KeyCorp (KEY) — Tellvest

Key financialsFY2026 Q1

Reported GAAP figures from SEC filings

Quarter	Revenue	Rev YoY	EPS	EPS YoY	Op margin	Net margin
FY2024 Q4	$1.87B	-28.4%	$-0.28	-972.3%	-22.0%	-13.0%
FY2025 Q1	$2.70B	+2.3%	$0.33	+65.0%	19.1%	15.0%
FY2025 Q2	$2.80B	+4.4%	$0.35	+40.0%	19.3%	15.2%
FY2025 Q3	$2.83B	+51.9%	$0.41	+187.2%	21.2%	17.3%
FY2025 Q4	$2.86B	+52.6%	$0.43	+253.6%	22.7%	17.8%
FY2026 Q1	$2.73B	+1.1%	$0.44	+33.3%	25.7%	19.1%
FY2026 Q2	$2.77B	-1.1%	$0.44	+25.7%	23.4%	18.4%

As stated by management on the call

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”

Top Analysts & Firms

Most Active Analysts

Analyst	Firm	Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Manan Gosalia	Morgan Stanley	13 (0%)
Ebrahim Poonawala	Bank of America	13 (8%)
Mike Mayo	Wells Fargo	11 (55%)
John Pancari	Evercore ISI	11 (0%)
Ryan Nash	Goldman Sachs	10 (30%)
Erika Najarian	UBS	10 (30%)
Ken Usdin	Autonomous Research	9 (0%)
Gerard Cassidy	RBC Capital Markets	8 (0%)
Chris McGratty	KBW	7 (0%)
Scott Siefers	Piper Sandler	6 (0%)

Most Active Firms

Firm	Analysts	Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Bank of America	1	13 (8%)
Morgan Stanley	1	13 (0%)
Evercore ISI	1	11 (0%)
Wells Fargo	1

How this score was built

Base5Transcript+2EPS+1Guidance+2Final9

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%.

Capital Allocation

negative🌍 macro

Macro Uncertainty Dampening Middle Market M&A Conversion

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.

MacroeconomicCompetitive Dynamics

positive📊 company

Private Credit Reintermediation Opportunity Emerging

Private credit redemptions causing some players to pull back, firming commercial loan spreads. NDFI portfolio 90% investment grade with de minimis NPLs. $10.9B private credit exposure, 70% through SFL (asset-backed, bankruptcy-remote SPEs, 98% IG). Detailed new disclosures provided.

Competitive DynamicsCredit

Q&A Topicsfrequency by quarter

	Revenue Growth	Demand	Competitive Dynamics	Capital Allocation	Capex Investment	Macroeconomic	Credit	Pricing
2024Q4	7	6	4	3	1	1	2	2
2025Q1	2	1	1	2	1	2	2
2025Q2	4	6	4	1	4	1	1	3
2025Q3	6	4	3	7	2	2	1	1
2025Q4	8	6	3	4	3	3	2	1
2026Q1	5	5	7	3	3	4	4	4

	'24Q4	'25Q1	'25Q2	'25Q3	'25Q4	'26Q1
Revenue Growth	7	2	4	6	8	5
Demand	6	1	6	4	6	5
Competitive Dynamics	4	1	4	3	3	7
Capital Allocation	3	2	1	7	4	3
Capex Investment	1	1	4	2	3	3
Macroeconomic	1	2	1	2	3	4
Credit	2	2	1	1	2	4
Pricing	2		3	1	1	4

Analyst Q&A11 analysts · 22 questions · 9% challenge

Chris McGrattyKBW

just wondering if you could kind of stack rank or update us on, you know, your wall of worry on maybe more hot-button credit pockets

Company	Score	Rev YoY	Headline
KEY KeyCorp	9	+1.1%	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
CFG Citizens Financial Group	8	+4.5%	Citizens delivered Q1 EPS of $1.13 with a 12.2% RoTCE, posting record Q1 fees and over 700 basis points of operating leverage
FITB Fifth Third Bancorp	7	+25.8%	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%
HBAN Huntington Bancshares	7	+26.3%	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
MTB M&T Bank	7	+1.7%	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
PNC PNC Financial Services	8	+12.7%	PNC delivered $4.13 per share with NIM expanding to 2.95%, on a clear path toward 3%+, as organic loan growth hit a three-year high
RF Regions Financial Corporation	6	+0.5%	Strong Earnings Growth with Peer-Leading Returns
TFC Truist Financial	6	+0.4%	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
USB U.S. Bancorp	7	+4.7%	U.S

KeyCorp

Key financialsFY2026 Q1

Top Analysts & Firms

Most Active Analysts

Most Active Firms

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