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Insurance - Life · Financial Services · Fiscal year ends Dec 31
Voya Financial reported revenue of $2.3B in the fiscal year ended Dec 2025, up 4.9% from the year before. Operating income was $1B, an operating margin of 46.0%, and net income was $654M. Net debt was $756M.
Ranks among the 19 insurance - life companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,984 | 1,691 | 1,939 | 2,150 | 2,255 |
| Operating incomederived: pre-tax income + interest | 3,085 | 428 | 916 | 870 | 1,038 |
| Pre-tax income | 3,085 | 428 | 678 | 799 | 837 |
| Income tax | −34.0 | −5.0 | −51.0 | 57.0 | 104 |
| Net income | 2,370 | 510 | 625 | 667 | 654 |
| Diluted EPS | 18.56 | 4.30 | 5.42 | 6.17 | 6.29 |
| Diluted shares | 126 | 110 | 109 | 101 | 97.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,402 | 1,007 | 1,118 | 1,514 | 1,348 |
| Goodwill | 72.0 | 327 | 748 | 748 | 804 |
| Total assets | 171,262 | 146,606 | 157,085 | 163,889 | 178,859 |
| Short-term debt | 1.0 | 141 | 1.0 | 399 | 586 |
| Long-term debt | 2,595 | 2,094 | 2,097 | 2,103 | 1,518 |
| Total liabilities | 161,441 | 141,609 | 151,032 | 157,882 | 171,820 |
| Shareholders' equity | 8,253 | 3,349 | 4,193 | 4,005 | 4,953 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 22.0 | 1,352 | 1,638 | 1,345 | 1,288 |
| Stock-based compensation | 88.0 | 90.0 | 126 | 96.0 | 72.0 |
| Acquisitions | 0.0 | 2.0 | 584 | 0.0 | −224 |
| Share buybacks | 1,113 | 750 | 369 | 640 | 200 |
| Dividends paid | 36.0 | 83.0 | 127 | 171 | 178 |
| Dividend per share | 0.69 | 0.80 | 1.20 | 1.70 | 1.82 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −14.8% | 14.7% | 10.9% | 4.9% |
| Operating income growth (YoY) | – | −86.1% | 114.0% | −5.0% | 19.3% |
| EPS growth (YoY) | – | −76.8% | 26.0% | 13.8% | 1.9% |
| Operating margin | 155.5% | 25.3% | 47.2% | 40.5% | 46.0% |
| Net margin | 119.5% | 30.2% | 32.2% | 31.0% | 29.0% |
| Return on equityBlank when equity is negative | 28.7% | 15.2% | 14.9% | 16.7% | 13.2% |
| Cash conversion (CFO ÷ net income) | 0.01x | 2.65x | 2.62x | 2.02x | 1.97x |
| Debt ÷ equity | 0.31x | 0.67x | 0.50x | 0.62x | 0.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,194 | 1,228 | 980 | 988 | 756 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.