Voya Financial (VOYA) Q3 FY2023 earnings: revenue $1.8 billion, up 35.5% on the year

Voya Financial, Inc. (VOYA) reported revenue of $1.8 billion for Q3 FY2023, the quarter ended 30 September 2023, up 35.5% on the same quarter a year earlier. Net income was $262 million, up 45.6% on the year, and diluted earnings per share $2.29. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$1.8 billionup 35.5%

Net income$262 millionup 45.6%

Diluted EPS$2.29

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,823	n/a	n/a	n/a
Operating income	172	n/a	n/a	n/a
Operating margin	9.4%	n/a	n/a
Pre-tax income	172	n/a	n/a	n/a
Income tax	-74.0	n/a	n/a	n/a
Effective tax rate	-43.0%	n/a	n/a
Net income	262	n/a	n/a	n/a
Net margin	14.4%	n/a	n/a
Diluted EPS	$2.29	n/a	n/a	n/a

$ million except per share.

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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	403	n/a	n/a	n/a
Cash from investing	430	n/a	n/a	n/a
Cash from financing	-1,265	n/a	n/a	n/a
Share-based compensation	21.0	n/a	n/a	n/a
Buybacks	50.0	n/a	n/a	n/a
Dividends paid	14.0	n/a	n/a	n/a
Dividend per share	$0.40	n/a	n/a	n/a
Diluted shares, weighted	108m	n/a	n/a	n/a
Shares outstanding at period end	105m	n/a	n/a	n/a

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

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	3,127	n/a	n/a	n/a
Non-controlling interest	1,659	n/a	n/a	n/a
Redeemable equity	173	n/a	n/a	n/a
Short-term borrowings	2.0	n/a	n/a	n/a
Debt	2,097	n/a	n/a	n/a
Other liabilities	142,207	n/a	n/a	n/a
Total liabilities and equity	149,265	n/a	n/a	n/a
Goodwill	748	n/a	n/a	n/a
Intangible assets	900	n/a	n/a	n/a
Cash and equivalents	917	n/a	n/a	n/a
Other assets	146,700	n/a	n/a	n/a
Total assets	149,265	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,823	1,819	2,051	2,033	1,956	2,010	1,969	1,981	2,128	2,111	2,031	1,896
Operating income	172	102	287	276	116	120	173	188	307	169	230	34.0
Operating margin	9%	6%	14%	14%	6%	6%	9%	9%	14%	8%	11%	2%
Pre-tax income	172	102	287	276	116	120	173	188	307	169	230	34.0
Tax rate	-43%	-17%	-0%	15%	16%	-1%	13%	14%	11%	12%	15%	47%
Net income	262	122	251	205	114	97.0	156	166	192	140	182	94.0
Net margin	14%	7%	12%	10%	6%	5%	8%	8%	9%	7%	9%	5%
Diluted EPS	$2.29	$1.09	$2.24	$1.96	$0.98	$0.94	$1.42	$1.66	$1.80	$1.41	$1.75	$0.97
Operating cash flow	403	364	231	316	719	79.0	-179	742	168	557	-36.0	503
Buybacks	50.0	157	172	176	172	120	0.0	0.0	100	100	150	150
Dividends paid	14.0	4.0	41.0	43.0	44.0	43.0	43.0	47.0	43.0	45.0	44.0	46.0
Shares outstanding	105m	103m	101m	99m	97m	95m	96m	96m	95m	94m	92m	91m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	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 fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. 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.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0001535929-23-000081: the filing on EDGAR. All of Voya Financial, Inc.'s filings: EDGAR company page.

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