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Voya Financial (VOYA) FY2025 results: revenue $8.2 billion, up 1.7% on the year

Voya Financial, Inc. (VOYA) reported revenue of $8.2 billion for fiscal 2025, the year ended 31 December 2025, up 1.7% on the year before. Net income was $654 million, down 1.9%, and diluted earnings per share $6.29. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue
$8.2 billion
+1.7% on the year
FY2018FY2025
Operating margin
12.7%
10.8% a year earlier
FY2018FY2025
Net income
$654 million
-1.9% on the year
FY2018FY2025
Diluted EPS
$6.29
+1.9% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Fourth-quarter adjusted EPS rose to $1.94: After-tax adjusted operating earnings were $188 million, or $1.94 per diluted share, against $138 million, or $1.40, a year earlier. Reported net income was $136 million, or $1.41 per diluted share.
  • Full-year adjusted EPS rose over 20%: Full-year after-tax adjusted operating earnings were $861 million, or $8.85 per diluted share, against $736 million, or $7.25, in 2024.
  • Investment Management net inflows reached $14.6 billion: Investment Management pre-tax adjusted operating earnings were $226 million for the year, up from $213 million. Net inflows, excluding divested businesses, represented organic growth of 4.8%.
  • Employee Benefits fourth-quarter loss narrowed: The fourth-quarter pre-tax adjusted operating loss was $10 million, against a loss of $102 million a year earlier. Full-year earnings were $152 million, against $40 million.
  • Retirement client assets reached $797 billion: Total client assets rose 30% from Dec. 31, 2024. Management attributed the increase to OneAmerica assets onboarded, $28 billion of organic Defined Contribution net inflows and positive capital markets.
Read the Q4 FY2025 earnings call summary

From this 10-K

Voya Financial provides workplace benefits and savings products to U.S. employers, through retirement plans, retail wealth services and group benefits, and runs an international asset manager. At December 31, 2025 it had over 18 million individual customer relationships and more than 50 thousand employer and institutional client relationships. It sells through financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, to employers ranging from small businesses with fewer than 50 employees to the largest corporations and public-sector employers. It reports three segments: Retirement, Investment Management and Employee Benefits.

Voya Financial, Inc., the 10-K for 2025

Voya Financial provides workplace benefits and savings products to U.S. employers, through retirement plans, retail wealth services and group benefits, and runs an international asset manager. At December 31, 2025 it had over 18 million individual customer relationships and more than 50 thousand employer and institutional client relationships. It sells through financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, to employers ranging from small businesses with fewer than 50 employees to the largest corporations and public-sector employers. It reports three segments: Retirement, Investment Management and Employee Benefits.

History

Before its initial public offering in May 2013 it was a wholly owned subsidiary of ING Groep, through which it entered the U.S. life insurance market in 1975, and ING Group later bought companies including ReliaStar Life Insurance Company, Aetna Life Insurance and Annuity Company and CitiStreet. ING Group sold all of its Voya shares between 2013 and 2015. Voya is a holding company incorporated in Delaware in April 1999, and it has since sold substantially all of its closed block variable annuity, life insurance and legacy non-retirement annuity businesses.

Retirement

Retirement provides retirement plans and plan administration technology to approximately 45,000 U.S. employers across all defined contribution tax code sections, covering nearly 10 million participant accounts, along with IRA accounts, financial planning and advice. Its Wealth Management business offers advisory services through Voya Financial Advisors, its registered investment advisor and broker-dealer, and its myVoyage tool helps participants plan for retirement. On January 2, 2025 it completed the acquisition of the full-service retirement plan business of OneAmerica Financial.

Investment Management

Investment Management manages public and private fixed income, equities, multi-asset and alternative strategies for institutions, financial intermediaries and individual investors, with institutional clients especially in the insurance and pension fund markets. It distributes in international retail markets, especially Asia, through a partnership with Allianz Global Investments, and an affiliate of Allianz SE holds a 24% equity interest in the subsidiary through which Voya holds Voya IM. The filing names its principal competitors as Principal Global Investors, Prudential, Ameriprise, Invesco, T. Rowe Price, Franklin Templeton, Janus Henderson and Virtus Investment Partners.

Employee Benefits

Employee Benefits covers approximately 6.8 million individual lives in the U.S. with stop loss, life, disability and voluntary insurance, along with health savings and spending accounts. Its subsidiary Benefitfocus runs the Benefitplace benefits administration platform for employers and health plans, with approximately 12.2 million employees on the platform at December 31, 2025.

People

At December 31, 2025 it had approximately 11,000 employees in the U.S. and at its global services capability center in India.

From Voya Financial's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue8,1898,0507,348+1.7%
Operating income1,038870916+19.3%
Operating margin12.7%10.8%12.5%
Pre-tax income837799678+4.8%
Income tax10457.0-51.0+82.5%
Effective tax rate12.4%7.1%-7.5%
Net income654667625-1.9%
Net margin8.0%8.3%8.5%
Diluted EPS$6.29$6.17$5.42+1.9%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,2881,3451,638-4.2%
Cash from investing-1,3694812,532
Cash from financing-85.0-1,430-4,059
Share-based compensation72.096.0126-25.0%
Buybacks200640369-68.8%
Dividends paid178171127+4.1%
Dividend per share$1.82$1.70$1.20+7.1%
Diluted shares, weighted97m101m109m-3.9%
Shares outstanding at period end94m95m103m-1.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity4,9534,0054,193+23.7%
Non-controlling interest1,8641,7831,685+4.5%
Redeemable equity222219175+1.4%
Short-term borrowings5863991.0+46.9%
Debt2,1042,5022,098-15.9%
Other liabilities169,130154,981148,933+9.1%
Total liabilities and equity178,859163,889157,085+9.1%
Goodwill804748748+7.5%
Intangible assets874832857+5.0%
Cash and equivalents1,3481,5141,118-11.0%
Other assets175,833160,795154,362+9.4%
Total assets178,859163,889157,085+9.1%

10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.