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All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
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Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
A pre-earnings brief is ready for KEY: the setup, what peers and partners said this season, and which analysts to watch.Reading it is a Tellvest Pro feature.
Filed after the FY2026 Q1 call day (Apr 16, 2026) through the next call day (Jul 21, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Quarter in detail
· FY2026 Q1
Macro Signals
↑Enterprise Spending→Credit→Trade & Tariffs
KeyCorp delivered Q1 2026 EPS of $0.44, up 33% year-over-year, with revenue growing 10% and ROTCE exceeding 13% as NIM expanded to 2.87% on track for the 3%+ year-end target. NII guidance was raised from 8-10% to 9-10%, and loan guidance was improved from 1-2% to 2-4% with commercial growth raised from approximately 5% to 6-8%. Record first-quarter investment banking fees were achieved despite muted M&A conversion, and aggressive capital returns continued with $400 million in Q1 buybacks. Private credit reintermediation emerged as an opportunity, though macro uncertainty dampened middle market M&A.
Key Themes8
positive📊 company
Strong Q1 With 33% EPS Growth And 13%+ ROTCE
EPS of $0.44, up 33% year-over-year. ROTCE exceeded 13%, significant progress toward 15%+ goal by year-end 2027. Revenue grew 10% year-over-year, more than two times expense growth rate. Eighth consecutive quarter of adjusted PPNR growth.
Revenue Growth
positive📊 company
NIM Expanding To 2.87% On Track For 3%+ Exit
NIM expanded 5 basis points sequentially to 2.87% despite two fewer days and seasonal deposit decline. NII up 11% year-over-year. Total deposit costs declined 16 bps to 1.65%. Cumulative through-the-cycle down beta of 56%. On track to exceed 3% NIM by year-end.
Revenue GrowthPricing
positive📊 company
Commercial Loan Growth Accelerating With Broad-Based Momentum
C&I loans grew $3 billion or 5% on period-end basis. Growth broad-based across industries and regions. Line utilization increased 1% to 31.5%. Commercial loan pipelines up nearly 20% from year-end. Largest industry contributors: financial services, utilities/power/renewables.
Demand
positive📊 company
NII And Loan Guidance Raised After Strong Start
Full-year NII guidance raised from 8-10% to 9-10%. Average loan growth raised from 1-2% to 2-4%. Commercial loans raised to 6-8%. Exit NIM guided to ~3.05%. Buyback target raised from $1.2B to $1.3B. Base case assumes no rate cuts in 2026.
Revenue GrowthDemand
positive📊 company
Record First Quarter Investment Banking Despite Muted M&A
IB fees of $197 million, up 13% year-over-year and new Q1 record. Raised $47 billion for clients, retaining 19%. IB pipelines up 5% from year-end with M&A pipelines at record levels. Full-year IB guide mid-single digits despite Q2 expected decline to $175-180 million.
Revenue GrowthCompetitive Dynamics
positive📊 company
Aggressive Capital Return With $400M Q1 Buyback
Repurchased nearly $400 million in Q1, well above $300M+ commitment. Full-year buyback raised to at least $1.3 billion. Took advantage of regional bank stock pullback. Basel III endgame proposal implies 100+ bps benefit to marked CET1, potentially reaching ~11%.
Middle market M&A volumes still subdued despite record pipelines. Deal transaction volumes down 26% while headline deal volumes up 46%. Sponsors using continuation vehicles instead of outright sales. Q2 IB fees expected to decline from record Q1. Geopolitical volatility causing deal slow-play.
KeyCorp delivered Q1 2026 EPS of $0.44, up 33% year-over-year, with revenue growing 10% and ROTCE exceeding 13% as NIM expanded to 2.87% on track for the 3%+ year-end target.
PositiveStrong Q1 With 33% EPS Growth And 13%+ ROTCE
PositiveNIM Expanding To 2.87% On Track For 3%+ Exit
PositiveCommercial Loan Growth Accelerating With Broad-Based Momentum
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
12%
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
Sources.Tellvest earnings-call sentiment score for KeyCorp (KEY), FY2026 Q1: 9/10. Scores: KeyCorp’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: KEY daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Key financials
FY2026 Q1 selectedReported GAAP figures from SEC filings
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Quarter
Revenue
Rev YoY
EPS
EPS YoY
Net margin
FY2024 Q4
$1.87B
-28.4%
$-0.28
-972.3%
-13.0%
FY2025 Q1
$2.70B
+2.3%
$0.33
+65.0%
15.0%
FY2025 Q2
$2.80B
+4.4%
$0.35
+40.0%
15.2%
FY2025 Q3
$2.83B
+51.9%
$0.41
+187.2%
17.3%
FY2025 Q4
$2.86B
+52.6%
$0.43
+253.6%
17.8%
FY2026 Q1Selected
$2.73B
+1.1%
$0.44
+33.3%
19.1%
FY2026 Q2
$2.77B
-1.1%
$0.44
+25.7%
18.4%
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“We reported first quarter earnings of $0.44 per share, up 33% year over year”
Revenue
“Revenue grew 10% year over year with revenue growing more than two times the rate of expenses”
Guidance
“We now expect full-year net interest income growth of 9% to 10%, compared to our prior guide of 8% to 10%”
Key metric
“Net interest margin expanded five basis points sequentially to 2.87% as we remain on track to exceed 3% net interest margin by year end”
Are you able to point to any emerging trends by sector or geography that you are watching more closely
GAAP revenue YoY +1.11% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base5Base 5GAAP revenue YoY +1.11% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript+2Transcript +2Bank Tier 2. GAAP revenue +1.11% is structurally misleading for banks (total interest income not net). Management reports revenue up 10% YoY (base 7). Band gap = 2, adjustment = +2.+EPS+1EPS +1GAAP EPS YoY +33.33% vs revenue: +32.22 percentage points vs gross rev +1.11%, +23.33 percentage points vs management net revenue +10%, outside +5 percentage points on either basis so +1 is robust to the revenue basis. Vendor OI cross-check (oi_yoy +36.12%, spread +35.01 percentage points) is INADMISSIBLE and dropped as the confirming anchor: KEY files no us-gaap OperatingIncomeLoss concept (no-oi-subtotal.ts), so operating_income is a vendor reconstruction, not a reported figure. The +1 (positive operating leverage) rests on the admissible filed GAAP EPS-vs-revenue spread and is corroborated by (1) filed net income +28.89% vs rev, well above revenue on either basis, so the EPS jump is operating and not merely a buyback artifact (diluted shares fell ~2% YoY, 1,106.1M to 1,084.3M, lifting EPS above net income), and (2) a management-stated bank operating measure on the call: 'Revenue grew 10% year over year with revenue growing more than two times the rate of expenses' plus 'eighth consecutive quarter of adjusted PPNR growth' (pre-provision net revenue, the bank operating-profit line, grew faster than revenue = positive operating leverage). Q1 2025 base was not distorted by securities repositioning (that was Q3/Q4 2024), so the GAAP EPS comparison is genuine. Override stays false: the mechanical GAAP EPS-vs-revenue answer is already +1, and the management operating-leverage figure corroborates rather than drives.+Guidance+2Guidance +2NII guidance raised from 8-10% to 9-10%. Prior midpoint 9%, new midpoint 9.5%. Percentage change = (9.5-9)/9 = 5.56% ≥ 3% threshold. Loan guidance also raised (1-2% to 2-4%, commercial ~5% to 6-8%). Buyback raised $1.2B to $1.3B.=Final9
How this score was built
Base5Base 5GAAP revenue YoY +1.11% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript+2Transcript +2Bank Tier 2. GAAP revenue +1.11% is structurally misleading for banks (total interest income not net). Management reports revenue up 10% YoY (base 7). Band gap = 2, adjustment = +2.+
23.99
16.78
10
8
9
Oct 25Oct 26
EPS
+1
EPS +1GAAP EPS YoY +33.33% vs revenue: +32.22 percentage points vs gross rev +1.11%, +23.33 percentage points vs management net revenue +10%, outside +5 percentage points on either basis so +1 is robust to the revenue basis. Vendor OI cross-check (oi_yoy +36.12%, spread +35.01 percentage points) is INADMISSIBLE and dropped as the confirming anchor: KEY files no us-gaap OperatingIncomeLoss concept (no-oi-subtotal.ts), so operating_income is a vendor reconstruction, not a reported figure. The +1 (positive operating leverage) rests on the admissible filed GAAP EPS-vs-revenue spread and is corroborated by (1) filed net income +28.89% vs rev, well above revenue on either basis, so the EPS jump is operating and not merely a buyback artifact (diluted shares fell ~2% YoY, 1,106.1M to 1,084.3M, lifting EPS above net income), and (2) a management-stated bank operating measure on the call: 'Revenue grew 10% year over year with revenue growing more than two times the rate of expenses' plus 'eighth consecutive quarter of adjusted PPNR growth' (pre-provision net revenue, the bank operating-profit line, grew faster than revenue = positive operating leverage). Q1 2025 base was not distorted by securities repositioning (that was Q3/Q4 2024), so the GAAP EPS comparison is genuine. Override stays false: the mechanical GAAP EPS-vs-revenue answer is already +1, and the management operating-leverage figure corroborates rather than drives.
+
Guidance+2Guidance +2NII guidance raised from 8-10% to 9-10%. Prior midpoint 9%, new midpoint 9.5%. Percentage change = (9.5-9)/9 = 5.56% ≥ 3% threshold. Loan guidance also raised (1-2% to 2-4%, commercial ~5% to 6-8%). Buyback raised $1.2B to $1.3B.
KeyCorp delivered Q1 2026 EPS of $0.44, up 33% year-over-year, with revenue growing 10% and ROTCE exceeding 13% as NIM expanded to 2.87% on track for the 3%+ year-end target
Fifth Third closed the largest acquisition in its history on February 1, and the Comerica addition drove revenue to $2.9 billion, up 33% year-over-year, with adjusted net income of $734 million, up 38%
Huntington delivered an outstanding first quarter, with GAAP EPS of $0.25 and adjusted EPS of $0.37, up 9% year-over-year excluding acquisition-related expenses and other notable items
M&T Bank delivered GAAP EPS of $4.13 with NIM expanding 2 basis points to 3.71% as fixed-rate asset repricing continued, while fee income grew 13% year-over-year with broad-based strength and C&I growth reached $1.5 billion driven by middle market utilization pickup
Nu Holdings delivered record quarterly revenue of $5 billion and its highest-ever first-quarter net income of $871 million, up 41% year-over-year on an FX-neutral basis, as the customer base surpassed 135 million
Truist delivered 25% EPS growth to $1.09 with 250 basis points of operating leverage, as investment banking produced its highest quarterly revenue since 2021