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10-K2026-02-20· deepseek-chat

VOYA · Voya Financial, Inc.

0001535929-26-000043

SEC filing

Summary

Voya Financial, Inc. reported total revenues of $8.19 billion for fiscal year 2025, driven primarily by premiums ($2.91B), fee income ($2.40B), and net investment income ($2.32B). The company generated net income of $733.0 million, with net income available to common shareholders of $613.0 million after accounting for noncontrolling interests ($79.0M) and preferred stock dividends ($41.0M). Earnings per share were $6.00 on both a basic and diluted basis. Total benefits and expenses amounted to $7.35 billion, with operating expenses ($3.45B) and policyholder benefits ($2.29B) being the largest components. The balance sheet shows total assets of $178.86 billion, including investments ($38.57B) and assets held in separate accounts ($113.01B), with total liabilities of $171.82 billion and shareholders' equity of $6.82 billion. Cash flow from operations was $1.29 billion, while investing activities used $1.37 billion and financing activities used $85.0 million, resulting in a net decrease in cash of $166.0 million.

Key takeaways

Full analysis

Performance Summary

Voya Financial, Inc. reported total revenues of $8.19 billion for fiscal year 2025, with net income of $733.0 million. After accounting for net income attributable to noncontrolling interest and redeemable noncontrolling interest ($79.0 million) and preferred stock dividends ($41.0 million), net income available to common shareholders was $613.0 million. Earnings per share were $6.00 on both basic and diluted bases. Total benefits and expenses were $7.35 billion, resulting in income before income taxes of $837.0 million. The company's income tax expense was $104.0 million for the period.

Revenue Analysis

The company's revenue composition shows premiums as the largest component at $2.91 billion, followed by fee income at $2.40 billion and net investment income at $2.32 billion. Other revenue contributed $440.0 million, while net gains (losses) were negative $130.0 million. The document does not provide segment breakdowns or geographic mix data for revenue analysis.

Margins & Profitability

Based on the available data, the company's operating margin can be calculated as income before income taxes divided by total revenues, resulting in approximately 10.2%. The document does not provide gross profit or gross margin figures, nor does it disclose cost structure changes or detailed margin trends beyond the income statement data provided.

Cash Flow & Balance Sheet

Operating cash flow was $1.29 billion for FY 2025, while investing activities used $1.37 billion primarily due to acquisitions of fixed maturities ($9.01B) and mortgage loans ($1.02B), partially offset by proceeds from sales and maturities. Financing activities used $85.0 million. The balance sheet shows total assets of $178.86 billion, with significant investments ($38.57B) and assets held in separate accounts ($113.01B). Total liabilities were $171.82 billion, including contract owner account balances ($40.37B) and future policy benefits ($8.98B). Shareholders' equity was $6.82 billion, with Voya Financial, Inc. shareholders' equity at $4.95 billion.

Outlook

The document content provided does not include management guidance, strategic priorities, or specific risk factors that would typically be found in the MD&A section of a 10-K filing. The analysis is limited to the financial statement data explicitly provided in the XBRL data and document text.