01—Abstract
Summary
Summary of the 8-K filed June 3, 2026. Cited figures are marked; the original filing is the authoritative source.
KeyCorp filed this Form 8-K on June 3, 2026 solely to recast segment financial information and related disclosures in its 2025 Form 10-K, which was originally filed on February 23, 2026.
The recast reflects a change effective January 1, 2026, under which the residual impact of centrally managed interest rate risk is reported in the Other segment rather than in net interest income for the Consumer Bank and Commercial Bank segments. The filing states that this is not an amendment or restatement and has no impact on consolidated financial statements for any period presented. The filing also updates certain noninterest income line items in Notes 23 and 25 to align with the company's segment allocation methodologies, which the company says may be refined periodically.
Exhibit 99.1 contains the recast Part II, Item 7 (MD&A) and Item 8 (Financial Statements) of the 2025 Form 10-K, and the auditor's report is dual-dated for the recast presentation. Ernst & Young's consent is filed as Exhibit 23.1. For investors, the 8-K does not add new operating results or update the 2025 Form 10-K for later events.
The filing cites 2025 baseline figures from the MD&A, including net interest income (TE) of $4.7 billiona, a net interest margin of 2.69%, and Common Equity Tier 1 and Tier 1 risk-based capital ratios of 11.78% and 13.46%. For developments after the 2025 Form 10-K, the filing directs readers to the Form 10-Q for the first quarter of 2026, filed May 5, 2026.
02—Key points
Key Highlights
- Purpose: recasts segment information in the 2025 Form 10-K; the filing states it is not an amendment or restatement.
- No impact on consolidated financial statements for any period presented; the change affects only segment presentation.
- Effective January 1, 2026, the residual impact of centrally managed interest rate risk moved from net interest income of the Consumer Bank and Commercial Bank segments to the Other segment.
- Certain noninterest income line items in Notes 23 and 25 were updated to align with the company's segment allocation methodologies.
- Exhibit 99.1 contains recast Part II, Item 7 (MD&A) and Item 8 (Financial Statements) of the 2025 Form 10-K; the auditor's report is dual-dated.
- 2025 baseline cited in the MD&A: net interest income (TE) of $4.7 billion, net interest margin of 2.69%, and Common Equity Tier 1 ratio of 11.78%.
- The filing does not update events after February 23, 2026; readers are referred to the first quarter 2026 Form 10-Q filed May 5, 2026.
03—Questions
Frequently Asked Questions
Does this filing change KeyCorp's reported earnings or capital?
No. The filing states there was no impact on the company's consolidated financial statements for any period presented. The change affects only how results are presented across segments.
Why did KeyCorp file this 8-K?
The filing says SEC rules require prior period financial statements to be recast when a registrant prepares a new registration, proxy, or information statement after reporting an accounting change, such as this change in segment reporting.
Which segment results are affected by the change?
The Consumer Bank and Commercial Bank segments are affected. Residual impacts of centrally managed interest rate risk that were previously in their net interest income are now reported in the Other segment.
Does this filing update KeyCorp's outlook or post-2025 developments?
No. The filing states it does not reflect events after the 2025 Form 10-K and does not update its disclosures. Developments after that filing are described in the first quarter 2026 Form 10-Q, filed May 5, 2026.
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