Earnings Call Intelligence Subscribe
Home › Call Sheets › KEY › Q3'26
Call sheet · Q3'26

KeyCorp (KEY)

Q3'26 earnings call · held October 20, 2026 · compared with the Q2'26 call · management-credibility review
9/12
Disclosure score
2 medium, 1 low flags
Financial quality
Bottom line
KeyCorp delivered stronger investment banking fees and lower charge-offs. Its NIM outlook is now near the lower end of the previous range, while preferred capital actions help EPS but slightly dilute NIM. The useful follow-ups are funding costs, repricing, credit and expense growth. Match guidance periods: discussion of 2027 buyback flexibility is not a withdrawal of the existing 2026 target.

The 30-second version

  • Fees and credit improved
  • Preferred actions help EPS while slightly reducing NIM
  • Keep 2026 buyback guidance separate from 2027 flexibility

What changed this quarter

MetricQ2'26Q3'26Change
EPS$0.44, +26% YoY$0.51, +24% YoYEPS increased sequentially; YoY growth rates were approximately 26% and 24%. No consensus beat established.
Revenue+7% YoYrecord $2B+, +8% YoYRecord quarter, modest acceleration
NIM2.89%2.95%, +6bps seqImproving but Q4 exit guide trimmed
ROTCE15%+ confidence reiterated15.1% actual, +260bps YoYTarget achieved this quarter
Net charge-offs42bps32bpsDown 10 basis points sequentially
NPA ratio74bps, +$126M seq55bps, -$191M seq, lowest since late 2023Sharp reversal from last quarter's spike
C&I line utilization31%, -50bps seq33%, +200bps seq, highest in 3 yearsUtilization inflecting higher
Investment banking fees$169M, missed expectations$214M, +27% sequential, beat 20%+ guideExceeded prior guide
Avg deposit growthflat sequentially+$3.6B avg, client deposits +$2.8BInflection after seasonal trough
FY NCO guide40-45bpstightened to 37-39bpsCredit guide lowered (good)

Accountability tracked

9 new promises made1 narrative shift flagged8 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full KEY Q3'26 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.