Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-11302

KeyCorp

Exact name of registrant as specified in its charter:


Ohio			34-6542451
State or other jurisdiction of incorporation or organization:			I.R.S. Employer Identification Number:


127 Public Square,			Cleveland,			Ohio			44114-1306
Address of principal executive offices:									Zip Code:

(216) 689-3000

Registrant’s telephone number, including area code:

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, $1 par value	KEY	New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate	KEY PrI	New York Stock Exchange
Perpetual Non-Cumulative Preferred Stock, Series E)
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-	KEY PrJ	New York Stock Exchange
Cumulative Preferred Stock, Series F)
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-	KEY PrK	New York Stock Exchange
Cumulative Preferred Stock, Series G)
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Reset Perpetual Non-	KEY PrL	New York Stock Exchange
Cumulative Preferred Stock, Series H)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer			☒			Accelerated filer			☐			Non-accelerated filer			☐
Smaller reporting company			☐			Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Common Shares with a par value of $1 each			1,067,128,554 shares
Title of class			Outstanding at July 31, 2026

KEYCORP

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION


		Page Number
Item 1.	Financial Statements	44

	Consolidated Balance Sheets	44

	Consolidated Statements of Income	45

	Consolidated Statements of Comprehensive Income	46

	Consolidated Statements of Changes in Equity	47

	Consolidated Statements of Cash Flows	48

	Notes to Consolidated Financial Statements (Unaudited)	49

	Note 1. Basis of Presentation and Accounting Policies	49
	Note 2. Earnings Per Common Share	49
	Note 3. Loan Portfolio	50
	Note 4. Asset Quality	50
	Note 5. Fair Value Measurements	63
	Note 6. Securities	66
	Note 7. Derivatives and Hedging Activities	68
	Note 8. Mortgage Servicing Assets	73
	Note 9. Leases	75

	Note 10. Variable Interest Entities	75
	Note 11. Income Taxes	77
	Note 12. Acquisition s & Discontinued Operations	78



	Note 13. Borrowings	78
	Note 14. Contingent Liabilities and Guarantees	78
	Note 15. Accumulated Other Comprehensive Income	80
	Note 16. Shareholders’ Equity	81
	Note 17. Business Segment Reporting	82
	Note 18. Revenue from Contracts with Customers	84


	Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)	85


Item 2.	Management’s Discussion & Analysis of Financial Condition & Results of Operations	4
	Introduction	4
	Terminology	4
	Forward-looking statements	5


	Executive overview	7
	Business outlook	7
	Demographics	8
	Supervision and regulation	8
	Results of Operations	10
	Earnings overview	10
	Net interest income	10
	Provision for credit losses	14
	Noninterest income	14
	Noninterest expense	16
	Income taxes	16
	Business Segment Results	18
	Consumer Bank	18
	Commercial Bank	19
	Financial Condition	20
	Loans and loans held for sale	20
	Securities	24
	Deposits and other sources of funds	26
	Capital	27
	Risk Management	30
	Overview	30
	Market risk management	30
	Liquidity risk management	33
	Credit risk management	36
	Operational and compliance risk management	40
	GAAP to Non-GAAP Reconciliations	41
	Critical Accounting Policies and Estimates	42
	Accounting and Reporting Developments	43
Item 3.	Quantitative and Qualitative Disclosure about Market Risk	86
Item 4.	Controls and Procedures	86


	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	86
Item 1A.	Risk Factors	86
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	87
Item 5.	Other Information	87
Item 6.	Exhibits	88
	Signature	89

PART I. FINANCIAL INFORMATION

Next: Item 2. Management’s Discussion & Analysis of Financial Condition & Results of Operations