KeyCorp reported adjusted EPS of $0.41 for Q4 2025, up 7.9% year over year, exceeding consensus by $0.03. Net interest income rose 15.3% to $1.22 billion, driven by lower deposit costs and higher-yielding loan repricing, while total revenue climbed 12.5% to $2.0 billion. Non-interest income increased 8.3% to $782 million, offset partially by a 2.4% rise in non-interest expenses to $1.26 billion.

Management expects total revenues to increase nearly 7% year over year and net interest income to grow 8–10%, targeting $1.3 billion NII in Q4 2026. NIM is forecast to rise to 3.00–3.05% by year-end. Non-interest income is projected up 5–6% and expenses up 3–4%, with fee-based operating leverage of 300–400 bps.

Since the Q4 release, shares have gained 1.2%, outperforming the S&P 500 over the same period. Upward revisions to earnings and revenue forecasts have improved momentum scores, though value metrics remain in the bottom 40%, resulting in an overall VGM grade of F.