01—Abstract
Summary
Summary of the 8-K filed September 25, 2026. Cited figures are marked; the original filing is the authoritative source.
KeyCorp filed this Form 8-K under Item 7.01 (Regulation FD Disclosure) to furnish an investor presentation, KeyCorp Investor Meetings: Europe, posted to its website on September 25, 2026 and attached as Exhibit 99.1.
The filing states the presentation may be used in conversations with investors and analysts, and that the information is furnished rather than filed for purposes of Section 18 of the Exchange Act. The presentation reports 2Q26 results: 1H26 diluted EPS of $0.88a (up 28% versus 1H25), revenue of $3,917 million (up 8%), noninterest expense of $2,398 million, a 13.0% return on tangible common equity for 1H26, and a marked CET1 ratio of 9.8%. Management reiterates a 3.25%+ net interest margin and 15%+ ROTCE target by 4Q27, with a 2026 outlook calling for net interest income up 9 to 11% and noninterest income up 4 to 5% on a GAAP basis.
Management also expects to repurchase at least $1.3 billionb of shares in 2026 and cites a $3.0 billion board-authorized repurchase program. The presentation emphasizes fee-based growth, including Investment Banking, Wealth (record $74 billion AUM at 6/30/2026), Commercial Payments and CRE servicing, alongside credit metrics showing a 42 bps 2Q26 net charge-off ratio against a 10-year average of 30 bps. It also describes the completed Clearwater Corporate Finance LLP acquisition (closed August 2026) and projects $60 to $70 million of revenue from it in 2027.
02—Key points
Key Highlights
- 1H26 diluted EPS of $0.88, up 28% versus 1H25; 2Q26 diluted EPS of $0.44
- 1H26 revenue (taxable equivalent) of $3,917 million, up 8%; net interest income of $2,488 million, up 10%
- Net interest margin path: 2.89% to a 3.25%+ target by 4Q27, with a 4Q26 exit-rate projection of 3.00 to 3.05%
- Share repurchases: $341 million repurchased in 2Q26; at least $1.3 billion planned for 2026 under a $3.0 billion board authorization
- Marked CET1 ratio of 9.8% at 2Q26 versus a peer median of 9.4% on that basis; reported CET1 ratio of 11.2%
- 2Q26 net charge-offs of 42 bps of average loans; management expects improvement in 3Q26
- Record $74 billion of assets under management at 6/30/2026; Clearwater UK acquisition closed August 2026, expected to add $60 to $70 million of revenue in 2027
03—Questions
Frequently Asked Questions
What is the purpose of this 8-K filing?
The filing furnishes KeyCorp's Investor Meetings: Europe presentation under Item 7.01 (Regulation FD Disclosure). The presentation was posted to KeyCorp's Investor Relations website on September 25, 2026, and the company may use it in conversations with investors and analysts. The information is furnished rather than filed under Section 18 of the Exchange Act.
What are KeyCorp's 2026 earnings and profitability targets?
For FY2026 on an operating basis, the presentation projects net interest income up 9 to 11% and noninterest income up 4 to 5% versus FY2025, and adjusted noninterest expense up about 4%. Management targets a 15%+ ROTCE by 4Q27 and a 16 to 19% ROTCE over the long term, with a net interest margin of 3.25%+ by 4Q27.
How is KeyCorp managing capital?
KeyCorp reported a CET1 ratio of 11.2% and a marked CET1 ratio of 9.8% at 2Q26. The company repurchased $341 million of common shares in 2Q26 at an average price of $21.95 and expects to repurchase at least $1.3 billion in 2026 under a board-authorized program of up to $3.0 billion.
How is KeyCorp's credit quality trending?
Net charge-offs were 42 bps of average loans in 2Q26, compared with a 10-year average of 30 bps for 2016 to 2025. Management expects improvement in 3Q26. The allowance for credit losses was 1.56% of period-end loans, and the presentation highlights a commercial real estate portfolio with $0 nonperforming construction loans and multifamily net charge-offs of 0.45% in 2Q26.
What drives KeyCorp's fee income strategy?
KeyCorp highlights its fee-based businesses, including Investment Banking, Wealth Management, Commercial Payments and CRE servicing. Priority fee-based businesses grew 8% collectively in 1H26 versus 1H25. The presentation also cites record AUM of $74 billion and states that investment banking fees are expected to grow mid-single digits in 2026.
04—Continue