NYSE : VOYA
Voya Financial, Inc. — Financial statements
Financials · Financial Conglomerates · United States
Last price 98.39 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 8.91B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 2.92B | 2.91B | 3.18B | 2.72B | 2.42B | -3.39B |
| Total Interest & Dividend Income | 2.31B | 2.37B | 2.21B | 2.33B | 2.19B | 3.21B |
| Gain (Loss) on Sale of Investments | -293.00M | -124.00M | -204.00M | -85.00M | -984.00M | 1.19B |
| Other Revenue | 3.23B | 3.03B | 2.87B | 2.39B | 2.31B | 3.17B |
| Total Revenue | 8.17B | 8.19B | 8.05B | 7.35B | 5.93B | 4.17B |
| Policy Benefits | 3.37B | 3.36B | 3.62B | 3.04B | 2.53B | -2.19B |
| Policy Acquisition & Underwriting Costs | 256.00M | 249.00M | 223.00M | 230.00M | 240.00M | 456.00M |
| Selling, General & Administrative | 3.51B | 3.45B | 3.08B | 3.05B | 2.54B | 2.59B |
| Other Operating Expenses | 43.00M | 48.00M | 28.00M | 10.00M | 9.00M | 11.00M |
| Total Operating Expenses | 7.18B | 7.11B | 6.95B | 6.33B | 5.32B | 865.00M |
| Operating Income | 986.00M | 1.08B | 1.10B | 1.02B | 611.00M | 3.31B |
| Interest Expense | -246.00M | -247.00M | -299.00M | -298.00M | -183.00M | -224.00M |
| EBT Excluding Unusual Items | 740.00M | 837.00M | 799.00M | 725.00M | 428.00M | 3.08B |
| Asset Writedown | -47.00M | |||||
| Pretax Income | 740.00M | 837.00M | 799.00M | 678.00M | 428.00M | 3.08B |
| Income Tax Expense | 106.00M | 104.00M | 57.00M | -51.00M | -5.00M | -34.00M |
| Earnings From Continuing Ops. | 634.00M | 733.00M | 742.00M | 729.00M | 433.00M | 3.12B |
| Earnings From Discontinued Ops. | 12.00M | |||||
| Net Income to Company | 634.00M | 733.00M | 742.00M | 729.00M | 433.00M | 3.13B |
| Minority Interest in Earnings | -26.00M | -79.00M | -75.00M | -104.00M | 77.00M | -761.00M |
| Net Income | 608.00M | 654.00M | 667.00M | 625.00M | 510.00M | 2.37B |
| Preferred Dividends & Other Adjustments | 41.00M | 41.00M | 41.00M | 36.00M | 36.00M | 36.00M |
| Net Income to Common | 567.00M | 613.00M | 626.00M | 589.00M | 474.00M | 2.33B |
| Shares Outstanding (Basic) | 93.70M | 95.80M | 99.20M | 102.70M | 100.70M | 116.70M |
| Shares Outstanding (Diluted) | 95.25M | 97.40M | 101.40M | 108.80M | 110.20M | 125.80M |
| EPS (Basic) | 6.05 | 6.40 | 6.31 | 5.74 | 4.71 | 20.00 |
| EPS (Diluted) | 5.94 | 6.29 | 6.17 | 5.42 | 4.30 | 18.56 |
| Dividend Per Share | 1.86 | 1.82 | 1.70 | 1.20 | 0.80 | 0.69 |
| Operating Margin | 12.07% | 13.24% | 13.64% | 13.92% | 10.30% | 79.28% |
| Profit Margin | 6.94% | 7.49% | 7.78% | 8.02% | 7.99% | 55.92% |
| EBITDA | 1.10B | 1.19B | 1.19B | 1.11B | 647.00M | 3.35B |
| EBITDA Margin | 13.43% | 14.49% | 14.83% | 15.08% | 10.91% | 80.38% |
| D&A For EBITDA | 111.00M | 103.00M | 96.00M | 85.00M | 36.00M | 46.00M |
| EBIT | 986.00M | 1.08B | 1.10B | 1.02B | 611.00M | 3.31B |
| EBIT Margin | 12.07% | 13.24% | 13.64% | 13.92% | 10.30% | 79.28% |
| Effective Tax Rate | 14.32% | 12.43% | 7.13% | |||
| Revenue as Reported | 8.17B | 8.19B | 8.05B | 7.35B | 5.93B | 4.17B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 25.48B | 26.42B | 23.93B | 25.50B | 27.40B | 34.17B |
| Investments in Equity & Preferred Securities | 2.08B | 2.09B | 2.08B | 1.86B | 2.12B | 1.98B |
| Policy Loans | 312.00M | 323.00M | 342.00M | 352.00M | 363.00M | 392.00M |
| Other Investments | 179.00M | 148.00M | 96.00M | 213.00M | 357.00M | 98.00M |
| Total Investments | 33.69B | 34.75B | 31.37B | 33.38B | 36.01B | 42.40B |
| Cash & Equivalents | 1.01B | 1.23B | 1.40B | 937.00M | 919.00M | 1.40B |
| Reinsurance Recoverable | 10.46B | 10.75B | 11.31B | 12.00B | 12.46B | 13.67B |
| Other Receivables | 723.00M | 760.00M | 746.00M | 733.00M | 695.00M | 660.00M |
| Deferred Policy Acquisition Cost | 1.65B | 1.69B | 1.77B | 1.84B | 1.92B | 1.22B |
| Separate Account Assets | 119.42B | 113.01B | 101.68B | 93.13B | 80.17B | 100.43B |
| Goodwill | 804.00M | 804.00M | 748.00M | 748.00M | 327.00M | 72.00M |
| Other Intangible Assets | 854.00M | 874.00M | 832.00M | 857.00M | 631.00M | 97.00M |
| Other Current Assets | 1.06B | 1.28B | 1.41B | 1.24B | 1.35B | 1.30B |
| Long-Term Deferred Tax Assets | 1.87B | 1.87B | 2.13B | 2.16B | 2.22B | 986.00M |
| Long-Term Deferred Charges | 109.00M | 105.00M | 98.00M | 100.00M | 104.00M | |
| Other Long-Term Assets | 11.41B | 11.73B | 10.39B | 9.96B | 9.80B | 8.92B |
| Total Assets | 182.95B | 178.86B | 163.89B | 157.09B | 146.61B | 171.26B |
| Insurance & Annuity Liabilities | 8.85B | 8.98B | 9.33B | 9.56B | 9.72B | 9.95B |
| Current Portion of Long-Term Debt | 153.00M | 586.00M | 399.00M | 1.00M | 141.00M | 1.00M |
| Current Portion of Leases | 35.00M | |||||
| Short-Term Debt | 2.25B | 2.30B | 2.46B | 2.32B | 1.30B | 1.18B |
| Current Income Taxes Payable | 5.00M | 23.00M | ||||
| Long-Term Debt | 2.18B | 1.78B | 2.42B | 2.45B | 2.47B | 2.80B |
| Long-Term Leases | 151.00M | |||||
| Separate Account Liability | 119.42B | 113.01B | 101.68B | 93.13B | 80.17B | 100.43B |
| Other Long-Term Liabilities | 43.46B | 44.65B | 41.27B | 43.22B | 47.45B | 47.05B |
| Total Liabilities | 176.30B | 171.82B | 157.88B | 151.03B | 141.61B | 161.44B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Additional Paid-In Capital | 6.42B | 6.36B | 6.27B | 6.14B | 6.64B | 7.54B |
| Retained Earnings | 1.56B | 1.39B | 954.00M | 505.00M | -201.00M | -1.31B |
| Treasury Stock | -1.35B | -1.01B | -754.00M | -56.00M | -39.00M | -80.00M |
| Comprehensive Income & Other | -1.95B | -1.79B | -2.46B | -2.40B | -3.06B | 2.10B |
| Total Common Equity | 4.68B | 4.95B | 4.00B | 4.19B | 3.35B | 8.25B |
| Minority Interest | 1.96B | 2.09B | 2.00B | 1.86B | 1.65B | 1.57B |
| Shareholders' Equity | 6.64B | 7.04B | 6.01B | 6.05B | 5.00B | 9.82B |
| Total Liabilities & Equity | 182.95B | 178.86B | 163.89B | 157.09B | 146.61B | 171.26B |
| Filing Date Shares Outstanding | 90.60M | 92.76M | 95.53M | 101.61M | 97.29M | 106.14M |
| Total Common Shares Outstanding | 90.59M | 93.84M | 95.50M | 102.85M | 97.19M | 107.76M |
| Total Debt | 4.58B | 4.85B | 5.28B | 4.77B | 3.91B | 3.99B |
| Net Cash (Debt) | -3.57B | -3.62B | -3.88B | -3.83B | -2.99B | -2.59B |
| Net Cash Per Share | -37.47 | -37.19 | -38.24 | -35.24 | -27.17 | -20.56 |
| Book Value Per Share | 51.72 | 52.78 | 41.94 | 40.77 | 34.46 | 76.59 |
| Tangible Book Value | 3.03B | 3.27B | 2.42B | 2.59B | 2.39B | 8.08B |
| Tangible Book Value Per Share | 33.42 | 34.90 | 25.39 | 25.16 | 24.60 | 75.02 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 608.00M | 654.00M | 667.00M | 625.00M | 510.00M | 2.37B |
| Depreciation & Amortization | 111.00M | 103.00M | 96.00M | 85.00M | 36.00M | 46.00M |
| Other Amortization | 137.00M | 137.00M | 102.00M | 113.00M | 124.00M | 353.00M |
| Gain (Loss) on Sale of Assets | 130.00M | 130.00M | 27.00M | 72.00M | 686.00M | -1.42B |
| Gain (Loss) on Sale of Investments | -189.00M | -189.00M | -196.00M | -230.00M | 76.00M | -943.00M |
| Stock-Based Compensation | 72.00M | 72.00M | 96.00M | 126.00M | 90.00M | 88.00M |
| Change in Accounts Receivable | 747.00M | 747.00M | 649.00M | 538.00M | 278.00M | -1.51B |
| Change in Other Net Operating Assets | -587.00M | -587.00M | -734.00M | -162.00M | -845.00M | 17.00M |
| Other Operating Activities | 220.00M | 278.00M | 638.00M | 438.00M | 370.00M | 1.59B |
| Operating Cash Flow | 1.19B | 1.29B | 1.34B | 1.64B | 1.35B | 22.00M |
| Cash Acquisitions | -2.33B | -2.18B | -2.61B | -1.81B | -2.34B | -2.14B |
| Investment in Securities | -192.00M | -246.00M | 652.00M | 2.96B | -1.05B | -597.00M |
| Other Investing Activities | 326.00M | -1.00M | 458.00M | 228.00M | 406.00M | 1.07B |
| Investing Cash Flow | -718.00M | -1.37B | 481.00M | 2.53B | -1.95B | -327.00M |
| Short-Term Debt Issued | 1.54B | 1.19B | 487.00M | 1.63B | 1.52B | |
| Long-Term Debt Issued | 397.00M | 388.00M | ||||
| Total Debt Issued | 1.95B | 1.54B | 1.58B | 875.00M | 1.63B | 1.52B |
| Total Debt Repaid | -1.98B | -2.04B | -1.08B | -1.23B | -1.30B | -1.75B |
| Net Debt Issued (Repaid) | -29.00M | -503.00M | 501.00M | -353.00M | 330.00M | -226.00M |
| Issuance of Common Stock | 5.00M | 5.00M | 6.00M | 7.00M | 4.00M | |
| Repurchases of Common Stock | -500.00M | -200.00M | -640.00M | -369.00M | -750.00M | -1.11B |
| Common Dividends Paid | -178.00M | -178.00M | -171.00M | -127.00M | -83.00M | -80.00M |
| Preferred Dividends Paid | -41.00M | -41.00M | -41.00M | -36.00M | -36.00M | -36.00M |
| Total Dividends Paid | -219.00M | -219.00M | -212.00M | -163.00M | -119.00M | -116.00M |
| Other Financing Activities | 1.42B | 1.93B | 1.54B | 680.00M | 1.10B | 1.53B |
| Financing Cash Flow | -710.00M | -85.00M | -1.43B | -4.06B | 28.00M | -265.00M |
| Net Cash Flow | -236.00M | -166.00M | 396.00M | 111.00M | -566.00M | -570.00M |
| Levered Free Cash Flow | 1.43B | 1.51B | 1.45B | 1.52B | 1.18B | -6.00B |
| Unlevered Free Cash Flow | 1.59B | 1.67B | 1.63B | 1.70B | 1.30B | -5.86B |
| Cash Interest Paid | 115.00M | 115.00M | 103.00M | 113.00M | 131.00M | 157.00M |
| Cash Income Tax Paid | 15.00M | 15.00M | 9.00M | 11.00M | 14.00M | 3.00M |
| Change in Working Capital | 160.00M | 160.00M | -85.00M | 376.00M | -567.00M | -1.50B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.88B | 7.09B | 6.62B | 7.62B | 5.98B | 7.36B |
| Enterprise Value | 12.45B | 12.82B | 11.23B | 12.26B | 10.86B | 11.57B |
| PE Ratio | 16.51 | 11.56 | 10.58 | 12.94 | 12.61 | 3.15 |
| PS Ratio | 1.09 | 0.87 | 0.82 | 1.04 | 1.01 | 1.76 |
| PB Ratio | 1.90 | 1.01 | 1.10 | 1.26 | 1.20 | 0.75 |
| P/OCF Ratio | 7.45 | 5.50 | 4.92 | 4.65 | 4.42 | 334.55 |
| EV/Sales Ratio | 1.52 | 1.56 | 1.40 | 1.67 | 1.83 | 2.77 |
| EV/EBITDA Ratio | 11.35 | 10.80 | 9.41 | 11.07 | 16.79 | 3.45 |
| EV/EBIT Ratio | 12.63 | 11.83 | 10.23 | 11.99 | 17.78 | 3.50 |
| Debt / Equity Ratio | 0.69 | 0.69 | 0.88 | 0.79 | 0.78 | 0.41 |
| Debt / EBITDA Ratio | 4.09 | 4.01 | 4.42 | 4.31 | 6.05 | 1.19 |
| Net Debt / Equity Ratio | 0.54 | 0.52 | 0.65 | 0.63 | 0.60 | 0.26 |
| Net Debt / EBITDA Ratio | 3.25 | 3.05 | 3.25 | 3.46 | 4.63 | 0.77 |
| Quick Ratio | 0.70 | 0.65 | 0.73 | 0.75 | 1.30 | 1.56 |
| Current Ratio | 5.67 | 4.91 | 5.31 | 6.63 | 11.13 | 14.32 |
| Asset Turnover | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.02 |
| Return on Equity (ROE) | 9.61% | 11.24% | 12.31% | 13.20% | 5.84% | 29.71% |
| Return on Assets (ROA) | 0.35% | 0.40% | 0.43% | 0.42% | 0.24% | 1.18% |
| Return on Invested Capital (ROIC) | 7.39% | 8.19% | 9.22% | 10.37% | 5.38% | 23.05% |
| Earnings Yield | 6.06% | 9.23% | 10.07% | 8.20% | 8.54% | 32.20% |
| Dividend Yield | 2.33% | 2.41% | 2.45% | 1.62% | 1.30% | 1.02% |
| Payout Ratio | 33.34% | 33.49% | 31.78% | 26.08% | 23.33% | 4.90% |
| Buyback Yield / Dilution | 3.35% | 3.94% | 6.80% | 1.27% | 12.40% | 4.62% |
| Total Shareholder Return | 5.67% | 6.35% | 9.25% | 2.89% | 13.70% | 5.64% |