KEYCORP /NEW/ (KEY) Company Report

The 16th annual private SaaS survey reports ARR growth accelerating from 15% in 2024 to 20% in 2025, marking the first uptick after three years of declines.
Gross retention is set to approach 90% and net retention remains above 100% following a drop to 86% in 2023.
AI adoption is a key catalyst: over 50% of companies plan to boost AI spending by more than 21%, and 67% are monetizing AI via subscription models.
EBITDA margins have improved since 2022 and are projected to breach profitability by 2026 as firms balance growth with efficiency.

Nov 13, 2025, 9:01 PM

Press Release

KeyBank outlines consumer growth, wealth momentum, and capital return plans at Boston conference

KEY

Share Buyback

Dividends

M&A

Key consumer deposit base of $88 billion provides low-cost, high-liquidity funding well below company average, fueling commercial lending growth.
Wealth management reaches a record $68 billion in assets under management, with 50,000 mass-affluent households adding $6 billion (~$125,000 per household) through the Key Private Client initiative.
Capital priorities remain focused on maintaining the dividend and growing share repurchases, targeting at least $100 million in Q4 buybacks and increasing quarterly repurchases throughout 2026.
M&A strategy de-emphasizes depository deals in favor of bolt-on transactions (e.g., Cain Brothers, Pacific Crest), requiring high strategic and financial returns to avoid tangible book value dilution.
Consumer lending mix evolving as residential mortgage runoff continues; management sees multi-year growth potential in the HELOC business given elevated home-equity levels among key demographics.

Nov 6, 2025, 3:30 PM

Transcript

KeyCorp outlines consumer bank and wealth strategy at Boston conference

KEY

Share Buyback

M&A

New Projects/Investments

KeyCorp’s consumer bank serves over 2 million households with $80 billion of low-cost deposits and contributes $1 billion in annual fee income, supported by super-prime credit (average FICO 790) and relationship deposits costing well below the company average.
The wealth business manages a record $68 billion in assets, with 50,000 mass-affluent households adding $6 billion (~$125,000 each) and Q3 2025 marking the third consecutive record month of managed-money production.
Relationship households now account for 80% of consumer deposits (up from ~70% pre-COVID); 22% of these relationships have been acquired since 2020, skew younger and drive double the household growth rate in Western markets versus Eastern.
Capital ratios stand at CET1 11.8% and marked capital 10.3%, with a minimum $100 million share buyback committed for Q4 2025 and potential for increased repurchases in 2026, while maintaining the dividend.
The $18 billion “NDFI” portfolio comprises $7 billion of specialty finance (one loss in 20 years), $6 billion of 97% investment-grade REIT loans (40% LTV), $3 billion of insurance/finance relationships, and $1 billion unitranche JV, growing $0.7 billion year-to-date.

Nov 6, 2025, 3:30 PM

Transcript

KeyCorp reports Q3 2025 earnings

KEY

Earnings

EPS of $0.41, up 37% year-over-year; revenue (TE) of $1.895B, up 17% YoY
Net interest income (TE) of $1.193B, up 24% YoY; NIM of 2.75%, up 9 bps QoQ
Average loans of $106.2B and average deposits of $150.4B, with commercial loan growth YTD +5% and client deposits up 2% YoY
Credit metrics remained strong: NCOs/average loans 42 bps, NPA ratio 0.63%, provision for credit losses $107 M

Oct 16, 2025, 2:00 PM

Presentation

KeyCorp reports Q3 2025 earnings

KEY

Earnings

Guidance Update

EPS of $0.41 and ROA >1%, with pre-provision net revenue up $33 M (5% Q/Q) and adjusted revenues +17% Y/Y, marking the sixth straight quarter of PPNR improvement.
Net interest margin reached 2.75%, achieving the year-end target one quarter early; Q4 NIM is expected in the 2.75%–2.80% range.
CET1 ratio ~12% at quarter end; average loans rose $5 B Q/Q and average deposits +2% with deposit costs down 2 bps to 1.97%.
Fee income increased high-single digits Y/Y; investment banking & debt placement fees were $184 M (+8% Y/Y), and the bank raised $50 B in capital, retaining 15% on its balance sheet.
2025 guidance: full-year NII growth ~22%, Q4 exit NII +13%+, fees up 5–6%, expense growth ~4%, GAAP tax rate ~21%, aiming for record revenue and >100 bps fee-based operating leverage.

Oct 16, 2025, 2:00 PM

Transcript

KeyBanc Capital Markets announces $75M project finance facility with Lightshift Energy

KEY

Debt Issuance

New Projects/Investments

KeyBanc Capital Markets (KBCM), the corporate and investment banking arm of KeyCorp, closed a $75 million credit facility to fund Lightshift Energy’s expanding East Coast battery storage projects.
The flexible financing package includes both a term loan and construction-to-term loan options to support the developer’s growing project pipeline.

Oct 16, 2025, 1:17 PM

Press Release

KeyCorp reports Q3 2025 earnings

KEY

Earnings

Net income from continuing operations attributable to common shareholders of $454 million, or $0.41 per diluted common share.
Total revenue of $1.9 billion, up 17% year-over-year on an adjusted basis; net interest income rose 4% sequentially and net interest margin expanded 9 bps to 2.75%.
Average deposits increased 2% quarter-over-quarter while total deposit costs declined 2 bps to 1.97%.
Credit metrics improved: nonperforming assets decreased 6% sequentially; net charge-offs remained stable at 42 bps.

Oct 16, 2025, 10:30 AM

8-K

KeyCorp reports Q3 2025 net income of $454 million

KEY

Earnings

Revenue of $1.9 billion, up 17% year-over-year, with positive operating leverage on both total and adjusted fee basis.
Q3 net income from continuing operations of $454 million, or $0.41 per diluted share, compared to $387 million ($0.35) in Q2 2025.
Net interest margin widened to 2.75% (+9 bps q/q), net interest income rose 4% q/q, while average deposits grew 2% and deposit costs fell 2 bps to 1.97%.
Asset quality improved, with nonperforming assets down 6% q/q and net charge-offs stable at 42 bps; AUM reached a record $68 billion, up 11% year-over-year.
Tangible book value per share increased 4% sequentially and 14% year-over-year, reflecting continued investments and business momentum.

Oct 16, 2025, 10:30 AM

Press Release

KeyCorp provides Europe Investor Presentation with Q2 2025 results and 2025 guidance update

KEY

Guidance Update

Share Buyback

1H25 diluted EPS of $0.69 (+47% YoY), taxable-equivalent net interest income of $2.255 B (+26% YoY) and noninterest income of $1.358 B (+7% YoY), driving total revenue of $3.613 B (+18% YoY).
A $185 B asset, $147 B deposit franchise funding $106 B in loans, underpinned by a 11.7% CET1 ratio, with sticky, granular deposits and strong capital positions.
Continued growth in fee-based businesses: AUM of $64 B, +7% noninterest income growth and +5% commercial loan growth YTD, supported by diversified wealth, capital markets, payments and CRE platforms.
Updated 2025 outlook: average loans up ~5%+, net interest margin targeting ~2.75% in 4Q25, adjusted noninterest income up 3–5%, and a $1 B share repurchase authorization.

Sep 26, 2025, 8:22 PM

8-K

KeyCorp lowers prime lending rate to 7.25%

KEY

Prime lending rate cut to 7.25% from 7.50%, effective September 18, 2025
Holds ~$185 billion in assets as of June 30, 2025
Operates in 15 states via approximately 1,000 branches and 1,200 ATMs

Sep 17, 2025, 7:20 PM

Press Release

Filings & Transcripts

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