Voya Financial (VOYA) FY2023 results: revenue $7.3 billion, up 24.1% on the year

Voya Financial, Inc. (VOYA) reported revenue of $7.3 billion for fiscal 2023, the year ended 31 December 2023, up 24.1% on the year before. Net income was $625 million, up 22.5%, and diluted earnings per share $5.42. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue

$7.3 billion

+24.1% on the year

FY2016FY2023

Operating margin

12.5%

7.2% a year earlier

FY2016FY2023

Net income

$625 million

+22.5% on the year

FY2016FY2023

Diluted EPS

$5.42

+26.0% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	7,348	5,922	4,174	+24.1%
Operating income	916	428	3,085	+114.0%
Operating margin	12.5%	7.2%	73.9%
Pre-tax income	678	428	3,085	+58.4%
Income tax	-51.0	-5.0	-34.0
Effective tax rate	-7.5%	-1.2%	-1.1%
Net income	625	510	2,370	+22.5%
Net margin	8.5%	8.6%	56.8%
Diluted EPS	$5.42	$4.30	$18.56	+26.0%

$ 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

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,638	1,352	22.0	+21.2%
Cash from investing	2,532	-1,946	-327
Cash from financing	-4,059	28.0	-265
Share-based compensation	126	90.0	88.0	+40.0%
Buybacks	369	750	1,113	-50.8%
Dividends paid	127	83.0	36.0	+53.0%
Dividend per share	$1.20	$0.80	$0.69	+50.0%
Diluted shares, weighted	109m	110m	126m	-1.3%
Shares outstanding at period end	103m	97m	108m	+5.8%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	4,193	3,349	8,253	+25.2%
Non-controlling interest	1,685	1,482	1,568	+13.7%
Redeemable equity	175	166	0.0	+5.4%
Short-term borrowings	1.0	141	1.0	-99.3%
Debt	2,098	2,235	2,596	-6.1%
Other liabilities	148,933	139,233	158,844	+7.0%
Total liabilities and equity	157,085	146,606	171,262	+7.1%
Goodwill	748	327	72.0	+128.7%
Intangible assets	857	631	97.0	+35.8%
Securities held for sale or to maturity	n/a	n/a	33,699
Cash and equivalents	1,118	1,007	1,402	+11.0%
Other assets	154,362	144,641	135,992	+6.7%
Total assets	157,085	146,606	171,262	+7.1%

10-K for the year ended 31 December 2023, filed 23 February 2024: the filing.