 264 274 264 
Discontinued operations — education lending business:
Loans charged off$1 $— $1 $2 $2 
Recoveries1 — 1 1 1 
Net loan charge-offs$— $— $— $(1)$(1)
(a)Included in "Accrued expense and other liabilities" on the balance sheet.


KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 23
Asset Quality Statistics From Continuing Operations
(Dollars in millions)
3Q262Q261Q264Q253Q25
Net loan charge-offs$89 $115 $101 $104 $114 
Net loan charge-offs to average total loans0.32 %0.42 %0.38 %0.39 %0.42 %
Allowance for loan and lease losses$1,398 $1,445 $1,449 $1,427 $1,444 
Allowance for credit losses (a)
1,694 1,722 1,745 1,740 1,736 
Allowance for loan and lease losses to period-end loans1.24 %1.31 %1.33 %1.34 %1.36 %
Allowance for credit losses to period-end loans1.50 1.56 1.60 1.63 1.64 
Allowance for loan and lease losses to nonperforming loans226 179 212 232 219 
Allowance for credit losses to nonperforming loans274 213 256 283 264 
Nonperforming loans at period end$618 $809 $682 $615 $658 
Nonperforming assets at period end627 818 692 627 668 
Nonperforming loans to period-end portfolio loans0.55 %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)Includes the allowance for loan and lease losses plus the liability for credit losses on lending-related commitments.

Summary of Nonperforming Assets and Past Due Loans From Continuing Operations
(Dollars in millions)
9/30/20266/30/20263/31/202612/31/20259/30/2025
Commercial and industrial$274 $358 $284 $256 $253 
Real estate — commercial mortgage154 256 190 157 214 
Real estate — construction— — — — — 
Total commercial real estate loans154 256 190 157 214 
Commercial lease financing5 6 6 7 — 
Total commercial loans433 620 480 420 467 
Real estate — residential mortgage98 100 115 104 98 
Home equity loans77 79 76 80 82 
Other consumer loans4 4 4 4 4 
Credit cards6 6 7 7 7 
Total consumer loans185 189 202 195 191 
Total nonperforming loans (a)
618 809 682 615 658 
OREO9 9 10 9 10 
Nonperforming loans held for sale— — — 3 — 
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 days153 138 137 220 254 
Nonperforming assets from discontinued operations — education lending business 1 1 2 2 2 
Nonperforming loans to period-end portfolio loans0.55 %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 

Summary of Changes in Nonperforming Loans From Continuing Operations
(Dollars in millions)
3Q262Q261Q264Q253Q25
Balance at beginning of period$809 $682 $615 $658 $696 
Loans placed on nonaccrual status165 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 


KeyCorp Reports Third Quarter 2026 Results     
October 20, 2026
Page 24
Line of Business Results
(Dollars in millions)
Change 3Q26 vs.
3Q262Q261Q264Q253Q252Q263Q25
Consumer Bank
Summary of operations
Total revenue (TE)$1,049 $1,010 $978 $997 $991 3.9 %5.9 %
Provision for credit losses55 26 40 32 40 111.5 37.5 
Noninterest expense716 707 693 717 677 1.3 5.8 
Net income (loss) attributable to Key211 210 185 188 208 0.5 1.4 
Average loans and leases32,596 33,287 33,997 34,684 35,377 (2.1)(7.9)
Average deposits87,367 87,430 87,796 87,738 87,718 (0.1)(0.4)
Net loan charge-offs47 45 40 49 49 4.4 (4.1)
Net loan charge-offs to average total loans0.57 %0.54 %0.48 %0.56 %0.55 %5.6 3.6 
Nonperforming assets at period end$248 $253 $270 $262 $266 (2.0)(6.8)
Return on average allocated equity30.54 %30.52 %26.46 %25.88 %27.62 %0.1 10.6 
Commercial Bank
Summary of operations
Total revenue (TE)$1,201 $1,108 $1,119 $1,197 $1,115 8.4 %7.7 %
Provision for credit losses8 67 70 73 68 (88.1)(88.2)
Noninterest expense529 504 475 517 486 5.0 8.8 
Net income (loss) attributable to Key516 423 451 472 440 22.0 17.3 
Average loans and leases78,556 76,238 73,146 71,107 70,328 3.0 11.7 
Average loans held for sale1,425 936 958 1,140 1,224 52.2 16.4 
Average deposits60,718 58,895 58,929 60,485 58,524 3.1 3.7 
Net loan charge-offs42 71 64 53 64 (40.8)(34.4)
Net loan charge-offs to average total loans0.21 %0.37 %0.35 %0.30 %0.36 %(43.2)(41.7)
Nonperforming assets at period end$379 $565 $422 $365 $402 (32.9)(5.7)
Return on average allocated equity19.45 %16.40 %18.10 %18.85 %17.87 %18.6 8.8 
TE = Taxable-equivalent
Selected Items Impact on Earnings
(Dollars in millions, except per share amounts)
Pretax(a)
After-tax at marginal rate(a)
Quarter to date resultsAmountNet Income
EPS(b), (d)
Three months ended September 30, 2026
No items$— $— $— 
Three months ended June 30, 2026
No items— — — 
Three months ended March 31, 2026
No items— — — 
Three months ended December 31, 2025
FDIC special assessment (other expense)(c)
21 16 0.01 
Three months ended September 30, 2025
FDIC special assessment (other expense)(c)
5 4 — 
Year to date results
Nine months ended September 30, 2026
No items$— $— $— 
Nine months ended September 30, 2025
FDIC special assessment (other expense)(c)
5 4 — 
(a)Favorable (unfavorable) impact.
(b)Impact to EPS reflected on a fully diluted basis.
(c)In November 2023, the FDIC issued a final rule implementing a special assessment on insured depository institutions to recover the loss to the FDIC’s deposit insurance fund (DIF) associated with protecting uninsured depositors following the 2023 closures of Silicon Valley Bank and Signature Bank. KeyCorp recorded the initial loss estimate related to the special assessment during the fourth quarter of 2023. Amounts reflected in this table represent adjustments from initial estimates based on quarterly invoices received from the FDIC.
(d)Earnings per share may not foot due to rounding.

KeyCorp Third Quarter 2026 Earnings Review October 20, 2026

 

+$3.6Bn Average deposit growth QoQ 55 bps NPAs / loans + OREO decreased 19 bps QoQ 3Q26 Results Reflect Continued Momentum +12% Collective growth of priority fee-based businesses(1) 3Q26 vs. 3Q25 +27% Investment banking & debt placement fee growth QoQ 32 bps NCOs / average loans decreased 10 bps QoQ 15%+ Return on tangible common equity(2) Note: Loan data reflects loans held for investment (1) Priority fee-based businesses include Wealth Management, Investment Banking, and Commercial Payments; (2) Non-GAAP measure: see appendix for reconciliation $1.3Bn 2026 planned share repurchases ($320MM repurchased in 3Q26) Deposit & Loan Momentum Return On and Return Of CapitalRisk Management Excellence Differentiated Fee Businesses 2 +5% Period-end C&I loan growth QoQ

 

Financial Review

 

$ in millions, excluding per share metrics From continuing operations, unless otherwise noted Reported QoQ Δ YoY Δ EPS $0.51 16 % 24 % Net interest income(1),(2) $1,308 4 % 10 % Noninterest income $744 5 % 6 % Revenue(1),(2) $2,052 4 % 8 % Noninterest expense $1,245 2 % 5 % Provision for credit losses $61 (34) % (43) % CET1(4) 11.1% ~(10) bps ~(70) bps Cash efficiency ratio(1) 60.6% (129) bps (154) bps ROTCE(1) 15.1% 222 bps 260 bps Tangible book value per common share $12.35 (9) % (8) % • EPS of $0.51, up 24% YoY • Record revenue of $2.04Bn, up 8% YoY; Taxable-equivalent revenue(1) of $2.05Bn ◦ Net interest income(1) up 10% YoY and 4% QoQ ◦ NIM(2) of 2.95%, up 20 bps YoY and 6 bps QoQ ◦ Noninterest income up 6% YoY, driven by strong growth across priority fee-based businesses • Noninterest expenses up 5% YoY, excluding a select item in 3Q25(3) • NCOs of 32 bps, down 10 bps both YoY and QoQ ◦ Provision for credit losses of $61MM; reserve release of $28MM • CET1 ratio of 11.1%(4) ◦ Marked CET1 ratio of 9.0%(1),(4) • ROTCE(1) of 15.1%, up 260 bps YoY • Repurchased $320MM of common stock (1) Non-GAAP measure: see appendix for reconciliation; (2) Taxable-equivalent basis; (3) Reflects comparison of adjusted metrics. Non-GAAP measure: see appendix for reconciliation; (4) 9/30/2026 ratio is estimated 3Q26 Highlights 4 (3) (3) (3) (3)

 

Strong C&I Performance Driving Loan Growth Average Loans $ in billions • Average loans up $1.5Bn (+1.4%), driven by: ◦ Higher C&I(1) loans (+3.7%) ◦ Partially offset by a decline in total consumer loans (-2.0%), reflective of the intentional run-off of low-yielding loans Sequential Change in Ending Balances by Type • ~71% variable rate, or 36% after adjusting for loans swapped to a fixed rate; loan yields would have been 5.52% excluding the impact from hedges(5) • ~57% of the C&I portfolio is investment grade; Consumer book has a 766 weighted average FICO at origination • C&I line utilization: 33.1% (up ~200 bps from 2Q26, reflecting client investments into their businesses) $110.4 $3.3 $(0.1) $(0.1) $(0.3) $(0.3) $113.0 6/30/26 C&I CRE Comm'l lease Residential mortgage Other consumer 9/30/26 Note: Loan data reflects loans held for investment; Graphs may not foot due to rounding (1) Commercial and industrial average balances include $204 million of assets from commercial credit cards; (2) Loan balances include $203 million of commercial credit card balances at 9/30/2026; (3) CRE includes real estate – commercial mortgage and real estate – construction; (4) Other Consumer includes home equity loans, credit cards, and other consumer loans; (5) Non-GAAP measure: see appendix for reconciliation $106.2 $106.3 $107.7 $110.1 $111.6 $75.4 $76.0 $78.1 $81.0 $83.1 $30.8 $30.3 $29.7 $29.1 $28.5 5.51% 5.41% 5.35% 5.35% 5.42% Commercial Consumer Loan Yield 3Q25 4Q25 1Q26 2Q26 3Q26 Versus Prior Quarter Portfolio Highlights (4) (3)(2) 5

 

• Average deposits up $3.6Bn (+2.4%), driven by: ◦ Growth in demand deposits (+2.9%) and money market deposits (+2.7%), as well as an increase in noninterest-bearing deposits (+1.6%) • Total deposit costs increased by 3 bps, with total interest-bearing deposit costs increasing 3 bps to 2.04% 37% 16%6% 28% 10% 3% Treasury / other • Client deposits up 1.6% year-over-year and 1.9% sequentially • Noninterest-bearing deposits were 19% of total deposits, or 24% including hybrids • Commercial deposit balances driven by relationship clients ◦ 81% of balances within an operating account ◦ 95% from clients with an operating account • Loan-to-deposit ratio: 74%(3) 42% 29% 19% 8% 3% Time deposits Savings Noninterest- bearing IB demand Consumer ex term products MMDA Managed commercial Indexed commercial Wealth Consumer term products(2) 24% including hybrid accounts $150.4 $150.7 $147.3 $147.6 $151.2 $87.7 $87.7 $87.8 $87.4 $87.4 $58.5 $60.5 $58.9 $58.9 $60.7 1.97% 1.81% 1.65% 1.63% 1.66% Consumer Commercial Other Total Deposit Cost 3Q25 4Q25 1Q26 2Q26 3Q26 3Q26 Product Mix Reflects average deposits 6Delivering Accelerated Client Deposit Growth Note: Graphs may not foot due to rounding (1) Other includes treasury brokered deposits and other deposits; (2) Includes MMDA promos and retail CDs; (3) Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits Average Deposits $ in billions (1) Versus Prior Quarter Deposit Franchise Highlights 6 3Q26 Interest-Bearing Mix Reflects average deposits

 

Net Interest Income Growth and Margin Expansion $1,193 $1,223 $1,230 $1,258 $1,308 2.75% 2.82% 2.87% 2.89% 2.95% Net interest income Net interest margin 3Q25 4Q25 1Q26 2Q26 3Q26 $1,258 $14 $13 $11 $8 $3 $1,308 Loan growth Funding optimization Securities & swap repricing Day count Yield/cost & other 2.89% 0 bps 3 bps 2 bps 0 bps 1 bp 2.95% Loan growth Funding optimization Securities & swap repricing Day count Yield/cost & other 2Q26 3Q26 2Q26 3Q26 (1))(1) +10% NIM Walk(1) NII Walk(1) +4% Note: NII and NIM walks may not foot due to rounding (1) Net interest income and net interest margin on a taxable-equivalent basis, and non-GAAP measure: see appendix for reconciliation 7 $ in millions

 

• Noninterest income up $38MM (+5%) vs prior quarter driven by: ◦ Higher investment banking and debt placement fees driven by higher M&A fees and syndications • Noninterest income up $42MM (+6%) vs prior year driven by: ◦ Higher investment banking and debt placement fees driven by higher M&A fees, and increased trust and investment services income $702 $782 $723 $706 $744 3Q25 4Q25 1Q26 2Q26 3Q26 3Q26 QoQ Δ YoY Δ Investment banking and debt placement $214 27 % 16 % Trust and investment services $165 4 % 10 % Cards and payments $93 (1) % 8 % Service charges on deposits $79 3 % 5 % Corporate services $72 (10) % — Commercial mortgage servicing $53 8 % (27) % Other(1) $68 (13) % 10 % Total noninterest income $744 5 % 6 % (1) Other includes Corporate-owned life insurance income, Consumer mortgage income, Operating lease income and other leasing gains, Net securities gains (losses), and Other income Fee Growth Led by Investment Banking Highlights Noninterest Income Trend $ in millions 8

 

• Noninterest expense up $28MM (+2%) vs prior quarter driven by: ◦ Higher personnel expense due to incentive compensation and investments in teammates ◦ Continued investments in technology • Noninterest expense up $68MM (+6%) vs prior year driven by: ◦ Higher personnel expense related to continued investments in front- line bankers, employee benefits, and incentive compensation $1,177 $1,241 $1,181 $1,217 $1,245 $742 $790 $743 $786 $815 $440 $472 $438 $431 $430 Personnel Non-personnel Selected Items 3Q25 4Q25 1Q26 2Q26 3Q26 Expenses Remain Well Managed (2) (1) See slide 19 for breakout of "Selected Items Impact on Earnings"; (2) Reflects comparison of adjusted metrics. Non-GAAP measure: see appendix for reconciliation $(21)(1) 3Q26 QoQ Δ YoY Δ Personnel expense $815 4 % 10 % Computer processing $116 7 % 10 % Net occupancy $67 (1) % 3 % Business services and professional fees $46 — 5 % Marketing $23 5 % 5 % Equipment $21 (5) % 5 % Operating lease expense $6 (14) % (33) % Other expense $151 (4) % (11) % Total noninterest expense $1,245 2 % 6 % $(5)(1) Highlights Noninterest Expense Trend $ in millions 9 5% excluding a select item in 3Q25(2)

 

0.24% 0.21% 0.13% 0.12% 0.14% 0.10% 0.09% 0.14% 0.08% 0.07% 30-89 days delinquent 90+ days delinquent 3Q25 4Q25 1Q26 2Q26 3Q26 $5,871 $5,373 $5,370 $5,398 $5,553 5.5% 5.0% 4.9% 4.9% 4.9% Criticized assets Criticized assets ratio 3Q25 4Q25 1Q26 2Q26 3Q26 Note: Loan data reflects loans held for investment (1) Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets; (2) Criticized loan and lease outstandings to period-end total loans $668 $627 $692 $818 $627 0.63% 0.59% 0.63% 0.74% 0.55% NPAs NPA ratio 3Q25 4Q25 1Q26 2Q26 3Q26 $114 $104 $101 $115 $89$107 $108 $106 $92 $61 0.42% 0.39% 0.38% 0.42% 0.32% NCOs Provision for credit losses NCOs to average loans 3Q25 4Q25 1Q26 2Q26 3Q26 (1) Net Charge-Offs (NCOs) & Provision for Credit Losses $ in millions Nonperforming Assets (NPAs) Ratio(1) $ in millions Delinquencies to Period-End Total Loans From continuing operations Criticized Assets Ratio(2) $ in millions; from continuing operations Strong Credit Quality (2) 10

 

• Repurchased $320MM of common shares at an average price of $22.57 per share in the third quarter • Expect to repurchase $1.3Bn in 2026 8.1% 8.4% 8.0% 7.7% 6.9% 3Q25 4Q25 1Q26 2Q26 3Q26 Common Equity Tier 1 Ratio Tangible Common Equity Ratio(2) Disciplined Capital Management (1) 9/30/2026 ratio is estimated; (2) Non-GAAP measure: see appendix for reconciliation 11.8% 11.8% 11.4% 11.2% 11.1%10.3% 10.4% 10.0% 9.8% 9.0% Common Equity Tier 1 Ratio Marked Common Equity Tier 1 Ratio 3Q25 4Q25 1Q26 2Q26 3Q26 (1) (1),(2) 11.2% 35 bps (21) bps (14) bps (12) bps 11.1% 2Q26 Net income available to common Share repurchases Dividends RWA 3Q262Q26 3Q26 Common Equity Tier 1 Walk(1) Share Repurchase Activity 11

 

$ in millions, unless otherwise stated FY2026 (vs. FY2025) On an operating basis Revenue(1),(2) (FY25 baseline: $7,513) up ~8% Net interest income(1),(2) (FY25 baseline: $4,671) up ~10% (previously up 9 – 11%) Net interest margin(2) 4Q exit rate: ~3.00% Average earning assets up $1.5Bn - $2Bn from 3Q26(3) Noninterest income (FY25 baseline: $2,842) up 4 – 5% Noninterest income on an adjusted basis(1) (FY25 baseline: $2,495)(4) up 6 – 7%(4) Adjusted noninterest expense(1) (FY25 baseline: $4,729)(5) up ~4% Average loans (FY25 baseline: $105.7Bn) up ~5% (previously up 4 – 5%) Average commercial loans (FY25 baseline: $74.5Bn) up ~10% (previously up 8 – 10%) NCOs to average loans 37 – 39 bps (previously 40 – 45 bps) Tax rate GAAP tax rate: ~22% Tax-equivalent effective rate(6): ~23% 16 – 19% ROTCE 9.5 – 10% Marked CET1 3.25%+ / 15%+ NIM and ROTCE Note: Loan data reflects loans held for investment (1) Represents a forward-looking non-GAAP measure: refer to slide 20, "Forward-Looking Statements and Additional Information", for more information; (2) Taxable-equivalent basis; (3) Excludes AFS securities mark; (4) Excluding Commercial mortgage servicing fees, Operating lease income, Other leasing gains, Other income and net securities gains (losses); (5) Non-GAAP measure: adjusted noninterest expense for 2025 excludes a $26MM benefit from the FDIC special assessment. See slide 19 for breakout of "Selected Items Impact on Earnings"; (6) Reflects the estimated full year taxable-equivalent adjustment 2026 Outlook Long-Term Targets(1) 4Q27 Targets(1) 12

 

Appendix

 

Loan Composition(2) $47.5 $47.8 $48.2 $47.9 $47.4 $7.2 $8.1 $8.8 $9.4 $9.5 $40.3 $39.8 $39.4 $38.5 $38.0 3.75% 3.69% 3.64% 3.67% 3.73% Average HTM securities Average AFS securities Average yield 3Q25 4Q25 1Q26 2Q26 3Q26 $ in billions 4Q26 1Q27 2Q27 3Q27 4Q27 2027 Projected receive-fixed swaps maturities $1.9 $2.0 $2.7 $2.6 $3.4 $10.7 Weighted-average rate received (%) 2.73% 2.89% 2.62% 2.63% 3.67% 3.01% Projected residential mortgages $0.4 $0.3 $0.4 $0.4 $0.4 $1.5 Weighted-average rate received (%) 3.48% 3.52% 3.54% 3.58% 3.62% 3.57% Projected fixed-rate investment securities cash flows / maturities $1.8 $1.9 $1.9 $2.1 $1.7 $7.7 Weighted-average rate received (%) 4.17% 3.87% 4.08% 4.09% 4.26% 4.07% Total low-yielding fixed-rate assets $4.1 $4.2 $5.0 $5.1 $5.5 $19.9 Weighted-average rate received (%) 3.43% 3.38% 3.25% 3.31% 3.85% 3.46% 26% 25% 12% 7% 29% 1% (1) Fixed-Rate Asset Repricing Tailwinds – 4Q26 through 2027 Average Total Investment Securities $ in billions Balance Sheet Management Detail Fixed Prime O/N SOFR 1M SOFR 3M SOFR Other (1) Yield is calculated on an amortized cost basis; (2) Based on 9/30/2026 period-end balances; chart may not foot due to rounding 14

 

• Executed $2.3Bn of spot-starting receive-fixed swaps and $6.8Bn of forward-starting receive-fixed swaps in 3Q26 with W.A. receive-fixed rates of 4.2% and 4.1%, respectively • Forward-starting cash flow hedges of $10.0Bn – W.A. receive-fixed rate: 4.0% ◦ $2.5Bn starting in 3Q27 (4.0% W.A. receive-fixed rate) ◦ $3.0Bn starting in 4Q27 (4.0% W.A. receive-fixed rate) ◦ $3.3Bn starting in 1Q28 (4.1% W.A. receive-fixed rate) ◦ $1.3Bn starting in 2Q28 (4.1% W.A. receive-fixed rate)3.5% 3.5% 3.6% 3.7% 3.8% 3.8% 3.8% 4Q26 1Q27 2Q27 3Q27 4Q27 YE27 $1.9 $2.0 $2.7 $2.6 $3.4 $10.7 2.7% 2.9% 2.6% 2.6% 3.7% 3.0% W.A. receive- fixed rate Maturing swaps W.A. receive-fixed rate Note: May not foot due to rounding (1) AFS securities swapped to floating rate Other Hedge Positions 9/30/2026 Debt hedges $8.9 Securities hedges(1) $9.2 Hedging Strategy Opportunity 3Q26 ALM Hedge ActionsReceive-Fixed Asset Swaps Includes forward-starting swaps and accruing portfolio as of 9/30/2026 $ in billions, ending balances $50.4 $48.5 $46.5 $43.8 $41.2 $37.8 $37.8 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 YE27 Forward-Starting Swaps as of 9/30/2026 15

 

Preferred Dividends 16 KeyCorp Preferred Stock Preferred Dividend Schedule(1) $ in millions 2Q26 3Q26 4Q26 Series D $6.6 $6.6 — Series D Call Premium — $5.9 — Series E $7.7 $7.7 $7.7 Series F $6.0 $6.0 $6.0 Series G $6.3 $6.3 $6.3 Series H $9.3 $9.3 $9.3 Total $36 $42 $29 Series E • Structure: Fixed-to-float perpetual noncumulative (PerpNC-10) • Outstanding: $500MM • Dividend: 6.125% until December 15, 2026 ◦ 3-mo term SOFR + 4.15% from December 15, 2026 • Callable Dates: December 15, 2026 (quarterly thereafter) Series F • Structure: Fixed-rate perpetual noncumulative (PerpNC-5) • Outstanding: $425MM • Dividend: 5.65% (fixed for life) • Callable Dates: December 15, 2026 (quarterly thereafter) Series G • Structure: Fixed-rate perpetual noncumulative (PerpNC-5) • Outstanding: $450MM • Dividend: 5.625% (fixed for life) • Callable Dates: December 15, 2026 (quarterly thereafter) Series H • Structure: Fixed-rate reset perpetual noncumulative (PerpNC-5) • Outstanding: $600MM • Dividend: 6.20% until December 15, 2027 ◦ 5-year Treasury rate + 3.132% from December 15, 2027 • Callable Dates: December 15, 2027 (quarterly thereafter) (1) Preferred dividends based on currently outstanding series of preferred shares and does not reflect potential future exercise of option to call

 

Allowance for Loan Losses to Non-Performing Loans(2) 288% 159% —% 82% 54% —% —% C&I CRE Comm'l lease Resi mtg Home equity Credit cards Other consumer $1,736 $1,740 $1,745 $1,722 $1,694 1.64% 1.63% 1.60% 1.56% 1.50% ACL ACL to period-end loans 3Q25 4Q25 1Q26 2Q26 3Q26 5.60% 9.47% 2.76% 0.62% 1.51% 1.67% 0.31% C&I CRE Comm'l lease Resi mtg Home equity Credit cards Other consumer 0.39% 0.10% 0.00% 3.60% 1.26% C&I CRE Comm'l lease Resi mtg Home equity Credit cards Other consumer (3) (5) N/M = Not Meaningful Note: Loan data reflects loans held for investment Note: All metrics are as of 9/30/2026 unless otherwise noted; (1) Net loan charge-off amounts are annualized in calculation; (2) Ratios calculated using unrounded figures and therefore may not foot to calculation using rounded figures presented in chart; (3) Commercial and industrial average balances include $204 million of assets from commercial credit cards; (4) Criticized loan and lease outstandings to period-end total loans; (5) Loan balances include $203 million of commercial credit card balances at 9/30/2026 N/M N/MN/M NCOs to Average Loans(1),(2) Criticized Asset Ratio(2),(4) Allowance for Credit Losses (ACL) $ in millions Credit Quality by Portfolio 17 (0.00)% (0.02)%

 

$ in millions 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Net interest income (GAAP) $ 1,300 $ 1,250 $ 1,222 $ 1,215 $ 1,184 Add: Taxable-equivalent adjustment 8 8 8 8 9 Net interest income TE (non-GAAP) (A) $ 1,308 $ 1,258 $ 1,230 $ 1,223 $ 1,193 Net income (loss) attributable to Key common shareholders (GAAP) (B) $ 537 $ 473 $ 486 $ 475 $ 453 Average Key shareholders' equity (GAAP) $ 19,307 $ 19,947 $ 20,392 $ 20,388 $ 19,664 Less: Average intangible assets 2,796 2,756 2,758 2,762 2,767 Average preferred stock 2,409 2,500 2,500 2,500 2,500 Average tangible common equity (non-GAAP) (C) $ 14,102 $ 14,691 $ 15,134 $ 15,126 $ 14,397 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 (1) 1,927 2,446 2,446 2,446 2,446 Tangible common equity (non-GAAP) (D) $ 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) (E) $ 190,288 $ 188,562 $ 185,906 $ 181,621 $ 184,644 Tangible common equity to tangible assets ratio (non-GAAP) (D/E) 6.87 % 7.74 % 7.95 % 8.36 % 8.06 % Return on average tangible common equity consolidated (non-GAAP) (B/C) 15.11 % 12.91 % 13.02 % 12.46 % 12.48 % Common equity tier 1 (F) $ 17,037 $ 17,016 $ 17,038 $ 17,195 $ 17,050 Add: AFS and Pension AOCI (loss) (3,224) (2,154) (2,152) (2,028) (2,176) Marked common equity tier 1 (non-GAAP) (G) (2) $ 13,813 $ 14,862 $ 14,886 $ 15,167 $ 14,874 Risk-weighted assets (H) (3) $153,761 $152,068 $149,338 $145,933 $144,428 Common equity tier 1 ratio (F/H) (3) 11.1 % 11.2 % 11.4 % 11.8 % 11.8 % Marked CET1 ratio (non-GAAP) (G/H) (2),(3) 9.0 % 9.8 % 10.0 % 10.4 % 10.3 % Income (loss) from continuing operations attributable to Key common shareholders (GAAP) (I) $ 537 $ 472 $ 486 $ 474 $ 454 Plus: Selected items (net of tax)(4) — — — (16) (4) Net income (loss) from continuing operations attributable to Key common shareholders, excluding selected items (non-GAAP) (J) $ 537 $ 472 $ 486 $ 458 $ 450 Return on average tangible common equity from continuing operations (non-GAAP) (I/C) 15.11 % 12.89 % 13.02 % 12.43 % 12.51 % Adjusted return on average tangible common equity from continuing operations excluding selected items (non-GAAP) (J/C) 15.11 % 12.89 % 13.02 % 12.01 % 12.40 % Noninterest income (GAAP) (K) $ 744 $ 706 $ 723 $ 782 $ 702 Plus: Selected items(4) — — — — — Adjusted noninterest income (non-GAAP) (L) $ 744 $ 706 $ 723 $ 782 $ 702 Noninterest expense (GAAP) (M) $ 1,245 $ 1,217 $ 1,181 $ 1,241 $ 1,177 Less: Intangible asset amortization 2 2 2 5 5 Noninterest expense less intangible asset amortization (non-GAAP) (N) $ 1,243 $ 1,215 $ 1,179 $ 1,236 $ 1,172 Plus: Selected items(4) (O) — — — 21 5 Adjusted noninterest expense less intangible asset amortization (non-GAAP) (P) $ 1,243 $ 1,215 $ 1,179 $ 1,257 $ 1,177 Adjusted noninterest expense (non-GAAP) (M+O) $ 1,245 $ 1,217 $ 1,181 $ 1,262 $ 1,182 Total taxable-equivalent revenue (non-GAAP) (A+K) = (Q) $ 2,052 $ 1,964 $ 1,953 $ 2,005 $ 1,895 Total adjusted taxable-equivalent revenue (non-GAAP) (A+L) 2,052 1,964 1,953 2,005 1,895 Cash efficiency ratio (non-GAAP) (N/Q) 60.58 % 61.86 % 60.37 % 61.65 % 61.85 % Adjusted cash efficiency ratio (non-GAAP) (P/Q) 60.58 % 61.86 % 60.37 % 62.69 % 62.11 % Pre-provision net revenue from continuing operations (non-GAAP) (A+K-M) $ 807 $ 747 $ 772 $ 764 $ 718 Plus: Selected items(4) — — — (21) (5) Adjusted pre-provision net revenue from continuing operations (non-GAAP) $ 807 $ 747 $ 772 $ 743 $ 713 Diluted EPS from continuing operations attributable to Key common shareholders (GAAP) $0.51 $0.44 $0.44 $0.43 $0.41 Plus: EPS impact of selected items (4) — — — (0.01) — Diluted EPS from continuing operations attributable to Key common shareholders - adjusted (non-GAAP) (5) $ 0.51 $ 0.44 $ 0.44 $ 0.41 $ 0.41 Loan yields excluding impact from hedges(6) Loan yield 5.42 % 5.35 % 5.35 % 5.41 % 5.51 % Less: Loan yield impact of realized hedge gains/(losses) (0.10) % (0.10) % (0.15) % (0.28) % (0.36) % Loan yield excluding impact from hedges 5.52 % 5.45 % 5.50 % 5.69 % 5.87 % (1) Net of capital surplus; (2) Under the current applicable regulatory capital rules, Key has made the AOCI opt out election, which enables us to exclude components of AOCI from regulatory capital, notably the AOCI relative to securities and pension. Marked CET1 ratio is a non-GAAP measure and is calculated based on Common Equity Tier 1 capital, inclusive of the AOCI impact from securities and pension, divided by risk weighted assets; (3) Amounts and ratios as of September 30, 2026 are estimated; (4) See slide 19 for breakout of "Selected Items Impact on Earnings"; (5) Earnings per share may not foot due to rounding; (6) Loan Yields Excluding Impact from Hedges is a non-GAAP metric and is calculated by excluding losses realized on derivatives which hedge the interest rate risk of our loans. We believe this metric is meaningful as it provides information on loan yields excluding the impacts of hedge-related interest rate risk management programs GAAP to Non-GAAP Reconciliation 18

 

(1) Favorable (unfavorable) impact; (2) Impact to EPS reflected on a fully diluted basis; (3) In November 2023, the FDIC issued a final rule implementing a special assessment on insured depository institutions to recover the loss to the FDIC’s deposit insurance fund (DIF) associated with protecting uninsured depositors following the 2023 closures of Silicon Valley Bank and Signature Bank. KeyCorp recorded the initial loss estimate related to the special assessment during the fourth quarter of 2023. Amounts reflected in this table represent adjustments from initial estimates based on quarterly invoices received from the FDIC; (4) Earnings per share may not foot due to rounding Selected Items Impact on Earnings $ in millions, except per share amounts After-tax at marginal rate(1) Quarter to date results Pretax(1) Amount Net Income EPS(2)(4) Three months ended September 30, 2026 No items $ — $ — $ — Three months ended June 30, 2026 No items — — — Three months ended March 31, 2026 No items — — — Three months ended December 31, 2025 FDIC special assessment (other expense)(3) 21 16 0.01 Three months ended September 30, 2025 FDIC special assessment (other expense)(3) 5 4 — Year to date results Nine months ended September 30, 2026 No items $ — $ — $ — Nine months ended September 30, 2025 FDIC special assessment (other expense)(3) 5 4 — Selected Items Impact on Earnings 19

 

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, KeyCorp’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are typically identified by words such as “believe,” “seek,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “plan,” “predict,” “project,” “forecast,” “guidance,” “goal,” “objective,” “prospects,” “possible,” “potential,” “strategy,” “opportunities,” or “trends,” by future conditional verbs such as “assume,” “will,” “would,” “should,” “could” or “may”, or by variations of such words or by similar expressions. These forward-looking statements are based on assumptions that involve risks and uncertainties, which are subject to change based on various important factors (some of which are beyond KeyCorp’s control). Actual results may differ materially from current projections. Actual outcomes may differ materially from those expressed or implied as a result of the factors described under “Forward-looking Statements” and “Risk Factors” in KeyCorp’s Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent filings of KeyCorp with the Securities and Exchange Commission (the “SEC”). Such forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. For additional information regarding KeyCorp, please refer to our SEC filings available at www.key.com/ir. Non-GAAP Measures. This presentation contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Key’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the appendix to this presentation, the financial supplement, or the press release related to this presentation, all of which can be found on Key’s website (www.key.com/ir). Forward-Looking Non-GAAP Measures. From time to time we may discuss forward-looking non-GAAP financial measures. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant for future results. Annualized Data. Certain returns, yields, performance ratios, or quarterly growth rates are presented on an “annualized” basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. Taxable-Equivalent. Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at the federal statutory rate. This adjustment puts all earning assets, most notably tax-exempt municipal securities, and certain lease assets, on a common basis that facilitates comparison of results to results of peers. Earnings Per Share Equivalent. Certain income or expense items may be expressed on a per common share basis. This is done for analytical and decision-making purposes to better discern underlying trends in total consolidated earnings per share performance excluding the impact of such items. When the impact of certain income or expense items is disclosed separately, the after-tax amount is computed using the marginal tax rate, unless otherwise specified, with this then being the amount used to calculate the earnings per share equivalent. GAAP: Generally Accepted Accounting Principles Forward-looking Statements and Additional Information 20

 

Exhibit 99.3
Consolidated Balance Sheets
(dollars in millions)
9/30/20266/30/20269/30/2025
Assets
Loans$112,993 $110,430 $105,902 
Loans held for sale 1,159 1,198 998 
Securities available for sale36,311 38,459 40,456 
Held-to-maturity securities9,612 9,515 7,509 
Trading account assets925 936 972 
Short-term investments12,973 12,416 13,334 
Other investments1,281 1,230 921 
Total earning assets175,254 174,184 170,092 
Allowance for loan and lease losses(1,398)(1,445)(1,444)
Cash and due from banks1,540 1,711 1,938 
Premises and equipment636 620 606 
Goodwill2,803 2,752 2,752 
Other intangible assets11 3 13 
Corporate-owned life insurance4,461 4,456 4,428 
Accrued income and other assets9,617 8,848 8,803 
Discontinued assets178 188 221 
Total assets$193,102 $191,317 $187,409 
Liabilities
Deposits in domestic offices:
Interest-bearing deposits125,594 122,196 122,425 
Noninterest-bearing deposits28,220 30,893 28,340 
Total deposits153,814 153,089 150,765 
Federal funds purchased and securities sold under repurchase agreements 49 5 10 
Bank notes and other short-term borrowings5,185 3,680 1,339 
Accrued expense and other liabilities4,772 3,778 4,276 
Long-term debt11,473 10,967 10,917 
Total liabilities175,293 171,519 167,307 
Equity
Preferred stock1,975 2,500 2,500 
Common shares1,257 1,257 1,257 
Capital surplus6,057 6,014 6,002 
Retained earnings16,194 15,873 15,111 
Treasury stock, at cost(3,809)(3,492)(2,619)
Accumulated other comprehensive income (loss)(3,865)(2,354)(2,149)
Total equity17,809 19,798 20,102 
Total liabilities and equity$193,102 $191,317 $187,409 
Common shares outstanding (000)1,058,176 1,072,035 1,112,952 



Consolidated Statements of Income
(dollars in millions, except per share amounts)
Three months endedNine months ended
9/30/20266/30/20269/30/20259/30/20269/30/2025
Interest income
Loans$1,511 $1,463 $1,466 $4,390 $4,310 
Loans held for sale22 15 18 51 43 
Securities available for sale373 367 408 1,110 1,211 
Held-to-maturity securities98 95 64 279 188 
Trading account assets12 10 11 33 44 
Short-term investments107 101 156 311 487 
Other investments10 8 8 23 25 
Total interest income2,133 2,059 2,131 6,197 6,308 
Interest expense
Deposits634 600 748 1,832 2,231 
Federal funds purchased and securities sold under repurchase agreements11 19 4 44 9 
Bank notes and other short-term borrowings25 35 14 80 75 
Long-term debt163 155 181 469 572 
Total interest expense833 809 947 2,425 2,887 
Net interest income1,300 1,250 1,184 3,772 3,421 
Provision for credit losses61 92 107 259 363 
Net interest income after provision for credit losses1,239 1,158 1,077 3,513 3,058 
Noninterest income
Trust and investment services income165 159 150 481 435 
Investment banking and debt placement fees214 169 184 580 537 
Service charges on deposit accounts79 77 75 233 217 
Operating lease income and other leasing gains9 10 11 27 34 
Corporate services income72 80 72 223 213 
Cards and payments income93 94 86 273 253 
Corporate-owned life insurance income35 33 35 102 100 
Consumer mortgage income14 17 14 44 42 
Commercial mortgage servicing fees53 49 73 164 219 
Other income9 15 8 42 16 
Net securities gains (losses)1 3 (6)4 (6)
Total noninterest income744 706 702 2,173 2,060 
Noninterest expense
Personnel815 786 742 2,344 2,127 
Net occupancy67 68 65 203 201 
Computer processing116 108 105 335 319 
Business services and professional fees46 46 44 128 132 
Equipment21 22 20 62 61 
Operating lease expense6 7 9 20 30 
Marketing23 22 22 63 67 
Other expense151 158 170 488 525 
Total noninterest expense1,245 1,217 1,177 3,643 3,462 
Income (loss) from continuing operations before income taxes738 647 602 2,043 1,656 
Income taxes159 139 112 434 337 
Income (loss) from continuing operations579 508 490 1,609 1,319 
Income (loss) from discontinued operations, net of taxes— 1 (1)1 — 
Net income (loss)579 509 489 1,610 1,319 
Less: Net income (loss) attributable to noncontrolling interests— — — — — 
Net income (loss) attributable to Key$579 $509 $489 $1,610 $1,319 
Income (loss) from continuing operations attributable to Key common shareholders$537 $472 $454 $1,495 $1,211 
Net income (loss) attributable to Key common shareholders537 473 453 1,496 1,211 
Per common share
Income (loss) from continuing operations attributable to Key common shareholders$.51 $.44 $.41 $1.39 $1.1 
Income (loss) from discontinued operations, net of taxes— — — — — 
Net income (loss) attributable to Key common shareholders (a)
.51 .44 .41 1.39 1.1 
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders$.51 $.44 $.41 $1.39 $1.09 
Income (loss) from discontinued operations, net of taxes— — — — — 
Net income (loss) attributable to Key common shareholders (a)
.51 .44 $.41 1.39 1.09 
Cash dividends declared per common share$.205 $.205 $.205 $.615 $.615 
Weighted-average common shares outstanding (000)1,054,951 1,071,229 1,100,830 1,070,808 1,099,520 
Effect of common share options and other stock awards (b)
9,315 8,779 9,845 9,395 8,864 
Weighted-average common shares and potential common shares outstanding (000) (c)
1,064,266 1,080,008 1,110,675 1,080,203 1,108,384 
(a)Earnings per share may not foot due to rounding.
(b)For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
(c)Assumes conversion of common share options and other stock awards and/or convertible preferred stock, as applicable.


Source: View Original Filing on SEC EDGAR

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