Voya Financial (VOYA) Financials

$79.62 -0.84 (-1.04%)

Closing price 03:59 PM Eastern

Extended Trading

$79.68 +0.05 (+0.07%)

As of 04:10 PM Eastern

Annual Income Statements for Voya Financial

This table shows Voya Financial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	2,295	-147	-327	-8,976	-388	-242	2,334	474	589	626	613
Consolidated Net Income / (Loss)	2,533	538	-298	-2,775	-310	-49	3,131	433	729	742	733
Net Income / (Loss) Continuing Operations	2,533	392	39	-302	791	370	3,119	433	729	742	733
Total Pre-Tax Income	801	476	10	385	574	352	3,085	428	678	799	837
Total Operating Income	1,200	2,494	-2,693	405	2,053	538	3,271	611	976	1,098	1,084
Total Gross Profit	5,050	5,555	0.00	3,591	5,059	3,548	6,324	3,402	4,312	4,431	4,828
Total Revenue	10,987	8,716	0.00	7,249	7,642	7,649	4,174	5,930	7,348	8,050	8,189
Operating Revenue	11,433	8,716	-	7,438	7,642	7,649	4,174	5,930	7,348	8,050	8,189
Total Cost of Revenue	5,938	3,161	0.00	3,658	2,583	4,101	-2,150	2,528	3,036	3,619	3,361
Operating Cost of Revenue	5,938	3,161	-	3,658	2,583	4,101	-2,150	2,528	3,036	3,619	3,361
Total Operating Expenses	3,849	3,061	2,693	3,186	3,006	3,010	3,053	2,791	3,336	3,333	3,744
Selling, General & Admin Expense	7.60	-	-	2,569	-	2,654	2,586	2,542	3,096	3,082	3,447
Amortization Expense	379	377	-	353	182	352	456	240	230	223	249
Other Operating Expenses / (Income)	3,462	2,684	2,659	264	2,760	4.00	11	9.00	10	28	48
Total Other Income / (Expense), net	-399	-2,573	0.00	-20	-1,480	-186	-186	-183	-298	-299	-247
Interest Expense	399	2,006	-	-	1,379	186	186	183	298	299	247
Income Tax Expense	-1,732	84	-29	687	-217	-18	-34	-5.00	-51	57	104
Preferred Stock Dividends Declared	-	-	-	0.00	28	36	36	36	36	41	41
Net Income / (Loss) Attributable to Noncontrolling Interest	238	130	29	217	50	157	761	-77	104	75	79
Basic Earnings per Share	-	$1.81	($1.58)	($16.25)	($2.75)	($1.90)	$20.02	$4.70	$5.74	$6.31	$6.40
Weighted Average Basic Shares Outstanding	241.89M	208.28M	189.44M	172.00M	132.34M	123.80M	106.14M	97.29M	101.61M	95.53M	92.76M
Diluted Earnings per Share	-	$1.80	($1.56)	($16.25)	($2.64)	($1.84)	$18.56	$4.30	$5.42	$6.17	$6.29
Weighted Average Diluted Shares Outstanding	241.89M	208.28M	189.44M	172.00M	132.34M	123.80M	106.14M	97.29M	101.61M	95.53M	92.76M
Weighted Average Basic & Diluted Shares Outstanding	241.89M	208.28M	189.44M	172.00M	132.34M	123.80M	106.14M	97.29M	101.61M	95.53M	92.76M
Cash Dividends to Common per Share	$0.04	$0.04	$0.04	$0.04	$0.32	$0.60	$0.70	$0.80	$1.20	$1.70	$1.82

This table shows Voya Financial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	154	248	118	234	201	98	93	139	162	176	136
Consolidated Net Income / (Loss)	235	246	119	288	235	98	121	151	161	272	149
Net Income / (Loss) Continuing Operations	235	246	119	288	235	98	121	151	161	272	149
Total Pre-Tax Income	263	172	102	287	276	116	120	173	188	307	169
Total Operating Income	357	248	182	344	374	185	195	240	251	367	226
Total Gross Profit	1,189	1,024	1,015	1,200	1,190	1,018	1,023	1,134	1,180	1,278	1,236
Total Revenue	1,871	1,823	1,819	2,051	2,033	1,956	2,010	1,969	1,981	2,128	2,111
Operating Revenue	1,871	1,823	1,819	2,051	2,033	1,956	2,010	1,969	1,981	2,128	2,111
Total Cost of Revenue	682	799	804	851	843	938	987	835	801	850	875
Operating Cost of Revenue	682	799	804	851	843	938	987	835	801	850	875
Total Operating Expenses	832	776	833	856	816	833	828	894	929	911	1,010
Selling, General & Admin Expense	770	717	773	799	752	775	756	824	857	829	937
Amortization Expense	57	57	57	56	56	55	56	62	58	65	64
Other Operating Expenses / (Income)	5.00	2.00	3.00	1.00	8.00	3.00	16	8.00	14	17	9.00
Total Other Income / (Expense), net	-94	-76	-80	-57	-98	-69	-75	-67	-63	-60	-57
Interest Expense	94	76	80	57	98	69	75	67	63	60	57
Income Tax Expense	28	-74	-17	-1.00	41	18	-1.00	22	27	35	20
Preferred Stock Dividends Declared	4.00	14	4.00	17	4.00	16	4.00	17	4.00	16	4.00
Net Income / (Loss) Attributable to Noncontrolling Interest	77	-16	-3.00	37	30	-16	24	-5.00	-5.00	80	9.00
Basic Earnings per Share	$1.50	$2.35	$1.19	$2.29	$2.00	$1.00	$1.02	$1.45	$1.69	$1.82	$1.44
Weighted Average Basic Shares Outstanding	105.78M	104.47M	101.61M	100.70M	98.32M	96.22M	95.53M	96.29M	96.42M	95.16M	92.76M
Diluted Earnings per Share	$1.41	$2.29	$1.09	$2.24	$1.96	$0.98	$0.99	$1.42	$1.66	$1.80	$1.41
Weighted Average Diluted Shares Outstanding	105.78M	104.47M	101.61M	100.70M	98.32M	96.22M	95.53M	96.29M	96.42M	95.16M	92.76M
Weighted Average Basic & Diluted Shares Outstanding	105.78M	104.47M	101.61M	100.70M	98.32M	96.22M	95.53M	96.29M	96.42M	95.16M	92.76M

This table details how cash moves in and out of Voya Financial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-18	398	-1,195	-178	-66	603	-570	-566	111	396	-166
Net Cash From Operating Activities	3,248	3,692	1,582	1,868	1,310	1,362	22	1,352	1,638	1,345	1,288
Net Cash From Continuing Operating Activities	1,160	1,758	1,071	816	1,440	1,770	272	1,352	1,638	1,345	1,288
Net Income / (Loss) Continuing Operations	392	39	-302	482	791	370	3,119	433	729	742	733
Consolidated Net Income / (Loss)	538	-298	-2,775	907	-310	-49	3,131	433	729	742	733
Amortization Expense	381	420	358	232	189	-	353	124	113	102	137
Non-Cash Adjustments To Reconcile Net Income	978	1,513	-42	510	585	1,333	-1,759	1,216	273	392	65
Changes in Operating Assets and Liabilities, net	-591	-214	1,057	-408	-125	67	-1,441	-421	523	109	353
Net Cash From Investing Activities	-4,274	-3,683	-2,428	-282	-1,255	-2,461	-327	-1,946	2,532	481	-1,369
Net Cash From Continuing Investing Activities	-2,611	-1,883	-167	-68	-629	-1,957	-803	-1,946	2,532	481	-1,369
Purchase of Property, Plant & Equipment	-7,521	-1,727	-2,036	-994	-1,385	-1,084	-2,138	-2,338	-1,225	-2,608	-2,405
Acquisitions	-	-	-	-	-	-	0.00	-2.00	-584	0.00	224
Purchase of Investments	-9,454	-10,277	-6,820	-7,897	-6,913	-7,253	-8,383	-8,947	-4,630	-5,915	-9,485
Sale of Property, Plant & Equipment	1,088	747	851	895	1,153	569	816	854	600	784	902
Divestitures	-	-	-	-	586	413	1,329	849	962	1,496	1,175
Sale and/or Maturity of Investments	14,561	10,877	9,521	8,599	6,820	5,920	8,187	8,192	7,583	6,641	9,109
Other Investing Activities, net	-1,285	-1,503	-1,683	-671	-890	-522	-614	-554	-174	83	-889
Net Cash From Financing Activities	1,008	389	-349	-1,764	-121	1,702	-265	28	-4,059	-1,430	-85
Net Cash From Continuing Financing Activities	728	-527	-1,620	-1,092	-934	1,179	-265	28	-4,059	-1,430	-85
Repayment of Debt	-517	-1,280	-464	-1,339	-1,016	-1,015	-1,821	-1,368	-1,320	-1,177	-2,179
Repurchase of Common Equity	-1,487	-687	-923	-1,025	-1,136	-516	-1,113	-750	-369	-640	-200
Payment of Dividends	653	43	-363	-172	643	1,306	1,485	1,047	609	1,422	1,846
Issuance of Debt	0.00	798	338	288	-	-	0.00	0.00	388	397	0.00
Issuance of Common Equity	0.00	1.00	970	776	3.00	4.00	4.00	7.00	0.00	6.00	5.00
Other Financing Activities, net	2,079	598	-1,178	61	279	1,400	1,180	1,092	-3,367	-1,438	443
Cash Interest Paid	179	190	174	180	159	154	157	131	113	103	115
Cash Income Taxes Paid	78	69	-154	1.00	-127	-111	3.00	14	11	9.00	15

This table details how cash moves in and out of Voya Financial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-190	-835	1,475	-173	-312	-354	1,235	-325	-431	-213	803
Net Cash From Operating Activities	715	403	364	231	316	719	79	-179	742	168	557
Net Cash From Continuing Operating Activities	-	-	1,638	0.00	-	-	1,345	0.00	-	-	1,288
Net Income / (Loss) Continuing Operations	-	-	729	0.00	-	-	742	0.00	-	-	733
Net Cash From Investing Activities	797	430	833	1,082	-92	-486	-23	245	-524	-718	-372
Net Cash From Continuing Investing Activities	797	430	833	1,082	-92	-486	-23	245	-524	-718	-372
Purchase of Property, Plant & Equipment	-323	-157	-445	-267	-1,120	-538	-683	-462	-678	-992	-273
Purchase of Investments	-1,729	-983	-879	-596	-1,207	-1,741	-2,371	-2,488	-1,610	-2,933	-2,454
Sale of Property, Plant & Equipment	176	96	153	206	165	207	206	135	256	274	237
Divestitures	251	196	310	307	692	169	328	372	292	254	257
Sale and/or Maturity of Investments	2,418	1,287	1,866	1,368	1,407	1,520	2,346	2,503	1,716	2,561	2,329
Other Investing Activities, net	4.00	41	-172	64	-29	-103	151	-39	-500	118	-468
Net Cash From Financing Activities	-987	-1,265	-996	-1,255	-220	132	-87	-570	93	505	-113
Net Cash From Continuing Financing Activities	-987	-1,265	-996	-1,255	-220	132	-87	-570	93	505	-113
Repayment of Debt	-675	-240	-323	-99	-387	-294	-397	-752	-580	-784	-63
Repurchase of Common Equity	-162	-50	-157	-172	-176	-172	-120	0.00	-	-100	-100
Payment of Dividends	274	-38	341	-208	653	416	561	426	428	1,061	-69
Other Financing Activities, net	-812	-937	-857	-779	-310	-218	-131	-247	245	326	119

This table presents Voya Financial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2020	2021	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	226,931	218,224	214,585	222,532	155,430	180,518	171,262	146,606	157,085	163,889	178,859
Total Current Assets	6,062	80,542	118,998	60,270	21,282	73,348	43,934	4,361	4,129	28,245	30,994
Cash & Equivalents	2,531	2,513	2,096	1,218	1,237	1,502	1,573	1,007	1,118	1,514	1,348
Short-Term Investments	1,711	71,121	49,295	-	-	44,187	36,578	2,932	2,700	26,428	29,449
Other Current Assets	1,820	6,909	4,734	-	-	215	171	422	311	303	197
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	308,138	127,605	95,587	162,262	134,148	107,170	127,328	142,245	152,956	135,644	147,865
Long-Term Investments	4,861	3,718	3,935	59,027	44,627	6,614	7,225	41,455	39,280	14,232	14,815
Noncurrent Note & Lease Receivables	-	-	-	8,686	7,281	-	13,635	-	-	11,284	10,713
Goodwill	284	251	-	-	-	-	72	327	748	748	804
Intangible Assets	-	-	-	-	-	-	97	631	857	832	874
Noncurrent Deferred & Refundable Income Taxes	1,300	2,215	1,570	785	1,627	1,186	986	2,223	2,160	2,134	1,871
Other Noncurrent Operating Assets	301,693	121,422	90,082	93,764	80,613	99,370	105,313	97,609	109,911	106,414	118,788
Total Liabilities & Shareholders' Equity	226,931	218,224	214,585	222,532	155,430	180,518	171,262	146,606	157,085	163,889	178,859
Total Liabilities	208,369	201,948	200,617	211,493	146,425	169,340	161,441	141,609	151,032	157,882	171,820
Total Current Liabilities	0.00	8,216	61,840	59,810	18,608	19,005	1.00	141	372	399	586
Short-Term Debt	-	6,956	1,967	1,384	541	1.00	1.00	141	1.00	399	586
Total Noncurrent Liabilities	208,369	183,623	138,777	151,683	127,817	150,335	161,440	141,468	150,660	157,483	171,234
Long-Term Debt	3,516	3,460	3,550	3,123	3,136	3,044	2,595	3,328	3,429	3,204	2,652
Other Noncurrent Operating Liabilities	204,027	179,475	134,553	148,010	124,130	146,930	158,845	138,140	147,231	154,279	168,582
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	0.00	166	175	219	222
Total Equity & Noncontrolling Interests	18,562	16,276	13,968	11,039	9,005	11,178	9,821	4,831	5,878	5,788	6,817
Total Preferred & Common Equity	16,146	13,436	12,995	10,009	8,213	10,110	8,253	3,349	4,193	4,005	4,953
Preferred Stock	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	16,146	13,436	12,995	10,009	8,213	10,110	8,253	3,349	4,193	4,005	4,953
Common Stock	23,653	23,720	23,612	23,824	24,319	11,185	7,543	6,644	6,144	6,267	6,359
Retained Earnings	-9,824	-9,415	-9,742	-12,719	-11,732	-4,957	-1,310	-201	505	954	1,392
Treasury Stock	-807	-2,302	-2,796	-3,827	-4,981	-1,016	-80	-39	-56	-754	-1,010
Accumulated Other Comprehensive Income / (Loss)	3,104	1,425	1,921	2,731	607	4,898	2,100	-3,055	-2,400	-2,462	-1,788
Noncontrolling Interest	2,415	2,840	973	1,030	792	1,068	1,568	1,482	1,685	1,783	1,864

This table presents Voya Financial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	144,048	151,208	154,616	149,265	161,631	161,280	166,933	163,950	172,436	177,448
Total Current Assets	95,753	37,447	37,075	35,532	28,625	3,865	4,298	3,691	3,997	3,794
Cash & Equivalents	935	824	1,349	917	1,176	1,180	1,545	1,010	1,321	1,276
Short-Term Investments	69,922	29,720	28,511	27,361	27,071	2,369	2,528	2,432	2,477	2,333
Other Current Assets	495	342	444	482	378	316	225	249	199	185
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	93,209	113,761	117,541	113,733	133,006	157,415	162,635	160,259	168,439	173,654
Long-Term Investments	7,715	8,012	7,893	7,498	14,054	38,185	39,397	40,470	40,590	41,414
Goodwill	252	646	646	748	748	748	748	804	804	804
Intangible Assets	572	905	908	900	861	856	862	854	839	837
Noncurrent Deferred & Refundable Income Taxes	1,931	2,122	2,161	2,438	2,178	2,171	1,955	2,032	1,979	1,872
Other Noncurrent Operating Assets	82,739	102,076	105,933	102,149	115,165	115,455	119,673	116,099	124,227	128,727
Total Liabilities & Shareholders' Equity	144,048	151,208	154,616	149,265	161,631	161,280	166,933	163,950	172,436	177,448
Total Liabilities	138,210	145,521	149,088	144,306	155,760	155,411	160,351	157,589	165,883	170,365
Total Current Liabilities	141	143	143	2.00	393	711	756	287	756	874
Short-Term Debt	141	143	143	2.00	393	395	397	1.00	447	586
Other Current Liabilities	-	-	-	-	-	316	359	286	309	288
Total Noncurrent Liabilities	138,069	145,378	148,945	144,304	155,367	154,700	159,595	157,302	165,127	169,491
Long-Term Debt	3,122	3,350	3,426	3,424	3,075	2,828	3,226	3,131	2,760	2,625
Other Noncurrent Operating Liabilities	134,365	142,028	145,519	140,880	152,292	151,872	156,369	154,171	162,367	166,866
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	155	166	171	173	174	183	198	214	215	221
Total Equity & Noncontrolling Interests	5,683	5,521	5,357	4,786	5,697	5,686	6,384	6,147	6,338	6,862
Total Preferred & Common Equity	4,093	3,954	3,697	3,127	4,153	4,043	4,719	4,383	4,629	4,957
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,093	3,954	3,697	3,127	4,153	4,043	4,719	4,383	4,629	4,957
Common Stock	7,946	6,694	6,696	6,665	6,188	6,219	6,228	6,300	6,322	6,317
Retained Earnings	-994	-118	40	302	697	855	907	1,052	1,170	1,301
Treasury Stock	-873	-77	-248	-307	-263	-448	-604	-788	-796	-883
Accumulated Other Comprehensive Income / (Loss)	-1,986	-2,545	-2,791	-3,533	-2,469	-2,583	-1,812	-2,181	-2,067	-1,778
Noncontrolling Interest	1,590	1,567	1,660	1,659	1,544	1,643	1,665	1,764	1,709	1,905

This table displays calculated financial ratios and metrics derived from Voya Financial's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-20.67%	-100.00%	0.00%	0.00%	0.00%	0.09%	-45.43%	42.07%	23.91%	9.55%	1.73%
EBITDA Growth	38.59%	-195.26%	133.57%	-77.41%	823.28%	-58.45%	307.19%	-79.72%	48.16%	10.19%	1.75%
EBIT Growth	67.03%	-234.31%	115.04%	-100.00%	0.00%	-72.45%	507.99%	-81.32%	59.74%	12.50%	-1.28%
NOPAT Growth	-45.87%	-191.78%	83.15%	100.00%	0.00%	-80.01%	484.79%	-81.31%	69.77%	-2.83%	-6.90%
Net Income Growth	-78.76%	0.00%	0.00%	132.68%	-134.18%	84.19%	6,489.80%	-86.17%	68.36%	1.78%	-1.21%
EPS Growth	0.00%	0.00%	0.00%	127.88%	-158.28%	30.30%	1,108.70%	-76.83%	26.05%	13.84%	1.94%
Operating Cash Flow Growth	-10.49%	13.67%	-57.15%	18.08%	-29.87%	3.97%	-98.38%	6,045.45%	21.15%	-17.89%	-4.24%
Free Cash Flow Firm Growth	317.37%	-108.85%	145.67%	-53.18%	-308.85%	118.63%	-466.89%	217.56%	-149.35%	98.62%	11,974.43%
Invested Capital Growth	-150.50%	23.02%	-16.68%	-6.01%	17.71%	-1.26%	17.95%	-12.04%	8.97%	3.13%	-8.51%
Revenue Q/Q Growth	-24.28%	-100.00%	286.78%	0.00%	0.00%	-32.44%	240.46%	-21.93%	3.73%	2.43%	1.25%
EBITDA Q/Q Growth	88.66%	-217.60%	121.58%	-51.46%	0.00%	-69.02%	41.78%	-65.30%	24.89%	4.99%	-5.64%
EBIT Q/Q Growth	251.57%	-252.82%	111.45%	-100.00%	0.00%	-81.27%	83.25%	-72.64%	51.79%	19.48%	2.94%
NOPAT Q/Q Growth	414.49%	-132.39%	87.17%	100.00%	0.00%	-71.88%	95.67%	-74.68%	43.98%	17.10%	0.77%
Net Income Q/Q Growth	-73.40%	0.00%	0.00%	154.87%	0.00%	0.00%	10.75%	-58.64%	-2.41%	0.27%	3.97%
EPS Q/Q Growth	0.00%	0.00%	0.00%	134.77%	0.00%	0.00%	23.65%	-47.50%	-10.12%	-1.59%	7.16%
Operating Cash Flow Q/Q Growth	-4.44%	21.27%	-32.25%	-10.62%	20.74%	9.22%	-94.84%	3.76%	9.71%	-17.48%	59.01%
Free Cash Flow Firm Q/Q Growth	9,566.39%	2.23%	-93.75%	111.67%	-1,578.78%	124.91%	43.07%	222.05%	-163.53%	-100.46%	54.62%
Invested Capital Q/Q Growth	-499.48%	-220.51%	34.13%	-4.98%	12.97%	-2.21%	-7.16%	-50.38%	-22.72%	2.11%	-1.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.73%	0.00%	49.54%	0.00%	66.20%	46.39%	151.51%	57.37%	58.68%	55.04%	58.96%
EBITDA Margin	27.37%	0.00%	10.53%	0.00%	28.03%	11.64%	86.82%	12.39%	14.82%	14.91%	14.91%
Operating Margin	28.61%	0.00%	5.59%	0.00%	26.86%	7.03%	78.37%	10.30%	13.28%	13.64%	13.24%
EBIT Margin	23.00%	0.00%	5.59%	0.00%	25.56%	7.03%	78.37%	10.30%	13.28%	13.64%	13.24%
Profit (Net Income) Margin	6.17%	0.00%	-38.28%	0.00%	-4.06%	-0.64%	75.01%	7.30%	9.92%	9.22%	8.95%
Tax Burden Percent	113.03%	0.00%	-720.78%	174.09%	-54.01%	-13.92%	101.49%	101.17%	107.52%	92.87%	87.57%
Interest Burden Percent	23.74%	0.00%	95.06%	64.55%	29.39%	65.43%	94.31%	70.05%	69.47%	72.77%	77.21%
Effective Tax Rate	17.65%	0.00%	178.44%	7.49%	-37.80%	-5.11%	-1.10%	-1.17%	-7.52%	7.13%	12.43%
Return on Invested Capital (ROIC)	8.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-12.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-5.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	3.09%	0.00%	-22.19%	9.08%	-3.23%	-0.46%	29.82%	5.84%	13.19%	12.31%	11.24%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.90%	0.00%	0.19%	0.00%	1.20%	0.31%	1.86%	0.38%	0.64%	0.68%	0.63%
Return on Assets (ROA)	0.24%	0.00%	-1.27%	0.00%	-0.19%	-0.03%	1.78%	0.27%	0.48%	0.46%	0.43%
Return on Common Equity (ROCE)	2.62%	0.00%	-20.42%	8.28%	-1.39%	-0.22%	26.08%	4.58%	9.01%	8.36%	7.72%
Return on Equity Simple (ROE_SIMPLE)	4.00%	-2.29%	-27.73%	12.42%	0.00%	-0.48%	37.94%	12.93%	17.39%	18.53%	0.00%
Net Operating Profit after Tax (NOPAT)	2,054	-1,885	-318	0.00	2,829	566	3,307	618	1,049	1,020	949
NOPAT Margin	23.56%	0.00%	-4.38%	0.00%	37.02%	7.39%	79.23%	10.42%	14.28%	12.67%	11.59%
Net Nonoperating Expense Percent (NNEP)	20.51%	3.15%	-4.49%	1.60%	-5.87%	-1.21%	-0.37%	-0.44%	-0.79%	-0.71%	-0.53%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.45%	11.27%	10.86%	9.44%
Cost of Revenue to Revenue	36.27%	0.00%	50.46%	0.00%	33.80%	53.61%	-51.51%	42.63%	41.32%	44.96%	41.04%
SG&A Expenses to Revenue	0.00%	0.00%	35.44%	0.00%	0.00%	34.70%	61.96%	42.87%	42.13%	38.29%	42.09%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.12%	0.00%	43.95%	0.00%	39.34%	39.35%	73.14%	47.07%	45.40%	41.40%	45.72%
Earnings before Interest and Taxes (EBIT)	2,005	-2,693	405	0.00	1,953	538	3,271	611	976	1,098	1,084
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,386	-2,273	763	232	2,142	890	3,624	735	1,089	1,200	1,221
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.55	0.54	0.82	0.00	0.83	0.70	0.86	1.71	1.78	1.65	1.43
Price to Tangible Book Value (P/TBV)	0.56	0.54	0.82	0.00	0.83	0.70	0.87	2.40	2.88	2.73	2.16
Price to Revenue (P/Rev)	0.84	0.00	1.14	0.00	1.01	0.92	1.69	0.97	1.01	0.82	0.87
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	3.03	12.11	12.64	10.58	11.56
Dividend Yield	0.12%	0.11%	0.09%	0.10%	1.07%	1.07%	1.09%	1.35%	1.68%	2.47%	2.44%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	33.03%	8.26%	7.91%	9.45%	8.65%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.64	0.40	0.41	0.41	0.35	0.27	0.26	0.69	0.57	0.60	0.46
Long-Term Debt to Equity	0.21	0.25	0.28	0.41	0.35	0.27	0.26	0.67	0.57	0.53	0.38
Financial Leverage	0.42	-3.96	-4.38	-5.69	-5.58	-4.74	-4.48	-5.72	-7.38	-6.49	-6.20
Leverage Ratio	12.78	14.31	17.48	18.88	16.93	16.38	16.75	21.45	27.48	26.61	26.27
Compound Leverage Factor	3.03	0.00	16.62	12.19	4.97	10.72	15.80	15.03	19.09	19.37	20.29
Debt to Total Capital	39.02%	28.31%	28.99%	29.14%	25.71%	21.41%	20.91%	40.98%	36.17%	37.49%	31.51%
Short-Term Debt to Total Capital	26.06%	10.09%	8.90%	0.01%	0.01%	0.01%	0.01%	1.67%	0.01%	4.15%	5.70%
Long-Term Debt to Total Capital	12.96%	18.22%	20.09%	29.13%	25.71%	21.40%	20.90%	39.31%	36.16%	33.34%	25.81%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	10.64%	4.99%	6.63%	5.77%	6.01%	7.51%	12.63%	19.47%	19.61%	20.83%	20.30%
Common Equity to Total Capital	50.34%	66.69%	64.38%	65.09%	0.00%	71.08%	66.47%	39.56%	44.22%	41.68%	48.20%
Debt to EBITDA	4.37	-2.43	5.91	15.85	1.64	3.42	0.72	4.72	3.15	3.00	2.65
Net Debt to EBITDA	-28.05	21.91	-73.05	-246.33	-22.54	-55.35	-11.80	-57.04	-36.43	-32.14	-34.70
Long-Term Debt to EBITDA	1.45	-1.56	4.09	15.84	1.64	3.42	0.72	4.53	3.15	2.67	2.17
Debt to NOPAT	5.07	-2.93	-14.19	0.00	1.24	5.38	0.79	5.61	3.27	3.53	3.41
Net Debt to NOPAT	-32.59	26.42	175.45	0.00	-17.07	-87.10	-12.94	-67.82	-37.80	-37.83	-44.64
Long-Term Debt to NOPAT	1.68	-1.88	-9.83	0.00	1.24	5.38	0.78	5.38	3.27	3.14	2.79
Altman Z-Score	0.43	0.24	-0.02	-0.17	0.07	0.40	0.41	0.11	0.13	0.13	0.31
Noncontrolling Interest Sharing Ratio	15.09%	12.61%	8.01%	8.80%	57.15%	52.62%	12.55%	21.70%	31.75%	32.02%	31.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	9.80	1.92	1.01	0.89	0.00	3.86	43,934.00	30.93	11.10	5.69	52.89
Quick Ratio	8.96	0.83	0.02	0.83	0.00	2.76	43,763.00	27.94	10.26	5.27	52.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	152,923	-13,537	6,182	2,733	-5,708	1,064	-3,902	4,587	-2,264	-31	3,720
Operating Cash Flow to CapEx	50.49%	376.73%	133.50%	1,886.87%	564.66%	264.47%	1.66%	91.11%	262.08%	73.74%	85.70%
Free Cash Flow to Firm to Interest Expense	76.23	0.00	0.00	66.66	-4.14	5.72	-20.98	25.07	-7.60	-0.10	15.06
Operating Cash Flow to Interest Expense	1.62	0.00	0.00	45.56	0.95	7.32	0.12	7.39	5.50	4.50	5.21
Operating Cash Flow Less CapEx to Interest Expense	-1.59	0.00	0.00	43.15	0.78	4.55	-6.99	-0.72	3.40	-1.60	-0.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.00	0.03	0.00	0.05	0.04	0.02	0.04	0.05	0.05	0.05
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-50,626	-38,974	-45,474	-48,207	-39,670	-40,168	-32,959	-36,928	-33,615	-32,564	-35,335
Invested Capital Turnover	0.35	0.00	-0.17	0.00	-0.17	-0.19	-0.11	-0.17	-0.21	-0.24	-0.24
Increase / (Decrease) in Invested Capital	-150,869	11,652	-6,500	-2,733	8,537	-498	7,209	-3,969	3,313	1,051	-2,771
Enterprise Value (EV)	-56,742	-41,765	-46,462	-56,420	-39,741	-41,137	-34,146	-34,538	-30,362	-29,946	-33,199
Market Capitalization	7,353	7,071	8,246	0.00	7,720	7,053	7,066	5,739	7,446	6,623	7,089
Book Value per Share	$62.40	$66.77	$55.68	$0.00	$0.00	$80.07	$74.35	$34.46	$40.14	$41.62	$52.05
Tangible Book Value per Share	$61.23	$66.77	$55.68	$0.00	$0.00	$80.07	$72.83	$24.61	$24.77	$25.20	$34.41
Total Capital	26,692	19,485	15,546	12,618	13,678	14,223	12,417	8,466	9,483	9,610	10,277
Total Debt	10,416	5,517	4,507	3,677	3,517	3,045	2,596	3,469	3,430	3,603	3,238
Total Long-Term Debt	3,460	3,550	3,123	3,676	3,516	3,044	2,595	3,328	3,429	3,204	2,652
Net Debt	-66,935	-49,809	-55,738	-57,148	-48,283	-49,258	-42,780	-41,925	-39,668	-38,571	-42,374
Capital Expenditures (CapEx)	6,433	980	1,185	99	232	515	1,322	1,484	625	1,824	1,503
Debt-free, Cash-free Net Working Capital (DFCFNWC)	5,649	7,734	626	-61,728	-45,518	8,655	5,783	422	-60	-29	197
Debt-free Net Working Capital (DFNWC)	79,282	59,125	1,844	-8,161	1.00	54,344	43,934	4,361	3,758	3,824	30,994
Net Working Capital (NWC)	72,326	57,158	460	-8,162	0.00	54,343	43,933	4,220	3,757	3,425	30,408
Net Nonoperating Expense (NNE)	1,516	-1,885	2,457	-907	3,139	615	176	185	320	278	216
Net Nonoperating Obligations (NNO)	-66,902	-52,942	-56,513	-57,148	-49,831	-51,346	-42,780	-41,925	-39,668	-38,571	-42,374
Total Depreciation and Amortization (D&A)	381	420	358	232	189	352	353	124	113	102	137
Debt-free, Cash-free Net Working Capital to Revenue	64.81%	0.00%	8.64%	0.00%	-595.63%	113.15%	138.55%	7.12%	-0.82%	-0.36%	2.41%
Debt-free Net Working Capital to Revenue	909.62%	0.00%	25.44%	0.00%	0.01%	710.47%	1,052.56%	73.54%	51.14%	47.50%	378.48%
Net Working Capital to Revenue	829.81%	0.00%	6.35%	0.00%	0.00%	710.46%	1,052.54%	71.16%	51.13%	42.55%	371.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.81	$0.00	($16.25)	$4.67	($2.69)	($1.90)	$17.92	$4.71	$5.74	$6.31	$6.40
Adjusted Weighted Average Basic Shares Outstanding	208.28M	189.44M	172.00M	0.00	132.34M	123.80M	106.14M	97.29M	101.61M	95.53M	92.76M
Adjusted Diluted Earnings per Share	$1.80	$0.00	($16.25)	$4.53	($2.58)	($1.84)	$16.61	$4.30	$5.42	$6.17	$6.29
Adjusted Weighted Average Diluted Shares Outstanding	208.28M	189.44M	172.00M	0.00	132.34M	123.80M	106.14M	97.29M	101.61M	95.53M	92.76M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	208.28M	189.44M	172.00M	0.00	132.34M	123.80M	106.14M	97.29M	101.61M	95.53M	92.76M
Normalized Net Operating Profit after Tax (NOPAT)	2,054	-1,885	284	0.00	1,482	377	2,290	428	683	1,020	949
Normalized NOPAT Margin	23.56%	0.00%	3.91%	0.00%	19.39%	4.92%	54.86%	7.21%	9.30%	12.67%	11.59%
Pre Tax Income Margin	5.46%	0.00%	5.31%	0.00%	7.51%	4.60%	73.91%	7.22%	9.23%	9.93%	10.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.00	0.00	0.00	0.00	1.42	2.89	17.59	3.34	3.28	3.67	4.39
NOPAT to Interest Expense	1.02	0.00	0.00	0.00	2.05	3.04	17.78	3.38	3.52	3.41	3.84
EBIT Less CapEx to Interest Expense	-2.21	0.00	0.00	-2.41	1.25	0.12	10.48	-4.77	1.18	-2.43	-1.70
NOPAT Less CapEx to Interest Expense	-2.18	0.00	0.00	-2.41	1.88	0.27	10.67	-4.73	1.42	-2.69	-2.24
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-121.38%	0.00%	-13.08%	18.96%	207.42%	2,665.31%	-47.43%	-241.80%	-83.54%	-191.64%	-251.84%
Augmented Payout Ratio	155.02%	0.00%	-46.34%	131.97%	-159.03%	1,612.24%	-11.88%	-68.59%	-32.92%	-105.39%	-224.56%

This table displays calculated financial ratios and metrics derived from Voya Financial's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	22.77%	35.54%	16.98%	11.77%	8.66%	7.30%	10.50%	-4.00%	-2.56%	8.79%	5.02%
EBITDA Growth	59.23%	75.29%	619.57%	61.29%	3.86%	-21.31%	5.02%	-24.50%	-28.14%	80.00%	15.54%
EBIT Growth	80.30%	117.54%	278.43%	82.01%	4.76%	-25.40%	7.14%	-30.23%	-32.89%	98.38%	15.90%
NOPAT Growth	71.25%	425.97%	226.12%	99.64%	-0.17%	-55.94%	-7.40%	-39.32%	-32.50%	108.04%	1.34%
Net Income Growth	64.34%	485.71%	-13.14%	123.26%	0.00%	-60.16%	1.68%	-47.57%	-31.49%	177.55%	23.14%
EPS Growth	147.37%	45.86%	-35.88%	255.56%	39.01%	-57.21%	-9.17%	-36.61%	-15.31%	83.67%	42.42%
Operating Cash Flow Growth	102.55%	-3.59%	66.21%	48.08%	-55.80%	78.41%	-78.30%	-177.49%	134.81%	-76.63%	605.06%
Free Cash Flow Firm Growth	-243.72%	152.00%	-181.58%	4,323.23%	200.13%	89.11%	72.45%	-57.61%	-48.87%	-70.33%	447.65%
Invested Capital Growth	13.88%	-11.54%	8.97%	-12.21%	-13.91%	-21.45%	3.13%	-4.42%	-6.08%	-4.40%	-8.51%
Revenue Q/Q Growth	1.96%	-2.57%	-0.22%	12.75%	-0.88%	-3.79%	2.76%	-2.04%	0.61%	7.42%	-0.80%
EBITDA Q/Q Growth	66.94%	-26.33%	-21.64%	447.95%	7.50%	-44.19%	4.58%	20.32%	2.32%	39.81%	-32.87%
EBIT Q/Q Growth	88.89%	-30.53%	-26.61%	2,050.00%	8.72%	-50.53%	5.41%	23.08%	4.58%	46.22%	-38.42%
NOPAT Q/Q Growth	84.48%	11.19%	-40.14%	1,749.28%	-7.75%	-50.92%	25.81%	6.54%	2.61%	51.27%	-38.72%
Net Income Q/Q Growth	82.17%	4.68%	-51.63%	142.02%	-18.40%	-58.30%	23.47%	24.79%	6.62%	68.94%	-45.22%
EPS Q/Q Growth	123.81%	62.41%	-52.40%	105.50%	-12.50%	-50.00%	1.02%	43.43%	16.90%	8.43%	-21.67%
Operating Cash Flow Q/Q Growth	358.33%	-43.64%	-9.68%	-36.54%	36.80%	127.53%	-89.01%	-326.58%	514.53%	-77.36%	231.55%
Free Cash Flow Firm Q/Q Growth	-4,518.36%	174.17%	-197.24%	219.33%	9.49%	40.09%	-114.17%	295.05%	32.07%	-18.71%	66.01%
Invested Capital Q/Q Growth	2.45%	4.41%	-22.72%	1.94%	0.97%	-1.91%	2.11%	-5.70%	-0.61%	-0.29%	-1.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.55%	56.17%	55.80%	58.51%	58.53%	52.05%	50.90%	57.59%	59.57%	60.06%	58.55%
EBITDA Margin	22.13%	16.73%	13.14%	19.50%	21.15%	12.27%	12.49%	15.34%	15.60%	20.30%	13.74%
Operating Margin	19.08%	13.60%	10.01%	16.77%	18.40%	9.46%	9.70%	12.19%	12.67%	17.25%	10.71%
EBIT Margin	19.08%	13.60%	10.01%	16.77%	18.40%	9.46%	9.70%	12.19%	12.67%	17.25%	10.71%
Profit (Net Income) Margin	12.56%	13.49%	6.54%	14.04%	11.56%	5.01%	6.02%	7.67%	8.13%	12.78%	7.06%
Tax Burden Percent	89.35%	143.02%	116.67%	100.35%	85.14%	84.48%	100.83%	87.28%	85.64%	88.60%	88.17%
Interest Burden Percent	73.67%	69.35%	56.04%	83.43%	73.80%	62.70%	61.54%	72.08%	74.90%	83.65%	74.78%
Effective Tax Rate	10.65%	-43.02%	-16.67%	-0.35%	14.86%	15.52%	-0.83%	12.72%	14.36%	11.40%	11.83%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	9.25%	13.84%	13.19%	15.37%	15.58%	12.82%	12.31%	9.89%	8.55%	10.32%	11.24%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.82%	0.66%	0.48%	0.81%	0.90%	0.47%	0.49%	0.60%	0.60%	0.81%	0.51%
Return on Assets (ROA)	0.54%	0.65%	0.32%	0.68%	0.57%	0.25%	0.30%	0.38%	0.39%	0.60%	0.34%
Return on Common Equity (ROCE)	6.47%	9.25%	9.01%	10.78%	10.58%	8.72%	8.36%	6.90%	5.97%	7.31%	7.72%
Return on Equity Simple (ROE_SIMPLE)	14.69%	23.89%	0.00%	21.38%	21.96%	15.68%	0.00%	13.80%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	319	355	212	345	318	156	197	209	215	325	199
NOPAT Margin	17.05%	19.46%	11.67%	16.83%	15.66%	7.99%	9.78%	10.64%	10.85%	15.28%	9.44%
Net Nonoperating Expense Percent (NNEP)	-0.23%	-0.35%	-0.23%	-0.15%	-0.23%	-0.16%	-0.19%	-0.15%	-0.14%	-0.13%	-0.12%
Return On Investment Capital (ROIC_SIMPLE)	-	-	2.28%	-	-	-	2.09%	2.26%	2.25%	3.23%	1.98%
Cost of Revenue to Revenue	36.45%	43.83%	44.20%	41.49%	41.47%	47.96%	49.10%	42.41%	40.43%	39.94%	41.45%
SG&A Expenses to Revenue	41.15%	39.33%	42.50%	38.96%	36.99%	39.62%	37.61%	41.85%	43.26%	38.96%	44.39%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	44.47%	42.57%	45.79%	41.74%	40.14%	42.59%	41.19%	45.40%	46.90%	42.81%	47.84%
Earnings before Interest and Taxes (EBIT)	357	248	182	344	374	185	195	240	251	367	226
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	414	305	239	400	430	240	251	302	309	432	290
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.86	2.20	1.78	1.85	1.77	1.65	1.65	1.48	1.48	1.45	1.43
Price to Tangible Book Value (P/TBV)	3.21	4.64	2.88	3.02	2.94	2.51	2.73	2.38	2.29	2.17	2.16
Price to Revenue (P/Rev)	1.04	0.97	1.01	1.02	0.93	0.99	0.82	0.81	0.86	0.89	0.87
Price to Earnings (P/E)	11.90	10.39	12.64	10.19	8.94	11.96	10.58	12.19	13.90	12.65	11.56
Dividend Yield	1.14%	1.54%	1.68%	1.90%	2.25%	2.08%	2.47%	2.58%	2.54%	2.41%	2.44%
Earnings Yield	8.40%	9.63%	7.91%	9.82%	11.18%	8.36%	9.45%	8.20%	7.20%	7.90%	8.65%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.65	0.69	0.57	0.59	0.55	0.55	0.60	0.49	0.49	0.45	0.46
Long-Term Debt to Equity	0.62	0.69	0.57	0.52	0.48	0.49	0.53	0.49	0.42	0.37	0.38
Financial Leverage	-6.27	-5.81	-7.38	-6.39	-6.38	-6.26	-6.49	-6.51	-6.42	-5.98	-6.20
Leverage Ratio	26.09	27.17	27.48	27.07	27.72	27.40	26.61	26.62	26.86	25.20	26.27
Compound Leverage Factor	19.22	18.84	15.40	22.58	20.45	17.18	16.38	19.19	20.12	21.08	19.65
Debt to Total Capital	39.23%	40.86%	36.17%	37.13%	35.45%	35.50%	37.49%	32.99%	32.86%	31.19%	31.51%
Short-Term Debt to Total Capital	1.57%	0.02%	0.01%	4.21%	4.34%	3.89%	4.15%	0.01%	4.58%	5.69%	5.70%
Long-Term Debt to Total Capital	37.66%	40.83%	36.16%	32.93%	31.10%	31.61%	33.34%	32.98%	28.28%	25.50%	25.81%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	20.13%	21.85%	19.61%	18.40%	20.08%	18.26%	20.83%	20.84%	19.71%	20.65%	20.30%
Common Equity to Total Capital	40.64%	37.29%	44.22%	44.47%	44.47%	46.24%	41.68%	46.17%	47.43%	48.15%	48.20%
Debt to EBITDA	4.82	3.93	3.15	2.91	2.67	3.17	3.00	2.56	2.91	2.48	2.65
Net Debt to EBITDA	-46.13	-37.10	-36.43	-32.58	-31.88	-34.86	-32.14	-33.34	-37.37	-32.31	-34.70
Long-Term Debt to EBITDA	4.62	3.93	3.15	2.58	2.34	2.82	2.67	2.56	2.50	2.03	2.17
Debt to NOPAT	7.21	4.70	3.27	3.33	3.09	4.16	3.53	3.57	4.14	3.41	3.41
Net Debt to NOPAT	-69.01	-44.38	-37.80	-37.34	-36.96	-45.76	-37.83	-46.45	-53.16	-44.38	-44.64
Long-Term Debt to NOPAT	6.92	4.70	3.27	2.96	2.71	3.70	3.14	3.57	3.56	2.79	2.79
Altman Z-Score	0.37	0.37	0.11	0.30	0.11	0.11	0.11	0.11	0.11	0.11	0.29
Noncontrolling Interest Sharing Ratio	30.05%	33.13%	31.75%	29.86%	32.09%	32.02%	32.02%	30.22%	30.19%	29.19%	31.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	259.27	17,766.00	11.10	72.84	5.44	5.69	5.69	12.86	5.29	4.34	52.89
Quick Ratio	256.16	17,525.00	10.26	71.88	4.99	5.39	5.27	11.99	5.02	4.13	52.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,299	3,189	-3,101	3,931	4,304	6,030	-854	1,666	2,201	1,789	2,970
Operating Cash Flow to CapEx	486.39%	660.66%	124.66%	378.69%	33.09%	217.22%	16.56%	-54.74%	175.83%	23.40%	1,547.22%
Free Cash Flow to Firm to Interest Expense	-45.73	41.96	-38.76	68.97	43.92	87.40	-11.39	24.87	34.94	29.82	52.11
Operating Cash Flow to Interest Expense	7.61	5.30	4.55	4.05	3.22	10.42	1.05	-2.67	11.78	2.80	9.77
Operating Cash Flow Less CapEx to Interest Expense	6.04	4.50	0.90	2.98	-6.52	5.62	-5.31	-7.55	5.08	-9.17	9.14
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-28,656	-27,391	-33,615	-32,962	-32,642	-33,265	-32,564	-34,419	-34,628	-34,729	-35,335
Invested Capital Turnover	-0.21	-0.27	-0.21	-0.24	-0.25	-0.26	-0.24	-0.24	-0.24	-0.24	-0.24
Increase / (Decrease) in Invested Capital	4,618	-2,834	3,313	-3,586	-3,986	-5,874	1,051	-1,457	-1,986	-1,464	-2,771
Enterprise Value (EV)	-25,464	-23,653	-30,362	-29,435	-29,520	-30,195	-29,946	-32,329	-32,420	-32,474	-33,199
Market Capitalization	6,889	6,865	7,446	7,680	7,165	7,789	6,623	6,473	6,837	7,212	7,089
Book Value per Share	$37.62	$29.56	$40.14	$41.24	$40.15	$47.99	$41.62	$45.88	$48.07	$51.41	$52.05
Tangible Book Value per Share	$21.81	$13.98	$24.77	$25.26	$24.22	$31.62	$25.20	$28.53	$31.01	$34.39	$34.41
Total Capital	9,097	8,385	9,483	9,339	9,092	10,205	9,610	9,493	9,760	10,294	10,277
Total Debt	3,569	3,426	3,430	3,468	3,223	3,623	3,603	3,132	3,207	3,211	3,238
Total Long-Term Debt	3,426	3,424	3,429	3,075	2,828	3,226	3,204	3,131	2,760	2,625	2,652
Net Debt	-34,184	-32,350	-39,668	-38,833	-38,511	-39,847	-38,571	-40,780	-41,181	-41,812	-42,374
Capital Expenditures (CapEx)	147	61	292	61	955	331	477	327	422	718	36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	7,215	7,254	-60	378	0.00	-134	-29	-37	-110	-103	197
Debt-free Net Working Capital (DFNWC)	37,075	35,532	3,758	28,625	3,549	3,939	3,824	3,405	3,688	3,506	30,994
Net Working Capital (NWC)	36,932	35,530	3,757	28,232	3,154	3,542	3,425	3,404	3,241	2,920	30,408
Net Nonoperating Expense (NNE)	84	109	93	57	83	58	76	58	54	53	50
Net Nonoperating Obligations (NNO)	-34,184	-32,350	-39,668	-38,833	-38,511	-39,847	-38,571	-40,780	-41,181	-41,812	-42,374
Total Depreciation and Amortization (D&A)	57	57	57	56	56	55	56	62	58	65	64
Debt-free, Cash-free Net Working Capital to Revenue	109.22%	102.40%	-0.82%	5.00%	0.00%	-1.71%	-0.36%	-0.46%	-1.39%	-1.27%	2.41%
Debt-free Net Working Capital to Revenue	561.23%	501.58%	51.14%	378.44%	45.94%	50.12%	47.50%	42.73%	46.59%	43.35%	378.48%
Net Working Capital to Revenue	559.07%	501.55%	51.13%	373.24%	40.82%	45.07%	42.55%	42.72%	40.94%	36.10%	371.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.50	$2.35	$1.19	$2.29	$2.00	$1.00	$1.02	$1.45	$1.69	$1.82	$1.44
Adjusted Weighted Average Basic Shares Outstanding	105.78M	104.47M	101.61M	100.70M	98.32M	96.22M	95.53M	96.29M	96.42M	95.16M	92.76M
Adjusted Diluted Earnings per Share	$1.41	$2.29	$1.09	$2.24	$1.96	$0.98	$0.99	$1.42	$1.66	$1.80	$1.41
Adjusted Weighted Average Diluted Shares Outstanding	105.78M	104.47M	101.61M	100.70M	98.32M	96.22M	95.53M	96.29M	96.42M	95.16M	92.76M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	105.78M	104.47M	101.61M	100.70M	98.32M	96.22M	95.53M	96.29M	96.42M	95.16M	92.76M
Normalized Net Operating Profit after Tax (NOPAT)	319	174	127	241	318	156	137	209	215	325	199
Normalized NOPAT Margin	17.05%	9.52%	7.00%	11.74%	15.66%	7.99%	6.79%	10.64%	10.85%	15.28%	9.44%
Pre Tax Income Margin	14.06%	9.44%	5.61%	13.99%	13.58%	5.93%	5.97%	8.79%	9.49%	14.43%	8.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.80	3.26	2.28	6.04	3.82	2.68	2.60	3.58	3.98	6.12	3.96
NOPAT to Interest Expense	3.39	4.67	2.65	6.06	3.25	2.27	2.62	3.13	3.41	5.42	3.50
EBIT Less CapEx to Interest Expense	2.23	2.46	-1.38	4.96	-5.93	-2.12	-3.76	-1.30	-2.71	-5.85	3.33
NOPAT Less CapEx to Interest Expense	1.83	3.86	-1.00	4.99	-6.50	-2.53	-3.74	-1.75	-3.29	-6.55	2.86
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-200.74%	-140.83%	-83.54%	-41.55%	-84.23%	-162.43%	-191.64%	-339.83%	-344.82%	-351.21%	-251.84%
Augmented Payout Ratio	-170.90%	-112.45%	-32.92%	19.37%	-21.73%	-70.95%	-105.39%	-262.48%	-289.83%	-320.00%	-224.56%

Financials Breakdown Chart

Key Financial Trends

Here are the most relevant takeaways from Voya Financial’s recent quarterly statements, focusing on cash flow, profitability, and balance-sheet structure across the last four years of data.

Strong quarterly operating cash flow in the latest quarter: Net cash from operating activities in Q4 2025 was 1.289 billion, underscoring solid cash generation from core operations.
Solid revenue base with improving profitability in late 2025: Q4 2025 revenue was about 2.111 billion with net income from continuing operations of 149 million and basic/diluted EPS of 1.44/1.41, suggesting a healthy profit margin around the mid-single digits for the quarter.
Regular shareholder returns: The company continued to pay a quarterly cash dividend of 0.45 USD per share (cash dividends per share), consistent with a steady payout policy for retail investors.
Large, long-duration asset base supports earnings: Long-Term Investments around 41 billion and a sizeable total asset base (~177 billion in mid-2025) point to a durable investment portfolio and scale to support policyholder liabilities.
Liquidity versus liabilities is tightly balanced: On the balance sheet, liquid assets (cash, equivalents, and short-term investments) were roughly a few billion, while total liabilities exceeded 160–170 billion, which is typical for a life/retirement insurer but worth watching for liquidity management amid market moves.
Insurance-specific balance-sheet structure: Very large noncurrent liabilities (notably Other Noncurrent Operating Liabilities in the hundreds of billions in some periods) reflect policyholder liabilities and related reserves, a normal pattern for insurers but a key factor in leverage assessment.
Investing activities use substantial cash: Net cash from continuing investing activities has been negative in several quarters (examples include Q3 2025 and Q4 2025), reflecting ongoing allocations to investments and acquisitions rather than free cash flow expansion.
Financing activity tends to be cash-out oriented: Net cash from financing activities has often shown negative values in recent periods (e.g., mid-2025 through late 2025), indicating cash used for debt repayments, share repurchases, and dividends, which can pressure near-term cash balances.
Leverage and equity base are modest relative to liabilities: Total liabilities run in the 160–170 billion range while total equity sits around 4–7 billion, implying a high-liability/low-equity posture typical of large insurers but representing a potential downside if asset markets deteriorate or reserve requirements shift.
Profitability per share shows quarterly volatility: EPS in 2025 fluctuated across quarters (e.g., around 1.69–1.82 in some periods, then 1.44 in Q4 2025), highlighting quarterly sensitivity to tax, investment income, and claims experience.

05/07/26 05:26 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Voya Financial's Financials

When does Voya Financial's fiscal year end?

According to the most recent income statement we have on file, Voya Financial's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Voya Financial's net income changed over the last 10 years?

Voya Financial's net income appears to be on an upward trend, with a most recent value of $733 million in 2025, falling from $2.53 billion in 2014. The previous period was $742 million in 2024. View Voya Financial's forecast to see where analysts expect Voya Financial to go next.

What is Voya Financial's operating income?

Voya Financial's total operating income in 2025 was $1.08 billion, based on the following breakdown:

Total Gross Profit: $4.83 billion
Total Operating Expenses: $3.74 billion

How has Voya Financial's revenue changed over the last 10 years?

Over the last 10 years, Voya Financial's total revenue changed from $10.99 billion in 2014 to $8.19 billion in 2025, a change of -25.5%.

How much debt does Voya Financial have?

Voya Financial's total liabilities were at $171.82 billion at the end of 2025, a 8.8% increase from 2024, and a 17.5% decrease since 2014.

How much cash does Voya Financial have?

In the past 10 years, Voya Financial's cash and equivalents has ranged from $1.01 billion in 2022 to $2.53 billion in 2014, and is currently $1.35 billion as of their latest financial filing in 2025.

How has Voya Financial's book value per share changed over the last 10 years?

Over the last 10 years, Voya Financial's book value per share changed from 62.40 in 2015 to 52.05 in 2025, a change of -16.6%.

Related Companies

Financial statements for NYSE:VOYA last updated on 2/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Voya Financial (VOYA) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Voya Financial's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Voya Financial (VOYA) Financials

Annual Income Statements for Voya Financial

Quarterly Income Statements for Voya Financial

Annual Cash Flow Statements for Voya Financial

Quarterly Cash Flow Statements for Voya Financial

Annual Balance Sheets for Voya Financial

Quarterly Balance Sheets for Voya Financial

Annual Metrics And Ratios for Voya Financial

Quarterly Metrics And Ratios for Voya Financial

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Voya Financial's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools