Keycorp (KEY) Q1 FY2026 earnings: revenue $1.9 billion, up 10.3% on the year

Keycorp (KEY) reported revenue of $1.9 billion for Q1 FY2026, the quarter ended 31 March 2026, up 10.3% on the same quarter a year earlier. Net income was $522 million, up 28.9% on the year, and diluted earnings per share $0.44. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2026.

Revenue

$1.9 billion

+10.3% on the year · -2.6% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

n/a

Q2 FY2024Q1 FY2026

Net income

$522 million

+28.9% on the year · +2.4% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.44

+33.3% on the year · +2.3% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new.

Earnings per diluted share rose 33%: Common shareholder income was $486 million, or $0.44 per diluted share, up 33.3% per share from a year earlier and 2.3% from the fourth quarter.
Return on tangible equity above 13%: Return on average tangible common equity was 13.02%, up 59 bps from the fourth quarter and 178 bps from a year earlier.
Net interest margin rose to 2.87%: Taxable-equivalent net interest income was $1.23 billion, up 1% from the fourth quarter and 11% from a year earlier; net interest margin rose 5 bps sequentially.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	1,945	1,997	1,764	-2.6%	+10.3%
Pre-tax income	658	648	515	+1.5%	+27.8%
Income tax	136	139	109	-2.2%	+24.8%
Effective tax rate	20.7%	21.5%	21.2%
Net income	522	510	405	+2.4%	+28.9%
Net margin	26.8%	25.5%	23.0%
Diluted EPS	$0.44	$0.43	$0.33	+2.3%	+33.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	-62.0	718	-140
Capital expenditure	12.0	45.0	10.0	-73.3%	+20.0%
Free cash flow	-74.0	673	-150
Cash from investing	-4,592	2,405	-711
Cash from financing	4,497	-3,774	1,017		+342.2%
Depreciation and amortisation	438	n/a	451		-2.9%
Share-based compensation	31.0	33.0	30.0	-6.1%	+3.3%
Dividends paid	259	262	265	-1.1%	-2.3%
Dividend per share	$0.20	$0.20	$0.20	0.0%	0.0%
Diluted shares, weighted	1,094m	1,108m	1,106m	-1.2%	-1.1%
Shares outstanding at period end	1,084m	1,090m	1,096m	-0.5%	-1.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	19,987	20,381	19,003	-1.9%	+5.2%
Deposits	147,815	148,713	150,737	-0.6%	-1.9%
Repurchase agreements	34.0	13.0	22.0	+161.5%	+54.5%
Debt	17,060	11,001	14,742	+55.1%	+15.7%
Other liabilities	3,767	4,273	4,187	-11.8%	-10.0%
Total liabilities and equity	188,663	184,381	188,691	+2.3%	-0.0%
Goodwill	2,752	2,752	2,752	0.0%	0.0%
Intangible assets	5.0	8.0	22.0	-37.5%	-77.3%
Investments	11,782	10,163	15,349	+15.9%	-23.2%
Loans	107,741	105,114	103,380	+2.5%	+4.2%
Trading assets	783	1,061	1,296	-26.2%	-39.6%
Cash and equivalents	1,130	1,287	1,909	-12.2%	-40.8%
Other assets	64,470	63,996	63,983	+0.7%	+0.8%
Total assets	188,663	184,381	188,691	+2.3%	-0.0%

Questions

What was Keycorp's revenue in Q1 FY2026?

Keycorp (KEY) reported revenue of $1.9 billion for Q1 FY2026, the quarter ended 31 March 2026, up 10.3% on the same quarter a year earlier.

How much did Keycorp earn in Q1 FY2026?

Net income for Q1 FY2026 was $522 million, up 28.9% on the year, and diluted earnings per share $0.44.

When did Keycorp report Q1 FY2026 results?

Keycorp filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 5 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,942	1,690	1,785	1,879	1,891	1,707	1,587	1,558	1,531	1,522	1,514	683	855	1,764	1,831	1,886	1,997	1,945	1,956	2,044
Interest expense	70.0	66.0	96.0	248	475	725	1,032	1,128	1,129	1,157	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	768	537	662	664	470	392	344	367	57.0	278	335	-506	-413	515	539	602	648	658	647	738
Tax rate	18%	17%	20%	19%	16%	21%	17%	18%	-14%	21%	19%	n/a	n/a	21%	22%	19%	21%	21%	21%	22%
Net income	629	448	533	542	394	312	287	303	65.0	219	274	-410	-244	405	425	489	510	522	509	579
Net margin	32%	27%	30%	29%	21%	18%	18%	19%	4%	14%	18%	-60%	-29%	23%	23%	26%	26%	27%	26%	28%
Diluted EPS	$0.64	$0.45	$0.54	$0.55	$0.39	$0.30	$0.27	$0.29	n/a	$0.20	$0.25	-$0.47	-$0.30	$0.33	$0.35	$0.41	$0.43	$0.44	$0.44	$0.51
Operating cash flow	-10.0	881	-78.0	2,081	1,585	718	582	566	1,037	359	-217	-1,205	1,727	-140	1,234	396	718	-62.0	259	722
Capital expenditure	35.0	18.0	24.0	19.0	35.0	24.0	50.0	25.0	43.0	12.0	13.0	17.0	23.0	10.0	23.0	29.0	45.0	12.0	26.0	38.0
Free cash flow	-45.0	863	-102	2,062	1,550	694	532	541	994	347	-230	-1,222	1,704	-150	1,211	367	673	-74.0	233	684
Buybacks	-26.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	209	208	209	209	228	228	228	227	228	229	230	230	238	265	263	264	262	259	258	252
Shares outstanding	928m	932m	933m	933m	932m	935m	936m	936m	934m	943m	943m	991m	1,105m	1,096m	1,097m	1,093m	1,090m	1,084m	1,067m	1,056m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 5 May 2026: the filing.